STOCKHOLDERS’ EQUITY |
3 Months Ended |
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Jun. 30, 2026 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY | 7. STOCKHOLDERS’ EQUITY
Securities Purchase Agreement:
On May 8, 2026, the Company consummated a securities purchase agreement with one of the lenders of the Revolver under which it issued shares of its common stock at a purchase price of $ per share and warrants to purchase up to 8,276,944 shares of its common stock at an exercise price of $0.40 per share and expiring on August 27, 2028 (the “May 2026 SPA Warrants”) for gross proceeds of $2,000 (the “May 2026 SPA”) less direct costs of $87. In connection with the May 2026 SPA, the Company issued the May 2026 Revolver Warrants to the other lender of the Revolver (see Note 6).
The May 2026 SPA Warrants are exercisable beginning on November 8, 2026 and expire August 27, 2028. The May 2026 SPA Warrants can be exercised on a cashless basis if the shares underlying the May 2026 SPA Warrants are not registered at the time it is exercised. The May 2026 SPA Warrants were determined to be equity classified warrants.
The holder of the May 2026 SPA Warrants shall not have the right to convert any portion of the respective warrants to the extent that after giving effect to such conversion the holder of the respective warrants, together with any affiliates, would beneficially own in excess of 9.99% (which may be increased to 19.99% at the holder’s sole discretion) of the number of common shares outstanding immediately after giving effect to such conversion. Any increase to the beneficial ownership limitation will not be effective until the 61st day after notice is received by the Company.
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