v3.26.3
Note 7 - Stockholders' Equity
 12 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Equity [Text Block]

(7) Stockholders’ Equity

 

Common Stock

 

On November 22, 2022, the Company filed a third amendment (the “Amendment”) to the Company’s Certificate of Incorporation (as amended, the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware to effect a 1-for-30 stock split of all of the Company’s issued and outstanding shares of Common Stock. The Amendment provided that, at the effective time of the Reverse Stock Split, every 30 shares of the Company’s issued and outstanding Common Stock were automatically combined into one validly issued, fully paid and non-assessable share of Common Stock, without effecting a change to the par value per share. The Reverse Stock Split affected all shares of the Company’s Common Stock outstanding immediately prior to the effective time of the Reverse Stock Split, as well as the number of shares of Common Stock available for issuance under the Company’s equity incentive plans. In addition, the Reverse Stock Split effected a reduction in the number of shares of Common Stock issuable upon the exercise of stock options and warrants outstanding immediately prior to the effectiveness of the Reverse Stock Split with a corresponding increase in exercise price per share. The Reverse Stock Split also triggered a proportionate adjustment to the number of shares of Common Stock issuable upon the conversion of our Series D convertible preferred stock, par value of $0.001 per share (“Series D Preferred Shares”). All historical per share data, number of shares outstanding, and other common stock equivalents for the periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split.

 

Preferred Stock

 

The Company has issued 280,898 shares of Series D Preferred Shares, all of which were issued and outstanding as of June 30, 2026. Series D Preferred Shares are convertible to common stock on a one-for-thirty basis, representing approximately 9,363 shares of common stock upon conversion. Series D Preferred Shares are not callable by the Company. The holder of the preferred stock is entitled to receive, and we shall pay, dividends on shares equal to and in the same form as dividends actually paid on shares of common stock when, and if, such dividends are paid on shares of common stock. No other dividends are paid on the preferred shares. Preferred shares have no voting rights. Upon liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary, the preferred shares have preference over common stock. The holder of Series D Preferred Shares has the option to convert said shares to common stock at the holder’s discretion.

 

Rights Plan

 

On December 21, 2022, the Company’s Board of Directors adopted a limited duration stockholder rights plan (the “Rights Plan”) expiring December 20, 2023 and declared a dividend of one preferred share purchase right for each outstanding share of common stock to stockholders of record on January 5, 2023 to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company for an exercise price of $58.00 once the rights become exercisable, subject to the terms of and adjustment as provided in the related rights agreement.

 

On December 18, 2023, the Company entered into Amendment No. 1 to the Rights Agreement between the Company and Equiniti Trust Company, as Rights Agent (the "Amendment"), which extended the Final Expiration Date (as defined in the Rights Plan) to December 20, 2024. On December 12, 2024, the Company entered into Amendment No. 2 to the Rights Agreement between the Company and the Rights Agent, which extended the Final Expiration Date to December 20, 2025, unless the Final Expiration Date is further extended by the Company or the rights subject to the Rights Plan are earlier redeemed or exchanged by the Company in accordance with the terms of the Rights Plan. On December 12, 2025, the Company entered into Amendment No. 3 to the Rights Agreement between the Company and the Rights Agent, which extended the Final Expiration Date to December 20, 2026. All other terms and conditions of the Rights Plan remain unchanged.

 

Warrants

 

A summary of the common stock warrant activity for the year ended June 30, 2026 is presented below:

 

  

Shares

  Weighted Average Exercise  Aggregate Fair Market Value at Issuance  

Weighted Average Remaining Contractual Life

 
  

(In thousands)

  

Price

  

(In thousands)

  

(in years)

 

Outstanding at June 30, 2024

  80  $72.10  $3,747   1.60 

Issued

  —   —   —   — 

Exercised

  —   —   —   — 

Canceled or expired

  (3)  154   (194)  — 

Outstanding at June 30, 2025

  77  $69.04  $3,553   0.63 

Issued

  —   —   —   — 

Exercised

  —   —   —   — 

Canceled or expired

  (77)  —   (3,553)  — 

Outstanding at June 30, 2026

  —   —   —   — 

 

The following represents a summary of the warrants outstanding at each of the dates identified:

 

        

Number of Shares Underlying

 
        

Warrants

 
        

(In thousands)

 
        

For the period ended June 30,

 

Issue Date

 

Classification

Exercise Price

 

Expiration Date

 

2026

  

2025

 

March 26, 2020

 

Equity

$187.50 

March 25, 2025

  —   — 

March 30, 2020

 

Equity

$140.63 

March 27, 2025

  —   — 

October 23, 2020

 

Equity

$86.25 

October 21, 2025

  —   15 

October 28, 2020

 

Equity

$80.63 

October 28, 2025

  —   6 

February 16, 2021

 

Equity

$121.88 

February 11, 2026

  —   6 

April 12, 2021

 

Equity

$56.25 

April 7, 2026

  —   50 

Total Outstanding

      —   77 

 

Shelf Registration Statement

 

On January 28, 2026, the Company filed a shelf registration statement on Form S-3 (File No. 333-293023), declared effective on January 30, 2026, by the SEC, which included a base prospectus that allows the Company to offer and sell, from time to time, in one or more offerings, common stock, preferred stock, debt securities, warrants, rights or units up to an aggregate public offering price of $30 million. On June 3, 2026, the Company filed a prospectus supplement (the “Prior Prospectus Supplement”) to the prospectus dated January 30, 2026, relating to the offer and sale of our common stock under the ATM Program, whereby we initially registered an aggregate offering price of approximately $24.4 million shares of our common stock.

 

On June 30, 2026, the Company filed a shelf registration statement on Form S-3 (File No. 333-297144), declared effective on July 7, 2026 (the “Registration Statement”) by the SEC, which included a base prospectus that allows the Company to offer and sell, from time to time, in one or more offerings, common stock, preferred stock, debt securities, warrants, rights or units up to an aggregate public offering price of $200 million. On August 19, 2026, the Company filed a prospectus supplement to the Registration Statement to increase the remaining shares of our common stock available for issuance under the ATM Agreement to $50 million, which and replaced and superseded in its entirety, the Prior Prospectus Supplement. As of September 23, 2026, we have sold 258,856 shares of our common stock under the ATM Program for gross proceeds of approximately $7.9 million.