Note 8. Warrants

In 2019, 2020 and 2021, NPM issued common stock and equity classified warrants (collectively, the “unit” or “units”) for $3.15 per unit. Outstanding warrants to purchase common stock are shown in the table below and generally expire five years from the date of issuance at $3.15 per share exercise price, split adjusted, are transferable into one share of common stock and may be exercised on a cashless basis. The remaining warrants outstanding that were issued at $3.15 per unit will expire in December 2026, if not exercised sooner.

In connection with a securities purchase agreement entered on March 1, 2024, the Company issued equity classified warrants to purchase 3,947,368 shares of common stock at an exercise price of $3.80 per share. These warrants are exercisable immediately upon issuance and will expire three years following the date of issuance. The warrants are exercisable for cash at an exercise price of $3.80 per share and, if exercised in full, could result in aggregate proceeds to the Company of approximately $15.0 million. In the absence of an effective registration statement covering the issuance of the shares underlying the warrants, the warrants may be exercised on a cashless basis in accordance with their terms.

The warrants outstanding as of September 30, 2026 have no intrinsic value.