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SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2022
SHAREHOLDERS' EQUITY [Abstract]  
SHAREHOLDERS' EQUITY
8. SHAREHOLDERS’ EQUITY

Authorized, issued and outstanding common shares roll-forward is as follows:

 
 
Authorized Shares
 
 
Issued and
Outstanding Shares
 
 
Common Stock
 
Balance as of December 31, 2021
 
 
360,000,000
 
 
 
183,694,196
 
 
 
1,836
 
$60 million 2021 ATM offering
 
 
-
 
 
 
10,764,990
 
 
 
108
 
$60 million 2022 ATM offering     -       8,213,676       82  
Balance as of June 30, 2022
 
 
360,000,000
 
 
 
202,672,862
 
 
 
2,026
 

On September 29, 2021, the Company entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which the Company may, from time to time, offer and sell common stock through an At-the-Market Offering (the “$60 million 2021 ATM”) program having an aggregate offering price of up to $60,000,000. As of December 31, 2021, the Company had raised gross and net proceeds (after deducting sales commissions and other fees and expenses) of $22.3 million and $21.7 million, respectively, by issuing and selling 10,222,105 common shares. Subsequent to December 31, 2021, and through to February 14, 2022, the Company has raised gross and net proceeds of $16.9 million and $16.5 million, respectively, by issuing and selling 10,764,990 common shares. The $60 million 2021 ATM was terminated on February 14, 2022, after having utilized $39.2 million of the program.

On February 14, 2022, the Company entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which the Company may, from time to time, offer and sell common stock through an At-the-Market Offering (the “$60 million 2022 ATM”) program having an aggregate offering price of up to $60,000,000. As of June 30, 2022, the Company had raised gross and net proceeds (after deducting sales commissions and other fees and expenses) of $18.9 million and $18.4 million, respectively, by issuing and selling 8,213,676 common shares. Subsequent to June 30, 2022, and up to September 26, 2022, the Company has raised gross and net proceeds of $14.6 million and $14.3 million, respectively, by selling and issuing 6,123,582 commons shares with a remaining available balance of $26.4 million under this ATM. Based on the share price of the Company of $3.08 as of September 26, 2022, it would have resulted in 8,585,437 new shares being issued, if fully utilizing the remaining balance available of the $60 million 2022 ATM.