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Subsequent Events
9 Months Ended
Sep. 30, 2024
Subsequent Events  
Subsequent Events

18. Subsequent Events

The Company has evaluated all subsequent events through the filing date of this Form 10-Q with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial statements as of September 30, 2024, and events which occurred subsequently but were not recognized in the financial statements. Except as described below there were no other subsequent events which required recognition, adjustment to or disclosure in the financial statements.

On October 24, 2024, the Company amended the Equity Distribution Agreement with GS. As amended, the Equity Distribution Agreement permits the Company to issue and sell an aggregate of up to $55.0 million of common stock through GS, acting as its agent in an at the market offering.

On October 24, 2024, the Company entered into a securities purchase agreement with certain institutional investors to issue and sell (i) in a registered direct offering an aggregate of 45,714,286 shares of the Company’s common stock, $0.001 par value per share (the “Shares”) and (ii) in a concurrent private placement, warrants to purchase an aggregate of 45,714,286 shares of common stock (the “Warrants”). The combined purchase price of each Share and accompanying Warrant was $0.35 per share for total gross proceeds of $16.0 million. The Shares and the Warrants were immediately separable and were issued separately. The Warrants have an exercise price of $0.35 per share, are non-exercisable for the first six months after issuance and expire five years from the date of initial exercisability. The offering closed on October 28, 2024, and the Company received proceeds of approximately $15.0 million after payment of fees to the placement agent, but before payment of any additional expenses that will be incurred by the Company.