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Note 13 - Subsequent Event - Warrant Dividend Distribution | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Subsequent Events [Text Block] | 13. Subsequent Event - Warrant Dividend Distribution On January 3, 2024, the Company completed a distribution to the holders of record of the Company’s shares of common stock in the form of warrants to purchase shares of common stock. Each holder of record of the Company's common stock as of the close of business on December 22, 2023 received four warrants for every ten shares of common stock (rounded down for any fractional warrant) resulting in the issuance of approximately 16.9 million warrants. Each warrant entitles the holder to purchase, at the holder’s sole expense and exclusive election, at an exercise price of $33.00 per warrant, one share of common stock plus, to the extent described below, the Bonus Share Fraction. Payment for shares of common stock upon exercise of warrants must be in cash. A Bonus Share Fraction entitles a holder to receive an additional 0.5 of a share of common stock (rounded down for any fractional share) for each warrant exercised (the “Bonus Share Fraction”) without payment of any additional exercise price. The right to receive the Bonus Share Fraction will expire upon the earlier of (i) the first business day following the last day of the first 30 consecutive trading day period (commencing on or after January 3, 2024) in which the daily volume weighted average price (the “VWAP”) of the shares of common stock has been at the then applicable trigger price, initially $26.40, for at least 20 trading days (whether or not consecutive) (the “Bonus Price Condition”) and (ii) the date specified by the Company upon not less than 20 business days’ public notice (either condition being the “Bonus Share Expiration Date”). Any warrant exercised with an exercise date after the Bonus Share Expiration Date will not be entitled to the Bonus Share Fraction. The Company will make a public announcement of the Bonus Share Expiration Date (i) at least 20 business days prior to such date, in the case of the Company setting a Bonus Share Expiration Date and (ii) prior to market open on the Bonus Share Expiration Date in the case of a Bonus Price Condition. Unless earlier redeemed, the warrants will expire and cease to be exercisable on November 15, 2024 (the “Expiration Date”). The warrants are redeemable at the Company’s sole option at any time with a redemption date on or after April 15, 2024. The Company will provide at least 20 calendar days’ notice by press release of the date selected for redemption (the “Redemption Date”). The redemption price upon any redemption shall equal to 1/10 of $0.01 per warrant. The warrants may be exercised at any time starting on January 3, 2024 until the earlier of (1) the Expiration Date and (2) the business day prior to the Redemption Date. The number of shares of Common Stock issuable upon exercise is subject to certain anti-dilution adjustments, including for share dividends, splits, subdivisions, spin-offs, consolidations, reclassifications, combinations, non-cash distributions and cash dividends. Terms of the warrants prohibit ownership by warrant exercise of 9.9% or more of the Company's common stock by a single or affiliated group of stockholders without the Company's prior written consent. The right to exercise warrants shall be automatically suspended in a circumstance while there is no effective registration statement registering the shares of common stock issuable upon exercise of the warrants. Such registration statement was declared effective by the SEC on May 1, 2023. The warrant Expiration Date or the Redemption Date, as the case may be, shall be extended by the number of days comprised in the event of a suspension. The Company may from time to time and in its sole discretion amend warrants for one or more of the following purposes: (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to provide for the assumption by a successor company in any business combination; (iii) to postpone the Expiration Date; (iv) to decrease the warrant exercise price or increase the basic warrant exercise rate or the Bonus Share Fraction; (v) to reinstate a Bonus Share Period after the Bonus Share Expiration Date; (vi) to provide for net share settlement upon exercise of the warrants; (vii) to make any change that does not adversely affect the rights of any warrant holder in any material respect; (viii) to provide for a successor warrant agent or calculation agent; (ix) in connection with any business combination, to provide that the warrants are exercisable for appropriate consideration; or (x) other conforming changes. The warrants are listed and traded separately from the Company's common stock on the Nasdaq Capital Market under the ticker “SAVAW”. From January 3, 2024 to February 26, 2024, a total of approximately 659,000 warrants were exercised resulting in gross proceeds to the Company of approximately $21.8 million. The Company issued approximately 989,000 shares of common stock, including Bonus Share Fractions, from the exercise of warrants through February 26, 2024. After the first $20 million of gross proceeds, the Company is obligated to pay a commission of 2.5% of the gross proceeds from the sale of shares of common stock in the offering to the Company's financial advisor for the warrant distribution.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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