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Note 11 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Equity [Text Block]

NOTE 11 — STOCKHOLDERS’ EQUITY

 

Common and Preferred Stock

 

As of December 31, 2023, the Company is authorized to issue 200 million shares of common stock and has 10 million shares of authorized but unissued undesignated preferred stock. Without any further vote or action by the Company’s stockholders, the Board of Directors has the authority to determine the powers, preferences, rights, qualifications, limitations, or restrictions granted to or imposed upon any wholly unissued shares of undesignated preferred stock.

 

Issuance of Common Stock

 

On March 21, 2023, the Company entered into common stock purchase agreements with certain investors for the sale of an aggregate of 450 thousand shares of its common stock, in a registered direct offering pursuant to an effective shelf registration statement on Form S-3, resulting in net cash proceeds of approximately $2.3 million. Issuance costs related to the offering were immaterial. The purchase price for each share of common stock in the Share Placement was $5.14.

 

On  September 14, 2022 and February 9, 2022, the Company entered into common stock purchase agreements with certain investors for the sale of an aggregate of  487 thousand and  310 thousand shares of common stock, respectively, in registered direct offering direct offerings pursuant to an effective shelf registration statement on Form S- 3, resulting in net cash proceeds of approximately  $3.2 million and $1.5 million, respectively. Issuance costs related to the  September 14, 2022 and the  February 9, 2022 offerings were immaterial. The purchase price for each share of common stock in the September 14, 2022 and February 9, 2022 placements were  $6.57 and $4.78, respectively.

 

On August 17, 2022, the Company filed a new Registration Statement on Form S- 3 with the SEC to replace a previously expired Registration on Form S- 3, under which the Company  may sell, from time-to-time common stock, preferred stock, depositary shares, warrants, debt securities, and units, individually or as units comprised of one or more of the other securities or a combination thereof. The Company's registration statement became effective on August 26, 2022.

 

On September 22, 2021, the Company entered into a share subscription agreement for the sale of  125 thousand shares of its common stock. On September 30, 2021, the Company entered into a common stock purchase agreement for the sale of  74 thousand shares of its common stock, in a registered direct offering pursuant to an effective shelf registration statement on Form S- 3. The net proceeds to the Company in aggregate, after deducting equity issuance costs of approximately $45 thousand was approximately $1.0 million. The purchase price for each share of common stock in the Share Placements was $5.43.

 

At January 2, 2023, warrants exercisable for  386 thousand shares of common stock at an exercise price of  $19.32 per share remained outstanding. These warrants were issued on  May 29, 2018 and were exercisable any time for a period of 60 months. The warrants expired unexercised on May 29, 2023.