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Subsequent Events
3 Months Ended
Mar. 31, 2024
Subsequent Events  
Subsequent Events

(11) Subsequent Events

On April 25, 2024, the Company entered into a Common Stock Purchase Agreement (the “ELOC Purchase Agreement”) with an Equity Line investor (the “ELOC Purchaser”), whereby the Company may offer and sell, from time

to time at its sole discretion, and whereby the ELOC Purchaser has committed to purchase, up to 2,051,428 shares of shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), subject to certain limitations. Under the Purchase Agreement, the Company has agreed to issue to the ELOC Purchaser shares of Common Stock with a total value of $375,000 as commitment shares, with 10,181 shares being delivered on the date of the Purchase Agreement and the remaining shares to be delivered on the 90th and 180th day thereafter. Concurrently with entering into the Purchase Agreement, the Company also entered into a registration rights agreement with the ELOC Purchaser, pursuant to which it agreed to provide the ELOC Purchaser with certain registration rights related to the shares issued under the Purchase Agreement. In May 2024, we have issued approximately 150,000 common shares pursuant to the ELOC Purchase Agreement, resulting in net proceeds of $0.8 million.

Additionally, effective as of the close of business on April 30, 2024, our chief financial officer resigned as principal financial officer of the “Company. In connection with his departure from the Company, the Company entered into a Separation Agreement and General Release with the former CFO (the “Separation Agreement”), dated as of April 30, 2024 (the “Separation Date”), pursuant to which the parties have agreed upon the terms of his separation from the Company. Pursuant to the Separation Agreement, the former CFO has agreed to comply with certain confidentiality and cooperation provisions. The Separation Agreement also provides for a customary general release of claims and certain severance benefits, as previously outlined in a Form 8-K dated May 1, 2024.