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Insider Trading Arrangements
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Insider Trading Arr Line Items    
Material Terms of Trading Arrangement [Text Block]  

ITEM 5.   OTHER INFORMATION

 

(a)     Item 3.02      Unregistered Sales of Equity Securities

 

As previously disclosed, the Company entered into a securities purchase agreement on September 27, 2024 (the “Purchase Agreement”) with certain investors, pursuant to which the Company agreed to issue and sell an aggregate of (i) 3,630,129 shares (the “Shares”) of Common Stock, 1,369,871 pre-funded warrants to purchase shares of Common Stock (the “Pre-Funded Warrants”) and (ii) warrants (the “Warrants”) to purchase up to an aggregate of 5,000,000 shares of Common Stock, for gross proceeds of up to $10,000,000 (the “Transaction”). The Company agreed to issue the Shares, Warrants, and Pre-Funded Warrants in two tranches: (i) a first tranche comprised of 29,227 Shares and 555,302 Pre-Funded Warrants and Warrants to purchase an aggregate of 584,529 shares of Common Stock (the “First Tranche”); and a second tranche comprised of 3,600,902 Shares and 814,569 Pre-Funded Warrants and Warrants to purchase an aggregate of 4,415,471 shares of Common Stock (the “Second Tranche”). The closing of the First Tranche occurred on September 27, 2024 and the Company received gross proceeds of approximately $1.2 million. The closing of the Second Tranche was subject to obtaining stockholder approval in accordance with Nasdaq Listing Rule 5635(d) and was satisfied at the annual meeting of stockholders held on held on November 8, 2024. Accordingly, the Second Tranche closing occurred on November 12, 2024 and the Company received gross proceeds of approximately $8.8 million. The Shares, Pre-Funded Warrants and Warrant issued in the Second Tranche closing have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.

 

(c)     Insider Trading Plans

 

During the quarter ended  September 30, 2024no director or Section 16 officer adopted, modified, or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408(a) of Regulation S-K).

 

Rule 10b5-1 Arrangement Adopted [Flag] false  
Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Adopted [Flag] false  
Non-Rule 10b5-1 Arrangement Terminated [Flag] false