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Registered Direct Offerings | 12 Months Ended
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Dec. 31, 2025
Registered Direct Offerings |
Registered Direct Offerings | Note 16 – Registered Direct Offerings On September 17, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with two institutional investors (the “Investors”) named therein, pursuant to which the Company agreed to issue and sell, in a registered direct offering priced at-the-market under Nasdaq rules by the Company directly to the Investors (the “Offering”) an aggregate of 320,634 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share, at an offering price of $12.00 per share. The offering closed on September 18, 2025. The gross proceeds to the Company from the offering were approximately $3,847,600, before deducting the placement agent’s fees and other offering expenses. The Offering Shares were offered and sold by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-270628). The Company agreed to pay Maxim Group LLC (“Maxim”), as placement agent, an aggregate fee equal to 7.0% of the gross proceeds received by the Company from the sale of the securities in the offering as well as up to $50,000 for fees and expenses of legal counsel. On October 28, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with two institutional investors (the “Investors”) pursuant to which the Company agreed to issue and sell, in a registered direct offering priced at-the-market under Nasdaq rules (the “Offering”), (i) 400,076 shares of its common stock, par value $0.001 per share (the “Shares”), at an offering price of $16.50 per share, and (ii) pre-funded common stock purchase warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 24,167 shares of common stock at an offering price of $16.497 per Pre-Funded Warrant. The Pre-Funded Warrants have an exercise price of $0.0001 per share, are exercisable immediately upon issuance, and will remain exercisable until exercised in full. The Offering closed on October 29, 2025. Gross proceeds to the Company were approximately $7.0 million, before deducting placement agent fees and other offering expenses. The securities were offered and sold pursuant to the Company’s shelf Registration Statement on Form S-3 (File No. 333-270628), which was declared effective by the Securities and Exchange Commission on April 6, 2023. Maxim Group LLC (“Maxim”) acted as placement agent for the Offering. The Company agreed to pay Maxim a fee equal to 7.0% of the gross proceeds from the sale of the securities, as well as up to $50,000 for the fees and expenses of its legal counsel. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

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