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PUBLIC OFFERINGS AND PRIVATE PLACEMENTS | 12 Months Ended
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Dec. 31, 2021
Public Offerings And Private Placements |
PUBLIC OFFERINGS AND PRIVATE PLACEMENTS | (3) PUBLIC OFFERINGS AND PRIVATE PLACEMENTS On July 28, 2021, the Company entered into an underwriting agreement with B. Riley Securities, Inc., as representative (the “Representative”) of the several underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to issue and sell an aggregate of 10,000,000 shares of the Company’s Common Stock, to the Underwriters (the “Public Offering”). The shares of Common Stock were sold to the public at an offering price of $2.50 per share and were purchased by the Underwriters from the Company at a price of $2.32715 per share. On August 2, 2021, the Company received $22.7 million in aggregate net proceeds after deducting Underwriters’ discounts, commissions, and other offering expenses after issuing 10,000,000 shares of the Company’s Common Stock through the Public Offering. On May 26, 2020, the Company entered into a Stock Purchase Agreement (the “2020 Stock Purchase Agreement”) with certain accredited investors, including certain independent investment funds, members of the Company’s management and its Board of Directors, and certain co-founders of the Company, in a private placement pursuant to which the Company sold an aggregate of 2,237,103 shares of common stock, par value $0.01 per share, at a purchase price of $1.52 per share. In connection with the 2020 Stock Purchase Agreement, the Company incurred $237 thousand of expenses which has been recorded as a reduction of additional paid in capital as presented in the consolidated statements of stockholders’ equity. The net proceeds to the Company at the closing of the private placement were $3.2 million. On October 9, 2020, one of the accredited investors under the 2020 Stock Purchase Agreement sold his shares originally purchased under the 2020 Stock Purchase Agreement in a private sale transaction. The private sale of the investor’s shares constituted a short swing transaction, whereby, and as defined by Section 16(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), the investor was deemed a corporate insider who sold the shares within six months after the purchase of those shares. As required by the Exchange Act, the investor was required to disgorge $196 thousand in profits from the private sale. The Company received and recorded the funds from disgorgement to additional paid in capital.

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