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Subsequent Events
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 10. Subsequent Events

 

Warrant Exercise

 

In April 2023, a warrant holder exercised its warrant and purchased 1,150,000 shares of the Company’s common stock at an exercise price of $0.01 per share of common stock.

 

Memory IC Product End-of-Life

 

Taiwan Semiconductor Manufacturing Corporation, or TSMC, is the sole foundry that manufactures the wafers used to produce the Company’s memory IC products. TSMC has informed the Company that TSMC would be discontinuing the foundry process used to produce wafers, in turn, necessary to manufacture the Company’s memory ICs. As a result, effective May 1, 2023, the Company began informing its memory IC customers that the Company would be initiating an end-of-life, or EOL, of its memory IC products. The Company has notified its customers to provide purchase orders during 2023 that the Company expects to fulfill during 2024. However, the timing of EOL shipments will be dependent on deliveries from the Company’s suppliers, as well as the delivery schedules requested by customers.