Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity

v3.24.3
Stockholders’ Equity
 12 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Stockholders’ Equity

Note 6. Stockholders’ Equity

 

On September 28, 2022, the Company completed a private placement financing of 2,264,650 units (collectively, the “Units”), with each Unit consisting of (i) one share of its common stock and (ii) a warrant to purchase one share of its common stock, for aggregate gross proceeds of approximately $6.6 million (or $2.935 per Unit). The Company received approximately $6.3 million in net proceeds after deducting offering costs of approximately $0.3 million. Each warrant has an exercise price of $4.215 per share, which is subject to customary adjustments in the event of any combination or split of the Company’s common stock. The warrants expire on September 28, 2027.

 

 

The Company’s amended and restated certificate of incorporation (the “Restated Certificate”) with the Secretary of the State of Delaware authorizes the Company to issue up to 40,000,000 shares of common stock, par value $0.001 per share, and 2,000,000 shares of preferred stock, par value $0.001 per share. On November 20, 2023, the Company’s stockholders approved an amendment to the Restated Certificate to increase the authorized number of shares of common stock from 40,000,000 to 50,000,000.

 

On November 13, 2023, the Company issued 300,000 shares of common stock in conjunction with a Loan and Security Agreement – see Note 10.