The company will also offer 7,333,334 common warrants to purchase 7,333,334 shares of common stock.
The offering includes participation from members of the company’s management team and board of directors, as well as other insiders and holders of the company’s convertible notes.
The closing of the offering is expected to occur on or about April 6, 2023.
Net proceeds from the offering will be used to repurchase promissory notes from holders of its convertible notes pursuant to their put options and for general corporate purposes, including working capital and capital expenditures.
A.G.P./Alliance Global Partners is acting as the lead placement agent for the offering and Maxim Group LLC is acting as a co-placement agent.
