STOCKHOLDERS’ EQUITY |
12 Months Ended |
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Dec. 31, 2021 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY |
NOTE 9 – STOCKHOLDERS’ EQUITY
2021 Public Offering of Common Stock and Stock Purchase Warrants
On December 21, 2021, we closed an underwritten public offering of shares of common stock at a public offering price of $per share and stock purchase warrants to purchase 44,700,000 shares of common stock at an exercise price of $0.39. The net proceeds to the Company were approximately $16.0 million, after deducting $1.5 million of underwriting discounts and commissions and estimated offering expenses payable by the Company.
As of December 31, 2021, there were 44,700,000 stock purchase warrants outstanding. The stock purchase warrants expire on December 21, 2026. During such time as each warrant is outstanding, the holder of the warrant is entitled to participate in any dividends or other distribution of assets to holders of shares of common stock.
2019 Public Offering of Common Stock and “Pre-Funded” Warrants
On December 24, 2019, we closed an underwritten public offering of shares of common stock at a public offering price of $ per share. In addition, as part of the offering, we sold “pre-funded” warrants to purchase up to an aggregate of 9,017,055 shares of common stock at a purchase price of $2.4999 per pre-funded warrant, which equals the public offering price per share of the common stock less the $0.0001 per share exercise price of each pre-funded warrant. The gross proceeds to the Company were approximately $103.5 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.
In October 2020, all of the 9,017,055 “pre-funded” warrants were exercised and converted into shares of common stock. We received a negligible amount of cash from the exercise of these pre-funded warrants during 2020.
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