Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The January 2025 Reverse Stock Split
On January 28, 2025, the Company’s board of directors authorized the January 2025 Reverse Stock Split at an exchange ratio of one-for-150 basis. The January 2025 Reverse Stock Split was effective on January 30, 2025, such that every 150 shares of common stock were automatically converted into one share of common stock. The January 2025 Reverse Stock Split is part of the Company's plan to regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on the Nasdaq.
The January 2025 Reverse Stock Split was treated as a recognized subsequent event and references to common stock, restricted stock units, warrants and options to purchase common stock share data, per share data and related information contained in the consolidated financial statements and the accompanying notes have been retroactively adjusted to reflect
the effect of the January 2025 Reverse Stock Split. See Note 1 – Organization and Description of Business Operations for details.
Write-off of the Liqueous ELOC Shareholder Receivables
In February 2025, the Company determined that the Liqueous ELOC receivables as of December 31, 2024 in the amount of $5.9 million were uncollectible due to Liqueous' financial distress, which was treated as a recognized subsequent event. As a result, the Company recorded the $5.9 million shareholders receivable as a reduction to additional paid-in capital as of December 31, 2024. See Note 6 – Stockholders' Equity for details.
Warrants Issuance
In February 2025, the Company issued warrants to purchase an aggregate of 550,000 shares of its common stock. Each warrant has an exercise price of $4.69 per share and a five year term, expiring in February 2030.
ATM Offering
In January 2025, the Company sold 947,128 shares of common stock through the at-the-market offering for approximately $21.2 million in net proceeds, after deducting $0.9 million in commissions and expenses. The weighted-average sales price of the common stock issued was $22.39 per share.
Nasdaq Delisting Determination
On March 3, 2025, the Company received a delisting determination from the Nasdaq. Nasdaq will complete the delisting by filing a Notification of Removal from Listing and/or Registration on Form 25 with the Securities and Exchange Commission after applicable appeal periods have lapsed. The Company has submitted a request for reconsideration to the Nasdaq Hearings Panel and has otherwise appealed the determination to the Nasdaq Listing and Hearing Review Council as necessary. While the Company pursues those processes, trading in the Company’s common stock was suspended on Nasdaq effective with the open of the market on March 5, 2025. The Company’s common stock is eligible to trade on the OTC Market’s Pink Current Information tier effective with the open of the market on March 5, 2025.
Due to the suspension of the Company's common stock by Nasdaq, the Company is unable to utilize the ATM program, the Keystone ELOC and Liqueous ELOC. If the Company's common stock is ultimately delisted by Nasdaq, the ATM program and both ELOCs will automatically terminate on their terms.
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