13. Subsequent Events

Termination of our At the Market

On January 23, 2024, we announced the termination of our At the Market Agreement with Ladenburg Thalmann & Co. Inc. dated February 24, 2023.

Shelf Financing

On January 16, 2024, we filed a Preliminary Prospectus with the SEC announcing our intent to raise capital through the sale of common stock from our available and reserved shares under our shelf registration statement on Form S-3 filed with the SEC on May 29, 2020. Subsequently on March 1, 2024, we announced that we had executed the sale of 1,400,000 shares of our common stock at a price of $1.50 per share to the public and $1.395 per share to the underwriter. In addition, we granted the underwriters of the transaction an option exercisable 45 days from the date of the agreement to purchase up to an additional 210,000 shares of common stock solely for the purpose of covering over-allotments.

Resignation of Chief Operating Officer

On February 12, 2024, we announced that we had entered into a mutually agreeable Separation Agreement with Kimberly Murphy, our former Chief Operating Officer. Ms. Murphy continues to serve as a member of our Board of Directors. Following Ms. Murphy’s separation, Charlie Pope our Chairman of the Board was named as Executive Chairman and will provide direction during the transition in management. In addition, the Board of Directors appointed our President, Mr. Redmond, as Interim Principal Officer.