Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 10 - STOCKHOLDERS’ EQUITY

 

Common Stock

 

Shelf Registration Statements on Form S-3 and At-The-Market Offering Agreements

 

On February 11, 2022, the Company entered into an At-The-Market Offering Agreement, or sales agreement, with H.C. Wainwright & Co., LLC (“Wainwright”) relating to shares of its common stock. In accordance with the terms of the sales agreement, the Company may offer and sell shares of our common stock having an aggregate offering price of up to $750,000 thousand from time to time through Wainwright acting as its sales agent. As of December 31, 2022, the Company had sold 42,142 thousand shares of common stock for an aggregate purchase price of $361,482 thousand, net of offering costs pursuant to this At-The-Market Offering Agreement.

 

 

Common Stock Warrants

 

A summary of the Company’s issued and outstanding stock warrants and changes during the year ended December 31, 2022 and 2021 is as follows:

 

   

Number of

Warrants

    

Weighted

Average

Exercise

Price

    

Weighted

Average

Remaining

Contractual

Life (in years)

  
Outstanding as of December 31, 2020     287,656     $ 12.64       2.7  
Issued     375,000       25.00       4.3  
Expired     (19,792 )     27.20       —  
Exercised     (316,085 )     14.42       —  
Outstanding as of December 31, 2021 (Restated)     326,779     $ 25.54       3.5  
Issued     —       —       —  
Expired     (2,404 )     52.00       —  
Exercised     —       —       —  
Outstanding as of December 31, 2022     324,375       25.00       2.5  
Warrants exercisable as of December 31, 2022     324,375     $ 25.00       2.5  

 

The aggregate intrinsic value of warrants outstanding and exercisable at December 31, 2022 and 2021 was $0 and $2,500 thousand, respectively.

 

Restricted Stock

 

A summary of the restricted stock award activity (represented by restricted stock units (RSUs) for the year ended December 31, 2022 and 2021, as follows:

 

Restricted Stock Units

 

A summary of the RSUs as of December 31, 2022 and 2021, respectively and changes during the period are presented below:

 

   

Number of

Units

    

Weighted

Average Grant

Date Fair Value

  
Nonvested at December 31, 2020     566,279     $ 0.43  
Granted     8,313,410       20.89  
Vested     (8,237,595 )     18.31  
Nonvested at December 31, 2021 (Restated)     642,094     $ 35.93  
Granted     1,167,339       19.35  
Retired     (60,000 )     42.19  
Vested     (493,785 )     29.87  
Nonvested at December 31, 2022     1,255,648     $ 22.60  

 

As of December 31, 2022, unrecognized stock-based compensation expense of approximately $15,000 thousand remains to be recognized over the weighted average period of approximately 2.3 years.