Quarterly report [Sections 13 or 15(d)]

Equity Transactions

v3.25.3
Equity Transactions
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity Transactions
12.
Equity Transactions

On September 14, 2022, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC, under which it could offer and sell up to $85,000 of the Company's Class A common stock pursuant to a registration statement on Form S-3, which became effective on September 26, 2022. In June 2023, approximately 2.2 million shares were sold through this arrangement, generating net proceeds of $7,988. As of September 30, 2025, approximately $76,765 of shares remained unsold; however, due to late filings of the Company’s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2024, September 30, 2024, and June 30, 2025, and this Quarterly Report on Form 10-Q, and the expiration of the applicable registration statement, no further sales can be made under the agreement.

On February 4, 2024, the Company and Signal Ocean Ltd. entered into a securities purchase agreement for the issuance and sale of 833,333 shares of the Company’s Class A common stock at a price of $12.00 per share, resulting in net proceeds of $9,825, after deducting offering expenses.

On March 21, 2024, the Company entered into a Securities Purchase Agreement with institutional investors and issued 2,142,858 shares of Class A common stock at an offering price of $14.00 per share, for aggregate net proceeds of $28,056, after deducting offering expenses. The accompanying warrants to purchase 2,142,858 shares of Class A common stock had an exercise price of $14.50 per share, were exercisable from March 25, 2024 to July 3, 2024, and expired unexercised.

The Company engaged Alliance Global Partners as placement agent in connection with the offering under the Securities Purchase Agreement, paid them $1,800, and agreed to pay additional fees on any warrant exercises, which did not occur prior to the expiration of the warrants.

On March 12, 2025, the Company entered into the 2025 Securities Purchase Agreement with the purchasers named therein for the 2025 Private Placement of 4,843,750 shares of Class A common stock at a purchase price of $8.00 per share and 156,250 Pre-Funded Warrants at $7.9999 per Pre-Funded Warrant. The Pre-Funded Warrants were exercisable immediately at an exercise price of $0.0001 per share and remained outstanding until fully exercised. The aggregate net proceeds from the 2025 Private Placement were $37,297, after deducting offering expenses. The 2025 Private Placement closed on March 14, 2025.