Risk Factors Update Summary
- Public float threshold increased to $75 million, impacting Shelf Registration Statement limitations.
- Developed and commercialized the G4X in 2023, with net loss increasing from $90.9 million to $94.8 million.
- Ownership decreased from 44% to 43% of outstanding common stock, impacting control.
- Subject to Section 404 of Sarbanes-Oxley Act, requiring internal control evaluation and testing.
- Accumulated deficit increased from $242 million to $337 million as of December 31, 2023.
- Revenue threshold increased from $1.07 billion to $1.235 billion for reporting exemptions.
- Hiring additional financial personnel may be necessary for compliance with internal control requirements.
- Paused PX development to focus on G4X, impacting future success predictions and commercialization.
- Market value threshold for scaled disclosures increased to $250 million for non-affiliates.
- Risk of inadequate controls due to changes in conditions, potentially impacting reporting requirements.
- Commenced development of G4X and paused PX development to focus efforts.
- Increased full-time employees from 221 to 275 from December 31, 2021, to December 31, 2022.
- Received approval to transfer listing to Nasdaq Capital Market due to non-compliance with minimum bid price rule.
- Potential delisting from Nasdaq due to non-compliance with minimum bid price rule, impacting stock liquidity.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1850906&owner=exclude
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