Risk Factors Update Summary
- Continuing operations may require raising additional funds to offset $15.0 million repaid under 2022 Term Loan.
- Risks Related to Private Placement: Sales of 280,000 Redeemable Convertible Preferred Stock and 18,127,196 Warrants may impact market price.
- Non-compliance with minimum revenue covenants led to $15.0 million repayment under 2022 Term Loan.
- Dilution Concerns: Issuance of Redeemable Convertible Preferred Stock reduces voting power and ownership of common stock.
- Manufacturing in-house in 2023 may lead to delays or impairments if problems arise.
- Influence of Preferred Stock Holders: Holders owning 81% of common stock can significantly influence company decisions.
- Accumulated deficit increased from $113.7 million to $161.5 million as of December 31, 2023.
- Revenue from COVID-19 related products was less than 1% of total revenue in 2023.
- Revenue from top 20 customers increased from 54% to 59% of total revenue in 2023.
- Directors, officers, and principal stockholders beneficially owned over 66% of outstanding common stock.
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=1850079&owner=exclude
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