Stockholders’ Equity |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2024 | |||
| Equity [Abstract] | |||
| Stockholders’ Equity |
Common Stock
Each share of the Company’s common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to dividends when and if declared by the Board of Directors. In the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company, the holders of common stock are entitled to share ratably in the assets of the Company available for distribution.
On May 11, 2023, the Company filed a Certificate of Change to the Company’s Articles of Incorporation with the Secretary of State of Nevada to effect the Reverse Stock Split. The Reverse Stock Split was effective at 12:01 a.m., Eastern Time, on May 15, 2023. No fractional shares were issued as a result of the Reverse Stock Split and any remaining share fractions were rounded up to the nearest whole share, resulting in new shares of common stock being issued to existing holders of the Company’s common stock.
Warrants
The Company has warrants to purchase approximately 462,963 shares of the Company’s common stock (the “Series A Warrants”) outstanding as of both March 31, 2024 and December 31, 2023. The Series A Warrants are immediately exercisable at a price of $33.00 per share of common stock and expire on February 23, 2025. Series A Warrants were exercised or forfeited during the three months ended March 31, 2024 and 2023.
In addition, the Company has publicly traded warrants to purchase approximately 2,100 shares of common stock outstanding as of both March 31, 2024 and December 31, 2023. These warrants have an exercise price of $130.00 per share of common stock and expire on July 17, 2024. The warrants trade on Nasdaq under the symbol “XBIOW.” The warrants also provide that if the weighted-average price of common stock on any trading day on or after 30 days after issuance is lower than the then-applicable exercise price per share, each warrant may be exercised, at the option of the holder, on a cashless basis for one share of common stock. of these warrants were exercised or forfeited during the three months ended March 31, 2024 and 2023.
The Company also has warrants to purchase approximately 800 shares of the Company’s common stock outstanding as of both March 31, 2024 and December 31, 2023. These warrants have an exercise price of $29.09 per share of common stock and expire on July 3, 2026. of these warrants were exercised or forfeited during the three months ended March 31, 2024 and 2023. |