Stockholders’ Equity |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 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 September 30, 2024 and December 31, 2023, which expire on February 23, 2025. The Series A Warrants are immediately exercisable at a price of $33.00 per share of common stock. Series A Warrants were exercised or forfeited during the three and nine months ended September 30, 2024 and 2023.
The Company also has warrants to purchase approximately 800 shares of the Company’s common stock outstanding as of both September 30, 2024 and December 31, 2023, which expire on July 3, 2026. These warrants have an exercise price of $29.09 per share of common stock. of these warrants were exercised or forfeited during the three and nine months ended September 30, 2024 and 2023.
In addition, the Company had publicly traded warrants to purchase approximately 2,100 shares of common stock outstanding as of December 31, 2023. These warrants had an exercise price of $130.00 per share of common stock and expired on July 19, 2024. The warrants ceased trading on Nasdaq under the symbol “XBIOW” upon expiration. The warrants also provided 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, as adjusted for the Reverse Stock Split. Warrants to purchase approximately shares of common stock were exercised on a cashless, one-for-one basis during the three and nine months ended September 30, 2024. All of the public warrants remaining outstanding as of July 19, 2024 expired, and no public warrants were outstanding at September 30, 2024. of these warrants were exercised or forfeited during the three and nine months ended September 30, 2023.
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