The company entered into a securities purchase agreement for a private placement of up to 10,000,000 units. Each unit consists of one share of common stock and four warrants to purchase one share of common stock each. The purchase price per unit is $1.10, with aggregate gross proceeds of approximately $11,000,000 if all units are sold. Warrants are exercisable at $1.46 per share and expire in 2031. The offering is subject to stockholder approval at the next meeting.