The Company has distributed at no charge to holders of its common stock, par value $0.001 per share ("Common Stock"), as of the close of business on February 2, 2026 (the record date for the Rights Offering), one subscription right for each share of Common Stock held.
As modified, each subscription right entitles the holder to purchase 0.095 shares of Common Stock at a subscription price of $2.99 per one whole share of Common Stock for gross proceeds of up to approximately $10.0 million. As a result, a stockholder must hold at least 11 shares of Common Stock to receive subscription rights to purchase at least one share of Common Stock.
The subscription rights are non-transferable, and will not be listed for trading on any stock exchange or market.