The company entered securities purchase agreement with certain institutional investors for the purchase and sale of 3.33 million shares of common stock (or common stock equivalents) and warrants to purchase up to an aggregate of 5 million shares of its common stock at a combined public offering price of $1.50 per share of common stock (or common stock equivalent) and associated warrant in a registered direct offering.

The common warrants will have an exercise price of $1.50 per share, are exercisable immediately, and have a term of exercise equal to five years from the date of initial exercise.

The Company intends to use the net proceeds from this offering for general corporate purposes.