Annual report pursuant to Section 13 and 15(d)

Public Warrant Tender Offerings

Public Warrant Tender Offerings
12 Months Ended
May 31, 2021
Public Warrant Tender Offers [Abstract]  
Public Warrant Tender Offers

Note 11. Public Warrant Tender Offers

During June 1, 2019 to July 31, 2019, the Company conducted two public warrant tender offers, in which accredited investors purchased common stock at either $0.30 or $0.40 per share. Pursuant to the offers, the Company sold a total of approximately 45.4 million shares of common stock, $0.001 par value, for aggregate gross proceeds of approximately $11.9 million. The Company paid placement agent fees of approximately $1.1 million for services in connection with the tender offers. The Company also recorded a non-cash inducement interest expense of approximately $2.4 million in connection with the tender offers.