Post-effective amendment to a registration statement that is not immediately effective upon filing

Equity Awards and Warrants (Tables)

v3.23.3
Equity Awards and Warrants (Tables)
12 Months Ended
May 31, 2023
Equity Awards and Warrants  
Schedule of warrant liability and equity

(in thousands)

    

Liability Classified
Warrants

Balance at May 31, 2022

$

Classified as liability

16,664

Reclassified as equity

(25,335)

Loss on derivative due to change in fair market value

8,750

Balance at May 31, 2023

$

79

Schedule of warrants that have been reclassified as equity

    

Initial Fair Market Value at Issuance

    

Fair Market Value at Equity Classification

Backstop

   

Backstop

   

Placement

   

Backstop

Backstop

   

Backstop

   

Placement

   

Backstop

Warrant #1

Warrant #2

Agent Warrants

Warrant #3

Warrant #1

Warrant #2

Agent Warrants

Warrant #3

Fair value of underlying stock

$ 0.44

$ 0.42

$ 0.44

$ 0.35

$ 0.52

$ 0.52

$ 0.52

$ 0.32

Risk-free rate

3.17%

3.06%

3.13%

3.68%

3.34%

3.31%

3.16%

4.18%

Expected term (in years)

4.65

5.00

10.00

5.00

4.46

4.88

9.82

4.76

Stock price volatility

110.20%

109.49%

95.99%

124.36%

117.29%

113.59%

95.87%

126.67%

Expected dividend yield

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

0.00%

Schedule of warrants that remain liability classified

    

Initial Fair Market Value at Issuance

    

Fair Market Value
at May 31, 2023

Placement Agent

Placement Agent

Placement Agent

Warrants Closing #1

Warrants Closing #2

Warrants

Fair value of underlying stock

$ 0.29

$ 0.27

$ 0.26

Risk-free rate

3.44%

3.44%

3.64%

Expected term (in years)

10.00

10.00

10.00

Stock price volatility

98.22%

97.90%

97.90%

Expected dividend yield

0.00%

0.00%

0.00%

Schedule of stock option activity

Weighted 

average

Weighted

remaining

Aggregate

Number of

average

contractual

intrinsic

(in thousands, except per share data and years)

    

shares

    

exercise price

    

life in years

    

value

Options outstanding at May 31, 2021

 

17,839

$

1.58

 

7.93

$

15,390

Granted

 

11,985

$

1.38

 

 

Exercised

 

(510)

$

0.79

 

 

301

Forfeited, expired, and cancelled

 

(11,857)

$

1.51

 

 

Options outstanding at May 31, 2022

 

17,457

$

1.53

 

7.79

$

Granted

 

12,417

$

0.41

 

 

Exercised

 

$

 

 

Forfeited, expired, and cancelled

 

(10,051)

$

1.16

 

 

Options outstanding at May 31, 2023

 

19,823

$

0.99

 

7.87

$

Options outstanding and exercisable at May 31, 2023

 

11,932

$

1.21

 

7.02

$

Schedule of assumptions used in determination of fair value

    

Fiscal years ended May 31,

2023

    

2022

Expected Volatility

99.2 - 112.7

%

94.3 - 122.0

%

Weighted-Average Volatility

107.06

%

104.89

%

Expected Dividends

0

%

0

%

Expected Term (In years)

5.0 - 6.1

1.5 - 6.0

Risk-Free Rate

3.83

%

1.67

%

Schedule of Company RSU and PSU activity

Weighted average

Number of

Weighted-average

remaining contractual

(shares in thousands)

    

RSUs and PSUs (1)

    

grant date fair value

life in years

Unvested RSUs and PSUs at May 31, 2021

5,470

$

2.96

1.01

RSUs and PSUs granted

RSUs and PSUs forfeited

(4,356)

2.94

RSUs and PSUs vested

(814)

3.01

Unvested RSUs and PSUs at May 31, 2022

 

300

3.12

0.58

RSUs and PSUs granted

 

1,293

0.58

RSUs and PSUs forfeited

 

(150)

3.12

RSUs and PSUs vested

 

(150)

3.12

Unvested RSUs and PSUs at May 31, 2023

 

1,293

$

0.58

0.81

(1)

The number of PSUs disclosed in this table are at the target level of 100%.

Schedule of Warrant activity

Weighted 

average

Weighted

remaining

Aggregate

Number of

average

contractual

intrinsic

(in thousands, except for share data and years)

    

shares

    

exercise price

    

life in years

    

value

Warrants outstanding at May 31, 2021

 

42,934

$

0.68

 

2.89

$

52,671

Granted

 

38,220

$

0.52

 

 

Exercised

 

(5,167)

$

0.70

 

 

5,514

Forfeited, expired, and cancelled

 

(2,740)

$

0.73

 

 

Warrants outstanding at May 31, 2022

 

73,248

$

0.59

 

3.18

$

352

Granted

 

201,771

$

0.33

 

 

Exercised

 

(6,207)

$

0.63

 

 

758

Forfeited, expired, and cancelled

 

(8,902)

$

0.75

 

 

Warrants outstanding at May 31, 2023

 

259,910

$

0.37

 

4.57

$

7,276

Warrants outstanding and exercisable at May 31, 2023

 

259,910

$

0.37

 

4.57

$

7,276