Quarterly report pursuant to Section 13 or 15(d)

Private Securities Offerings

v3.20.4
Private Securities Offerings
 6 Months Ended
Nov. 30, 2020
Private Securities Offerings
Note
11
. Private Securities Offerings
On October 14, 2020, the Company entered into privately negotiated warrant exchange agreements with certain accredited investors, pursuant to
 which
the investors purchased common stock at a range of $0.24 to $0.80 per share in exchange for warrants with an exercise price ranging from $0.30 to $1.00 per share of common stock. The Company issued approximately 7.0 million shares of common stock, $0.001 par value, in exchange for approximately 6.4 million warrants to purchase common stock, which resulted in net aggregate proceeds of approximately $2.7 million. In connection with this transaction, the Company recognized approximately $2.2 million
of
non-cash
inducement interest expense.
On October 26, 2020, the Company entered into privately negotiated warrant exchange agreements with certain accredited investors, pursuant to
w
hich
the investors purchased common stock at a range of $0.24 to $0.60 per share in exchange for warrants with an exercise price ranging from $0.30 to $0.75 per share of common stock. The Company issued approximately 5.0 million shares of common stock, $0.001 par value, in exchange for approximately 4.5 million warrants to purchase common stock, which resulted in net aggregate proceeds of approximately $1.6 million. In connection with this transaction, the Company recognized approximately $1.4 million
of
non-cash
inducement interest expense.
On November 17, 2020, the Company conducted a private equity offering, in which an accredited investor purchased unregistered common stock at $1.50 per share. Pursuant to the offering, the Company sold approximately 0.67 
million shares of common stock, $0.001 par value, for aggregate proceeds of
$1.0 million.
On November 30, 2020, the Company entered into a privately negotiated warrant exchange agreements with certain accredited investors, pursuant to which the investors purchased common stock at
$0.60
per share in exchange for warrants with an exercise price of
$0.75
per share of common stock. The Company issued
approximately 0.5 
million shares of common stock,
$0.001 par value, in exchange for 0.5 
million warrants to purchase common stock, which resulted in net aggregate proceeds of approximately
$0.3 
million. In connection with this transaction, the Company recognized approximately $0.2 million of
non-cash
inducement interest expense.
As described in Note 5, approximately 4.3 million shares of common stock, $0.001 par value, were issued in exchange for the retirement of the March 2020 Note.