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Wednesday, January 05, 2022 8:07:32 AM
“NOTE 12 - SUBSEQUENT EVENTS
Common Stock
We sold an aggregate of 2,524,200 shares of common stock under our ATM equity program between October 1, 2021 and November 10, 2021, at an average price of $2.50 per share, for gross proceeds of $6.3 million and net proceeds of $6.1 million, after deducting commissions and other offering expenses. As of November 10, 2021, we had $45.0 million available to be sold under our ATM equity program.”
“ On September 30, 2021, we entered into Addendum 1 to the collaboration agreement with Murata ("Addendum 1"), which amends and supplements the collaboration agreement to provide for the development of XBAR®-based designs for up to four additional bands. For rights to these additional bands, Murata has agreed to pay us a $4.0 million non-refundable upfront payment and up to an aggregate of between $8.0 million and $36.0 million in pre-paid royalties and other fees, with the amount of the aggregate payments determined based on the complexity of the filter designs selected for development. The future payments will be made in two installments per band over a multi-year development period, with each installment conditional upon our achievement of certain milestones and deliverables acceptable to Murata in its discretion. Murata retains the right to terminate the collaboration agreement and Addendum 1 at any time upon thirty (30) days prior written notice to us.”
“As of September 30, 2021, we have raised aggregate gross proceeds of $149.6 million through the use of loans and convertible debt, and sales of equity pursuant to our initial public offering, secondary underwritten offerings, an at-the-market equity program, private placement financings, and the exercise of stock options and warrants.
We had current assets of $20.1 million and current liabilities of $6.4 million at September 30, 2021, resulting in working capital of $13.7 million. This compares to working capital of $14.7 million at September 30, 2020 and $19.8 million at December 31, 2020.”
“At September 30, 2021 we had cash and cash equivalents of $15.3 million and accounts receivable of $4.3 million. Subsequent to September 30, 2021, but prior to the publication of the financial statements on this Form 10-Q, we raised $6.1 million of cash from sales of common stock using our At-The-Market Equity Offering Sales Agreement. In the absence of additional customer contracts, we believe these cash resources, along with anticipated cash generated from existing customer contracts, will provide sufficient funding into the fourth quarter of 2022.”
https://www.otcmarkets.com/filing/html?id=15344370&guid=_CSwkK1YE6yJnch
They have lots of Cash and millions in revenue in the form of their major customer, 36 million in contracts, so why sell shares henceforth?
my posts are always theory and not financial advice
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