The company may sell its common stock to Fusion Capital from time to time over a 24-month period after the Securities and Exchange Commission (SEC) has declared effective the registration statement related to the transaction. The proceeds will be used to further the commercialization of the company’s Aware HIV-1/2 Rapid diagnostic tests, develop new diagnostic tests and for general corporate purposes.
Under the agreement, the company has the right to sell shares of common stock to Fusion Capital from time to time in amounts between $100,000 and $1 million, depending on certain conditions, for up to $8 million of total funds. The purchase price of the shares will be based on the prevailing market prices of the company’s shares at the time of sale without any fixed discount, and the company will control the timing and amount of any sales of shares to Fusion Capital.