As of December 31, 2023, we had outstanding (a) 21,407,510 shares of our Common Stock, (b) 5,219,134 shares of Common Stock subject to stock options granted under the 2020 Incentive Plan at a weighted-average exercise price of $8.74 per share, (b) 381,018 shares available for future issuance under our 2020 Incentive Plan, (d) 3,295,000 shares issuable upon the exercise of outstanding private warrants to purchase Common Stock, with an exercise price of $11.50 per share and (e) up to 6,000,000 shares of Common Stock that may be issuable as Earnout Shares. In addition, pursuant to the ATM Agreement, 2,120,849 shares of Common Stock were issued from April 9, 2024 through April 12, 2024, and up to $47.5 million of our Common Stock remained available for sale as of April 15, 2024. The sale or the availability for sale of a large number of shares of our Common Stock in the public market could cause the price of our Common Stock to decline.
We, along with our directors and executive officers, have agreed that for a period of 90 days after the date of this prospectus supplement, subject to specified exceptions, we or they will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of our Common Stock or securities convertible into or exchangeable or exercisable for any shares of our Common Stock. As of December 31, 2023, our directors and executive officers as a group beneficially owned approximately 23.3% of our outstanding Common Stock. Sales of stock by any of our directors and executive officers could have a material adverse effect on the trading price of our Common Stock.
We have broad discretion in the use of our cash and cash equivalents, including the net proceeds we receive in this offering, and may not use them effectively.
Our management has broad discretion to use our cash and cash equivalents, including the net proceeds we receive in this offering, to fund our operations, and could spend these funds in ways that do not improve our results of operations or enhance the value of our Common Stock, and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. The failure by our management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business, cause the price of our Common Stock to decline and delay the development of our product candidates. You will not have the opportunity to influence our decisions on how to use our cash and cash equivalents, including the net proceeds from this offering. Pending their use to fund our operations, we may invest our cash and cash equivalents in a manner that does not produce income or that loses value.
We have never paid dividends on our capital stock and we do not anticipate paying dividends in the foreseeable future.
We have never paid dividends on any of our capital stock and currently intend to retain any future earnings to fund the growth of our business. Any determination to pay dividends in the future will be at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant. As a result, capital appreciation, if any, of our Common Stock will be the sole source of gain for the foreseeable future.
There is no public market for the pre-funded warrants and common warrants being offered in this offering.
There is no public trading market for the pre-funded warrants and common warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not intend to apply to list the pre-funded warrants or common warrants on any securities exchange or nationally recognized trading system. Without an active market, the liquidity of the pre-funded warrants and common warrants will be limited.
Holders of pre-funded warrants and common warrants purchased in this offering will have no rights as holders of Common Stock until such holders exercise their pre-funded warrants and common warrants and acquire our Common Stock.
Until holders of pre-funded warrants and common warrants acquire shares of our Common Stock upon exercise of the pre-funded warrants and common warrants, as applicable, holders of pre-funded warrants and
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