| | Per Share | | | Total | |
Initial public offering price | | | $4.00 | | | $5,000,000 |
Underwriting discounts and commissions(1) | | | $0.26 | | | $320,000 |
Proceeds to the Company, before expenses | | | $3.74 | | | $4,680,000 |
(1) | The underwriters shall receive an underwriting discount of 6.4% per share sold to investors in this offering (10% per share for shares purchased to cover over-allotments). We have agreed that Maxim Group LLC will also receive a warrant to purchase 80,000 common shares (or up to 98,750 common shares if the underwriters exercises the over-allotment option in full), at an exercise price of $4.40 per share (being equal to 110% of the offering price), subject to certain anti-dilution adjustments (the “Representative’s Warrant”). The Representative’s Warrant will be non-exercisable for six (6) months from the date of effectiveness of the registration statement of which this prospectus forms a part and will expire three (3) years after such date. The Representative’s Warrant and the common shares issuable upon exercise of the Representative’s Warrant are also being registered under the registration statement of which this prospectus forms a part. We have also agreed to reimburse the underwriters for certain expenses. We refer you to the section entitled “Underwriting” of this prospectus for additional information regarding total compensation and other items of value payable to the underwriters. |