9. Subsequent Events

Subsequent to June 30, 2025, at the Holder’s request, the Company delivered 43,800 shares of Common Stock which were held in abeyance, related to the March 2025 Warrant Inducement. Accordingly, 344,900 shares are held in abeyance, which are not issued and not outstanding.

As previously reported, on May 14, 2025, the Company received a letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s Common Stock for the prior 30 consecutive business days, the Company was not in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on Nasdaq, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).

The Staff further indicated that, based upon the Company’s implementation of a reverse stock split within the prior one-year period, the Company’s securities were subject to delisting from the Nasdaq Capital Market and would be suspended at the opening of business on May 23, 2025. The Company timely requested a hearing before the Panel, which request stayed any further suspension or delisting action by Nasdaq, pending the ultimate conclusion of the hearing process.

On July 2, 2025, the Panel notified the Company that it has granted Company’s request for an exception until August 14, 2025, to demonstrate compliance with the Minimum Bid Price Requirement. There can be no assurance that the Company will be able to regain compliance and maintain its listing on the Nasdaq Capital Market. If the Company does not regain compliance with the Minimum Bid Price Requirement, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq could provide notice that the Company’s securities will become subject to delisting.

At the Company’s 2025 annual meeting of stockholders on July 15, 2025, the Company’s stockholders approved an amendment to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of the issued and outstanding shares of the Company’s common stock at a specific ratio, ranging from one-for-two to one-for-thirty, with the exact ratio to be determined by the Company’s board of directors without further approval or authorization of the Company’s stockholders. On July 15, 2025, the Company’s board of directors set and approved a reverse split ratio of one-for-ten and authorized the Company’s management to effect the reverse stock split on August 1, 2025. The number of shares of the Company’s authorized common stock was not affected by the 2025 Reverse Stock Split and the par value of the Company’s common stock remained unchanged at $0.0001 per share.

Except where disclosed, all amounts related to number of shares and per share amounts have been retrospectively adjusted in these financial statements to reflect the 2025 Reverse Stock Split.