Annual report [Section 13 and 15(d), not S-K Item 405]

STOCKHOLDERS' EQUITY

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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

NOTE 7 — STOCKHOLDERS’ EQUITY

At-the-Market Equity Offering

In March 2022, the Company filed a prospectus supplement related to the issuance and sale of up to $100.0 million of shares of common stock under the Company’s at-the-market equity agreement (the “ATM agreement”). The designated sales agent is entitled to a placement fee of up to 3.0% of the gross sales price per share sold.

The Company did not sell any shares of common stock in connection with the ATM agreement during 2024 or 2023. During 2022, the Company sold an aggregate of 2,971,413 shares for an average price of $5.72 per share in connection with the ATM Offering and received proceeds, net of commissions and expenses, of $16.5 million.

Cash Dividends

In November 2023, the Company announced that its board of directors approved the implementation of a quarterly cash dividend. A summary of the dividends declared by the Company is as follows (in thousands, except per share amounts):

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Dividends per Common Share

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Dividends
Declared

2024

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Q4

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$

0.01

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$

1,510

Q3

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0.01

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1,518

Q2

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0.01

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1,483

Q1

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0.01

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1,507

2023

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Q4

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0.01

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1,466

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On March 3, 2025, the Company’s board of directors declared a regular quarterly dividend of $0.01 per share of common stock. The dividend is to be paid on March 24, 2025 to stockholders of record at the close of business on March 17, 2025.