Summary by Moomoo AI
Neonode has entered into a new At The Market Offering Agreement with Ladenburg Thalmann & Co. Inc. on June 4, 2024, allowing for the sale of common stock with an initial aggregate offering price of up to $10.3 million. Under the agreement, Ladenburg will receive a 3% commission on gross sales and up to $50,000 in expense reimbursement.Prior to this, on May 29, 2024, Neonode terminated its previous At Market Issuance Sales Agreement with B. Riley Securities, Inc. from May 2021. Under the terminated agreement, the company had successfully sold 2,025,503 shares with an aggregate offering price of approximately $15 million.The new offering will be made pursuant to Neonode's effective S-3 registration statement filed on May 9, 2024. The agreement will terminate upon either the sale of all shares or early termination according to its terms. Ladenburg will conduct sales through permitted "at the market" offerings as defined in Rule 415 under the Securities Act.
