On February 22, 2018, the Company entered into a financial advisory, offering and at the market offering letter agreement (“Agreement”) with Aeon Capital, Inc. (“Aeon”) pursuant to which the Company may sell from time to time, at its option, shares of its common stock, $0.0001 par value per share (“Shares”), having an aggregate offering price of up to $25,000,000, through Aeon as the Company’s financial advisor and exclusive placement agent. Sales of the Shares will be made under the Company’s previously filed and currently effective Registration Statement on Form S-3 (File No. 333-220441) in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, or transactions structured as a public offering of a distinct block or blocks of the Shares (“Block Trade”).

From February 1, 2018 to March 16, 2018, the Company sold 33,333,333 Shares structured as a Block Trade. The issuance of the Shares resulted in gross proceeds to the Company of $1.0 million. Pursuant to the Agreement, the Company paid Aeon a fee of 7% ($70,000) and provided warrant coverage of 5% of the number of shares sold with a five-year term of approximately 1.67 million warrant shares.