16. Subsequent Events

In July 2024, the Company launched a rights offering (the 2024 Rights Offering), where it distributed, at no charge, subscription rights to shareholders and holders of warrants that had contractual rights to participate in the securities offering, which were not waived (each an eligible warrant holder and collectively, the eligible warrant holders). In connection with the 2024 Rights Offering, the Company distributed an aggregate of 17,007,601 non-transferable subscription rights to purchase an aggregate of 8,503,800 units (Units) at a subscription price of $1.21 per whole Unit, consisting of (a) one ordinary share, (b) a warrant to purchase 0.50 ordinary shares, at an exercise price of $1.21 per whole ordinary share from the date of issuance through its expiration one year from the date of issuance (the 1-year warrants) and (c) a warrant to purchase one ordinary share, at an exercise price of $1.21 per whole ordinary share from the date of issuance through its expiration five years from the date of issuance (the 5-year warrants and, together with the 1-year warrants, the warrants). Each shareholder and holder of eligible warrants received one subscription right for every ordinary share owned and every ordinary share issuable upon exercise of eligible warrants at 5:00 p.m., Eastern Time, on July 16, 2024. Each subscription right entitled its holder to purchase 0.50 Units, at a subscription price of $0.605 per 0.50 Units, consisting of (i) 0.50 ordinary shares, (ii) a 1-year warrant to purchase 0.25 ordinary shares and (iii) a 5-year warrant to purchase 0.50 ordinary shares. During the 2024 Rights Offering, rights holders validly subscribed for 6,121,965 Units. The 2024 Rights Offering closed on August 9, 2024 and resulted in aggregate net proceeds, after deducting estimated fees and expenses, of approximately $5.8 million (assuming no exercise of any warrants included in the Units sold by the Company in the 2024 Rights Offering).