8. SUBSEQUENT EVENTS

On April 27, 2020 and April 28, 2020, we entered into definitive agreements for the private placement of up to 5,615,653 units at a purchase price of $0.33 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.75 shares of common stock. The warrants issued pursuant to definitive agreements executed on April 27, 2020 are exercisable at a price per share of Common Stock of $0.362, subject to adjustment, and the warrants issued pursuant to definitive agreements executed on April 28, 2020 are exercisable at a price per share of Common Stock of $0.366, subject to adjustment. The warrants are exercisable beginning on October 27, 2020 and will expire on April 27, 2025. In connection with the private placement, we issued a warrant to the placement agent to purchase up to 505,409 shares of common stock, upon substantially similar terms as the warrants issued to investors, and with an initial per share exercise price of $0.3795.

The private placement raised total gross proceeds of approximately $1.9 million, and after deducting approximately $0.3 million in placement agent fees and offering expenses, we received net proceeds of approximately $1.6 million.

The placement agent fees and offering expenses have been charged against the gross proceeds.