On January 27, 2023, the company closed the transaction. The company amended the terms of the transaction. The company issued common stock, non non-voting preferred stock and 111,352 warrants to purchase additional shares at $14.00 per share for gross proceeds of $15,700,000 bringing the total amount raised to $30 million.

There were 848,089 common shares and 298,266 preferred shares issued as a part of the transaction. The preferred shares can be converted to non-voting common shares in the future, subject to any required regulatory and shareholder approvals. The transaction is oversubscribed.

Spencer Cohn of Castle Creek Advisors VIII LLC joined the board of directors of the company as part of the transaction. The company received $15,589,686 from 13 investors pursuant to exemption provided under Regulation D.