Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 1445

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 1445
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 expenses.

Additionally,
the Company issued its former investor relations firm $0.25 million worth of restricted common stock upon closing of the IPO, which resulted
in issuance of 35,715 shares of stock.

On
August 12, 2024, the Company filed a shelf registration statement with the SEC to facilitate the issuance of our common stock and entered
into an At The Market Offering Agreement (the “ATM Agreement”) with Rodman & Renshaw LLC (the “Manager”),
under which the Company may offer and sell shares of its Common Stock, with an aggregate offering amount sold of up to $19,268,571. On
September 24, 2024, the Company filed a prospectus supplement to amend the shelf registration statement to update the maximum amount
eligible to be sold under the ATM Agreement to $75 million. As of December 31, 2024, under the ATM Agreement, the Company has sold 1,779,967 shares
of Common Stock in 2024 at an average price per share of $1.65 and received net proceeds of approximately $3.6 million, after
deducting commissions and other fees of $0.13 million.

    F-16

MIRA
                                            PHARMACEUTICALS, INC.

NOTES
TO THE FINANCIAL STATEMENTS

DECEMBER
31, 2024 AND 2023

Stock
settlement agreement

On
April 24, 2024 the Company settled a claim submitted by certain shareholders under Section 16 of the Securities Exchange Act involving
the Company that claimed illegal profits were earned on stock transactions involving insiders of the Company. After investigation, the
Company informed the insider, Bay Shore Trust, of the claim and came to agreement with the shareholders, whereby requiring the disgorgement
of profits by the insider back to the Company in the amount of $148,703, which was recorded in additional paid in capital in the accompanying
financial statements.

2022
Omnibus Incentive Plan

In
June 2022, the Company’s Board of Directors adopted, and its stockholders approved, the Company’s 2022 Omnibus Incentive
Plan, as amended and restated in August 2023, (“2022 Omnibus Plan”). The 2022 Omnibus Plan authorizes the grant of incentive
stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company’s employees and