RISK FACTORS
You should carefully consider the risks and uncertainties described below, as well as those risks and uncertainties identified in the
documents incorporated by reference herein, including our most recent Annual Report on Form 20-F, before making an investment in our common shares. Our business, financial condition or results of operations
could be materially and adversely affected if any of these risks occurs, and as a result, the market price of our common shares could decline and you could lose all or part of your investment. This prospectus supplement also contains forward-looking
statements that involve risks and uncertainties. See Cautionary Statement Regarding Forward-Looking Statements. Our actual results could differ materially and adversely from those anticipated in these forward-looking statements as a
result of certain factors.
Risks Related to this Offering
Future sales, or the possibility of future sales, of a substantial number of our common shares could adversely affect the price of the
shares and dilute shareholders.
Future sales of a substantial number of our common shares, or the perception that such sales will
occur, could cause a decline in the market price of our common shares. Pursuant to the at-the-market program, and potentially other offerings, we plan to continue to
raise money to fund our operations through the issuance of our equity securities. If our existing shareholders sell substantial amounts of common shares in the public market, or the market perceives that such sales may occur, the market price of our
common shares and our ability to raise capital through an issue of equity securities in the future could be adversely affected. In addition, we have registered on a Form S-8 registration statement all common
shares that we may issue under our equity compensation plans. As a result, these shares can be freely sold in the public market upon issuance, subject to volume limitations applicable to affiliates.
We also entered into a registration rights agreement upon consummation of our initial public offering pursuant to which we have agreed under
certain circumstances to file a registration statement to register the resale of the common shares held by certain of our existing shareholders, as well as to cooperate in certain public offerings of such common shares.
On October 22, 2018, we filed a shelf registration statement on Form F-3 for the potential offer
and sale by us of up to $150 million of our common shares, senior debt securities, subordinated debt securities, warrants, purchase contracts or units. The registration statement was declared effective by the SEC on November 7, 2018.
Because the price per share of each share sold under the registration statement will depend on the market price of our shares at the time of the sale and other market conditions, it is not possible at this stage to predict the number of shares that
ultimately may be offered and sold under the registration statement. If we sell common shares, convertible securities or other equity securities, existing shareholders may be diluted by such sales, and in certain cases new investors could gain
rights superior to our existing shareholders. Any sales of our common shares, or the perception that such sales could occur, could have a negative impact on the trading price of our shares.
If you purchase common shares in this offering, you will suffer immediate dilution of your investment.
The public offering price of our common shares may exceed the as adjusted net tangible book value per common share. Therefore, if you purchase
common shares in this offering, you may pay a price per common share that substantially exceeds our as adjusted net tangible book value per common share after this offering. To the extent outstanding options or warrants are exercised, you will incur
further dilution.
Assuming that an aggregate of 23,148,148 of our common shares are sold at a price of $2.16 per share pursuant to this
prospectus supplement, which was the last reported sale price of our common shares on Nasdaq on May 12, 2020, for aggregate gross proceeds of $50,000,000, after deducting commissions and estimated aggregate offering expenses payable by us, you
would experience immediate dilution of $1.24 per common share, representing the difference between our as adjusted net tangible book value per share as of December 31, 2019, after giving effect to this offering and the assumed offering price.
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