Annual report pursuant to Section 13 and 15(d)

Common Stock

v3.19.1
Common Stock
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Note 7 - Common Stock

2018

 

As of December 31, 2018, the Company was authorized to issue 100 million shares of common stock par value $0.001 per share, of which 35,335,378 and 26,519,394 shares were issued outstanding as of December 31, 2018 and December 31, 2017, respectively.

 

Between February 5 and June 6, 2018, 29,375 warrants were exercised to purchase shares of common stock at a price of $2.00 per share in a cashless exercise that resulted in the issuance of 11,831 shares of common stock.

 

On March 13, 2018, the Company issued 3.5 million shares of common stock in a registered public offering at a price of $2.40 per share, for aggregate gross proceeds of $8.4 million. In connection with the transaction, approximately $0.8 million was incurred for legal and underwriting fees resulting in net proceeds of approximately $7.6 million. Pursuant to this offering, the underwriters had the option to purchase up to an additional 525,000 shares of common stock for 30 days following the pricing of the initial closing, which option was not exercised.

 

On August 10, 2018, the Company issued to Cotterford Company Limited (“Cotterford”) in a private placement offering (PIPE) 5.0 million shares of common stock at a price of $1.80 per share, for aggregate gross proceeds of $9.0 million. In connection with the transaction, approximately $0.1 million was incurred for legal and other fees resulting in net proceeds of approximately $8.9 million. Additionally, the Company issued to Cotterford a warrant to purchase up to an additional 5.0 million shares of common stock at an exercise price of $3.00 per share payable in cash (see Note 8). This transaction resulted in Cotterford becoming a significant stockholder and therefore a related party in accordance with U.S. GAAP. The shares of common stock (including the shares underlying the warrant) were subsequently registered for resale on Form S-3 (declared effective by the SEC on October 15, 2018, File No. 333-227731).

 

On September 7, 2018, the Company entered into an equity distribution agreement with Oppenheimer & Co. Inc. (“Oppenheimer”), which agreement allows it to offer and sell shares of common stock having an aggregate offering price of up to $10.0 million from time to time pursuant to a shelf registration statement on Form S-3 (declared effective by the SEC on September 28, 2018, File No. 333-227248) through Oppenheimer acting as the Company’s agent and/or principal. As of December 31, 2018, the Company had not sold any shares under the equity distribution agreement.

 

On October 16, 2018, 243,903 warrants were exercised at a price of $2.40 per share, for gross cash proceeds to the Company of $585,367. As a result, a total of 243,903 shares of common stock were issued.

 

On October 16, 2018, 60,250 warrants were exercised at a price of $2.20 per share, for gross cash proceeds to the Company of $132,550. As a result, a total of 60,250 shares of common stock were issued.

 

2017

 

During 2017, 32,500 warrants were exercised at a price of $2.20 per share, for gross cash proceeds to the Company of $71,500. As a result, a total of 32,500 shares of common stock were issued.

 

During 2017, 47,000 warrants were exercised at a price of $2.40 per share, for gross cash proceeds to the Company of $112,800. As a result, a total of 47,000 shares of common stock were issued.

 

During 2017, 313,151 warrants were exercised at a price of $2.60 per share, for gross cash proceeds to the Company of $814,193. As a result, a total of 313,151 shares of common stock were issued.

 

During 2017, 4,166 stock options were exercised to purchase shares of common stock at $3.00 per share in a cashless exercise that resulted in the issuance of 694 shares of common stock.