Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.19.1
Subsequent Events
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Note 11 - Subsequent Events

On February 11, 2019, the Company granted stock options to purchase 730,000 shares of common stock. These options vest on February 11, 2020 and expire 5 years after the vesting date, with an exercise price of $3.25 per share.  

 

During the period January to February 26, 2019, 754,475 warrants were exercised to purchase shares of our common stock at $2.20 per share resulting in the issuance of 754,475 shares of common stock for approximate gross proceeds of $1.66 million. 

 

During the period January to February 26, 2019, 133,750 warrants expired by their terms.

 

Following approval of the Board of Directors and the Audit Committee, effective March 5, 2019 the Company entered into an amendment to an outstanding warrant to purchase up to an aggregate of 5.0 million shares of common stock of the Company originally issued to Cotterford in connection with an equity financing completed on or about August 10, 2018.  The amendment temporarily reduced the exercise price of such warrant from $3.00 per share to $2.90 per share through the close of business on March 8, 2019. On March 8, 2019, Cotterford partially exercised the warrant for 1,724,138 shares of our common stock at $2.90 per share resulting in the issuance of 1,724,138 shares of common stock for gross proceeds of $5.0 million.  The warrant remains exercisable through August 10, 2019 for the remaining balance of 3,275,862 shares of common stock at a price of $3.00 per share.