Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

v3.21.1
Stockholders’ Equity
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders’ Equity

Note 11 – Stockholders’ Equity

 

Common Stock

 

For the three months ended March 31, 2021, the Company sold 3,023,147 shares of its common stock under its At-The-Market Sales Agreement with BTIG, LLC, at an average price of $1.90, generating gross proceeds of approximately $5.8 million and net proceeds of approximately $5.6 million.

 

On January 14, 2020, the Company closed on an underwritten public offering of 32.3 million shares of its common stock at a purchase price of $1.55 per share. The Company generated gross proceeds of approximately $50.0 million and net proceeds of approximately $46.7 million, after deducting underwriting discounts and commissions and other estimated offering expenses.

 

Preferred Stock

 

Series B Preferred Stock

 

In connection with a public offering of Series B Preferred Stock, on June 19, 2018, the Company filed the Series B Certificate of Designation with the Secretary of the State of Delaware to designate the preferences, rights and limitations of the Series B Preferred Stock. Pursuant to the Series B Certificate of Designation, the Company designated 8,000 shares of the Company’s previously undesignated preferred shares as Series B Preferred Stock. As of March 31, 2021 and December 31, 2020, there were 4,218 shares 4,361 shares, respectively, of Series B Preferred Stock outstanding.

 

 

Warrants

 

The Company has issued two types of warrants: (i) investor warrants and (ii) placement agent warrants. All warrants are exercisable immediately upon issuance and have a five-year term. The warrants may be exercised at any time in whole or in part upon payment of the applicable exercise price until expiration. No fractional shares will be issued upon the exercise of the warrants. The exercise price and the number of shares purchasable upon the exercise of the investor warrants are subject to adjustment upon the occurrence of certain events, which include stock dividends, stock splits, combinations and reclassifications of the Company’s capital stock or other similar changes to the equity structure of the Company.

 

As of March 31, 2021, the Company had outstanding warrants to purchase an aggregate of 1,325,810 shares of common stock at exercise prices ranging from $0.50 to $0.75 per share. A summary of warrants outstanding as of March 31, 2021 and December 31, 2020 is presented below, all of which are fully vested:

 

    Shares  
Outstanding at December 31, 2019     5,397  
Issued     -  
Exercised     (2,576 )
Tendered     -  
Expired     (1,493 )
Outstanding at December 31, 2020     1,328 *
Issued     -  
Exercised     (2 )**
Tendered     -  
Expired     -  
Outstanding at March 31, 2021     1,326 ***

 

* Weighted average exercise price for outstanding warrants is $0.55.
** Converted into approximately 1 thousand shares of commons stock.
*** Weighted average exercise price for outstanding warrants is $0.54.

 

Basic and diluted net loss per common share

 

During the three months ended March 31, 2021 and 2020, diluted earnings per common share is the same as basic earnings per common share because, as the Company incurred a net loss during each period presented, the potentially dilutive securities from the assumed exercise of all outstanding stock options, warrants and conversion of preferred stock, would have an anti-dilutive effect. The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common shareholders because including them would have been anti-dilutive as of March 31, 2021 and 2020:

 

    As of March 31,  
    2021     2020  
Stock options     22,890       20,562  
Preferred Stock and accrued dividend upon conversion     10,123       9,104  
Warrants     1,326       3,371  
Total     34,339       33,037