As previously reported, on July 23, 2019, the Company entered into an At Market Issuance Sales Agreement (the "Agreement") with Oppenheimer & Co. Inc. (the "Oppenheimer"). Pursuant to the terms of the Agreement, the Company may offer and sell, from time to time, Company common stock through Oppenheimer, acting as agent, through an "at the market offering" as defined in Rule 415(a)(4) (the "ATM Offering") promulgated under the Securities Act. On July 24, 2019, pursuant to the ATM Offering, the Company filed a prospectus supplement pursuant to which the Company may offer and sell, from time to time, Company common stock having an aggregate offering price of up to $15.0 million through Oppenheimer (the "ATM Prospectus Supplement"). From April 8, 2020 to April 16, 2020, the Company issued shares of common stock through the ATM Prospectus Supplement. Additionally, the Company has received notice that certain warrants, previously issued, are being exercised. During this period of time, the Company has issued, including shares issuable under the above transactions, approximately 7.2 million shares at an average price of $1.44 for gross and net proceeds of approximately $10.3 million and $10.0 million, respectively. The Company paid fees and commissions of approximately $0.3 million to Oppenheimer on the gross proceeds from the sale of its common stock under the ATM Prospectus Supplement. After the completion of the foregoing issuances, the Company will have 60,403,164 shares of common stock outstanding. The Company has publicly stated in the conference call mentioned above that the Company estimates that such transactions, when joined with cash on hand, will support the Company's planned operations into the first quarter of 2021.
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