Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.20.2
Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

NOTE 14. SUBSEQUENT EVENTS

 

On July 6, 2020, the Company entered into a Securities Purchase Agreement with certain existing investors, pursuant to which the Company sold, in a registered public offering by the Company directly to the investors an aggregate of 3,157,895 shares of Company Common Stock, par value $0.0001 per share, at an offering price of $4.75 per share for proceeds of $15,000,000 before broker fees of $1,175,000.

 

In connection with the Securities Purchase Agreement entered into on July 6, 2020, the Company issued warrants to purchase 71,770 and 147,368 shares of Company Common Stock at an exercise price of $5.225 and $5.4525 per share, respectively, to two financial advisors. Neither the warrants nor the issuance of the shares of Company Common Stock deliverable upon exercise of the warrants will be registered under the Securities Act or any state securities act.

 

On July 21, 2020, the Company entered into a Securities Purchase Agreement with certain existing investors, pursuant to which the Company sold, in a registered public offering by the Company directly to the investors, an aggregate of 1,850,000 shares of Company Common Stock, par value $0.0001 per share, at an offering price of $5.00 per share for proceeds of $9,250,000 before broker fees of $740,000. Each purchaser also has the right to purchase, on or before October 19, 2020, additional shares of Company Common Stock equal to the full amount of 75% of the Company Common Stock it purchased at the initial closing, or an aggregate of 1,387,500 shares, at a price of $5.00 per share.

 

In connection with the Securities Purchase Agreement entered into on July 21, 2020, the Company issued warrants to purchase 129,500 shares of the Company Common Stock at an exercise price of $5.75 per share to a financial advisor. Neither the warrants nor the issuance of the shares of common stock deliverable upon exercise of the warrants will be registered under the Securities Act or any state securities act.

 

During July 2020, the Company received $2,468,189, net of fees of $248,854 upon the exercise of warrants. The Company issued 2,539,769 shares of common stock in connection with the exercises.

 

During July 2020, the Company issued 225,590 shares of common stock upon the conversion of 7,833 shares of the Company’s H-6 preferred stock.