Annual report pursuant to Section 13 and 15(d)

Warrants

v3.19.3.a.u2
Warrants
 12 Months Ended
Dec. 31, 2019
Warrants  
Warrants

8. Warrants

At December 31, 2019 and 2018, the following warrants were outstanding:

 

 

 

 

 

 

 

 

 

 

    

 

    

Weighted

    

Weighted

 

 

 

 

Average

 

Average

 

 

Number of

 

Exercise

 

Remaining

 

    

Awards

    

Price

    

Term in Years

 

 

 

 

 

 

 

 

Outstanding at December 31, 2017

 

630,415

 

$

48.90

 

4.23

Issued

 

2,343,777

1

 

4.80

3

4.30

Exercised

 

(251,225)

 

 

4.80

 

4.30

Outstanding at December 31, 2018

 

2,722,967

 

$

15.00

 

4.05

Issued

 

600,000

2

 

3.13

3

4.76

Exercised

 

(447,961)

 

 

4.80

 

3.30

Outstanding at December 31, 2019

 

2,875,006

 

$

14.14

 

3.37

1Consists of 2,343,777 warrants to purchase 2,343,777 shares of Common Stock issued in connection with the Company's public offering on April 17, 2018.

2Consists of 600,000 warrants to purchase 600,000 shares of Common Stock issued in connection with the Company's private placement with an affiliate of Armistice Capital, LLC on October 2, 2019.

3Warrant exercise price for a full share of Common Stock.

All of the warrant agreements provide for a cashless exercise in the event a registration statement covering the issuance of the shares of common stock underlying the warrants is not effective, whereby the number of shares to be issued upon exercise of such warrants  will be reduced based on the exercise price and the market value of the shares at the time of exercise.The outstanding warrants expire from 2020 through 2024.