Annual report pursuant to Section 13 and 15(d)

Warrants

v3.6.0.2
Warrants
 12 Months Ended
Dec. 31, 2016
Warrants [Abstract]  
Warrants Disclosure [Text Block]

7. Warrants

At December 31, 2016 and 2015, the following warrants were outstanding:
 
 
Number of
Awards
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Term in Years
Outstanding at December 31, 2014*
 
 
21,964
 
 
$
4.52
 
 
 
1.21
 
Issued
 
 
1,983,673
 
 
$
9.18
 
 
 
5.32
 
Exercised
 
 
(10,929
) 
 
$
0.65
 
 
 
  
 
Forfeited
 
 
(11,035
) 
 
$
8.35
 
 
 
 
Outstanding at December 31, 2015
 
 
1,983,673
 
 
$
9.18
 
 
 
5.32
 
Issued
 
 
871,000
(1) 
 
$
3.50
(2) 
 
 
4.49
 
Forfeited
 
 
(1,937
) 
 
$
9.18
 
 
 
4.82
 
Outstanding December 31, 2016
 
 
2,852,736
 
 
$
7.45
 
 
 
4.34
 
 
 
(1)
Consists of 1,742,000 warrants to purchase 837,500 shares of Common Stock issued to the investor, and 33,500 warrant shares issued to the Sales Agent, in connection with the Company’s registered direct offering on June 30, 2016.
(2)
Warrant exercise price for a full share of Common Stock. Each warrant issued is for the purchase of one-half of a share of Common Stock.
*
Does not include warrants convertible into common or preferred stock issued to holders of the Amended and Restated Notes of 2014 Notes.
All of the warrant agreements provide for a cashless exercise, whereby the number of warrants to be issued will be reduced by the number of shares which could be purchased from the proceeds of the exercise of the respective warrant. The outstanding warrants expire from 2017 through 2021.
In February 2015, in connection with the Company’s IPO, the Company issued 34,163 and 33,838 common stock warrants to the underwriters at $7.50 and $6.00, respectively for the IPO and underwriter fees. In February 2015, the Company also issued 562,732 note warrants in connection with its IPO.
In August 2015, in connection with the Company’s follow-on offering, the Company issued 1,176,470 common stock warrants to the underwriter at an exercise price of $10.62. In addition, the underwriters exercised the overallotment option to purchase 176,470 warrants at $10.62.