Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
On March 3, 2017, the Company closed on a definitive securities purchase agreement to sell the Company’s common stock and preferred stock together with warrants to purchase shares of common stock, or the Private Placement. In the Private Placement, each share of common stock or preferred stock was sold together with a warrant to purchase one share of common stock at a collective price of $2.535. Investors purchased an aggregate of 5,220,826 shares of common stock and 708,430 shares of preferred stock together with warrants to purchase 5,929,256 shares of common stock in the Private Placement for aggregate gross proceeds of approximately $15 million. The warrants have an exercise price of $2.41 per share, are non-exercisable for the first six months and will expire three years from the date of issuance. As part of the Private Placement, the Company committed to prepare and file with the SEC a Registration Statement on Form S-3 covering the resale of the registrable securities within 30 days of the closing date.
Net cash proceeds were approximately $13.6 million after offering fees and expenses, including the placement agent fee of approximately $1.1 million. The placement agent also received 237,170 warrants to purchase shares of common stock as part of its placement agent fee. The placement agent warrant has an exercise price of $2.89 per share, is non-exercisable for 12 months and has a three-year term. The Company expects to utilize net proceeds from the offering for working capital and general corporate purposes.
|