| Subsequent Events |
Note 17 – Subsequent Events
On October 6, 2020, we
closed on our underwritten public offering of 4,800,000 shares of common stock for a public offering price of $4.00 per share.
Net proceeds from the offering were approximately $17.1 million. In addition to closing our underwritten public offering, the following
additional transactions occurred subsequent to September 30, 2020:
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As a result of closing our public offering, we triggered the full ratchet anti-dilution provision of shares sold in PIPE transactions in 2018, and as a result we will issue 1,156,480 shares of common stock to those stockholders. The full ratchet anti-dilution provisions expired following closing of the offering. |
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DKBK, our line of credit lender, converted $700,000 principal amount outstanding and related accrued interest into 199,537 shares of common stock on October 6, 2020. |
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The conditions for finalizing our agreements with Aposense and Elion were met upon the close of our public offering and up-list to the Nasdaq Capital Market. We made a payment of $100,000 to Elion and issued 625,000 and 825,000 shares of common stock to Aposense and Elion, respectively, pursuant to the agreements. |
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We issued an additional 250,000 number of shares of common stock to Yuhan pursuant to the agreement we entered into with them. |
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Restricted stock awards for 214,078 shares of our common stock vested on the completion of our public offering and up-list to the Nasdaq Capital Market on October 6, 2020. |
The following pro forma
table shows the number of issued and outstanding shares of our common stock as a result of the underwritten offering, which closed
on October 6, 2020 as if the shares were all issued and outstanding as of September 30, 2020:
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September 30, 2020 |
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| Actual shares issued and outstanding |
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5,765,566 |
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| Shares sold in the underwritten common stock offering which closed on October 6, 2020 |
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4,800,000 |
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| Conversion of the $700,000 LOC with DKBK and related accrued interest on October 6, 2020 |
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199,537 |
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| Shares to be issued as a result of triggering the anti-dilution provision of previously issued shares of common stock |
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1,156,480 |
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| Shares to be issued to Yuhan Corporation, Elion Oncology, Inc. and Aposense Ltd. in connection with the respective license agreements. |
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1,700,000 |
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| Restricted stock awards that vested on the completion of our underwritten offering and up-list to the Nasdaq Capital Market on October 6, 2020 |
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214,078 |
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| Pro forma shares issued and outstanding |
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13,835,661 |
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