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Stockholders' Equity
3 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Stockholders' Equity

(4) Stockholders’ Equity

 

prospectus relating to the ATM Offering was filed with the SEC on November 9, 2018. Since its filing, as of September 30, 2019, the Company has sold 360,668 shares of common stock pursuant to an At the Market Issuance Sales Agreement with B. Riley FBR, under which B. Riley FBR acts as sales agent. In connection with the sale of these shares of common stock, the Company has received net proceeds of $1.4 million. The weighted-average sale price per share was $3.80.

 

The Company’s stockholders’ equity as of September 30, 2019 was less than $2.5 million, which is less than the requirement under Nasdaq Listing Rule 5550(b)(1) for continued listing on The Nasdaq Capital Market. As a result, though no assurance can be given, the Company anticipates that Nasdaq will provide notice of this development and require the Company to take steps in order to avoid the delisting of its common stock.