STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

9. STOCKHOLDERS’ EQUITY

Authorized shares

We are authorized to issue up to 33.3 million shares of common stock with a par value of $0.0001 per share, 0.8 million shares of class C special stock with a par value of $0.0001 per share, and 1.7 million shares of undesignated preferred stock with a par value of $0.0001 per share at December 31, 2019.

There were 12.1 million and 11.9 million shares of common stock issued and outstanding as of December 31, 2019 and 2018, respectively.

There were 11 thousand shares of class C special stock issued and outstanding as of December 31, 2019 and 2018. Each share of class C special stock entitles its holder to one vote per share. Each share of class C special stock is exchangeable, at the option of the holder, for one share of our common stock, at an exchange price of $90.00 per share, subject to adjustment upon certain capitalization events. Holders of class C special stock are not entitled to receive dividends or to participate in the distribution of our assets if we were to liquidate, dissolve, or wind-up the company. The holders of class C special stock have no cumulative voting, preemptive, subscription, redemption, or sinking fund rights.

There were no shares of undesignated preferred stock outstanding as of December 31, 2019 and 2018.

Warrants

Warrants to purchase an aggregate of 1.7 million shares of our common stock were outstanding and exercisable as of December 31, 2019:


	Number of
	Underlying Shares
	of Common Stock	Per Share		First
Issue Date	(in thousands)	Exercise Price		Expiration Date
December 4, 2014	1,486	$	96.21	March 1, 2020
December 5, 2014	223	$	96.21	March 1, 2020

All outstanding warrants are classified as equity. No warrants were granted, exercised, or expired unexercised during the years ended December 31, 2019, 2018 and 2017.

The warrants expire ratably over a 60 business day period beginning on March 1, 2020 and finishing on May 25, 2020.