Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Event

On February 3, 2021, we filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission which became effective on February 9, 2021. The shelf registration statement is intended to provide us with financial flexibility to raise capital from the offering of up to $250 million of common stock, preferred stock, warrants, depository shares, units and/or debt securities, conducted in one or multiple offerings while the shelf registration statement is effective.

We intend to use the net proceeds from the sale of the securities offered by this prospectus for general corporate purposes.

On February 11, 2021, we entered into an equity distribution agreement ("Distribution Agreement") with an investment banking firm to issue and sell shares up to $50 million in aggregated offering price of our common stock. In accordance with the terms of the Distribution Agreement, we will pay 2.25% commission on the gross sales proceeds from common stock sold, and we will also provide customary indemnification rights and reimburse legal fees and disbursements. The Distribution Agreement may be terminated by either party upon prior written notice to the other party, or at any time under certain circumstances. We are not obligated to sell any shares under the Distribution Agreement.

As of March 3, 2021, we sold 3.3 million shares of our common stock and we received net proceeds of approximately $36.3 million from the offering after deducting commissions and other estimated offering expense.