Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events

Subsequent Events

16. Subsequent Events

In November 2018, the Company completed a private placement to certain accredited investors of an aggregate of 35,000 shares of the Company’s Series E Convertible Preferred Stock, par value $0.01 per share (Series E Preferred Stock) The net proceeds to the Company were approximately $31.0 million after deducting placement agent fees and expenses payable by the Company. The Series E Preferred Stock is convertible into shares of the Company’s common stock at a conversion price of $2.31 per share. The Company is required to redeem the Series E Preferred Stock for cash (or, subject to certain conditions, at the Company’s option, in common stock or a combination of cash and common stock) in thirteen monthly installments of $2.693 million each from May 2019 through May 2020. Common stock used for redemptions will generally be valued based on a discounted volume weighted average price formula.