Shareholders' Equity

3 Months Ended

Mar. 31, 2020

Shareholders' Equity

Shareholders' Equity

16. Shareholders’ Equity

On April 3, 2018, the Company entered into an At-The-Market Offering Agreement (the “ATM Agreement”) with an investment banking firm (“Agent”) pursuant to which the Agent agreed to act as the Company’s sales agent with respect to the offer and sale from time to time of the Company’s common stock having an aggregate gross sales price of up to $75.0 million (the “Shares”). The ATM Agreement will remain in full force and effect until the earlier of (i) April 3, 2021, (ii) the effective date for a shelf registration filed with the Securities and Exchange Commission, when a new ATM agreement will be effective, or (iii) the date that the ATM Agreement is terminated in accordance with its terms. An aggregate of 3,850,000 shares and 2,562,130 shares of the Company’s common stock were sold through the ATM Agreement during the three months ended March 31, 2020 and 2019, for net proceeds to the Company, after deducting the Agent’s commissions and other expenses, of $10.4 million and $10.8 million, respectively.

During the three months ended March 31, 2019, the Company issued 25,000 shares of its common stock at a value of $3.88 per share as payment for a one-year investor relations agreement with a third-party.

During the three months ended March 31, 2020 and 2019, the Company declared and paid dividends of $0.01 and $0.005 per common share, respectively, for an aggregate total of $0.7 million and $0.3 million, respectively.