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Shareholders' Equity
6 Months Ended
Jun. 30, 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”), which was subsequently renewed in June 2020. The ATM Agreement will remain in full force and effect until the earlier of (i) June 3, 2023 or (ii) the date that the ATM Agreement is terminated in accordance with its terms. An aggregate of 4,334,500 shares and 5,851,872 shares of the Company’s common stock were sold through the ATM Agreement during the six months ended June 30, 2020 and 2019, for net proceeds to the Company, after deducting the Agent’s commissions and other expenses, of $11.9 million and $21.8 million, respectively. For the three months ended June 30, 2020 and 2019, an aggregate of 484,500 shares and 3,314,742 shares of the Company’s common stock were sold through the ATM Agreement for net proceeds to the Company, after deducting the Agent’s commissions and other expenses, of $1.6 million and $11.0 million, respectively.

During the six months ended June 30, 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 and six months ended June 30, 2020, the Company declared and paid dividends of $0.01 per common share and $0.02 per common share, respectively, for an aggregate total of $0.7 million and $1.4 million, respectively. During the three and six months ended June 30, 2019, the Company declared and paid dividends of $0.005 per common share and $0.01 per common share, respectively, for an aggregate total of $0.3 million and $0.6 million, respectively.