Stockholders' Equity

9 Months Ended

Sep. 30, 2019

9.	Stockholders’ Equity

On December 27 and 28, 2018, the Company repurchased 100,000 shares of its common stock for aggregate consideration of approximately $1.4 million. The repurchases were made on the Nasdaq Stock Market at prevailing market prices in accordance with SEC Rule 10b-18. 50,000 of the shares repurchased at an average price of $13.36 by the Company settled on December 31, 2018 and the remaining 50,000 shares repurchased at an average price of $14.50 settled on January 2, 2019. As of December 31, 2018, the Company recorded a prepaid expense of $0.7 million related to the 50,000 shares that settled on January 2, 2019 and recorded treasury stock of $0.7 million relating to the 50,000 shares that settled as of December 31, 2018. These shares were subsequently retired in January 2019.

The Company has 14,102 warrants outstanding as of September 30, 2019, convertible into 14,102 shares of common stock at an exercise price of $24.82 per share, and expiring on June 28, 2023.

On April 18, 2019, the Company completed a public offering of 5,175,000 shares of common stock, which includes the full exercise of the underwriters’ option to purchase an additional 675,000 shares of its common stock, at a public offering price of $17.50 per share. The gross proceeds to Rocket from the public offering were $86.1 million after deducting $4.5 million of offering costs, commissions, legal and other expenses for net proceeds from the gross proceeds from the offering of $90.6 million.

On June 25, 2019, the Company recorded treasury stock of $0.3 million.