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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2019
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

 

Subsequent to December 31, 2019, and as of February 14, 2020, the Company issued an aggregate of 40,975 shares of common stock upon the exercise of the warrants, as amended, associated with the June 2018 underwritten public offering. Upon exercise, the Company received $286 thousand in cash.

 

On January 21, 2020, the Company held its 2019 Annual Meeting of Stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders approved an amendment to the Company’s Articles of Incorporation to increase the number of shares of authorized common stock from 25,000,000 to 500,000,000 shares (without giving effect to the 2020 Reverse Stock Split).

 

On February 11, 2020 the Company effected the 2020 Reverse Stock Split and as a result, every 30 shares of the issued and outstanding Common Stock were automatically converted into one newly issued and outstanding share of Common Stock, without any change in the par value per share. Any fractional shares resulting from the 2020 Reverse Stock Split have been rounded up to the nearest whole share. In connection with the 2020 Reverse Stock Split, the Company correspondingly reduced the number of authorized shares of Common Stock from 500,000,000 to 16,666,667.  Throughout this report, the 2020 Reverse Stock Split was retroactively applied to all periods presented.

 

In addition, at the Annual Meeting, the Company’s stockholders approved an amendment to the 2015 Plan to increase the number of shares available for issuance thereunder by 800,000 or 26,667 shares, as adjusted to reflect the 2020 Reverse Split, to a total of 960,000 or 32,000 shares, as adjusted to reflect the 2020 Reverse Split  plus (i) the number of shares that remained available for issuance under the Company’s 2010 Equity Incentive Plan, as amended (the “Prior Plan”) as of the date that the Incentive Plan became effective and (ii) the number of shares that were subject to outstanding awards under the Prior Plan the date the Incentive Plan became effective that become available in the future due to cancellation, forfeiture or expiration of such outstanding awards and corresponding adjustments that will be reflected in various share limitations.