SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

15.     SUBSEQUENT EVENTS

On April 15, 2020, the Company entered into a securities purchase agreement (the "April 2020 Purchase Agreement") with certain institutional investors (the "April 2020 Purchasers"), pursuant to which the Company agreed to sell and issue, in a registered direct offering, an aggregate of 1,715,240 of common stock, , at a purchase price per share of $1.75 (the "April 2020 Shares"), for aggregate gross proceeds to the Company of approximately $3.0 million, before deducting fees payable to Wainwright the placement agent,  for the offering, and other offering expenses payable by the Company (the "April 2020 Registered Offering"). The April 2020 Shares were offered by the Company pursuant to a shelf registration statement on Form S-3, which was declared effective by SEC on November 14, 2019 (File No. 333-234353) and a prospectus supplement thereunder. Pursuant to the April 2020 Purchase Agreement, in a concurrent private placement, the Company also  issued to the  April 2020 Purchasers warrants (the "Series C Warrants") to purchase up to 1,715,240 shares of common stock (the "Private Placement" and together with the April 2020 Registered Offering, the "April 2020 Offerings"). The Series C Warrants are exercisable immediately at an exercise price of $1.62 per share of common stock, subject to adjustment in certain circumstances, and expire on October 17, 2025. In connection with the April 2020 Offerings, the Company also issued to designees of Wainwright  warrants to purchase an aggregate of 111,491 shares of the Company’s common stock which represents a number of shares of common stock equal to 6.5% of the aggregate number of April 2020 Shares sold in the April 2020 Registered Offering, at an exercise price of $2.1875 per share with a term expiring on April 15, 2025.

Subsequent to March 31, 2020, and as of May 7, 2020, the Company issued an aggregate of 560,577 shares of common stock upon the exercise of the 2020 Series B Warrants and received $6 in cash.