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WARRANTS
12 Months Ended
Dec. 31, 2020
WARRANTS  
WARRANTS

10. WARRANTS

 

The following table presents information about warrants to purchase common stock issued and outstanding at December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

Number of

    

Exercise Price as of

    

 

 

Year Issued

 

Defined Name

 

Classification

 

Warrants

 

December 31, 2020

 

Date of Expiration

 

2014

 

2014 Warrants

 

Equity

 

11

 

$

352.50

 

5/9/2021

 

2016

 

2016 Warrants

 

Equity

 

2,865

 

$

7,500.00

 

3/18/2021

 

2018

 

2018 Series A Warrants

 

Equity

 

211,921

 

$

6.98

 

6/25/2023

 

2019

 

2019 Placement Agent Warrants

 

Equity

 

15,168

 

$

4.50

 

11/21/2024

 

2020

 

March 2020 Series A Warrants

 

Equity

 

2,545,455

 

$

2.75

 

3/10/2025

 

2020

 

March 2020 Placement Agent Warrants

 

Equity

 

165,455

 

$

3.4375

 

3/5/2025

 

2020

 

March 2020 Series B Warrants

 

Equity

 

12,728

 

$

0.00001

 

Until Fully Exercised

 

2020

 

April 2020 Series C Warrants

 

Equity

 

1,680,240

 

$

1.62

 

10/17/2025

 

2020

 

April 2020 Placement Agent Warrants

 

Equity

 

111,491

 

$

2.1875

 

4/15/2025

 

2020

 

October 2020 Placement Agent Warrants

 

Equity

 

1,218,750

 

$

1.00

 

10/22/2025

 

2020

 

October 2020 Series A Warrants

 

Equity

 

18,750,000

 

$

0.80

 

10/27/2025

 

Total

 

 

 

 

 

24,714,084

 

 

 

 

 

 

Weighted average exercise price

 

 

 

$

2.01

 

 

 

Weighted average life in years

 

 

 

 

 

 

4.73

 

 

2019 Warrant Amendments

 

In November 2019, the Company entered into a Second Amendment to Warrant Agency Agreement and Warrants, (“the Second Ladenburg Warrant Amendment”), by and between the Company and Continental, as Warrant Agent, that amended the 2018 Series A warrants issued by the Company in the June 2018 underwritten public offering to reflect a reduced exercise price per share of $6.98 from $60.00. As a result of the Second Ladenburg Warrant Amendment, the fair value of the amended 2018 Series A warrants was re-measured immediately prior to the date of the Second Ladenburg Warrant Amendment with changes in fair value recorded as incremental warrant modification expense of $0.7 million in the Company’s consolidated statement of operations for the year ended December 31, 2019.