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Private Placement Private Placements
12 Months Ended
Dec. 31, 2012
Private Placement [Abstract]  
Private Placements

On May 6, 2011, the Company completed the private placement of 3,081,867 shares of common stock (the "2011 Private Placement") to accredited investors, including certain of the Company's officers and directors, for total cash proceeds of $6.4 million. The purchase price per share for investors was at a 10% discount to the weighted average closing sale price of the Company's common stock on Nasdaq for the 10-day period ending five business days prior to the closing of the 2011 Private Placement. Per Nasdaq Listing Rule 5635(c) pertains to shareholder approval of equity compensation plans, and under interpretive rulings issued by Nasdaq, a private placement of equity securities is treated as an equity compensation plan for purposes of this rule if any employees or directors of the issuer participate and the price per share is below the market value of the issuer's common stock. In order to comply with the Nasdaq Listing Rule, the directors and officers will purchase shares of common stock in the 2011 Private Placement at a purchase price per share without the 10% discount. On June 23, 2011, the Company's shareholders approved the 2011 Private Placement which permitted the Company pursuant to Nasdaq Rule 5635(c) to issue the Company's directors and executive officers additional shares of common stock in the amount of 151,681 shares so that the directors and executive officers were able to invest on the same terms as other investors that participated in the 2011 Private Placement. The Company issued 3,233,548 shares of common stock in total as a result of the 2011 Private Placement. Proceeds received from the 2011 Private Placement are being kept at the holding company level for general corporate purposes.

On October 23, 2012, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors and directors and executive officers of the Company (collectively, the “Investors”), pursuant to which the Investors purchased 45,000 shares of the Company's Series A Preferred Stock, at a price of $1,000 per share in a private placement (the “Private Placement”). The Series A Preferred Stock converted into shares of the Company's common stock at a price of $2.80. The Company raised approximately $42.5 million in net proceeds from the sale of the Series A Preferred Stock.

As part of the Private Placement, contemporaneously with the execution of the Purchase Agreement, the Company entered into the Exchange Agreement with the Preferred Shareholders, pursuant to which the Preferred Shareholders agreed to exchange shares of the Series T Preferred Stock and Series T-ACB Preferred Stock for shares of the Company's common stock and shares of the Company's non-voting common stock. The total amount of Preferred Stock to be exchanged for common stock and non-voting common stock was $20.9 million. The non-voting common stock will convert into shares of the Company's common stock under certain conditions in accordance with the terms of the Articles of Amendment creating the class of the non-voting common stock.