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Common Stock
9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Common Stock

Note 6 — Common Stock

On February 13, 2020, the Company completed an underwritten public offering (the “ February 2020 Offering”) in which the Company sold 1,660,000 shares of its common stock at a price of $7.00 per share and 483,000 pre-funded warrants at a price of $6.9999 per share, generating net proceeds (including paid and unpaid offering expenses) of approximately $13,475,500. The pre-funded warrants had a nominal exercise price of $0.0001 per share.  Investors also received 2,143,000 warrants (“Investor Warrants”), each entitling the holder to purchase one share of the Company’s common stock at an exercise price of $7.50 per share. The Investor Warrants expire on February 13, 2025.  The underwriters in the February 2020 Offering were entitled to an over-allotment option to purchase to up to 321,450 shares of common stock at $6.99 per share, and 321,450 Investor Warrants at a price of $0.01 per share. The underwriters exercised their option to purchase the additional Investor Warrants concurrent with the closing of the transaction.  All pre-funded warrants issued in the February 2020 Offering were exercised as of March 31, 2020.  

On February 13, 2020, the Company issued to the underwriters, warrants (the “Underwriter Warrants”) to purchase 214,300 shares of common stock. The Underwriter Warrants have an exercise price $7.00 per share. The Underwriter Warrants expire on February 13, 2025.

The Investor Warrants and Underwriter Warrants are being accounted for as equity. None of the aforementioned warrants were exercised during the three months ended September 30, 2020.  During the nine months ended September 30, 2020, 21,500 Investor Warrants were exercised, generating proceeds of approximately $161,200.

 

During the three months ended September 30, 2020, the Company sold 1,001,268 shares to purchasers under its ATM facility at a weighted average sale price of approximately $4.50 per share, generating net proceeds after sales commissions of approximately $4,375,000.  During the nine months ended September 30, 2020, the Company sold 1,181,096 shares at a weighted average price of approximately $4.41 per share, generating net proceeds after sales commissions of approximately $5,049,600

 

During the three and nine months ended September 30, 2020, 379 and 496 shares of restricted stock vested and 13,675 and 19,434 restricted stock units vested.