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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
On January 1, 2016, the Company authorized an increase of approximately 2.5 million shares of common stock reserved for issuance under the 2014 Equity Incentive Plan, and an increase of approximately 1.0 million shares of common stock reserved for issuance under the 2014 Employee Stock Purchase Plan. The increases had been approved by the Company’s board of directors pursuant to the “evergreen” provisions of the respective plans.
In January 2016, the Company lent $1.5 million in cash in form of a convertible promissory note issued by a privately held company which provides Wi-Fi services and applications. The contractual maturity date of the convertible promissory note is the two-year anniversary of the initial closing of the note financing. Repayment of the convertible promissory note is subject to change upon the occurrence of certain events. The Company has no significant influence over the privately held company.
In January 2016, the Company entered into an eighth amendment of its revolving credit facility with Silicon Valley Bank, to amend the definition of Permitted Investments to allow for repurchases by the Company of its stock, including through public market purchases and private purchase transactions with third parties.
In February 2016, the Company announced a stock repurchase program of up to $10 million, with stock purchases made from time to time in compliance with applicable securities laws in the open market or in privately negotiated transactions. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements and capital availability. The authorization does not require the purchase of any minimum number of shares, and may be suspended, modified or discontinued at any time without prior notice.  Unless modified, or earlier suspended or discontinued, the authorization will expire as of June 30, 2017, without further action of the Company.
In February 2016, the Company entered an agreement with a lessee for the sublease of approximately 72,500 square feet of commercial office space located in Milpitas, California. The sublease agreement is subject to the consent of the landlord, as provided under its master lease agreement with the lessee, as well as certain other conditions to the Company’s right of occupancy. Once effective, the sublease agreement and the Company’s occupancy of the new facility would extend to June 30, 2023 and be subject to certain continuing conditions and obligations under the master lease. The Company intends to use the new facility as its U.S. headquarters, and consolidate existing operations in the San Francisco Bay Area into this facility.