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Subsequent Events
6 Months Ended
Jun. 30, 2013
Subsequent Events  
Subsequent Events

15. Subsequent Events

 

On July 2, 2013, the Company closed its IPO in which the Company issued and sold 7,500,000 shares of common stock at an issuance price of $10.00 per share.  The Company raised a total of $66.8 million in net proceeds from the IPO after deducting underwriting discount, commissions and offering costs of approximately $8.2 million.  Upon the closing of the IPO, all of the Company’s outstanding preferred stock automatically converted into 34,172,316 shares of common stock, including 1,584,863 additional shares related to the Series F ratchet provision (refer to note 10), and all of the Company’s outstanding Series II common stock automatically converted into 1,052,464 shares of common stock.  In addition, each outstanding warrant to purchase preferred stock automatically converted to warrants to purchase common stock, which resulted in the reclassification of the warrants to additional paid-in capital.

 

Additionally, in connection with the closing of the Company’s IPO, the Company filed an amended and restated certificate of incorporation with the State of Delaware that amends and restates in its entirety the Company’s certificate of incorporation to, among other things, (i) increase the total number of shares of the Company’s common stock which the Company is authorized to issue to 250,000,000, (ii) eliminate all references to the various series of preferred stock that were previously authorized (including certain protective measures held by the various series of preferred stock), except for the reference to 10,000,000 shares of undesignated preferred stock that may be issued, and with terms to be set, by the Company’s board of directors, which rights could be senior to those of the Company’s common stock and (iii) eliminate all references to the Series II common stock.

 

On July 30, 2013, the Company repaid $6,033 in principal borrowings and accrued, but unpaid interest expenses.