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Stockholders' Equity
6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
STOCKHOLDERS' EQUITY

5. STOCKHOLDERS' EQUITY

 

Common shares reserved

 

As of June 30, 2019, the Company had reserved 80,030 shares of common stock for issuance upon the exercise of outstanding common stock options and vesting of RSUs. Also, 328,660 shares of the Company's common stock were reserved for future grants of stock options and RSUs (or other similar equity instruments) under the Rubicon Technology, Inc. 2016 Stock Incentive Plan (the "2016 Plan") as of June 30, 2019.

 

On May 30, 2019, the Company's Compensation Committee determined that the Chief Executive Officer satisfied the criteria to earn his 2018 objective based bonus and therefore is entitled to be granted 49,000 shares ("Bonus Shares") of the Company's Common Stock. The Bonus Shares have not been issued as of this date and are likely to be issued in the third quarter of 2019. The Company recognized an expense of $414,000 during the three months ended June 30, 2019 for the granting of the Bonus Shares. The share information set forth in this Report on Form 10-Q does not include the Bonus Shares.

 

Preferred stock

 

At the Company's 2018 annual meeting ("2018 Annual Meeting") of stockholders, an amendment to the Company's Eighth Amended and Restated Certificate of Incorporation (as amended, the "Certificate of Incorporation") was approved to decrease the Company's authorized number of shares of preferred stock from 5,000,000 shares to 1,000,000 shares. Subsequent to receiving stockholder approval at the 2018 Annual Meeting, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to decrease the authorized number of preferred shares, consequently reducing the number of total authorized shares from 13,200,000 to 9,200,000.