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Subsequent events
6 Months Ended
Jun. 30, 2015
Subsequent events  
Subsequent events

 

Note 17. Subsequent events

 

Between July 6 and July 27, 2015, the Company issued 850,000 shares of its Series C preferred stock to several investors upon the exercise of warrants held by those investors at an exercise price of $5.00 per share, for an aggregate exercise price of $4.25 million.

 

Between July 7 and August 27, 2015, the Company issued a total of 99,062 shares of its common stock to several investors upon the exercise of warrants held by those investors at an exercise price of $0.0024 per share.

 

On July 10, 2015, the Company filed an amendment to its amended and restated certificate of incorporation, effecting a one-for-2.4 reverse stock split of the Company’s issued and outstanding shares of common stock as approved by the board of directors on July 9, 2015. All issued and outstanding common stock and per share amounts contained in the Company’s financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented.

 

Upon the closing of the Company’s IPO, all of the Company’s Preferred Shares converted into shares of the Company’s Common Stock, all such Preferred Shares were retired and cancelled and shall not be reissued as shares of such series, and all rights and preferences of those Preferred Shares were cancelled including the right to receive undeclared accumulated dividends.

 

Effective upon closing of the IPO, the board of directors determined not to grant any further awards under the 2009 Plan. The board of directors adopted the 2015 Plan to be effective immediately prior to the closing of the IPO and initially reserved 767,330 shares of common stock for issuance under the plan (See Note 12). The Board of Directors approved option grants covering a total of 37,500 shares of common stock to certain non-employee directors on July 9, 2015 under the 2015 Plan.  These option grants are to be effective immediately after the effectiveness of the Company’s registration statement.  The exercise price of these option grants was equal to the IPO price of $15.00.

 

Immediately following closing of the Company’s IPO on July 28, 2015, the Company filed the Fourth Amended and Restated Certificate of Incorporation authorizing 100,000,000 shares of common stock and 5,000,000 shares of undesignated preferred stock.