Stockholders’ Equity

12 Months Ended

Dec. 31, 2019

Stockholders’ Equity (Deficit)

Stockholders’ Equity (Deficit)

8. Stockholders’ Equity (Deficit)

Common Stock

The voting, dividend, and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers, and preferences of the holders of the preferred stock when outstanding. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders.

Dividend Rights

Common stock holders are entitled to receive dividends at the sole discretion of the board of directors of the Company. There have been no dividends declared on common stock as of December 31, 2019.

Voting Rights

The holders of common stock are entitled to one vote for each share of common stock along with all other classes and series of stock of the Company on all actions to be taken by the stockholders of the Company, including actions that would amend the certificate of incorporation of the Company to increase the number of authorized shares of the common stock.

Liquidation Rights

In the event of any liquidation, dissolution, or winding‑up of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution post preferential distributions made to holders of the Company’s preferred stock.

Warrants

In connection with the Merger, the following Gemphire warrants were assumed by the Company upon the close of the Merger.

Exercise Price		Number Outstanding		Weighted Average Remaining Contractual life (Years)	Number Exercisable at December 31, 2019
$	186.75		1,440	8.6		1,440
$	260.00		39,128	2.2		39,128
Total			40,568			40,568