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Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 10 — Subsequent Events

 

The Company has performed an evaluation of events occurring subsequent to September 30, 2019 through the filing date of this Quarterly Report. Based on its evaluation, nothing other than the events described below need to be disclosed.

 

In October 2019, the Company completed its IPO, selling 4,400,000 shares of common stock at an offering price of $5.00 per share. The Company received net proceeds of approximately $20,150,000, after deducting underwriting discounts and commissions and offering-related expenses. In addition, the Company granted the underwriter a 45-day option to purchase an additional 660,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The option was exercised and the underwriter purchased an additional 479,300 shares of common stock and the Company received additional net proceeds of approximately $2,200,000.

 

In conjunction with the IPO, the Company's outstanding shares of Series A Preferred Stock automatically converted into 9,571,692 shares of its common stock. Warrants for 317,155 shares of the Company's common stock were issued to the IPO underwriter at an exercise price of $6.25 per share as part of the underwriter's compensation for the IPO.

 

In conjunction with the issuance of shares in the IPO, the Company granted options to officers and directors to purchase 627,984 shares of common stock at an exercise price of $5.00. In addition, the Company granted warrants to an entity affiliated with a director to purchase 47,417 shares of common stock at an exercise price of $5.00.