Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

(3) STOCKHOLDERS' EQUITY –

On September 6, 2016, the Company completed a debt exchange in which it issued warrants to acquire 1,917,342 shares of Comstock's common stock for $0.01 per share.  As of September 30, 2016, warrants have been exercised for 877,026 shares of common stock, and 1,040,316 warrants remained outstanding.  

At a special meeting of stockholders held on November 8, 2016, the stockholders (i) approved an amendment to the Company's restated articles of incorporation to increase the authorized shares of common stock to 75 million shares, (ii) authorized the issuance of up to 46,444,212 shares of common stock upon the potential conversion of the Company's second lien convertible debt, and (iii) authorized 2,500,000 shares for future awards under the Company's amended and restated 2009 Long-term Incentive Plan.

In March 2016, the Company received a notification from the New York Stock Exchange (the "NYSE") notifying the Company that it was not in compliance with the NYSE's continued listing standards. The Company was considered below criteria established by the NYSE as a result of the Company's average stock price trading below $1.00 per share and its average market capitalization being less than $50.0 million, in each case over a consecutive 30 trading-day period. The Company submitted and the NYSE accepted a business plan to regain compliance with the NYSE's continued listing standards. On July 29, 2016, Comstock effected a one-for-five (1:5) reverse split of its common stock to address the minimum stock price requirement.  On September 2, 2016, the Company received a notification from the NYSE informing the Company that it had regained compliance with the NYSE's continued listing requirements related to the minimum required stock price. The NYSE will review the Company's compliance with the minimum market capitalization in November 2016.