Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Common Stock [Abstract]

Stockholders' Equity

Stockholders' Equity

Common Stock Offering

On November 7, 2019, the Company completed a public equity offering, selling a total of 3,652,000 shares of common stock, which included the full exercise of the underwriters' option to purchase additional shares, for net proceeds, after underwriting discounts and offering expenses, of $8.2 million. A portion of the net proceeds from this offering was used to repay the $4.8 million of outstanding principal, accrued interest and prepayment fee under the Company's term loan credit agreement with ESW Holdings, Inc. on November 12, 2019. The Company's use of the $3.4 million of remaining net proceeds from this offering is for working capital and general corporate purposes. Subsequent to December 31, 2020, in January 2021 the Company completed an additional public equity offering of 3,708,750 shares of its common stock which included the full exercise of the underwriters' option to purchase additional shares, for net proceeds, after underwriting discounts and offering expenses, of $23.1 million; see Note 15–"Subsequent Events."

Common Stock Repurchase Program

Since October 2010, the Company’s Board of Directors has approved common stock repurchases of up to 3,500,000 shares. Shares may be purchased at prevailing market prices in the open market or in private transactions, subject to market conditions, share price, trading volume and other factors. The repurchase program may be discontinued at any time. The repurchase program has been funded to date using cash on hand. The Company repurchased no shares under the share repurchase program during the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020, there were 778,365 shares available under the Board authorizations.