11. Stockholders’ Equity (Deficit)

 

 

850,000 Class A Units at a public offering price of $1.50 per unit, with each unit consisting of one share of common stock and a Warrant to purchase one share of common stock, and (ii) 8,225 Class B Units at a public offering price of $1,000 per unit, with each unit consisting of one share of Series A Convertible Preferred Stock (the “Preferred Shares”) and Warrants to purchase 667 shares of common stock. The Warrants have an exercise price of $1.50 and will expire five years from the date of issuance. The Preferred Shares, which were convertible into an aggregate of 5,483,334 shares of common stock, included a beneficial ownership blocker but had no dividend rights (except to the extent that dividends were also paid on the common stock), liquidation preference or other preferences over common stock, and had no voting rights. In September and October 2018, the Preferred Shares were converted in full into 5,483,334 shares of common stock..

 

950,000 shares of common stock and/or additional Warrants to purchase up to 950,000 shares of common stock. 

We also agreed to issue to the Representative and its designees warrants to purchase an aggregate of

shares of Common Stock at an exercise price of $

per share.

 

The Offering closed on September 25, 2018. At the closing, the Underwriters exercised their option to purchase 950,000 additional Warrants at a price of $0.06 per warrant. 

On October 3, 2018, we completed the sale of

shares of common stock at a purchase price of $

per share in connection with

 exercise of the over-allotment option by the Underwriters. 

On October 22, 2018, we completed the sale of

shares of common stock at a purchase price of $

per share in connection with the final exercise of the Underwriter’s over-allotment option.

 

From October 1, 2018 through November 9, 2018, Warrants to purchase an aggregate of 2,178,484 shares of common stock were exercised, resulting in proceeds to us of approximately $3.3 million.