Monday, May 08, 2017 7:45:50 AM
Company is authorized to issue and sell shares of its common stock having aggregate sales proceeds of up to $75 million from time to time through Stifel, acting as sales agent and/or principal. The Company is required to pay Stifel a commission of 2.0% of the gross proceeds from the sale of shares of its common stock under the 2015 ATM Agreement. From April 2015 through December 2015, the Company sold approximately 0.5 million shares of common stock under the 2015 ATM Agreement pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC (Reg. No. 333-188227) and a related prospectus supplement, and raised net proceeds of approximately $9.3 million. The shelf registration statement on Form S-3 (Reg No. 333-188227) expired in April 2016. In February 2016, the Company filed a shelf registration statement on Form S-3 (Reg No. 333-209813) with the SEC registering the offer, sale and issuance, from time to time, of common stock, preferred stock, debt securities and warrants. In the three months ended March 31, 2017, the Company sold approximately 1.3 million shares of common stock under the 2015 ATM Agreement, raising net proceeds of $18.5 million, of which $4.1 million was collected in April 2017 and was therefore included in other current assets in the consolidated balance sheet. The Company sold approximately an additional 2.6 million shares of common stock under this facility subsequent to quarter-end through May 3, 2017, resulting in aggregate net proceeds of $36.9 million.
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