As of December 29, 2020, we estimate that we have cash and cash equivalents of approximately $78.6 million.
This amount is unaudited and preliminary, and does not present all information necessary for an understanding of our financial condition as of December 29, 2020. Our estimate is based solely on information available to us as of the date of this prospectus. Our estimate contained in this prospectus, therefore, is a forward-looking statement. Actual results for the fiscal year ending December 31, 2020 remain subject to the completion of management's and our audit committee's final reviews and our other financial closing procedures and the completion of the preparation of our unaudited consolidated financial statements. Our actual consolidated financial statements and related notes as of and for the fiscal year ending December 31, 2020 may not be filed with the SEC until after this offering is completed, and consequently may not be available to your prior to you investing in this offering.
The preliminary financial data included in this prospectus has been prepared by and is the responsibility of our management. Our independent accountant, Grant Thornton LLP, has not audited, reviewed, compiled or performed any procedures with respect to the preliminary financial data. Accordingly, Grant Thornton LLP does not express an opinion or any other form of assurance with respect thereto.
Debt Conversions
On December 23, 2020 and December 29, 2020, the holders of our 12% convertible senior secured notes due 2020/2021 (the “2020/21 Notes”) converted $12.7 million in aggregate outstanding principal amount of 2020/21 Notes (including the applicable make-whole payment) into an aggregate of 5,672,654 shares of common stock pursuant to the terms of the indenture governing the 2020/21 Notes, which represents the entire outstanding principal amount of the 2020/21 Notes. There will be no principal outstanding on the 2020/21 Notes upon completion of the conversions, and all obligations under the 2020/21 Notes will be fully paid and terminated as of December 31, 2020.
Fourth Quarter 2020 At-The-Market Offering Sales
From October 1, 2020 through December 29, 2020, we issued 2,175,000 shares of common stock under our previous at-the-market offering program for total net proceeds of $6.2 million.
Series 2020-A Warrants Exercises
From October 1, 2020 through December 29, 2020, we received notices of exercise from holders of our Series 2020-A Warrants to issue an aggregate of 685,000 shares of common stock for total gross proceeds of approximately $0.4 million. Following these exercises, Series 2020-A Warrants to purchase 1,997,166 shares of our common stock remain outstanding at an exercise price of $0.60 per share.
Look at the DATE. TODAY.... I didn't WANT this to happen, BUT I felt I had to share. I'm out in Pre-Market in the high $3.00s. I plan to watch and buy back..... I DON'T DO TRICKS and I'm offended you implied that!!!
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