Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENT

v3.8.0.1
SUBSEQUENT EVENT
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENT
SUBSEQUENT EVENT

On April 10, 2018, the Company completed an underwritten public offering (the “Offering”), whereby the Company sold 58,666,667 shares of the Company’s common stock at a public offering price of $1.50 per share. The underwriters have a 30-day option to purchase up to an additional 8,800,000 shares of common stock from us at the public offering price, less the underwriting discount, which they partially exercised on April 16, 2018 by purchasing an additional 3,592,684 shares. The Company has received gross proceeds of $93.4 million and net proceeds of approximately $89.5 million, net of underwriting discounts and estimated offering expenses. The amount raised through the Offering satisfied a portion of the Company’s obligation to complete the Equity Raise pursuant to the Exchange Agreement, as described in Note 4 above.