|3 Months Ended|
Mar. 31, 2018
|Subsequent Events [Abstract]|
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.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef