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DIVESTITURE (Tables)
 9 Months Ended
Sep. 30, 2016
DIVESTITURE  
Summary of assets and liabilities disposed of in Gainesville Transaction

 

 

 

 

 

 

 

April 10, 2015

 

 

 

(In thousands)

 

Sales Proceeds:

 

 

 

 

Cash

 

$
54,010

 

Fair value of warrants

 

 
2,123

 

Fair value of contingent consideration

 

 
57,600

 

Total consideration received

 

$
113,733

 

Less net assets sold

 

 
(101,373)

 

Less transaction costs

 

 
(2,724)

 

Gain on the Gainesville Transaction

 

$
9,636

 

 

Schedule of assumptions used to determine the fair value of the warrants

 

 

 

 

 

Closing stock price at September 30, 2016

 

$
8.84

 

Warrant strike price

 

$
19.46

 

Expected term (years)

 

 
5.52

 

Risk-free rate

 

 
1.26

%

Volatility

 

 
77.4

%