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Subsequent Events | 12 Months Ended
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Dec. 31, 2016
Subsequent Events | 20. Subsequent Events Reverse Stock Split — On September 14, 2016, NASDAQ notified the Company that the bid price of the Company’s common stock had closed below the required $1.00 per share for 30 consecutive trading days, and, accordingly, the Company did not comply with the applicable NASDAQ minimum bid price requirement. The Company was provided 180 calendar days by NASDAQ, or until March 13, 2017, to regain compliance with this requirement. On March 1, 2017, the Company held a Special Meeting of Stockholders at which the Company’s stockholders approved a proposal to amend the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s outstanding common stock at a ratio to be determined in the discretion of the Company’s board of directors and with such reverse stock split to be effected at such time and date as determined by the Company’s board of directors in its sole discretion, and to reduce the number of authorized shares of the Company’s common stock in a corresponding proportion to the reverse stock split, rounded to the nearest whole share. On March 1, 2017, following stockholder approval of the reverse split proposal, the Company’s board of directors approved a reverse stock split ratio of 1-for-5. On March 1, 2017, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment of the Company’s Amended and Restated Certificate of Incorporation to effect the 1-for-5 reverse stock split of the Company’s outstanding common stock and to reduce the authorized number of shares of the Company’s common stock from 700,000,000 to 140,000,000 shares. The Company’s common stock began trading on The NASDAQ Global Market on a split-adjusted basis when the market opened on March 3, 2017. As of the date of this filing, the shares of the Company’s common stock have maintained a minimum bid closing price of at least $1.00 per share for 10 consecutive business days. Accordingly, the Company expects to receive a notice from the Listing Qualifications Department of the NASDAQ Stock Market indicating that the Company has regained compliance with the minimum closing bid price requirement. Sale of Valencia Facility — On January 6, 2017, the Company and Rexford Industrial Realty, L.P. (“Rexford”) entered into an Agreement of Purchase and Sale and Joint Escrow Instructions (the “Purchase Agreement”), pursuant to which the Company agreed to sell and Rexford agreed to purchase certain parcels of real estate owned by the Company in Valencia, California and certain related improvements, personal property, equipment, supplies and fixtures (collectively, the “Property”) for $17.3 million. The sale and purchase of the aforementioned Property for $17.3 million pursuant to the terms of the Purchase Agreement, as amended, was completed on February 17, 2017. Net proceeds were approximately $16.7 million after deducting broker’s commission and other fees of approximately $624,000 paid by the Company. In the fourth quarter of 2016 the property met the requirements for reclassification from property and equipment, net to asset held for sale when it became probable that the property would be sold within one year. At that time, an analysis of the lower of carrying value which was deemed to be the sales price of the property, to fair value less selling costs determined a loss of $564,000, which was recorded as a property and equipment impairment on the consolidated statement of operations for 2016. At December, 31 2016, this property had a carrying value of $16.7 million and was classified as held for sale. The sale of this property will be reflected in the consolidated financial statements for the quarter ended March 31, 2017.

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- Definition 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. + References No definition available. + Details
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