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R. SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE R—SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date the financial statements were issued.

 

On January 25, 2017, the Company’s Taiwan branch entered into an early Termination Agreement with Chailease Finance Company Ltd. (Chailease), to terminate the Purchase and Sale Contract and the Finance Lease Agreement (Lease Agreement) executed on June 30, 2015.  Under the terms of the Termination Agreement, the Company agreed to pay approximately $1.2 million to Chailease which includes all costs and expenses associated with the early termination.  Chailease agreed to transfer title to the Company of all property contemplated under the Lease Agreement.

 

On February 27, 2017, the Company repaid the outstanding balance of $2.9 million on an existing $5.0 million term loan and repaid the outstanding balance of $9.5 million on an existing $10.0 million equipment term loan with East West Bank.  As a result of such repayments, both the term loan and the equipment loan with East West Bank have been terminated.   

Between February 28, 2017 and March 2, 2017, the Company had sold 459,020 shares under the ATM Offering at a weighted average price $47.98 per share, providing proceeds of $21.6 million, net of expenses and underwriting discounts and commissions.  As of March 2, 2017, the Company had completed its ATM Offering and sold a total of 1,584,620 shares at a weighted average price of $31.55, raising net proceeds of $48.8 million, net of expenses and underwriting discounts and commissions.