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Common Stock
6 Months Ended
Oct. 31, 2020
Equity [Abstract]  
Common Stock

(12) Common Stock

 

On January 7, 2019, the Company entered into the 2019 ATM Facility with AGP, under which the Company may issue and sell to or through A.G.P./Alliance Global Partners, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $25 million. Since inception of the program through October 31, 2020, under the 2019 ATM Facility the Company had sold and issued an aggregate of 10,942,100 shares of its common stock with an aggregate market value of $11.1 million at an average price of $1.01 per share, including 5,689,134 shares in fiscal year 2021 with an aggregate market value of $6.4 million at an average price of $1.12 per share and paid AGP a sales commission of approximately $360,095 related to those shares. On November 20, 2020, the Company entered into a new At the Market Offering Agreement with AGP (the “2020 ATM Facility”). Under the 2020 ATM Facility, the Company may issue and sell to or through AGP, acting as agent and/or principal, shares of the Company’s common stock having an aggregate offering price of up to $50.0 million. In connection with the effectiveness of the 2020 ATM Facility, the 2019 ATM Facility was terminated. For more on the 2020 ATM Facility, see Note 19, Subsequent Events.

 

On October 24, 2019, the Company entered into a new common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital is committed to purchase up to an aggregate of $10.0 million of shares of the Company’s common stock over a 30-month period. Through September 18, 2020, the Company has sold an aggregate of 6,424,205 shares of common stock with an aggregate market value of $4.0 million at an average price of $0.63 per share pursuant to this common stock purchase agreement, including 5,025,000 shares in fiscal year 2021 with an aggregate market value of $2.9 million at an average price of $0.57 per share. The agreement was fully utilized and cancelled on September 18, 2020.

 

On September 18, 2020, the Company entered into a new common stock purchase agreement with Aspire Capital which provided that, subject to certain terms, conditions and limitations, Aspire Capital is committed to purchase up to an aggregate of $12.5 million of shares of the Company’s common stock over a 30-month period that does not exceed 19.99% of the outstanding common stock on the date of the agreement. The number of shares the Company could issue within the 19.99% limit is 3,722,251 shares. Shareholder approval is needed for sale of common stock over the 19.99% limit of the outstanding common stock on the date of the agreement. Through October 31, 2020, the Company has sold an aggregate of 500,000 shares of common stock with an aggregate market value of $0.6 million at an average price of $1.23 per share pursuant to this common stock purchase agreement.