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Shareholders' Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity for the three months ended March 31, 2021:

(in thousands, except
Share amounts)
		Common				Common				Additional								Total
		Stock Shares				Stock Amount				Paid-in Capital				Accumulated Deficit				Shareholders’ Equity
Balance at December 31, 2020			58,108,366				581			$	70,514			$	(47,593	)		$	23,502
Stock option expense			-				-				28				-				28
Issuance of shares – ATM, net			150,400				2				96				-				98
Issuance of shares - option exercises			120,350				1				66				-				67
Net loss			-				-				-				(528	)			(528	)
Balance at March 31, 2021			58,379,116			$	584			$	70,704			$	(48,121	)		$	23,167

Shareholders’ Equity for the three months ended March 31, 2020:

(in thousands, except
Share amounts)
		Common				Common				Additional								Total
		Stock Shares				Stock Amount				Paid-in Capital				Accumulated Deficit				Shareholders’ Equity
Balance at December 31, 2019			58,133,066				581			$	70,204			$	(46,654	)		$	24,131
Stock option expense			-				-				85				-				85
Purchase of shares for cancellation			(16,700	)			-				(3	)			-				(3	)
Net loss			-				-				-				(607	)			(607	)
Balance at March 31, 2020			58,116,366			$	581			$	70,286			$	(47,261	)		$	23,606

At the Market Offering Agreement

On February 2, 2021, Solitario entered into an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which Solitario may, from time to time, issue and sell shares of Solitario’s common stock through Wainwright as sales manager in an at-the-market offering under a prospectus supplement for aggregate sales proceeds of up to $9.0 million (the “ATM Program”). The common stock will be distributed at the market prices prevailing at the time of sale. As a result, prices of the common stock sold under the ATM Program may vary as between purchasers and during the period of distribution. The ATM Agreement provides that Wainwright will be entitled to compensation for its services at a commission rate of 3.0% of the gross sales price per share of common stock sold. During the three months ended March 31, 2021, Solitario recorded $79,000 as a charge to additional paid-in-capital for one-time expenses related to entering into the ATM Agreement.

During the three months ended March 31, 2021, Solitario sold an aggregate of 150,400 shares of common stock under the ATM Agreement at an average price of $1.21 per share for net proceeds of $177,000 after commissions and sale expenses.

Share Repurchase Program

On October 28, 2015, Solitario’s Board of Directors approved a share repurchase program that authorized Solitario to purchase up to two million shares of its outstanding common stock. During 2020, Solitario’s Board of Directors extended the expiration date of the share repurchase program through December 31, 2021. Solitario did not purchase any shares under the share repurchase plan during the three months ended March 31, 2021. During the three months ended March 31, 2020 Solitario purchased 16,700 shares of Solitario common stock for an aggregate purchase price of $3,000. As of March 31, 2021, Solitario has purchased a total of 994,000 shares for an aggregate purchase price of $467,000 under the share repurchase program since its inception.