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Shareholders Equity

9 Months Ended

Sep. 30, 2021

Shareholders Equity

12. Shareholders' Equity

12. Shareholders’ Equity

Shareholders’ Equity for the three months ended September 30, 2021:

(in thousands, except
Share amounts)		Common				Common				Additional								Total
		Stock				Stock				Paid-in				Accumulated				Shareholders’
		Shares				Amount				Capital				Deficit				Equity
Balance at June 30, 2021			58,443,766				584			$	70,699			$	(48,789	)		$	22,494
Stock option expense			-				-				32				-				32
Issuance of shares – ATM, net			190,000				2				102				-				104
Net loss			-				-				-				(701	)			(701	)
Balance at September 30, 2021			58,633,766			$	586			$	70,833			$	(49,490	)		$	21,929

Shareholders’ Equity for the three months ended September 30, 2020:

(in thousands, except
Share amounts)		Common				Common				Additional								Total
		Stock				stock				Paid-in				Accumulated				Shareholders’
		Shares				Amount				Capital				Deficit				Equity
Balance at June 30, 2020			58,111,966				581			$	70,415			$	(47,006	)		$	23,990
Stock option expense			-				-				72				-				72
Purchase of shares for cancellation			(3,600	)			-				(1	)			-				(1	)
Net loss			-				-				-				(53	)			(53	)
Balance at September 30, 2020			58,108,366			$	581			$	70,486			$	(47,059	)		$	24,008

Shareholders’ Equity for the nine months ended September 30, 2021:

(in thousands, except
Share amounts)		Common				Common				Additional								Total
		Stock				Stock				Paid-in				Accumulated				Shareholders’
		Shares				Amount				Capital				Deficit				Equity
Balance at December 31, 2020			58,108,366				581			$	70,514			$	(47,593	)		$	23,502
Stock option expense			-				-				104				-				104
Issuance of shares – ATM, net			340,400				3				134				-				137
Issuance of shares - option exercises			185,000				2				81				-				83
Net loss			-				-				-				(1,897	)			(1,897	)
Balance at September 30, 2021			58,633,766			$	586			$	70,833			$	(49,490	)		$	21,929

Shareholders’ Equity for the nine months ended September 30, 2020:

(in thousands, except
Share amounts)		Common				Common				Additional								Total
		Shares				Shares				Paid-in				Accumulated				Shareholders’
		Shares				Amount				Capital				Deficit				Equity
Balance at December 31, 2019			58,133,066				581			$	70,204			$	(46,654	)		$	24,131
Stock option expense			-				-				287				-				287
Purchase of shares for cancellation			(24,700	)			-				(	5)			-				(5	)
Net loss			-				-				-				(405	)			(405	)
Balance at September 30, 2020			58,108,366			$	581			$	70,486			$	(47,059	)		$	24,008

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 is 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 is 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 nine months ended September 30, 2021, Solitario recorded $144,000 as a charge to additional paid-in-capital for one-time expenses related to entering into the ATM Agreement.

During the three and nine months ended September 30, 2021, Solitario sold an aggregate of 190,00 and 340,400 shares of common stock, respectively, under the ATM Program at an average price of $0.55 and $0.82 per share, respectively, for net proceeds of $104,000 and $137,000, respectively, after commissions, sale and one-time expenses, discussed above.

Share Repurchase Program

On October 28, 2015, the 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, the 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 and nine months ended September 30, 2021. During the three and nine months ended September 30, 2020, Solitario purchased 3,600 and 24,700 shares of Solitario common stock, respectively, for an aggregate purchase price of $1,000 and $5,000, respectively. As of September 30, 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.