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Shareholders Equity
 3 Months Ended
Mar. 31, 2022
Shareholders Equity  
Shareholders' Equity

10. Shareholders’ Equity

 

Shareholders’ Equity for the three months ended March 31, 2022:

 

(in thousands, except

 

 

 

 

 

 

 

 

 

 

Share amounts)

 

Common

 

 

Common

 

 

Additional

 

 

 

 

Total

 

 

 

Stock

 

 

Stock

 

 

Paid-in

 

 

Accumulated

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2021

 

 

62,036,399

 

 

$620

 

 

$72,523

 

 

$(49,960)

 

$23,183

 

Stock option expense

 

 

-

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

13

 

Issuance of shares – ATM, net

 

 

2,650,724

 

 

 

27

 

 

 

1,996

 

 

 

-

 

 

 

2,023

 

Issuance of shares - option exercises

 

 

73,000

 

 

 

1

 

 

 

18

 

 

 

-

 

 

 

19

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(514)

 

 

(514)

Balance at March 31, 2022

 

 

64,760,123

 

 

$648

 

 

$74,550

 

 

$(50,474)

 

$24,724

 

 

Shareholders’ Equity for the three months ended March 31, 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

 

 

-

 

 

 

-

 

 

 

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

 

 

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 three months ended March 31, 2022, Solitario sold an aggregate of 2,650,724 shares of common stock under the ATM Agreement at an average price of $0.79 per share for net proceeds of $2,023,000 after commissions and sale expenses.  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. 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.

 

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.  Solitario did not purchase any shares under the share repurchase plan during the three months ended March 31, 2022 and 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.  The share repurchase plan expired on December 31, 2021, and no additional shares will be purchased under the plan in the future.