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Common shares and warrants
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Common shares and warrants

12. Common shares and warrants

Common shares(1)

As of December 31, 2014 and 2013, the number of issued and outstanding common shares was 7,291,200 and 7,120,148, respectively. The change of number of common shares during the year ended December 31, 2014 is as follows:

 

  •   In January 2014, the Company issued 157,000 shares to its directors, senior management and consultant.

 

  •   In April 2014, the Company issued 4,052 shares to its senior management.

 

  •   In December 2014, the Company issued 10,000 shares to its directors.

 

(1)  All shares outstanding for all periods reflect Tiger Media’s 1-for-5 reverse stock split, which was effective on March 19, 2015.

 

Warrants

In December 2012, the Company offered warrant holders the right to exercise one-third of their warrants at a reduced exercise price of $6.25 per share. In addition, pursuant to the terms of the offer, on February 20, 2013, 708,720 Warrants held by participating holders, representing two times the number of warrants exercised by such holders, had their expiration date extended until December 26, 2013 and the exercise price of such warrants was reduced to $12.50 per share. Warrants not exercised or extended expired on February 19, 2013.

In December 2013, the Company offered its warrant holders the right to exercise their warrants at a reduced exercise price of $6.25 and a total of $4.1 million was raised from the exercise of Warrants to purchase 657,296 of the Company’s ordinary shares in December 2013. The remaining warrants not exercised expired on December 26, 2013.

As of December 31, 2014 and 2013, there were no outstanding warrants for the common shares.

All warrants for all periods have been retroactively restated to reflect Tiger Media’s 1-for-5 reverse stock split, which was effective on March 19, 2015.