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Subsequent Events
12 Months Ended
Dec. 31, 2016
Subsequent Events  
Subsequent Events

15. Subsequent Events

On March 10 2017, the Company entered into a securities purchase agreement for a private placement with a select group of accredited investors whereby, on March 15, 2017 the Company issued and sold 1,324,256 units at a price of $9.47 per unit for gross proceeds of approximately $12.5 million. Each unit consists of one share of the Company’s common stock and a warrant to purchase 0.75 shares of common stock. The warrants have an exercise price of $10.40 per share and are exercisable for a period of five years from the date of issuance. The private placement included 56,678 units sold to 3 board members, for aggregate proceeds totaling approximately $0.5 million and 52,798 units sold to 1 investor who is related to 1 board member, for proceeds totaling approximately $0.5 million. 

 

The securities were issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The Company have agreed to file a registration statement with the SEC covering the resale of the shares of common stock issued in the private placement and issuable upon exercise of the warrant issued in the private placement.