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Stockholders’ Equity
9 Months Ended
Sep. 30, 2019
Stockholders’ Equity (Deficit)  
Stockholders’ Equity (Deficit)

8. Stockholders’ (Deficit) Equity

 

Common Stock

 

The Company had 14,872,411 and 14,265,411 shares of its common stock issued and outstanding as of September 30, 2019 and December 31, 2018, respectively. Voting, dividend and liquidation rights of the holders of the common stock are subject to the Company’s articles of incorporation, corporate bylaws and underlying shareholder agreements.

 

In the first quarter of 2018, the Company completed the Follow-On Offering of 3,592,858 shares of common stock which includes 450,000 shares of common stock purchased by the underwriters upon the partial exercise of their overallotment option, at the public offering price of $7.00 per share. The Company received net proceeds of approximately $23.1 million after deducting underwriting discounts and commissions and offering expenses. The costs incurred related to the Follow-On Offering were $2.1 million. 

Warrants

 

During the three and nine month periods ending September 30, 2019 and 2018, no  warrants were exercised. As of September 30, 2019 and December 31, 2018, warrants to purchase 1,014,204 shares of common stock were outstanding.

 

Dividend Rights

 

Common stockholders are entitled to receive dividends at the sole discretion of the board of directors of the Company. There have been no dividends declared on common stock as of September 30, 2019.

 

Voting Rights

 

The holders of common stock are entitled to one vote for each share of common stock along with all other classes and series of stock of the Company on all actions to be taken by the stockholders of the Company, including actions that would amend the certificate of incorporation of the Company to increase the number of authorized shares of the common stock.

 

Liquidation Rights

 

In the event of any liquidation, dissolution, or winding‑up of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution post preferential distributions made to preferred stockholders, if any.