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Subsequent Events
3 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

9. SUBSEQUENT EVENTS

 

Nasdaq Listing

 

On October 30, 2019, Citius had received notice from The Nasdaq Stock Market, ("NASDAQ"), indicating that, because the closing bid price for the common stock had fallen below $1.00 per share for 30 consecutive business days, the Company no longer complied with the $1.00 minimum bid price requirement for continued listing. On January 31, 2020, Citius received notice from NASDAQ stating that because the closing bid price of the Company's common stock was $1.00 per share or greater for 10 consecutive business days, the Company had regained compliance with the Listing Rule requirements of NASDAQ.

 

Warrant Exercises

 

In January 2020, investors who participated in the September 2019 Offering exercised 1,315,715 warrants to purchase 1,315,715 shares of common stock. The exercise price of each warrant was $0.77 per share resulting in net proceeds of $1,013,101 to the Company.

 

Annual Meeting

 

On February 10, 2020, the Company's stockholders approved the 2020 Omnibus Stock Incentive Plan ("2020 Stock Plan"). The 2020 Stock Plan authorizes a maximum of 3,110,000 shares. The 2020 Stock Plan provides incentives to employees, directors, and consultants of the Company in form of granting an option, SAR, dividend equivalent right, restricted stock, restricted stock unit, or other right or benefit under the 2020 Stock Plan.