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Subsequent Events
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 10. Subsequent Events

 

Public Offering

 

On October 4, 2018 the Company completed a public offering of securities registered under an effective registration statement filed with the SEC pursuant to the Securities Act of 1933, as amended (SEC File No. 333-225193). In the offering, the Company sold 36,910,809 units, consisting of 8,065,000 common units, at a price to the public of $0.30 per unit, and 28,845,809 pre-funded units, at a price to the public of $0.30 per unit. Each common unit consisted of one share of common stock and a warrant to purchase one share of common stock (“common stock warrant”), and pre-funded units consisting of a pre-funded warrant to purchase one share of common stock for $0.001 per share and a common stock warrant. The common stock warrants are immediately exercisable at an exercise price of $0.30 per share (subject to adjustment).

The gross proceeds from the offering were approximately $11.1 million of which $7.4 million was used to pay a portion of the principal amount of the Notes (see Note 8).