v3.22.1

Stockholders' Equity and Warrants | 12 Months Ended
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Dec. 31, 2021
Stockholders' Equity and Warrants |
Stockholders' Equity and Warrants | Note 12. Stockholders’ Equity and Warrants Share Repurchase Program ​ During 2021, the Company executed on its share repurchase program, repurchasing and redeeming 4,702,072 shares at average cost of $1.66 per share, for a total of $7,825. ​ During March 2022, the Company continuing to execute on its share repurchase program, repurchased 7,142,446 shares at average cost of $1.55 per share, for a total of $11,095 ​ Warrants ​ The following table represents the activity related to the Company’s warrants during the year ended December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted average |  | Exercise
​ | ​ | No. of warrant | ​ | exercise price | ​ | price range
December 31, 2020 | ​ | 48,044,381 | ​ | $ | 2.71 | ​ | $ | 0.525 - 300.00
Granted |  | 1,172,088 | ​ | $ | 2.01 | ​ | $ | 1.70 - 2.125
Exercised |  | (11,273,529) | ​ | $ | 1.71 | ​ | $ | 1.70 - 2.125
Expired | ​ | (125,246) | ​ | $ | 2.52 | ​ | $ | 0.525-300
December 31, 2021 |  | 37,817,694 | ​ | $ | 2.99 | ​ | $ | 0.525 - 6.566
​ The Company’s outstanding equity warrants as of December 31, 2021 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | contractual |  | ​
​ | ​ | No. outstanding | ​ | Exercise price | ​ | life | ​ | Expiration Date
June 2020 Investor Warrants (a) | ​ | 7,614,700 | ​ | $ | 5.2530 | ​ | 0.21 | years | ​ | March 17, 2022
June 2020 Placement Agent Warrants (a) | ​ | 609,176 | ​ | $ | 6.5663 | ​ | 0.21 | years | ​ | March 17, 2022
June 2020 Placement Agent Tail Fee (a) | ​ | 133,258 | ​ | $ | 5.2530 | ​ | 0.21 | years | ​ | March 17, 2022
August 2020 Investor Warrants | ​ | 11,216,932 | ​ | $ | 3.0200 | ​ | 0.66 | years | ​ | August 28, 2022
August 2020 Placement Agent Warrants | ​ | 897,355 | ​ | $ | 3.9375 | ​ | 0.66 | years | ​ | August 28, 2022
August 2020 Placement Agent Tail Fee | ​ | 222,222 | ​ | $ | 3.0200 | ​ | 0.66 | years | ​ | August 28, 2022
December 2020 Investor Warrants | ​ | 13,927,453 | ​ | $ | 1.7000 | ​ | 0.97 | years | ​ | December 21, 2022
December 2020 Placement Agent Warrants | ​ | 1,769,608 | ​ | $ | 2.1250 | ​ | 0.97 | years | ​ | December 21, 2022
December 2020 Placement Agent Tail Fee |  | 254,902 | ​ | $ | 1.7000 |  | 0.97 | years | ​ | December 21, 2022
January 2021 Placement Agent Warrants | ​ | 510,588 | ​ | $ | 2.1250 | ​ | 1.08 | years | ​ | January 28, 2023
January 2021 Placement Agent Tail Fee | ​ | 35,000 | ​ | $ | 1.7000 | ​ | 1.08 | years | ​ | January 28, 2023
February 2021 Placement Agent Warrants | ​ | 284,000 | ​ | $ | 2.1250 | ​ | 1.12 | years | ​ | February 11, 2023
February 2021 Placement Agent Warrants | ​ | 48,000 | ​ | $ | 2.1250 | ​ | 1.13 | years | ​ | February 16, 2023
February 2021 Placement Agent Tail Fee | ​ | 248,500 | ​ | $ | 1.7000 | ​ | 1.12 | years | ​ | February 11, 2023
February 2021 Placement Agent Tail Fee | ​ | 42,000 | ​ | $ | 1.7000 | ​ | 1.88 | years | ​ | February 16, 2023
December 2021 Placement Agent Tail Fee | ​ | 4,000 | ​ | $ | 2.1250 | ​ | 1.99 | years | ​ | December 27, 2023
​ |  | 37,817,694 | ​ | ​ | ​ |  | ​ |  | ​ |
​
| (a) | These warrants lapsed without being exercised as of the date of this report.
During 2021, holders of the Company’s December 2020 Investor Warrants, December 2020 Placement Agent Warrants and December 2020 Placement Agent Tail Fee Warrants exercised a total of 11,273,529 warrants for common shares. The Company received gross proceeds of approximately $19,245. In accordance with the placement agent agreements with H.C. Wainwright & Co., LLC and Palladium, the Company paid cash fees of $2,162 and issued 846,588 warrants to H.C. Wainwright & Co., LLC at an exercise price of $2.125 per share and 325,500 warrants to Palladium at an exercise price of $1.70 per share. ​ ​ Warrant Exchanges ​ On March 19, 2020, the Company entered into separate Warrant Exchange Agreements (the “March Exchange Agreements”) with the holders of certain existing warrants (the “March Exchanged Warrants”) to exchange warrants for shares of the Company’s Common Stock, subject to receipt of the approval of the Company’s stockholders, which was obtained on May 28, 2020. The holders of March Exchanged Warrants exchanged each of the March Exchanged Warrants for 1.5 shares of the Company’s Common Stock. Pursuant to the March Exchange Agreements, the holders exchanged 1,942,131 of the March Exchanged Warrants for an aggregate of 2,913,197 shares of the Company’s Common Stock, which had an aggregate fair value of $6,434. On June 4, 2020, the Company entered into a Warrant Exchange Agreement (the “June Exchange Agreement”) with the holder of certain existing warrants (the “June Exchanged Warrants”) to exchange the June Exchanged Warrants for shares of Common Stock. The holders of the June Exchanged Warrants exchanged each of the June Exchanged Warrants for 1.5 shares of the Company’s Common Stock. Pursuant to the June Exchange Agreement, on the closing date the holder exchanged 1,374,750 of the June Exchanged Warrants for an aggregate of 2,062,126 shares of Common Stock which had an aggregate fair value of $11,755. ​ ​ Registered Direct Common Stock Offerings ​ The Company sold a total of 6,511,280 shares of Common Stock and 1,900,625 of pre-funded warrants and received total proceeds of $4,258, net of financial advisory and consulting fees of $626, in connection with three registered direct offerings in March 2020. ​ On April 6, 2020, the Company entered into a securities purchase agreement with certain purchasers, pursuant to which it issued and sold, in a registered direct offering (i) 4,139,393 shares of Common Stock at an offering price of $0.66 per share and (ii) an aggregate of 481,818 pre-funded warrants exercisable for shares of Common Stock at an offering price of $0.63 per pre-funded warrant. The Company received proceeds of $2,806, net of $244 in financial advisory consultant fees. ​ On June 17, 2020, the Company entered into a securities purchase agreement pursuant to which the Company agreed to issue and sell 7,614,700 shares of the Company’s Common Stock at an offering price of $5.253 per share (the “Registered Offering”). In a concurrent private placement (the “Private Placement” and together with the Registered Offering, the “Offerings”), the Company agreed to issue to the purchasers who participated in the Registered Offering warrants (the “Warrants”) exercisable for an aggregate of 7,614,700 shares of Common Stock at an exercise price of $5.25 per share. Each Warrant will be immediately exercisable and will expire 21 months from the issuance date. The Offerings closed on June 19, 2020 with the Company receiving gross proceeds of $40,000 before deducting placement agent fees and related offering expenses of $4,414. ​ In connection with the Registered Offering, warrants to purchase 133,258 shares of our Common Stock were issued to Palladium Capital Advisors, LLC (“Palladium”) (the “Palladium Warrants”) at an exercise price equal to $5.25 per share and warrants to purchase 609,176 shares of our Common Stock were issued to H.C. Wainwright & Co., LLC (the “H.C.W. Warrants”) at an exercise price equal to $6.5663 per share pursuant to the respective placement agent agreements. Palladium Capital Advisors, LLC and H.C. Wainwright & Co., LLC are also entitled to additional warrants upon the holders’ exercise of warrants pursuant to the respective placement agent agreements. ​ On August 25, 2020, the Company entered into a securities purchase agreement pursuant to which the Company agreed to issue and sell in a registered direct offering 10,407,408 shares of the Company’s Common Stock and warrants exercisable for an aggregate of 11,216,932 shares of Common Stock at a combined offering price of $3.15 per share. The Warrants have an exercise price of $3.02 per share. The Company also offered and sold to certain purchasers pre-funded warrants to purchase an aggregate of 809,524 shares of Common Stock, in lieu of shares of Common Stock. Each pre-funded warrant represented the right to purchase one share of Common Stock at an exercise price of $0.001 per share and was exercised in August 2020. The offering closed on August 28, 2020 with the Company receiving gross proceeds of $35,333 before deducting placement agent fees and related offering expenses of $3,914. ​ In connection with the August offering, warrants to purchase 222,222 shares of our Common Stock were issued to Palladium at an exercise price equal to $3.02 per share and warrants to purchase 897,355 shares of our Common Stock were issued to H.C. Wainwright & Co., LLC at an exercise price equal to $3.9375 per share pursuant to the respective placement agent agreements. Palladium Capital Advisors, LLC and H.C. Wainwright & Co., LLC are also entitled to additional warrants upon the holders’ exercise of warrants pursuant to the respective placement agent agreements. ​ On December 17, 2020, the Company entered into a securities purchase agreement pursuant to which the Company agreed to issue and sell, in a registered direct offering 24,509,806 shares of the Company’s common stock, par value $0.01 per share and warrants exercisable for an aggregate of 24,509,806 in a registered direct offering. The combined purchase price for one share of common stock (or common stock equivalent) and a warrant to purchase one share of common stock is $1.70. Each Warrant is immediately exercisable and will expire 24 months from the issuance date. The offering closed on December 21, 2020 with the Company receiving gross proceeds of approximately $41,667 before deducting placement agent fees and related offering expenses of $5,118. ​ In connection with the December offering, warrants to purchase 754,902 shares of our Common Stock were issued to Palladium at an exercise price equal to $1.70 per share and warrants to purchase 1,960,784 shares of our Common Stock were issued to H.C Wainwright & Co., LLC at an exercise price equal to $2.13 per share pursuant to the respective placement agent agreements. Palladium Capital Advisors, LLC and H.C. Wainwright & Co., LLC are also entitled to additional warrants upon the holders’ exercise of warrants pursuant to the respective placement agent agreements. ​ ​ Series E Convertible Preferred Stock During 2020, the Company issued 10,123 shares of Series E Preferred Stock. Subsequent to the issuance, all outstanding shares were converted into 510,460 shares of Common Stock during 2020. ​ Series F Convertible Preferred Stock The Series F Preferred Stock has a par value of $0.01 per share, a stated value of $100 per share, and was initially convertible into Common Stock at an exercise price of $6.00 per share. On March 6, 2020, the exercise price was reduced from $6.00 to $1.68 and on March 19, 2020 was reduced again to $0.525 after giving effect to certain anti-dilution adjustments. As a result, the Company recorded a deemed dividend of approximately $140 which represents the fair value transferred to the Series F shareholders from the anti-dilution protection being triggered. ​ During the year ended December 31, 2020 all 8,996 shares of outstanding shares of Series F Convertible Preferred Stock was converted into 1,221,945 shares of Common Stock. ​ Reverse Stock Split ​ On June 10, 2020, the Company filed a certificate of amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-3 reverse stock split of the Company’s shares of Common Stock. Such amendment and ratio were previously approved by the Company’s stockholders and Board of Directors.

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