Subsequent Events

6 Months Ended

Jun. 30, 2018

Note 12 — Subsequent Events

On July 2, 2018, the Company filed a Registration Statement on Form S-3 (the “Shelf”) with the Securities and Exchange Commission in relation to the registration of common stock, preferred stock, warrants and/or units of any combination thereof of the Company (collectively, the “Securities”) having an aggregate price of up to $75 million, subject to the limitations of the Shelf. The Company simultaneously entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley FBR, Inc., as sales agent to provide for the offering, issuance and sale by the Company of up to an aggregate amount of $15 million of the Company’s common stock from time to time in “at-the-market” offerings under the Shelf and subject to the limitation thereof. The Company shall pay to the sales agent cash commissions of 3.0% of the gross proceeds of sales of common stock under the Sales Agreement.

On July 9, 2018, the Company announced the hiring of a Chief Commercial Officer and pursuant to his employment agreement, the Company made the following grants of equity compensation to the Chief Commercial Officer:

•

30,000 Incentive Stock Options which vest 25% on the first anniversary of the July 9, 2018 grant date, and thereafter in 36 equal monthly installments, subject to continuous service with the Company;

•

5,000 Restricted Stock Units, which vest in full on the first anniversary of the July 9, 2018 grant date, subject to continuous service with the Company; and

•

10,000 Restricted Stock Units which vest 25% on the first anniversary of the July 9, 2018 grant date, and thereafter in 36 equal monthly installments, subject to continuous service with the Company.