Stockholders’ Equity

12 Months Ended

Dec. 31, 2017

Stockholders’ Equity

Stockholders’ Equity

Note 8 — Stockholders’ Equity

Preferred Stock

The Company is authorized to issue 1.0 million shares of preferred stock with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors.  At December 31, 2017, there were no shares of preferred stock issued or outstanding.

Common Stock

The Company is authorized to issue 480.0 million shares of common stock with a par value of $0.0001 per share.  At December 31, 2017, 106.3 million shares of common stock were issued and outstanding.

Redeemable Warrants

At December 31, 2017, the Company had 12.1 million common stock warrants (“Warrants”) issued and outstanding.  The Warrants are exercisable at a price of $11.50 per share and expire July 24, 2022.  The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days’ notice, only if the last sale price of our common stock is at least $17.50 per share for any 20 trading days within a 30-trading day period ending on the third day prior to the date on which notice of redemption is given.  If the Company redeems the Warrants as described above, the Company will have the option to do so on a cashless basis.  As of December 31, 2017, no warrants have been exercised.