Note 15 - Expiration of Rights Under Rights Agreement

9 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Expiration of Rights Under Rights Agreement [Text Block]

15. Expiration of Rights under Rights Agreement

On

September

26,

2016,

a special committee of independent members of the Company’s Board of Directors, under authority delegated to such committee by the Board of Directors of the Company, resolved to amend the Rights Agreement (the “Rights Agreement”) dated as of

December

15,

2014

between the Company and American Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights Agent”), to accelerate the expiration of the Rights (as defined in the Rights Agreement) from

5:00

p.m., Eastern time, on

December

26,

2017

to

5:00

p.m., Eastern time, on

September

26,

2016.

Thereafter, on

September

26,

2016,

the Company and the Rights Agent entered into Amendment No.

1

(the “Amendment”) to the Rights Agreement to accelerate the expiration of the Rights from

5:00

p.m., Eastern time, on

December

26,

2017

to

5:00

p.m., Eastern time, on

September

26,

2016

(the “Final Expiration Time”). As a result of the Amendment, the Rights Agreement was effectively terminated on

September

26,

2016

and all of the Rights distributed to holders of the Company’s common stock pursuant to the Rights Agreement expired at the Final Expiration Time.