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Subsequent Event
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Event

R.

Subsequent Event

 

On October 23, 2020, the Company filed a registration statement on Form S-1 (File No. 333-249639) with the SEC, as amended by Amendment No. 1 to Form S-1 filed with the SEC on November 2, 2020, relating to a dividend of warrants to purchase shares of its common stock. Pursuant to the warrant dividend, each holder of the Company's common stock will receive one warrant for each share of common stock owned and 5 warrants will entitle their holder to purchase one share of the Company's common stock at an exercise price of $12.50. The warrants will be "European style warrants" and will only be exercisable on the earlier of (i) their expiration date, which will be the fifth anniversary of their issuance, and (ii) such date that the 30-day volume weighted average price per share, or VWAP, of the Company's common stock is greater than or equal to $17.50. On October 27, 2020 the Company’s board of directors declared a dividend of the warrants described above to holders of record of its common stock as of November 9, 2020. The warrants are expected to be issued on or around November 16, 2020, and the Company intends for the warrants to be listed and traded on the NYSE American under the symbol LGL WS on or around such date, subject to NYSE American approval.