| | |
Per
Share |
| |
Per Pre-Funded
Warrant |
| |
Per
Warrant |
| |
Total (No
Exercise)(1) |
| |
Total (Full
Exercise)(1) |
| |||||||||||||||
Public offering price
|
| |
$5.24
|
| |
$5.23
|
| |
$0.01
|
| |
$11,996,250
|
| |
$13,795,688
|
| |||||||||||||||
Underwriting discounts and commissions(1)
|
| | | $ | 0.3668 | | | | | $ | 0.3661 | | | | | $ | 0.0007 | | | | | $ | 839,738 | | | | | $ | 965,698 | | |
Proceeds, before expenses, to us
|
| | | $ | 4.8732 | | | | | $ | 4.8639 | | | | | $ | 0.0093 | | | | | $ | 11,156,513 | | | | | $ | 12,829,990 | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 8 | | | |
| | | | | 18 | | | |
| | | | | 21 | | | |
| | | | | 47 | | | |
| | | | | 48 | | | |
| | | | | 49 | | | |
| | | | | 51 | | | |
| | | | | 52 | | | |
| | | | | 53 | | | |
| | | | | 55 | | | |
| | | | | 59 | | | |
| | | | | 66 | | | |
| | | | | 71 | | | |
| | | | | 71 | | | |
| | | | | 71 | | | |
| | | | | 71 | | |
| | |
As of June 30, 2019
|
| |||||||||||||||
| | |
Actual
|
| |
As Adjusted
|
| |
Pro Forma,
As Adjusted for this Offering* |
| |||||||||
Cash and cash equivalents
|
| | | $ | 507,146 | | | | | $ | 2,425,146 | | | | | $ | 13,265,553 | | |
Stockholders’ (Deficit) Equity: | | | | | | | | | | | | | | | | | | | |
Preferred stock, par value $0.001 per share; 10,000,000
shares authorized; -0- shares issued and outstanding as of June 30, 2019 |
| | | | — | | | | | | — | | | | | | | | |
Series A Preferred stock, par value $0.001 per share;
10,000,000 shares authorized; -0- shares outstanding as of June 30, 2019 |
| | | | — | | | | | | — | | | | | | | | |
Series B Preferred stock, par value $0.001 per share;
10,000,000 shares authorized; -0- shares outstanding as of June 30, 2019 |
| | | | — | | | | | | — | | | | | | | | |
Common stock, $0.001 par value per share; 500,000,000
shares authorized; 958,177 shares issued and outstanding as of June 30, 2019; 3,485,399 shares issued and outstanding pro forma as adjusted (assuming none of the pre-funded warrants or common warrants issued in this offering are exercised) |
| | | | 38,327 | | | | | | 38,569 | | | | | | 40,854 | | |
Additional paid-in capital
|
| | | | 253,444,993 | | | | | | 256,085,246 | | | | | | 266,923,367 | | |
Accumulated deficit
|
| | | | (255,271,848) | | | | | | (255,271,848) | | | | | | (255,271,848) | | |
Total Stockholders’ (Deficit) Equity
|
| | | $ | (1,788,528) | | | | | $ | 851,967 | | | | | $ | 11,692,374 | | |
| | |
Number of
Shares |
| |
Weighted
Average Exercise Price Per Share |
| ||||||
Balance at October 1, 2018
|
| | | | 305,214 | | | | | $ | 129.60 | | |
Granted
|
| | | | 225,875 | | | | | | 19.20 | | |
Exercised
|
| | | | (55,375) | | | | | | 18.00 | | |
Cancelled or expired
|
| | | | (68,375) | | | | | | 120.00 | | |
Balance at June 30, 2019
|
| | | | 407,339 | | | | | $ | 92.00 | | |
|
Assumed public offering price per share and accompanying common warrant
|
| | | | | | | | | $ | 5.25 | | |
|
Historical net tangible book deficit per share as of June 30, 2019
|
| | | $ | (2.97) | | | | | | | | |
|
Pro forma increase in net tangible book value per share attributable to investors in this offering
|
| | | $ | 5.44 | | | | | | | | |
|
As adjusted net tangible book value per share after giving effect to this
offering |
| | | | | | | | | $ | 2.47 | | |
|
Dilution per share to investors participating in this offering
|
| | | | | | | | | $ | 2.78 | | |
Name and Address of Beneficial Owner
|
| |
Title of Class
|
| |
Number of
Shares Owned(1)(2) |
| |
Percentage
of Class(3) |
| ||||||
Executive Officers and Directors: | | | | | | | | | | | | | | | | |
James A. Hayward
|
| |
Common Stock
|
| | | | 200,969(4) | | | | | | 15.86% | | |
Scott L. Anchin
|
| |
Common Stock
|
| | | | 250 | | | | | | * | | |
John Bitzer, III
|
| |
Common Stock
|
| | | | 42,489(6)(7) | | | | | | 3.52% | | |
Robert B. Catell
|
| |
Common Stock
|
| | | | 5,761(11) | | | | | | * | | |
Joseph D. Ceccoli
|
| |
Common Stock
|
| | | | 5,268(8) | | | | | | * | | |
Beth M. Jantzen
|
| |
Common Stock
|
| | | | 7,073(12) | | | | | | * | | |
Judith Murrah
|
| |
Common Stock
|
| | | | 11,548(13) | | | | | | * | | |
Elizabeth Schmalz Ferguson
|
| |
Common Stock
|
| | | | 3,573(10) | | | | | | * | | |
Yacov A. Shamash
|
| |
Common Stock
|
| | | | 8,030(5) | | | | | | * | | |
Sanford R. Simon
|
| |
Common Stock
|
| | | | 5,305(9) | | | | | | * | | |
All directors and officers as a group (10 persons)
|
| |
Common Stock
|
| | | | 290,266(14) | | | | | | 22.10% | | |
5% Stockholders: | | | | | ||||||||||||
William W. Montgomery
|
| |
Common Stock
|
| | | | 150,773(15) | | | | | | 12.56% | | |
Dillon Hill
|
| |
Common Stock
|
| | | | 69,445(16) | | | | | | 5.47% | | |
Name
|
| |
Amount
($) |
| |||
James A. Hayward, Chief Executive Officer, President and Chairman of the Board of Directors
|
| | | | 250,000 | | |
Yacov A. Shamash, Director
|
| | | | 25,000 | | |
Delabarta, Affiliate of Director Mr. Bitzer
|
| | | | 100,000 | | |
Robert B. Catell, Director
|
| | | | 50,000 | | |
Joseph D. Ceccoli, Director
|
| | | | 40,000 | | |
Beth M. Jantzen, Chief Financial Officer
|
| | | | 5,000 | | |
Judith Murrah, Chief Information Officer
|
| | | | 25,000 | | |
Charles S. Ryan, Director
|
| | | | 25,000 | | |
Sanford R. Simon, Director
|
| | | | 5,000 | | |
Elizabeth Schmalz Ferguson, Director
|
| | | | 20,000 | | |
Name
|
| |
Amount
($) |
| |||
James A. Hayward Chief Executive Officer, President and Chairman of the Board of
Directors |
| | | | 1,000,000 | | |
Yacov A. Shamash, Director
|
| | | | 25,000 | | |
Delabarta, Affiliate of Director Mr. Bitzer
|
| | | | 100,000 | | |
Robert B. Catell, Director
|
| | | | 25,000 | | |
William Montgomery, 5% or greater stockholder
|
| | | | 200,000 | | |
Judith Murrah, Chief Information Officer
|
| | | | 25,000 | | |
Elizabeth Schmalz Ferguson, Director
|
| | | | 10,000 | | |
Name
|
| |
Amount
($) |
| |||
James A. Hayward Chief Executive Officer, President and Chairman of the Board of
Directors |
| | | | 1,585,313 | | |
Judith Murrah, Chief Information Officer
|
| | | | 26,549 | | |
Robert B. Catell, Director
|
| | | | 26,549 | | |
Elizabeth Schmalz Ferguson, Director
|
| | | | 10,620 | | |
Yacov A. Shamash, Director
|
| | | | 26,549 | | |
Delabarta, Affiliate of Director Mr. Bitzer
|
| | | | 106,197 | | |
William Montgomery, a 5% or greater stockholder
|
| | | | 212,394 | | |
Name
|
| |
Amount
($) |
| |||
James A. Hayward Chief Executive Officer, President and Chairman of the Board of Directors
|
| | | | 100,000 | | |
Judith Murrah, Chief Information Officer
|
| | | | 10,000 | | |
William Montgomery, a 5% or greater stockholder
|
| | | | 108,000 | | |
| | |
Number of Shares of
Common Stock or Pre-Funded Warrants |
| |
Number of Common
Warrants |
| ||||||
Maxim Group LLC
|
| | | | 1,713,750 | | | | | | 1,713,750 | | |
Joseph Gunnar & Co. LLC
|
| | | | 571,250 | | | | | | 571,250 | | |
| | |
Per
Share |
| |
Per
Pre-Funded Warrant |
| |
Per Common
Warrant |
| |
Total (No
Exercise) |
| |
Total (Full
Exercise) |
| |||||||||||||||
Public offering price
|
| | | $ | 5.24 | | | | | $ | 5.23 | | | | | $ | 0.01 | | | | | $ | 11,996,250 | | | | | $ | 13,795,688 | | |
Underwriting discount to be paid to the Underwriters by us
|
| | | $ | 0.3668 | | | | | $ | 0.3661 | | | | | $ | 0.0007 | | | | | $ | 839,738 | | | | | $ | 965,698 | | |
Proceeds to us (before expenses)
|
| | | $ | 4.8732 | | | | | $ | 4.8639 | | | | | $ | 0.0093 | | | | | $ | 11,156,513 | | | | | $ | 12,829,990 | | |
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