XML 32 R18.htm IDEA: XBRL DOCUMENT v3.19.1
Note 10 - Stockholders' Equity
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
10
. Stockholders’ Equity
 
Common Stock and Preferred Stock
 
We are authorized to issue
160.0
million shares of our common stock, par value
$.0013,
and
20.0
million shares of preferred stock, par value
$.001.
The Board of Directors (the “Board”) has the authority to issue common and preferred shares, in series, with rights and privileges as determined by the Board.
 
Shelf Registration
 
During the
first
quarter of
2017,
we filed a shelf registration statement that permitted: (a) the offering, issuance and sale of up to a maximum aggregate offering price of
$250.0
million of our common stock, preferred stock, debt securities, warrants, rights and/or units; and (b) as part of the
$250.0
million, the offering, issuance and sale by us of up to a maximum aggregate offering price of
$75.0
million of our common stock under our sales agreement with Cantor Fitzgerald & Co. (“Cantor”) in
one
or more at-the-market (“ATM”) offerings (the
“2017
Sales Agreement”).
 
During
2018,
we raised
$70.0
million, net of underwriting discounts and commissions and offering expenses, in an underwritten public offering of
9.1
million shares of common stock at a public offering price of
$8.25
per share, and we sold a total of
3.9
million shares of our common stock in ATM transactions under the sales agreement for net proceeds, after deducting commissions and other transaction costs, of approximately
$27.5
million at an average selling price of
$7.45
per share.
 
During the
fourth
quarter of
2017,
we sold
0.9
million shares of our common stock in ATM transactions under the sales agreement for net proceeds, after deducting commissions and other transaction costs, of approximately
$5.0
million at an average selling price of
$6.06
per share. At
December 31, 2017,
we had
0.3
million shares of our common stock subscribed in ATM transactions under the sales agreement for net proceeds, after deducting commissions and other transaction costs, of approximately
$2.1
million at an average selling price of
$6.79
per share. Accordingly, we have recorded a subscription receivable of
$2.1
million as a reduction of stockholders’ equity in our consolidated balance sheet at
December 31, 2017.
 
In
October 2018,
we filed a new shelf registration statement. The new shelf registration replaced our prior shelf registration statement, pursuant to which
no
additional securities will be offered or sold. The new shelf registration statement permits: (a) the offering, issuance and sale of up to a maximum aggregate offering price of
$250.0
million of our common stock, preferred stock, debt securities, warrants, rights and/or units; and (b) as part of the
$250.0
million, the offering, issuance and sale by us of up to a maximum aggregate offering price of
$75.0
million of our common stock under our sales agreement with Cantor in
one
or more ATM offerings.
 
In addition, in
October 2018
we entered into a new sales agreement with Cantor, as sales agent, which replaced the
2017
Sales Agreement (the
“2018
Sales Agreement”). Pursuant to the
2018
Sales Agreement, we
may
offer and sell through Cantor, from time to time, shares of our common stock up to an aggregate offering price of
$75.0
million. The
2018
Sales Agreement
may
be terminated by Cantor or us at any time upon
ten
days’ notice, or by Cantor at any time in certain circumstances, including the occurrence of a material adverse change in our business or financial condition.