Common Stock

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Common Stock

Note 10: Common Stock

On August 3, 2016, the Company completed a registered direct offering of 3,573,255 shares of common stock and warrants to purchase 3,573,255 shares of common stock under its existing shelf registration statements. The shares and warrants were sold in units, each unit consisting of (i) one share of common stock and (ii) one warrant to purchase one share of common stock at an exercise price of $2.98 per share, at a purchase price of $3.095 per unit. The warrants will expire five years from the date on which they become exercisable. Gross proceeds from the offering, after deducting placement agent fees, were approximately $10.2 million, excluding any future proceeds from the potential exercise of the warrants and before deducting other estimated offering expenses payable by the Company.

On August 25, 2016, the Company issued 5,590 shares of common stock upon the vesting of restricted stock units ("RSU") with a total value of approximately $63,670.