Shareholders’ Equity |
9 Months Ended |
|---|---|
Sep. 30, 2022 | |
| Equity [Abstract] | |
| Shareholders’ Equity |
8. Shareholders’ Equity
Common Stock
The Company’s Board of Directors and the Company’s shareholders, at its reconvened 2020 Annual Meeting on February 25, 2022, approved an amendment to our Amended and Restated Articles of Incorporation to (i) increase the number of authorized shares of common stock from shares to shares.
On August 26, 2022, holders of shares of the Company’s Series A Convertible Preferred Stock, and shares of the Company’s Series B Convertible Preferred Stock converted the Series A Convertible Preferred Stock and the Series A Convertible Preferred Stock into an aggregate of shares of common stock. During the three and nine months ended September 30, 2022, the Company issued additional shares of common stock.
During the three months ended March 31, 2021, the Company issued an aggregate of shares of common stock comprised of (i) shares of common stock issued in connection with sales under its At-The-Market Program which generated gross proceeds of approximately $27.8 million and (ii) 2,472,573 shares of common stock issued as the result of the exercise of certain outstanding warrants which generated gross proceeds of approximately $2.3 million as a result of the exercise of certain outstanding.
Preferred Stock
Series C Non-Voting, Non-Convertible, Preferred Stock Dividend and Redemption
During the three months ended March 31, 2021, the Company provided a notice of redemption, to the holder of the Company’s Series C Preferred Stock to redeem all outstanding Series C Preferred Stock (which included the dividend of shares paid on January 28, 2021 and any accrued dividends due through the redemption date of March 13, 2021). The Series C Preferred Stock redemption amount of approximately $5.6 million was paid on March 15, 2021 and all outstanding shares of Series C Preferred Stock were cancelled. |