Stockholders' Equity |
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| Stockholders' Equity |
11. Stockholders’ Equity Preferred Stock The Company is authorized to issue 10 million shares of preferred stock, par value $0.0001 as of September 30, 2021 and 2020. No shares of preferred stock were or outstanding as of September 30, 2021 or 2020. Common Stock The Company has authorized 250 million shares of common stock, $0.0001 par value per share as of September 30, 2021 and 2020. Each share of common stock is entitled to one voting right. Common stock owners are entitled to dividends when funds are legally available and declared by the Company’s board of directors. Common Stock Offerings On April 26, 2021, the Company closed an underwritten public offering of 9,200,000 shares of its common stock (inclusive of 1,200,000 shares that were sold pursuant to the underwriters’ full exercise of their option to purchase additional shares of the Company’s common stock), at a price to the public of $5.00 per share. The Company received net proceeds from the offering of approximately $42.6 million, after deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company. On April 30, 2020, the Company closed an underwritten public offering of 6,037,500 shares of its common stock (inclusive of 787,500 shares that were sold pursuant to the underwriters' full exercise of their option to purchase additional shares of the Company's common stock), at a price to the public of $6.00 per share. The Company received net proceeds from the offering of approximately $33.3 million, after deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company. Warrants Below is a summary of the Company’s issued and outstanding warrants as of September 30, 2021:
During the years ended September 30, 2021 and 2020, the Company issued 75,000 and 105,000 warrants, respectively, in exchange for certain financial advisory services. The warrants vest over six-month periods, have exercise prices of $6.50 and $8.73 per share, respectively, and expire three years from issuance. The Company determined the warrants issued in exchange for financial advisory services met the scope exception in ASC 815 and are therefore classified as equity. The Company determined the initial fair value of the advisory warrants issued during the years ended September 30, 2021 and 2020 to be $0.1 million and $0.5 million, respectively, which will be recognized as share-based compensation expense over the vesting period of the warrants, see Note 13. Key assumptions used to estimate the fair value of the advisory warrants granted during the years ended September 30, 2021 and 2020 were as follows:
As of September 30, 2021, unrecognized compensation expense associated with the advisory warrants is $0.1 million and is expected to be recognized over 0.5 years. |
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