The Company is authorized by its amended and restated certificate of incorporation to issue up to 75.0 million shares of common stock, par value $0.0001 per share. As of December 31, 2018 and 2017, there are 28.3 million and 27.2 million shares of common stock outstanding, respectively.

 

In November 2017, the Company entered into a Securities Purchase Agreement with certain investors pursuant to which the Company issued and sold in a registered direct offering an aggregate of 1.75 million shares of common stock, at an offering price of $1.50 per share for gross proceeds of approximately $2.6 million before deducting expenses associated with the offering. In a concurrent private placement, the Company issued warrants to purchase an aggregate of 875,000 shares of common stock to the investors who participated in the registered direct offering. During the third quarter of 2018, an investor exercised 750,000 warrants to purchase shares of common stock at an exercise price of $1.63 per share, resulting in proceeds received from the issuance of common stock of approximately $1.2 million (refer to Note 14).

 

The issuance of a dividend is dependent on a variety of factors, including but not limited to, available cash and the overall financial condition of the Company. The issuance of a dividend is also subject to legal restrictions and the terms of the Company’s credit agreements with BankUnited. The Company did not issue dividends related to its common stock in 2018 or 2017.

 

 

The Company is authorized by its amended and restated certificate of incorporation to issue 10.0 million shares of preferred stock, par value $0.0001 per share. The Company’s Board may designate the rights, powers and preferences of the preferred stock, which may have superior rights to common shareholders in terms of liquidation and dividend preference, voting and other rights. As of December 31, 2018 and 2017, the Board had not designated the rights of the preferred stock and there were no outstanding shares of preferred stock.