Stockholders' equity |
9 Months Ended | ||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||
| Notes to Financial Statements | |||||||||||||||||||||||||||||||
| Stockholders' equity |
Preferred Stock — The Company has authorized up to 5,000,000 shares of preferred stock, $0.001 par value per share, for issuance. In connection with the Merger Agreement with Discovery, the Company issued to Discovery’s security holders 1,000,000 shares of the Company’s Series B Convertible Preferred Stock (“Series B”). The Series B shares automatically converted into 205,083,086 shares of the Company’s common stock on March 3, 2015 as a result of the Company’s shareholders approving an increase in the number of the Company’s authorized common shares to 800,000,000.
In connection with the merger with RFS Pharma in November 2014, the Company created a new series of Series A Preferred Stock (“Series A”). The Series A shares automatically converted into 340,760,802 shares of the Company’s common stock on March 3, 2015 as a result of the Company’s shareholders approving an increase in the number of the Company’s authorized common shares to 800,000,000.
Common Stock — The Company has authorized up to 800,000,000 shares of common stock, $0.001 par value per share, and had 714,031,508 shares issued and outstanding as of September 30, 2016.
On March 9, 2016, we accepted subscription agreements representing investor commitments totaling $5,004,371 in a private placement offering of 9,812,492 shares of our common stock at a purchase price of $0.51 per share. The purchasers included seven members of the our board of directors including Dr. Raymond F. Schinazi and Dr. Phil Frost. As of the date of this report, we have received all of the committed funds.
On September 1, 2016,we closed on proceeds of $4,008,201 in a private placement offering (the “Offering”) of 9,776,100 shares of ourcommon stock at a purchase price of $0.41 per share. The purchasers included three members of our board of directors, including Chairman Dr. Raymond F. Schinazi, Interim Chief Executive Officer Dr. Gary Wilcox, and Dr. David Block. In addition, OPKO Health, Inc., of which one of our director’s Dr. Phillip Frost is Chairman and Chief Executive Officer, invested in the Offering.
Shares of common stock are reserved for future issuance as follows as of September 30, 2016 (in thousands):
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