Common Stock Transactions |
6 Months Ended | |||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||
| Common Stock Transactions |
As of June 30, 2016, the Company had approximately 20.8 million shares of its common stock outstanding, of which approximately 8.7 million shares, or 42%, were constructively owned by RVL and its affiliates. During the second quarter of 2016, the Company completed an underwritten public offering of 3.19 million shares of its common stock at an offering price of $5.25 per share. Net proceeds of the offering approximated $15.2 million, which was used to fund the cash portion of the TNT acquisition, to pay down bank debt and for general corporate purposes. During the quarter end June 30, 2016, the Company sold 0.17 million shares of its Common Stock for $1.0 million in a private placement to one of its distributors. The net proceeds were used for general corporate purposes. On March 10, 2016, the Company filed a certificate of amendment to its Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of its Common Stock at a ratio of 1-for-10, as approved by the holder of a majority of the Common Stock and the Board (the “Split”), that became effective for trading purposes on March 11, 2016. The number of authorized shares of the Common Stock and the par value of the Common Stock remained unchanged following the Split. Outstanding equity awards and the shares available for future grants under the Company’s 2013 Stock Incentive Plan have been proportionately reduced to give effect to the Split. Additionally, all share amounts in these financial statements have been restated to give effect to the Split, as applicable. At the annual shareholder meeting held on May 12, 2016, the shareholders voted to amend the Company’s Certificate of Incorporation to decrease the authorized shares of common stock from 200 million to 35 million. In connection with the Energy Source acquisition (see Note 2), the Company issued 0.88 million of its common shares, valued at $9.7 million, to the sellers of Energy Source, and 0.87 million shares for $9.5 million, net of expenses, to third party investors to fund the cash portion of the purchase price. At June 30, 2016, the Company has reserved common stock for issuance in relation to the following:
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