| Stockholders' Equity |
Common Stock
On March 10, 2016, we filed a certificate of amendment to our
Amended and Restated Certificate of Incorporation, as amended, to
effect the Split, that became effective for trading purposes on
March 11, 2016. The number of authorized shares and the par
value of our common stock remained unchanged following the Split.
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 Certificate of Incorporation to
increase the authorized shares of common stock from 20,000,000 to
35,000,000.
The changes in issued and outstanding common stock during the years
ended December 31, 2016, 2015 and 2014 were as follows:
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Shares |
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Balance at January 1, 2014
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8,209,521 |
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Shares issued for stock-based compensation
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71,800 |
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Shares issued for contingent consideration and acquisition
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260,100 |
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Shares issued in public offering (1)
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800,000 |
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Conversion of preferred stock to common stock (2)
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3,630,017 |
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Balance at December 31, 2014
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12,971,438 |
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Shares issued for stock-based compensation
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142,556 |
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Shares issued in private placement offering (3)
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869,600 |
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Shares issued for contingent consideration and acquisition
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1,980,909 |
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Balance at December 31, 2015
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15,964,503 |
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Shares issued for stock-based compensation
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310,959 |
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Shares issued for contingent consideration and acquisition
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1,254,137 |
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Shares issued in public offering (4)
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3,191,250 |
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Shares issued in private placement offering (5)
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172,413 |
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Balance at December 31, 2016
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20,893,262 |
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| (1) |
Underwritten public offering of our
common stock at an offering price of $12.50 per share. Net proceeds
of the offering were $8.6 million, which were used for general
corporate purposes. |
| (2) |
Exchange of all outstanding preferred
stock, including accrued but unpaid dividends. |
| (3) |
Shares sold in a private placement to
one of our distributors. Net proceeds were used for general
corporate purposes. |
| (4) |
Underwritten public offering of our
common stock at an offering price of $5.25 per share. Net proceeds
of the offering were $15.2 million, which were used to fund
the cash portion of the TNT acquisition (see Note 3), pay down bank
debt, and for general corporate purposes. |
| (5) |
Shares sold for $1.0 million in
a private placement to one of our distributors. Net proceeds were
used for general corporate purposes. |
At December 31, 2016, 8,670,386 shares, or 42% of our
outstanding shares, were owned by RVL and its affiliates.
Preferred Stock
We are authorized to issue up to 5,000,000 shares of preferred
stock. On December 1, 2014, all outstanding shares of
preferred stock were converted into common stock (the
“Preferred Stock Exchange”). As such, there were no
shares of preferred stock outstanding at both December 31,
2016 and 2015.
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