Outstanding Warrants
As of March 14, 2018, we had warrants to purchase 339,564,098 shares of our common stock outstanding, with a weighted exercise price of $0.0854. As of
March 14, 2018, we had options to purchase 7,266,648 shares of our common stock outstanding, with a weighted exercise price of $5.55.
These warrants
are described in more detail below. In each case, the summaries provided below or elsewhere in this proxy statement are subject to and qualified in their entirety by the form of warrant or agreement, as applicable, which have been filed as exhibits
to our Registration Statements on Form
S-1
and/or Current Reports on Form
8-K.
February 2018 Warrants
On February 9, 2018,
we sold 15,969,166 Series A Units, with each Series A Unit consisting of one share of our common stock, one Series A common stock purchase warrant, or Series A common warrant, to purchase one share of our common stock, and one Series B
common stock purchase warrant, or Series B common warrant, to purchase one share of our common stock and one Series C common stock purchase warrant, or Series C common warrant, to purchase that number of shares of our common
stock as set forth therein (and the shares of common stock issuable from time to time upon exercise of these common warrants) to certain institutional investors in a registered direct offering. For investors whose purchase of Series A Units would
have resulted in such investor, together with its affiliates and certain related parties, beneficially owning more than 4.99% of our outstanding common stock following the closing of the offering, we offered the opportunity to purchase, in lieu of
Series A Units that have would otherwise resulted in ownership in excess of 4.99% of our outstanding common stock, 30,935,833 Series B Units. Each Series B Unit consists of one
pre-funded
common stock purchase
warrant, or
pre-funded
warrant, to purchase one share of our common stock, one Series A common warrant, one Series B common warrant and one Series C common warrant (the Series A common warrants,
Series B common warrants, Series C common warrants and
pre-funded
common warrants, collectively, the February 2018 Common Warrants).
320,787,498 shares of our common stock are issuable upon exercise of the February 2018 Common Warrants.
August 2017 Warrants
On August 11, 2017, we
issued and sold 14,666,667 shares of our common stock, together with warrants to purchase up to 14,666,667 shares of common stock with an initial exercise price of $0.75 per share (the August 2017 Underwritten Warrants), subject to the
adjustments set forth in the August 2017 Underwritten Warrants in an underwritten public offering. Concurrent with this offering, we entered into subscription agreements with certain of our officers and directors to issue and sell in a private
placement an aggregate of 273,331 shares of common stock, together with warrants to purchase up to 273,331 shares of common stock with an initial exercise price of $0.75 per share of common stock (the August 2017 Private Placement
Warrants and, together with the August 2017 Underwritten Warrants, the August 2017 Common Warrants).
14,939,998 shares of our common
stock are issuable upon exercise of the August 2017 Common Warrants.
January 2017 Warrants
On January 23, 2017, we issued and sold 3,684,212 shares of common stock, together with warrants to purchase up to 1,842,106 shares of Common Stock with
an initial exercise price of $5.50 per share of Common Stock (the January 2017 Warrants), subject to certain adjustments, at a price to the public of $4.75 per fixed combination consisting of one share of common stock and associated
January 2017 Warrant to purchase
one-half
share of our common stock. The Company also granted the underwriters a
30-day
option to purchase up to an additional
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