16. Subsequent Events
Since March 31, 2017, warrant holders exercised warrants to purchase shares of the Company’s common stock for cash of $2,987,988 and the Company issued an aggregate of 8,982,484 shares.
On April 11, 2017, at the 2017 Annual Meeting of Shareholders of the Company, the shareholders of the Company approved an amendment to the 2013 Plan to increase the number of shares of common stock reserved for issuance thereunder from 17,000,000 to 34,000,000.
On April 13, 2017, the Company announced that it will implement a 1-for-10 reverse stock split of the outstanding shares of the Company’s common stock, together with a corresponding proportional reduction in the number of authorized shares of the Company’s capital stock. The Company expects that the reverse stock split will be effective on May 5, 2017 upon the filing and effectiveness of a Certificate of Amendment to the Company’s Certificate of Incorporation, and that trading of the Company’s common stock on the NYSE MKT will begin on a split-adjusted basis at the opening of trading on May 5, 2017. If the reverse stock split is effected, references to historical and future share and per-share data in future periodic filings will be adjusted to give effect to the reverse stock split, with the exception of the Company’s common stock par value. Amounts affected would include but not be limited to common stock outstanding, stock options, restricted stock units and warrants to purchase common stock.