Annual report pursuant to Section 13 and 15(d)

Note 11 - Warrants

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Note 11 - Warrants
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Warrants and Rights [Text Block]
11.
WARRANTS
 
On
April 26, 2018,
the Company closed a private placement of its Common Stock and Warrants to purchase its Common Stock (which were issued to certain investors in place of Common Stock to facilitate compliance with Jones Act restrictions) for aggregate gross proceeds of
$56,855,000
(the “PIPE Private Placement”) with certain qualified institutional buyers and other accredited investors. The PIPE Private Placement included the issuance of
2,168,586
shares of Common Stock (the “PIPE Shares”) and Warrants to purchase
674,164
shares of the Common Stock at an exercise price of
$0.01
per share (the “PIPE Warrants”). The PIPE Warrants were issued to CME on
April 26, 2018,
have a
25
-year term and an exercise price of
$0.01
per share. On
May 2, 2018
the Company and Carlyle entered into an amendment and exchange agreement pursuant to which Carlyle exchanged
$50.0
million in principal amount of the Convertible Senior Notes for warrants in order to purchase
1,886,292
shares of common stock at an exercise price of
$0.01
per shares (the “Exchange Warrants” and, together with the PIPE Warrants, the “Warrants”). The Exchange Warrants have a
25
-year term, which commenced
May 2, 2018.
On
May 31, 2018
and
June 8, 2018,
the
250,693
and
38,857
Warrants exercised, respectively for a penny per share which left
2,271,406
 Warrants outstanding as of
December 31, 2018.