On the Company received in cash proceeds from Alara Capital AVI II, LLC, a Delaware limited liability company (the “Investor”), an investment vehicle sponsored by Active Value Investors, LLC, under a Securities Purchase Agreement entered into on Under the terms of the Securities Purchase Agreement, the Company issued shares of its Series B Convertible Voting Perpetual Preferred Stock (“Series B Preferred Stock”) to the Investor at a price of per share. The Company has recorded million as Series B Preferred Stock on the consolidated balance sheet which is net of stock offering costs of approximately and represents the value attributable to both the convertible preferred stock and warrants issued to the Investor. After considering the value of the warrants, the effective conversion price of the preferred stock was greater than the common stock price on date of issue and therefore beneficial conversion feature was present.

 

On the Company entered into a Securities Purchase Agreement pursuant to which it agreed to sell shares of its Series C Convertible Voting Perpetual Preferred Stock (“Series C Preferred Stock”) to the Investor, for aggregate consideration of which is approximately per share. The Company has recorded as Series C Preferred Stock on the consolidated balance sheet, which is net of stock offering costs of approximately As part of this transaction, the Company and the Investor agreed to reduce the number of shares exercisable under the previously issued warrant, and after considering the reduction in the value of the warrant, the effective conversion price of the preferred stock was greater than the common stock price on the date of issue and therefore beneficial conversion feature was present.

 

On the Company received in net cash proceeds from the Investor under a Securities Purchase Agreement. The Company sold to the Investor shares of its Series D Convertible Voting Perpetual Preferred Stock (Series D Preferred Stock) and a warrant to purchase up to additional shares of common stock at the price of per share. The allocation of the in gross proceeds from issuance of Series D Preferred Stock based on the relative fair values resulted in an allocation of (which was recorded net of of issuance costs) to Series D Preferred Stock and to Common Stock. In addition, because the effective conversion rate based on the allocated to Series D Preferred Stock was per common share which was less than the Company’s stock price on the date of issuance, a beneficial conversion feature was present at the issuance date. The beneficial conversion feature totaled and was recorded as a reduction of common stock and an increase to accumulated deficit.

 

Each share of Series B, Series C and Series D Preferred Stock is convertible into shares of the Company’s common stock. In connection with the preferred stock issuance described above, the Company issued to the investor warrants to purchase a total of common shares at an exercise price of per share. These warrants were exercised in and The Company received funds from Alara in separate closings dated and Alara exercised a total of of its existing Series C and Series D warrants to purchase common shares, all of which had an exercise price of per share for total cash proceeds of which was recorded net of of stock issuance costs. As part of the consideration for this exercise, the Company sold to Alara new warrants to purchase an additional and common shares at an exercise price of and per share, respectively, for a total purchase price of or per share. The new warrants have a term of years and be paid in cash or through a cashless net share settlement. The Company and Alara amended the remaining warrants as part of the closings. On Alara exercised the remaining warrants by acquiring of shares of the Company’s common stock through a cashless net share settlement.

 

The table below present information for the periods ended and

 

Preferred Stock