Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY

v3.20.1
STOCKHOLDERS' EQUITY
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Stock Repurchase Program

On May 2, 2018, the Company’s board of directors authorized the repurchase of issued and outstanding shares of the Company’s common stock having an aggregate value of up to $10.0 million pursuant to a share repurchase program. The authorization did not specify an expiration date. The repurchases under the share repurchase program were made in the open market or in privately negotiated transactions and were funded from the Company’s working capital. As of March 31, 2020, the Company has a remaining authorization of $8.0 million for future share repurchases.

Warrants

During the issuance of the Series A-1 Preferred Stock in June 2017, the Company issued a fully vested common stock warrant (the “Warrant”), to initially purchase 2,000,000 shares of common stock, $0.0001 par value per share at an exercise price of $3.18 per share, which increased to 2,355,506 shares in accordance with its terms. The Warrant has a term of three years, expiring June 2020.

As of March 31, 2020 the aggregate intrinsic value of the warrant was $0, with a weighted average contracted term of 0.2 years.