|6 Months Ended|
Jun. 30, 2020
|Subsequent Events [Abstract]|
NOTE 16 — SUBSEQUENT EVENTS
On July 24, 2020, we completed a registered direct offering pursuant to which we sold 35,000,000 shares of our common stock at an offering price of $1.00 per share. Net proceeds from this transaction were approximately $32.5 million.
2020 Unsecured Note
As discussed in Note 9, Borrowings, the 2020 Unsecured Note is subject to certain cash sweep provisions. Due to the amount of proceeds generated from the sale of our common stock under our at-the-market program in June, as well as the equity offering completed on July 24, 2020, these cash sweep provisions were triggered on July 1, 2020 and August 3, 2020 requiring us to make a total of $8.0 million in additional repayments of the outstanding principal balance. As a result of these additional repayments, the final payment associated with the 2020 Unsecured Note is scheduled to occur on April 1, 2021 instead of June 1, 2021 as originally scheduled.
Subsequent to June 30, 2020, and through the date of this filing, we issued 2,045,944 shares of common stock under our at-the-market equity offering program for total proceeds of approximately $2.1 million, net of approximately $0.1 million in fees and commissions. As of July 31, 2020, we have remaining capacity under our at-the-market program to raise aggregate gross sales proceeds of approximately $363.5 million.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef