Capital Stock |
9 Months Ended |
|---|---|
Sep. 30, 2022 | |
| Capital Stock | |
| Note 3. Capital Stock |
Note 3 - Capital Stock
Holders of the common stock are entitled to receive such dividends as may be declared by the Board of Directors out of funds legally available therefor. To date no dividends have been declared. Upon dissolution and liquidation of the Company, holders of the common stock are entitled to a ratable share of the net assets of the Company remaining after payments to creditors of the Company. The holders of shares of common stock are entitled to one vote per share for the election of each director nominated to the Board and one vote per share on all other matters submitted to a vote of stockholders.
The Company’s amended and restated certificate of incorporation authorizes the Company to issue 40,000,000 shares of common stock with a par value of $0.001 per share.
Sales of Common Stock
On January 13, 2020, the Company entered into a Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC (“JonesTrading”), as sales agent, pursuant to which Monopar could offer and sell (at its discretion), from time to time, through or to JonesTrading shares of Monopar’s common stock, having an aggregate offering price of up to$19.7 million. Pursuant to this agreement, during the nine months ended September 30, 2021, the Company sold 1,104,047 shares of its common stock at an average gross price per share of $10.20 for net proceeds of $10,925,312 after fees and commissions of $338,153. During the nine months ended September 30, 2022, the Company did not sell any shares of common stock as the maximum aggregate offering price under the agreement was reached during the first quarter of 2021.
On April 20, 2022, the Company executed a new Capital on DemandTM Sales Agreement with JonesTrading, pursuant to which Monopar may offer and sell, from time to time, through or to JonesTrading, as sales agent or principal, shares of Monopar’s common stock. On April 20, 2022, the Company filed a prospectus supplement with the U.S. Securities and Exchange Commission relating to the offer and sale of its common stock from time to time pursuant to the agreement up to an aggregate amount of $4,870,000. During the three and nine months ended September 30, 2022, the Company incurred $13,194 and $49,040, respectively, in expenses related to the execution of the Capital on DemandTM Sales Agreement and in connection with the filing of the prospectus supplement. These expenses were recorded as offering costs on the Company’s condensed consolidated statement of stockholders’ equity for the period. During the three and nine months ended September 30, 2022, the Company did not sell any stock pursuant to this agreement.
As of September 30, 2022, the Company had 12,855,735 shares of common stock issued and outstanding. |