| Stockholders' Equity and Common Stock Purchase Warrants |
Note 9 — Stockholders’ Equity and Common
Stock Purchase Warrants
The Company is authorized to issue
up to 150 million shares of its common stock, par value of $0.001 per share. There were 81,424,744 and 63,819,935 shares of common stock
issued and outstanding as of March 31, 2021 and December 31, 2020, respectively.
Three Months Ended March 31,
2021
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On January 5, 2021, a total of 6,000,000 shares of common stock of the Company were issued for gross proceeds of approximately $13,434, before a placement agent fee and expenses of approximately $951, and offering costs incurred by the Company of approximately $71. The shares of common stock were issued in a registered direct offering pursuant to a Prospectus Supplement dated January 5, 2021 with respect to the Company’s effective shelf registration statement on Form S-3 (File No. 333-248709). |
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On February 23, 2021, a total of 9,782,609 shares of common stock of the Company were issued for proceeds of approximately $41,566, before offering costs incurred by the Company of approximately $290. The shares of common stock were issued in an underwritten registered offering pursuant to a final Prospectus Supplement dated February 23, 2021, with respect to the Company’s effective shelf registration statement on Form S-3 (File No. 333-248709 and File No. 333-253384). |
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During the three months ended March 31, 2021, a total of 860,217 shares of common stock of the Company were issued resulting from a corresponding number of Series Z Warrants exercised for cash of $1.60 per share. Subsequent to March 31, 2021, as of May 14, 2021, a total of 672,954 Series Z Warrants were exercised for cash at a $1.60 per share, resulting in the issue of a corresponding number of shares of common stock of the Company. |
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In January 2021, 667,668 shares of the Company’s common stock were issued upon conversion, at the election of the holder, of the November 2019 Senior Convertible Note remaining face value principal of approximately $956 along with approximately $7 of interest thereon, as discussed in Note 6, Debt. |
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During the three months ended March 31, 2021, 10,835 shares of common stock of the Company were issued upon conversion of a corresponding number of shares of Series B Convertible Preferred Stock. See Note 8, Preferred Stock, for a discussion of the Series B Convertible Preferred Stock. |
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During the three months ended March 31, 2021, 80,000 shares of common stock of the Company were issued upon exercise of stock options for cash of approximately $80. See Note 7, Stock-Based Compensation, for a discussion of the PAVmed Inc. 2014 Equity Plan. |
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On March 31, 2021, 203,480 shares of common stock were purchased by employees through participation in the PAVmed Inc. Employee Stock Purchase Plan, as discussed in Note 7, Stock-Based Compensation. |
Common Stock Purchase Warrants
The common stock purchase warrants
(classified in permanent equity) outstanding as of the dates indicated are as follows:
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Common Stock Purchase Warrants Issued and Outstanding at |
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Weighted |
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Weighted |
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March 31, |
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Average
Exercise |
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December 31, |
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Average
Exercise |
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Expiration |
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2021 |
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Price /Share |
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2020 |
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Price/Share |
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Date |
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| Series Z Warrants |
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15,954,722 |
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$ |
1.60 |
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16,814,939 |
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$ |
1.60 |
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April 2024 |
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| UPO - Series Z Warrants |
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--- |
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$ |
--- |
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53,000 |
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$ |
1.60 |
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January 2021 |
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| Series W Warrants |
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381,818 |
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$ |
5.00 |
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381,818 |
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$ |
5.00 |
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January 2022 |
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| Total |
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16,336,540 |
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$ |
1.68 |
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17,249,757 |
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$ |
1.57 |
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During the three months ended March
31, 2021, 860,217 Series Z Warrants were exercised for cash at their exercise price per share, resulting in the issue of a corresponding
number of shares of common stock of the Company. Additionally, subsequent to March 31, 2021, as of May 14, 2021, a total of 672,954 Series
Z Warrants were exercised for cash at their exercise price per share, resulting in the issue of a corresponding number of shares of common
stock of the Company.
The Unit Purchase Options (UPO)
expired unexercised as of January 29, 2021.
During the three months ended March
31, 2020, the remaining 1,199,383 Series S Warrants were exercised for cash at their exercise price of $0.01 per share, resulting in the
issue of a corresponding number of shares of common stock of the Company.
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