PLAN OF DISTRIBUTION We are offering 2,471,912
Post# of 72440
We are offering 2,471,912 shares of common stock under this prospectus supplement and the accompanying prospectus directly to three individual investors at a price of $0.89 per share.
The shares were offered directly to the investors without a placement agent, underwriter, broker or dealer. We are not paying underwriting discounts or commissions in connection with the offering.
We have entered into a stock purchase agreement, dated as of March 28, 2017, with each investor. A form of the subscription agreement is included as an exhibit to our Current Report on Form 8-K that we will file with the SEC in connection with the consummation of this offering. See “Where You Can Find More Information”.
Our obligation to issue and sell shares to each investor is subject to the conditions set forth in the applicable stock purchase agreement. The investor’s obligation to purchase shares is subject to conditions set forth in the applicable stock purchase agreement as well.
We currently anticipate that the sale of the securities offered by this prospectus supplement and the accompanying base prospectus will be completed on or about March 31, 2017, subject to customary closing conditions. We estimate the total offering expenses of this offering that will be payable by us will be approximately $12,000, which includes legal and printing costs and various other fees. At the closing, The Depository Trust Company will credit the shares of common stock to the account of the investors.