Subsequent Events |
6 Months Ended |
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Jun. 30, 2020 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
The Company has evaluated subsequent events through the date of this filing and, except as described below, has determined that no material subsequent events occurred that would require recognition in the consolidated financial statements or disclosure in the notes thereto.
On June 9, 2020, the Company filed a Form 25 with the SEC to notify the SEC of the Company’s intention to voluntarily delist its shares from Nasdaq and deregister its shares under Section 12(b) of the Securities Exchange Act of 1934. The Company’s shares ceased to trade on Nasdaq on June 19, 2020, and transitioned to quotation on OTC Markets Group, Inc.'s OTCQX Best Market. In view of the delisting of the Company’s shares from Nasdaq, the Company filed with the SEC post-effective amendments to deregister unsold shares under the Company Form S-3 Registration Statement filed on April 6, 2020 and a previously filed Registration Statement on Form S-3 that had registered for resale shares held by certain shareholders. Such post-effective amendments became effective July 10, 2020.
On July 9, 2020 the Company adopted a Change in Control Severance Benefit Plan ("CIC Plan"), identified Messrs. Panora and Whiting as participants in the CIC Plan, and made certain performance stock option grants and target bonus plans for Messrs. Panora and Whiting, executive officers of the Company. On July 15, 2020 the Company identified Mr. Locke as a participant in the CIC Plan, and granted Mr. Locke performance stock options, and a target bonus plan.
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