Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equit y Securities and Use of Proceeds.
Unregistered Sales of Equity Securities
From July 1, 2020 through September 30, 2020, we sold and issued the following unregistered securities:
1)
We sold an aggregate of 56,000 shares of common stock to employees for cash consideration in the aggregate amount of $259,000 upon the exercise of stock options.
None of the foregoing transactions involved any underwriters, underwriting discounts or commissions or any public offering, and the Registrant believes each transaction was exempt from the registration requirements of the Securities Act as stated above.
Use of Proceeds
On September 22, 2020, the U.S. Securities and Exchange Commission declared effective our registration statement on Form S-1 (File No. 333-248247), as amended, filed in connection with our initial public offering. On September 25, 2020, we completed our initial public offering (“IPO”) .
In connection with the IPO, we sold 7,500,000 shares of common stock at $17.00 per share, resulting in proceeds of $118.6 million, net of the underwriting discounts and commissions and before offering costs. In connection with the IPO, certain stockholders sold 6,500,000 shares of common stock at $17.00 per share. Subsequent to the IPO, certain stockholders further sold 1,135,375 shares pursuant to the underwriters’ exercise of their option to purchase additional shares. We did not receive any of the proceeds from the sale of shares by the selling stockholders.
Goldman Sachs & Co. LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC acted as representatives of the underwriters for our initial public offering. There has been no material change in the planned use of proceeds from our initial public offering from that described in the related prospectus dated September 22, 2020, filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not applicable.
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