|12 Months Ended|
Jul. 31, 2020
|Subsequent Events [Abstract]|
Note 14—Subsequent Events
Except as disclosed elsewhere herein, below are the Company’s subsequent events.
On August 19, 2020, the Company completed the offer and sale of an aggregate of 4,608,589 shares of its common stock at a purchase price of $3.25 per share in a registered direct offering. The gross proceeds of the offering were approximately $15.0 million, and the net proceeds, after deducting the placement agent’s fee and other offering fees and expenses paid by the Company, were approximately $13.7 million. In connection with the offering, the Company paid the placement agent and other financial advisors an aggregate cash fee equal to 8.0% of the gross proceeds of the offering, as well as legal and other expenses equal to $75,000.
On August 25, 2020, the Company entered into an amended lease agreement for the Company’s Pennington, New Jersey office. The lease was to expire on December 31, 2020. The amendment extends the lease term through December 31, 2021 and the lease term automatically renews for up to two additional one-year terms. Base rent under the amended lease agreement escalates 2% per year over the term beginning January 1, 2021.
Subsequent to July 31, 2020, the Company issued an aggregate of 1,176,576 stock options to certain individuals, including executive officers, non-executive employees, non-employee directors and consultants. The stock options issued have a ten-year term, vest over a period ranging from one to three years and have an exercise price ranging from $3.43 to $3.82. In addition, the compensation committee approved the accelerated vesting of 1,206,102 previously granted time-vesting stock options.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef