Subsequent Events |
9 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2018 | ||||
| Subsequent Events [Abstract] | ||||
| Subsequent Events [Text Block] |
Reverse Stock Split Proposal
On April 23, 2018, the Company held a Special Meeting of Stockholders whereby the Company’s stockholders approved a proposal to effect a reverse stock split of the Company’s Common Stock, $0.001 par value per share, at the discretion of the Company’s Board of Directors. As described in the Company’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 3, 2018 (the “Proxy Statement”), at the Special Meeting the stockholders were asked to vote on two matters: (1) to approve an amendment to the Company’s Certificate of Incorporation, as amended (the “Reverse Split Amendment”), to effect a reverse stock split of the Company’s common stock, $0.001 par value per share, at a ratio not less than one-for-two (1:2) and not greater than one-for-ten (1:10), with the exact ratio to be publicly announced and set within that range at the discretion of the Company’s Board of Directors before filing of Reverse Split Amendment without further approval or authorization of the Company’s stockholders (the “Reverse Stock Split Proposal”), and (2) to consider and vote upon a proposal to approve the adjournment of the Special Meeting, if necessary, to solicit additional proxies if there were not sufficient votes in favor of the proposal to effect a reverse stock split (the “Adjournment Proposal”). As described in the Proxy Statement, the Board has the authority to decide, at any time prior to April 23, 2019, whether to implement the reverse stock split and the precise ratio of the reverse stock split within a range of one-for-two (1:2) shares of the Company’s common stock to one-for-ten (1:10) shares of the Company’s common stock. If the Board decides to implement the reverse stock split, the reverse stock split will become effective upon the filing of the Reverse Split Amendment. Form S-1 Registration Statement On May 2, 2018, the Company filed a Form S-1 Registration Statement containing a preliminary prospectus offering shares of the Company’s common stock, $0.001 par value, in a firm commitment underwritten public offering. Subject to the Registration Statement being declared effective by the Securities and Exchange Commission, the number of shares of common stock to be offered and the offer price will be determined between the Company and the underwriter at the time of pricing, and may be at a discount to the current market prices. Further information can be found within the Schedule 14A Proxy Statement filed on April 3, 2018, and the Form S-1 Registration Statement filed on May 2, 2018. |