Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

Stockholders' Equity
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Stockholders' Equity

Note 8.  Stockholders’ Equity


At-the-Market Equity Offering:


The Company entered into a Sales Agreement with H.C. Wainwright dated May 24, 2019, pursuant to which the Company may, from time to time, sell up to $100 million in shares of the Company’s common stock through H. C. Wainwright, as the Company’s sales agent and/or principal, in the ATM Offering. All sales of the shares have been made pursuant to an effective shelf registration statement on Form S-3 filed with the SEC. The Company pays H.C. Wainwright a commission of approximately 3.0% of the aggregate gross proceeds the Company received from all sales of the Company's common stock under the Sales Agreement. The Company received proceeds on sales of 6,024,059 shares of common stock under the Sales Agreement of approximately $9.5 million at a weighted average price of $1.58 (excluding commissions of $0.3 million) during the three months ended March 31, 2020. After filing the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, the Company’s public float was less than $75 million, which caused the amount that can be sold pursuant to the ATM Offering to be subject to the provisions of General Instruction I.B.6 until its public float is at least $75 million.


Common Stock:


During the three months ended March 31, 2020, the 200,000 shares of common stock held in escrow under the Escrow Deposit Agreement were voided and cancelled. See Note 4.


During the three months ended March 31, 2020, 122,377 shares of common stock were issued to a Company executive under an employment agreement in settlement of $175,000 of previously accrued compensation under the Company’s 2019 Riot Blockchain, Inc. Equity Incentive Plan (the “Equity Plan”), and 5,000 shares of common stock were issued in settlement of fully vested restricted stock rights previously granted and expensed under the Company’s 2017 Equity Incentive Plan.