Annual report pursuant to Section 13 and 15(d)

Capital Stock

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Capital Stock
12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Capital Stock Capital Stock
Reverse Stock Split

On October 24, 2019, the Company amended its Certificate of Incorporation and effected a 30-for-1 reverse stock split of its common stock. All shares and per share information referenced throughout the consolidated financial statements and footnotes have been retrospectively adjusted to reflect the reverse stock split.

2020 Offerings
On October 28, 2020, the Company entered into an underwriting agreement with H.C. Wainwright & Co., LLC (“Wainwright”), relating to an underwritten public offering of 1.6 million shares of its common stock for $2.20 per share. The Company received proceeds from the offering of $2.9 million, net of expenses and discounts of $534 thousand. The Company also issued warrants to purchase 94 thousand shares of common stock to Wainwright in connection with this offering. The warrants are exercisable for five years from the date of issuance at a per share price of $2.42.

On December 2, 2020, Cancer Genetics, Inc. entered into an At The Market Offering Agreement (the “ATM Agreement”) with Wainwright, as sales agent, pursuant to which the Company may offer and sell, from time to time through Wainwright, shares of its common stock, par value $0.0001 per share, for aggregate gross proceeds of up to $2.4 million. On December 8, 2020, the Company received proceeds from the offering of $159 thousand, net of expenses and discounts of $6 thousand in exchange for 50 thousand shares. The Company suspended the offering of shares under the ATM Agreement on February 10, 2021.

2019 Offerings
On January 9, 2019, the Company entered into an underwriting agreement with H.C. Wainwright & Co., LLC ("Wainwright”), relating to an underwritten public offering of 445 thousand shares of its common stock for $6.75 per share. The Company received proceeds from the offering of $2.4 million, net of expenses and discounts of $563 thousand. The Company also issued warrants to purchase 31 thousand shares of common stock to Wainwright in connection with this offering. The warrants are exercisable for five years from the date of issuance at a per share price of $7.43. The warrants had a fair value of $168 thousand on the date of issuance and are classified as equity in the Company's Consolidated Balance Sheet.

On January 26, 2019, the Company issued 507 thousand shares of common stock at a public offering price of $6.90 per share. The Company received proceeds from the offering of $3.0 million, net of expenses and discounts of $525 thousand. The Company also issued warrants to purchase 36 thousand shares of common stock to the underwriter, Wainwright, in connection with this offering. The warrants are exercisable for five years from the date of issuance at a per share price of $7.59. The warrants had a fair value of $183 thousand on the date of issuance and are classified as equity in the Company's Consolidated Balance Sheet.

The January 9, 2019 and January 26, 2019 offerings will be referred to collectively as the “2019 Offerings.” As disclosed in Note 18, certain of the Company's directors and executive officers purchased shares in the 2019 Offerings at the public offering price.

Conversions and Exchanges of Debt into Common Stock

Between June 3, 2020 and September 23, 2020, the Company issued an aggregate of approximately 399 thousand shares of the Company's common stock, with a fair value of $1.6 million, to Atlas Sciences in exchange for the return to the Company of the remaining principal and interest from its unsecured promissory note, as such the Note Payable balance on December 31, 2020 was $0.

On November 20, 2020, the Company entered into Warrant Exchange and Amendment Agreements with certain holders of warrants issued in offerings in 2016 (the “Exchange Warrants”). Pursuant to the Exchange Agreements, the Holders agreed to amend each of the Purchase Agreements so that the Company will no longer be prohibited from effecting or agreeing to affect any Variable Rate Transactions. In addition, pursuant to the Exchange Agreements, the Company offered the Holders the opportunity to exchange in full all their Exchange Warrants in exchange for 0.2 shares of the Company’s common stock, par value $0.0001 per share for each share of Common Stock issuable upon exercise of an Exchange Warrant being exchanged. Further, the Company agreed not to issue or agree to issue any Common Stock or Common Stock equivalents for a period of five trading days from the effective date of the Exchange Agreements, subject to certain exceptions. The Company issued an aggregate of 11 thousand shares of common stock pursuant to the Exchange Agreements.

In May 2019, Iliad converted $350 thousand of the Convertible Note into an aggregate of 51 thousand shares of the Company's common stock at a conversion price of $6.82 per share.

During the year ended December 31, 2019, the Company issued 174 thousand shares of common stock to Iliad in exchange for the return of $612 thousand of principal amounts due under the Convertible Note using the exchange date fair market value of the Company's common stock.

Stock Issued to Vendor

On December 4, 2019, the Company issued 5 thousand shares of common stock to a vendor at a value of $7.86 per common share, using the exchange date fair market value of the Company's common stock.

Preferred Stock

The Company is currently authorized to issue up to 9.8 million shares of preferred stock. As of December 31, 2020 and 2019, no shares of preferred stock were outstanding.