Stockholders’ Equity |
9 Months Ended |
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Sep. 30, 2020 | |
| Equity [Abstract] | |
| Stockholders’ Equity | Stockholders’ Equity Reverse Stock Split
On August 7, 2020, the Board of Directors effected a reverse stock split of the Company’s outstanding shares of common stock at a ratio of 1-for-10 and reduced the total number of authorized shares of the Company’s common stock pursuant to an amendment to the Company’s Certificate of Incorporation, which was approved by the Company’s shareholders at the Company’s annual meeting of shareholders on June 8, 2020. The reverse stock split became effective as of the close of business on August 7, 2020. The Company’s common stock began trading on a split-adjusted basis on the New York Stock Exchange (“NYSE”) at the market open on August 10, 2020. The par value of the common stock was not adjusted as a result of the reverse stock split.
The reverse stock split was intended to, among other things, increase the per share trading price of the Company’s common shares to satisfy the $1.00 minimum closing price requirement for continued listing on the NYSE. As a result of the reverse stock split, each 10 pre-split shares of common stock outstanding were automatically combined into one issued and outstanding share of common stock. The fractional shares that resulted from the reverse stock split were canceled by paying cash in lieu of the fair value. The number of outstanding shares of common stock were reduced from 397,479,684 as of August 7, 2020 to 39,746,967 shares. The total number of shares of common stock that the Company is authorized to issue was reduced from 525,000,000 to 52,500,000 shares. All share and per share amounts, except par value per share, in the accompanying consolidated financial statements and notes thereto were retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital in the current period.
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