Note 15—Subsequent Events

Stock-Based Compensation

On October 12, 2020, the Company’s shareholders approved an amendment to the Company’s 2018 Equity Incentive Plan to increase the number of shares of common stock reserved thereunder by 9,000,000 shares.

On October 12, 2020, 500,000 shares of restricted stock awards were granted under the 2018 Equity Incentive Plan, to the independent members of the Board of Directors, in connection with their annual grant.

On November 5, 2020, the Board of Directors approved 3.35 million restricted stock awards and 3.35 million performance stock awards to be granted to employees. The restricted stock awards vest and become non-forfeitable over three years. The performance stock awards vest and become non-forfeitable over three years if certain corporate goals are achieved by the initial vesting date. 

Reverse Stock Split

On November 10, 2020, the Company’s shareholders approved an amendment to our Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s outstanding shares of common stock at a stock split ratio of between 1-for-25 and 1-for-75, inclusive, which ratio will be selected at the sole discretion of our Board of Directors. To effect the reverse stock split, the Board of Directors must approve the actual split ratio within the range and file the amendment with the Secretary of State of the State of Delaware.