19. Subsequent Event

In February 2014, the Company commenced an offer to exchange one share of its common stock for every eight of its outstanding warrants tendered by the holder for exchange pursuant to the offer. Concurrently with the offer, the Company also solicited consents from holders of its public warrants to amend the warrant agreement governing all of the warrants to permit the Company to require that all outstanding public warrants be converted into shares of its common stock at the same eight-to-one ratio applicable to the offer. The exchange offer expired on March 26, 2014, at 11:59 p.m. Eastern Time. A total of 3,417,348 Public Warrants, or approximately 26% of the 13,066,066 outstanding Warrants (and approximately 43% of the 8,000,000 outstanding Public Warrants), were properly tendered and not withdrawn in the offer.

Under the terms of the offer, the Company accepted all tendered Warrants, and is issuing an aggregate of approximately 427,169 shares of common stock in exchange.