On March 27, 2013, Array entered into a Sales Agreement (the “Sales Agreement”) for an at-the-market offering of shares of our common stock with Cantor Fitzgerald & Co., as sales agent thereunder (“Cantor”). Subject to the terms and conditions of the Sales Agreement, Array may from time to time issue and sell through Cantor, as our sales agent, shares of Array’s authorized but previously unissued common stock having an aggregate market value of up to $75,000,000.
Array does not currently have specific plans to sell common stock under the Sales Agreement nor is Array obligated to make any sales under the Sales Agreement. Unless otherwise terminated as indicated below, the Agreement continues until the earlier of selling all shares available under the Sales Agreement or March 27, 2016.
Any sale of shares under the Sales Agreement may be made by Cantor by any method that is deemed to be an “at-the-market” equity offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on or through The NASDAQ Global Market, to or through a market maker or, with our authorization, in privately negotiated transactions. Cantor will use commercially reasonable efforts consistent with its normal trading and sales practices to sell our common stock from time to time, based upon our instructions (including any price, time or size limits or other customary parameters or conditions we may impose). We will pay Cantor a commission of up to 3.0% of the aggregate gross proceeds we receive from sales of our common stock, with the exact amount to be agreed to by us at the time a placement notice is delivered, or at such other time as we and Cantor agree.
The Sales Agreement may be terminated by Cantor or Array at any time upon 10 days notice to the other party, or by Cantor in certain circumstances, including the occurrence of a material adverse change of Array. We have also agreed to indemnify and prov