Convertible Preferred Stock

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Convertible Preferred Stock

Convertible Preferred Stock

Upon completion of the IPO in December 11, 2020, all shares of convertible preferred stock outstanding, totaling 33,443,969 shares, were automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis and their carrying value of $61.2 million was reclassified into stockholders’ equity. As of March 31, 2021, there were no shares of convertible preferred stock issued and outstanding.

In connection with the IPO, the Company’s restated certificate of incorporation became effective, which authorized the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.0001 with rights and preferences, including voting rights, designated from time to time by the Company’s board of directors.