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Convertible Preferred Stock
12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Convertible Preferred Stock
11.
Convertible Preferred Stock and Stockholders' Deficit

Convertible Preferred Stock

In 2020, the Company issued 4,642,048 shares of its Series E-1 convertible preferred stock ("Series E-1") at a price per share of $11.85 for proceeds of approximately $54.9 million, net of issuance costs.

The following table represents our authorized, issued, and outstanding convertible preferred stock (in thousands, except for share data) as of December 31, 2020:

 

 

 

2020

 

 

 

Shares
Authorized

 

 

Shares
Issued and
Outstanding

 

Net
Proceeds

 

Series Seed convertible preferred stock

 

 

9,615,250

 

 

 

4,807,624

 

$

1,000

 

Series Seed 2 convertible preferred stock

 

 

6,699,600

 

 

 

3,349,799

 

 

998

 

Series A convertible preferred stock

 

 

36,231,850

 

 

 

18,115,923

 

 

5,000

 

Series B convertible preferred stock

 

 

62,748,330

 

 

 

31,374,164

 

 

15,000

 

Series C convertible preferred stock

 

 

36,535,641

 

 

 

18,267,813

 

 

34,656

 

Series D convertible preferred stock

 

 

40,491,675

 

 

 

20,245,834

 

 

94,998

 

Series E convertible preferred stock

 

 

28,932,045

 

 

 

14,466,016

 

 

159,816

 

Series E-1 convertible preferred stock

 

 

9,284,110

 

 

 

4,642,048

 

 

54,864

 

Total

 

 

230,538,501

 

 

 

115,269,221

 

$

366,332

 

 

Upon closing of the IPO on March 26, 2021, all of the then-outstanding shares of convertible preferred stock automatically converted into 115,269,221 shares of Class B common stock on a one-for-one basis. There were no shares of convertible preferred stock outstanding subsequent to the closing of the IPO.

Class A and Class B Common Stock

On March 11, 2021, the Board of Directors and the stockholders of the Company approved an amended and restated certificate of incorporation that implemented a dual class common stock structure where all existing shares of common stock converted to Class B common stock and a new class of common stock, Class A common stock, became authorized. The amended and restated certificate of incorporation became effective immediately prior to the closing of the IPO on March 26, 2021. The authorized share capital of Class A common stock of the Company is 2,000,000,000 and the authorized share capital for Class B common stock is 160,000,000. The Class A common stock is entitled to one vote per share and the Class B common stock is entitled to ten votes per share. The Class A and Class B common stock have the same rights and privileges and rank equally, share ratably, and are identical in all respects for all matters except for the voting, conversion, and transfer rights. Holders of the Company's common stock are entitled to receive dividends as may be declared by the Company's board of directors. No cash dividends had been declared or paid during the year ended December 31, 2021 and 2020. The Class B common stock converts to Class A common stock at any time at the option of the holder. During the year ended December 31, 2021, 85,836,123 Class B shares converted to an equal number of Class A common stock.