Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

8.STOCKHOLDERS’ EQUITY

Convertible Preferred Stock

Prior to the conversion upon the closing of the Merger, Legacy Tectonic issued Series A-1, A-2, A-3 and A-4 convertible preferred stock (the “Preferred Stock”).

Prior to the completion of the Merger, Legacy Tectonic classified the Preferred Stock outside of permanent equity as the shares had redemption features that were not entirely within the control of Legacy Tectonic.

Upon the closing of the Merger, all outstanding shares of the Preferred Stock were converted into 3,647,675 shares of common stock. No shares of the Preferred Stock were outstanding as of September 30, 2024.

Preferred Stock

Subsequent to consummation of the Merger, the Company authorized the issuance of 10,000,000 shares of new undesignated preferred stock, however no such shares were issued or outstanding as of September 30, 2024.

Common Stock

In connection with the Merger, the Company authorized the issuance of 150,000,000 shares of common stock at a par value of $0.0001. Holders of voting common stock are entitled to one vote per share. In addition, holders of voting common stock are entitled to receive dividends, if and when declared by the Company’s Board of Directors. As of September 30, 2024, no dividends had been declared.