Stockholders’ Deficit

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders’ Deficit

9.  Stockholders’ Deficit

Preferred Stock

As of March 31, 2022 and December 31, 2021, 3,906 shares of Series C-1² Convertible Preferred Stock (“Series C-1² Preferred”) were issued and outstanding, and convertible into 6,735,378 shares of common stock. As of March 31, 2022 and December 31, 2021, the Series C-1² Preferred liquidation preference was approximately $3.9 million. The Series C-1² Preferred does not pay a dividend. The holders of the Series C-1² Preferred do not have voting rights, other than for general protective rights required by the Delaware General Corporation Law.

Stock Repurchase Plan

On November 17, 2021, the Company announced that it would commence a stock repurchase plan for up to $10 million of the Company’s common stock. On March 7, 2022, the Board approved a $5 million increase to the stock repurchase plan from up to $10 million to up to $15 million of the Company’s common stock. The plan has no time limit and can be discontinued at any time. For the three months ended March 31, 2022, the Company repurchased approximately 1.2 million shares of its common stock for $5.2 million, including commissions.