Stockholders’ Deficit

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders’ Deficit

9.  Stockholders’ Deficit

Preferred Stock

As of June 30, 2022 and December 31, 2021, 3,906.5192257295 shares of Series C-1² Convertible Preferred Stock (“Series C-1² Preferred”) were issued and outstanding, and convertible into 6,734,993 shares of common stock. As of June 30, 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. For the three and six months ended June 30, 2022, the Company repurchased approximately 0.7 million shares and 1.9 million shares, respectively, of its common stock for $2.9 million and $8.1 million, including commissions, respectively. In connection with the Merger Agreement (see Note 15), the stock repurchase plan was cancelled effective July 11, 2022.