| Summary of common stock reserved for future issuance |
The Company had reserved shares of class A common stock for issuance in connection with the following:
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Common stock warrants (as exercised for class A common stock) treated as equity |
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1,770 |
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12,312 |
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Stock options outstanding |
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2,344 |
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3,489 |
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Restricted stock units outstanding |
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9,158 |
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— |
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Public Warrants (as exercised for class A common stock) treated as liability |
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15,813 |
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— |
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Private Placement Warrants (as exercised for class A common stock) treated as liability |
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8,325 |
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— |
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Shares available for future grant |
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146,474 |
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248,617 |
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Total class A common stock reserved |
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183,884 |
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264,418 |
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The Sponsor Earn-Out Shares have the following provisions:
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Seven years from the closing date of the Merger |
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Exactly half of the Sponsor Earn-Out Shares have a release provision (“Release”) at such time that the volume weighted average price (“VWAP”) is equal to, or greater than, $15.00 per share for ten of any twenty consecutive trading days. The remaining Sponsor Shares Release at such time that the VWAP is equal to, or greater than, $17.50 per share for the of any twenty consecutive trading days. There is an additional provision for acceleration of the Release upon a defined change in control. |
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If, within the seven year period, the Sponsor Earn-Out Shares have not met the Release provisions, the Sponsor Earn-Out Shares will automatically forfeit and be cancelled. |
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The Company had reserved shares of Class A Common Stock for issuance in connection with the following:
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Class A Common Stock warrants (as converted to Class A Common Stock) |
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12,312 |
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11,551 |
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Stock options outstanding |
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3,489 |
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3,856 |
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Shares available for future grant |
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248,617 |
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253,519 |
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Total Class A Common Stock reserved |
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264,418 |
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268,926 |
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