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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 14—Subsequent Events

On July 26, 2022, the Company announced that the Board of Directors approved and declared a quarterly dividend of $0.03 per share of its Class A common stock that will be paid on August 19, 2022 to holders of record on August 5, 2022.

On July 26, 2022, the Company announced that it has entered into an agreement to become a private company through a transaction in which holders of Class A common stock will receive $9.60 per share in cash. Under the terms of the definitive agreement, the Company will merge with and into a newly formed subsidiary of its operating company in an all-cash transaction that implies an enterprise value for the Company of approximately $795 million. The $9.60 per share price represents a premium of 49% to the Company's closing stock price on July 26, 2022, and a premium of approximately 46% over the 90-calendar day volume weighted average price. In connection with entering into the definitive agreement, the operating company obtained debt financing via a debt commitment letter, dated as of July 26, 2022, with JPMorgan Chase Bank, N.A. to provide the operating company with a term loan facility in an aggregate principal amount of $200 million, on the terms and subject to the conditions set forth in the commitment letter. The proceeds of the term loan will be used, among other things, to finance payment of the consideration payable in connection with the definitive agreement, pay fees and expenses in connection with the transactions related thereto and for working capital and other general corporate purposes. The consummation of the definitive agreement is not conditioned upon the term loan.

No other subsequent events necessitated disclosures and/or adjustments.