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Warrants
12 Months Ended
Dec. 31, 2016
Warrants [Abstract]  
Warrants

Note 5. Warrants

Convertible Preferred Stock Warrant

 

The Company previously issued a warrant to purchase 27,321 shares of Series A convertible preferred stock in conjunction with a loan and security agreement with Silicon Valley Bank, or SVB, at an exercise price of $1.37255 per share. Immediately prior to the completion of the IPO, this warrant was converted to a warrant to purchase 27,321 shares of Class B common stock. The fair value of the warrant at the time of conversion was $0.6 million and was recorded as additional paid-in capital and a reduction of the preferred stock warrant liability. On September 26, 2016, the warrant holder exercised the warrant and the Company issued 25,658 shares of Class B common stock through a cashless exercise of the warrant, in accordance with its terms.

Common Stock Warrants

In connection with entering into and amending the senior credit facility, see Note 12, the Company issued warrants to purchase 21,444 shares of Class B common stock at an exercise price of $13.99 per share and 5,241 shares of Class B common stock at an exercise price of $14.31 per share. The warrants were recorded as additional paid-in capital and as debt issuance costs on the consolidated balance sheet. In connection with the repayment of the debt, the unamortized debt issuance costs related to the warrants were expensed and recorded as interest expense in the consolidated statements of operations.

On September 26, 2016, the warrant holders exercised these warrants and the Company issued 10,055 shares of Class B common stock through a cashless exercise of the warrants.

In addition, in connection with entering into the subordinated loan agreement, see Note 12, the Company issued warrants to purchase an aggregate of 21,208 shares of Class B common stock at an exercise price of $14.31 per share. The warrants were recorded as additional paid-in capital and as debt issuance costs on the consolidated balance sheet. In connection with the repayment of the debt, the unamortized debt issuance costs related to the warrants were expensed and recorded as interest expense in the consolidated statements of operations.

On September 26, 2016, one of the warrant holders exercised warrants to purchase 10,604 shares of Class B common stock. The Company issued 3,874 shares of Class B common stock through a cashless exercise of the warrants. The remaining warrants to purchase 10,604 shares of Class B common stock were outstanding as of December 31, 2016.