Stockholders' Equity

6 Months Ended

Jun. 30, 2017

Stockholders Equity Note [Abstract]

Stockholders' Equity

Note 4. Stockholders’ Equity

Preferred Stock

As of June 30, 2017, the Company had authorized 5,000,000 shares of preferred stock, par value $0.0001, of which no shares were outstanding.

Common Stock

As of June 30, 2017 the Company had authorized 451,000,000 shares of Class A common stock and 44,000,000 shares of Class B common stock, each par value $0.0001 per share, of which 21,936,390 shares and 17,965,068 shares of Class A and Class B common stock, respectively, were issued and outstanding. Holders of Class A and Class B common stock are entitled to one vote per share and ten votes per share, respectively. Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon transfer, subject to certain exceptions, and upon the earlier of (1) the seventh anniversary of the closing of the IPO, and (2) the date on which the Class B common stock ceases to represent at least 25% of the outstanding common stock. The shares of Class A common stock and Class B common stock are identical, except for voting and conversion rights. During the six months ended June 30, 2017, 13,527,799 shares of Class B common stock were converted into 13,527,799 shares of Class A common stock at the request of the holders thereof.