Common Stock and Convertible Preferred Stock

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Common Stock and Convertible Preferred Stock

COMMON STOCK AND CONVERTIBLE PREFERRED STOCK

Upon completion of the merger on June 25, 2021, the Company issued an aggregate of approximately 5,365,899 shares of its common stock to Private Tempest stockholders, based on an exchange ratio of 0.0322 shares of the Company’s common stock for each share of Private Tempest common stock outstanding immediately prior to the merger, including those shares of common stock issued upon conversion of the Private Tempest preferred stock (3,692,912 common shares) and those shares of common stock issued with its pre-merger financing of $30.0 million (1,136,849 common shares).

As of March 31, 2022 and December 31, 2021, the Company was authorized to issue 100,000,000 shares of common stock at a par value of $0.001. Of the 100,000,000 common stock shares authorized, 7,173,094 and 6,910,324 were legally issued and outstanding at March 31, 2022 and December 31, 2021, respectively. There were no shares subject to repurchase due to remaining vesting requirements. Common stockholders are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. The holders of each share of common stock are entitled to one vote. Except for effecting or validating certain specific actions intended to protect the preferred stockholders, the holders of common stock vote together with preferred stockholders and have the right to elect one member of the Company’s Board of Directors.

On July 23, 2021, the Company entered into a sales agreement with Jefferies LLC, pursuant to which the Company may sell,     from time to time, up to an aggregate sales price of $100,000,000 of its common stock through Jefferies LLC.

As of March 31, 2022 and December 31, 2021, the Company was authorized to issue up to 5,000,000 shares of preferred stock at a par value of $0.001. There was no preferred stock issued nor outstanding as of March 31, 2022 and December 31, 2021.