Capital Stock and Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Capital Stock and Stockholders' Equity

6. CAPITAL STOCK AND STOCKHOLDERS’ EQUITY

Common Stock

As of June 30, 2024, the Company is authorized to issue 105,000,000 shares of capital stock consisting of 94,000,000 shares of Class A common stock, 6,000,000 shares of Class B common stock, and 5,000,000 shares of preferred stock.

Class A and Class B common stock have a par value of $0.00001 per share. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one basis. The Class B common stock will also automatically convert into Class A common stock on December 8, 2025. Holders of common stock 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.

Common stock issued and outstanding on the condensed consolidated balance sheets and condensed consolidated statements of changes in stockholders' equity includes shares related to early exercised options and restricted stock that are subject to repurchase.

Share Repurchase Program

The following is a summary of share repurchase activity under the Share Repurchase Program for the period indicated (in thousands except per share data):

	Three months ended June 30, 2024
Number of shares repurchased		2,029,429
Total cost	$	3,747
Average per share cost	$	1.84

As of June 30, 2024, up to approximately $21.3 million of Class A common stock could be repurchased under the Share Repurchase Program.