Common Stock and Preferred Stock

3 Months Ended

Jun. 30, 2022

Equity [Abstract]

Common Stock and Warrants

9. Common Stock and Preferred Stock

Common Stock

On the Closing Date, in connection with the Merger, the Company amended and restated its certificate of incorporation to authorize 1,490,000,000 shares of common stock, of which 1,140,000,000 shares are designated Class A common stock and 350,000,000 shares are designated Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share. Each share of Class B common stock is convertible into one share of Class A common stock any time at the option of the holder and is automatically converted into one share of Class A common stock upon transfer (except for certain permitted transfers). Once converted into Class A common stock, the Class B common stock will not be reissued. Additionally, pursuant to the Company’s amended and restated certificate of incorporation, the Company is authorized to issue 10,000,000 shares of preferred stock having a par value of $0.0001 per share (“Preferred Stock”). The Company’s Board of Directors has the authority to issue shares of the Preferred Stock in one or more series and to determine the preferences, privileges, and restrictions, including voting rights, of those shares. As of June 30, 2022, no shares of Preferred Stock were issued and outstanding.

Reserve for Issuance

The Company has the following shares of common stock reserved for future issuance, on an as-if converted basis:

	June 30,		March 31,
	2022		2022
Outstanding stock options		71,980,548		73,609,565
Outstanding restricted stock units		23,076,570		10,676,378
Remaining shares available for future issuance under 2021 Equity Incentive Plan		48,995,670		48,895,572
Remaining shares available for future issuance under Employee Stock Purchase Plan		11,420,000		11,420,000
Total shares of common stock reserved		155,472,788		144,601,515