Redeemable Convertible Preferred Stock, Preferred Stock Warrants, and Stockholders’ Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Redeemable Convertible Preferred Stock, Preferred Stock Warrants, and Stockholders’ Equity

Redeemable Convertible Preferred Stock, Preferred Stock Warrants, and Stockholders’ Equity

Redeemable Convertible Preferred Stock

In January 2021, the Company issued 4,650,999 shares of Series E redeemable convertible preferred stock at $14.14 per share for aggregate proceeds of $61.6 million, net of issuance costs of $4.1 million. The shares of Series E redeemable convertible preferred stock were accreted to redemption value immediately upon issuance and $4.1 million of accretion was recorded within additional paid-in capital within the condensed consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit).

In February 2021, Traton exercised warrants to purchase 4,331,644 shares of Series E-2 redeemable convertible preferred stock at an exercise price of $11.31 per share, resulting in aggregate proceeds of $49.0 million.

In March 2021, Navistar exercised warrants to purchase 9,477,073 shares of Series E redeemable convertible preferred stock at an exercise price of $14.14 per share, resulting in proceeds of $134.0 million.

Upon the closing of the IPO, all shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into 120,534,419 shares of common stock. As of September 30, 2021, there were no shares of the Company’s preferred stock issued and outstanding.