Subsequent Event

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On October 23, 2024, Amprius Holdings, which owned an aggregate of 65.2 million shares, or 58.6%, of our common stock, voluntarily liquidated and dissolved. As a result of such liquidation and dissolution, Amprius Holdings distributed, on a pro rata basis, an aggregate of approximately 57.2 million shares of our common stock to its stockholders.

In connection with the liquidation and dissolution of Amprius Holdings, and upon approval by our board of directors, we assumed all of Amprius Holdings’ outstanding stock options to purchase shares of Amprius Holdings Class A common stock in exchange for, among other things, Amprius Holdings contributing to us 5.5 million shares of our common stock that it owned and agreeing to reimburse our expenses incurred in connection with the assumption of those stock options. All of the shares of our common stock that were contributed by Amprius Holdings to us were cancelled and returned to our authorized but unissued share capital.

Upon assumption of the Amprius Holdings stock options, those options became exercisable with shares of our common stock. The terms of those assumed stock options, including the number of option shares and exercise price, were adjusted in a manner that was designed to comply with the requirements of the Code’s Treasury regulation relating to equity grant assumptions. After giving effect to the adjustment, the assumed stock options relate to the issuance of up to an aggregate of approximately 7.0 million shares of our common stock with a weighted average exercise price of $2.10 per share.