Capital Stock

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Capital Stock

Capital Stock

On May 24, 2023, the Company’s shareholders approved the proposed change of the Company’s state of incorporation from Montana to Delaware. As a result, each outstanding share of the then Company’s Class A common stock became an outstanding share of common stock of the Company and each outstanding option, warrant or other right to acquire shares of the Company’s previously designated Class A common stock became an outstanding option, warrant or other right to acquire shares of common stock of the Company.

On May 21, 2024, the Company’s 2023 Equity and Incentive Plan was amended to increase the number of shares of common stock authorized for issuance thereunder by an additional two million shares, all of which were registered pursuant to a Registration Statement on Form S-8 filed with the SEC on May 23, 2024.

As of September 30, 2024, the Company is authorized to issue an aggregate of 150,100,000 shares of capital stock, of which 150,000,000 shares are designated as common stock, and 100,000 are designated as preferred stock. Our common stock is uncertificated and has one vote per share.

The Company had 104,529,863 shares and 103,941,626 shares of common stock outstanding as of September 30, 2024 and December 31, 2023, respectively, and no shares of preferred stock outstanding as of September 30, 2024 and December 31, 2023.

During the nine months ended September 30, 2024, the Company issued 43,514 shares of its common stock to directors for their annual service on the Company's board of directors. The aggregate value of the shares issued to directors of $1.2 million is amortized into stock-based compensation expense in the accompanying consolidated statements of changes in stockholders’ equity over a one-year service-based period.

As of September 30, 2024, the Company does not have a stock repurchase program in place. Stock repurchases during the nine months ended September 30, 2024 and 2023, were redemptions of vested restricted shares tendered in lieu of cash for payment of income tax withholding amounts by participants in the Company’s equity compensation plans.