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At-the-Market Equity Offerings | 6 Months Ended
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Jun. 30, 2023
At Market Equity Offerings [Abstract] |
At-the-Market Equity Offerings | (10) At-the-Market Equity Offerings On September 9, 2022, the Company entered into a Sales Agreement (the “2022 Sales Agreement”) with Cowen and Company LLC and BTIG, LLC, as agents (collectively, the “2022 Sales Agents”), pursuant to which the Company could issue and sell shares of its class A common stock having an aggregate offering price of up to $500.0 million from time to time through the 2022 Sales Agents. The Company agreed to pay the 2022 Sales Agents commissions for their services in acting as agents in the sale of the shares in the amount of up to 2.0% of gross proceeds from the sale of shares pursuant to the 2022 Sales Agreement. The Company also agreed to provide the 2022 Sales Agents with customary indemnification and contribution rights. On May 1, 2023, the Company terminated the 2022 Sales Agreement and entered into a new Sales Agreement (the “2023 Sales Agreement”) with Cowen and Company, LLC and Canaccord Genuity LLC, as agents (collectively, the “2023 Sales Agents”), pursuant to which the Company may issue and sell shares of its class A common stock having an aggregate offering price of up to $625.0 million from time to time through the 2023 Sales Agents. The Company agreed to pay the 2023 Sales Agents commissions for their services in acting as agents in the sale of the shares in the amount of up to 2.0% of gross proceeds from the sale of shares pursuant to the 2023 Sales Agreement. The Company also agreed to provide the 2023 Sales Agents with customary indemnification and contribution rights. The Company did not sell any shares of its class A common stock under the 2022 Sales Agreement during the three months ended June 30, 2023. During the six months ended June 30, 2023, the Company issued and sold 1,348,855 shares of class A common stock under the 2022 Sales Agreement for aggregate net proceeds (less sales commissions and expenses) of approximately $339.0 million. At termination of the 2022 Sales Agreement on May 1, 2023, the Company had issued and sold an aggregate of 1,567,430 shares under the 2022 Sales Agreement for aggregate net proceeds (less sales commissions and expenses) of approximately $385.2 million. During the three and six months ended June 30, 2023, the Company issued and sold 1,079,170 shares of class A common stock under the 2023 Sales Agreement for aggregate net proceeds (less sales commissions and expenses) of approximately $333.5 million. As of June 30, 2023, approximately $290.0 million of the Company’s class A common stock remained available for issuance and sale pursuant to the 2023 Sales Agreement. The sales commissions and expenses related to the 2022 Sales Agreement and 2023 Sales Agreement are considered direct and incremental costs and are charged against “Additional paid-in capital” on the Consolidated Balance Sheet in the period in which the related shares are issued and sold.

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- Definition At-the-market equity offerings. + References No definition available. + Details
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- Definition At-the-Market equity offerings disclosure. + References No definition available. + Details
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