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Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity  
Stockholders' Equity

Note 14. Stockholders’ Equity

The Company is authorized to issue up to 680,000,000 shares of common stock, without any par value per share.

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Each holder of common stock is entitled to one vote for each share held of record on all matters to be voted on by such holders. Holders of common stock are entitled to receive dividends, if declared. Upon liquidation, dissolution or winding-up, holders of common stock are entitled to share ratably in the net assets legally available for distribution after payment of all debts and other liabilities, subject to any preferential rights of the holders of preferred stock, if any.

During the six months ended June 30, 2025, approximately 0.2 million shares of common stock vested or were issued to the Company’s board of directors, officers, employees, and advisors in settlement of an equal number of fully vested restricted stock awards (“RSAs”) or restricted stock units (“RSUs”) awarded to such individuals by the Company under the Company’s 2019 Equity Incentive Plan, as amended (the “2019 Equity Incentive Plan”). The Company withheld approximately less than 0.1 million of these shares, with a fair value of approximately $0.6 million, to cover the withholding taxes related to the settlement of these vested RSAs and RSUs, as permitted by the 2019 Equity Incentive Plan.

At-the-Market Equity (“ATM”) Program

August 2024 ATM Program

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In August 2024, the Company established the August 2024 ATM Program, under which it could offer and sell up to $750.0 million in shares of the Company’s common stock.

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During the six months ended June 30, 2025, the Company received net proceeds of approximately $121.1 million ($123.9 million of gross proceeds, net of $2.8 million in commissions and expenses) from the sale of 10,775,462 shares of its common stock at a weighted average fair value of $11.50 per share under its August 2024 ATM Program. As of June 30, 2025, approximately $238.3 million in shares of the Company’s common stock were available for sale under the August 2024 ATM Program.

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