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Stockholders' Equity | 9 Months Ended
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Feb. 29, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity Equity Plans On October 9, 2021, the Company’s Board of Directors approved two equity incentive plans, which the Company’s stockholders approved on January 20, 2022. The two plans consist of the 2022 Incentive Plan, previously referred to in the Company’s SEC filings as the 2021 Incentive Plan (the “Incentive Plan”), which provides for grants of various equity awards to the Company’s employees and consultants, and the 2022 Non-Employee Director Stock Plan previously referred to in the Company’s SEC filings as the 2021 Non-Employee Director Stock Plan (the “Director Plan” and, together with the Incentive Plan, the “Plans”), which provides for grants of restricted stock to non-employee directors and for deferral of cash and stock compensation if such deferral provisions are activated at a future date. As of February 29, 2024, the Company had issued awards for approximately 15.1 million shares of common stock of the Company under the plans. During the three and nine months ended February 29, 2024 the Company recognized $3.2 million and $13.6 million in stock-based compensation, respectively. Restricted Stock Awards The following is a summary of the activity and balances for unvested restricted stock awards granted for the nine months ended February 29, 2024:
| Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Outstanding as of May 31, 2023 | 380,955 |  |  | $ | 2.22 |
Granted | 315,265 |  |  | 4.94 |
Vested | (391,416) |  |  | 2.30 |
Forfeited | (67,370) |  |  | 4.75 |
Outstanding as of February 29, 2024 | 237,434 |  |  | $ | 4.98 |
As of February 29, 2024, total remaining expense to be recognized related to these awards was $1.0 million and the weighted average remaining recognition period for the unvested awards was 1.4 years. Restricted Stock Units The following is a summary of the activity and balances for unvested restricted stock units granted for the nine months ended February 29, 2024:
| Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Outstanding as of May 31, 2023 | 12,465,935 |  |  | $ | 2.53 |
Granted | 2,278,400 |  |  | 6.81 |
Vested | (5,920,463) |  |  | 2.68 |
Forfeited | (314,575) |  |  | 2.49 |
Outstanding as of February 29, 2024 | 8,509,297 |  |  | $ | 3.62 |
As of February 29, 2024, total remaining expense to be recognized related to these awards was $29.6 million and the weighted average remaining recognition period for the unvested awards was 2.0 years. Public Offering During the nine months ended February 29, 2024, the Company completed sales of common stock under an "at the market" sale agreement pursuant to which the Company could sell up to $125 million in aggregate proceeds of common stock. The Company sold approximately 18.9 million shares for net proceeds of approximately $121.0 million in total. Commission and legal fees related to the issuance were $0.7 million and $4.0 million for the three and nine months ended February 29, 2024, respectively. Extinguishment of Noncontrolling Interest On August 31, 2023, pursuant to the joint venture agreement, the minority partner in 1.21 Gigawatts LLC exercised the option to exchange their interest in the joint venture for approximately 1.5 million shares, or a value of $9.8 million, of the Company’s common stock. The Company is now the sole member of 1.21 Gigawatts LLC and will report all activity as attributable to the Company in future periods.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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