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Shareholders’ Equity
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Shareholders’ Equity
10.Shareholders’ Equity

 

Common and Preference Shares

 

Authorized

 

The Company is authorized to issue 1,000,000,000 shares as of March 31, 2023 and December 31, 2022, consisting of:

 

(i)700,000,000 shares of Class A Common Stock with a par value of $0.0001 per share
(ii)170,000,000 shares of Class C Common Stock with a par value of $0.0001 per share
(iii)110,000,000 shares of Class D Common Stock with a par value of $0.0001 per share
(iv)20,000,000 shares of preferred stock with a par value of $0.0001 per share

 

Issued and outstanding

 

The following shares of common stock are issued and outstanding at:

 

   March 31, 2023   December 31, 2022 
   Number   Amount   Number   Amount 
Class A Common Stock   111,467,763    $741,013    111,467,763   $741,013 
Class C Common Stock   167,662,214    16,766    167,662,214    16,766 
Class D Common Stock   105,782,403    10,578    105,782,403    10,578 
                     
Balance   384,912,380    $768,357    384,912,380   $768,357 

 

Certain shareholders are eligible to receive up to an aggregate of 78,376,354 additional shares of the Company’s Class A Common Stock if the closing price of the Company’s Class A Common Stock is greater than or equal to $15.00 and $17.50, respectively (with 50% released at each target, or if the latter target is reached first, 100%) for a period of 20 trading days during any 30 trading-day period. The term will expire September 16, 2027. If there is a change in control prior to September 16, 2027 resulting in a per share price equal to or in excess of the $15.00 and $17.50 share price milestones not previously met, then the Company shall issue the earnout shares to these shareholders. The shares are currently being held in escrow until the contingency is met.