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Redeemable Convertible Preferred Shares

6 Months Ended

Jun. 30, 2023

Redeemable Convertible Preferred Shares

6. Redeemable Convertible Preferred Shares

Under the Company’s Memorandum and Articles of Association, as amended, prior to the IPO, the Company’s redeemable convertible preferred shares were issuable in series.

As of December 31, 2022, redeemable convertible preferred shares consisted of the following (in thousands, except share and per share amounts):



	DECEMBER 31, 2022
				SHARES ISSUED
	SHARES	ORIGINAL		AND	CARRYING		LIQUIDATION
SERIES	AUTHORIZED	ISSUE PRICE		OUTSTANDING	VALUE		VALUE
A	19,200,000	$	1.6667	19,200,000	$	32,001	$	32,001
A+	12,799,681		2.0313	12,799,681		26,000		26,000
B	32,857,004		4.0483	32,857,004		133,015		133,015
B-1	2,161,402		3.2386	2,161,402		8,959		7,000
	67,018,087			67,018,087	$	199,975	$	198,016

Dividends on redeemable convertible preferred shares are noncumulative and none were declared through conversion. Upon closing of the Company’s IPO, all outstanding redeemable convertible preferred shares automatically converted into 67,018,087 ordinary shares on a one-for-one basis.