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Subsequent Event
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On April 1, 2022, our stockholders approved the Charter Amendment Proposal and Private Placement Issuance Proposal discussed in Note 3. The Private Placement Issuance closed on April 4, 2022. On April 4, 2022, we received $225 million, before expenses, and issued 225,000 shares of Series B Preferred Stock pursuant to the Purchase Agreements. The Bridge Loans converted into 30,559 shares of Series B Preferred Stock based on a Conversion Amount, as described in Note 3, of $25.5 million.
Following stockholder approval of the Charter Amendment Proposal and the Private Placement Issuance Proposal, our name was changed to Standard BioTools Inc. Shortly after the closing of the Private Placement Issuance, we also changed the ticker symbol for our common stock to LAB. Upon the closing of the Private Placement Issuance, Dr. Michael Egholm was appointed as the Company’s President and Chief Executive Officer and as a member of the Board of Directors.
In connection with the closing, we adopted the 2022 Inducement Equity Incentive Plan with an initial reserve of approximately 9.5 million shares. Effective April 4, 2022, we awarded options for 8.1 million shares of our common stock at an exercise price of $3.99 per share and 1.4 million restricted stock units to members of our management team, including Dr. Egholm under the 2022 Inducement Equity Incentive Plan. These awards vest over four years.