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Common Stock, Preferred Stock and Stockholders' Equity
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
Common Stock, Preferred Stock and Stockholders' Equity
(15) Common Stock, Preferred Stock and Stockholders’ Equity

Common Stock
The Company is authorized to issue seven classes of stock to be designated, respectively, Class A common stock, Class B common stock, Class M common stock, Class O common stock, Class V common stock (together with Class A common stock, Class B common stock, Class M common stock and Class O common stock, the “Voting Common Stock”) and Class E common stock (together with the Voting Common Stock, the “Common Stock”)
and Preferred Stock. The total number of shares of capital stock which the Company shall have authority to issue
is 
2,223,250,000, divided into the following:
Class A common stock:
 
  •  
Authorized: 800,000,000, with a par value of $0.0001 per share
 
 
•
 
Issued and Outstanding: 12,358,691 as of June 30, 2023
Class B common stock:
 
  •  
Authorized: 20,000,000, with a par value of $0.0001 per share
 
  •  
Issued and Outstanding: Nil as of June 30, 2023
Class M common stock:
 
  •  
Authorized: 300,000,000, with a par value of $0.0001 per share
 
  •  
Issued and Outstanding: Nil as of June 30, 2023
 
Class O common stock:
 
  •  
Authorized: 800,000,000, with a par value of $0.0001 per share
 
  •  
Issued and Outstanding: Nil as of June 30, 2023
Class V common stock:
 
  •  
Authorized: 300,000,000, with a par value of $0.0001 per share
 
 
•
 
Issued and Outstanding: 44,100,000 as of June 30, 2023
Class E common stock:
 
  •  
Authorized: 2,250,000, with a par value of $0.0001 per share
 
 
•
 
Issued and Outstanding: 1,075,761
 
as of June 30, 2023
 
Series A Preferred Stock:
 
  •  
Authorized: 50,000,000, with a par value of $0.0001 per share
 
 
•
 
Issued and Outstanding: 4,300,000 as of June 30, 2023
The rights of the holders of Class A common stock, Class B common stock, Class M common stock, and Class O common stock are identical, except with respect to voting and conversion. Class V common stock are voting, noneconomic shares and exchangeable, along with common units of BT HoldCo, into Class A common stock. Shares of Class M common stock are convertible into an equivalent number of shares
(one-for-one)
of Class A common stock automatically upon transfer, or the Majority Stockholder ceasing to beneficially own at least
 
20
%
of the voting power represented by the shares in Class V common stock. Shares of Class E common stock are convertible into an equivalent number of shares
(one-for-one)
of Class A common stock the reported closing trading price of the common stock exceeds certain thresholds if, from the closing of the Merger until the tenth anniversary thereof, the reported closing trading price of the common stock exceeds certain thresholds and is subject to forfeiture terms (See Note 14). Holders of Class A common stock, Class B common stock and Class O common stock are entitled to one vote per share. Holders of Class M common stock and Class V common stock are entitled to ten votes per share. Any dividends paid to the holders of Class A common stock and Class M common stock will be paid on a pro rata basis. On a liquidation event, any distribution to common stockholders is made on a pro rata basis to the holders of the Class A common stock and Class M common stock. Refer to Note 14 for further discussion regarding the Class E common stock.
 
Series A Preferred Stock
In connection with the Merger and PIPE Financing, on June 30, 2023, the Company issued
 
4,300,000
shares of its Series A Preferred Stock. Holders of the Series A Preferred Stock have no voting rights except in certain matters as described in the Company’s Certificate of Designation. There are no other voting rights associated with the Series A Preferred Stock. 
The Series A Preferred Stock is only entitled to dividends when and if declared by the Company’s Board of Directors. There is no stated dividend preference. The Series A Preferred Stock participate fully with respect to all distributions and dividends made to the Company’s Class A common stock, including in the event of a liquidation, dissolution, or winding up of the Company.
The Series A Preferred Stock is convertible at anytime at the option of the holders into Class A common stock at an initial exchange ratio of 1:1, as adjusted for any dilutive events. The Series A Preferred Stock is economically identical to the Company’s Class A common stock and is therefore treated as another class of common stock for reporting purposes (i.e., net income per share calculation), and is classified in permanent equity.