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Common Stock, Preferred Stock and Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Stockholders' Equity Note [Abstract] |
Common Stock, Preferred Stock and Stockholders' Equity | (15) Common Stock, Preferred Stock and Stockholders’ Equity 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:
| As of September 30, 2023 |
| Class A |  | Class B |  | Class M |  | Class O |  | Class V |  | Class E |  | Series A Preferred |
Shares authorized |  | 800,000,000 |  |  | 20,000,000 |  |  | 300,000,000 |  |  | 800,000,000 |  |  | 300,000,000 |  |  | 2,250,000 |  |  | 50,000,000 |
Shares issued and outstanding |  | 13,183,691 |  |  | — |  |  | — |  |  | — |  |  | 44,100,000 |  |  | 1,075,761 |  |  | 3,475,000 |
Par value | $ | 0.0001 |  | $ | 0.0001 |  | $ | 0.0001 |  | $ | 0.0001 |  | $ | 0.0001 |  | $ | 0.0001 |  | $ | 0.0001 |
Common Stock The rights of the holders of Class A common stock, Class B common stock, Class M common stock, and Class O common stock have various terms, as follows: 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. Class V common stock are voting, non-economic 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 when 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). 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 (the "Board"). 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 any time 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. During the three and nine months ended September 30, 2023, 825,000 shares of Series A Preferred Stock were converted to shares of Class A common stock. Registration Statement On September 1, 2023, the Company’s registration statement registering the resale of up to 83,747,027 shares of Class A common stock, up to 43,848,750 shares of Class A common stock underlying Warrants and up to 12,223,750 Warrants to purchase Class A common stock was declared effective. Share repurchase program On September 22, 2023, the Company announced that its Board has authorized a share repurchase program pursuant to which the Company is authorized to repurchase up to $10.0 million of outstanding shares of its Class A common stock beginning immediately and continuing through and including June 30, 2024. As of the date of this report, no shares had been repurchased.

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