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Stockholders’ Equity
 6 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders’ Equity

 

7. Stockholders’ Equity

 

Public Offering

 

On November 18, 2021, we entered into an underwriting agreement (the “Underwriting Agreement”) with TL Investment GmbH (“TL Investment”) and Canaccord Genuity LLC, as representative of the several underwriters named therein (together, the “Underwriters”), relating to the Company’s offer and sale of 4,700,000 shares (the “Firm Shares”) of our common stock, $0.0001 par value per share, at an initial price to the public of $7.50 per share. In addition, TL Investment granted the Underwriters a 30-day option to purchase up to an additional 705,000 shares (the “Option Shares”) of our common stock held by TL Investment at the public offering price, less the underwriting discounts. On November 18, 2021, the Underwriters exercised their option to purchase the Option Shares from TL Investment in full. On November 22, 2021, we issued and delivered the Firm Shares and TL Investment delivered the Option Shares.

 

Net proceeds to Lantronix from the offering of the Firm Shares, after deducting the underwriting discount and offering expenses, were approximately $32,600,000.

 

Stock Options

 

The following table presents a summary of activity during the six months ended December 31, 2021 with respect to our stock options: 

          
      Weighted-
      Average
   Number of  Exercise Price
   Shares  per Share
    (In thousands)         
Balance of options outstanding at June 30, 2021   1,697   $2.98 
Granted   100    5.46 
Expired   (11)   2.04 
Exercised   (210)   2.13 
Balance of options outstanding at December 31, 2021   1,576   $3.26 

 

Restricted Stock Units (RSUs)

 

The following table presents a summary of activity during the six months ended December 31, 2021 with respect to our RSUs: 

          
      Weighted-
      Average
      Grant Date
   Number of  Fair Value
   Shares  per Share
    (In thousands)         
Balance of RSUs outstanding at June 30, 2021   918   $4.14 
Granted   533    6.62 
Vested   (10)   4.54 
Forfeited   (231)   4.18 
Balance of RSUs outstanding at December 31, 2021   1,210   $5.20 

 

Performance Stock Units (PSUs)

 

The following table presents a summary of activity during the six months ended December 31, 2021 with respect to our PSUs: 

     
   Number of Shares
    (In thousands) 
Balance of PSUs outstanding at June 30, 2021   1,084 
Granted   575 
Vested   (629)
Balance of PSUs outstanding at December 31, 2021   1,030 

 

Employee Stock Purchase Plan (ESPP)

 

The following table presents a summary of activity during the six months ended December 31, 2021 under our ESPP: 

     
   Number of
   Shares
    (In thousands) 
Shares available for issuance at June 30, 2021   250 
Shares issued   (64)
Shares available for issuance at December 31, 2021   186 

 

Share-Based Compensation Expense

 

The following table presents a summary of share-based compensation expense included in each functional line item on our accompanying unaudited condensed consolidated statements of operations: 

                    
   Three Months Ended  Six Months Ended
   December 31,  December 31,
   2021  2020  2021  2020
   (In thousands)
Cost of revenue  $100   $85   $200   $143 
Selling, general and administrative   1,178    671    2,304    1,116 
Research and development   222    135    477    235 
Total share-based compensation expense  $1,500   $891   $2,981   $1,494 

 

The following table presents the remaining unrecognized share-based compensation expense related to our outstanding share-based awards as of December 31, 2021: 

          
   Remaining  Remaining
   Unrecognized  Weighted-
   Compensation  Average Years
   Expense  To Recognize
    (In thousands)         
Stock options  $889    2.0 
RSUs   4,985    2.8 
PSUs   2,141    1.5 
Stock purchase rights under ESPP   141    0.4 
   $8,156      

 

If there are any modifications or cancellations of the underlying unvested share-based awards, we may be required to accelerate, increase or cancel remaining unearned share-based compensation expense. Future share-based compensation expense and unearned share-based compensation will increase to the extent that we grant additional share-based awards.