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Stockholders’ Equity
 9 Months Ended
Mar. 31, 2022
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 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 nine months ended March 31, 2022 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    111    5.65 
Expired   (14)   2.21 
Exercised   (270)   2.04 
Balance of options outstanding at March 31, 2022   1,524   $3.35 

 

Restricted Stock Units (RSUs)

 

The following table presents a summary of activity during the nine months ended March 31, 2022 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   607    6.72 
Vested   (326)   4.16 
Forfeited   (49)   4.80 
Balance of RSUs outstanding at March 31, 2022   1,150   $5.45 

 

Performance Stock Units (PSUs)

 

The following table presents a summary of activity during the nine months ended March 31, 2022 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 March 31, 2022   1,030 

 

Employee Stock Purchase Plan (ESPP)

 

The following table presents a summary of activity during the nine months ended March 31, 2022 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 March 31, 2022   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   Nine Months Ended 
   March 31,   March 31, 
   2022   2021   2022   2021 
   (In thousands) 
Cost of revenue  $80   $70   $280   $212 
Selling, general and administrative   1,264    803    3,568    1,919 
Research and development   268    170    745    405 
Total share-based compensation expense  $1,612   $1,043   $4,593   $2,536 

 

The following table presents the remaining unrecognized share-based compensation expense related to our outstanding share-based awards as of March 31, 2022:  

             
   Remaining   Remaining 
   Unrecognized   Weighted- 
   Compensation   Average Years 
   Expense   To Recognize 
    (In thousands)         
Stock options  $797    1.8 
RSUs   5,468    2.7 
PSUs   1,610    1.3 
Stock purchase rights under ESPP   71    0.1 
   $7,946      

 

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.