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Redeemable convertible preferred stock | 9 Months Ended
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Sep. 30, 2021
Redeemable convertible preferred stock. |
Redeemable convertible preferred stock | 10. Redeemable convertible preferred stock The Company has issued Series A1 redeemable convertible preferred stock (the “Series A1 Preferred Stock”), Series B1 redeemable convertible preferred stock (the “Series B1 Preferred Stock”), Series C1 redeemable convertible preferred stock (the “Series C1 Preferred Stock”), Series C2 redeemable convertible preferred stock (the “Series C2 Preferred Stock”), Series D1 redeemable convertible preferred stock (the “Series D1 Preferred Stock”) and Series D2 redeemable convertible preferred stock (the “Series D2 Preferred Stock”). The Series A1 Preferred Stock, Series B1 Preferred Stock, Series C1 Preferred Stock, Series C2 Preferred Stock, Series D1 Preferred Stock, and Series D2 Preferred Stock are collectively referred to as the “Preferred Stock”. In April 2020, the Company issued and sold 23,611,208 shares of Series C1 Preferred Stock and 20,301,829 shares of Series C2 Preferred Stock to new and existing investors at a price of $1.15 per share for gross proceeds of $27.2 million and $23.3 million, respectively. Additionally, the Company’s Convertible Notes, including outstanding principal and accrued interest totaling $9.5 million (see Note 9), were automatically converted into 10,351,063 shares of Series C1 Preferred Stock. The Company incurred issuance costs in connection with this transaction of $0.6 million and recorded them as a reduction to the carrying value of the Series C1 Preferred Stock and Series C2 Preferred Stock. In March 2021, the Company issued and sold 22,086,725 shares of Series D1 Preferred Stock and 413,268 shares of Series D2 Preferred Stock to new and existing investors at a price of $3.60 per share for gross proceeds of $79.5 million and $1.5 million, respectively. The Company incurred issuance costs in connection with this transaction of $2.7 million and recorded them as a reduction to the carrying value of the Series D1 Preferred Stock and Series D2 Preferred Stock. On June 25, 2021, investors exchanged a total of 11,437,301 shares and 2,364,509 shares of Series C1 and D1 Preferred Stock to an equal number of shares of Series C2 and D2 Preferred Stock, respectively. On July 14, 2021, the IPO resulted in the automatic conversion Series A1, Series B1, Series C1 and Series D1 preferred stock to 24,200,920 shares of Class A common stock and Series C2 and Series D2 converted into 6,903,379 shares of Class B common stock. On July 19, 2021, the Company restated its certificate of incorporation and authorized 10,000,000 shares of $0.01 par value Preferred Stock. As of September 30, 2021, there was no Preferred Stock outstanding. As of December 31, 2020, Preferred Stock consisted of the following (in thousands, except for share data):
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​ |  | December 31, 2020
​ | ​ | ​ | ​ | Preferred stock | ​ | ​ | ​ | ​ | ​ | ​ |  | Common stock
​ |  | Preferred stock |  | issued and |  | ​ |  | Liquidation |  | issuable upon
​ |  | authorized |  | outstanding |  | Carrying value |  | preference |  | conversion
Series A1 Preferred Stock | ​ | 22,563,639 | ​ | 18,740,115 | ​ | $ | 18,542 | ​ | $ | 21,176 | ​ | 3,748,022
Series B1 Preferred Stock | ​ | 61,217,425 | ​ | 60,017,425 | ​ | ​ | 68,511 | ​ | ​ | 90,026 | ​ | 12,003,474
Series C1 Preferred Stock | ​ | 57,372,796 | ​ | 33,962,271 | ​ | ​ | 40,632 | ​ | ​ | 58,585 | ​ | 6,792,445
Series C2 Preferred Stock |  | 20,301,829 |  | 20,301,829 | ​ |  | 24,141 | ​ |  | 35,021 |  | 4,060,365
​ |  | 161,455,689 |  | 133,021,640 | ​ | $ | 151,826 | ​ | $ | 204,808 |  | 26,604,306
​

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