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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Class A and Class B Common Stock The Company’s board of directors (the “Board”) has authorized two classes of common stock, Class A and Class B. As of June 30, 2023, the Company had authorized 715,000,000 shares of Class A common stock and 121,000,000 shares of Class B common stock with a par value of $0.0001 per share for each class. As of June 30, 2023, the Company had 313,888,629 shares issued and 292,025,179 shares outstanding of Class A common stock, and 97,088,670 shares issued and outstanding of Class B common stock. Holders of Class A and Class B common stock have identical rights, except that holders of the Class A common stock are entitled to one vote per share and the holder of the Class B common stock is entitled to ten votes per share. Equity Financing Program On February 28, 2023, the Company entered into an agreement (the “Sales Agreement”) with Virtu Americas LLC (the “Agent”) under which the Company may offer and sell, from time to time in its sole discretion, shares of the Company’s Class A common stock with aggregate gross sales proceeds of up to $75.0 million through an equity offering program under which the Agent will act as sales agent (the “Equity Financing Program”). The Company intends to use the net proceeds from offerings under the Equity Financing Program primarily for expenditures or payments in connection with strategic merger and acquisition opportunities, as well as potential strategic investments, partnerships and similar transactions. Under the Sales Agreement, the Company sets the parameters for the sale of the shares, including the number of shares to be issued, the time period during which sales are requested to be made, limitations on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Sales Agreement, the Agent has agreed to use its commercially reasonable efforts, consistent with its normal trading and sales practices, to sell the shares by methods deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, (the “Securities Act”) including sales made through The Nasdaq Global Select Market. The Company issued 1,005,603 and 3,765,292 shares of Class A common stock under the Equity Financing Program during the three and six months ended June 30, 2023 for net proceeds of $6.9 million and $29.6 million, respectively. As of June 30, 2023, $45.1 million of Class A common stock was available for sale under the program. Strategic Investment Agreement On May 8, 2023, the Company entered into an agreement to issue 1,652,892 shares of Class A common stock to a wholly owned subsidiary of TPK, for a cash purchase price of $10.0 million pursuant to a private placement in reliance on Section 4(a)(2) of the Securities Act. The Company received proceeds of $10.0 million and issued 1,652,892 shares of Class A common stock on May 15, 2023. Additionally, the Company granted an option to purchase 1,652,892 additional shares of Class A common stock worth $10.0 million within 90 days following the date of the agreement. The option was equity classified and the fair value of the option recorded within additional paid in capital was not material. On August 4, 2023, TPK notified the Company of its intention to exercise the option. The settlement of the option exercise is expected to close in August 2023. Private Warrants The Company had 1,668,269 Private Warrants outstanding as of December 31, 2022. No Private Warrants were exercised in the six months ended June 30, 2023. The Private Warrants are set to expire on December 2, 2025. Each Private Warrant allows the holder to purchase one share of Class A common stock at $11.50 per share. Stock-in-lieu of Cash Program The Company has entered into arrangements with certain vendors and other third parties wherein the Company at its discretion may elect to compensate the respective vendors / third parties for services provided in either cash or by issuing shares of the Company’s Class A common stock (“Stock-in-lieu of Cash Program”). The Company considers the shares issuable under the Stock-in-lieu of Cash Program as liability classified awards when the arrangement with the vendors requires the Company to issue a variable number of shares to settle amounts owed. During the six months ended June 30, 2023, the Company issued 6,115,092 shares of Class A common stock as part of the Stock-in-lieu of Cash Program, including 1,564,822 shares of Class A common stock in lieu of cash to a certain vendor for purchases of certain data, hardware and software pursuant to a private placement. As of June 30, 2023, the Company had a total of $11.0 million in prepaid expenses and other current and non-current assets related to its Stock-in-lieu of Cash Program. The Company’s vendor Stock-in-lieu of Cash Program activity for the six months ended June 30, 2023 was as follows:
| Shares |  | Weighted Average Grant Date Fair Value per Share
Unvested shares as of December 31, 2022 | 1,047,151 |  |  | $ | 11.90 |
Granted | 6,115,092 |  |  | 6.15 |
Vested | (4,588,812) |  |  | 6.72 |
Unvested shares as of June 30, 2023 | 2,573,431 |  |  | 7.47 |

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