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Preferred Stock
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Preferred Stock

8. Preferred Stock

 

The Company’s amended and restated certificate of incorporation (the “Articles”) provides for a class of authorized stock known as preferred stock, consisting of 500,000 shares, $0.0001 par value per share, issuable from time to time in one or more series. During 2021, the Articles were amended to designate and authorize 6,746 shares of Series A convertible preferred stock (the “Series A Preferred Stock”).

 

The Series A Preferred Stock does not have any mandatory redemption provisions, contingently redeemable redemption provisions, preferential dividend rights, liquidation preferences, or voting rights, apart from mirrored, non-discretionary voting rights with common stock as a single class, equal to 100,000 votes per share of common stock underlying the Series A Preferred Stock on the Reverse Stock Split proposal which was approved by the Company’s stockholders at a special stockholder meeting on February 10, 2022.

 

As of September 30, 2022, there are no shares of Series A Preferred Stock outstanding as all previously issued shares were converted into common stock during the nine months ended September 30, 2022 and the year ended December 31, 2021.