v3.22.4
Noncontrolling Interests
3 Months Ended
Dec. 24, 2022
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling interests represent the portion of net assets in consolidated entities that are not owned by the Company. Following the Business Combination, Legacy Warehouse unitholders hold their economic interests directly in New Symbotic Holdings. Upon completion of the Business Combination, Symbotic Inc. issued to Legacy Warehouse unitholders an aggregate of 60,844,573 shares of Symbotic Class V-1 Common Stock and 416,933,025 shares of Symbotic Class V-3 Common Stock, each of which is exchangeable, together with a New Symbotic Holdings Common Unit, into an equal number of Class A Common Stock. Class V-1 and Class V-3 Common Stock are non-economic voting shares in Symbotic Inc. where Class V-1 Common Stock have one vote per share and Class V-3 Common Stock have three votes per share. Class V-3 Common Stock can convert into Class V-1 Common Stock in certain situations, including automatically, seven years following the Business Combination. Pursuant to the Merger Agreement, the Company issued an additional 20,000,000 New Symbotic Common Units and an equal number of shares of Symbotic Class V-1 Common Stock to Legacy Warehouse unitholders as earnout shares in July and August 2022 upon the achievement of triggering events specified in the Merger Agreement tied to the volume weighted average price of Class A Common Stock.
The following table summarizes the ownership of Symbotic Inc. stock for the three months ended December 24, 2022.
Class A Common StockClass V-1 and Class V-3 Common StockTotalClass A Common StockClass V-1 and Class V-3 Common StockTotal
Beginning of period57,718,836 496,170,413 553,889,249 
Issuances17,500 — 17,500 
Exchanges848,354 (848,354)— 
End of period58,584,690 495,322,059 553,906,749 10.6 %89.4 %100 %