Subsequent Events |
3 Months Ended |
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Mar. 31, 2025 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 4, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire Vidurama, Inc., a Delaware corporation (“TrueLark”), an AI-powered receptionist and front-desk automation platform provider. Pursuant to the Merger Agreement, Project Sparrow Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Weave (“Merger Sub”), will merge with and into TrueLark (the “Merger”), with TrueLark continuing as the surviving corporation of the Merger. Under the terms and conditions of the Merger Agreement, all of the outstanding capital stock of TrueLark, and all options and other rights to purchase TrueLark capital stock, will be canceled and converted into the right to receive an aggregate of $35.0 million (the “Purchase Price”), comprised of $25.0 million in cash and $10.0 million in shares, subject to certain closing and potential post-closing adjustments. Weave expects to issue 999,810 shares of its common stock in connection with the closing of the Merger (the “Shares). Certain portions of the Purchase Price (both cash and Shares) will be subject to holdback provisions to secure potential post-closing adjustments to the Purchase Price and the indemnification obligations of certain TrueLark securityholders.The Company intends to fund the cash portion of the Purchase Price with cash on hand. Additionally, in connection with the closing of the transaction, Weave intends to grant performance-based restricted stock unit awards to certain key personnel of TrueLark with vesting over a two-year period.
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