v3.25.1
Capital Stock and Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Capital Stock and Stockholders' Equity

6. CAPITAL STOCK AND STOCKHOLDERS’ EQUITY

Common Stock

As of March 31, 2025, the Company is authorized to issue 105,000,000 shares of capital stock consisting of 94,000,000 shares of Class A common stock, 6,000,000 shares of Class B common stock, and 5,000,000 shares of preferred stock.

Class A and Class B common stock have a par value of $0.00001 per share. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one basis. The Class B common stock will also automatically convert into Class A common stock on December 9, 2025. Holders of common stock are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date.

Share Repurchase Program

The following table summarizes the Company's share repurchase activity under the Share Repurchase Program for the period indicated (in thousands except per share data):

 

 

Three Months Ended March 31, 2025

 

Number of shares repurchased

 

 

352,000

 

Total cost (1)

 

$

675

 

Average per share cost (2)

 

$

1.91

 
(1)
Includes broker commissions and excludes excise tax.
(2)
Average price paid per share is calculated on a settlement basis and excludes broker commissions and excise tax.

As of March 31, 2025, the Company has a total of $12.6 million, excluding broker commissions and excise tax, available under the current authorization for additional share repurchases.