v3.26.1
Common Stock and Stockholders’ Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Common Stock and Stockholders’ Equity
10. Common Stock and Stockholders’ Equity

Common Stock Warrants

On July 28, 2022, the Company granted warrants to purchase up to 15,743,174 shares of Series B common stock in connection with the collaboration agreement and strategic partnership with Shopify as compensation for marketing services.
The following table summarizes the warrants activity during the three months ended March 31, 2026:
Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Life (years)
Warrants outstanding at January 1, 2026
2,410,676 $0.01 6.58
Granted— — — 
Exercised(344,383)0.01 6.49
Cancelled— — — 
Warrants outstanding at March 31, 2026
2,066,293 $0.01 6.33
During the three months ended March 31, 2026, 344,383 warrants vested. The Company has no vested but not exercised warrants outstanding as of March 31, 2026. During the three months ended March 31, 2025, 344,382 warrants vested.

Share Repurchase Authorization

On March 2, 2026, the Company announced that its board of directors (the “Board of Directors”) authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company may repurchase up to $500.0 million of its issued and outstanding shares of Series A common stock with no expiration date. Repurchases under the Share Repurchase Program may be made from time to time in the open market, through privately negotiated transactions or other means, including pursuant to 10b5-1 plans, or any combination of the foregoing, and in compliance with applicable securities laws and other applicable requirements. As part of the Share Repurchase Program, the Company entered into an accelerated share repurchase (the “ASR Agreement”) with a third-party investment bank (the “Dealer”) to repurchase $100.0 million of shares of its Series A common stock. Under the ASR Agreement, on March 3, 2026, the Company paid the Dealer $100.0 million and received an initial delivery of 4,307,869 shares of Series A common stock at a price of $18.87 per share. The shares received upon initial delivery were recorded as treasury stock, resulting in a reduction to stockholders’ equity. The share repurchase pursuant to the ASR Agreement resulted in an estimated excise tax liability of $0.8 million, which was recorded as a cost of the repurchase transaction and reflected as a reduction to stockholders’ equity. The remaining portion to be repurchased pursuant to the ASR Agreement represents a forward contract indexed to the Company’s own stock and will be recorded as additional-paid-in capital as a reduction to stockholders’ equity.

The final number of shares to be repurchased will be based on the volume-weighted average price of Series A common stock on specified dates during the term of the ASR Agreement, less a discount, and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. Upon settlement, the Dealer may deliver additional shares of Series A common stock to the Company, or in certain circumstances, the Company may be required to deliver shares to the Dealer. The final settlement of the ASR Agreement is expected to be completed no later than the second quarter of 2026. As of March 31, 2026, approximately $400.0 million remained available for repurchase under the Share Repurchase Program.