Common Stock and Stockholders’ Equity |
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| 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 six months ended June 30, 2026:
During the three and six months ended June 30, 2026, 344,381 and 688,764 warrants vested, respectively. The Company has no vested but not exercised warrants outstanding as of June 30, 2026. During the three and six months ended June 30, 2025, 344,382 and 688,764 warrants vested, respectively. 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 agreement (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 and an increase to accrued expenses. The remaining portion to be repurchased pursuant to the ASR Agreement represented a forward contract indexed to the Company’s own stock. On April 10, 2026, the Company received a delivery of 1,039,238 shares of Series A common stock at a price of $16.40 from the Dealer as final settlement of the ASR Agreement. The shares received upon final settlement 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 $0.2 million, which was recorded as a cost of the repurchase transaction and reflected as a reduction to stockholders’ equity and an increase to accrued expenses. In total, the Company repurchased approximately 5,347,107 shares of Series A common stock under the ASR Agreement at $19.14 per share, which represents the volume-weighted average share price of the Company's Series A common stock during the term less a discount. As of June 30, 2026, pursuant to non-overlapping 10b5-1 plans entered into with third-party investment banks, the Company had repurchased 15,132,757 shares of Series A common stock at a weighted average price of $15.68 per share. The shares repurchased were recorded as treasury stock, resulting in a reduction of stockholders’ equity. The share repurchases under the 10b5-1 plans resulted in an estimated excise tax liability of $2.4 million, which was recorded as a cost of the repurchase transactions and reflected as a reduction to stockholders’ equity and an increase to accrued expenses. As of June 30, 2026 approximately $162.7 million remained available for repurchase under the Share Repurchase Program.
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