Tranche release date

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Restriction period (years)

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Expected volatility

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Expected dividend yield

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Discount for lack of marketability

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Fair value per share

First anniversary

​

1.0

​

93.3%

​

0.0%

​

19.7%

​

$ 1.89

Second anniversary

​

2.0

​

100.0%

​

0.0%

​

26.6%

​

$ 1.72

Third anniversary

​

3.0

​

99.5%

​

0.0%

​

29.4%

​

$ 1.66

Fourth anniversary

​

4.0

​

101.6%

​

0.0%

​

31.1%

​

$ 1.62

Fifth anniversary

​

5.0

​

101.8%

​

0.0%

​

31.7%

​

$ 1.60