Subsequent Events |
9 Months Ended |
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Sep. 30, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events In October 2024, the Company began to wind down its sales of its Grove Co branded products through brick and mortar retail channels. The impact on the Company’s financial results from its brick and mortar retail channel has historically been insignificant, and the Company expects to have completed the cessation of sales through the brick and mortar distribution channel in 2025.
In October 2024, 1,538,839 shares of the Company’s Class B Common Stock were converted into an equivalent number of shares of Class A Common Stock. If at the end of a fiscal quarter, the aggregate number of outstanding shares of Class B Common Stock, including securities exercisable or convertible into Class B Common Stock, represent less than ten percent of all shares of Common Stock (inclusive of Class A Common Stock and Class B Common Stock) outstanding, including securities exercisable for or convertible into Common Stock, the Class B Common Stock will be converted into Class A Common Stock, or equivalent exercisable or convertible securities, days after the end of the fiscal quarter. After conversion, converted shares and securities will have identical rights, including voting rights, to those of Class A Common Stock or equivalent converted security. After accounting for conversions of Class B Common Stock into Class A Common Stock through October 2024, outstanding Class B Common Stock and securities exercisable for or convertible into Class B Common Stock were less than ten percent of all shares of outstanding common stock and securities exercisable or convertible into common stock. As such, the remaining shares of Class B Common Stock outstanding are expected to be converted into Class A Common Stock automatically on February 15, 2025.
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