Annual report pursuant to Section 13 and 15(d)

Convertible Preferred Stock

v3.22.4
Convertible Preferred Stock
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Convertible Preferred Stock Convertible Preferred Stock
The Company’s outstanding convertible preferred stock consisted of the following as of December 31, 2021 (in thousands, except share and per share data):
Original
Issue Price
Shares
Authorized
Shares
Outstanding
Net Carrying
Value
Liquidation
Preference 
Series Seed $ 0.5245  9,693,116  9,693,115  $ 3,943  $ 5,084 
Series A 0.5245  14,130,360  14,069,657  5,240  7,379 
Series B 1.2450  12,689,363  12,563,418  15,545  15,642 
Series C 2.4144  15,635,550  15,324,913  36,917  37,000 
Series C-1 3.1669  8,554,106  8,554,106  27,003  27,090 
Series D 7.0135  20,196,682  19,961,423  136,618  140,000 
Series D-1 9.0731  5,314,209  5,314,209  48,146  48,216 
Series D-2 6.1850  14,551,371  14,551,370  89,638  90,000 
Series E 8.4672  14,762,823  14,762,823  124,868  125,000 
Total 115,527,580  114,795,034  $ 487,918  $ 495,411 
Conversion
At the closing of the Business Combination, all series of convertible preferred stock of Legacy Grove were converted on an as-converted basis to the Company’s Class B common stock at an exchange ratio of approximately 1.1760. As of December 31, 2022, no shares of convertible preferred stock were outstanding.