| Convertible Preferred Stock |
7. Convertible preferred stock
A summary of the terms of the various types of redeemable convertible preferred stock at June 30, 2014, and December 31, 2013 is as follows:
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Redeemable convertible preferred stock as of June 30, 2014
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Series
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B
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C
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D
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E
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F
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G
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Total
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Shares authorized
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500,000
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400,000
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1,700,000
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1,700,000
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2,800,000
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2,900,000
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10,000,000
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Shares issued
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425,511
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376,997
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1,584,541
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1,634,874
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2,701,957
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2,840,260
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9,564,140
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Shares converted
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(425,511
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)
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(376,997
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)
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(1,584,541
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)
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(1,634,874
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)
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(2,701,957
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)
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(2,840,260
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)
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(9,564,140
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)
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Shares outstanding
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-
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-
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-
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-
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-
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-
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-
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Redeemable convertible preferred stock as of December 31, 2013
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Series
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B
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C
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D
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E
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F
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G
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Total
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Shares authorized
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500,000
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400,000
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1,700,000
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1,700,000
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2,800,000
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2,900,000
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10,000,000
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Shares issued
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425,511
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365,903
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1,573,126
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1,634,874
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2,701,957
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2,840,260
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9,541,631
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Par value
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$
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0.001
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$
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0.001
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$
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0.001
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$
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0.001
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$
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0.001
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$
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0.001
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Conversion rate
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1.45108
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1.73014
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1.87951
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2.69244
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1.0000
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1.0000
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Liquidation preference per
share
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$
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11.880
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$
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17.580
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$
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21.900
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$
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19.224
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$
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7.140
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$
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14.083
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Dividend rate
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5
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%
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8
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%
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8
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%
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8
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%
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8
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%
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8
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%
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July
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October
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February
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2005 to
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2007 to
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2010 to
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March
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Issue date
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July 2003
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June 2004
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July 2007
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February 2009
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June 2010
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2012
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Redemption date
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January 1,
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January 1,
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January 1,
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January 1,
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January 1,
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January 1,
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2016
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2016
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2016
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2016
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2016
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2016
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A summary of the terms of non-redeemable convertible preferred stock at June 30, 2014 and December 31, 2013 is as follows:
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As of June 30, 2014
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Series A
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Shares authorized
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100,000
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Share issued
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66,666
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Shares converted
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(66,666
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)
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Shares outstanding
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-
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As of December 31, 2013
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Series A
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Shares authorized
|
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|
100,000
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Share issued
|
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|
66,666
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Par value
|
|
$
|
0.001
|
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Conversion rate
|
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1.01706
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Liquidation preference per share
|
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$
|
3.750
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Dividend rate
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5
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%
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Issue date
|
|
May 2002
|
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All outstanding preferred stock automatically converted into common stock in connection with the closing of the IPO. At the closing of the IPO, 9,564,140 shares of redeemable convertible preferred stock and 66,666 shares of convertible preferred stock were automatically converted into 14,259,647 shares of common stock. Following the IPO, all warrants previously exercisable for preferred stock became exercisable for common stock. The previously reported warrant liability associated with the convertible warrants was applied to additional paid-in-capital.
The Company’s Series C preferred stock warrants expired in connection with the IPO. As of February 20, 2014, 2,756 Series C preferred stock warrants were forfeited and cancelled since they were not exercised prior to the IPO.
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