Quarterly report pursuant to Section 13 or 15(d)

Convertible Preferred Stock

v3.22.1
Convertible Preferred Stock
3 Months Ended
Mar. 31, 2022
Temporary Equity Disclosure [Abstract]  
Convertible Preferred Stock

9. CONVERTIBLE PREFERRED STOCK

 

The Company has cumulatively raised $227.3 million, net of issuance costs, in venture financing through the sale and issuance of Preferred Stock and warrants. The following table summarizes details of Convertible Preferred Stock authorized, issued and outstanding, and liquidation preference:

 

 

 

Convertible preferred stock

 

 

 

Authorized
shares

 

 

Shares issued
and
outstanding

 

 

Liquidation
preference

 

 

 

 

 

 

 

 

 

 

 

Series A

 

 

12,999,666

 

 

 

12,999,666

 

 

$

500

 

Series A-1

 

 

14,124,639

 

 

 

14,124,639

 

 

 

2,500

 

Series A-2

 

 

24,197,491

 

 

 

24,197,491

 

 

 

11,098

 

Series A-3

 

 

4,612,871

 

 

 

4,612,871

 

 

 

1,058

 

Series A-4

 

 

4,173,740

 

 

 

4,173,740

 

 

 

1,531

 

Series B

 

 

31,644,237

 

 

 

31,644,237

 

 

 

24,100

 

Series B-1

 

 

16,477,658

 

 

 

16,477,658

 

 

 

24,110

 

Series B-2

 

 

68,937,247

 

 

 

57,513,760

 

 

 

174,550

 

Series B-3

 

 

11,185,544

 

 

 

 

 

 

 

Total convertible preferred stock

 

 

188,353,093

 

 

 

165,744,062

 

 

$

239,447

 

 

 

Conversion

Immediately prior to the closing of the Merger, all outstanding shares of each series of Legacy Berkshire Grey preferred stock were converted into shares of Legacy Berkshire Grey common stock. Warrants to purchase preferred stock (Series B-3) were cancelled pursuant to a warrant termination agreement with the warrant holder. At the closing of the Merger, each share of Legacy Berkshire Grey common stock was converted into the right to receive 5.87585 shares of the Company’s Class A common stock. Share amounts are presented as having been converted at the time of the Merger.