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Unregistered Sales of Equity Securities
−Removed: Stock Option Grants and Exercises
−Removed: For the three months ended March 31, 2021, we granted options to purchase 2,273,285 shares of our common stock to certain of our employees and directors with a weighted-average exercise price of $5.06 per share.
−Removed: In April 2021, we granted options to purchase 98,000 shares of our common stock to certain of our directors, each with an exercise price of $15.00 per share.
−Removed: In March 2021, we issued 95,123 shares of common stock pursuant to the exercise of options, including 24,460 shares of unvested shares, each at an exercise price of $1.97 per share, for aggregate proceeds of $0.2 million.
−Removed: The offer, sale and issuance of these options and the issuance of shares upon exercise of options were deemed to be exempt from registration under the Securities Act in reliance on either Rule 701 in that the transactions were under compensatory benefit plans and contracts relating to compensation as provided under Rule 701 or Section 4(a)(2) in that the issuance of securities was to accredited investors in a private placement transaction that did not involve a public offering.
−Removed: Issuance of Series B Convertible Preferred Stock
−Removed: In March 2021, we issued an aggregate of 23,440,514 shares of Series B convertible preferred stock to a total of 15 accredited investors at a purchase price of $2.0215 per share, for aggregate consideration of $47,384,999.11.
−Removed: The offer, sale and issuance of these shares of Series B convertible preferred stock were deemed to be exempt from registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act (and Regulation D promulgated thereunder).
+Added: Stock Option Grants
+Added: For the three months ended June 30, 2021, we granted options to purchase 84,000 shares of our common stock to certain of our directors, each with an exercise price of $15.00 per share.
+Added: The offer, sale and issuance of these options were deemed to be exempt from registration under the Securities Act in reliance on either Rule 701 in that the transactions were under compensatory benefit plans and contracts relating to compensation as provided under Rule 701 or Section 4(a)(2) in that the issuance of securities was to accredited investors in a private placement transaction that did not involve a public offering.
Issuance of Common Stock upon Conversion of Convertible Preferred Stock
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Upon receipt, the net proceeds from our IPO were held in cash and cash equivalents.
−Removed: Through May 19, 2021, we have not used any of the net proceeds from our IPO.
+Added: Through June 30, 2021, we have not used any of the net proceeds from our IPO.
We are investing these funds in a combination of short-term, interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the U.S.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.