Annual report pursuant to Section 13 and 15(d)

Common Stock and Preferred Stock

v3.23.1
Common Stock and Preferred Stock
 12 Months Ended
Dec. 31, 2022
Common Stock, and Preferred Stock [Abstract]  
Common Stock and Preferred Stock

8. Common Stock and Preferred Stock

 

Common Stock

 

The Company is authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Subject to preferences that may apply to any outstanding preferred stock, holders of common stock are entitled to receive ratably any dividends that the Company’s board of directors may declare out of funds legally available for that purpose on a non-cumulative basis. No dividends had been declared through December 31, 2022.

 

In October 2021, the Company completed an underwritten public offering and received gross proceeds of $40.0 million, with $4.1 million of issuance expenses for net proceeds of $35.9 million. The Company issued 10,000,000 shares of its common stock at $4.00 per share.

 

In connection with the Merger, as discussed in Note 1, the Company issued 2,166,667 shares of common stock to the former shareholders of Malo Holdings Corporation. The Company paid $0.6 million to several unaccredited investors of Private Augmedix in lieu of issuing shares. As of December 31, 2022 and 2021, the Company had accrued $10,000 for remaining payments to be made to unaccredited investors in lieu of issuing shares.

Common Stock Warrants

  

At December 31, 2022, the Company had the following warrants outstanding to acquire shares of its common stock:

 

Expiration Date   Shares of
Common
Stock
Issuable
upon
Exercise of
Warrants		     Exercise
Price Per
Warrant		  
October 25, 2024     346,500     $ 3.00  
June 11, 2025     234     $ 96.24  
November 13, 2025     218,078     $ 3.00  
July 28, 2027     91     $ 106.17  
August 28, 2028     1,052     $ 39.76  
May 4, 2029     48,295     $ 2.38  
September 2, 2029     2,187,453     $ 2.88  
      2,801,703          

 

In November 2021, Trinity Capital Fund III, L.P. net exercised 580,383 warrants, resulting in the issuance of 162,507 shares of common stock.

 

Preferred Stock

 

The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001 per share. The Company’s board of directors are authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers, preferences, and rights of the shares of each series. As of December 31, 2022 and 2021, there were no shares of preferred stock issued or outstanding.