Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.22.2.2
Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 18. Subsequent Events

Sale of Common Stock:

Subsequent to June 30, 2022, and as of the date of this filing, the Company received net proceeds on sales of 6.5 million shares of common stock under the Sales Agreement of approximately $31.5 million (after deducting $0.6 million in commissions and expenses) at a weighted average price of $4.95 per share.

Sale of Bitcoin:

Subsequent to June 30, 2022, the Company sold 275 Bitcoin at an average sales price of approximately $20,262 for proceeds of approximately $5.6 million and an estimated gain on sale of $0.4 million.

Employee Equity Grants:

Subsequent to June 30, 2022, the Company granted 729,349 restricted stock units under the 2019 Equity Plan, including: (a) 38,350 service-based RSUs with a fair value of approximately $0.2 million, which are eligible to vest in four quarterly tranches following the grant date, subject to the recipient’s continued employment with the Company through the vesting date; and (b)  690,999 performance-based RSUs with a fair value of approximately $3.2 million, which are eligible to vest based on the Company’s achievement of certain performance objectives, as specified under the performance-based restricted stock unit plan adopted on August 12, 2021 under the 2019 Equity Plan.

Subsequent to June 30, 2022, 79,607 shares of common stock were issued to the Company’s officers and employees in settlement of an equal number of fully vested restricted stock units awarded to such individuals by the Company pursuant to grants made under the Company’s 2019 Equity Plan. The Company withheld 22,423 of these shares at a fair value of approximately $0.1 million, in satisfaction of withholding taxes related to the settlement of these vested restricted stock units, as permitted by the 2019 Equity Plan and approved by the Compensation Committee of the Company’s Board of Directors.

Termination of Co-location Mining Services Agreement

The Company elected not to renew its co-location mining services agreement with Coinmint, which was, therefore, terminated automatically by its terms as of July 8, 2022. See Note 8. “Property and Equipment” to these unaudited Notes to Condensed Consolidated Financial Statements for further discussion.