Carbonite 2011 Annual Report Download - page 67

Table of Contents
Carbonite, Inc.
8. Redeemable and Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Initial Public Offering
In August 2011, the Company closed its initial public offering (“IPO”) of 7,187,500 shares of common stock at a price of $10.00 per share,
including 937,500 shares of common stock pursuant to exercise of the underwriters’ option to purchase additional shares. Of the total shares of common
stock sold in the IPO, 6,303,973 shares were sold by the Company and 883,527 were sold by selling stockholders. The Company received aggregate
proceeds of $58.6 million, net of underwriters’ discounts and commissions, but before deducting offering expenses of approximately $3.0 million. Upon
the closing of the IPO, the Company’s outstanding shares of redeemable and convertible preferred stock (“Preferred Stock”) converted into 13,483,473
shares of common stock and all outstanding warrants to purchase Preferred Stock converted into warrants to purchase 11,316 shares of common stock.
Also simultaneously with the closing of the IPO, the Company’
s charter was amended and restated to authorize 45,000,000 shares of common stock, par
value $0.01 per share, and 6,000,000 shares of preferred stock, par value $0.01 per share, all of which preferred stock is undesignated.
Stock Split
In December 2009, the Board of Directors and shareholders approved a 3 for 1 stock split of the Company’s common stock. As a result of this
action, every share of common stock (including all authorized, issued and outstanding shares of common stock and all outstanding warrants and options
to purchase shares of common stock) was split into three shares of common stock bearing the same par value. All of the Company’s authorized, issued,
and outstanding shares of common stock (including all outstanding warrants and options to purchase shares of common stock) since inception, have
been restated in these financial statements to reflect the effect of the common stock split.
Redeemable and Convertible Preferred Stock
Prior to the Company’s IPO, at which time all shares of Preferred Stock were converted into shares of common stock, the Company’s Preferred
Stock consisted of the following (in thousands, except share and per share amounts):
63
December 31,
2010
Redeemable convertible preferred stock:
Series A-2, $0.01 par value; 506,646 shares authorized, 502,874 shares issued and outstanding, at redemption value
(liquidation value of approximately $4.4 million)
$
4,404
Convertible preferred stock:
Series A, $0.01 par value; 421,210 shares authorized, issued, and outstanding (liquidation value of approximately
$2.4 million)
$
1,793
Series A
-
1, $0.01 par value; 194,319 shares authorized, issued, and outstanding (liquidation value of approximately
$1.1 million)
815
Series B, $0.01 par value; 1,259,319 shares authorized, issued, and outstanding (liquidation value of approximately
$18.6 million)
15,200
Series B
-
2, $0.01 par value; 395,100 shares authorized and 368,400 shares issued and outstanding (liquidation value of
approximately $6.4 million)
5,401
Series C, $0.01 par value; 1,206,802 shares authorized and 1,162,579 shares issued and outstanding (liquidation value of
approximately $24.2 million)
21,194
Series D, $0.01 par value; 585,790 shares authorized and 563,822 and 585,790 shares issued and outstanding (liquidation
value of approximately $21.2 million)
19,923
$
64,326