Pandora 2012 Annual Report Download - page 104
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Table of Contents
Pandora Media, Inc.
Notes to Consolidated Financial Statements - Continued
Redemption Rights. The Company's Series G and Series F were redeemable on a pari passu basis at any time after the fifth anniversary of the date upon
which any shares of Series G were first issued upon the request of at least 53.5% of the then outstanding shares of Series F. Upon such request all Series G
and Series F would have been redeemed for an amount equal to (i) $2.737 per share of Series G and (ii) $0.7745 per share of Series F, in each case, plus
interest at a rate of 8% compounded annually from the Series G date of initial issuance. Series E was redeemable at any time after the redemption of the
Series F and Series G upon the request of a majority of the then outstanding shares of Series E for an amount equal to $1.7007 per share plus interest at a rate
of 6% compounded annually from the Series G date of initial issuance. Series D was redeemable at any time after the redemption of Series E stock upon the
request of a majority of the then outstanding shares of Series D for an amount equal to $1.1484 per share plus interest at a rate of 6% compounded annually
from the Series G date of initial issuance. Series C was redeemable at any time after the redemption of Series D upon the request of a majority of the then
outstanding shares of Series C for an amount equal to $0.51 per share plus interest at a rate of 6% compounded annually from the Series G date of initial
issuance. Series B was redeemable at any time after the redemption of Series C upon the request of a majority of the then outstanding shares of Series B for an
amount equal to $0.3766 per share plus interest at a rate of 6% compounded annually from the Series G date of initial issuance. The Series A was redeemable
at any time after the redemption of Series B upon the request of a majority of the then outstanding shares of Series A for an amount equal to $4.00 per share.
As the redemption events described above were not solely within the Company's control, all shares of redeemable convertible preferred stock were
presented outside of permanent equity in the January 31, 2010 and 2011 balance sheets.
Voting Rights. Each share of Series A, Series B, Series C, Series D, Series E, Series F and Series G was entitled to one vote for each share of common
stock into which such share of preferred stock was convertible on the record date for any vote, or effective date of any written consent, as applicable.
Accretion of Redeemable Convertible Preferred Stock
Stock issuance costs were being accreted via a charge to accumulated deficit over the period from the date of issuance of the redeemable convertible
preferred stock to the date at which the redeemable convertible preferred stock became redeemable at the option of the holders of the redeemable convertible
preferred stock, the date of the Company's IPO.
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