| EARNINGS PER SHARE |
Basic and diluted net income (loss) per share are computed using the two-class method as required when there are participating securities. The Company’s redeemable convertible preferred stock are participating securities as the holders of the redeemable convertible preferred stock are entitled to participate with in dividends with common stock. In periods of net income, net income is attributed to common stockholders and participating securities based on their participating rights. Net losses are not allocated to the participating securities as the participating securities do not have a contractual obligation to share in any losses. The following table presents the Company’s basic and diluted net income (loss) per share:
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Twelve Months Ended
December 31, |
|
(In thousands, except share and per share amounts) |
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| |
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| Net (loss) income |
|
$ |
(52,726 |
) |
|
$ |
(65 |
) |
| Less: Undistributed earnings attributable to participating securities |
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|
— |
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— |
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| |
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| Net (loss) income attributable to common stockholders-basic |
|
$ |
(52,726 |
) |
|
$ |
(65 |
) |
| |
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| Weighted average shares of common stock outstanding-basic |
|
|
49,041,640 |
|
|
|
39,621,946 |
|
Net (loss) income per share attributable to common stock-basic |
|
$ |
(1.08 |
) |
|
$ |
(0.00 |
) |
| |
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|
Twelve Months Ended
December 31, |
|
(In thousands, except share and per share amounts) |
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| |
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| Net income (loss) attributable to common stockholders-diluted |
|
$ |
(52,726 |
) |
|
$ |
(65 |
) |
| |
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| Adjusted weighted average shares of common stock outstanding-basic |
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|
49,041,640 |
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|
|
39,621,946 |
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| Dilutive potential shares of common stock: |
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| Options to purchase shares of common stock |
|
|
— |
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|
|
728,284 |
|
| Warrants to purchase shares of common stock |
|
|
— |
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|
|
546,049 |
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| |
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| Weighted average shares of common stock outstanding-diluted |
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|
49,041,640 |
|
|
|
40,896,279 |
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| |
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Net income (loss) per share attributable to common stock-diluted |
|
$ |
(1.08 |
) |
|
$ |
(0.00 |
) |
| |
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| The Company’s potentially dilutive securities below, have been excluded from the computation of diluted net loss per share as they would be anti-dilutive. Weighted-average number of potentially anti-dilutive shares excluded from calculation of dilutive earnings per share
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Twelve Months Ended
December 31, |
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| Series A convertible, redeemable preferred shares |
|
|
5,780,137 |
|
|
|
8,864,495 |
|
| Series B convertible, redeemable preferred shares |
|
|
4,130,213 |
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|
|
6,334,150 |
|
| Stock-based compensation awards |
|
|
2,419,681 |
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|
|
— |
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| Legacy Nogin Warrants |
|
|
572,779 |
|
|
|
— |
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| PIPE Warrants |
|
|
485,877 |
|
|
|
— |
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| SWAG Warrants |
|
|
7,441,396 |
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|
|
— |
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| Shares Underlying Convertible Notes |
|
|
1,981,776 |
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|
|
— |
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