Quarterly report pursuant to Section 13 or 15(d)

Shareholders??? Deficit

v3.21.1
Shareholders’ Deficit
3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
Shareholders’ Deficit

Note 5 – Shareholders’ Deficit

 

Preferred Stock

 

As of March 31, 2021, the Company had authorized for issuance a total of 1,000,000 shares of preferred stock, par value of $0.0001 per share (“Preferred Stock”), and as of that date, no shares of Preferred Stock were issued or outstanding.

 

Common Stock

 

As of March 31, 2021, the Company had 32,873,457 shares of Class A common stock outstanding and had reserved 7,998,178 shares of Class A common stock for issuance as follows:

 

a) Adjustment reserve: Upon finalizing the Business Combination consideration, subject to the adjustments, if any, the Company will issue up to 300,000 Common shares to former Onyx shareholders.

 

b) Indemnification reserve: Upon the expiration of the indemnification period of two years from the closing of the Business Combination as described in the Business Combination Agreement, subject to the payments of indemnity claims, if any, the Company will issue up to 750,000 Common shares to former Onyx shareholders.

 

c) Equity Plans reserve: 4,904,596 shares reserved for future issuance under the PARTS iD, Inc. 2020 Equity Incentive Plan and 2,043,582 shares reserved for future issuance under the PARTS iD, Inc. 2020 Employee Stock Purchase Plan.

 

Further, pursuant to the Business Combination Agreement, the Sponsor has a right to 1,502,129 shares of Class A common stock should its price exceed $15.00 per share for any thirty-day trading period during the 730 calendar days after the closing of the Business Combination.