Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

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Stockholders’ Equity
 6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
Stockholders’ Equity

Note 13. Stockholders’ Equity

 

Preferred stock: 

 

During the six months ended June 30, 2022, the remaining 2,199 shares of the Company’s 0% Series B Convertible Preferred Stock were converted to 2,199 shares of its common stock.

 

At-the-Market Equity Offering:

During the three and six months ended June 30, 2022, in connection with the At-the-Market Sales Agreement between the Company and its Sales Agent, the Company received gross proceeds of approximately $272.7 million ($267.0 million net of $5.7 million in expenses) from the sale of 30,559,817 shares of common stock, with an average fair value of $8.92 per share.

 

Common Stock: 

 

During the six months ended June 30, 2022, the Company granted 863,805 service-based restricted stock units with a fair value of approximately $7.9 million and 715,300 performance-based restricted stock units with a fair value of approximately $11.5 million.

 

During the six months ended June 30, 2022, 1,162,080 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 Riot Blockchain, Inc. 2019 Equity Incentive Plan, as amended from time to time (the “2019 Equity Plan”). The Company withheld 486,395 of these shares at a fair value of approximately $8.8 million, to cover taxes related to the settlement of these vested restricted stock units, as permitted by the 2019 Equity Plan. See Note 14. “Restricted Common Stock, Stock Options, Restricted Stock Units (“RSUs”) and Warrants” to these unaudited Notes to Condensed Consolidated Financial Statements.