Equity |
6 Months Ended |
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Mar. 31, 2019 | |
| Equity [Abstract] | |
| Equity |
Equity
At March 31, 2019 and September 30, 2018, the Company had authorized for issuance 10,000,000 shares of preferred stock, par value $0.001. No shares of preferred stock were issued and outstanding at March 31, 2019 or September 30, 2018.
Reclassification of Common Stock and Initial Public Offering
On April 23, 2018, the Company completed the Reclassification by amending and restating its certificate of incorporation to effectuate a dual class common stock structure consisting of Class A common stock and Class B common stock. As a result, each share of common stock, par value $0.001, was reclassified into 25.2 shares of Class B common stock so that all holders of shares of outstanding common stock became the holders of 41,817,537 shares of Class B common stock, and shares held by the Company in treasury became 3,170,034 Class B treasury shares. All share and per share amounts have been retroactively adjusted for all periods presented to give effect to the Stock Split.
On May 8, 2018, the Company completed its IPO, in which it sold 11,250,000 shares of Class A common stock at a price of $12.00 per share. Of these shares, 9,000,000 were shares of Class A common stock sold by the Company and 2,250,000 were sold by holders of Class B common stock, which shares upon sale automatically converted into 2,250,000 shares of Class A common stock. On May 24, 2018, the underwriters of the IPO partially exercised their over-allotment option to purchase an additional 700,000 shares of Class A common stock at the IPO price of $12.00, less the underwriting discount and commissions. Of these shares, 350,000 were shares of Class A common stock sold by the Company and 350,000 were sold by holders of Class B common stock, which shares upon sale automatically converted into 350,000 shares of Class A common stock.
At March 31, 2019 and September 30, 2018, the Company had authorized for issuance 400,000,000 shares of Class A common stock, par value $0.001, of which 11,950,000 were issued and outstanding.
At March 31, 2019 and September 30, 2018, the Company had authorized for issuance 100,000,000 shares of Class B common stock, par value $0.001, of which 42,387,571 were issued and 39,464,619 were outstanding, respectively. At March 31, 2019 and September 30, 2018, the Company held 2,922,952 shares in treasury, at an average cost of $5.34 per share.
Subsequent to March 31, 2019, certain stockholders of the Company converted a total of 19,856,313 shares of the Company's Class B common stock, par value $0.001, on a one-for-one basis, into shares of the Company's Class A common stock, par value $0.001. Following the conversion, there were 31,806,313 Class A shares and 19,608,306 Class B shares outstanding.
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