The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 20 votes per share and is convertible into one share of Class A common stock at any time. Jennifer Y. Hyman, our Co-Founder, Chief Executive Officer and the Chair of our board of directors, and Jennifer Fleiss, our Co-Founder and a member of our board of directors, together, the Co-Founders, and their affiliates, will together hold all of the outstanding shares of Class B common stock.
That used to be prohibited on the NYSE, except for Ford Motor Company, which predated the NYSE and was grandfathered in. Then Google got away with it on the NASDAQ. Then Zuckerberg, with Facebook. It used to take a CEO who had already pulled off a miracle, or investors would laugh off the IPO. Now, bottom-feeder companies like this think they qualify.
Consider that if this works, you now have the logistics problems of Netflix. Plus dry cleaning.
Now please turn to page F-4 and read the numbers.
Total revenue: $157.5M. Net loss: $171.1. Which means they need to be about 3x better at this to break even.
It doesn't matter that they're growing. This thing is expensive to run and, since it depends on physical product handling, does not get hugely cheaper at scale.