Split would affect all shareholders uniformly and would not change any shareholder’s relative percentage ownership interest in the Company, voting rights, or other rights that accompany shares of our Ordinary Shares. Ordinary Shares issued pursuant to the Reverse Share Split will remain fully paid and non-assessable, and the par value per share of each Ordinary Share will be determined by the Board.
As of July 26, 2022, the Company had 343,525,615 Class A ordinary shares and 79,637,576 Class B ordinary shares outstanding. For purposes of illustration, if the Reverse Share Split is effected at a ratio of 1-for-15, 1-for-20, or 1-for-25, the number of issued and outstanding Class A ordinary shares after the Reverse Share Split would be approximately 22,901,707 shares, 17,176,280 shares, and 13,741,024 shares, respectively, and the number of issued and outstanding Class B ordinary shares after the Reverse Share Split would be approximately 5,309,171 shares, 3,981,878 shares, and 3,185,503 shares, respectively.
Authorized Ordinary Shares for Issuance
If the proposed Amendments are approved, all or any of the authorized and unissued Class A ordinary shares may be issued in the future for such corporate purposes and such consideration as the Board deems advisable from time to time, without further action by the shareholders of our Company and without first offering such shares to our shareholders. When and if additional Class A ordinary shares are issued, these new shares would have the same voting and other rights and privileges as the currently issued and outstanding Class A ordinary shares, including the right to cast one vote per share. Except pursuant to the Company’s equity incentive plans for our employees and directors and outstanding warrants (described below), the Company presently has no plan, commitment, arrangement, understanding, or agreement regarding the issuance of Ordinary Shares. However, the Company regularly considers its capital requirements and may conduct securities offerings, including equity and/or equity linked offerings, in the future. Any shares issuable pursuant to the above described plans and warrants will be subject to the Conversion Ratios determined by the Board.
Because our shareholders have no preemptive rights to purchase or subscribe for any of our unissued Class A ordinary shares, the future issuance of additional Class A ordinary shares will reduce our current shareholders’ percentage ownership interest in the total outstanding Class A ordinary shares. In the absence of a proportionate increase in our future earnings and book value, an increase in the number of our outstanding Class A ordinary shares would dilute our projected future earnings per share, if any, and book value per share of all our outstanding Ordinary Shares. If these factors were reflected in the price per share of our Class A ordinary shares, the potential realizable value of a shareholder’s investment could be adversely affected. An issuance of additional shares could therefore have an adverse effect on the potential realizable value of a shareholder’s investment.
Equity Compensation Plans and Outstanding Awards
Pursuant to the (i) Long Term Incentive Plan (including US sub plan and non-employee sub plan), (ii) Company Share Option Plan and (iii) 2021 Equity Incentive Plan (collectively, the “Plans”), we have granted stock options and restricted stock units and other awards to our employees and directors.
If the Reverse Share Split is approved and effected, under the terms of the Plans and outstanding award agreements, the total number Class A ordinary shares issuable upon exercise or vesting of such awards and the total number of Class A ordinary shares remaining available for future awards under the Plans would be proportionately reduced based on the Conversion Ratios selected by our Board, and any fractional shares that may result therefrom shall be rounded down. Furthermore, the exercise price of any outstanding options would be equitably adjusted in accordance with the terms of the Plans and outstanding award agreements. Our Board has authorized the Company to effect any changes necessary, desirable or appropriate to give effect to the Reverse Share Split under the Plans, including any applicable technical, conforming changes thereunder.
In connection with a debt financing arrangement which the Company entered into with certain affiliates of, or funds managed or controlled by, AlbaCore Capital LLP (the “Note Subscribers”) at the end of 2021, the Company issued warrants to subscribe for an aggregate of 1,757,499 of its Class A ordinary