Under the DGCL, the certificate of incorporation of a corporation may give the board the right to issue new classes of preferred shares with voting. conversion, dividend distribution and other rights to be determined by the board at the time of issuance. Our certificate of incorporation gives our board this right. Multi-class structure As discussed above, our Class B common stock has ten votes per share, while our common stock, which is the class of stock we are selling in this offering and which will be the only class of stock which is publicly traded, has one vote per share. Our Class C common stock, of which no shares will be outstanding immediately following this offering, will not have any voting rights. Because of our multi-class structure, IAC will be able to control all matters submitted to our stockholders for approval even if it owns significantly less than 50% of our total outstanding capital stock. This concentrated control could discourage others from initiating any potential merger, takeover or other change of control transaction that other stockholders may view as beneficial. In addition. IAC is permitted to transfer its capital stock to third parties. including through a sale or a distribution of IAC's capital stock to IAC's stockholders. In a distribution. IAC may choose to distribute our Class B common stock only to holders of IAC's high-vote Class B common stock, and to distribute our common stock to holders of IAC's low-vote common stock. Any such transfer or distribution could result in persons other than IAC having a significant portion of the combined voting power of our outstanding capital stock relative to their equity interest. Classified board The DGCL generally provides for a one-year term for directors, but permits directorships to be divided into up to three classes with up to three-year terms. with the years for each class expiring in different years, If permitted by the certificate of incorporation, an initial bylaw or