Schedule of Outstanding Warrants |
The following table summarizes the Company’s outstanding warrant liabilities (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Transfers to an Unrelated Third Party(2) | | | | | | | | Balance at December 31, 2021 | | Fair Value Adjustments(1) | | | Expiration | | Balance at December 31, 2022 | | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | 5-Year Private Warrants | | 9,478,830 | | $ | 664 | | | — | | $ | 164 | | | (352,315) | | $ | (42) | | | — | | $ | — | | | 9,126,515 | | $ | 786 | | Seller Warrants | | 12,721,901 | | 5 | | | — | | (5) | | | — | | — | | | (12,721,901) | | — | | | — | | — | | Total | | 22,200,731 | | $ | 669 | | | — | | $ | 159 | | | (352,315) | | $ | (42) | | | (12,721,901) | | $ | — | | | 9,126,515 | | $ | 786 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2020 | | Fair Value Adjustments(1) | | Transfers to an Unrelated Third Party (2) | | Balance at December 31, 2021 | | | | | | | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | 5-Year Private Warrants | | 9,888,415 | | $ | 15,326 | | | — | | $ | (14,368) | | | (409,585) | | $ | (294) | | | 9,478,830 | | $ | 664 | | Seller Warrants | | 12,721,901 | | 63 | | | — | | (58) | | | — | | — | | | 12,721,901 | | 5 | | Total | | 22,610,316 | | $ | 15,389 | | | — | | $ | (14,426) | | | (409,585) | | $ | (294) | | | 22,200,731 | | $ | 669 | |
(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASC 815-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. See Note 20 – Fair Value Measurements for further detail on the fair value of the Company’s liability classified warrants. (2)See Note 14 – Stockholders Equity. The following table summarizes additional information on the Company’s outstanding warrants as of December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Exercise Price | | Exercise Period | | Expiration Date | | Warrants Outstanding | 5-Year Private Warrants | | $ | 11.50 | | | 5 years | | May 29, 2025 | | 9,126,515 |
The following table summarizes the Company’s outstanding equity classified warrants included in Additional paid-in capital on the Consolidated Balance Sheets (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2021 | | Warrant Issuances | | Transfers to an Unrelated Third Party(1) | | Balance at December 31, 2022 | | | | | | | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | 5-Year Public Warrants | | 24,811,068 | | $ | 28,912 | | | — | | $ | — | | | 352,315 | | $ | 42 | | | 25,163,383 | | $ | 28,954 | | Public Offering Warrants | | 9,583,334 | | 12,938 | | | — | | — | | | — | | — | | | 9,583,334 | | 12,938 | | Private Placement Offering Warrants | | — | | — | | | 46,816,480 | | 25,604 | | | — | | — | | | 46,816,480 | | 25,604 | | Total | | 34,394,402 | | $ | 41,850 | | | 46,816,480 | | $ | 25,604 | | | 352,315 | | $ | 42 | | | 81,563,197 | | $ | 67,496 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2020 | | Transfers to an Unrelated Third Party(1) | | Balance at December 31, 2021 | | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | 5-Year Public Warrants | | 24,401,483 | | $ | 28,619 | | | 409,585 | | $ | 294 | | | 24,811,068 | | $ | 28,912 | | Public Offering Warrants | | 9,583,334 | | 12,938 | | | — | | — | | | 9,583,334 | | 12,938 | | Total | | 33,984,817 | | $ | 41,557 | | | 409,585 | | $ | 294 | | | 34,394,402 | | $ | 41,850 | |
(1)See Note 12 – Warrant Liabilities. The following table summarizes additional information on the Company’s outstanding equity-classified warrants as of December 31, 2022: | | | | | | | | | | | | | | | | Exercise price | Exercise period | Expiration date | Warrants outstanding | | | | | | 5-Year Public Warrants | $ | 11.50 | | 5 years | May 29, 2025 | 25,163,383 | | Public Offering Warrants | $ | 10.50 | | 5 years | October 6, 2025 | 9,583,334 | | Private Placement Offering Warrants | $ | 1.068 | | 5 years | March 15, 2027 | 46,816,480 | |
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