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Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
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)
ExpirationBalance at December 31, 2022
WarrantsAmountWarrantsAmountWarrantsAmountWarrantsAmountWarrantsAmount
5-Year Private Warrants9,478,830 $664 — $164 (352,315)$(42)— $— 9,126,515 $786 
Seller Warrants12,721,901 — (5)— — (12,721,901)— — — 
Total22,200,731 $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
WarrantsAmountWarrantsAmountWarrantsAmountWarrantsAmount
5-Year Private Warrants9,888,415 $15,326 — $(14,368)(409,585)$(294)9,478,830 $664 
Seller Warrants12,721,901 63 — (58)— — 12,721,901 
Total22,610,316 $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 PriceExercise PeriodExpiration DateWarrants Outstanding
5-Year Private Warrants$11.50 5 yearsMay 29, 20259,126,515
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
WarrantsAmountWarrants AmountWarrantsAmountWarrantsAmount
5-Year Public Warrants24,811,068 $28,912 — $— 352,315 $42 25,163,383 $28,954 
Public Offering Warrants9,583,334 12,938 — — — — 9,583,334 12,938 
Private Placement Offering Warrants— — 46,816,480 25,604 — — 46,816,480 25,604 
Total34,394,402 $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
WarrantsAmountWarrants AmountWarrantsAmount
5-Year Public Warrants24,401,483 $28,619 409,585 $294 24,811,068 $28,912 
Public Offering Warrants9,583,334 12,938 — — 9,583,334 12,938 
Total33,984,817 $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 priceExercise periodExpiration dateWarrants outstanding
5-Year Public Warrants$11.50 5 yearsMay 29, 202525,163,383 
Public Offering Warrants$10.50 5 yearsOctober 6, 20259,583,334 
Private Placement Offering Warrants$1.068 5 yearsMarch 15, 202746,816,480 
Schedule of Fair Value of the Warrants Upon the Issuance The Company used the Black-Scholes option pricing model to determine the fair value of the Warrants upon the issuance date using the following assumptions:
As of March 15, 2022
Expected term (years)5
Risk-free interest rate2.1 %
Expected volatility118.4 %
Expected dividend yield—