Schedule of Outstanding Warrants |
The following tables summarize the Company’s 5-Year Private Warrants(1) (in thousands, except warrant amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at | | Fair Value | | Transfers to | | Balance at | December 31, 2022 | | Adjustments(1) | | 5-Year Public Warrants | | June 30, 2023 | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | 9,126,515 | | $ | 786 | | | — | | $ | (181) | | | (6,540,491) | | $ | (546) | | | 2,586,024 | | $ | 59 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at | | Fair Value | | Transfers to | | Balance at | December 31, 2023 | | Adjustments(1) | | 5-Year Public Warrants | | June 30, 2024 | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | | Warrants | Amount | 865,422 | | $ | 26 | | | — | | $ | (7) | | | (194,822) | | $ | (5) | | | 670,600 | | $ | 14 | |
(1)On November 14, 2023, the Company effectuated a 1-for-10 reverse stock split, after which 10 warrants were required to purchase one share of common stock. (2)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with FASB Accounting Standard Codification (ASC) Topic 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. The following table summarizes additional information on the Company’s 5-Year Private Warrants as of June 30, 2024: | | | | | | | | | | | | | | | | | | | | | Exercise Price | | Exercise Period | | Expiration Date | | Warrants Outstanding | $ | 11.50 | | | 5 years | | May 29, 2025 | | 670,600 |
The following tables summarize the Company’s outstanding equity classified warrants(1) included in Additional paid-in capital: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2022 | | | | Transfers from 5-Year Private Warrants | | Balance at June 30, 2023 | | | Warrants | Amount | | | | | Warrants | Amount | | Warrants | Amount | 5-Year Public Warrants | | 25,163,383 | | $ | 28,954 | | | | | | 6,540,491 | | $ | 546 | | | 31,703,874 | | $ | 29,500 | | 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 | | 81,563,197 | | $ | 67,496 | | | | | | 6,540,491 | | $ | 546 | | | 88,103,688 | | $ | 68,042 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | | | Transfers from 5-Year Private Warrants(1) | | Balance at June 30, 2024 | | | | | | | | Warrants | Amount | | | | | Warrants | Amount | | Warrants | Amount | 5-Year Public Warrants | | 33,424,476 | | $ | 29,539 | | | | | | 194,822 | | $ | 5 | | | 33,619,298 | | $ | 29,544 | | 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 | | 89,824,290 | | $ | 68,081 | | | | | | 194,822 | | $ | 5 | | | 90,019,112 | | $ | 68,086 | |
(1)On November 14, 2023, the Company effectuated a 1-for-10 reverse stock split, after which 10 warrants were required to purchase one share of common stock. The following table summarizes additional information on the Company’s outstanding warrants as of June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Exercise price | | Exercise period | | Expiration date | | Warrants outstanding | 5-Year Public Warrants | $ | 11.50 | | | 5 years | | May 29, 2025 | | 33,619,298 | | 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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