Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Equity

Note 12. Equity

Common Stock

The following table summarizes the common stock activity for the three months ended March 31, 2022 and 2021, respectively.

	Three Months Ended March 31,
	2022		2021
Balance, beginning of period		100,687,820		84,535,640
Issuance of common stock		72,395		803,505
Balance, end of period		100,760,215		85,339,145

Public Warrants

At December 31, 2020, there were 10 million outstanding publicly traded warrants to purchase shares of our common stock with an exercise price of $11.50 per share, subject to adjustments (“Public Warrants”). The Public Warrants were exercisable and potentially redeemable after May 7, 2021.

On June 16, 2021, we redeemed 50,965 Public Warrants, which included all unexercised Public Warrants. Prior to the redemption, 12,033,169 Public Warrants, including some Public Warrants that had initially been Private Warrants, were exercised. Net of fees, we collected $138.1 million in connection with these exercises and redemptions. The Public Warrants had qualified as equity instruments and we had included them in additional paid-in capital.

Non-Plan Legacy Danimer Options and Warrants

Prior to 2017, Legacy Danimer had issued 208,183 stock options that were not a part of either the 2016 Executive Plan or the 2016 Omnibus Plan. These options had a weighted average exercise price of $30 per share. On December 29, 2020, the then-remaining 30,493 of these options were converted to options to purchase 279,255 shares of our common stock with a weighted average exercise price of $3.28 per share. During 2021, 153,763 of these options were exercised and as of March 31, 2022, 125,489 of these options remain.

As of December 29, 2020, Legacy Danimer had 55,319 warrants outstanding with an exercise price of $30 per share. In connection with the Business Combination, these options were converted to options to purchase 506,611 shares of our common stock with an exercise price of $3.28 per share. All remaining Legacy Danimer warrants were exercised during the three month period ended March 31, 2021 on a cashless basis by issuing 435,961 shares of common stock.

Anti-dilutive Instruments

The following instruments were excluded from the calculation of diluted shares outstanding because the effect of including them would have been anti-dilutive.

	Three Months Ended March 31,
	2022		2021
Convertible debt		22,250,040		-
Employee stock options		11,227,250		10,682,969
Public Warrants		-		10,518,847
Private Warrants		3,914,525		5,481,847
Restricted shares		2,671,482		-
Performance shares		50,251		-
Legacy Danimer options		125,489		279,253
Total excluded instruments		40,239,037		26,962,916