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Cash, Cash Equivalents, and Restricted Cash
12 Months Ended
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Restricted Cash

NOTE 3 — Cash, Cash Equivalents, and Restricted Cash

 

Cash, cash equivalents, and restricted cash consisted of the following:

 

 

Year Ended December 31,

 

 

2022

 

 

2021

 

 

 

 

 

 

 

Cash and cash equivalents

$

24,594

 

 

$

28,565

 

Restricted cash

 

608

 

 

 

130

 

 

$

25,202

 

 

$

28,695

 

 

 

 

 

 

 

 

The December 31, 2022 restricted cash balance includes $360 of cash maintained in escrow related to Forward Share Purchase Agreements (“FPAs”). Effective August 1, 2022, the FPA holders elected to have Leafly repurchase their remaining 3,081 shares covered by the FPAs for an aggregate repurchase price of $31,663. As a result, the shares repurchased have been removed from Leafly's outstanding shares effective as of the date of purchase and placed into treasury. The FPA holders elected to have all but $360 disbursed from the escrow account and are able to claim the remainder any time until August 1, 2023. If unclaimed, the remaining funds in escrow will be distributed to the Company. Additional information regarding the FPAs is included in Notes 13 and 18.