Derivative Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Financial Instruments

Derivative Financial Instruments

The Company has derivative financial instrument liabilities of $7.6 million and $14.0 million, as of March 31, 2024 and December 31, 2023, respectively, related to the Private Placement Warrants. The Company uses the share price of its Public Warrants as the input for the recurring fair value measurement of Private Placement Warrants at the end of each reporting period within the “Derivative financial instruments” line item of the condensed consolidated balance sheets. The Public Warrants are used to remeasure the fair value as they have similar key terms. Refer to Note 7 and 9 for additional information.

During the three months ended March 31, 2024 and 2023, a gain of $6.3 million and loss of $2.2 million, respectively, was recognized within the “Gain/(loss) from the change in fair value of derivative liabilities” line in the condensed consolidated statement of operations. The change in fair value is recorded under operating activities within the condensed consolidated statements of cash flows.