Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Valuation Key Assumptions

The key assumptions used in this valuation are as follows.

SPAC probability		95	%
Remain private probability		5	%
SPAC Market Value	$736 million
Conversion Ratio		2.056
Expected annual dividend yield		0.00	%
Expected volatility		84	%
Risk-free rate of return		0.71	%
Expected option term (years)	1.4 years

Summary of Stock Based Compensation Expense

Stock-based compensation expense was recorded in the following financial statement lines within the condensed consolidated statements of net loss and comprehensive loss:

(in thousands)	2022		2021
Cost of Revenues	$	115	$	4
General and Administrative	$	17,545	$	219
Selling & Marketing	$	1,183	$	-
Research & Development	$	1,525	$	31

Monte Carlo Simulation Valuation Model [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Valuation Key Assumptions

The valuation model incorporated the following key assumptions on the date of grant:

Stock price	$	7.63
Expected volatility		30.1	%
Expected term (years)		10.0
Risk-free rate		1.92	%
Discount for lack of marketability		6.9	%