Share-Based Termination Liability |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
Share-Based Termination Liability [Abstract] | |||||||||||||||||||||||||||||||||||||||||
SHARE-BASED TERMINATION LIABILITY |
In September 2023, the Company negotiated a contingent lease termination agreement with its landlord for the Berkeley facility lease (see Note 13 — Leases). As a result of the Company issuing 600,000 shares of the new public company to its landlord after the closing of the Merger transaction with GAMC in accordance with the agreement, the Berkeley lease facility was considered terminated as of September 10, 2023.
In October 2023, the Company entered into a settlement agreement with a supplier (see Note 14 — Commitment and Contingencies). As a result of the Company paying the supplier $1.0 million and issuing 150,000 shares of the new public company to the supplier after the closing of the Merger transaction with GAMC, the supply agreement was considered terminated as of July 13, 2023.
After the Merger consummation in August 2024, the Company issued the 750,000 shares of Common stock to its landlord and its supplier to settle the share-based termination liability as of September 30, 2024.
The following assumptions were used to calculate the fair value of the share-based lease termination liability at December 31, 2023:
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