DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

As of June 30, 2023 and December 31, 2022, our total long-term debt and finance lease obligations are summarized as follows (in thousands):

	June 30, 2023		December 31, 2022
	(unaudited)
2022 ABL Credit Facility	$	115,915	$	99,916
APSC Term Loan1	—		31,562
Uptiered Loan1	122,416		107,905
ME/RE Loans1	25,489		—
Total	263,820		239,383
Convertible Debt2	41,161		40,650
Finance lease obligations	5,900		5,902
Total long-term debt and finance lease obligations	310,881		285,935
Current portion of long-term debt and finance lease obligations	(4,547)		(280,993)
Total long-term debt and finance lease obligations, less current portion	$	306,334	$	4,942

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1    Net carrying balances of the loans are presented below (in thousands):

	June 30, 2023						December 31, 2022
			(unaudited)
	Principal balance		Debt issuance cost and discount, net of accumulated amortization		Net carrying balance		Principal balance		Debt issuance cost and discount, net of accumulated amortization		Net carrying balance
APSC Term Loan	$	—	$	—	$	—	$	35,510	$	(3,948)	$	31,562
Uptiered Loan	123,129		(713)		122,416		115,443		(7,538)		107,905
ME/RE Loans	$	27,398	$	(1,909)	$	25,489	$	—	$	—	$	—

2        Comprised of principal amount outstanding, less unamortized discount and issuance costs. See Convertible Debt section below for additional information.

Schedule of Warrants or Rights

As of June 30, 2023 and December 31, 2022, we had the following warrants outstanding:

	Original					After Reverse Stock Split (Effective date December 22, 2022)
Holder	Date	Number of shares	Exercise price		Expiration date	Number of shares	Exercise price		Expiration date
APSC Holdco II, LP
Original, as awarded	12/18/2020	3,582,949	$	7.75	6/14/2028
Amended	11/9/2021	500,000	$	1.50	6/14/2028
Amended	12/8/2021	917,051	$	1.50	12/8/2028
Total APSC		5,000,000	$	1.50	12/8/2028	500,000	$	15.00	12/8/2028
Corre	12/8/2021	5,000,000	$	1.50	12/8/2028	500,000	$	15.00	12/8/2028
Total warrants		10,000,000				1,000,000

Schedule of Convertible Debt

As of June 30, 2023 and December 31, 2022, the Notes were recorded in our condensed consolidated balance sheet as follows (in thousands):

	June 30, 2023		December 31, 2022
	(unaudited)
Liability component:
Principal	$	41,161	$	41,162
Unamortized issuance costs	—		(377)
Unamortized discount	—		(135)
Net carrying amount of the liability component1	$	41,161	$	40,650
Equity component:
Carrying amount of the equity component, net of issuance costs2	$	37,276	$	37,276

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1        Included in the “Long-term debt and finance lease obligation” line for June 30, 2023 and “Current portion of long-term debt and finance lease obligations” line for December 31, 2022 of the condensed consolidated balance sheets.

2        Relates to the portion of the Notes accounted for under ASC 815-15 (defined below) and is included in the “Additional paid-in capital” line of the condensed consolidated balance sheets.