Tailwind Two Acquisition Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Warrants and Derivatives (Tables)

Warrants and Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Disclosure of Warrants and Derivatives [Abstract]

Schedule of Fair Value of Liability-Classified Warrants and Derivatives Recorded in Warrant Liabilities

The fair values of liability-classified warrants and derivatives recorded in warrant and derivative liabilities on the condensed consolidated balance sheets as of the presented dates were as follows:


(in thousands, except share and per share amounts)	Number of Issuable Shares as of March 31, 2023		Issuance	Maturity	Exercise/Conversion Price		March 31, 2023		December 31, 2022
Public Warrants		19,221,960	March 2021	March 2027	$	11.50	$	4,998	$	1,922
Private Placement Warrants		78,000	March 2021	March 2027	$	11.50		20		8
FP Combination Warrants		8,291,704	March 2022	March 2027	$	10.00		19,486		18,573
2027 Warrants		17,253,279	October 2022	October 2027	$	2.898		16,369		13,707
Conversion Option Derivative		35,956,013	October 2022	October 2027	$	2.898		8,532		5,740
Warrant and derivative liabilities		80,800,956					$	49,405	$	39,950

Schedule of Liability-Classified Warrants and Derivatives

The changes in liability-classified warrants and derivatives during the three months ended March 31, 2022 were predominately related to the Tailwind Two Merger and were as follows:


(in thousands)	Current Warrant and Derivative Liabilities			Warrant and Derivative Liabilities			Total
Balance as of December 31, 2021	$	68,518		$	5,631		$	74,149
Initial recognition from Tailwind Two Merger		-			13,124			13,124
Change in fair value of warrant and derivative liabilities		13,342			(1,489	)		11,853
Reclassification of current warrant and derivative liabilities to warrant and derivative liabilities		(25,966	)		25,966			-
Reclassification of liability-classified warrants and derivatives to equity-classified		(11,007	)		-			(11,007	)
Net settlement of liability-classified warrants into common stock		-			(7,616	)		(7,616	)
Issuance of contingently issuable shares		(44,887	)		-			(44,887	)
Balance as of March 31, 2022	$	-		$	35,616		$	35,616