Warrants and Derivatives (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Disclosure of Warrants and Derivatives [Abstract] |
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| 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 periods were as follows:
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(in thousands, except share and per share amounts) |
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Number of Issuable Shares as of
June 30, 2023 |
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Issuance |
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Maturity |
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Exercise/Conversion Price |
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|
June 30, 2023 |
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|
December 31, 2022 |
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Public Warrants |
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|
19,221,960 |
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|
March 2021 |
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March 2027 |
|
$ |
11.50 |
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|
$ |
3,076 |
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|
$ |
1,922 |
|
Private Placement Warrants |
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|
78,000 |
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|
March 2021 |
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March 2027 |
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|
11.50 |
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|
|
12 |
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|
8 |
|
FP Combination Warrants |
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|
8,291,704 |
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March 2022 |
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March 2027 |
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|
10.00 |
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|
|
20,066 |
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|
18,573 |
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2027 Warrants |
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17,253,279 |
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October 2022 |
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October 2027 |
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|
2.898 |
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|
11,876 |
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|
13,707 |
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Conversion Option Derivative |
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|
36,852,685 |
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October 2022 |
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October 2027 |
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|
2.898 |
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|
|
2,889 |
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|
5,740 |
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Warrant and derivative liabilities |
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|
81,697,628 |
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$ |
37,919 |
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$ |
39,950 |
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| Schedule of Liability-Classified Warrants and Derivatives |
The changes in liability-classified warrants and derivatives during the six months ended June 30, 2022 were predominately related to the Tailwind Two Merger and were as follows:
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(in thousands) |
|
Current Warrant
and Derivative
Liabilities |
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Warrant and Derivative
Liabilities |
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Total |
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Balance as of December 31, 2021 |
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$ |
68,518 |
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|
$ |
5,631 |
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$ |
74,149 |
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Initial recognition from Tailwind Two Merger |
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- |
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13,124 |
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|
13,124 |
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Change in fair value of warrant and derivative liabilities |
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|
13,342 |
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(9,666 |
) |
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|
3,676 |
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Reclassification of current warrant and derivative liabilities to warrant and derivative liabilities |
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(25,966 |
) |
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|
25,966 |
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|
- |
|
Reclassification of liability-classified warrants and derivatives to equity-classified |
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|
(11,007 |
) |
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|
- |
|
|
|
(11,007 |
) |
Net settlement of liability-classified warrants into common stock |
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|
- |
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(7,616 |
) |
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(7,616 |
) |
Issuance of contingently issuable shares |
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(44,887 |
) |
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- |
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(44,887 |
) |
Balance as of June 30, 2022 |
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$ |
- |
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|
$ |
27,439 |
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$ |
27,439 |
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| Schedule of Equity Classified Warrants And Derivatives |
Equity-classified Warrants and Derivatives
As of June 30, 2023, the Company’s equity-classified warrants and derivatives were comprised of the following:
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(in thousands, except share and per share amounts) |
|
Number of Issuable Shares |
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|
Issuance |
|
Maturity |
|
Exercise Price |
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Combination Warrants |
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|
2,763,902 |
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|
March 2022 |
|
March 2027 |
|
$ |
10.00 |
|
Pre-Funded Warrants |
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|
9,035,000 |
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May 2023 |
|
N/A |
|
|
0.0001 |
|
RDO Warrants |
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|
29,000,000 |
|
|
May 2023 |
|
November 2028 |
|
|
1.43 |
|
Placement Agent Warrants |
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|
2,030,000 |
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|
May 2023 |
|
May 2028 |
|
|
1.60 |
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Total equity-classified warrants and derivatives |
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42,828,902 |
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