Warrants and Derivatives (Tables)
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9 Months Ended |
Sep. 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
September 30, 2023 |
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Issuance |
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Maturity |
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Exercise/Conversion Price |
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September 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 |
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$ |
11.50 |
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|
$ |
2,883 |
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$ |
1,922 |
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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 |
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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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20,481 |
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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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|
6,736 |
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|
13,707 |
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Conversion Option Derivative |
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37,781,575 |
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October 2022 |
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October 2027 |
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2.898 |
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|
2,304 |
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|
5,740 |
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Warrant and derivative liabilities |
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82,626,518 |
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$ |
32,416 |
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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 nine months ended September 30, 2022 were predominately related to the Tailwind Two Merger and were as follows:
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(in thousands) |
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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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(15,667 |
) |
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(2,325 |
) |
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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- |
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Reclassification of liability-classified warrants and derivatives to equity-classified |
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(11,007 |
) |
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- |
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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 September 30, 2022 |
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$ |
- |
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$ |
21,438 |
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$ |
21,438 |
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| Schedule of Equity Classified Warrants And Derivatives |
Equity-classified Warrants and Derivatives
As of September 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) |
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Number of Issuable Shares |
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Issuance |
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Maturity |
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Exercise Price |
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Combination Warrants |
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2,763,902 |
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March 2022 |
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March 2027 |
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$ |
10.00 |
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RDO Warrants |
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|
29,000,000 |
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May 2023 |
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November 2028 |
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|
1.43 |
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Placement Agent Warrants |
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|
2,030,000 |
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May 2023 |
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May 2028 |
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|
1.60 |
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CMPO Pre-Funded Warrants |
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11,535,715 |
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September 2023 |
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N/A |
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|
0.0001 |
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CMPO Warrants |
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23,214,290 |
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September 2023 |
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September 2028 |
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|
1.50 |
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CMPO Placement Agent Warrants |
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1,625,000 |
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September 2023 |
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September 2028 |
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|
1.75 |
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Total equity-classified warrants and derivatives |
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70,168,907 |
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