Quarterly report pursuant to Section 13 or 15(d)

Warrants and Derivatives (Tables)

v3.22.2
Warrants and Derivatives (Tables)
 6 Months Ended
Jun. 30, 2022
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 recorded in warrant 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
June 30, 2022

 

 

Issuance

 

Maturity

 

Exercise Price

 

 

June 30, 2022

 

 

December 31, 2021

 

Inducement Warrants

 

 

-

 

 

March 2021

 

March 2041

 

$

0.01

 

 

$

-

 

 

$

5,631

 

Public Warrants

 

 

11,499,960

 

 

March 2021

 

March 2027

 

$

11.50

 

 

 

5,635

 

 

 

-

 

Private Placement Warrants

 

 

7,800,000

 

 

March 2021

 

March 2027

 

$

11.50

 

 

 

3,822

 

 

 

-

 

FP Combination Warrants

 

 

8,291,704

 

 

March 2022

 

March 2027

 

$

10.00

 

 

 

17,982

 

 

 

-

 

Warrant liabilities

 

 

27,591,664

 

 

 

 

 

 

 

 

 

$

27,439

 

 

$

5,631

 

 
Fair Values of Liability Classified Warrants and Derivatives Recorded in Accrued Expenses and Other Current Liabilities

The fair values of liability-classified warrants and derivatives recorded in accrued expenses and other current liabilities on the consolidated balance sheets as of the presented dates were as follows:

(in thousands)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

FP Pre-Combination Warrants

 

 

 

$

-

 

 

$

2,546

 

Pre-Combination Warrants

 

 

 

 

-

 

 

 

849

 

FP Combination Warrants

 

 

 

 

-

 

 

 

27,682

 

Combination Warrants

 

 

 

 

-

 

 

 

7,602

 

FP Combination Equity

 

 

 

 

-

 

 

 

24,110

 

Combination Equity

 

 

 

 

-

 

 

 

5,729

 

Current warrant and derivative liabilities

 

 

 

$

-

 

 

$

68,518

 
Schedule of Liability-Classified Warrants and Derivatives

(in thousands)

 

Current Warrant
and Derivative
Liabilities

 

 

Warrant
Liabilities

 

 

Total

 

Beginning balance

 

$

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

 

 

 

(9,666

)

 

 

3,676

 

Reclassification of current warrant and derivative liabilities to warrant 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

)

Ending balance

 

$

-

 

 

$

27,439

 

 

$

27,439