| 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 consolidated balance sheets as of the presented dates were as follows:
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December 31, |
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(in thousands, except share and per share amounts) |
|
Number of Issuable Shares as of
December 31, 2022 |
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|
Issuance |
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Maturity |
|
Exercise/Conversion Price |
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|
2022 |
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|
2021 |
|
Inducement Warrants |
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|
- |
|
|
March 2021 |
|
March 2041 |
|
$ |
0.01 |
|
|
$ |
- |
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|
$ |
5,631 |
|
Public Warrants |
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|
19,221,960 |
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|
March 2021 |
|
March 2027 |
|
$ |
11.50 |
|
|
|
1,922 |
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|
|
- |
|
Private Placement Warrants |
|
|
78,000 |
|
|
March 2021 |
|
March 2027 |
|
$ |
11.50 |
|
|
|
8 |
|
|
|
- |
|
FP Combination Warrants |
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|
8,291,704 |
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|
March 2022 |
|
March 2027 |
|
$ |
10.00 |
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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 |
|
October 2027 |
|
$ |
2.898 |
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|
13,707 |
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|
- |
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Conversion Option Derivative |
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|
35,092,695 |
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October 2022 |
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October 2027 |
|
$ |
2.898 |
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|
|
5,740 |
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|
|
- |
|
Warrant and derivative liabilities |
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|
79,937,638 |
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|
|
|
|
|
|
|
|
$ |
39,950 |
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|
$ |
5,631 |
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| 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:
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December 31, |
|
(in thousands) |
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2022 |
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|
2021 |
|
FP Pre-Combination Warrants |
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|
|
$ |
- |
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|
$ |
2,546 |
|
Pre-Combination Warrants |
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|
|
|
- |
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|
|
849 |
|
FP Combination Warrants |
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|
|
|
- |
|
|
|
27,682 |
|
Combination Warrants |
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|
|
|
- |
|
|
|
7,602 |
|
FP Combination Equity |
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|
|
- |
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|
24,110 |
|
Combination Equity |
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- |
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|
5,729 |
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Current warrant and derivative liabilities |
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$ |
- |
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|
$ |
68,518 |
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| Schedule of Liability-Classified Warrants and Derivatives |
The changes in fair value of liability-classified warrants and derivatives during the periods presented 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, 2020 |
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$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Initial recognition as discount on debt |
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|
14,240 |
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|
|
2,519 |
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|
$ |
16,759 |
|
Initial recognition as deferred debt commitment costs |
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|
42,247 |
|
|
|
- |
|
|
|
42,247 |
|
Initial recognition as loss on extinguishment of debt |
|
|
15,002 |
|
|
|
1,857 |
|
|
|
16,859 |
|
Change in fair value of warrant and derivative liabilities |
|
|
(2,971 |
) |
|
|
1,255 |
|
|
|
(1,716 |
) |
Balance as of December 31, 2021 |
|
$ |
68,518 |
|
|
$ |
5,631 |
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|
$ |
74,149 |
|
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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Initial recognition as discount on debt |
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|
- |
|
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|
59,487 |
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|
59,487 |
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Change in fair value of warrant and derivative liabilities |
|
|
13,342 |
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|
|
(56,642 |
) |
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|
(43,300 |
) |
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 |
|
|
- |
|
|
|
(7,616 |
) |
|
|
(7,616 |
) |
Issuance of contingently issuable shares |
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|
(44,887 |
) |
|
|
- |
|
|
|
(44,887 |
) |
Balance as of December 31, 2022 |
|
$ |
- |
|
|
$ |
39,950 |
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|
$ |
39,950 |
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|