Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders' EquityFollowing the May 29, 2020 Recapitalization Transaction, the total number of shares of all classes of capital stock that the Company has authority to issue is 410,000,000, of which 400,000,000 are common stock, par value $0.0001 per share, and 10,000,000 are preferred stock par value $0.0001 per share. The designations, powers, privileges and rights, and the qualifications, limitations or restrictions thereof in respect to each of our class of capital stock are discussed below.

Common stock

As of December 31, 2021, there were 60,433,395 shares of common stock issued and outstanding. Each holder of common stock is entitled to one vote for each share of common stock held by such holder. The holders of common stock are entitled to the payment of dividends and other distributions as may be declared from time to time by the Board of Directors in accordance with applicable law and to receive other distributions from the Company. See Note 25 - Subsequent Events for details related to issuances of shares of common stock that occurred in March 2022.

Preferred stock

As of December 31, 2021, there were no shares of preferred stock issued and outstanding.

Dividend policy

The Company’s credit facility under the Sprott Credit Agreement contains provisions that restrict its ability to pay dividends. For additional information see Note 10 - Debt, Net.

Warrants

The following table summarizes the Company's outstanding warrants included in Additional paid-in capital on the Consolidated Balance Sheets (dollars in thousands):

	Balance at January 1, 2021			Warrant Issuances			Exercises of warrants			Transfers from an Unrelated Third Party				Balance at December 31, 2021
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants		Amount		Warrants	Amount
Equity classified warrants
5-Year Public Warrants	24,401,483	$	28,618	—	$	—	—	$	—	409,585		$	294	24,811,068	$	28,912
Public Offering Warrants	9,583,334	12,938		—	—		—	—		—		—		9,583,334	12,938
Total	33,984,817	$	41,556	—	$	—	—	$	—	$	409,585	$	294	33,984,918	$	41,850

	Balance at January 1, 2020			Warrant Issuances			Exercises of warrants			Transfers from an Unrelated Third Party				Balance at December 31, 2020
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants		Amount		Warrants	Amount
Equity classified warrants
5-Year Public Warrants	20,800,000	$	25,100	3,249,999	$	2,938	(101)	$	(1)	351,585		$	581	24,401,483	$	28,618
Public Offering Warrants	—	—		9,583,334	12,938		—	—		—		$	—	9,583,334	$	12,938
Total	20,800,000	$	25,100	12,833,333	$	15,876	(101)	$	(1)	$	351,585	$	581	33,984,817	$	41,556

The following table summarizes additional information on the Company's outstanding warrants:

	Exercise Price		Exercise Period	Expiration Date	Warrants Outstanding
Equity classified warrants
5-Year Public Warrants	$	11.50	5 years	May 29, 2025	24,811,068
Public Offering Warrants	10.50		5 years	October 6, 2025	9,583,334

5-Year Public Warrants

Prior to the Recapitalization Transaction, MUDS issued 20,800,000 units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $11.50 per share for a period of five years from the May 29, 2020 Recapitalization Transaction (the "IPO Warrants"), and concurrently with the Recapitalization Transaction, the Company issued 3,249,999 warrants upon substantially the same terms as part of a backstop unit offering at an exercise price of $11.50 per share for a period of five years from the issuance date (the "Backstop Warrants" and collectively with the IPO Warrants, the "5-Year Public Warrants"). During the years ended December 31, 2021 and 2020, 409,585 and 351,585, respectively, 5-Year Private Warrants were transferred from a 5-Year Private Warrant holder to an Unrelated Third Party and, accordingly those warrants are now included with the 5-Year Public Warrants. The Company has certain abilities to call the 5-Year Public Warrants if the last reported sale price of common stock equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period. As of December 31, 2021, the Company had 24,811,068 5-Year Public Warrants outstanding. The 5-Year Public Warrants (other than the Backstop Warrants) are listed for trading on the Nasdaq Capital Market under the symbol "HYMCW". See Note 3 - Recapitalization Transaction for additional details on transactions to which the 5-Year Public Warrants were issued.

Public Offering Warrants

On October 6, 2020, the Company issued 9,583,334 units in an underwritten public offering at an offering price to of $9.00 per unit (the "Public Offering"), with each unit consisting of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $10.50 per share (“Public Offering Warrants”). Of the 9.6 million units issued, 5.0 million units were issued to Restricted Persons, as defined under the Seller Warrant Agreement. After deducting underwriting discounts and commission and offering expenses, the proceeds net of discount and equity issuance costs to the Company were $83.1 million. The Public Offering Warrants are immediately exercisable and entitle the holder thereof to purchase one share of common stock at an exercise price of $10.50 for a period of five years from the closing date of the Public Offering. The shares of common stock and the Public Offering Warrants were separated upon issuance in the Public Offering. The Public Offering Warrants are listed for trading on the Nasdaq Capital Market under the symbol "HYCML".