Warrant Liabilities

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Warrant Liabilities

Warrant Liabilities

The following table summarizes the Company’s outstanding warrants (dollars in thousands):

	Balance at December 31, 2021			Fair Value Adjustments(1)			Balance at June 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount
Warrant liabilities
5-Year Private Warrants	9,478,830	$	664	—	$	1,611	9,478,830	$	2,275
Seller Warrants	12,721,901	5		—	4		12,721,901	9
Total	22,200,731	$	669	—	$	1,615	22,200,731	$	2,284

	Balance at December 31, 2020			Fair Value Adjustments(1)			Transfers to an Unrelated Third Party			Balance at June 30, 2021
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
Warrant liabilities
5-Year Private Warrants	9,888,415	$	15,326	—	$	(10,106)	(394,863)	$	(284)	9,493,552	$	4,936
Seller Warrants	12,721,901	63		—	(38)		—	—		12,721,901	25
Total	22,610,316	$	15,389	—	$	(10,144)	(394,863)	$	(284)	22,215,453	$	4,961

(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASC 814-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. Refer to Note 19 - Fair Value Measurements for further detail on the fair value of the Company’s liability classified warrants.

The following table summarizes additional information on the Company’s outstanding warrants as of June 30, 2022:

	Exercise Price		Exercise Period	Expiration Date	Warrants Outstanding
Warrant liabilities
5-Year Private Warrants	$	11.50	5 years	May 29, 2025	9,478,830
Seller Warrants	$	40.03	7 years	October 22, 2022	12,721,901