Warrant Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Summary of outstanding warrants

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

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

	Balance at December 31, 2021			Warrant Issuances			Balance at June 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount
Equity classified warrants
5-Year Public Warrants	24,811,068	$	28,912	—	$	—	24,811,068	$	28,912
Public Offering Warrants	9,583,334	12,938		—	—		9,583,334	12,938
Private Placement Offering Warrants	—	—		46,816,480	25,604		46,816,480	25,604
Total	34,394,402	$	41,850	46,816,480	$	25,604	81,210,882	$	67,454

	Balance at December 31, 2020			Transfers to an Unrelated Third Party			Balance at June 30, 2021
	Warrants	Amount		Warrants	Amount		Warrants	Amount
Equity classified warrants
5-Year Public Warrants	24,401,483	$	28,619	394,863	$	284	24,796,346	$	28,903
Public Offering Warrants	9,583,334	12,938		—	—		9,583,334	12,938
Total	33,984,817	$	41,557	394,863	$	284	34,379,680	$	41,841

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
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
Private Placement Offering Warrants	$	1.068	5 years	March 15, 2027	46,816,480