Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Outstanding Warrants

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

	Balance at			Fair Value			Transfers to an			Balance at
	December 31, 2021			Adjustments(1)			Unrelated Third Party			September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
Warrant liabilities
5-Year Private Warrants	9,478,830	$	664	—	$	482	(75,201)	$	(18)	9,403,629	$	1,128
Seller Warrants	12,721,901	5		—	—		—	—		12,721,901	5
Total	22,200,731	$	669	—	$	482	(75,201)	$	(18)	22,125,530	$	1,133

	Balance at			Fair Value			Transfers to an			Balance at
	December 31, 2020			Adjustments(1)			Unrelated Third Party			September 30, 2021
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
Warrant liabilities
5-Year Private Warrants	9,888,415	$	15,326	—	$	(10,917)	(394,863)	$	(284)	9,493,552	$	4,125
Seller Warrants	12,721,901	63		—	(38)		—	—		12,721,901	25
Total	22,610,316	$	15,389	—	$	(10,956)	(394,863)	$	(284)	22,215,453	$	4,150

(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 20 - 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 September 30, 2022:

	Exercise Price		Exercise Period	Expiration Date	Warrants Outstanding
Warrant liabilities
5-Year Private Warrants	$	11.50	5 years	May 29, 2025	9,403,629
Seller Warrants(1)	$	39.90	7 years	October 22, 2022	12,721,901

(1)On October 22, 2022, the Seller Warrants expired pursuant to their terms and as of such time were no longer exercisable or outstanding. The remaining warrants outstanding totaled 9,403,629.

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			Warrant Issuances			Transfers to an Unrelated Third Party			Balance at
	December 31, 2021									September 30, 2022
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
Equity classified warrants
5-Year Public Warrants	24,811,068	$	28,912	—	$	—	75,201	$	18	24,886,269	$	28,930
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	75,201	$	18	81,286,083	$	67,472

	Balance at December 31, 2020			Transfers to an Unrelated Third Party			Balance at September 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 September 30, 2022:

	Exercise price		Exercise period	Expiration date	Warrants outstanding
Equity classified warrants
5-Year Public Warrants	$	11.50	5 years	May 29, 2025	24,886,269
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

Schedule of Fair Value of the Warrants Upon the Issuance

The Company used the Black-Scholes option pricing model to determine the fair value of the Warrants upon the issuance date using the following assumptions:

	As of March 15, 2022
Expected term (years)	5
Risk-free interest rate	2.1	%
Expected volatility	118.4	%
Expected dividend yield	—