Warrant Liabilities

12 Months Ended

Dec. 31, 2023

The following table summarizes the Company’s outstanding warrant liabilities (in thousands):


							Transfers to 5-Year Public Warrants(2)
	Balance at December 31, 2022			Fair Value Adjustments(1)						Balance at December 31, 2023
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,126,515	$	786	—	$	(175)	(8,261,093)	$	(585)	865,422	$	26


	Balance at December 31, 2021			Fair Value Adjustments(1)			Transfers to 5-Year Public Warrants(2)			Expiration			Balance at December 31, 2022

	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	9,478,830	$	664	—	$	164	(352,315)	$	(42)	—	$	—	9,126,515	$	786
Seller Warrants	12,721,901	5		—	(5)		—	—		(12,721,901)	—		—	—
Total	22,200,731	$	669	—	$	159	(352,315)	$	(42)	(12,721,901)	$	—	9,126,515	$	786

(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASC 815-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. See Note 21 – Fair Value Measurements for further detail on the fair value of the Company’s liability classified warrants.

(2)See Note 15 – Stockholders’ Equity.

The following table summarizes additional information on the Company’s outstanding warrants as of December 31, 2023:

Exercise Price

Exercise Period

Expiration Date

Warrants Outstanding

5-Year Private Warrants

11.50

5 years

May 29, 2025

865,422

Warrant Liabilities

5-Year Private Warrants

The 5-Year Private Warrants cannot be redeemed and can be exercised on a cashless basis if the 5-Year Private Warrants are held by the initial purchasers or their permitted transferees. If the 5-Year Private Warrants are transferred to someone other than the initial purchasers or their permitted transferees (an “Unrelated Third Party”), such warrants become redeemable by the Company under substantially the same terms as the 5-Year Public Warrants. Since the original issue of private warrants, transfers to 5-Year Public Warrants totaled 9,374,578, including 8,261,093, 352,315, and 409,585 during the years ended December 31, 2023, 2022, and 2021, respectively.

Seller Warrants

On August 3, 2022, the Company issued a notice under the Seller Warrant Agreement notifying the holders of its Seller Warrants that the terms of the Seller Warrants were adjusted effective as of August 3, 2022 as a result of the issuance or deemed issuance of additional equity awards under the HYMC 2020 Performance and Incentive Pay Plan to “Restricted Persons” (as defined in the Seller Warrant Agreement) through August 3, 2022, in the aggregate amount of 2,570,602 restricted stock units convertible into shares of common stock and for the prospective issuance of up to 50,000 shares of common stock to participants who may be deemed to be Restricted Persons. These shares of common stock were not prospectively adjusted under the Seller Warrant provisions.

In accordance with the adjustment provisions of the Seller Warrant Agreement: (i) the exercise price of each Seller Warrant was decreased from $40.31 per share of common stock to $39.90 per share of common stock; (ii) the number of shares of common stock issuable upon exercise of each Seller Warrant was increased from 0.028055 to 0.028347; and (iii) as adjusted,

the aggregate number of shares of common stock issuable upon full exercise of the 12,721,901 outstanding Seller Warrants was increased from 356,912 to 360,628 shares of common stock.

Pursuant to the terms of the Seller Warrant Agreement, the Seller Warrants expired on October 22, 2022, seven years following the original issuance date. As of their expiration, the Seller Warrants were no longer exercisable or outstanding. See Note 24 – Commitments and Contingencies for further details regarding legal proceedings related to the Seller Warrants.