Warrant Liabilities (Tables)

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

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


	Balance at December 31, 2022			Transfers from 5-Year Private Warrants(1)			Balance at December 31, 2023
	Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	25,163,383	$	28,954	8,261,093	$	585	33,424,476	$	29,539
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	81,563,197	$	67,496	8,261,093	$	585	89,824,290	$	68,081


	Balance at December 31, 2021			Warrant Issuances			Transfers from 5-Year Private Warrants(1)			Balance at December 31, 2022

	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	24,811,068	$	28,912	—	$	—	352,315	$	42	25,163,383	$	28,954
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	352,315	$	42	81,563,197	$	67,496

(1)See Note 14 – Warrant Liabilities.

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


	Exercise price		Exercise period	Expiration date	Warrants outstanding
5-Year Public Warrants	$	11.50	5 years	May 29, 2025	33,424,476
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