Warrant Liabilities

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Warrant Liabilities

Warrant Liabilities

5-Year Private Warrants

The Company’s outstanding warrant liabilities include 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, 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, 9,374,578 warrants have been transferred from 5-Year Private Warrants and become 5-Year Public Warrants. During the three months ended March 31, 2024 and 2023, transfers from 5-Year Private Warrants to 5-Year Public Warrants totaled Nil and 6,176,794, respectively.

The following tables summarize the Company’s 5-Year Private Warrants (in thousands, except warrant amounts):

Balance at			Fair Value			Transfers to			Balance at
December 31, 2022			Adjustments(1)			5-Year Public Warrants			March 31, 2023
Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
9,126,515	$	786	—	$	(122)	(6,176,794)	$	(531)	2,949,721	$	133

Balance at			Fair Value			Balance at
December 31, 2023			Adjustments(1)			March 31, 2024
Warrants	Amount		Warrants	Amount		Warrants	Amount
865,422	$	26	—	$	(5)	865,422	$	21

(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with FASB Accounting Standard Codification (ASC) Topic 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 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 5-Year Private Warrants as of March 31, 2024:

Exercise Price		Exercise Period	Expiration Date	Warrants Outstanding
$	11.50	5 years	May 29, 2025	865,422