Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

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

The following tables summarize the Company’s outstanding equity classified warrants included in Additional paid-in capital on the Condensed Consolidated Balance Sheets (in thousands, except warrant amounts):


	Balance at December 31, 2023			Warrant Issuances			Transfers from 5-Year Private Warrants			Balance at March 31, 2024
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	33,424,476	$	29,539	—	$	—	—	$	—	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	89,824,290	$	68,081	—	$	—	—	$	—	89,824,290	$	68,081


	Balance at December 31, 2022			Transfers from 5-Year Private Warrants(1)				Balance at March 31, 2023

	Warrants	Amount			Warrants	Amount			Warrants	Amount
5-Year Public Warrants	25,163,383	$	28,954		6,176,794	$	531		31,340,177	$	29,485
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		6,176,794	$	531		87,739,991	$	68,027

(1)On November 14, 2023, the Company effectuated a 1-for-10 reverse stock split, after which 10 warrants were required to purchase one share of common stock.

The following table summarizes additional information on the Company’s outstanding warrants as of March 31, 2024:


	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