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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required by ASC 820, by level, within the fair value hierarchy as of December 31, 2022 and 2021 (in thousands):


	December 31, 2022
	Fair Value		Level 1		Level 2		Level 3
Liability
Contingent earnout shares liability	$	3,013	$	—	$	—	$	3,013
Warrant liability	$	17,171	$	—	$	17,171	$	—


	December 31, 2021
	Fair Value		Level 1		Level 2		Level 3
Liability
Contingent earnout shares liability	$	29,057	$	—	$	—	$	29,057

Fair Value of Earnout Shares and Private Placement Warrants

Following is a summary of the change in fair value of the Earnout Shares liability, Yorkville warrant liability, and the private placement warrant liability for the years ended December 31, 2022 and 2021 (in thousands).


	Year Ended December 31,
Earnout Shares Liability	2022		2021
Beginning fair value	$	29,057	$	133,503

Change in fair value during the year	(26,044)		(104,446)
Ending fair value	$	3,013	$	29,057


	Year Ended December 31,
Private Placement Warrants Liability	2021
Beginning fair value	$	6,613
Change in fair value during the year	1,639
Conversion of private placement warrants to public warrants	(8,252)
Ending fair value	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details