Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders Equity Note [Abstract]

Summary of the Warrants

As of June 30, 2024, the Company had 10,905,901 outstanding warrants to purchase Class A common stock. A summary of the warrants is as follows:

	Number of Shares		Exercise Price		Expiration Date
Dragasac Warrant(1)		652,981	$	2.4898	March 16, 2025
Public Warrants(2)		1,437,447	$	115.00	July 16, 2026
Sponsor Warrants(2)		849,999	$	115.00	July 16, 2026
May 2022 PIPE Warrants		405,405	$	3.50	October 10, 2028
March 2023 PIPE Warrants		208,485	$	30.00	March 27, 2028
March 2023 PIPE Warrants (modified)		729,698	$	10.00	March 27, 2028
March 2023 Loan Warrants(3)		75,000	$	5.895	March 17, 2028
April 2023 Registered Direct Warrants		435,625	$	7.50	October 10, 2028
April 2023 Registered Direct Warrants (modified)		487,451	$	3.50	October 10, 2028
May 2023 PIPE Warrants		581,394	$	10.00	May 17, 2028
June 2023 Warrants(3)		50,000	$	5.895	June 20, 2028
June 2023 Loan Warrants		300,000	$	8.10	June 20, 2028
July 2023 Registered Direct Warrants		857,142	$	3.50	January 31, 2029
January 2024 PIPE Warrants		535,274	$	2.4898	January 16, 2029
January 2024 Bridge Loan - Tranche #1 Warrants		1,650,000	$	2.4898	January 16, 2029
January 2024 Bridge Loan - Tranche #2 Warrants		1,350,000	$	3.076	July 17, 2029
March 2024 RWI Forbearance Warrants		300,000	$	5.895	June 20, 2028
		10,905,901

(1) In connection with the execution of the January 2024 PIPE described above, the Company agreed to reprice 652,981 legacy warrants held by Dragasac with a previous exercise price of $67.70 to a new exercise price of $2.4898. The term of the warrants was unchanged.

(2) The number of Public Warrants and Sponsor Warrants outstanding was not adjusted for the reverse stock split. There are 14,374,478 Public Warrants and 8,499,999 Sponsor Warrants outstanding. After the reverse stock split, the number of warrants outstanding remains the same. However, each outstanding warrant is now exercisable for one-tenth of a share of Class A common stock, and the exercise price per share was adjusted to $115.00 as a result of the split.

(3) In connection with the execution of the Starr Forbearance Agreement on March 13, 2024, described above under Warrant Modification and further in Note 7, the Company agreed to reprice 75,000 warrants with a previous exercise price of $7.10 and 50,000 warrants with a previous exercise price of $8.10 held by C.V. Starr to a new exercise price of $5.895. The term of the warrants was unchanged.