Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of liabilities at fair value on a recurring basis

The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of December 31, 2021 and 2020, as well as indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:


December 31, 2021	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Public Warrants	8,697		—		—
Private Placement Warrants	—		—		3,496
Sponsor Shares	—		—		4,732
	$	8,697	$	—	$	8,228


December 31, 2020	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Series B Preferred Stock Warrants	$	—	$	—	$	508
Series C Preferred Stock Warrants	—		—		50
	$	—	$	—	$	558

Schedule of change sin the fair value of Level 3 liabilities

The following is a summary of changes in the fair value of the Level 3 liabilities during the year ended December 31, 2021:


	Bridge Notes		Consent Fee Liability		Sponsor Shares		Private Placement Warrants		Class A Common Stock Warrants		Preferred Stock Warrant Series B and C
	(in thousands)
Balance, January 1, 2021	$	—	$	—	$	—	$	—	$	—	$	558
Issuance of financial instruments carried at fair value	—		—		—		—		18,800
Liability recorded at fair value	77,033		2,715		17,659		14,902		—		—
Loss (gain) from changes in fair value	64		(251)		(12,927)		(11,406)		19,529		1,568
Settlement(1)	(77,097)		(2,464)		—		—		(38,329)		(2,126)
Balance, December 31, 2021	$	—	$	—	$	4,732	$	3,496	$	—	$	—

1.Bridge Notes were converted to class A common stock, Consent fees were settled for cash and all warrants were exercised.