Equity Warrants Classified as Derivative Liabilities

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity Warrants Classified as Derivative Liabilities

8. Equity Warrants Classified as Derivative Liabilities

Warrant Valuation

Equity warrants that are classified as derivative liabilities must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration and are included in derivative liabilities in the Company's unaudited condensed consolidated balance sheets. Any change in fair value between the respective reporting dates is recognized as an unrealized gain or loss in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss (see Note 13). The Company's derivative liabilities were made up of only equity warrants and the Sponsor Shares as of June 30, 2024 and December 31, 2023.

The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at June 30, 2024:

	Number of Shares	Exercise Price		Redemption Price		Expiration Date	Classification	Gain in Value for the Six Months Ended June 30, 2024		Fair Value as of June 30, 2024
	(in thousands)							(in thousands)
Public Warrants	15,813	$	11.50	$	18.00	9/9/2026	Liability	$	275	$	520
Private Placement Warrants - Issued October 2019	4,163	11.50		18.00		9/9/2026	Liability	250		167
Private Placement Warrants - Issued October 2019	4,163	20.00		18.00		9/9/2026	Liability	83		83
Private Placement Warrants - Issued March 2023	16,404	2.20		N/A		9/8/2028	Liability	3,937		8,530

In addition, the Company has 1.8 million Class A common stock warrants outstanding which have an exercise price of $0.11 and expiration dates from June 27, 2028 to October 31, 2029. These warrants are equity classified and are included in additional paid-in capital in the Company’s unaudited condensed consolidated balance sheets.