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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2022
Summary of the net (loss) gain on changes in fair value related to warrants

The following table summarizes the net gain (loss) on changes in fair value (in thousands) related to the Public Warrants, Private Warrants and Foxconn Warrants.

Year ended

Year ended

December 31, 2022

December 31, 2021

Public Warrants

$

$

(27,180)

Private Warrants

231

15,307

Foxconn Warrants

153

Net (loss) gain on changes in fair value

$

384

$

(11,873)

Summary of the valuation of financial instruments

The following tables summarize the valuation of our financial instruments (in thousands):

    

Total

    

Quoted prices in
active markets
(Level 1)

    

Prices with
observable inputs
(Level 2)

    

Prices with unobservable inputs
(Level 3)

December 31, 2022

Cash and cash equivalents

$

121,358

$

121,358

$

$

Short-term investments

100,297

100,297

Private Warrants

254

254

Foxconn Warrants

170

170

    

Total

    

Quoted prices in
active markets
(Level 1)

    

Prices with
observable inputs
(Level 2)

    

Prices with unobservable inputs
(Level 3)

December 31, 2021

Cash and cash equivalents

$

244,016

$

244,016

$

$

Short-term investments

Private Warrants

485

485

Schedule of loss on fair value recognized in earnings

    

Balance at December 31, 2021

Additions

Settlements

Loss on fair
value adjustments
included in earnings

    

Balance at December 31, 2022

Private Warrants

$

485

(231)

$

254

Foxconn Warrants

323

(153)

170

Foxconn  
Schedule of Level 3 fair value measurement inputs

Year ended

December 31, 2022

Foxconn Warrants

Stock Price

$

1.14

Strike Price

$

10.5

Volatility

90%

Expected term

2.4 years

Risk Free Rate

4.284%