Capital Structure (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance as of March 31, 2024 were as follows:


(In thousands)			Number of Shares
Restricted stock units (“RSUs”) and stock options outstanding under 2021 EIP			2,396
RSUs outstanding under 2023 IEIP			200
Stock options outstanding under Cloudbreak Plan			48
Shares issuable upon conversion of 2025 Notes			3,270
Shares issuable upon conversion of 2026 Notes			1,080
Shares issuable upon conversion of 2021 Public Warrants			1,725
Shares issuable upon conversion of the 2023 Private Placement Series A Warrants			3,000
Shares issuable upon conversion of the 2023 Private Placement Series B Warrants			3,000

Shares issuable upon conversion of 2021 Private Warrants			57
Shares issuable upon conversion of 2021 PIPE Warrants			30
Shares available for future grant under 2021 EIP			171
Shares available for future grant under 2023 IEIP			400
Total			15,377

Schedule of RSU Activity

The following table summarizes our RSU activity under the 2021 EIP:


(In thousands, except per share amounts)	Number of RSUs	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2023	522	$	3.10
RSUs granted	820	$	0.31
RSUs vested and issued	(204)	$	3.15
RSUs forfeited	(42)	$	18.03
Outstanding as of March 31, 2024	1,096	$	1.04

Schedule of Stock Option Activity

The following table summarizes our stock options granted during the three months ended March 31, 2024 :


(In thousands, except per share amounts)	Number of Options	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2023	—	$	—
Options granted	1,300	$	0.41
Outstanding as of March 31, 2024	1,300	$	0.41

Schedule of Stock Options, Fair Value Weighted Average Assumptions

For the options granted during the three months ended March 31, 2024, the fair value of stock options granted to employees was estimated using the Black-Scholes option-pricing model and with the following weighted average assumptions presented below:


	March 31, 2024
Expected term (years)	5	to	5.5
Expected volatility	110.0			%
Expected dividend yield	—			%
Risk-free interest rate	4.2			%