Warrants

12 Months Ended

Dec. 31, 2022

Warrants and Rights Note Disclosure [Abstract]

Warrants

Note 15. Warrants

During the year ended December 31, 2021, 7,441,020 Public Warrants were exercised which resulted in the issuance of 7,441,020 shares of the Company’s Common Stock, generating cash proceeds of $85.6 million. In addition, 225,647 Public Warrants were called at $0.01 per warrant. No Public Warrants remain outstanding at December 31, 2022.

During the year ended December 31, 2021, 243,000 Legacy XL Warrants were exercised, which resulted in the issuance of 233,555 shares of the Company’s Common Stock, in a cashless exercise.

A summary of the warrant activity for the years ended December 31 was as follows:

Warrants	Shares	Weighted Average Exercise Price
Outstanding at December 31, 2020	12,149,117	$	11.28
Called	(225,647)	11.50
Exercised	(7,684,020)	11.14
Outstanding at December 31, 2021	4,239,450	$	11.48
Issued	—	—
Exercised	—	—
Outstanding at December 31, 2022	4,239,450	$	11.48