Private Placement Warrants and Unvested Founder Shares (Tables)

12 Months Ended

Dec. 31, 2022

Warrants and Rights Note Disclosure [Abstract]

Debt Securities, Trading, and Equity Securities, FV-NI

As of December 31, 2022 and 2021, the fair value of the Private Placement Warrants and the Unvested Founder Shares were:

(in thousands)	December 31, 2022		December 31, 2021
Private Placement Warrants	$	953	$	38,028
Unvested Founder Shares	$	1,489	$	35,972

The accompanying consolidated statements of (loss) income and comprehensive (loss) income include gains related to the change in fair value of the Private Placement Warrants and Unvested Founder Shares for the years ended December 31, 2022, 2021 and 2020 as follows:

	For the years ended December 31,
(in thousands)	2022		2021		2020
Private Placement Warrants	$	(32,567)	$	(6,423)	$	(11,606)
Unvested Founder Shares	(34,483)		(26,173)		(23,816)
Gain on change in fair value of Private Placement Warrants and Unvested Founder Shares	$	(67,050)	$	(32,596)	$	(35,422)

The following table shows the significant assumptions in the development of the fair value of the Private Placement Warrants and the Unvested Founder Shares:

	Year Ended December 31,
Significant Unobservable Inputs	2022			2021
Stock price	$	1.15		$	4.43
Strike price	$	11.50		$	11.50
Remaining life (in years)	2.75			3.75
Volatility	72.7		%	79.0		%
Risk-free interest rate	4.3		%	1.1		%
Expected dividend yield	—		%	—		%