As of December 31, 2021, the Company has authorized the issuance of 80,071,901 shares of common stock.

The Company has reserved shares of common stock for issuance related to the following stock options, warrants, restricted stock units (“RSUs”) and future grants:


	As of December 31,
	2021			2020
Common stock warrants		12,325,545			3,536,257
Stock options and RSUs, issued and outstanding		15,257,453			10,167,927
Common stock authorized for future issuance		(493	)		874,144

		27,582,505			14,578,328

The authorized share limit is increased by the Company whenever the number of common shares authorized is not sufficient to cover what has been issued and granted. An increase to total authorized shares of common stock is detailed in “Note 19 – Subsequent Events”.

Common Stock Warrants

As of December 31, 2021, the Company had the following common stock warrants outstanding to purchase shares of the Company’s common stock (in thousands, except for share and per share amounts):


	Date of Issue	Shares		Exercise Price		Fair Value at Issuance, Net		Expiration
February 2021			6,298,304	$	0.01	$	21,971		March 24, 2025
March, August and October 2020			3,527,241	$	0.01		7,212		March 24, 2025

Total			9,825,545			$	29,183

In November 2019, the Company issued warrants to purchase 9,016 shares of the Company’s common stock with an exercise price of $0.01 per share in connection with early termination of a lease facility. These warrants were exercised in

September 2021.

During fiscal year 2020, the Company issued warrants to purchase 3,527,241 shares of the Company’s common stock with an exercise price of $0.01 per share in conjunction with the issuance of $16.1 million convertible promissory notes (the “2023 Initial Notes”). These warrants expire in March 2025.

The common stock warrants are valued using the Black-Scholes model at $

4.20

at issuance. The Company allocated the proceeds from the issuance of the 2023 Initial Notes between the convertible notes and the common stock warrants on a relative fair value basis. The Company allocated approximately $7.2

million to the common stock warrants, included within additional paid-in capital on the consolidated balance sheets. The warrants are not remeasured in future periods as they meet the conditions for equity classification. See “Note 12 – Borrowing Arrangements” for additional details on the 2023 Initial Notes.

In February 2021, the Company issued warrants to purchase 6,298,304 shares of common stock in conjunction with the issuance of $48.7 million in convertible promissory notes (the “Extension Notes”). These Extension Notes have similar terms to the 2023 Initial Notes (the “2023 Initial Notes”, together with the “Extension Notes”, referred to as the “2023 Notes”).

These warrants are exercisable for shares of common stock at $0.01 per share and expire in March 2025. The common stock warrants are valued using the Black-Scholes model at $

6.51

at issuance. The Company allocated the proceeds from the issuance of the Extension Notes between the convertible notes and the common stock warrants on a relative fair value basis. The Company allocated approximately $22.0

In June 2021, the Company issued warrants to purchase 2,500,000 shares of common stock of the Company, subject to adjustment, in conjunction with the Sensata Collaboration Agreement. These warrants are exercisable for shares of common stock at $0.01 per share and expire in June 2026

. These warrants become exercisable into shares of the new Company after the Close of the Merger Agreement. Refer to “Note 1(b) - Business Combination” and “Note 18 – Related Party Transactions” for additional details.

The following assumptions were used to calculate the fair value of the common stock warrants issued:


Expected term		3.0 years
Expected volatility		42.9%
Risk-free interest rate		0.18%-0.41%
Expected dividends		0.0%