Fair Value of Financial Instruments (As Restated) (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Financial Assets and Liabilities Measured on Recurring Basis

The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy (dollars in thousands):


	March 31, 2023
	Level 1		Level 2		Level 3
Liabilities:
Notes payable	$	—	$	—	$	92,665
Private warrants	—		—		52
Bridge warrants	—		—		28,521


	December 31, 2022 (As Restated)
	Level 1		Level 2		Level 3
Liabilities:
Notes payable	$	—	$	—	$	26,008
Accrued expenses and other current liabilities	—		—		6,227
Private warrants	—		—		52
Bridge warrants (as restated)	—		—		92,781

Summary of Activity for Level 3 Fair Value Measurements

The following table summarizes the activity of Level 3 fair value measurements (dollars in thousands):


	Bridge Warrants (As Restated)		Notes Payable, Bridge		Private Warrants		Earnout Shares Liability		Liability for Insufficient Authorized Shares Related to Stock Options and RSUs
Balance as of December 31, 2022 (as restated)	$	92,781	$	26,008	$	52	$	2,250	$	3,977
Additions	33,266		122,409		—		—		—
Net disposal pursuant to Warrant Exchange	(16,506)		—		—		—		—
Exercises of warrants	(47,202)		—		—		—		—
Change in fair value measurements	(33,818)		(16,031)		—		2,764		—
Extinguishment of Debt	—		3,021		—		—		—
Stock-based compensation expense	—		—		—		—		5,002
Conversions of liability to Common Stock	—		—		—		(5,014)		(8,979)
Conversions of notes to Common Stock	—		(42,742)		—		—		—
Balance as of March 31, 2023	$	28,521	$	92,665	$	52	$	—	$	—