Warrants

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Warrants

Warrants

As of September 30, 2023 and December 31, 2022, there were 7,140,808 public warrants outstanding. Public warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the public warrant. Each warrant entitles its holders to purchase one share of Class A common stock at an exercise price of $11.50 per share. The public warrants became exercisable on November 15, 2021. The public warrants will expire on October 15, 2026, or earlier upon redemption or liquidation. We may redeem the outstanding warrants when various conditions are met, such as specific stock prices, as detailed in the specific warrant agreements. The warrants are recorded as a liability and reflected as “Warrant liability” in the consolidated balance sheets.

During the three and nine months ended September 30, 2023, we did not receive any proceeds from the exercise of the public warrants. During the three and nine months ended September 30, 2022, we received less than $0.1 million in proceeds from the exercise of the public warrants. We recognized a loss from the change in fair value of the warrant liability during the three and nine months ended September 30, 2023 of $0.2 million and $0.9 million, respectively. We recognized a gain from the change in fair value of the warrant liability during the three and nine months ended September 30, 2022 of $0.4 million and $13.1 million, respectively.