XML 29 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2
Warrants
6 Months Ended
Jun. 30, 2022
Warrants and Rights Note Disclosure [Abstract]  
Warrants

(13) Warrants

The Company is party to issued and outstanding Warrants to purchase its Class A Common Stock at a price of $11.50 per share, subject to adjustment for stock splits and/or extraordinary dividends, as described in the Assignment, Assumption and Amendment Agreement between the Company and Computershare Trust Company, N.A., as warrant agent, in respect of the Warrant Agreement between Thayer and Continental Stock Transfer & Trust Company (collectively, the “Warrant Agreement”). As of June 30, 2022, there were 8.6 million Public Warrants outstanding. Each of the Public Warrants are exercisable for one share of Class A Common Stock.

The Company accounts for Public Warrants as liabilities at fair value within accrued liabilities on the condensed consolidated balance sheets because the Warrants do not meet the criteria for classification within equity. The Public Warrants are subject to remeasurement at each balance sheet date. As of June 30, 2022, the Public Warrants had a fair value of $5.6 million. For the three and six months ended June 30, 2022, a gain of $11 million and loss of $6.5 million, respectively, was recorded in warrant fair value gains and losses in the condensed consolidated statement of comprehensive loss.