Warrants (Tables) - GREENLIGHT BIOSCIENCES HOLDINGS, PBC [Member]

3 Months Ended

Mar. 31, 2022

Class of Warrant or Right [Line Items]

Summary of Roll-forward of the Warrants

The following table presents a roll-forward of the Company’s warrants from December 31, 2021 to March 31, 2022:

	COMMON STOCK WARRANTS			PREFERRED STOCK WARRANTS
Warrants Outstanding, December 31, 2021 (1)		207,376			635,404
Exercised in the business combination (1)		(207,376	)		(635,404	)
Issued (1)		75,924			-
Assumed in the business combination		12,412,500			-
Exercised subsequent to the business combination		(105,120	)		-
Warrants Outstanding, March 31, 2022		12,383,304			-

(1) Number of warrants have been adjusted to reflect the exchange for New GreenLight warrants at an exchange ratio of approximately 0.6656 as a result of the Business Combination. See Note 3 for further information.

Common Stock Warrant Classified as Liability [Member]

Class of Warrant or Right [Line Items]

Summary of Common Stock Warrant Classified

The warrants issued for the $10.0 million available commitment was summarized below as a liability classified Common Stock Warrant.

Warrant Class	Shares		Fair Value		Issuance Date	Exercise Price		Expiration Date
Common stock		28,517	$	249	January 19, 2022	$	5.26	The earlier of March 29, 2031 or the date of a qualifying acquisition

Warrant Class	Shares		Fair Value		Initial Recognition Date	Exercise Price		Expiration Date
Private Placement Warrants		2,062,500	$	1,341	February 2, 2022	$	11.50	March 2, 2027

Summary of Estimated Fair Value of the Warrants

The warrant’s fair value upon issuance and as of March 31, 2022 was estimated to be approximately $0.2 million, and was measured using a probability weighted Black-Scholes option-pricing model with the following assumptions:

Valuation Assumptions	AT ISSUANCE (AS OF JANUARY 19, 2022)			AS OF MARCH 31, 2022
Fair value of common stock	$	5.89		$	9.63
Risk free interest rate		1.50	%		2.39	%
Expected volatility		59.60	%		59.60	%
Expected term (in years)		10.50			10.00

The fair value of the Private Placement Warrant upon initial recognition and as of March 31, 2022 was estimated to be approximately $1.3 million and $1.6 million respectively, and was measured using a Black-Scholes option-pricing model with the following assumptions:

Valuation Assumptions	INITIAL RECOGNITION (AS OF FEBRUARY 2, 2022)			AS OF MARCH 31, 2022
Fair value of common stock	$	8.82		$	9.63
Risk free interest rate		1.59	%		2.39	%
Implied volatility (1)		15.9	%		12.0	%
Expected term (in years)		5.00			4.85

(1) The implied volatility considers the trading price of the public warrants and calculated value of the public warrants based on a Monte Carlo simulation model.

Common Stock Warrant Classified as Equity [Member]

Class of Warrant or Right [Line Items]

Summary of Common Stock Warrant Classified

he Company determined that the Warrants met the requirements for equity classification and the fair value of $0.4 million was reclassified to equity during the period.

Warrant Class	Shares		Issuance Date	Exercise Price per Share		Expiration Date
Common stock warrant		85,552	January 19, 2022	$	5.26	January 19, 2032

Summary of Estimated Fair Value of the Warrants

The warrant’s fair value upon issuance was estimated to be approximately $0.4 million, and was measured using a Black-Scholes option-pricing model with the following assumptions:

Valuation Assumptions	AT ISSUANCE (AS OF JANUARY 19, 2022)
Fair value of common stock	$	5.89
Risk free interest rate		1.50	%
Expected volatility		59.60	%
Expected term (in years)		10.00