The following table summarizes the number of outstanding Public Warrants and Private Placement Warrants and the corresponding exercise price:


	March 31,		December 31,
	2022		2021		Exercise Price		Expiration Date
Public Warrants		10,541,667		10,541,667	$	11.50	December 21, 2026
Private Placement Warrants		5,432,237		5,432,237	$	11.50	December 21, 2026

Of the 5,432,237 Private Placement Warrants, 551,096 warrants are held in escrow subject to earn-out targets (“Escrow Warrants”). The Escrow Warrants will be released if the volume-weighted average price (“VWAP”) of the Company’s Common Stock equals or exceeds $14.00 per share for any 20 trading days within any consecutive 30 trading day period on or before the third anniversary of the Business Combination closing.

The Public Warrants are measured at fair value on a recurring basis. The measurement of the Public Warrants as of March 31, 2022 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker ADTHW.

The Private Warrants are measured at fair value on a recurring basis. The measurement of the Public Warrants as of March 31, 2022 is classified as Level 2. A Monte Carlo simulation model is used to determine fair value.

The key inputs into the Monte Carlo simulation model for the Private Placement were as follows:


	March 31,			December 31,
	2022			2021
Risk-free interest rate		2.41	%		1.25	%
Dividend yield		0.00	%		0.00	%
Expected term (years)		4.73			4.98
Expected Volatility		30.90	%		35.30	%
Exercise Price	$	11.50		$	11.50
Stock Price	$	9.84		$	5.87

The volatility utilized in estimating the fair value of the Company’s Private Warrant liability was based on the weighted average of the implied volatility and guideline public company volatility. The implied volatility was estimated by calibrating to the market price of the public warrants as of the respective valuation date, using a binomial lattice model. The guideline public company volatility was estimated based on historical lookback volatility of guideline public companies over a term commensurate with the expected term of the warrant, as well as, consideration to implied volatilities sourced from Bloomberg, L.P.

Risk-free interest rate - The risk-free rate assumption is based on the U.S. Treasury instruments, the terms of which were consistent with the expected term of the Private Placement Warrants.

Dividend yield - The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not intend to pay dividends.

Expected term – The forecast period represents the time until expiration of the Private Placement Warrants.

Expected Volatility - The expected volatility assumption was determined by examining the historical volatilities of a group of industry peers and the implied volatility from the market price of the Public Warrants.

On March 31, 2022, the Public Warrants and Private Placement Warrants outstanding were determined to be $1.41 and $2.44 per warrant, respectively. On December 31, 2021, the Public Warrants and Private Placement Warrants outstanding were determined to be $0.68 and $0.92 per warrant, respectively.

The following table presents the changes in the fair value of the Public and Private Placement Warrants:


	Public Warrants		Private Placement Warrants		Total Warrant Liabilities
Fair value as of December 31, 2021	$	7,168	$	4,998	$	12,166
Change in valuation inputs or other assumptions		7,696		8,240		15,936
Fair value as of March 31, 2022	$	14,864	$	13,238	$	28,102