Warrant Liability

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Warrant Liability

Warrant Liability

In connection with the June 10, 2021 Transaction, the Company issued 17,250,000 Public Warrants, 8,625,000 Private Placement Warrants and 1,500,000 Working Capital Warrants, which were fully exchanged to Class A common stock on November 9, 2023. As of December 31, 2023, there was no liability remaining on the balance sheet.

For the three and six months ended June 30, 2023, the Company recognized a net gain (loss) of $25,046 and $(22,286), respectively. None was recorded for the three and six months ended June 30, 2024.

Refer to Note 9 Warrant Liability within Part II, Item 8 of our 2023 Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading “Financial Statements and Supplementary Data” for a detailed discussion of the warrant liabilities held by indie.