Private Placement (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

Upon execution of the FPA Amendment in December 2023, the Company recognized a loss on amendment to forward purchase contract as set forth below (in thousands):

	Loss on Amendment
Reduction of subscription receivable	$	15,123
Reduction in forward purchase derivative liabilities	(14,181)
Shareholder receivable	(500)
Loss on amendments to financial instruments, net	$	442

Upon execution of the Q1 2024 FPA Amendments, the Company recognized a loss on amendment to forward purchase contract as set forth below (in thousands):

	Loss on Amendment
Reduction of subscription receivable	$	2,764
Reduction in forward purchase derivative liabilities	(1,418)
Cash received in connection with the amendments	(950)
Loss on amendments to financial instruments, net	$	396

The following presents a reconciliation of the subscription receivable and forward purchase derivative liabilities during the six months ended June 30, 2024 (in thousands):

	Total Subscription Receivables		Total Forward Purchase Derivative Liabilities
Balance at December 31, 2023	$	17,792	$	15,804
Loss on amendments to financial instruments, net	(2,764)		(1,418)
Change in fair value of financial instruments	—		(535)
Sales and settlement of forward purchase contracts	(4,639)		(3,766)
Balance at March 31, 2024	10,389		10,085
Additional Subscriptions	317		258
Change in fair value of financial instruments	—		168
Ending balance at June 30, 2024	$	10,706	$	10,511

The Deferred Payment was not received as of June 30, 2024 and is reflected within the fair value of the PIPE Warrant derivative liabilities under ASC 815, Derivatives and Hedging. All other terms and conditions remained unchanged.

A gain on amendment was recognized as set forth below (in thousands):

	PIPE Warrant Amendment
Cash proceeds	$	250
Reduction in PIPE Warrant derivative liability	429
Gain on amendment of PIPE warrant agreement	$	679

Schedule of Sales of FPA Shares and Proceeds to the Company

The following table summarizes the sales of FPA Shares and proceeds to the Company as of June 30, 2024 (in thousands):

	Sales of FPA Shares
Total sales of FPA Shares	$	2,626
Shortfall Sales	(1,753)
Proceeds received from sales of FPA Shares	$	873