WARRANTS AND SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2023

WARRANTS.

WARRANTS AND SHAREHOLDERS' EQUITY

NOTE 10 – WARRANTS AND SHAREHOLDERS’ EQUITY

Share Repurchase Program and Treasury Stock

On May 7, 2023, our Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $80,000 of our common stock over a period of 24 months. The program is intended to offset the impact of dilution from the issuance of new shares as part of employee compensation programs.

Any share repurchases under this stock repurchase program may be made through open market transactions, privately negotiated transactions or other means including in accordance with Rule 10b-18 and/or Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing and total amount of repurchases is subject to business and market conditions and the Company’s discretion.

During the six months ended June 30, 2023, we repurchased approximately 4,201,025 shares of our common stock for approximately $19,725 at a weighted average cost of $4.68 per share. As of June 30, 2023, a total of approximately $60,275 remained available for future repurchases of our common stock under the program.

NOTE 10 – WARRANTS AND SHAREHOLDERS’ EQUITY (continued):

Warrants

The Company has publicly traded warrants that are exercisable for shares of the Company’s common stock. Warrants may only be exercised for a whole number of shares at an exercise price of $11.50. These warrants expire on June 25, 2026, or earlier, if redeemed. At June 30, 2023, there were 25,158,086 warrants outstanding with a corresponding liability valued at $12,580. The warrants are considered to be a Level 1 fair value measurement due to the observability of the inputs.

The warrants are accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging, and are presented within warrant liabilities on our condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of comprehensive income. The following table presents the changes in the fair value of warrant liabilities (Level 1):

	Warrant
	Liability
Fair value as of December 31, 2022	$	25,914
Change in fair value		(13,334)
Fair value as of June 30, 2023	$	12,580
Fair value as of December 31, 2021	$	59,877
Change in fair value		(44,027)
Fair value as of June 30, 2022	$	15,850