Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

12. SUBSEQUENT EVENTS

On July 3, 2023, the Company voluntarily dissolved GlobalX Ground Team LLC. The Company had a 50% interest in GlobalX Ground Team LLC and the dissolution had no impact in the Company's financial statements.

On August 2, 2023, the Company announced the closing of the placement of $35 million of senior secure notes due 2029.

The terms of the senior secure notes include:

•a term of 6 years and maturity date of June 30, 2029;

•the notes bears interest at a fixed rate of 15% per annum and include an upfront fee of 2% of the principal payment;

•the Company is permitted to prepay all (but not less than all) of the notes beginning on July 1, 2025 subject to a redemption premium;

•the investors will be issued 10 million warrants, each exercisable into one share of Class A common stock at an exercise price of $1.00 per share, with such warrants expiring on June 30, 2030;

•each of the Company's material subsidiaries will guarantee the notes;

the notes and the related guarantees will be secured by a lien on substantially all of the property and assets of the Company and the guarantors of the notes.