Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.23.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis
The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required by ASC 820, by level, within the fair value hierarchy as of December 31, 2022 and 2021 (in thousands):
December 31, 2022
Fair Value Level 1 Level 2 Level 3
Liability
Contingent earnout shares liability $ 3,013  $ —  $ —  $ 3,013 
Warrant liability $ 17,171  $ —  $ 17,171  $ — 
December 31, 2021
Fair Value Level 1 Level 2 Level 3
Liability
Contingent earnout shares liability $ 29,057  $ —  $ —  $ 29,057 
Fair Value of Earnout Shares and Private Placement Warrants
Following is a summary of the change in fair value of the Earnout Shares liability, Yorkville warrant liability, and the private placement warrant liability for the years ended December 31, 2022 and 2021 (in thousands).
Year Ended December 31,
Earnout Shares Liability 2022 2021
Beginning fair value $ 29,057  $ 133,503 
Change in fair value during the year (26,044) (104,446)
Ending fair value $ 3,013  $ 29,057 
Year Ended December 31,
Private Placement Warrants Liability 2021
Beginning fair value $ 6,613 
Change in fair value during the year 1,639 
Conversion of private placement warrants to public warrants (8,252)
Ending fair value $ —