| Schedule of Warrants Outstanding |
As of June 30, 2023, the following warrants were outstanding on an as-converted basis:
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| Warrant Type |
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Shares |
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Exercise Price |
| Public Warrants |
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1,460,146 |
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|
$ |
57.50 |
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| Private Placement Warrants |
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1,340,000 |
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$ |
57.50 |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The fair value of Vested Warrants and Unvested Warrants granted to HGI was estimated at the date of grant using the Black-Scholes option-pricing model, with the following assumptions:
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| Fair value of common stock |
$6.30 |
| Expected term (in years) |
4.5 |
| Volatility |
62.50% |
| Risk-free interest rate |
4.00% |
| Dividend yield |
— |
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| Schedule of Reserved for Issuance |
The Company has the following shares of common stock reserved for future issuance, on an as-if converted basis:
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June 30, 2023 |
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December 31, 2022 |
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Class A Common Stock |
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Class B Common Stock |
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Class A Common Stock |
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Class B Common Stock |
| Private Placement Warrants |
1,340,000 |
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|
— |
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|
1,340,000 |
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— |
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| Public Warrants |
1,460,146 |
|
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— |
|
|
1,610,000 |
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— |
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| Backstop Warrants |
775,005 |
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— |
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|
775,005 |
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— |
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| Common Stock Warrants |
905,000 |
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113,776 |
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|
905,000 |
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113,776 |
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| Outstanding Stock Options |
1,180,945 |
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|
838,210 |
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|
1,264,302 |
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|
839,705 |
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| Outstanding Restricted Stock Units |
4,781,723 |
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|
23,539 |
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|
3,864,448 |
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|
32,149 |
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| Remaining Shares available for issuance under 2022 Equity Incentive Plan |
908,746 |
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— |
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4,158,872 |
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— |
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| Shares available for issuance under 2022 Employee Stock Purchase Plan |
4,168,537 |
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— |
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654,814 |
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— |
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| Total shares of common stock reserved |
15,520,102 |
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975,525 |
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14,572,441 |
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985,630 |
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