Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Warrants (Tables)

v3.23.3
Common Stock and Warrants (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Schedule of Warrants Outstanding
As of September 30, 2023, the following warrants were outstanding on an as-converted basis:

Warrant Type Shares Exercise Price
Public Warrants 1,460,146  $ 57.50 
Private Placement Warrants 1,340,000  $ 57.50 
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:
Fair value of common stock $6.30
Expected term in years
 4.5
Volatility 62.50%
Risk-free interest rate 4.00%
Dividend yield —
Schedule of Reserved for Issuance
The Company has the following shares of common stock reserved for future issuance, on an as-if converted basis:
September 30, 2023 December 31, 2022
Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock
Private Placement Warrants 1,340,000  —  1,340,000  — 
Public Warrants 1,460,146  —  1,610,000  — 
Backstop Warrants 775,005  —  775,005  — 
Volition Penny Warrants 20,905  —  —  — 
Shares issuable upon conversion of redeemable convertible preferred stock 4,739,336  —  —  — 
Other outstanding common stock warrants 2,484,778  113,776  905,000  113,776 
Outstanding stock options 1,116,664  809,847  1,264,302  839,705 
Outstanding restricted stock units 5,145,481  16,272  3,864,448  32,149 
CEO Award (Note 9) 850,000  —  —  — 
Shares available for issuance under 2022 Equity Incentive Plan 4,456,933  —  4,158,872  — 
Shares available for issuance under 2022 Employee Stock Purchase Plan 908,746  —  654,814  — 
Total shares of common stock reserved 23,297,994  939,895  14,572,441  985,630