Annual report pursuant to Section 13 and 15(d)

Redeemable Convertible Preferred Stock (Tables)

v3.24.1
Redeemable Convertible Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2023
Temporary Equity Disclosure [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The value of the Public Warrants and Private Placement Warrants was determined by using a Black-Scholes Model with the following assumptions:
Year Ended December 31,
2023 2022
Fair value of common stock $0.35 —
Exercise Price $11.50 —
Expected term (in years) 3.54 —
Risk-free interest rate 3.93% —
Volatility 71.77% —
Dividend yield — —
The aggregate fair value of the Volition Warrants was $0.7 million and determined using a Black-Scholes Model with the following inputs:
Fair value of common stock $2.16
Exercise Price
 $0.01 — $6.33
Expected term in years 3.0
Risk free rate
4.56%
Volatility
67.24%
Dividend yield
—%
Schedule of Gross Proceeds and Transaction Costs between Preferred Stock and Warrants
Gross proceeds and transaction costs were allocated between the Preferred Stock and Volition Warrants as follows:
Gross Proceeds
Transaction Costs
 Net Proceeds
Preferred Stock
 $ 9,336  $ (292) $ 9,044 
Volition Warrants
 664 (21) 643
Total
 $ 10,000  $ (313) $ 9,687