Schedule of Stockholders' Equity Note, Warrants or Rights |
As of December 31, 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 |
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$6.30 |
Expected term in years |
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4.5 |
Volatility |
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62.50% |
Risk-free interest rate |
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4.00% |
Dividend yield |
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— |
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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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December 31, 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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— |
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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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Volition Penny Warrants |
20,905 |
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— |
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— |
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— |
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Shares issuable upon conversion of redeemable convertible preferred stock |
4,739,336 |
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— |
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— |
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— |
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Other Outstanding common stock warrants |
2,484,778 |
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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 |
1,084,456 |
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809,847 |
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1,264,302 |
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839,705 |
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Outstanding restricted stock units |
4,703,850 |
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9,005 |
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3,864,448 |
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32,149 |
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Shares available for issuance under 2022 Equity Incentive Plan |
4,642,495 |
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— |
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4,158,872 |
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— |
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Shares available for issuance under ESPP |
746,212 |
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— |
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654,814 |
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— |
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Total shares of common stock reserved |
21,997,183 |
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932,628 |
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14,572,441 |
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985,630 |
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