Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Warrants (Tables)

v3.24.3
Common Stock and Warrants (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Warrants Outstanding
As of September 30, 2024, 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, 2024 December 31, 2023
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  —  1,460,146  — 
Backstop Warrants 775,005  —  775,005  — 
Volition Penny Warrants —  —  20,905  — 
Shares issuable upon conversion of convertible preferred stock 12,500,097  —  4,739,336  — 
Other outstanding common stock warrants 905,000  111,895  2,484,778  113,776 
Outstanding stock options 932,937  777,403  1,084,456  809,847 
Outstanding restricted stock units 4,661,619  1,197  4,703,850  9,005 
Shares available for issuance under 2022 Equity Incentive Plan 5,494,289  —  4,642,495  — 
Shares available for issuance under 2022 Employee Stock Purchase Plan 959,010  —  746,212  — 
Total shares of common stock reserved 29,028,103  890,495  21,997,183  932,628