Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Warrants (Tables)

v3.23.1
Common Stock and Warrants (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule of Warrants Outstanding As of March 31, 2023, the following Warrants were outstanding:
Warrant Type Shares Exercise Price
Public Warrants 8,050,000  $ 11.50 
Private Placement Warrants 6,700,000  $ 11.50 
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 $1.26
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:
March 31, 2023 December 31, 2022
Class A Common Stock Class B Common Stock Class A Common Stock Class B Common Stock
Private Placement Warrants 6,700,000  —  6,700,000  — 
Public Warrants 8,050,000  —  8,050,000  — 
Backstop Warrants 3,875,028  —  3,875,028  — 
Common Stock Warrants 4,525,000  568,905  4,525,000  568,905 
Outstanding Stock Options 5,969,813  4,202,678  6,318,978  4,198,917 
Outstanding Restricted Stock Units 29,238,710  175,184  19,322,240  263,052 
Remaining Shares available for issuance under 2022 Equity Incentive Plan 9,338,297  —  20,794,363  — 
Shares available for issuance under 2022 Employee Stock Purchase Plan 5,052,643  —  3,274,070  — 
Total shares of common stock reserved 72,749,491  4,946,767  72,859,679  5,030,874