Subsequent Events |
12 Months Ended |
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Dec. 31, 2022 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On March 1, 2023, the Company granted 13,294,044 RSUs under the 2022 Plan. These RSUs have an aggregate fair value of $5.7 million and vest quarterly over 2.5 years.
On March 6, 2023, the Company entered into an amendment to reduce certain previously accrued for and due transactions costs whereby this amount was reduced by $13.4 million.
On March 9, 2023, we reduced our restricted cash balances by $6.1 million.
On March 10, 2023, the Company entered into a Loan and Security Agreement (the “Siena Revolver”) with Siena Lending Group, LLC (“Siena”) which permit the Company to receive funding through a revolving line of credit up to $35.0 million in aggregate principal amount. The Company’s borrowing capacity under the Siena Revolver, which is subject to certain conditions, including the Company’s inventory and accounts receivable balances among other limitations as specified in the agreement, was $16.5 million on March 10, 2023.
The interest rates applicable to borrowings under the Siena Revolver are based on a fluctuating rate of interest measured by reference to either, at the Company’s option, (i) a Base Rate, plus an applicable margin, or (ii) the Term SOFR rate then in effect, plus 0.10% and an applicable margin. The Base Rate is defined as the greater of: (1) Prime Rate as published in the Wall Street Journal, (2) Federal Funds Rate plus 0.5% and (3) 5.0% per annum. The applicable margin for Siena Revolver borrowings is based on the Borrowers’ monthly average principal balance outstanding and ranges from 2.75% to 4.50% per annum in the case of Base Rate Borrowings and 3.75% to 5.50% per annum in the case of Term SOFR borrowings. The Siena Revolver also contains various financial covenants the Company must maintain to avoid an Event of Default, as defined by the agreement. The Siena Revolver matures at the earlier of March 10, 2026 or the maturity date of the Structural Debt Facility. As of the date of the issuance of these financial statements, the Company has an outstanding principal balance of $7.5 million under the Siena Revolver. The Company is currently reviewing all of the features of the Siena Revolver and their accounting impact on the Company’s consolidated financial statements.
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