Annual report pursuant to Section 13 and 15(d)

Equity Warrants Classified as Derivative Liabilities

v3.23.1
Equity Warrants Classified as Derivative Liabilities
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity Warrants Classified as Derivative Liabilities 16. Equity Warrants Classified as Derivative Liabilitieserivative liabilities must be measured at fair value upon issuance and re-valued at the end of each reporting period through expiration and are included in derivative liabilities in the Company's consolidated balance sheets. Any change in fair value between the respective reporting dates is recognized as an unrealized gain or loss in the accompanying consolidated statements of operations and comprehensive loss (Note 23). In the year ended December 31, 2022, the Company's derivative liabilities were made up of only the equity warrants and the Sponsor Shares. In the year ended December 31, 2021, the Company's derivative liabilities included warrants, Consent Fees from the Bridge Notes (see Note 15), and Legacy BlackSky preferred stock warrants.
The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at December 31, 2022:
Number of Shares Exercise Price Redemption Price Expiration Date Classification Gain in value for the year ended December 31, 2022 Fair Value at December 31, 2022
(in thousands) (in thousands)
Public Warrants 15,813  $ 11.50  $ 18.00  9/9/2026 Liability $ 6,600  $ 2,097 
Private Placement Warrants 4,163  $ 11.50  $ 18.00  9/9/2026 Liability 1,623  874 
Private Placement Warrants 4,163  $ 20.00  $ 18.00  9/9/2026 Liability 541  458 
In addition, the Company has 1.8 million Class A common stock warrants outstanding which have an exercise price of $0.11 and expiration dates from June 27, 2028 to October 31, 2029. These warrants are equity classified and are included in additional paid-in capital in the Company’s consolidated balance sheets.