Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.23.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Stock by Class
The Company had reserved shares of Class A common stock for issuance in connection with the following:
December 31, December 31,
2022 2021
(in thousands)
Common stock warrants (exercisable for class A common stock) treated as equity 1,770  1,770 
Stock options outstanding 8,641  5,022 
Restricted stock units outstanding 7,854  10,959 
Public Warrants (exercisable for class A common stock) treated as liability 15,813  15,813 
Private Placement Warrants (exercisable for class A common stock) treated as liability 8,325  8,325 
Shares available for future grant 135,645  140,951 
Total class A common stock reserved 178,048  182,840 
The Sponsor Shares have the following provisions:
Terms
Contractual Life
Seven years from the closing date of the Merger
Release Provision
Exactly half of the Sponsor Shares have a release provision ("Release") at such time that the volume weighted average price ("VWAP") is equal to, or greater than, $15.00 per share for ten of any twenty consecutive trading days. The remaining Sponsor Shares Release at such time that the VWAP is equal to, or greater than, $17.50 per share for ten of any twenty consecutive trading days. There is an additional provision for acceleration of the Release upon a defined change in control.
Forfeiture Provision
If, within the seven year period, the Sponsor Shares have not met the Release provisions, the Sponsor Shares will automatically forfeit and be cancelled.