Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments

v3.21.2
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments 20. Fair Value of Financial Instruments
Recurring basis
The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, as well as indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value:
September 30, 2021 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Public Warrants 24,193  —  — 
Private Placement Warrants —  —  12,363 
Sponsor Shares —  —  15,418 
$ 24,193  $ —  $ 27,781 
December 31, 2020 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs
(Level 1) (Level 2) (Level 3)
(in thousands)
Liabilities
Series B Preferred Stock Warrants $ —  $ —  $ 508 
Series C Preferred Stock Warrants —  —  50 
$ —  $ —  $ 558 
The carrying values of the following financial instruments approximated their fair values as of September 30, 2021 and December 31, 2020 based on their maturities: cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, leases payable and short-term debt and other current liabilities.
There were no transfers into or out of any of the levels of the fair value hierarchy during the nine months ended September 30, 2021 or 2020.
The following is a summary of changes in the fair value of the Level 3 liabilities during the nine months ended September 30, 2021 and 2020:
Bridge Notes Consent Fee Liability Sponsor Shares Private Placement Warrants Class A Common Stock Warrants Preferred Stock Warrant Series B and C
(in thousands)
Balance, January 1, 2021 $ —  $ —  $ —  $ —  $ —  $ 558 
Issuance of financial instruments carried at fair value —  —  —  —  18,800 
Liability recorded at fair value 77,033  2,715  17,659  14,902  —  — 
Loss/(gain) from changes in fair value 64  (251) (2,241) (2,539) 19,529  1,568 
Settlement(1)
(77,097) (2,464) —  —  (38,329) (2,126)
Balance, September 30, 2021 $ —  $ —  $ 15,418  $ 12,363  $ —  $ — 
1.Bridge Notes were converted to class A common stock, Consent fees were settled for cash and all warrants were exercised.