Annual report [Section 13 and 15(d), not S-K Item 405]

Stockholders' Equity (Tables)

v3.25.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
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,
2024 2023
(in thousands)
Common stock warrants (exercisable for Class A common stock) treated as equity 221  221 
Stock options outstanding 876  1,043 
Restricted stock units outstanding 2,419  2,016 
Public Warrants (exercisable for Class A common stock) treated as liability 1,977  1,977 
Private Placement Warrants (exercisable for Class A common stock) treated as liability 3,091  3,091 
Shares available for future grant 260,456  273,797 
Total Class A common stock reserved 269,040  282,145 
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 Lock-Up Sponsor Shares have a release provision (“Release”) at such time that the volume weighted average price (“VWAP”) is equal to, or greater than, $120.00 per share for ten of any twenty consecutive trading days. The remaining Lock-Up Sponsor Shares Release at such time that the VWAP is equal to, or greater than, $140.00 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 Lock-Up Sponsor Shares have not met the Release provisions, the Lock-Up Sponsor Shares will automatically forfeit and be cancelled.