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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
Summary of Information About Assets and Liabilities Measured at Fair Value on Recurring Basis | The fair value measurements of financial assets and liabilities that are measured at fair value at March 31, 2022 are as follows:
|  | Fair Value Hierarchy |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Forward Warrant Agreement |  | $ | — |  |  | $ | — |  |  | $ | 2,740 |
Total Assets |  | $ | — |  |  | $ | — |  |  | $ | 2,740 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative warrant liability - Trinity Warrants |  | $ | — |  |  | $ | — |  |  | $ | 6,203 |
Derivative warrant liability-Private Placement Warrants |  |  | — |  |  |  | — |  |  |  | 6,586 |
Derivative warrant liability-Public Warrants |  |  | 11,212 |  |  |  | — |  |  |  | — |
Earn-out Liability |  |  | — |  |  |  | — |  |  |  | 16,949 |
Total Liabilities |  | $ | 11,212 |  |  | $ | — |  |  | $ | 29,738 |
Change in Fair Value of Derivative Liabilities | A summary of the changes in the fair value of the Company’s Level 3 financial instruments as of March 31, 2022 and December 31, 2021 are as follows:
|  | Derivative warrant liability - Trinity Warrants |  |  | Derivative warrant liability-Private Placement Warrants |  |  | Derivative warrant liability- Public Warrants |  |  | Forward Warrant Agreement |  |  | Earn-out Liability |
Balance - December 31, 2021 |  | $ | 4,355 |  |  | $ | — |  |  | $ | — |  |  | $ | 230 |  |  | $ | — |
Initial measurement on March 2, 2022 upon Business Combination (Note 3) |  |  |  |  |  |  | 9,167 |  |  |  | 16,301 |  |  |  |  |  |  |  | 26,583 |
Change in fair values |  |  | 1,848 |  |  |  | (2,581 | ) |  |  | (5,089 | ) |  |  | (2,970 | ) |  |  | (9,634 | )
Balance - March 31, 2022 |  | $ | 6,203 |  |  |  | 6,586 |  |  | $ | 11,212 |  |  | $ | (2,740 | ) |  | $ | 16,949 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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