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Fair Value Measurements (Tables)

3 Months Ended

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

X

- 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

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X

- 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

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