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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021 are as follows:

		June 30, 2022
		Level 1				Level 2				Level 3
										As Restated (1)
		(in thousands)
Assets:
Forward Warrant Agreement		$	—			$	—			$	1,543
Total Assets		$	—			$	—			$	1,543
Liabilities:
Derivative warrant liability-Private Warrants, as restated (1)			—				—				6,542
Derivative warrant liability-Public Warrants			5,606				—				—
Earn-out liability, as restated (1)							—				7,856
Total liabilities, as restated (1)		$	5,606			$	—			$	14,398

		December 31, 2021
		Level 1				Level 2				Level 3
		(in thousands)
Liabilities:
Derivative warrant liability - Trinity Warrants							—				4,355
Forward warrant agreement			—				—				230
Total liabilities		$	—			$	—			$	4,585

(1) For discussion on the restatement adjustments, see Note 1 — Description of Business — Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Errors

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 June 30, 2022 and December 31, 2021 are as follows:

		Derivative warrant liability - Trinity Warrants				Derivative warrant liability-Private Warrants, as restated (1)				Forward Warrant Agreement Liability (Asset)				Earn-out Liability, as restated (1)
						(in thousands)
Balance - December 31, 2021		$	4,355			$	—			$	230			$	—
Initial measurement on March 2, 2022 upon Business Combination, as restated (Note 3) (1)							9,612								20,413
Change in fair values, as restated (1)			2,015				(3,070	)			(5,078	)			(12,557	)
Extinguishment due to exercise of the warrants			(6,370	)			—				3,305				—
Balance - June 30, 2022, as restated (1)		$	—			$	6,542			$	(1,543	)		$	7,856

(1) For discussion on the restatement adjustments, see Note 1 — Description of Business — Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Errors

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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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