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Share-based payments (Tables)

12 Months Ended

Dec. 31, 2023

Share-based payments

Summary of Omnibus stock plan

​

​	​	​	​	​	​
​		Number of		Weighted average exercise
​	​	options	​	price
Outstanding as of January 1, 2021		—	​	$	—
Granted		33,513	​	$	27.00
Exercised	​	—	​	​	—
Cancelled/forfeited	​	—	​	​	—
Outstanding as of December 31, 2021		33,513	​	$	27.00
Granted	​	—	​	​	—
Exercised		—	​		—
Cancelled/forfeited	​	—	​	​	—
Outstanding as of December 31, 2022	​	33,513	​	$	27.00
Granted	​	3,500,000	​	$	12.90
Exercised	​	—	​	​	—
Cancelled/forfeited	​	(33,513)	​	$	27.00
Outstanding as of December 31, 2023		3,500,000	​	$	12.90

Summary of changes in the number of unvested RSUs

​

​	​	​	​	​	​
​		Number of		Weighted average grant
​	​	RSU shares	​	date Fair Value
Unvested restricted shares as of January 1, 2021		—	​	$	—
Granted		1,302,599	​	$	17.34
Unvested restricted shares as of December 31, 2021		1,302,599	​	$	17.34
Granted		3,159,725	​	$	14.02
Vested		(373,739)	​	$	17.45
Forfeited		(426,831)	​	$	16.03
Unvested restricted shares as of December 31, 2022	​	3,661,754	​	$	14.69
Granted	​	5,162,678	​	$	11.50
Vested	​	(1,400,697)	​	$	13.51
Forfeited	​	(866,755)	​	$	13.10
Unvested restricted shares as of December 31, 2023		6,556,980	​	$	12.66

Option To Acquire Class A Shares

Share-based payments

Summary of fair value assumptions and methodology of NHL warrants

​

​	​	​	​	​
Valuation inputs:		2021
Valuation model		Black-Scholes model		​
Share price at grant date	​	$	27.00	​
Exercise price	​	$	8.96	​
Expected volatility (weighted-average)	​		30	%
Expected term (as of September 14, 2021)	​		0	​
Risk-free interest rate (based on U.S. government bond)	​		0.04	%

Summary of NHL warrants

​

​	​	​	​	​
Valuation inputs:		October 1, 2023
Valuation model	​	Black-Scholes model		​
Share price at grant date1		$	10.01	​
Exercise price2		$	0.01	​
Expected volatility (average)3	​		46.4	%
Expected term4	​		0.25-8	years
Risk-free interest rate (average)5	​		4.79	%

1 Closing ordinary share price on Friday, September 29, 2023.

2 Based on contractual terms.

3 Calculated based on comparable companies’ historical volatilities based on industry and size over a time period commensurate with the options’ expected term for each vesting tranche.

4 Options are assumed to be exercised immediately upon entering exercise window.

5 Based on the U.S. Constant Maturity Treasury yield curve equal or approximate to options’ expected term as of the valuation date.

NHL Warrants

Share-based payments

Summary of fair value assumptions and methodology of NHL warrants

​

​	​	​	​	​
Valuation inputs:		2021
Valuation model		Cox-Ross-Rubinstein binominal model		​
Share price at grant date	​	$	27.00	​
Exercise price	​	$	23.45	​
Expected volatility (weighted-average)	​		30	%
Expected term	​		120	months
Risk-free interest rate (based on U.S. government bond)	​		1.28	%

Summary of NHL warrants

​

​	​	​	​	​	​
​		Number of		Weighted average exercise
​	​	warrants	​	price
Granted and outstanding as of July 22, 2021		1,353,740	​	$	23.45
Unvested as of December 31, 2021		1,353,740	​	$	23.45
Unvested as of December 31, 2022	​	1,353,740	​	$	23.45
Unvested as of December 31, 2023		1,353,740	​	$	23.45

NBA Warrants [Member]

Share-based payments

Summary of NHL warrants

​

​	​	​	​	​	​
​		Number of		Weighted average exercise
​	​	warrants	​	price
Granted and outstanding as of October 1, 2021		9,229,797	​	$	0.01
Vested and exercisable		(1,845,959)	​	$	0.01
Unvested as of December 31, 2021		7,383,838	​	$	0.01
Unvested as of December 31, 2022		7,383,838	​	$	0.01
Vested and exercisable	​	(230,745)	​	$	0.01
Unvested as of December 31, 2023		7,153,059	​	$	0.01

2021 Plan

Share-based payments

Summary of fair value assumptions and methodology of NHL warrants

​

​	​	​	​	​	​	​	​
Valuation inputs:		2023			2021
Valuation model	​	Black-Scholes model		​	Black-Scholes model		​
Share price at grant date	​	$	12.90	​	$	27.00	​
Exercise price1	​	$	12.90	​	$	27.00	​
Expected volatility (average)2		​	47.00	%	​	37.33	%
Expected term (average)3		​	6.5	years	​	6.5	years
Expected dividends4		​	—	​	​	—	​
Risk-free interest rate5		​	3.50	%	​	1.03	%

1 Based on contractual terms

2 Calculated based on comparable companies’ historical volatilities based on industry and size over a time period commensurate with the options’ expected term

3 Presumed to be the midpoint between the vesting date and the end of the contractual term

4 Assumes a dividend yield of zero as the Company has no plans to declare dividends in the foreseeable future

5 Based on the U.S. Constant Maturity Treasury yield curve equal or approximate to options’ expected term as of the valuation date

Phantom Option Plan

Share-based payments

Summary of Phantom option plan

​

​	​	​	​	​	​
​	​	​	​	Weighted average grant
​	​	Number of	​	date Fair Value per
​		shares		option/share
Outstanding options as of January 1, 2021		3,475	​	€	1,352.74
Granted		68	​	€	4,081.36
Forfeited before IPO-date		(79)	​	€	1,352.74
Conversion to restricted share units		1,199,364	​	€	3.91
Forfeited after the IPO date		(13,706)	​	€	3.91
Vested		(350,174)	​	€	3.91
Unvested restricted shares as of December 31, 2021		835,484	​	€	3.91
Vested		(269,131)		€	3.91
Forfeited		(45,302)	​	€	3.91
Unvested restricted shares as of December 31, 2022	​	521,051	​	€	3.91
Vested	​	(233,579)	​	€	3.91
Forfeited	​	(61,268)	​	€	3.91
Unvested restricted shares as of December 31, 2023		226,204	​	€	3.91

Management participation plan

Share-based payments

Summary of Management participation plan

​

​	​	​	​	​	​
​	​	​	​	Weighted average grant
​	​	Number of	​	date Fair Value per
​		shares		option/share
Unvested restricted shares as of January 1, 2022		5,635,029	​	€	759.84
Vested		(1,962,796)	​	€	759.84
Forfeited		(293,583)	​	€	759.84
Unvested restricted shares as of December 31, 2022		3,378,650	​	€	759.84
Vested		(1,905,966)		€	759.84
Unvested restricted shares as of December 31, 2023		1,472,684		€	759.84

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