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Warrants

3 Months Ended

Mar. 31, 2024

In January 2023, the Company recognized $1,038 of the remaining expense related to the 534,655 fully vested United Airlines warrants. These warrants were exercised for shares of the Company’s Class A Common Stock in a cashless exercise with an intrinsic value of $16,136. The existing warrant agreement with United Airlines expired in the first quarter of 2023.

The following warrants remained outstanding as of March 31, 2024:


	Number of Warrants	Weighted-Average Exercise Price		Weighted average Remaining Contractual Term (years)
Exercisable for Alclear Units	773,934	$	0.01	0.46

All outstanding warrants are subject to certain performance-based vesting criteria which the Company evaluates at each reporting period to determine the likelihood of achievement.

Based on the probability of vesting, the Company recorded net none and $623 for the three months ended March 31, 2024 and 2023, respectively, within general and administrative expense in the condensed consolidated statements of operations.