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Warrants (Tables) | 12 Months Ended
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Dec. 31, 2021
Warrants |
Schedule of warrants issued but not exercised | As at December 16, 2021 and December 31, 2021 the following warrants were issued but not exercised: ​
​ | ​ | ​
​ |  | Number
Public Warrants |  | 15,265,146
Mudrick Warrants |  | 4,000,000
MWC Options |  | 2,000,000
​ |  | 21,265,146
Schedule of change in fair value of warrants | Recorded as a liability, the following shows the change in fair value during the year ended December 31, 2021: ​
​ | ​ | ​
​ |  | £ 000
January 1, 2021 |  | —
Additions |  | 17,801
Change in fair value recognised in profit or loss | ​ | (6,817)
Foreign exchange movements |  | (254)
December 31, 2021 |  | 10,730
Schedule of estimated fair value of market inputs | ​
​ | ​ | ​ | ​
​ |  | December 31, 2021
Spot | ​ | $ | 10.68
Strike | ​ | $ | 10.00
Risk-free rate (%) | ​ |  | 0.05
Dividend yield | ​ |  | —
Maximum term to exercise | ​ |  | 4
Volatility (%) | ​ |  | 50
Schedule of expense | ​
​ | ​ | ​
​ |  | £ 000
American (2,625,000 warrants) |  | 21,186
Avolon (6,378,600 warrants) |  | 51,481
Avolon commercial (3,765,000 warrants) |  | 30,386
Virgin (2,625,000 warrants) |  | 8,558
​ |  | 111,611

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