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Warrants (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Warrants

Schedule of warrants issued but not exercised

As at June 30, 2022 and December 31, 2021 the following warrants were issued but not exercised and therefore recorded as a liability:

​	​	​	​	​
​		June 30,		December 31,
​	​	2022	​	2021
​	​	Number	​	Number
Public Warrants		15,265,136		15,265,146
Mudrick Warrants		4,000,000		4,000,000
MWC Options	​	—	​	2,000,000
Outstanding, end of period		19,265,136		21,265,146

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

Financial liabilities at fair value through profit and loss:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2022

​

December 31, 2021

​

​

£000

​

£000

​

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Convertible Senior Secured Notes

—

—

92,450

—

—

112,799

Warrant liabilities

6,187

—

—

10,730

—

—

​

6,187

—

92,450

10,730

—

112,799

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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