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Stock Warrants
 6 Months Ended
Jun. 30, 2024
Stock Warrants [Abstract]  
Stock warrants
14.Stock warrants

 

As of June 30, 2024, there are 5,198,420 warrants outstanding. The warrants outstanding are exercisable, at an exercise price of $11.50 per share, for 1.034999 shares of Class A common stock. The Company issued 7,349 warrants of Class A Common Stock upon the exercise of warrants during the six months ended June 30, 2024. The warrants do not meet the criteria for equity treatment under ASC 815. As such, the warrants are classified as liabilities and are adjusted to fair value at the end of each reporting period.

 

The Company remeasures the fair value of the warrants based on their quoted market price. For the three and six months ended June 30, 2024, the Company recognized $2.6 million and $2.4 million of losses related to the change in fair value of warrant liabilities respectively, which is recognized in Change in fair value of warrant liabilities in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

 

The following table summarizes the Company’s outstanding common stock warrants as of June 30, 2024:

 

Year of Issue

  Number of
Shares Issuable		   Exercise
Price		   Expiration
Date		  Classification
2023   5,380,360    11.5   10/1/2028  Liability