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Warrant Liability | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Warrant Liability | Warrant Liabili ty In connection with the Business Combination, the Company assumed from SilverBox 11,499,974 public warrants (the "Public Warrants") and 6,266,667 private placement warrants (the "Private Placement Warrants" and, together with the Public Warrants, the "Warrants"). Each Warrant entitles its holder to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, subject to certain adjustments. Redemption of Warrants when the price per share of Class A Common Stock equals or exceeds $18.00. Under the terms of the warrant agreement, the Warrants are redeemable: •in whole and not in part; •at a price of $0.01 per warrant; •upon a minimum of 30 days' prior written notice of redemption, or the 30-day requirement period, to each warrant holder; and •if, and only if, the closing price of Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day before the Company sends notice of redemption to the warrant holders (the “Reference Value”). Redemption of Warrants when the price per share of Class A Common Stock equals or exceeds $10.00. Once the Warrants become exercisable, the Warrants are redeemable: •in whole and not in part; •at a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption; •if, and only if, the closing price of Class A Common Stock equals or exceeds $10.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day before the Company sends notice of redemption to the warrant holders. •if, and only if, the Reference Value is less than $18.00 per share then the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants. The following table is a summary of the Warrants changes in fair value and the reported balances:
| Public Warrants | Private Warrants | Total
Initial fair value, as of February 9, 2022 | $ | 23,575 |  | $ | 12,909 |  | $ | 36,484 |
Loss on change in fair value | 27,830 |  | 34,279 |  | 62,109 |
Balance as of March 31, 2022 | $ | 51,405 |  | $ | 47,188 |  | $ | 98,593 |
Refer to Note 17, Subsequent Events, for a discussion of certain Warrants redeemed subsequent to March 31, 2022.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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