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Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock As of March 31, 2024, the par value of the Class A, Class B and Class C shares was $2,625, $275, and $56, respectively.

 

 

 

Shares
Authorized

 

 

Shares
Issued

 

 

Shares
Outstanding

 

Class A

 

 

1,000,000,000

 

 

 

263,158,793

 

 

 

263,158,793

 

Class B

 

 

100,000,000

 

 

 

27,390,397

 

 

 

27,390,397

 

Class C

 

 

200,000,000

 

 

 

5,555,555

 

 

 

5,555,555

 

 

 

 

1,300,000,000

 

 

 

296,104,745

 

 

 

296,104,745

 
Activity under Plans

Activity under the Plans is as follows:

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic Value

 

Outstanding as of January 1, 2024

 

 

9,989,049

 

 

$

5.09

 

 

 

4.6

 

 

$

—

 

Granted

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(170,819

)

 

$

5.67

 

 

 

 

 

 

 

Expired

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Outstanding as of March 31, 2024

 

 

9,818,230

 

 

$

5.08

 

 

 

4.4

 

 

$

—

 

Vested and expected to vest as of December 31, 2023

 

 

9,978,545

 

 

$

5.09

 

 

 

4.6

 

 

$

—

 

Vested and expected to vest as of March 31, 2024

 

 

9,810,553

 

 

$

5.08

 

 

 

4.4

 

 

$

—

 

Options exercisable as of December 31, 2023

 

 

9,906,925

 

 

$

5.08

 

 

 

4.6

 

 

$

—

 

Options exercisable as of March 31, 2024

 

 

9,807,262

 

 

$

5.08

 

 

 

4.4

 

 

$

—

 
Summary of Unvested Restricted Stock Unit Activity

Activity for the restricted stock units is as follows:

 

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2024

 

 

22,422,895

 

 

$

7.45

 

Granted

 

 

23,681,803

 

 

 

1.28

 

Vested

 

 

(6,542,751

)

 

 

2.59

 

Forfeited

 

 

(1,865,789

)

 

 

3.84

 

Unvested as of March 31, 2024

 

 

37,696,158

 

 

$

4.60

 
Summary of Performance-based Market Condition Share Awards

Activity for the restricted stock units with a market condition is as follows:

 

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2024

 

 

26,716,306

 

 

$

2.29

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

—

 

Cancelled/Forfeited

 

 

(8,686,061

)

 

 

2.75

 

Unvested as of March 31, 2024

 

 

18,030,245

 

 

$

2.07

 
Schedule of Weighted Average Assumptions used to Determine Estimated Fair Value of Performance-based Market Condition Share Awards Granted

The weighted average estimated fair value of the performance-based market condition share awards granted during the three months ended March 31, 2023 was determined using a Monte-Carlo valuation simulation, with the following most significant weighted-average assumptions:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

2023

 

Risk-free rate

 

N/A

 

 

4.61

%

Term to end of performance period (yrs)

 

N/A

 

3 years

 

Valuation date stock price

 

N/A

 

$

2.76

 

Expected volatility

 

N/A

 

 

70

%

Expected dividend yield

 

N/A

 

 

0

%
Stock-Based Compensation Expense

Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Cost of revenues

 

$

397

 

 

$

398

 

Research and development

 

 

2,009

 

 

 

2,801

 

Selling and marketing

 

 

1,778

 

 

 

1,986

 

General and administrative

 

 

12,044

 

 

 

15,812

 

Total

 

$

16,228

 

 

$

20,997