XML 41 R30.htm IDEA: XBRL DOCUMENT v3.24.3
NET LOSS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings per Shares, basic and diluted
The table below sets forth a reconciliation of the basic and diluted earnings per share (“EPS”) calculations for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands, except share and per share amounts)2024202320242023
Numerator:
Net loss$(19,408)$(95,361)$(120,628)$(133,350)
Denominator:
Weighted average shares outstanding - basic19,458,102 17,331,056 19,200,229 16,209,376 
Effect of dilutive equity awards (1)
— — — — 
Weighted average shares outstanding - diluted19,458,102 17,331,056 19,200,229 16,209,376 
Net loss per share:
Basic$(1.00)$(5.50)$(6.28)$(8.23)
Diluted$(1.00)$(5.50)$(6.28)$(8.23)

(1) Due to the Company’s net loss, all unvested equity awards, and the Private Placement Warrants are anti-dilutive. The dilutive convertible instruments of the Backstop Notes are out of the money.
Schedule of Diluted Shares Outstanding
Set forth in the table below is the number of securities not included in the computation of diluted shares outstanding because the effect would be anti-dilutive:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Grants of RSUs with service only (i.e., time-vesting) conditions811,664 1,489,987 811,664 1,204,350 
Common stock issuable under the Backstop Notes (1)
1,920,007 1,920,007 1,920,007 1,920,007 
Private Placement Warrants (2)
272,779 272,779 272,779 272,779 

(1) Common stock issuable under the Backstop Notes is presented at the maximum number of shares of common stock potentially issuable upon the exercise of the Backstop Notes, although the actual potentially issuable shares remain limited at 9.9% of the common stock outstanding.
(2) The number of shares of common stock covered by warrants outstanding at the effective time of the reverse stock split was reduced to one-fifth the number of shares of common stock covered by the warrants immediately preceding the reverse stock split, and the exercise price per share was increased by five times the exercise price immediately preceding the reverse stock split, resulting in the same aggregate price being required to be paid therefor upon exercise thereof as was required immediately preceding the reverse stock split.