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AMORTIZATION OF DEBT DISCOUNT OF SECURED PROMISSORY NOTES | 3 Months Ended
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Mar. 31, 2022
Amortization Of Debt Discount Of Secured Promissory Notes |
AMORTIZATION OF DEBT DISCOUNT OF SECURED PROMISSORY NOTES | 12. AMORTIZATION OF DEBT DISCOUNT OF SECURED PROMISSORY NOTES On December 30, 2021, the Company entered into a securities purchase agreement with certain sophisticated investors providing for the issuance of:
| · | secured promissory notes (the “Secured Promissory Notes”) that bear interest at 8% per annum with an aggregate principal face amount of approximately $66 million including a 10% original issue discount;
| · | five-year warrants to purchase an aggregate of 14,095,350 shares of the Company’s common stock at an exercise price of $2.50, subject to adjustment; and
| · | five-year warrants to purchase an aggregate of 1,942,508 shares of Common Stock (the “Class B Warrant Shares”) at an exercise price of $2.50 per share, subject to adjustment. The Class B Warrant Shares are deemed to be a derivative instrument.
As of December 31, 2021, unamortized debt discount on the Secured Promissory Notes related to the original issue discount and estimated fair value of the warrants totaled $26.3 million. During the three months ended March 31, 2022, the Secured Promissory Notes were repaid and the Company fully amortized the related debt discount of $26.3 million, which is included within interest expense on the condensed consolidated statements of operations.

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