STOCKHOLDERS' EQUITY	6 Months Ended
Jun. 30, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	10. STOCKHOLDERS’ EQUITY Incentive Plans The Company’s board of directors has adopted the 2020 Long-Term Incentive Plan (the Plan), as amended in 2021, in which an aggregate of approximately 1.8 million shares of the Company’s common stock were available for grant pursuant to awards under the Plan. As of June 30, 2022, a maximum of 0.3 million of the Company’s common stock remained reserved for issuance under the Plan. For the six months ended June 30, 2022 and 2021, the Company recognized expense of $0.9 million and $1.1 million, respectively, related to stock-based-compensation awards granted to employees and directors, including grants of stock options and restricted stock. Stock-based compensation expense is recorded as a component of "General and administrative" on the unaudited condensed consolidated statements of operations. Restricted Stock From time to time, the Company grants shares of restricted stock units (RSUs) under the Plan to employees of the Company. Under the Plan, employee RSUs will generally vest and convert to shares in equal amounts over a three or four year vesting period from the date of the grant, depending on award, or when the performance or market conditions described further described in our Annual Report on Form 10-K occur. During the six months ended June 30, 2022, the Company granted 0.2 million shares of RSUs at a weighted average grant date fair value of $14.07 per share. At June 30, 2022, the Company had $4.1 million of unrecognized compensation expense related to non-vested RSU awards to be recognized over a weighted average period of 1.6 years. Stock Options From time to time, the Company grants stock options under the Plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. Awards granted under the Plan typically vest over a four year period at a rate of one-fourth on the annual anniversary date of the grant and expire seven years from the date of grant. No stock options have been granted during the six month ended June 30, 2022. At June 30, 2022, the Company had $0.3 million of unrecognized compensation expense related to non-vested stock options to be recognized over a weighted-average period of 1.1 years. Warrants On October 8, 2019, the Company entered into a warrant agreement (the Warrant Agreement) with Broadridge Corporate Issuer Solutions, Inc. as the warrant agent, pursuant to which the Company issued approximately 6.9 million warrants (Series A, Series B and Series C Warrants and together, the Warrants) with corresponding initial exercise prices ranging from $40.17 to $60.45 per share, on a pro rata basis to pre-emergence holders of the predecessor Company’s common stock pursuant to the Company’s plan of reorganization. The Warrants do not grant any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of the Company’s business. Each Warrant represents the right to purchase one share of common stock at the applicable exercise prices, subject to adjustment as provided in the Warrant Agreement and increasing monthly at an annualized rate of 6.75%, compounding monthly. Each series of Warrants issued under the Warrant Agreement has a three-year term, expiring on October 8, 2022. As of June 30, 2022, the Company had 1.8 million Series A, 2.2 million Series B and 2.9 million Series C Warrants outstanding with corresponding exercise prices of $46.15, $55.86 and $70.42 per share, respectively.

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2022

10. STOCKHOLDERS’ EQUITY

Incentive Plans

The Company’s board of directors has adopted the 2020 Long-Term Incentive Plan (the Plan), as amended in 2021, in which an aggregate of approximately 1.8 million shares of the Company’s common stock were available for grant pursuant to awards under the Plan. As of June 30, 2022, a maximum of 0.3 million of the Company’s common stock remained reserved for issuance under the Plan. For the six months ended June 30, 2022 and 2021, the Company recognized expense of $0.9 million and $1.1 million, respectively, related to stock-based-compensation awards granted to employees and directors, including grants of stock options and restricted stock. Stock-based compensation expense is recorded as a component of "General and administrative" on the unaudited condensed consolidated statements of operations.

Restricted Stock

From time to time, the Company grants shares of restricted stock units (RSUs) under the Plan to employees of the Company. Under the Plan, employee RSUs will generally vest and convert to shares in equal amounts over a three or four year vesting period from the date of the grant, depending on award, or when the performance or market conditions described further described in our Annual Report on Form 10-K occur.

During the six months ended June 30, 2022, the Company granted 0.2 million shares of RSUs at a weighted average grant date fair value of $14.07 per share. At June 30, 2022, the Company had $4.1 million of unrecognized compensation expense related to non-vested RSU awards to be recognized over a weighted average period of 1.6 years.

Stock Options

From time to time, the Company grants stock options under the Plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. Awards granted under the Plan typically vest over a four year period at a rate of one-fourth on the annual anniversary date of the grant and expire seven years from the date of grant. No stock options have been granted during the six month ended June 30, 2022. At June 30, 2022, the Company had $0.3 million of unrecognized compensation expense related to non-vested stock options to be recognized over a weighted-average period of 1.1 years.

Warrants

On October 8, 2019, the Company entered into a warrant agreement (the Warrant Agreement) with Broadridge Corporate Issuer Solutions, Inc. as the warrant agent, pursuant to which the Company issued approximately 6.9 million warrants (Series A, Series B and Series C Warrants and together, the Warrants) with corresponding initial exercise prices ranging from $40.17 to $60.45 per share, on a pro rata basis to pre-emergence holders of the predecessor Company’s common stock pursuant to the Company’s plan of reorganization. The Warrants do not grant any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of the Company’s business.

Each Warrant represents the right to purchase one share of common stock at the applicable exercise prices, subject to adjustment as provided in the Warrant Agreement and increasing monthly at an annualized rate of 6.75%, compounding monthly. Each series of Warrants issued under the Warrant Agreement has a three-year term, expiring on October 8, 2022. As of June 30, 2022, the Company had 1.8 million Series A, 2.2 million Series B and 2.9 million Series C Warrants outstanding with corresponding exercise prices of $46.15, $55.86 and $70.42 per share, respectively.