Quarterly report pursuant to Section 13 or 15(d)

Warrants

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Warrants
9 Months Ended
Sep. 30, 2022
Warrants  
Warrants

Note 19: Warrants

 

The Company had warrants outstanding to purchase up to 44,843,429 shares and 45,511,965 of the Company’s common stock as of September 30, 2022 and December 31, 2021, respectively with a total value of $74.1 million, a weighted average exercise price of $2.24 and a weighted average remaining term of 3.4 years as of September 30, 2022.

 

As of September 30, 2022, 892,857 liability classified derivative warrants to purchase shares of the Company’s common stock remained outstanding and are revalued each reporting period. As of September 30, 2022, the warrants were revalued at $0.4 million, resulting in a decrease of $0.4 million in liability as compared to December 31, 2021. The change in value is recorded within net other income (expense) on the condensed consolidated statements of operations. The valuation inputs as of September 30, 2022 included an expected volatility of 99.97% and an annual interest rate of 4.23%.

 

On August 11, 2022, 668,536 warrants expired.