Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize the fair values of financial instruments measured at fair value on a recurring basis as of December 31, 2021 and 2020.

Items Measured at Fair Value at December 31, 2021
(in thousands) Quoted prices in active market for identical assets (liabilities) (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3)
Redeemable preferred stock $   $ 47,525  $  
Related party note   8,724   
Warrant liability     2,706 
Total $   $ 56,249  $ 2,706 
Items Measured at Fair Value at December 31, 2020
(in thousands) Quoted prices in active market for identical assets (liabilities) (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3)
Warrant liability $ —  $ —  $ 16,516 
Total $ —  $ —  $ 16,516 
Input Variable for Black-Scholes Model
The following table summarizes activity of restricted stock units during 2021:

Number of
Restricted Stock Units
Weighted
Average Grant
Date Fair Value
Non-vested at December 31, 2020 1,250,000  $ 15.28 
Granted 1,445,600  13.02 
Vested (118,750) 12.85 
Forfeited (793,152) 13.68 
Non-vested at December 31, 2021 1,783,698  $ 14.18 
The following table summarizes activity of the restricted stock units during 2021:

Performance Condition Service Condition Market Condition
Restricted Stock Units
Weighted
Average
Grant Date
Fair Value
Restricted Stock Units
Weighted
Average
Grant Date
Fair Value
Restricted Stock Units
Weighted
Average
Grant Date
Fair Value
Non-vested at December 31, 2020 950,000  $ 15.70  200,000  $ 15.70  100,000  $ 10.45 
Granted 888,600  14.65 97,000  12.74 460,000  9.91
Vested (58,750) 15.66  (45,000) 8.81  (15,000) 14.01 
Forfeited (528,152) 15.20  —  —  (265,000) 10.63 
Non-vested at December 31, 2021 1,251,698  $ 15.15  252,000  $ 15.79  280,000  $ 8.42 
Fair Value Measurement Inputs and Valuation Techniques
The input variables for the Black-Scholes are noted in the table below:

2021 2020
Risk-free interest rate 1.11  % 0.36  %
Expected life in years 3.96 5
Expected volatility 41.8  % 30.0  %
Expected dividend yield 0  % %