Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.23.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities that are measured at fair value on a recurring basis The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at December 31, 2022 and 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
December 31,
Description Level 2022 2021
Assets:
Marketable securities - U.S. Treasury Securities
 2 $ 29,680  $ — 
Liabilities:  
Warrant liabilities 3 $ —  $ 2,274 
Earnout liability
 3 $ 1,076  $ — 
Schedule of key inputs The significant unobservable inputs used in the Binomial Lattice Model to measure the warrant liabilities that are categorized within Level 3 of the fair value hierarchy as of December 31, 2021 were as follows:
Stock price on valuation date $ 3.71 
Exercise price per share $ 11.50 
Expected life 4.75 years
Volatility 56.4  %
Risk-free rate 1.2  %
Dividend yield —  %
Fair value per warrant $ 0.73 
Schedule of changes in the fair value of warrant and earnout liabilities The following table provides a summary of changes in the Company's warrant liabilities that are classified as Level 3 financial instruments measured at fair value on a recurring basis:
December 31,
2022 2021
Balance at beginning of year
 $ 2,274  $ — 
Additions pursuant to Merger —  11,865 
Transfer of Private Warrants to Public Warrants (690) (1,485)
Change in fair value (1,584) (8,106)
Balance at end of year
 $ —  $ 2,274 
The following table provides a summary of the change in the balance of the earnout liability associated with the acquisition of Linear which is included within the other current liabilities within the balance sheet (See Note 4 for information on the acquisition of Linear):
Earnout Liability
Balance at December 31, 2021
 $ — 
Recognition of Linear earnout liability 2,900 
Change in fair value (1,824)
Balance at December 31, 2022
 $ 1,076