Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Hierarchy

v3.23.2
Fair Value Measurements and Hierarchy
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Hierarchy
Note 5: Fair Value Measurements and Hierarchy
Information about the Company’s financial liabilities measured at fair value on a recurring basis is presented below:
Level 1 Level 2 Level 3 Total
(in thousands)
Warrant liability as of June 30, 2023 $ 2,532  $ —  $ 67  $ 2,599 
Warrant liability as of December 31, 2022 $ 1,477  $ —  $ 40  $ 1,517 
The key Level 3 inputs into the option pricing model related to the private placement warrants to purchase Class A common stock were as follows:
June 30, 2023 December 31, 2022
Volatility 52.0% 55.0%
Risk-free interest rate 4.5% 4.1%
Exercise price $ 11.50  $ 11.50 
Expected term 3.4 years 3.9 years
The following tables set forth a summary of changes in the fair value of the Company’s private placement warrants to purchase Class A common stock, which are considered to be Level 3 fair value measurements:
Six Months Ended June 30,
2023 2022
(in thousands)
Beginning balance $ 40  $ 502 
Mark-to-market adjustment 27  (344)
Ending balance $ 67  $ 158