Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Warrants (Tables)

v3.22.2.2
Common Stock and Warrants (Tables)
9 Months Ended
Sep. 30, 2022
Class of Stock [Line Items]  
Schedule of Summary of Warrant Activity

As of September 30, 2022, the following Warrants were outstanding:

 

 

 

 

 

 

Warrant Type

 

Exercise Price

 

Shares

 Public Warrants

 

$11.50

 

9,583,333

 Private Placement Warrants

 

$11.50

 

5,166,667

Total Warrants Outstanding

 

 

 

14,750,000

Schedule of Stock Compensation, Using the Black-scholes Option Pricing Model

Non-cash stock-based sales incentive contra-revenue charges (“FedEx Warrant Charges”) associated with the FedEx Warrant are recognized as the customer makes qualified payments and vesting conditions become probable of being achieved, based on the grant date fair value of the FedEx Warrant. The fair values of the FedEx Warrant were determined as of the grant date in accordance with ASC 718, Compensation – Stock Compensation, using the Black-Scholes option pricing model and the following assumptions:

 

 

 

July 29,

 

 

 

2022

 

Dividend yield

 

 

 

Expected volatility

 

 

52.0

%

Risk-free interest rate

 

2.7%

 

Expected term

 

10 Years

 

FedEx Warrants [Member]  
Class of Stock [Line Items]  
Schedule of Summary of Warrant Activity

The following table summarizes the FedEx Warrant activity for the nine months ended September 30, 2022:

 

 

 

Warrant Shares

 

Outstanding at December 31, 2021

 

 

 

Granted

 

 

25,250,616

 

Vested

 

 

(1,262,531

)

Outstanding and unvested September 30, 2022

 

 

23,988,085