As of April 28, 2024, outstanding warrants were as follows: | | | | | | | | | | | | | Number of Warrants | | Weighted-Average Exercise Price | Outstanding at April 30, 2023 | 483,649 | | | $ | 1.31 | | | Granted | 28,864,100 | | | 9.56 | | | Expired | — | | | — | | | Exercised | (160,149) | | | $ | 0.01 | | | Converted in connection with the reverse recapitalization | (390,100) | | | $ | 1.71 | | Outstanding as of April 28, 2024 | 28,797,500 | | | $ | 9.58 | |
The Company remeasures the liability-classified warrants to fair value at each reporting period. During the fiscal year ended April 28, 2024, the change in the fair value was as follows: | | | | | | Warrant liabilities as of April 30, 2023 | $ | 1,925 | | | Granted to Granite Creek | 1,015 | | | Reclassification of liability-classified warrants | 894 | | | Issuance of contingently issuable shares | (173) | | Exercised | (2,202) | | Issuance of public and private warrants | 29,824 | | | Change in fair value | (25,872) | | Warrant liabilities as of April 28, 2024 | $ | 5,411 | |
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