Warrants |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Warrants and Rights Note Disclosure [Abstract] | |
| Warrants | Warrants Public Warrants: As of December 31, 2025 and 2024, there were 14,024,758 and 13,352,317 Public Warrants outstanding, respectively. During the year ended December 31, 2025, 375 Public Warrants were exercised. Also, the number of Public Warrants as of December 31, 2025 and 2024 includes warrants that were initially issued as Private Placement Warrants that are no longer held by their initial holders or their permitted transferees. Each whole Public Warrant entitles the registered holder to purchase one whole share of Class A Common Stock at a price of $11.50 per share. Pursuant to the Warrant Agreement, a holder of Public Warrants may exercise its warrants only for a whole number of shares of Class A Common Stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. The Public Warrants will expire on July 20, 2026 at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. The Company may redeem the Public Warrants under the following conditions: •In whole and not in part; •At a price of $0.01 per warrant; •Upon not less than 30 days’ prior written notice of redemption (“30-day redemption period”) to each warrant holder; and •If, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders. The last of the redemption criterion discussed above prevent a redemption call unless there is at the time of the call a significant premium to the exercise price of the Public Warrants. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Public Warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued. Private Placement Warrants: As of December 31, 2025 and 2024, there were 1,314,304 and 1,987,120 Private Placement Warrants outstanding, respectively, all of which are non-redeemable and may be exercised on a cashless basis so long as they continue to be held by their initial holders or their permitted transferees. As of December 31, 2025 and 2024, the Private Placement Warrants comprised of 401,804 and 1,074,620 warrants, respectively, to purchase Class A Common Stock at $11.50 per share (“$11.50 Exercise Price Warrants”) and 912,500 warrants to purchase Class A Common Stock at $15.00 per share (“$15 Exercise Price Warrants”). The $11.50 Exercise Price Warrants expire simultaneously with the Public Warrants. The $15 Exercise Price Warrants expire on July 20, 2031 at 5:00 p.m., New York City time, so long as they continue to be held by their initial holders or their permitted transferees, and otherwise expire simultaneously with the Public Warrants.
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