Warrant Liability |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Warrant Liability | Warrant Liability At June 30, 2026, there were no outstanding Public Warrants and Private Placement Warrants. As part of Silver Spike’s initial public offering, 12,500,000 Public Warrants were sold. The Public Warrants entitled the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustments. The Public Warrants were exercisable only for a whole number of shares of Class A Common Stock. No fractional shares were issuable upon exercise of the warrants. The Public Warrants expired at 5:00 p.m. New York City time on June 16, 2026 and ceased to be exercisable. As of March 31, 2026, the Public Warrants were listed on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “MAPSW.” On April 17, 2026, the Company filed a Form 25 with the SEC to effect the delisting of the Class A Common Stock and the Public Warrants from Nasdaq and to deregister the Class A Common Stock and Public Warrants under Section 12(b) of the Exchange Act. The removal of the Class A Common Stock and the Public Warrants from Nasdaq became effective on April 24, 2026. On April 27, 2026, the Public Warrants commenced trading on the OTCID Basic Market operated by the OTC under the ticker “MAPSW”. The Public Warrants ceased trading on the OTCID on June 17, 2026, upon expiration. Simultaneously with Silver Spike’s initial public offering, Silver Spike consummated a private placement of 7,000,000 Private Placement Warrants with Silver Spike’s sponsor (“Silver Spike Sponsor”). The Private Placement Warrants expired at 5:00 p.m. New York City time on June 16, 2026 and ceased to be exercisable. The Company concluded the Public Warrants and Private Placement Warrants, (collectively, the “Warrants”), meet the definition of a derivative under ASC 815 - Derivatives and Hedging (as described in Note 2) and are recorded as liabilities. Upon the Closing, the fair value of the Warrants was recorded on the balance sheet. The fair value of the Warrants were remeasured as of each balance sheet date, which resulted in non-cash gain of $0.1 million and $0.2 million in the condensed consolidated statements of operations for the three and six months ended June 30, 2026, respectively, and non-cash gain of $0.4 million and $0.4 million in the condensed consolidated statements of operations for the three and six months ended June 30, 2025, respectively. See Note 6, “Fair Value Measurements” to these condensed consolidated financial statements for additional information.
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