WARRANTS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Warrants and Rights Note Disclosure [Abstract] | |
| WARRANTS | WARRANTS Public, Private and Penny Warrants As of June 30, 2026, we had 24.6 million warrants outstanding (the “Warrants”), consisting of 16.3 million public warrants (the “Public Warrants”) and 8.3 million private warrants (the “Private Warrants”). As of December 31, 2025, we had 31.6 million warrants outstanding, consisting of 14.7 million Public Warrants, 9.9 million Private Warrants and penny warrants to purchase 7.0 million shares of common stock (the “Penny Warrants”). The Public Warrants and Private Warrants entitled the holder thereof to purchase one share of our common stock at a price of $11.50 per share, subject to adjustments. The Public Warrants and Private Warrants expired on July 9, 2026. The Public Warrants were callable for redemption once they became exercisable, in whole and not in part, at a price of $0.01 per Public Warrant, upon at least 30 days prior written notice of redemption to each Public Warrant holder, and if, and only if, the reported last sales price of our common stock equaled or exceeded $18.00 per share for each of 20 trading days within the 30 trading-day period ending on the third trading day before the date on which we would have sent the notice of redemption to the Public Warrant holders. We determined that the Public Warrants were equity classified as they were indexed to our common stock and qualified for classification within stockholders’ equity. As such, the Public Warrants are presented as part of additional paid-in capital on our unaudited condensed consolidated balance sheets. The Private Warrants were identical to the Public Warrants, except that so long as they were held by a certain holder or any of its permitted transferees, the Private Warrants: (i) may have been exercised for cash or on a cashless basis and (ii) were not redeemable by us. We determined that the Private Warrants were not considered indexed to our common stock as the holder of the Private Warrants affected the settlement amount and thus, they were liability classified. As of June 30, 2026, and December 31, 2025, the Private Warrants were presented as derivative liabilities on our unaudited condensed consolidated balance sheets. If Private Warrants were sold or transferred to another party that is not the specified holder or any of its permitted transferees, the Private Warrants became Public Warrants and qualified for classification within stockholders’ equity at the fair value on the date of the transfer. See Note 11 – Fair Value Measurement for more details regarding fair value. The Penny Warrants entitled the holder thereof to purchase one share of our common stock at a price of $0.01 per share. The Penny Warrants fully vested and became exercisable on March 10, 2026, in whole or in part, and had an expiration date of September 10, 2030. On March 10, 2026, the holder exercised the Penny Warrants at an exercise price of $0.01 per share. Upon receipt of the exercise notice and payment of the aggregate exercise price in accordance with the terms of the Penny Warrants, we issued 7.0 million shares of our common stock to the holder.
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