SHARE-BASED COMPENSATION (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of Share-based Payment Arrangement, Option, Activity |
The following table summarizes the Company’s stock option activity since December 31, 2020:
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Stock Options |
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Weighted-Average
Exercise Price
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Weighted-Average
Remaining
Contractual
Term (Years)
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Aggregate Intrinsic Value |
| Balance as at December 31, 2020 |
896,888
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$ |
5.22
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3.96 |
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$ |
2,889
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| Granted |
60,079 |
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$ |
13.92 |
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9.70 |
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— |
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| Exercised |
(40,942) |
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$ |
0.24 |
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— |
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$ |
434 |
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| Forfeited |
(27,857) |
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$ |
12.11 |
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— |
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— |
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| Expired |
(85,399) |
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$ |
8.40 |
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— |
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— |
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| Balance as at June 30, 2021 |
802,769
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$ |
5.96
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3.97 |
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$ |
3,361
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| Vested and expected to vest as at June 30, 2021 |
791,488
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$ |
5.90
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4.09 |
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$ |
3,364
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| Vested and exercisable as at June 30, 2021 |
413,241
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$ |
6.23
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3.77 |
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$ |
1,702
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| Fair Value Measurement Inputs and Valuation Techniques |
The Company determined the fair value of its private warrants using the Monte Carlo simulation model. The following assumptions were used to determine the fair value of the Private Warrants at December 31,2020 and June 30,2021:
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As of |
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June 30,
2021 |
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December 31,
2020 |
| Risk-free interest rate |
0.76% |
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0.43% |
| Expected volatility |
60% |
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60% |
| Share Price |
$10.15 |
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$8.90 |
| Exercise Price |
$11.50 |
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$11.50 |
| Expiration date |
December 18, 2025 |
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December 18, 2025 |
The following table presents the weighted-average assumptions used in the Monte Carlo simulation model to determine the fair value of the market-based restricted share units granted in the six months ended June 30, 2021:
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Six Months Ended |
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June 30, 2021 |
| Grant date share price |
$ |
14.40
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| Risk-free interest rate |
0.5
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% |
| Expected dividend yield |
0.0
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% |
| Expected volatility |
90
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% |
| Expected life (in years) |
1.8 - 3.8 |
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| Schedule of Unvested Restricted Stock Units Roll Forward |
The following table summarizes the changes in the Company’s time-based restricted share unit activity during the three months ended June 30, 2021:
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Restricted Share Units |
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Weighted-Average
Grant Date Fair Value
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| Unvested as of December 31, 2020 |
78,634
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$ |
3.25
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| Granted |
365,300 |
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14.04 |
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| Vested |
(12,824) |
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8.66 |
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| Canceled/forfeited |
(6,219) |
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13.89 |
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Unvested as of June 30, 2021 |
424,891
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$ |
12.28
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The following table summarizes the changes in the Company’s market-based restricted share unit activity during the six months ended June 30, 2021:
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Restricted Share Units |
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Weighted-Average
Grant Date Fair Value
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| Unvested as of December 31, 2020 |
—
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$ |
—
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| Granted |
1,038,718 |
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13.89 |
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| Canceled/forfeited |
(20,666) |
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4.02 |
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| Unvested as of June 30, 2021 |
1,018,052
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$ |
13.89
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| Schedule of Share-Based Compensation Expense |
The following table summarizes the Company's recognized share-based compensation expense for each of its awards for the periods presented:
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Six Months Ended |
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Three Months Ended |
| Share-based compensation award type |
June 30,
2021 |
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June 30,
2020 |
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June 30,
2021 |
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June 30,
2020 |
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| Stock Options |
721 |
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713 |
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365 |
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297 |
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| RSUs |
4,152 |
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— |
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2,958 |
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— |
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| Total Shared Based Compensation Expense |
4,873
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|
713 |
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3,323
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297 |
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