Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION (Tables)

v3.21.2
SHARE-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
The following table summarizes the Company's share-based compensation expense for each of its awards, included in the Consolidated Statement of Operations for the three and nine months ended September 30, 2021.

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Share-based compensation award type:
Stock Options 283  354  1,004  1,067 
RSUs 2,981  135  7,133  135 
Total Shared Based Compensation Expense 3,264  489  8,137  1,202 
Schedule of Share-based Payment Arrangement, Option, Activity
The following table is a summary of options activity for the Company’s stock incentive plans for the nine months ended September 30, 2021:
Stock Options
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value
Balance as of December 31, 2020 896,888  $ 5.22  3.96 $ 2,889 
Granted 64,736  $ 13.81  9.48 — 
Exercised (40,942) $ 0.24  —  $ 434 
Forfeited (40,736) $ 10.75  —  — 
Expired (87,300) $ 9.40  —  — 
Balance as of September 30, 2021 792,646  $ 5.96  3.91 $ 1,430 
Vested and expected to vest as of September 30, 2021 781,365  $ 5.89  3.92 $ 1,460 
Vested and exercisable as of September 30, 2021 435,013  $ 6.24  3.60 $ 743 
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 as of September 30, 2021 and December 31, 2020:
As of
September 30,
2021
December 31,
2020
Risk-free interest rate
0.80%
0.43%
Expected volatility
60%
60%
Share Price
$7.76
$8.90
Exercise Price
$11.50
$11.50
Expiration date December 18, 2025 December 18, 2025

The risk-free interest rate assumptions are based on U.S. dollar zero curve derived from swap rates at the valuation date, with a term to maturity matching the remaining term of warrants.
The expected volatility assumptions are based on average of historical volatility based on comparable industry volatilities of public warrants.
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 nine months ended September 30, 2021:

Weighted Average Assumptions
Grant date share price $ 13.68 
Risk-free interest rate 0.5  %
Expected dividend yield 0.0  %
Expected volatility 90  %
Expected life (in years)
2.4 - 3.5
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 nine months ended September 30, 2021:

Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2020 78,634  $ 3.25 
Granted 592,213  12.61 
Vested (12,824) 9.96 
Canceled/forfeited (14,862) 7.50 
Non-vested as of September 30, 2021
643,161  $ 11.64 
The following table summarizes the changes in the Company’s market-based restricted share unit activity during the nine months ended September 30, 2021:
Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2020   $  
Granted 1,256,785  13.06 
Vested —  — 
Canceled/forfeited (53,275) 13.65 
Non-vested as of September 30, 2021 1,203,510  $ 13.03