|6 Months Ended|
Jun. 30, 2021
|Other Liabilities Disclosure [Abstract]|
|WARRANT LIABILITIES||WARRANT LIABILITIES
Public Warrants and Private Warrants
Upon the closing of the Business Combination, there were here were approximately 7.2 million publicly-traded redeemable warrants to purchase shares of Class A common stock (the "Public Warrants") and 3.8 million redeemable warrants to purchase shares of Class A common stock initially issued to the Sponsor in a private placement (the "Private Warrants") were issued by Acies prior to the Business Combination. Each whole Warrant entitles the registered holder to purchase one whole share of the Company’s common stock at a price of $11.50 in cash per share, subject to adjustment as discussed below, starting on October 27, 2021, provided that the Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the Warrants and a current prospectus relating to them is available. If the Company fails to maintain an effective registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the Warrants, the Company is required to allow the Warrants to be exercised on a "cashless basis" in accordance with the terms of the warrant agreement governing the Warrants (the "Warrant Agreement"). Pursuant to the Warrant Agreement, a holder of Warrants may exercise the Warrants only for a whole number of shares of Class A common stock. The Warrants will expire 5 years after the completion of the Business Combination, or earlier upon redemption or liquidation. The Private warrants are identical to the Public Warrants, except that the Private Warrants and the shares of Class A common stock issuable upon exercise of the Private Warrants were not transferable until after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants are non-
redeemable so long as they are held by the initial holder or any of its permitted transferees. If the Private Warrants are held by someone other than the initial holder or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Private Warrants may be exercised on a cashless basis so long as held by the Sponsor or certain permitted transferees.
The Company may redeem the outstanding Public Warrants in whole, but not in part, at a price of $0.01 per Public Warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of the Company’s 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. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a cashless basis. In no event will the Company be required to net cash settle the exercise of Warrants.
At June 30, 2021, there were approximately 7.2 million Public Warrants and 3.8 million Private Warrants outstanding. Refer to Note 6 – Fair Value Measurements for further information.