Annual report pursuant to Section 13 and 15(d)

Subsequent Events

Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

16. Subsequent Events

On December 19, 2022, the Company exercised its right to acquire and retire all remaining outstanding Public Warrants in exchange for shares of Class A common stock in accordance with the terms of the Warrant Amendment. The remaining 1,543,493 of Public Warrants were exchanged on January 4, 2023 for 277,828 shares of the Company's Class A common stock. Following the exchange, none of the Public Warrants or Private Warrants remain outstanding.

The Company has a $120,000 term loan with Blue Torch which was available and drawn at closing, of which $19,735 was placed in an escrow account by Blue Torch with such amount to be released upon the Company achieving certain metrics related to annualized recurring revenue and a total annualized recurring revenue leverage ratio. Subsequent to December 31, 2022, these metrics were achieved and the $19,735 was released from the escrow account and delivered to the Company in February 2023.

On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. On March 13, 2023, the FDIC announced that it had transferred all deposits – both insured and uninsured – and substantially all assets of the former SVB to a newly created, full-service FDIC-operated “bridge bank” called Silicon Valley Bank, N.A. As of the close of business on March 14, 2023, the Company had approximately $31.2 million in cash and cash equivalents at Silicon Valley Bank, N.A., of which approximately $30.8 million was invested in BlackRock money market mutual funds. The Company is in the process of transferring substantially all of its cash and cash equivalents out of Silicon Valley Bank, N.A.