Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION (Tables)

v3.24.2.u1
SHARE-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Performance-based Non-qualified Stock Options Activity
The table below summarizes the PBNQSO activity for the six months ended June 30, 2024:
Number of Options
Weighted-Average
Exercise/Conversion
Price
Weighted-Average
Remaining Contractual
Life (years)
Aggregate
Intrinsic Value
(in thousands)
Outstanding at December 31, 2023
11,244,171  $ 9.30 
Granted 3,980,000  $ 5.30 
Exercised —  $ — 
Forfeited (350,000) $ 9.37 
Cancelled (240,000) $ 8.63 
Outstanding at June 30, 2024
14,634,171  $ 8.22  8.26 $ 11,167 
Options vested and exercisable 245,004  $ 10.00  5.64 $ — 
Summary of Stock Option Valuation Assumptions
The assumptions used to fair value the PBNQSO granted during the six months ended June 30, 2024 using the Hull-White model was as follows:
June 30, 2024
Dividend yield —  %
Expected volatility
41.00% to 44.00%
Expected term (years) 10.00
Suboptimal exercise multiple 2.50
Drift rate
4.23% to 4.42%
Weighted average exercise price of options granted $ 5.30 
Weighted average fair value of options granted $ 2.92