Payables and Other Liabilities
|6 Months Ended|
Jun. 30, 2021
|Payables and Accruals [Abstract]|
|Payables and Other Liabilities||
Payables and other liabilities consisted of the following (in thousands):
Prior to the Business Combination, Replay issued 28,750,000
units, consisting of one ordinary share and
one-halfof one redeemable warrant (each, a “Public Warrant” or “Warrant”), resulting in 14,375,000 Public Warrants.
Each Warrant is now exercisable for a share of FoA Class A Common Stock. As of June 30, 2021 (Successor), there were
Public Warrants outstanding.
Warrants will expire April 1, 2026, five years after the completion of the Business Combination. The Company may call the
Warrants for redemption:
Each Warrant entitles the holder to purchase one ordinary share at a price of $11.50 per share, subject to adjustment for reorganization and/or extraordinary dividends event, as described in the warrant agreement.
If the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the warrants to do so on a “cashless basis,” as described in the warrant agreement.
The Company has determined that the Warrants are subject to treatment as a liability. As of the Closing of the Business Combination on April 1, 2021 and as of June 30, 2021 (Successor), the Warrants had a fair value of $18.0 million and $19.3 million,
respectively. These liability-classified Public Warrants are out of the money and thus have no impact on diluted EPS.
The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.
No definition available.