Quarterly report pursuant to Section 13 or 15(d)

WARRANTS (Tables)

v3.21.1
WARRANTS (Tables)
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Schedule of Warrant Activity
A summary of the Legacy PCT Class B warrant activity for Three months ended March 31, 2020 is as follows (in thousands except per share data):
Number of warrants Weighted average exercise price Weighted average grant date fair value Weighted average remaining contractual term (years)
Outstanding at December 31, 2019 211 $ 1.00  $ 30.63  4.29
Granted —  —  —  — 
Exercised —  —  —  — 
Outstanding at March 31, 2020 211 $ 1.00  $ 30.63  4.04
Exercisable 211
A summary of the Class B-1 warrant activity for the years ended December 31, 2020 and 2019 is as follows (in thousands except per share data):
Number of warrants Weighted average exercise price Weighted average grant date fair value Weighted average remaining contractual term (years)
Outstanding at December 31, 2019 5 $ 37.61  $ 15.52  4.56
Granted 0
Exercised 0
Outstanding at March 31, 2020 5 $ 37.61  $ 15.52  4.31
Outstanding at December 31, 2020
5 $ 37.61  $ 15.52  3.56
Granted 0
Exercised 0
Cancelled $ (5) $ 37.61  $ 15.52  0
Outstanding at March 31, 2021
$ —  $ —  0
Exercisable
A summary of the RTI warrant activity for the three months ended March 31, 2021 and 2020 is as follows (in thousands, except per share data, as adjusted to show the effect of the reverse recapitalization as described in Note 1):
Number of warrants Weighted average exercise price Weighted average grant date fair value Weighted average remaining contractual term (years)
Outstanding at December 31, 2019 971  $ 5.56  $ 0.03  5
Granted —  —  —  — 
Exercised —  —  —  — 
Outstanding at March 31, 2020 971  $ 5.56  $ 0.03  4.75
Exercisable 971 
Number of warrants Weighted average exercise price Weighted average grant date fair value Weighted average remaining contractual term (years)
Outstanding at December 31, 2020 971  $ 5.56  $ 0.03  4
Granted —  —  —  — 
Exercised —  —  —  — 
Outstanding at March 31, 2021 971  $ 5.56  $ 0.03  3.75
Exercisable 971 
Schedule of Warrants, Valuation Assumptions
As of March 31, 2021. the Company has determined its warrants to be a Level 3 fair value measurement and used the Black-Scholes option-pricing model using the following assumptions:
Expected annual dividend yield —  %
Expected volatility 48.51  %
Risk-free rate of return 0.56  %
Expected option term (years) 3.75