Quarterly report pursuant to Section 13 or 15(d)

WARRANTS (Tables)

v3.21.2
WARRANTS (Tables)
6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Schedule of Warrant Activity
A summary of the Legacy PCT Class B warrant activity for six months ended June 30, 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 June 30, 2020 211 $ 1.00  $ 30.63  3.79
Exercisable 211
A summary of the Class B-1 warrant activity for the six months ended June 30, 2021 and 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 5 $ 37.61  $ 15.52  4.56
Granted 0
Exercised 0
Outstanding at June 30, 2020 5 $ 37.61  $ 15.52  4.06
Outstanding at December 31, 2020
5 $ 37.61  $ 15.52  3.56
Granted 0
Exercised 0
Cancelled $ (5) $ 37.61  $ 15.52  3.56
Outstanding at June 30, 2021
$ —  $ —  0
Exercisable
A summary of the RTI warrant activity for the six months ended June 30, 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 June 30, 2020 971  $ 5.56  $ 0.03  4.5
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 June 30, 2021 971  $ 5.56  $ 0.03  3.5
Exercisable 971 
Schedule of Warrants, Valuation Assumptions
As of June 30, 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 - 50.1%
Risk-free rate of return 0.56  %
Expected option term (years)
3.5 – 3.75