Note 11. Warrant Liabilities

As a result of the Reverse Stock Split, and pursuant to the terms of the applicable warrant agreement, at September 30, 2025 the Company has 8,358,964 public warrants outstanding to purchase a total of 1,094,625 shares of Class A common stock and 7,000,000 private placement warrants outstanding to purchase a total of 916,666 shares of Class A common stock, with each whole warrant being exercisable to purchase 0.130952 shares of Class A common stock at an effective price per share of $87.82 per whole share.

During the nine months ended September 30, 2025, no public warrants were exercised into shares of Class A common stock. No private placement warrants have been exercised to date. The public and private warrants are accounted for as a liability and have an aggregate fair value of $1,015 at September 30, 2025.