Virgin Orbit Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021, respectively, and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.


Fair Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market	$	22,277	$	—	$	—
Investments	289		$	—	$	6,523
Total assets at fair value	$	22,566	$	—	$	6,523

Liabilities:
Derivative warrant liabilities - Public warrants	$	1,378	$	—	$	—
Derivative warrant liabilities - Private placement warrants	—		—		1,218
Convertible notes, net	—		—		79,399
Total liabilities at fair value	$	1,378	$	—	$	80,617


Fair Value Measurements as of December 31, 2021
	Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market	$	154,630	$	—	$	—
Investments	13,498		$	—	$	—
Total assets at fair value	$	168,128	$	—	$	—

Liabilities:
Derivative warrant liabilities - Public warrants	$	10,713	$	—	$	—
Derivative warrant liabilities - Private placement warrants	—		—		9,475
Total liabilities at fair value	$	10,713	$	—	$	9,475

Schedule of Fair Value of Warrant Liabilities


	Private Placement Warrants
	(in thousands)
Warrant liabilities at December 31, 2020	$	11,235
Change in fair value of derivative warrant liabilities	(1,760)
Warrant liabilities at December 31, 2021	9,475

Change in fair value of derivative warrant liabilities	(8,257)
Warrant liabilities at December 31, 2022	$	1,218