PureCycle (PCT) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40234
Entity Registrant Name	PureCycle Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2293091
Entity Address, Address Line One	5950 Hazeltine National Drive,
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32822
City Area Code	877
Local Phone Number	648-3565
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		163,670,396
Amendment Flag	false
Entity Central Index Key	0001830033
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Common Stock, par value $0.001 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PCT
Security Exchange Name	NASDAQ
Warrants, each exercisable for one share of common stock, $0.001 par value per share, at an exercise price of $11.50 per share
Entity Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share of common stock, $0.001 par value per share, at an exercise price of $11.50 per share
Trading Symbol	PCTTW
Security Exchange Name	NASDAQ
Units, each consisting of one share of common stock, $0.001 par value per share, and three quarters of one warrant
Entity Information [Line Items]
Title of 12(b) Security	Units, each consisting of one share of common stock, $0.001 par value per share, and three quarters of one warrant
Trading Symbol	PCTTU
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 38,381	$ 63,892
Debt securities available for sale	0	98,592
Restricted cash – current	68,028	68,850
Prepaid expenses and other current assets	7,375	4,883
Total current assets	113,784	236,217
Restricted cash – non-current	157,466	94,781
Prepaid expenses and other non-current assets	5,657	5,483
Operating lease right-of-use assets	18,939	19,136
Property, plant and equipment, net	579,585	505,719
TOTAL ASSETS	875,431	861,336
CURRENT LIABILITIES
Accounts payable	22,577	1,667
Accrued expenses	41,902	35,102
Accrued interest	6,127	1,532
Total current liabilities	70,606	38,301
NON-CURRENT LIABILITIES
Deferred revenue	5,000	5,000
Bonds payable	233,778	233,513
Warrant liability	60,718	55,883
Operating lease right-of-use liabilities	16,522	16,620
Other non-current liabilities	1,236	1,136
TOTAL LIABILITIES	387,860	350,453
COMMITMENT AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common shares - $0.001 par value, 250,000 shares authorized; 163,671 and 163,550 shares issued and outstanding as of March 31, 2023 and December 31, 2022	164	164
Additional paid-in capital	755,774	753,885
Accumulated other comprehensive loss	0	(641)
Accumulated deficit	(268,367)	(242,525)
TOTAL STOCKHOLDERS' EQUITY	487,571	510,883
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 875,431	$ 861,336

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 17, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001	$ 11.50
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	163,671,000	163,550,000
Common stock, shares outstanding (in shares)	163,671,000	163,550,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Costs and expenses
Operating costs	$ 8,493	$ 4,048
Research and development	393	339
Selling, general and administrative	12,935	14,747
Total operating costs and expenses	21,821	19,134
Interest (income) expense	(1,276)	444
Change in fair value of warrants	4,835	5,835
Other expense	462	19
Total other expense	4,021	6,298
Net loss	$ (25,842)	$ (25,432)
Loss per share
Basic (in usd per share)	$ (0.16)	$ (0.19)
Diluted (in usd per share)	$ (0.16)	$ (0.19)
Weighted average common shares
Basic (in shares)	163,588	133,244
Diluted (in shares)	163,588	133,244
Other comprehensive loss
Unrealized gain (loss) on debt securities available for sale	$ 641	$ (340)
Total comprehensive loss	$ (25,201)	$ (25,772)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2021		127,647
Beginning balance at Dec. 31, 2021	$ 381,535	$ 128	$ 539,423	$ (237)	$ (157,779)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		35,714
Issuance of common stock	205,296	$ 35	205,261
Share repurchase (in shares)		(130)
Share repurchase	(1,049)		(1,049)
Equity based compensation (in shares)		3
Equity based compensation	3,171	$ 0	3,171
Unrealized gain (loss) on available for sale debt securities	(340)			(340)
Net loss	(25,432)				(25,432)
Ending balance (in shares) at Mar. 31, 2022		163,234
Ending balance at Mar. 31, 2022	563,181	$ 163	746,806	(577)	(183,211)
Beginning balance (in shares) at Dec. 31, 2022		163,550
Beginning balance at Dec. 31, 2022	510,883	$ 164	753,885	(641)	(242,525)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchase (in shares)		(48)
Share repurchase	(277)		(277)
Equity based compensation (in shares)		169
Equity based compensation	2,166	$ 0	2,166
Unrealized gain (loss) on available for sale debt securities	641			641
Net loss	(25,842)				(25,842)
Ending balance (in shares) at Mar. 31, 2023		163,671
Ending balance at Mar. 31, 2023	$ 487,571	$ 164	$ 755,774	$ 0	$ (268,367)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (25,842)	$ (25,432)
Adjustments to reconcile net loss to net cash used in operating activities
Equity-based compensation	2,166	3,171
Fair value change of warrants	4,835	5,835
Depreciation expense	1,294	818
Amortization of debt issuance costs and debt discounts	265	244
(Accretion) amortization of (discount) premium on debt securities	(138)	146
Operating lease amortization expense	926	287
Changes in operating assets and liabilities
Prepaid expenses and other current assets	(1,148)	(479)
Prepaid expenses and other non-current assets	(174)	11
Accounts payable	1,218	747
Accrued expenses	2,116	(2,503)
Accrued interest	324	324
Operating right-of-use liabilities	(597)	(93)
Net cash used in operating activities	(14,755)	(16,924)
Cash flows from investing activities
Construction of plant	(46,632)	(52,177)
Purchase of debt securities, available for sale	0	(98,070)
Sale and maturity of debt securities, available for sale	99,371	45,189
Net cash provided by (used in) investing activities	52,739	(105,058)
Cash flows from financing activities
Debt issuance costs	(1,344)	0
Payments to repurchase shares	(277)	(1,049)
Other payments for financing activities	(11)	(10)
Proceeds from issuance of common stock	0	206,071
Proceeds from issuance of warrants	0	43,929
Common stock issuance costs	0	(775)
Net cash (used in) provided by financing activities	(1,632)	248,166
Net increase in cash and restricted cash	36,352	126,184
Cash and restricted cash, beginning of period	227,523	263,858
Cash and restricted cash, end of period	263,875	390,042
Non-cash investing activities
Additions to property, plant, and equipment in accrued expenses	30,809	13,918
Additions to property, plant, and equipment in accounts payable	20,509	329
Additions to property, plant, and equipment in accrued interest	$ 4,271	$ 4,271

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Formation and Organization PureCycle Technologies, Inc. (“PCT” or “Company”) is a Florida-based corporation focused on commercializing a patented purification recycling technology (the “Technology”), originally developed by The Procter & Gamble Company (“P&G”), for restoring waste polypropylene into resin, called ultra-pure recycled (“UPR”) resin, which has nearly identical properties and applicability for reuse as virgin polypropylene. PCT has a global license for the Technology from P&G. PCT’s goal is to create an important new segment of the global polypropylene market that will assist multinational entities in meeting their sustainability goals, providing consumers with polypropylene-based products that are sustainable, and reducing overall polypropylene waste in the world’s landfills and oceans. Business Combination On March 17, 2021, PureCycle consummated the previously announced business combination (“Business Combination”) by and among Roth CH Acquisition I Co., a Delaware corporation (“ROCH”), Roth CH Acquisition I Co. Parent Corp., a Delaware corporation and wholly owned direct subsidiary of ROCH (“ParentCo”), Roth CH Merger Sub LLC, a Delaware limited liability company and wholly owned direct subsidiary of Parent Co, Roth CH Merger Sub Corp., a Delaware corporation and wholly owned direct subsidiary of ParentCo and PureCycle Technologies LLC (“PCT LLC” or “Legacy PCT”) pursuant to the Agreement and Plan of Merger dated as of November 16, 2020, as amended from time to time (the “Merger Agreement”). Upon the completion of the Business Combination and the other transactions contemplated by the Merger Agreement (the “Transactions”, and such completion, the “Closing”), ROCH changed its name to PureCycle Technologies Holdings Corp. and became a wholly owned direct subsidiary of ParentCo, PCT LLC became a wholly owned direct subsidiary of PureCycle Technologies Holdings Corp. and a wholly owned indirect subsidiary of ParentCo, and ParentCo changed its name to PureCycle Technologies, Inc. The Company’s common stock, units and warrants are now listed on the Nasdaq Capital Market (“NASDAQ”) under the symbols “PCT,” “PCTTU” and “PCTTW,” respectively. Legacy PCT unitholders will be issued up to 4.0 million additional shares of the Company’s common stock if certain conditions are met (“the Earnout”). The Legacy PCT unitholders will be entitled to 2.0 million shares if after 1 year after the Closing and prior to or as of the third anniversary of the Closing, the closing price of the common stock is greater than or equal to $18.00 over any 20 trading days within any 30-trading day period. The Legacy PCT unitholders will be entitled to 2.0 million shares upon the Ironton Facility becoming operational, as certified by Leidos Engineering, LLC (“Leidos”), an independent engineering firm, in accordance with criteria established in agreements in connection with construction of the plant. Unless the context otherwise requires, “Registrant,” “PureCycle,” “Company,” “PCT,” “we,” “us,” and “our” refer to PureCycle Technologies, Inc., and its subsidiaries at and after the Closing and give effect to the Closing. “Legacy PCT”, “ROCH” and “ParentCo” refer to PureCycle Technologies LLC, ROCH and ParentCo, respectively, prior to the Closing. Private Placement Offering On March 7, 2022, the Company entered into subscription agreements (the “Subscription Agreements”) with certain investors (the “2022 PIPE Investors”), pursuant to which the Company agreed to sell to the Investors, in a private placement, shares of the Company’s common stock, par value $0.001 per share, and Series A warrants to purchase shares of Common Stock (the “Series A Warrants”) at a price of $7.00 per share of Common Stock and one-half (1/2) of one Series A Warrant (the “2022 PIPE Offering”). On March 17, 2022, the Company closed the 2022 PIPE Offering and issued to the 2022 PIPE Investors an aggregate of 35,714,272 shares of Common Stock and Series A Warrants to purchase an aggregate of 17,857,136 shares of Common Stock. The Company received approximately $250.0 million in gross proceeds from the 2022 PIPE Offering. The Company incurred approximately $0.8 million of expenses primarily related to advisory fees in conjunction with the 2022 PIPE Offering. Refer to Note 6 – Warrants for further information. Basis of Presentation The accompanying condensed consolidated interim financial statements include the accounts of the Company. The condensed consolidated interim financial statements are presented in U.S. Dollars. Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“U.S. GAAP”). Intercompany balances and transactions were eliminated upon consolidation. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the entire year ending December 31, 2023. The accompanying condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented. Liquidity and Going Concern The accompanying consolidated financial statements have been prepared assuming that PCT will continue as a going concern; however, the conditions described below raise substantial doubt about PCT’s ability to do so, which management believes has been alleviated through its plans to mitigate these conditions and obtain additional unrestricted liquidity. The Company has sustained recurring losses and negative cash flows from operations since its inception. As reflected in the accompanying consolidated financial statements, the Company has not yet begun commercial operations and does not have any sources of revenue. The following is a summary of the components of our current liquidity (in thousands): As of March 31, 2023 December 31, 2022 Cash and cash equivalents $ 38,381 $ 63,892 Debt securities available for sale $ — $ 98,592 Unrestricted liquidity $ 38,381 $ 162,484 Less: Other Ironton set-aside $ — $ 54,560 Available unrestricted liquidity $ 38,381 $ 107,924 Restricted Cash (current and non-current) $ 225,494 $ 163,631 Working capital $ 43,178 $ 197,916 Accumulated deficit $ (268,367) $ (242,525) For the three months ended March 31, 2023 March 31, 2022 Net loss $ (25,842) $ (25,432) As of March 31, 2023, PCT had $38.4 million of Available Unrestricted Liquidity. On March 15, 2023, PCT entered into a $150.0 million revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Agreement may be used for working capital, capital expenditures and other general corporate purposes and satisfies the financing obligation imposed upon PCT by the Limited Waiver (as defined below) – refer to Note 3 – Notes Payable and Debt Instruments for additional information. Also in March 2023, PCT, pursuant to a Limited Waiver agreement with the Revenue Bondholders, agreed to fund additional reserves for capitalized interest of approximately $12.3 million; contribute $25.2 million to a construction project account to pay for additional Ironton facility construction costs and to transfer $50.0 million to a Revenue Bondholder escrow account (previously reflected as Other Ironton set-aside above). Additionally, the Revenue Bondholders agreed to release $13.2 million from the Trustee account for the Revenue Bonds for use as part of the remaining investment in 2023 to complete the Ironton Facility. This resulted in a net transfer of cash from unrestricted to restricted cash of $74.3 million. As of March 31, 2023, PCT anticipates that the remaining investment to complete the Ironton Facility could range from $26.0 million up to $51.0 million, of which $25.2 million is set aside in restricted cash. This range is dependent upon various contract contingencies and their ultimate resolution. PCT expects to successfully negotiate at least some of these contingencies, which would reduce the remaining 2023 investment to the lower end of the range. PCT also has other capital commitments of approximately $21.2 million related to long-lead equipment and pre-construction work for the Augusta Facility and $39.9 million for equipment and leases related to future Feed PreP and purification facilities. There are also ongoing monthly costs associated with managing the company and preparing the Ironton Facility to become operational. PCT believes that its current level of Unrestricted Available Liquidity is not sufficient to fund operations, outstanding commitments, and further its future growth plans. The conditions described above raise substantial doubt regarding PCT’s ability to continue as a going concern for a period of at least one year from the date of issuance of the condensed consolidated interim financial statements included in this Quarterly Report on Form 10-Q. In an effort to alleviate these conditions, on May 8, 2023, PureCycle Technologies, Inc. (the “Company) entered into a $40 million term loan facility (the “Term Loan Facility”) pursuant to a Credit Agreement (the “Term Loan Credit Agreement”) dated as of May 8, 2023, among the Company, as the borrower, PureCycle Technologies Holdings Corp., PureCycle Technologies, LLC and the subsidiaries of the Company as are or may from time to time become parties to the Term Loan Facility as guarantors (the “Guarantors”) and Pure Plastic LLC (as a “Lender,” “Administrative Agent,” and “Security Agent”), which matures on December 31, 2025. Affiliates of the Lender are greater than 5% beneficial owners of the Company. Borrowings under the Term Loan Credit Agreement may be used to repay indebtedness for borrowed money of the Company, to pay fees and expenses associated with the Term Loan Credit Agreement and the other loan documents and for general corporate purposes not in contravention of any law or of any loan document. R efer to Note 16 – Subsequent Events for additional information. In addition, on May 8, 2023, the Company, through PureCycle PreP LLC, an indirect wholly-owned subsidiary of the Company, entered into a Master Lease Agreement (the “Master Lease Agreement”) and Equipment Procurement Agreement (the “Equipment Agreement”) with CSC Leasing Co. (“CSC”). Under the terms of the Equipment Agreement, CSC has agreed to finance, acquire and/or purchase certain equipment (the “Equipment”) from third-party vendors and/or manufacturers (each, a “Vendor”), so that CSC may lease the Equipment to the Company pursuant to the terms and conditions of the Master Lease Agreement. The Company intends to lease assorted equipment in the amount of up to $22.0 million in connection with these agreements. R efer to Note 16 – Subsequent Events for additional information. After considering managements plans to mitigate these conditions, including the addition of up to $62 million of available unrestricted liquidity provided by through the agreements discussed above, PCT believes this substantial doubt has been alleviated and it has sufficient liquidity to continue as a going concern for the next twelve months. PCT’s future capital requirements will depend on many factors, including actual construction costs for the Ironton Facility, the funding mechanism and construction schedule of the Augusta Facility and other anticipated facilities outside the United States, build-out of multiple Feed PreP facilities, funding needs to support other business opportunities, funding for general corporate purposes, and other challenges or unforeseen circumstances. As a pre-revenue operating company, PCT continually reviews its cash outlays, pace of hiring, professional services and other spend, and capital commitments to proactively manage those needs in tandem with our available unrestricted liquidity balance. For future growth and investment, PCT expects to seek additional debt or equity financing from outside sources, which it may not be able to raise on terms favorable to PCT, or at all. If PCT is unable to raise additional debt or sell additional equity when desired, or if PCT is unable to manage its cash outflows, PCT’s

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going Concern Refer to Note 1 – Organization for further discussion. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at date of inception to be cash and cash equivalents. The Company’s cash and cash equivalents balance represents cash and money market funds deposited with financial institutions. These balances may exceed federally insured limits; however, the Company believes the risk of loss is low. Actively traded money market funds are measured at their net asset value (“NAV”) and classified as Level 1. Restricted Cash Proceeds from the issuance of revenue bonds are restricted for use in construction of the production facility. Amounts required by the Limited Waiver (refer to Note 3 – Notes Payable and Debt Instruments) were also placed in restricted cash for various future uses. Cash pledged as collateral for leased properties is also deemed restricted and included within this definition. Restricted cash that is expected to be spent or released from restriction within twelve months is classified as current on the consolidated balance sheet. Restricted cash that is expected to be spent or released from restriction after twelve months is classified as non-current on the consolidated balance sheet. Investments The Company accounts for its investment in Debt Securities in accordance with ASC 320, Investments – Debt Securities . The fair value for fixed-rate debt securities is based on quoted market prices for the same or similar debt instruments and is classified as Level 2. The Company had no investments holdings as of March 31, 2023. All investment holdings as of December 31, 2022 were classified as Available for Sale. The Company classifies its Debt Securities investments as current assets as they are highly liquid and the related funds are available for use in current operations. Income Taxes To calculate the interim tax provision, at the end of each interim period the Company estimates the annual effective tax rate and applies that to its ordinary quarterly earnings. The effect of changes in the enacted tax laws or rates is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and judgments including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in other jurisdictions, permanent differences between book and tax amounts, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained, or the tax environment changes. Warrants The Company evaluates all of its financial instruments, including issued warrants, to determine if such instruments are liability classified, pursuant to ASC 480 - Distinguishing Liabilities from Equity (“ASC 480”) or derivatives or contain features that qualify as embedded derivatives pursuant to ASC 815 – Derivatives and Hedging (“ASC 815”). The classification of instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Issuance costs incurred with the Business Combination that are attributable to liability classified warrants are expensed as incurred. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments (“ASU 2016-13”), which, together with subsequent amendments, amends the requirement on the measurement and recognition of expected credit losses for financial assets held. The Company adopted the ASU during the first quarter of 2023 using a prospective approach. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements.

NOTES PAYABLE AND DEBT INSTRUME

NOTES PAYABLE AND DEBT INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE AND DEBT INSTRUMENTS	NOTES PAYABLE AND DEBT INSTRUMENTS Long-term debt consists of the following at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Revenue Bonds $ 249,550 $ 249,550 Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt (15,772) (16,037) Bonds payable - long-term $ 233,778 $ 233,513 Revenue Bonds On October 7, 2020, the Southern Ohio Port Authority (“SOPA”) issued certain revenue bonds (“Revenue Bonds”) pursuant to an Indenture of Trust dated as of October 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), between SOPA and UMB Bank, N.A., as Trustee (“Trustee”), and loaned the proceeds from their sale to PureCycle: Ohio LLC (“PCO”), an Ohio limited liability company and indirect wholly-owned subsidiary of PCT, pursuant to a Loan Agreement dated as of October 1, 2020, between SOPA and PCO (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), to be used to (i) acquire, construct and equip the Ironton Facility (referred to within the Loan Agreement as the “Ohio Phase II Facility” and, together with the FEU (referred to within the Loan Agreement as the “Phase I Facility”), the “Project”); (ii) fund a debt service reserve fund for the Series 2020A Bonds; (iii) finance capitalized interest; and (iv) pay the costs of issuing the Revenue Bonds. The Revenue Bonds were offered in three series, including (i) Exempt Facility Revenue Bonds (PureCycle Project), Tax-Exempt Series 2020A (“Series 2020A Bonds”); (ii) Subordinate Exempt Facility Revenue Bonds (PureCycle Project), Tax-Exempt Series 2020B (“Series 2020B Bonds”); and (iii) Subordinated Exempt Facility Revenue Bonds (PureCycle Project), Taxable Series 2020C (“Series 2020C Bonds”), each series in the aggregate principal amount, bearing interest and maturing as shown in the table below. The Series 2020A Bonds were issued at a total discount of $5.5 million. The discount is amortized over the term of the Revenue Bonds using the effective interest method. The purchase price of the Revenue Bonds was paid and immediately available to SOPA on October 7, 2020, the date of delivery of the Revenue Bonds to their original purchaser. PureCycle is not a direct obligor on the Revenue Bonds and is not a party to the Loan Agreement or the Indenture pursuant to which the Revenue Bonds have been issued. Legacy PCT has executed a guaranty of completion dated as of October 7, 2020 (“Guaranty”), with respect to the full and complete performance by PCO of PCO’s obligations with respect to construction and completion of the Project, including construction by the Completion Date, free and clear of any liens (other than permitted liens), and the payment of all Project costs incurred prior to completion of the Project, and all claims, liabilities, losses and damages owed by PCO to each counterparty under the Project Documents (as such terms are defined in the Indenture). In addition, pursuant to the Guaranty, PCT LLC is obligated to fund and maintain a liquidity reserve for the Project during the term of the Guaranty in the amount of $50.0 million to be held in an escrow account with U.S. Bank National Association, as escrow agent (“Liquidity Reserve”). Pursuant to the terms of the Loan Agreement PCO executed promissory notes in the principal amounts of each maturity (or interest rate within a maturity), aggregating the principal amount of each series of Revenue Bonds, in favor of SOPA, which were assigned to the Trustee on October 7, 2020. (in thousands) Bond Series Term Principal Amount Interest Rate Maturity Date 2020A A1 $ 12,370.00 6.25 % December 1, 2025 2020A A2 $ 38,700.00 6.50 % December 1, 2030 2020A A3 $ 168,480.00 7.00 % December 1, 2042 2020B B1 $ 10,000.00 10.00 % December 1, 2025 2020B B2 $ 10,000.00 10.00 % December 1, 2027 2020C C1 $ 10,000.00 13.00 % December 1, 2027 The proceeds of the Revenue Bonds and certain equity contributions have been placed in various trust funds and non-interest-bearing accounts established and administered by the Trustee under the Indenture. Before each disbursement of amounts in the Project Fund held by the Trustee under the Indenture, PCO is required to submit to the Trustee a requisition for funds to be disbursed outlining the specified purpose of the disbursement and substantiating the expenditure. In addition, 100% of revenue attributable to the production of the Ironton Facility must be deposited into an operating revenue escrow fund held by U.S. Bank Trust Company, National Association, as escrow agent. Funds in the trust accounts and operating revenue escrow fund will be disbursed by the Trustee when certain conditions are met, and will be used to pay costs and expenditures related to the development and operation of the Ironton Facility, make required interest and principal payments (including sinking fund redemption amounts) and pay any premium, in certain circumstances required under the Indenture, to redeem the Revenue Bonds. As conditions for closing of the Revenue Bonds, Legacy PCT contributed $60.0 million in equity at closing and PureCycle and certain affiliates contributed an additional $40.0 million in equity upon the Closing of the Business Combination. PureCycle provided the Liquidity Reserve for construction of the Ironton Facility of $50.0 million and deposited that amount upon the Closing of the Business Combination. In addition, PureCycle must maintain $100.0 million of cash on its balance sheet as of January 31, 2022, including the Liquidity Reserve. The Company met these requirements and continues to maintain that cash balance at March 31, 2023. The Revenue Bonds are recorded within Bonds payable in the condensed consolidated balance sheet. The Company incurred $4.8 million of interest cost during each of the three months ended March 31, 2023 and March 31, 2022, respectively. As the Revenue Bond proceeds are being used to construct the Company’s property, plant and equipment, the interest costs related to the tax-exempt portion of the Revenue Bonds have been capitalized within Property, Plant and Equipment. The Company capitalized $4.3 million of interest cost during each of the three months ended March 31, 2023 and March 31, 2022, respectively. As of March 31, 2023 the fair value of the Revenue Bonds was $209.5 million, which was determined using inputs characteristic of a Level 2 fair value measurement. Although the Company has determined the estimated fair value using available market information and commonly accepted valuation methodologies, considerable judgement is required in interpreting the information and in developing the estimated fair value. Therefore, this estimate is not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. In connection with its obligations under that certain Security Agreement dated as of October 7, 2020, between PCO, as debtor, and the Trustee, as secured party, entered into when the Revenue Bonds were issued (the “Security Agreement”), PCO must deliver consent and agreements (“Consents”) to the Trustee with respect to each agreement entered into in connection with the Project, each of which agreements is required under the Loan Agreement to be assigned to the Trustee. The forms of the Consents relating to a certain feedstock supply agreement from one supplier of feedstock to the Project (the “Supplier”) and from two purchasers of offtake from the Project (“Offtaker 2” and “Offtaker 3” and together with the Supplier, the “Counterparties”) delivered to the Trustee contained terms inconsistent with the form of the Consent required under the Security Agreement. On May 11, 2021, the Guaranty was amended and restated in an amended and restated guaranty of completion (the “ARG”) executed by PureCycle and delivered to the Trustee, which broadens the purposes for which draws by the Trustee on the Liquidity Reserve may be utilized, extends the period during which the Liquidity Reserve must be maintained, includes conditions that would permit a reduction in the amount of the Liquidity Reserve required to be maintained by PureCycle, and includes conditions precedent to the elimination of the requirement that PureCycle replenish the Liquidity Reserve and to the termination of the ARG and the escrow agreement under which the Liquidity Reserve is held by the escrow agent (the “Escrow Agreement”), upon which termination, the balance of the Liquidity Reserve will be returned to PureCycle. So long as there are any Series 2020A Bonds outstanding under the Indenture, the ARG and the Escrow Agreement will remain in place upon the conditions stated in the ARG. The terms of the ARG are summarized as follows: The Liquidity Reserve shall be maintained in the amount of $50.0 million, subject to replenishment by PureCycle until certain conditions stated in the ARG relating to the following have been met: (i) the completion of construction and acquisition of the Project, (ii) the payment of all Project costs, and (iii) the replacement of the assigned agreements of the Counterparties underlying the Consents which have expired or terminated, with one or more agreements between counterparties and PCO upon terms at least as favorable to PCO as the expired or terminated agreements of the Counterparties, (a) for which a Consent that conforms to the form of Consent required by the Security Agreement is executed by the counterparties and provided to the Trustee, (b) which, in the case of supply of feedstock to the Project, provide in the aggregate for the supply of at least the minimum and maximum volumes of feedstock meeting substantially similar feedstock specifications as the Supplier had committed to supply, and (c) which, in the case of purchase of offtake from the Project, provide in the aggregate for the purchase of the minimum and maximum volumes of offtake from the Project meeting substantially similar specifications as Offtaker 2 and Offtaker 3 had committed to purchase from PCO. When the conditions stated in (i), (ii) and (iii) above have been satisfied but so long as there are Series 2020A Bonds outstanding under the Indenture, the Escrow Agreement shall remain in place but the Liquidity Reserve amount shall be reduced to $25.0 million and PureCycle shall no longer be required to replenish the amount of the reduced Liquidity Reserve if and when disbursements are made therefrom. If the conditions of (i) and (ii) have been met but only a portion of the feedstock and offtake contracted for by the Counterparties, respectively, has been replaced under replacement agreements as aforesaid in (iii) above, then the Liquidity Reserve amount may be reduced only by the applicable proportion of the amounts stated in the ARG which evidence the intent of the parties of the amount of value representing the supply or offtake of the agreements of the Counterparties. When the conditions precedent of (i), (ii), and (iii) have been satisfied and there are no longer any Series 2020A Bonds then outstanding, then PureCycle shall have no obligation to maintain the reduced Liquidity Reserve, the ARG and the Escrow Agreement shall terminate and the balance on deposit in the Liquidity Reserve escrow fund held by the escrow agent shall be returned to PureCycle. As long as any Series 2020A Bonds remain outstanding under the Indenture, upon the occurrence of an Event of Default under the Loan Agreement or Indenture, if the Trustee takes control of the Liquidity Reserve held by the escrow agent, such funds may be used for any purpose, including the payment of debt service on the Series 2020A Bonds, as may be determined by the Trustee or directed by a majority of the holders of the Series 2020A Bonds then outstanding. On March 15, 2023, PCT LLC, PCTO Holdco LLC, a Delaware limited liability company and indirect wholly-owned subsidiary of PCT LLC (the pledgor under an Equity Pledge and Security Agreement (as defined in the Indenture), pursuant to which the pledgor pledged certain interests to secure obligations of PCO under various Financing Documents (as defined in the Indenture) relating to the Revenue Bonds) and PCO (collectively, the “Company Parties”) and SOPA and the Trustee entered into a Limited Waiver and First Supplemental Indenture (the “Limited Waiver”), supplementing the Indenture and amending the Loan Agreement and the ARG, and pursuant to which the majority holders of the Series 2020A Bonds consented to the Limited Waiver, based on stated conditions, of a Specified Event of Default (as defined below) under the Indenture and the Loan Agreement. Under the terms of the Loan Agreement, PCO was required to cause the Ironton Facility to be completed by December 1, 2022. The Ironton Facility was not completed by that date due to a variety of challenges resulting from, among other things, the COVID-19 outbreak, the ongoing military conflict between Russia and Ukraine, and certain U.S. weather-related events (the “Specified Event of Default”). Subject to the following conditions, the Specified Event of Default is waived in exchange for PCO’s agreement to meet certain milestones toward completing the Ironton Facility, to deposit additional equity aggregating approximately $87.3 million with the Trustee for various purposes and to make certain other representations and warranties; provided, however, that any failure to comply with the terms of the Limited Waiver shall be an immediate Event of Default under the Indenture and Loan Agreement, which will be deemed to have occurred on January 2, 2023 with respect to any requirements to pay accrued and unpaid interest at the Default Rate (as defined in the Indenture). PCO has agreed to, among other things, achieve the following milestones (together, the “Milestones”): (i) closure by it or its direct or indirect parent entity of a financing transaction by March 31, 2023 that provides at least $150.0 million of working capital which may be used to support the Ironton Facility (which milestone was satisfied by the closing of the Revolving Credit Facility); (ii) mechanical completion of the Ironton Facility by June 30, 2023; (iii) meet certain targeted production and performance targets during 2023; (iv) completion of the Ironton Facility by December 31, 2023; and (v) meet certain Ironton Facility pellet production targets by January 31, 2024 up to the Ironton Facility’s nameplate production capacity of 107 million pounds per year. The additional approximately $87.3 million of equity deposited with the Trustee is comprised of: (i) a deposit of $50 million in an account controlled by the Trustee; (ii) a deposit of approximately $25 million in the Equity Account of the Project Fund (as such terms are used in the Indenture) to fund remaining construction costs; (iii) an aggregate deposit of approximately $12.3 million into the Capitalized Interest Accounts (as defined in the Indenture) for the Series 2020A Bonds, Series 2020B Bonds and Series 2020C Bonds to pay capitalized interest on the Revenue Bonds through June 30, 2024. The Limited Waiver also requires that the Liquidity Reserve of approximately $50 million remain in the Liquidity Reserve Escrow Fund (as defined in the Indenture) for a period beyond the completion date of the Ironton Facility until certain production requirements have been met, and only thereafter may the balance in that fund be reduced based on certain conditions to $25 million, which must remain therein as long as Series 2020A Bonds remain outstanding. The $50 million deposit described above, along with the $50 million remaining in the Liquidity Reserve Escrow Fund, may satisfy the minimum cash requirement of the ARG of $100 million. The Trustee also released $13.2 million from the Project Fund held under the Indenture for use as part of the remaining investment in 2023 to complete the Ironton Facility in accordance with the Limited Waiver. Sylebra Credit Facility On March 15, 2023, PCT entered into a $150 million revolving credit facility (the “Revolving Credit Facility”) pursuant to a Credit Agreement (the “Revolving Credit Agreement”) dated as of March 15, 2023, with PureCycle Technologies Holdings Corp. and PureCycle Technologies, LLC (the “Guarantors”), Sylebra Capital Partners Master Fund, LTD, Sylebra Capital Parc Master Fund, and Sylebra Capital Menlo Master Fund (collectively, the “Lenders”), and Madison Pacific Trust Limited (the “Administrative Agent”), which matures on June 30, 2024. The Lenders and their affiliates are greater than 5% beneficial owners of PCT. Borrowings under the Revolving Credit Agreement may be used for working capital, capital expenditures and other general corporate purposes and satisfies the financing obligation imposed upon PCT by the Limited Waiver. Amounts outstanding under the Revolving Credit Agreement bear interest at a variable annual rate equal to Term SOFR (as defined in the Revolving Credit Agreement) in effect for such period plus an applicable margin. The applicable margin is equal to (i) 5.00% from the Closing Date through June 30, 2023, (ii) 10.00% from July 1, 2023 through September 30, 2023, (iii) 12.50% from October 1, 2023 through December 31, 2023, (iv) 15.00% from January 1, 2024 through March 31, 2024, and (v) 17.50% thereafter. PCT is also required to pay (i) an up-front fee equal to 0.75% times $150 million—the total aggregate commitment for the Revolving Credit Facility—to the Lenders, payable at closing and (ii) a commitment fee equal to 0.25% per annum based on the actual daily unused amount of the Revolving Credit Facility, payable quarterly. Subject to timely prior written notice and payment of breakage fees, if any, PCT may at any time and from time to time (i) terminate all or any portion of the commitments under the Revolving Credit Agreement and/or (ii) prepay all or any portion of any outstanding borrowings. The Revolving Credit Agreement contains representations, covenants and events of default that are customary for financing transactions of this nature. Events of default in the Revolving Credit Agreement include, among others: (a) non-payment of principal, interest, fees or other amounts; (b) default of specific covenants; (c) breach of representations and warranties; (d) cross-defaults to other indebtedness in an amount greater than $1 million, subject to certain exceptions; (e) bankruptcy and insolvency proceedings; (f) inability to pay debts or attachment; (g) judgments; and (h) change of control. Upon the occurrence of an event of default, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders (as defined in the Revolving Credit Agreement) terminate the loan commitments, accelerate all loans and exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Revolving Credit Agreement and the other loan documents. Amounts outstanding under the Revolving Credit Agreement are guaranteed by the Guarantors, and are secured by a security interest in substantially all of the assets of PCT. Any majority-owned direct or indirect subsidiaries of PCT formed after the closing date of the Revolving Credit Facility will also be required to guaranty the obligations under the Revolving Credit Agreement and grant security interests in substantially all of their respective assets. There were no funds drawn on the Revolving Credit Facility as of March 31, 2023. The up-front commitment fee and other costs of $1.3 million have been recorded in prepaid expenses and other current assets and will be amortized over the term of the contract.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Common Stock Holders of PCT common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. The holders do not have cumulative voting rights in the election of directors. Upon the Company’s liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of the Company’s common stock will be entitled to receive pro rata the Company’s remaining assets available for distribution. Holders of the Company’s common stock do not have preemptive, subscription, redemption or conversion rights. All shares of the Company’s common stock are fully paid and non-assessable. The Company is authorized to issue 250.0 million shares of common stock with a par value of $0.001. As of March 31, 2023, and December 31, 2022, 163.67 million and 163.55 million shares are issued and outstanding, respectively. Preferred Stock As of March 31, 2023, the Company is authorized to issue 25.0 million shares of preferred stock with a par value of $0.001, of which no shares are issued and outstanding.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION 2021 Equity Incentive Plan On March 17, 2021, our stockholders approved the PureCycle Technologies, Inc. 2021 Equity and Incentive Compensation Plan (the “Plan”). The Plan provides for the grant of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”), performance shares, performance units, dividend equivalents, and certain other awards. In general, the amount of shares issuable under the Plan will be automatically increased on the first day of each fiscal year, beginning in 2022 and ending in 2031, by an amount equal to the lesser of (a) 3% of the shares of the Company’s common stock outstanding on the last day of the immediately preceding fiscal year and (b) such smaller number of shares as determined by the Board of Directors of the Company. As of March 31, 2023, approximately 17.0 million shares of common stock are currently authorized for issuance under the Plan, of which approximately 9.1 million shares remain available for issuance under the Plan (assuming maximum performance with respect to the applicable performance goals applicable to the issued Plan awards). Restricted Stock Agreements RSUs issued pursuant to the Plan are time-based and vest over the period defined in each individual grant agreement or upon a change of control event as defined in the Plan. The Company recognizes compensation expense for the shares equal to the fair value of the equity-based compensation awards and is recognized on a straight-line basis over the vesting period of such awards. The fair value of the awards is equal to the fair value of the Company’s common stock at the date of grant. The Company has the option to repurchase all vested shares upon a stockholder’s termination of employment or service with the Company. A summary of restricted stock activity for the three months ended March 31, 2023 and 2022 is as follows (in thousands except per share data): Number of RSU's Weighted average grant date fair value Weighted average remaining recognition period Non-vested at December 31, 2021 2,671 $ 14.33 3.4 Granted 980 7.24 Vested (438) 9.86 Forfeited (22) 17.50 Non-vested at March 31, 2022 3,191 $ 12.75 3.4 Number of RSU's Weighted average grant date fair value Weighted average remaining recognition period Non-vested at December 31, 2022 2,760 $ 11.92 2.7 Granted 1,075 6.00 Vested (193) 6.96 Forfeited (34) 16.45 Non-vested at March 31, 2023 3,608 $ 10.34 2.9 Equity-based compensation cost is recorded within the selling, general and administrative expenses in the condensed consolidated statements of comprehensive loss, and totaled approximately $2.4 million and $3.4 million for the three months ended March 31, 2023 and 2022, respectively. Stock Options The stock options issued pursuant to the Plan are time-based and vest over the period defined in each individual grant agreement or upon a change of control event as defined in the Plan. The Company recognizes compensation expense for the shares equal to the fair value of the equity-based compensation awards and is recognized on a straight-line basis over the vesting period of such awards. The fair value of the stock is estimated on the date of grant using the Black-Scholes option-pricing model using the following assumptions: March 31, 2023 March 31, 2022 Expected annual dividend yield — % — % Expected volatility 77.3 % — % Risk-free rate of return 3.5 % — % Expected option term (years) 6.5 0 The expected term of the shares granted is determined based on the period of time the shares are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility was based on the Company’s capital structure and volatility of similar entities referred to as guideline companies. In determining similar entities, the Company considered industry, stage of life cycle, size and financial leverage. The dividend yield on the Company’s shares is assumed to be zero as the Company has not historically paid dividends. The fair value of the underlying Company shares was determined using the Company’s closing stock price on the grant date. A summary of stock option activity for the three months ended March 31, 2023 and 2022 is as follows (in thousands except per share data): Number of Options Weighted Average Exercise Price Weighted Balance, December 31, 2021 613 $ 28.90 6.2 Granted — — — Exercised — — — Forfeited — — — Balance, March 31, 2022 613 $ 28.90 4.8 Number of Options Weighted Average Exercise Price Weighted Balance, December 31, 2022 613 $ 28.90 4.0 Granted 459 5.72 10.0 Exercised — — — Forfeited — — — Balance, March 31, 2023 1,072 $ 18.98 6.4 Exercisable 613 Equity-based compensation cost is recorded within the selling, general and administrative expenses within the condensed consolidated statements of comprehensive loss and was not material for the three months ended March 31, 2023 and 2022. The weighted average grant-date fair values of options granted during the three months ended March 31, 2023 and 2022 were $4.07 and $0, respectively. There were no stock options exercised during 2023 or 2022. Performance-Based Restricted Stock Agreements The shares issued pursuant to the Performance-Based Restricted Stock Agreements vest depending on if the performance obligations are met. In general, the performance-based stock units (“Performance PSUs”) will be earned based on achievement of pre-established financial and operational performance objectives and will vest on the date the attainment of such performance objectives as determined by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”), subject to the participant’s continued employment with the Company. The Company has also issued PSUs that vest if the market price of the Company’s common stock exceeds a defined target during the performance period (“Market PSUs”, together with the Performance PSUs, the “PSUs”). The Company issued 0.4 million and 0.9 million PSUs for the three months ended March 31, 2023, and 2022, respectively. As of March 31, 2023, the performance-based provision has not been achieved for any of the outstanding performance-based awards. The Company recognizes compensation expense for the Performance PSUs equal to the fair value of the equity-based compensation awards and is recognized on a straight-line basis over the vesting period of such awards as the Company has concluded the performance condition is probable to be met. The fair value of the awards is equal to the fair value of the Company’s common stock at the date of grant. A summary of the PSU activity for the three months ended March 31, 2023 and 2022 is as follows (in thousands except per share data): Number of PSUs Weighted Average Exercise Price Weighted average remaining recognition period Balance, December 31, 2021 424 $ 18.65 2.0 Granted 853 7.24 Vested — — Forfeited (14) 19.33 Balance, March 31, 2022 1,263 $ 10.93 2.3 Number of PSUs Weighted Average Exercise Price Weighted average remaining recognition period Balance, December 31, 2022 1,060 $ 10.87 1.7 Granted 357 6.00 Vested — — Forfeited (4) 7.24 Balance, March 31, 2023 1,413 $ 9.64 1.9 Equity-based compensation cost is recorded within the selling, general and administrative expenses within the consolidated statements of comprehensive loss, and was not material for the three months ended March 31, 2023 and 2022.

WARRANTS

WARRANTS	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
WARRANTS	WARRANTS RTI Warrants RTI Global (“RTI”) holds warrants to purchase 971 thousand shares of PCT common stock. RTI can exercise these warrants as of March 17, 2022. The warrants expire on December 31, 2024. The Company determined the warrants are liability classified under ASC 480. Accordingly, the warrants were held at their initial fair value and will be remeasured at fair value at each subsequent reporting date with changes in the fair value presented in the statements of comprehensive loss. A summary of the RTI warrant activity for the three months ended March 31, 2023 and 2022 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, 2021 971 $ 5.56 $ 0.03 3.0 Granted — — — — Exercised — — — — Outstanding at March 31, 2022 971 $ 5.56 $ 0.03 2.8 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, 2022 971 $ 5.56 $ 0.03 2.0 Granted — — — — Exercised — — — — Outstanding at March 31, 2023 971 $ 5.56 $ 0.03 1.8 Exercisable 971 The Company recognized $0.1 million and $1.3 million of benefit for the three months ended March 31, 2023 and 2022, respectively. Refer to Note 12 – Fair Value of Financial Instruments for further information. Public Warrants and Private Warrants The Company has outstanding public and private warrants which entitle each holder to exercise its warrants only for a whole number of shares of Common Stock. Each whole warrant entitles the registered holder to purchase one whole share of the Company’s Common Stock at a price of $11.50 per share at the later of the closing of the Business Combination or one year after ROCH’s initial public offering, provided that the Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. The warrants will expire five years after March 17, 2021, or earlier upon redemption or liquidation. The private warrants are identical to the public warrants, except that the private warrants and the common stock issuable upon exercise of the private warrants were not transferable, assignable or salable until after March 17, 2021, subject to certain limited exceptions. Additionally, the private warrants are non-redeemable so long as they are held by the initial holder or any of its permitted transferees. If the private warrants are held by someone other than the initial holder or its permitted transferees, the private warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants. The Company may redeem the outstanding warrants in whole, but not in part, at a price of $0.01 per warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending three The Company has classified the private warrants as a warrant liability as there is a provision within the warrant agreement that allows for private warrants to be exercised via a cashless exercise while held by the Sponsor and affiliates of the Sponsor, but would not be exercisable at any time on a cashless basis if transferred and held by another investor. Therefore, the Company will classify the private warrants as a liability pursuant to ASC 815 until the private warrants are transferred from the initial purchasers or any of their permitted transferees. There were approximately 5.7 million Public Warrants and 0.2 million Private Placement Warrants outstanding at March 31, 2023 and 2022. The Company recognized $0.1 million of expense and $0.2 million of benefit related to the Private Warrants for the three months ended March 31, 2023 and 2022, respectively. Refer to Note 12 - Fair Value of Financial Instruments for further information. Series A Warrants Upon the closing of the 2022 PIPE Offering, the Company issued approximately 17.9 million Series A Warrants to the 2022 PIPE Investors to purchase shares of the Company’s common stock. Each whole warrant entitles the registered holder to purchase one whole share of the Company’s Common Stock at a price of $11.50 per share any time after September 17, 2022 (the “Initial Exercise Date”), provided that the Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Common Stock. The warrants will expire on March 17, 2026. The Company may redeem the outstanding Series A Warrants in whole, but not in part, at a price of $0.01 per warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period commencing after the Series A Warrants become exercisable and ending three The agreements governing the Series A Warrants (the “Series A Warrant Agreements”) provide for a Black Scholes value calculation (“Black Scholes Value”) in the event of certain transactions (“Fundamental Transactions”), which includes a floor on volatility utilized in the value calculation at 100% or greater. The Company has determined this provision introduces leverage to the holders of the Series A Warrants that could result in a value that would be greater than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Therefore, the Company will classify the Series A Warrants as a liability pursuant to ASC 815. As of March 31, 2023, there were approximately 17.9 million Series A Warrants outstanding. The Company recognized $4.8 million and $7.3 million of expense related to the Series A Warrants for the three months ended March 31, 2023 and 2022, respectively. Refer to Note 12 – Fair Value of Financial Instruments for further information.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Sylebra Credit Facility On March 15, 2023, PCT entered into the Revolving Credit Facility pursuant to the Revolving Credit Agreement with the Guarantors, Lenders, and the Administrative Agent, which matures on June 30, 2024. The Lenders and their affiliates are greater than 5% beneficial owners of PCT. Refer to Note 3 - Notes Payable and Debt Instruments for further information.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHAREThe Company follows the two-class method when computing net loss per common share when shares are issued that meet the definition of participating securities. The two-class method requires income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities based on their respective rights if the participating security contractually participates in losses. As holders of participating securities do not have a contractual obligation to fund losses, undistributed net losses are not allocated to nonvested restricted stock for purposes of the loss per share calculation. Presented in the table below is a reconciliation of the numerator and denominator for the basic and diluted earnings per share (“EPS”) calculations for the three months ended March 31, 2023 and 2022 (in thousands, except per share data): Three months ended March 31, 2023 2022 Numerator: Net loss $ (25,842) $ (25,432) Denominator: — Weighted average common shares outstanding, basic and diluted 163,588 133,244 Net loss per share attributable to common stockholder, basic and diluted $ (0.16) $ (0.19)

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Presented in the table below are the major classes of property, plant and equipment by category as of the below dates: As of March 31, 2023 (in thousands) Cost Accumulated Depreciation Net Book Value Building $ 12,534 $ 1,106 $ 11,428 Machinery and equipment 33,132 7,681 25,451 Leasehold Improvements 2,957 961 1,996 Fixtures and Furnishings 628 105 523 Land improvements 150 25 125 Land 1,150 — 1,150 Construction in process 538,912 — 538,912 Total property, plant and equipment $ 589,463 $ 9,878 $ 579,585 As of December 31, 2022 (in thousands) Cost Accumulated Net Book Value Building $ 12,534 $ 1,016 $ 11,518 Machinery and equipment 23,728 6,674 17,054 Leasehold Improvements 2,957 803 2,154 Fixtures and Furnishings 529 83 446 Land improvements 150 22 128 Land 1,150 — 1,150 Construction in process 473,269 — 473,269 Total property, plant and equipment $ 514,317 $ 8,598 $ 505,719 Depreciation expense is recorded within operating costs in the condensed consolidated statements of comprehensive loss and amounted to $1.3 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively.

DEVELOPMENT PARTNER ARRANGEMENT

DEVELOPMENT PARTNER ARRANGEMENTS	3 Months Ended
	Mar. 31, 2023
Collaborative Arrangements And Noncollaborative Arrangement Transaction [Abstract]
DEVELOPMENT PARTNER ARRANGEMENTS	DEVELOPMENT PARTNER ARRANGEMENTS License Agreements On October 16, 2015, Legacy PCT entered into a patent license agreement with P&G (the “Original Patent License Agreement”). Legacy PCT and P&G entered into an Amended and Restated Patent License Agreement on July 28, 2020 (the “Amended and Restated Patent License Agreement”). PCT and P&G entered into a side letter agreement on February 12, 2021 amending certain provisions of the Amended and Restated License Agreement (the “Side Letter Agreement” and, together with the Original Patent License Agreement and the Amended and Restated Patent License Agreement, the “License Agreement”). The License Agreement outlines three phases with specific deliverables for each phase. During Phase 1 of the License Agreement, P&G provided Legacy PCT with up to one full-time employee to assist in the execution of Legacy PCT’s research and development activities. During Phase 2, P&G provided up to two full-time employees to assist in the execution of Legacy PCT’s research and development activities. In April 2019, Legacy PCT elected to enter into Phase 3 of the License Agreement and prepaid a royalty payment in the amount of $2.0 million, which will be reduced against future royalties payable as sales occur. Phase 3 of the License Agreement relates to the commercial manufacture period for the manufacture of the licensed product. This phase includes the construction of the first commercial plant for the manufacture of the licensed product, details on the commercial sales capacity and the pricing of the licensed product to P&G and to third parties. Where the Company has made royalty payments to its product development partners, the Company expenses such payments as incurred unless it has determined that is it probable that such prepaid royalties have future economic benefit to the Company. In such cases prepaid royalties will be reduced as royalties would otherwise be due to the partners. Effective April 1, 2023, the Company and P&G executed a Second Side Letter, dated March 27, 2023, amending the date by which commercial sales must be maintained at 70% of nameplate capacity under Section 4.4 of the License Agreement from April 15, 2023 to December 31, 2024. As of March 31, 2023 and December 31, 2022, the Company is in Phase 3 of the License Agreement and has recorded $2.0 million within prepaid expenses and other non-current assets in the condensed consolidated balance sheets. On November 13, 2019, Legacy PCT entered into a patent sublicense agreement with Impact Recycling Limited (“Impact”) through the term of the patents. The agreement outlines an initial license fee of $2.5 million and royalties on production using the license. In 2020, Legacy PCT paid $0.9 million of the initial license fee, and during the year ended December 31, 2021, the Company paid the remaining $1.6 million of the initial fee. The initial license fee of $2.5 million is recorded in prepaid expenses and other non-current assets in the condensed consolidated balance sheets and will be ratably amortized over the term of the underlying patent using the straight-line method. In May 2021, the Company began using the technology covered by the Impact agreement and commenced amortization as of this date. Block and Release Agreement On June 23, 2020, Legacy PCT entered into a block and release agreement with Total Petrochemicals & Refining S.A./N.V. (“Total”). Upon execution of the agreement, Total made a prepayment consisting of a payment of $5.0 million for future receipt of resin consisting of recycled polypropylene (“recycled PP”). The prepayment was placed in an escrow account until the “release condition” of the Company closing the bond offering and overall capital funding of at least $370.0 million has occurred. After the Company successfully raised the required capital, the $5.0 million was released to the Company in 2021 and recorded as deferred revenue in the condensed consolidated balance sheets. Strategic Alliance Agreement On December 13, 2018, Legacy PCT entered into a strategic alliance agreement with Nestle Ltd. (“Nestle”), which expires on December 31, 2023. Upon execution of the agreement, Nestle committed to provide $1.0 million to fund further research and development efforts. The funding provided by Nestle may be convertible, in whole or in part, into a prepaid product purchase arrangement at Nestle’s option, upon the time of product delivery beginning in 2022. Additionally, because the research and development efforts were not successful as of December 31, 2020, up to 50% of the funding may be convertible into a 5-year term loan obligation, payable to Nestle at an interest rate equivalent to the U.S. prime rate. As of the issuance of these statements, Nestle has not elected to convert any funding into a term loan. PCT received the funding from Nestle on January 8, 2019. The Company has recorded $1.0 million as a deferred research and development obligation within other non-current liabilities in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. Recognition related to the funding received will be deferred until it is probable that Nestle will not exercise their option. If the prepaid product purchase option is exercised, the obligation will be recognized as an adjustment to the transaction price of future product sales (e.g., net revenue presentation). If the option is not exercised, or in the case of development efforts not being successful, any amounts not converted to a loan obligation will be recognized as a reduction to research and development costs.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company has determined that any net deferred tax assets are not more likely than not to be realized in the future, and a full valuation allowance is required. In addition, the Company has determined that any current forecasted operations would result in federal and state income tax losses which are also not more likely than not to be realized. As a result, for the periods ended March 31, 2023 and 2022, the Company has reported tax expense of $0 and $0, respectively.Management has evaluated the Company’s tax positions and has determined that the Company has taken no uncertain tax positions that require adjustment to the condensed consolidated interim financial statements for the respective periods.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly, and fair value is determined through the use of models or other valuation methodologies Level 3 - Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation. Assets and liabilities measured and recorded at Fair Value on a recurring basis As of March 31, 2023 and December 31, 2022, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follows (in thousands): March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ — $ — $ — $ — $ 51,250 $ — $ — $ 51,250 Restricted cash equivalents - current 68,028 — — 68,028 68,850 — — 68,850 Restricted cash equivalents - noncurrent 157,466 — — 157,466 94,781 — — 94,781 Investments: Commercial paper, available for sale — — — — — 32,756 — 32,756 Corporate Bonds, available for sale — — — — — 58,442 — 58,442 Municipal bonds, available for sale — — — — — 7,394 — 7,394 Total investments — — — — — 98,592 — 98,592 Liabilities Warrant liability: RTI warrants $ — $ — $ 3,612 $ 3,612 $ — $ — $ 3,670 $ 3,670 Private warrants — — 856 856 — — 784 784 Series A warrants — 56,250 — 56,250 — 51,429 — 51,429 Total warrant liability $ — $ 56,250 $ 4,468 $ 60,718 $ — $ 51,429 $ 4,454 $ 55,883 Measurement of the Private Warrants The private warrants are measured at fair value on a recurring basis using a Black-Scholes model. The private warrants are classified as Level 3 and were valued using the following assumptions: March 31, 2023 December 31, 2022 Expected annual dividend yield — % — % Expected volatility 115.2 % 105.1 % Risk-free rate of return 3.8 % 4.2 % Expected option term (years) 3.0 3.2 The expected term of the warrants granted are determined based on the duration of time the warrants are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility was based on the implied volatility calculated for the Company’s public warrants, which have similar characteristics to the private warrants. The dividend yield on the Company’s warrants is assumed to be zero as the Company has not historically paid dividends. The fair value of the underlying Company shares was determined using the Black-Scholes calculation. The aggregate values of the private warrants were $0.9 million and $0.8 million on March 31, 2023 and December 31, 2022, respectively. A summary of the private warrants activity from December 31, 2022 to March 31, 2023 is as follows: Fair value (Level 3) Balance at December 31, 2022 $ 784 Change in fair value 72 Balance at March 31, 2023 $ 856 Refer to Note 6 – Warrants for further information. Measurement of the RTI warrants Significant changes in any of the significant unobservable inputs in isolation would not result in a materially different fair value estimate. The interrelationship between these inputs is insignificant. The Company has determined its warrant to be a Level 3 fair value measurement and has remeasured using a Binomial Tree option pricing model to calculate its fair value using the following assumptions: March 31, 2023 December 31, 2022 Expected annual dividend yield — % — % Expected volatility 94.6 % 99.7 % Risk-free rate of return 4.2 % 4.4 % Expected option term (years) 1.8 2.0 The expected term of the warrants granted are determined based on the duration of time the warrants are expected to be outstanding. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. For March 31, 2023, the expected volatility was calculated based on the specific volatility of PCT’s publicly-traded common stock. For December 31, 2022, the expected volatility was based on the Company’s capital structure and volatility of similar entities referred to as guideline companies. In determining similar entities, the Company considered industry, stage of life cycle, size and financial leverage. The dividend yield on the Company’s warrants is assumed to be zero as the Company has not historically paid dividends. The fair value of the underlying Company shares was determined using the Binomial Tree model calculation. The Company has an option to repurchase the Warrants at any time. The maximum fair value of the Warrants is limited by the fair value of the repurchase option, which cannot exceed $15.0 million. Changes in Level 3 liabilities measured at fair value from December 31, 2022 to March 31, 2023 are as follows (in thousands): Fair value Balance at December 31, 2022 $ 3,670 Change in fair value (58) Balance at March 31, 2023 $ 3,612 Measurement of the Series A Warrants The Series A Warrants meet the definition of derivative instruments and are measured at fair value on a recurring basis using the market price of the Company’s publicly traded warrants, with changes in fair value recorded in current earnings. The Company has determined the publicly traded warrants to be an appropriate proxy to value the Series A Warrants as both warrants have similar redemption features and the same exercise price. The Series A Warrants are classified as Level 2 for both initial measurement at issuance and subsequent measurement each period. The Series A Warrants were initially valued at $43.9 million upon closing of the 2022 PIPE Offering. Assets and liabilities recorded at carrying value In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to fair value measurements.

AVAILABLE-FOR-SALE INVESTMENTS

AVAILABLE-FOR-SALE INVESTMENTS	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
AVAILABLE-FOR-SALE INVESTMENTS	AVAILABLE-FOR-SALE INVESTMENTS The Company classifies its investments in debt securities as available-for-sale. Debt securities have been historically comprised of highly liquid investments with minimum “A” rated securities. As of March 31, 2023, the Company does not hold any available-for-sale debt securities. The debt securities have historically been reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income in the condensed consolidated balance sheets. Refer to Note 12 – Fair Value of Financial Instruments for information related to the fair value measurements and valuation methods utilized. The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value Commercial Paper $ — $ — $ — $ — Corporate Bonds — — — — Municipal Bonds — — — — Total $ — $ — $ — $ — December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value Commercial Paper $ 32,997 $ — $ (241) $ 32,756 Corporate Bonds 58,791 — (349) 58,442 Municipal Bonds 7,446 — (52) 7,394 Total $ 99,234 $ — $ (642) $ 98,592 The following table summarizes the fair value and amortized cost bases of the Company’s available-for-sale investments by contractual maturity of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ — $ — $ 92,253 $ 91,669 Due after one year through five years — — 6,981 6,923 Total $ — $ — $ 99,234 $ 98,592

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Financial Assurance On March 14, 2023, PCT secured a surety bond in the amount of $25.0 million to provide financial assurance related to its performance under a certain vendor contract, which expires at the earlier of satisfaction of the obligation, termination of the related vendor contract, or one year from issuance (subject to renewal within one year). PCT may issue additional surety bonds in the future to provide financial assurance regarding performance under contracts with other parties. These financial instruments are issued in the normal course of business and are not considered company indebtedness. Because PCT currently has no liability for these financial assurance instruments, they are not reflected in its consolidated balance sheets. Legal Proceedings PCT is subject to legal and regulatory actions that arise from time to time in the ordinary course of business. The assessment as to whether a loss is probable or reasonably possible, and as to whether such loss or a range of such losses is estimable, often involves significant judgment about future events, and the outcome of litigation is inherently uncertain. Other than as described below, there is no material pending or threatened litigation against PCT that remains outstanding as of March 31, 2023. Shareholder Securities Litigation Beginning on or about May 11, 2021, two putative class action complaints were filed against PCT, certain senior members of management and others, asserting violations of federal securities laws under Section 10(b) and Section 20(a) of the Exchange Act. The complaints generally allege that the applicable defendants made false and/or misleading statements in press releases and public filings regarding the Technology, PCT’s business and PCT’s prospects. The first putative class action complaint was filed in the U.S. District Court for the Middle District of Florida by William C. Theodore against PCT and certain senior members of management (the “Theodore Lawsuit”). The second putative class action complaint was filed in the U.S. District Court for the Middle District of Florida by David Tennenbaum against PCT, certain senior members of management and others (the “Tennenbaum Lawsuit” and, together with the Theodore Lawsuit, the “Class Action Lawsuits”). On July 14, 2021, the court granted a motion to consolidate the Class Action Lawsuits and on July 27, 2021, Tennenbaum filed a motion to voluntarily dismiss his complaint without prejudice. On August 5, 2021, the Court entered an order appointing the Mariusz Ciecko and Robert Ciecko as Co-Lead Plaintiffs (“Lead Plaintiffs”) and Pomerantz LLP as Lead Counsel. On September 27, 2021, the Lead Plaintiffs filed a consolidated amended complaint. The consolidated amended complaint seeks to represent a class of investors who purchased or otherwise acquired PCT’s securities between November 16, 2020, and May 5, 2021, certification of the alleged class, as well as compensatory and punitive damages. The consolidated amended complaint relies on information included in a research report published by Hindenburg Research LLC. On November 12, 2021, PCT and the individual defendants affiliated with PCT (“PCT Defendants”) and Byron Roth each filed separate motions to dismiss Lead Plaintiffs’ amended complaint. On December 28, 2021, Lead Plaintiffs filed their brief in opposition to the PCT Defendants’ and Byron Roth’s motions to dismiss. On January 18, 2022, the PCT Defendants filed a reply to Lead Plaintiffs’ brief. On August 4, 2022, the U.S. District Court for the Middle District of Florida dismissed the Class Action Lawsuits, without prejudice. The Court provided the Lead Plaintiffs until August 18, 2022 to file a second amended complaint. Plaintiffs filed their second amended complaint on August 18, 2022. On September 15, 2022, the PCT Defendants and Byron Roth each filed a motion to dismiss the second amended complaint and the Lead Plaintiffs filed their opposition to the motions to dismiss on October 20, 2022. Defendants were granted leave to file a reply and filed the reply on October 31, 2022. The PCT Defendants intend to vigorously defend the Class Action Lawsuits. Given the stage of the litigation, PCT cannot reasonably estimate at this time whether there will be any loss, or if there is a loss, the possible range of loss, that may arise from the unresolved Class Action Lawsuits. Derivative Litigation On November 3, 2021, Byung-Gook Han, a purported PCT shareholder, derivatively and purportedly on behalf of PCT, filed a shareholder derivative action in the United States District Court for the District of Delaware (Byung-Gook Han v. Otworth et. al., Case No. 1:21-cv-01569-UNA) against certain senior members of PCT’s management, PCT’s directors and Byron Roth, who was subsequently dismissed (collectively, the “Individual Han Defendants”), alleging violations of Section 20(a) of the Exchange Act and breaches of fiduciary duties and bringing claims for unjust enrichment and waste of corporate assets (“Han Derivative Suit"). The Han Derivative Suit generally alleges that the Individual Han Defendants made materially false and misleading statements in press releases, webinars and other public filings regarding the Technology, PCT’s business, PCT’s prospects, and the background and experience of the Individual Han Defendants. The Han Derivative Suit seeks unspecified monetary damages, reform of the company's corporate governance and internal procedures, unspecified restitution from the Individual Han Defendants, and costs and fees associated with bringing the action. On January 19, 2022, the court in the Han Derivative Suit granted the parties’ joint stipulation to stay the Han Derivative Suit and administratively closed the matter pending the disposition of the motions to dismiss in the Class Action Lawsuits. Should the Han Derivative Suit be reopened in the future, the Individual Han Defendants intend to vigorously defend against the Han Derivative Suit. Given the stage of the litigation, PCT cannot reasonably estimate at this time whether there will be any loss, or if there is a loss, the possible range of loss, that may arise from the unresolved Han Derivative Suit. On January 27, 2022, Patrick Ayers, a purported PCT shareholder, derivatively and purportedly on behalf of PCT, filed a shareholder derivative action in the United States District Court of the District of Delaware, captioned Patrick Ayers v. Otworth et. al., Case No. 1:22-cv-00110, against certain members of PCT’s management, PCT’s directors and others (collectively, the “Individual Ayers Defendants), alleging violations of Section 20(a) of the Exchange Act and breaches of fiduciary duties, as well as claims for unjust enrichment, gross mismanagement, contribution, and indemnification (“Ayers Derivative Suit"). The Ayers Derivative Suit generally alleges that the Individual Ayers Defendants made materially false and misleading statements in press releases, webinars and other public filings regarding the Technology, PCT’s business, PCT’s prospects, and the background and experience of the Individual Ayers Defendants. The Ayers Derivative Suit seeks unspecified monetary damages, declaratory relief, unspecified disgorgement and restitution from the Individual Ayers Defendants, and costs and fees associated with bringing the action. At this stage of the litigation, neither PCT nor the Individual Ayers Defendants have answered Ayers’ complaint, moved to dismiss the complaint, or otherwise responded to the complaint. On March 17, 2022, the court granted the parties’ joint stipulation to stay the Ayers Derivative Suit and administratively closed the matter pending the disposition of the motions to dismiss in the Class Action Lawsuits. The Individual Ayers Defendants intend to vigorously defend against the Ayers Derivative Suit. Given the stage of the litigation, PCT cannot reasonably estimate at this time whether there will be any loss, or if there is a loss, the possible range of loss, that may arise from the unresolved Ayers Derivative Suit. In the future, PCT may become party to additional legal matters and claims arising in the ordinary course of business. While PCT is unable to predict the outcome of the above or future matters, it does not believe, based upon currently available facts, that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial position, results of operations, or cash flows. Other Matters On February 3, 2023, the Company received a books and records demand pursuant to Section 220 of the Delaware General Corporation Law, from a purported stockholder of the Company, in connection with the stockholder’s investigation of, among other matters, potential breaches of fiduciary duty, mismanagement, self-dealing, corporate waste or other violations of law by the Company’s Board with respect to these matters. We are currently unable to predict the outcome of this matter.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	LEASES On August 24, 2022, the Company signed a real estate lease for a future feedstock preprocessing facility in Denver, Pennsylvania with an initial term of 15 years and total minimum lease payments of $52.3 million. The lease is expected to commence by the end of 2023. In January 2023, the Company signed a real estate lease at the Port of Antwerp-Bruges’ NextGen District, where it plans to build its first purification facility in Europe, with an initial term of 30 years and total minimum lease payments of €27.7 million, subject to annual inflation adjustments. Lease payments will begin July 1, 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In connection with the preparation of the condensed consolidated interim financial statements for the period ended March 31, 2023, management has evaluated events through May 9, 2023 to determine whether any events required recognition or disclosure in the condensed consolidated interim financial statements. The following subsequent events were identified through the date of these condensed consolidated interim financial statements: Mechanical Completion of the Ironton Facility On April 25, 2023, the Company announced that it has reached mechanical completion of its first polypropylene purification plant in Ironton, Ohio, and submitted documentation to Leidos Engineering, LLC, the site’s independent construction monitor, for formal certification of completion. On May 1, 2023, the Company announced the independent construction monitor issued its certification on April 28, 2023, confirming mechanical completion of the Ironton Facility. The Pure Plastic Term Loan Facility On May 8, 2023, the Company entered into a $40 million Term Loan Facility pursuant to the Term Loan Credit Agreement dated as of May 8, 2023, among the Guarantors and Pure Plastic LLC (as Lender, Administrative Agent, and Security Agent), which matures on December 31, 2025. Affiliates of the Lender are greater than 5% beneficial owners of the Company. Borrowings under the Term Loan Credit Agreement may be used to repay indebtedness for borrowed money of the Company, to pay fees and expenses associated with the Term Loan Credit Agreement and the other loan documents and for general corporate purposes not in contravention of any law or of any loan document. The Term Loan Facility is structured as a single-draw, delayed draw term loan. The Lender has committed to fund the term loans on any business day from the closing date until June 8, 2023, subject to certain limited conditions precedent (such date of funding, the “Funding Date”). Amounts outstanding under the Term Loan Credit Agreement will bear interest at a variable annual rate equal to Term SOFR (as defined in the Term Loan Credit Agreement) in effect for such period plus an applicable margin. The applicable margin is equal to 7.5%. The Company is also required to pay, on the Funding Date, (i) a closing fee to the Lenders, equal to 2.00% times the aggregate principal amount of the term loans funded by the Lenders on the Funding Date, (ii) a commitment fee to the Lenders equal to 1.00% times the aggregate principal amount of each Lender’s commitments on the Funding Date, (iii) a syndication fee to the Administrative Agent equal to 0.50% times the aggregate commitments of the Lenders on the Funding Date and (iv) a monitoring fee equal to $200,000 to the Administrative Agent for the account of the Administrative Agent and the Security Agent on the Funding Date and each anniversary of the Funding Date until maturity of the term loan. Additionally, the term loan will be issued with a 5.00% original issue discount. Subject to timely prior written notice, payment of breakage fees, if any, and payment of a prepayment premium equal to (i) 12% if such prepayment occurs during the first year following the closing date or (ii) 8% thereafter, the Company may at any time and from time to time voluntarily prepay all or any portion of any outstanding borrowings. The Term Loan Credit Agreement contains representations, covenants and events of default that are customary for financing transactions of this nature. Events of default in the Term Loan Credit Agreement include, among others: (a) non-payment of principal, interest, fees or other amounts; (b) default of specific covenants; (c) breach of representations and warranties; (d) cross-defaults to other indebtedness in an amount greater than $1 million, subject to certain exceptions; (e) bankruptcy and insolvency proceedings; (f) inability to pay debts or attachment; (g) judgments; and (h) change of control. Upon the occurrence of an event of default, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders (as defined in the Term Loan Credit Agreement) accelerate all loans and exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Term Loan Credit Agreement and the other loan documents. Amounts outstanding under the Term Loan Credit Agreement are guaranteed by the Guarantors, and are secured by a security interest in substantially all of the assets of the Company. Subject to certain limited exceptions, any majority-owned direct or indirect subsidiaries of the Company formed after the closing date of the Term Loan Facility will also be required to guaranty the obligations under the Term Loan Credit Agreement and grant security interests in substantially all of their respective assets. Equipment Procurement Agreement On May 8, 2023, the Company, through PureCycle PreP LLC, an indirect wholly-owned subsidiary of the Company, entered into the Master Lease Agreement with CSC. Pursuant to the Master Lease Agreement, the Company and CSC agreed to enter into schedules that establish the specific terms and conditions of leasing certain equipment, machines, devices, features and any other items listed in each equipment lease schedule. The Master Lease Agreement commenced on the date set forth above and continues in effect until the later time that it is terminated, either by CSC at the end of any lease term, or by the Company upon three months written notice prior to the expiration of a lease term. Also on May 8, 2023, the Company, also through PureCycle PreP LLC, an indirect wholly-owned subsidiary of the Company, entered into the Equipment Agreement with CSC. Under the terms of the Equipment Agreement, CSC has agreed to finance, acquire and/or purchase the Equipment from third-party vendors and/or manufacturers (each, a Vendor), so that CSC may lease the Equipment to the Company pursuant to the terms and conditions of the Master Lease Agreement. Prior to entering into formal lease schedules under the Master Lease Agreement, the Company will lease from CSC certain Equipment pursuant to the terms of the Equipment Agreement. In connection with the above, the Company intends to lease assorted equipment in an amount of up to $22.0 million, with the final terms and conditions to be established pursuant to a lease schedule. Amendment to Sylebra Credit Agreement

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated interim financial statements include the accounts of the Company. The condensed consolidated interim financial statements are presented in U.S. Dollars. Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“U.S. GAAP”). Intercompany balances and transactions were eliminated upon consolidation. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the entire year ending December 31, 2023. The accompanying condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at date of inception to be cash and cash equivalents. The Company’s cash and cash equivalents balance represents cash and money market funds deposited with financial institutions. These balances may exceed federally insured limits; however, the Company believes the risk of loss is low. Actively traded money market funds are measured at their net asset value (“NAV”) and classified as Level 1.
Restricted Cash	Restricted Cash Proceeds from the issuance of revenue bonds are restricted for use in construction of the production facility. Amounts required by the Limited Waiver (refer to Note 3 – Notes Payable and Debt Instruments) were also placed in restricted cash for various future uses. Cash pledged as collateral for leased properties is also deemed restricted and included within this definition. Restricted cash that is expected to be spent or released from restriction within twelve months is classified as current on the consolidated balance sheet. Restricted cash that is expected to be spent or released from restriction after twelve months is classified as non-current on the consolidated balance sheet.
Investments	Investments The Company accounts for its investment in Debt Securities in accordance with ASC 320, Investments – Debt Securities . The fair value for fixed-rate debt securities is based on quoted market prices for the same or similar debt instruments and is classified as Level 2. The Company had no investments holdings as of March 31, 2023. All investment holdings as of December 31, 2022 were classified as Available for Sale. The Company classifies its Debt Securities investments as current assets as they are highly liquid and the related funds are available for use in current operations.
Income Taxes	Income Taxes To calculate the interim tax provision, at the end of each interim period the Company estimates the annual effective tax rate and applies that to its ordinary quarterly earnings. The effect of changes in the enacted tax laws or rates is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and judgments including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in other jurisdictions, permanent differences between book and tax amounts, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained, or the tax environment changes.
Warrants	Warrants The Company evaluates all of its financial instruments, including issued warrants, to determine if such instruments are liability classified, pursuant to ASC 480 - Distinguishing Liabilities from Equity (“ASC 480”) or derivatives or contain features that qualify as embedded derivatives pursuant to ASC 815 – Derivatives and Hedging (“ASC 815”). The classification of instruments, including whether such instruments should be recorded as liabilities or as equity, is
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments (“ASU 2016-13”), which, together with subsequent amendments, amends the requirement on the measurement and recognition of expected credit losses for financial assets held. The Company adopted the ASU during the first quarter of 2023 using a prospective approach. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Current Liquidity	The following is a summary of the components of our current liquidity (in thousands): As of March 31, 2023 December 31, 2022 Cash and cash equivalents $ 38,381 $ 63,892 Debt securities available for sale $ — $ 98,592 Unrestricted liquidity $ 38,381 $ 162,484 Less: Other Ironton set-aside $ — $ 54,560 Available unrestricted liquidity $ 38,381 $ 107,924 Restricted Cash (current and non-current) $ 225,494 $ 163,631 Working capital $ 43,178 $ 197,916 Accumulated deficit $ (268,367) $ (242,525) For the three months ended March 31, 2023 March 31, 2022 Net loss $ (25,842) $ (25,432)

NOTES PAYABLE AND DEBT INSTRU_2

NOTES PAYABLE AND DEBT INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt Consists	Long-term debt consists of the following at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Revenue Bonds $ 249,550 $ 249,550 Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt (15,772) (16,037) Bonds payable - long-term $ 233,778 $ 233,513
Summary of Revenue Bonds	(in thousands) Bond Series Term Principal Amount Interest Rate Maturity Date 2020A A1 $ 12,370.00 6.25 % December 1, 2025 2020A A2 $ 38,700.00 6.50 % December 1, 2030 2020A A3 $ 168,480.00 7.00 % December 1, 2042 2020B B1 $ 10,000.00 10.00 % December 1, 2025 2020B B2 $ 10,000.00 10.00 % December 1, 2027 2020C C1 $ 10,000.00 13.00 % December 1, 2027

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	A summary of restricted stock activity for the three months ended March 31, 2023 and 2022 is as follows (in thousands except per share data): Number of RSU's Weighted average grant date fair value Weighted average remaining recognition period Non-vested at December 31, 2021 2,671 $ 14.33 3.4 Granted 980 7.24 Vested (438) 9.86 Forfeited (22) 17.50 Non-vested at March 31, 2022 3,191 $ 12.75 3.4 Number of RSU's Weighted average grant date fair value Weighted average remaining recognition period Non-vested at December 31, 2022 2,760 $ 11.92 2.7 Granted 1,075 6.00 Vested (193) 6.96 Forfeited (34) 16.45 Non-vested at March 31, 2023 3,608 $ 10.34 2.9
Schedule of Equity-based Compensation, Valuation Assumptions	The fair value of the stock is estimated on the date of grant using the Black-Scholes option-pricing model using the following assumptions: March 31, 2023 March 31, 2022 Expected annual dividend yield — % — % Expected volatility 77.3 % — % Risk-free rate of return 3.5 % — % Expected option term (years) 6.5 0
Schedule of Stock Option Activity	A summary of stock option activity for the three months ended March 31, 2023 and 2022 is as follows (in thousands except per share data): Number of Options Weighted Average Exercise Price Weighted Balance, December 31, 2021 613 $ 28.90 6.2 Granted — — — Exercised — — — Forfeited — — — Balance, March 31, 2022 613 $ 28.90 4.8 Number of Options Weighted Average Exercise Price Weighted Balance, December 31, 2022 613 $ 28.90 4.0 Granted 459 5.72 10.0 Exercised — — — Forfeited — — — Balance, March 31, 2023 1,072 $ 18.98 6.4 Exercisable 613
Schedule of Performance-Based Restricted Stock Activity	A summary of the PSU activity for the three months ended March 31, 2023 and 2022 is as follows (in thousands except per share data): Number of PSUs Weighted Average Exercise Price Weighted average remaining recognition period Balance, December 31, 2021 424 $ 18.65 2.0 Granted 853 7.24 Vested — — Forfeited (14) 19.33 Balance, March 31, 2022 1,263 $ 10.93 2.3 Number of PSUs Weighted Average Exercise Price Weighted average remaining recognition period Balance, December 31, 2022 1,060 $ 10.87 1.7 Granted 357 6.00 Vested — — Forfeited (4) 7.24 Balance, March 31, 2023 1,413 $ 9.64 1.9

WARRANTS (Tables)

WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Warrant Activity	A summary of the RTI warrant activity for the three months ended March 31, 2023 and 2022 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, 2021 971 $ 5.56 $ 0.03 3.0 Granted — — — — Exercised — — — — Outstanding at March 31, 2022 971 $ 5.56 $ 0.03 2.8 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, 2022 971 $ 5.56 $ 0.03 2.0 Granted — — — — Exercised — — — — Outstanding at March 31, 2023 971 $ 5.56 $ 0.03 1.8 Exercisable 971

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net Loss per Share	Presented in the table below is a reconciliation of the numerator and denominator for the basic and diluted earnings per share (“EPS”) calculations for the three months ended March 31, 2023 and 2022 (in thousands, except per share data): Three months ended March 31, 2023 2022 Numerator: Net loss $ (25,842) $ (25,432) Denominator: — Weighted average common shares outstanding, basic and diluted 163,588 133,244 Net loss per share attributable to common stockholder, basic and diluted $ (0.16) $ (0.19)

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Presented in the table below are the major classes of property, plant and equipment by category as of the below dates: As of March 31, 2023 (in thousands) Cost Accumulated Depreciation Net Book Value Building $ 12,534 $ 1,106 $ 11,428 Machinery and equipment 33,132 7,681 25,451 Leasehold Improvements 2,957 961 1,996 Fixtures and Furnishings 628 105 523 Land improvements 150 25 125 Land 1,150 — 1,150 Construction in process 538,912 — 538,912 Total property, plant and equipment $ 589,463 $ 9,878 $ 579,585 As of December 31, 2022 (in thousands) Cost Accumulated Net Book Value Building $ 12,534 $ 1,016 $ 11,518 Machinery and equipment 23,728 6,674 17,054 Leasehold Improvements 2,957 803 2,154 Fixtures and Furnishings 529 83 446 Land improvements 150 22 128 Land 1,150 — 1,150 Construction in process 473,269 — 473,269 Total property, plant and equipment $ 514,317 $ 8,598 $ 505,719

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measurements on a Recurring Basis	As of March 31, 2023 and December 31, 2022, the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis were classified within the fair value hierarchy as follows (in thousands): March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ — $ — $ — $ — $ 51,250 $ — $ — $ 51,250 Restricted cash equivalents - current 68,028 — — 68,028 68,850 — — 68,850 Restricted cash equivalents - noncurrent 157,466 — — 157,466 94,781 — — 94,781 Investments: Commercial paper, available for sale — — — — — 32,756 — 32,756 Corporate Bonds, available for sale — — — — — 58,442 — 58,442 Municipal bonds, available for sale — — — — — 7,394 — 7,394 Total investments — — — — — 98,592 — 98,592 Liabilities Warrant liability: RTI warrants $ — $ — $ 3,612 $ 3,612 $ — $ — $ 3,670 $ 3,670 Private warrants — — 856 856 — — 784 784 Series A warrants — 56,250 — 56,250 — 51,429 — 51,429 Total warrant liability $ — $ 56,250 $ 4,468 $ 60,718 $ — $ 51,429 $ 4,454 $ 55,883
Fair Value Measurement Inputs	The private warrants are measured at fair value on a recurring basis using a Black-Scholes model. The private warrants are classified as Level 3 and were valued using the following assumptions: March 31, 2023 December 31, 2022 Expected annual dividend yield — % — % Expected volatility 115.2 % 105.1 % Risk-free rate of return 3.8 % 4.2 % Expected option term (years) 3.0 3.2 The Company has determined its warrant to be a Level 3 fair value measurement and has remeasured using a Binomial Tree option pricing model to calculate its fair value using the following assumptions: March 31, 2023 December 31, 2022 Expected annual dividend yield — % — % Expected volatility 94.6 % 99.7 % Risk-free rate of return 4.2 % 4.4 % Expected option term (years) 1.8 2.0
Level 3 Liabilities Measured at Fair Value	A summary of the private warrants activity from December 31, 2022 to March 31, 2023 is as follows: Fair value (Level 3) Balance at December 31, 2022 $ 784 Change in fair value 72 Balance at March 31, 2023 $ 856 Changes in Level 3 liabilities measured at fair value from December 31, 2022 to March 31, 2023 are as follows (in thousands): Fair value Balance at December 31, 2022 $ 3,670 Change in fair value (58) Balance at March 31, 2023 $ 3,612

AVAILABLE-FOR-SALE INVESTMENTS

AVAILABLE-FOR-SALE INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Investments by Major Security Type	The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value Commercial Paper $ — $ — $ — $ — Corporate Bonds — — — — Municipal Bonds — — — — Total $ — $ — $ — $ — December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value Commercial Paper $ 32,997 $ — $ (241) $ 32,756 Corporate Bonds 58,791 — (349) 58,442 Municipal Bonds 7,446 — (52) 7,394 Total $ 99,234 $ — $ (642) $ 98,592
Schedule of Fair Value and Amortized Cost Bases of Available-for-sale Investments by Maturity Date	The following table summarizes the fair value and amortized cost bases of the Company’s available-for-sale investments by contractual maturity of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ — $ — $ 92,253 $ 91,669 Due after one year through five years — — 6,981 6,923 Total $ — $ — $ 99,234 $ 98,592

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Details)			3 Months Ended
	Mar. 17, 2022 USD ($) tradingDay $ / shares shares	Mar. 17, 2021 tradingDay $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	May 08, 2023 USD ($)	Mar. 15, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Mar. 07, 2022 $ / shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Maximum entitled shares issued (in shares) | shares		4,000,000
Shares entitled (in shares) | shares		2,000,000
Earnout period		1 year
Earnout stock price trigger (in usd per share) | $ / shares		$ 18
Earnout period, threshold trading days | tradingDay		20
Earnout period, threshold trading day period | tradingDay		30
Common stock, par value (in usd per share) | $ / shares		$ 11.50	$ 0.001			$ 0.001
Advisory, legal, and accounting fees incurred	$ 800,000
Available unrestricted liquidity amount			$ 38,381,000			$ 107,924,000
Loan agreement, limited waiver terms, additional capitalized interest agreed to fund			12,300,000
Loan agreement, limited waiver, net amount contribute for construction project			25,200,000
Loan agreement, limited waiver, amount transfer to escrow amount			50,000,000
Loan agreement, limited waiver terms, amount agreed to release from trustee account			13,200,000
Amount transfer of cash from unrestricted to restricted cash			74,300,000
Expected investment to complete facility, current fiscal year, amount set aside in restricted cash			0			$ 54,560,000
Subsequent Event
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equipment Agreement, lease amount				$ 22,000,000
Available Unrestricted Liquidity Amount, Addition				62,000,000
Ironton Facility
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Expected investment to complete facility, current fiscal year, amount set aside in restricted cash			25,200,000
Augusta Facility
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Contractual obligation			21,200,000
Feed Prep Facilities
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Contractual obligation			39,900,000
Minimum | Ironton Facility
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Expected investment to complete facility, current fiscal year			26,000,000
Maximum | Ironton Facility
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Expected investment to complete facility, current fiscal year			$ 51,000,000
Revolving Credit Facility
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Maximum borrowing capacity					$ 150,000,000
Credit facility, affiliates of lender, beneficial owners percentage					5%
Pure Plastic Term Loan Facility | Subsequent Event
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Maximum borrowing capacity				$ 40,000,000
Credit facility, affiliates of lender, beneficial owners percentage				5%
Series A warrants
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Earnout stock price trigger (in usd per share) | $ / shares	$ 18
Earnout period, threshold trading days | tradingDay	20
Earnout period, threshold trading day period | tradingDay	30
Warrants exercise price (in usd per share) | $ / shares	$ 11.50
Private Placement
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value (in usd per share) | $ / shares							$ 0.001
Aggregate purchase price	$ 250,000,000
Private Placement | Common stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Shares issued (in shares) | shares	35,714,272
Private Placement | Series A warrants
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Warrants exercise price (in usd per share) | $ / shares							$ 7
Percentage of warrant in offering							50%
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares	17,857,136

ORGANIZATION - Components of Cu

ORGANIZATION - Components of Current Liquidity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 38,381		$ 63,892
Debt securities available for sale	0		98,592
Unrestricted liquidity	38,381		162,484
Less: Other Ironton set-aside	0		54,560
Available unrestricted liquidity	38,381		107,924
Restricted Cash (current and non-current)	225,494		163,631
Working capital	43,178		197,916
Accumulated deficit	(268,367)		$ (242,525)
Net loss	$ (25,842)	$ (25,432)

NOTES PAYABLE AND DEBT INSTRU_3

NOTES PAYABLE AND DEBT INSTRUMENTS - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Revenue Bonds	$ 249,550	$ 249,550
Less: Original issue discount and debt issuance costs classified as a reduction to long-term debt	(15,772)	(16,037)
Bonds payable - long-term	$ 233,778	$ 233,513

NOTES PAYABLE AND DEBT INSTRU_4

NOTES PAYABLE AND DEBT INSTRUMENTS - Additional Information (Details) lb in Millions		1 Months Ended	3 Months Ended
	Mar. 15, 2023 USD ($) lb	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Mar. 17, 2021 USD ($)	Oct. 07, 2020 USD ($) series purchaser supplier
Debt Instrument [Line Items]
Number of suppliers | supplier							1
Number of purchasers | purchaser							2,000
Revolving Credit Facility
Debt Instrument [Line Items]
Capitalized interest		$ 1,300,000
Maximum borrowing capacity	$ 150,000,000
Credit facility, affiliates of lender, beneficial owners percentage	5%
Credit facility, up-front fee percentage	0.75%
Credit facility, commitment fee percentage	0.25%
Debt covenant, cross-defaults to other indebtedness amount	$ 1,000,000
Long-term line of credit		0	$ 0
Revolving Credit Facility | From the Closing Date through June 30, 2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt basis spread on variable rate	5%
Revolving Credit Facility | July 1, 2023 through September 30, 2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt basis spread on variable rate	10%
Revolving Credit Facility | October 1, 2023 through December 31, 2023 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt basis spread on variable rate	12.50%
Revolving Credit Facility | January 1, 2024 through March 31, 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt basis spread on variable rate	15%
Revolving Credit Facility | Thereafter | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt basis spread on variable rate	17.50%
Ironton Facility
Debt Instrument [Line Items]
Loan Agreement, Limited Waiver terms, deposit in equity with the trustee	$ 87,300,000
Loan Agreement, Limited Waiver terms, financing transaction milestone amount	$ 150,000,000
Loan Agreement, Limited Waiver terms, production targets | lb	107
Loan Agreement, Limited Waiver terms, deposit controlled by the Trustee	$ 50,000,000
Loan Agreement, Limited Waiver terms, deposit in equity amount to fund remaining construction costs	25,000,000
Loan Agreement, Limited Waiver terms, deposit into Capitalized Interest Accounts	12,300,000
Loan Agreement, Limited Waiver terms, liquidity reserve escrow fund amount	50,000,000
Loan Agreement, Limited Waiver terms, amount released from the Trustee for investment	13,200,000
Ironton Facility | Minimum
Debt Instrument [Line Items]
Loan Agreement, Limited Waiver terms, liquidity reserve escrow fund amount	$ 25,000,000
Revenue Bonds
Debt Instrument [Line Items]
Number of debt offering series | series							3
Debt instrument, discount							$ 5,500,000
Escrow deposit							$ 50,000,000
Operating revenue deposit requirement, percent							100%
Equity investments						$ 40,000,000	$ 60,000,000
Cash required to maintain					$ 100,000,000
Interest expense			4,800,000	$ 4,800,000
Capitalized interest			4,300,000	$ 4,300,000
Fair value of revenue bonds		$ 209,500,000	$ 209,500,000
Escrow deposit, stated conditions satisfied, amount							$ 25,000,000

NOTES PAYABLE AND DEBT INSTRU_5

NOTES PAYABLE AND DEBT INSTRUMENTS - Summary of Revenue Bonds (Details) - Revenue Bonds	Oct. 07, 2020 USD ($)
2020A Bond Series Maturing December 1, 2025
Debt Instrument [Line Items]
Principal Amount	$ 12,370,000
Interest rate, percent	6.25%
2020A Bond Series Maturing December 1, 2030
Debt Instrument [Line Items]
Principal Amount	$ 38,700,000
Interest rate, percent	6.50%
2020A Bond Series Maturing December 1, 2042
Debt Instrument [Line Items]
Principal Amount	$ 168,480,000
Interest rate, percent	7%
2020B Bond Series Maturing December 1, 2025
Debt Instrument [Line Items]
Principal Amount	$ 10,000,000
Interest rate, percent	10%
2020B Bond Series Maturing December 1, 2027
Debt Instrument [Line Items]
Principal Amount	$ 10,000,000
Interest rate, percent	10%
2020C Bond Series Maturing December 1, 2027
Debt Instrument [Line Items]
Principal Amount	$ 10,000,000
Interest rate, percent	13%

STOCKHOLDERS_ EQUITY (Details)

STOCKHOLDERS’ EQUITY (Details)	Mar. 31, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares shares	Mar. 17, 2021 $ / shares
Equity [Abstract]
Number of votes for each share held | vote	1
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, par value (in usd per share) | $ / shares	$ 0.001	$ 0.001	$ 11.50
Common stock, shares issued (in shares)	163,671,000	163,550,000
Common stock, shares outstanding (in shares)	163,671,000	163,550,000
Preferred stock, shares authorized (in shares)	25,000,000
Preferred stock, par value (in usd per share) | $ / shares	$ 0.001
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0

EQUITY-BASED COMPENSATION - Add

EQUITY-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 17, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value (in usd per share)	$ 4.07	$ 0
Issuance of units upon vesting of Legacy PCT profits interests (in shares)	0	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	$ 2.4	$ 3.4
Weighted average remaining recognition period	2 years 10 months 24 days	3 years 4 months 24 days	2 years 8 months 12 days	3 years 4 months 24 days
Granted (in shares)	1,075,000	980,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected annual dividend yield	0%	0%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining recognition period	1 year 10 months 24 days	2 years 3 months 18 days	1 year 8 months 12 days	2 years
Granted (in shares)	357,000	853,000
2021 Equity and Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance, percentage of outstanding common stock					3%
Shares authorized (in shares)	17,000,000
Shares available for issuance (in shares)	9,100,000

EQUITY-BASED COMPENSATION - Res

EQUITY-BASED COMPENSATION - Restricted Stock Activity (Details) - RSUs - $ / shares shares in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Number of RSU's
Beginning balance (in shares)	2,760	2,671	2,671
Granted (in shares)	1,075	980
Vested (in shares)	(193)	(438)
Forfeited (in shares)	(34)	(22)
Ending balance (in shares)	3,608	3,191	2,760	2,671
Weighted average grant date fair value
Beginning balance (in usd per share)	$ 11.92	$ 14.33	$ 14.33
Granted (in usd per share)	6	7.24
Vested (in usd per share)	6.96	9.86
Forfeited (in usd per share)	16.45	17.50
Ending balance (in usd per share)	$ 10.34	$ 12.75	$ 11.92	$ 14.33
Weighted average remaining recognition period
Weighted average remaining recognition period	2 years 10 months 24 days	3 years 4 months 24 days	2 years 8 months 12 days	3 years 4 months 24 days

EQUITY-BASED COMPENSATION - Sto

EQUITY-BASED COMPENSATION - Stock Options, Valuation Assumptions (Details) - Stock Options	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected annual dividend yield	0%	0%
Expected volatility	77.30%	0%
Risk-free rate of return	3.50%	0%
Expected option term (years)	6 years 6 months	0 years

EQUITY-BASED COMPENSATION - S_2

EQUITY-BASED COMPENSATION - Stock Option Activity (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Beginning balance (in shares)	613,000	613,000	613,000
Granted (in shares)	459,000	0
Exercised (in shares)	0	0
Forfeited (in shares)	0	0
Ending balance (in shares)	1,072,000	613,000	613,000	613,000
Exercisable (in shares)	613,000
Weighted Average Exercise Price
Beginning balance (in usd per share)	$ 28,900	$ 28,900	$ 28,900
Granted (in usd per share)	5,720	0
Exercised (in usd per share)	0	0
Forfeited (in usd per share)	0	0
Ending balance (in usd per share)	$ 18,980	$ 28,900	$ 28,900	$ 28,900
Weighted Average Remaining Contractual Term (Years)
Weighted Average Remaining Contractual Term (Years)	6 years 4 months 24 days	4 years 9 months 18 days	4 years	6 years 2 months 12 days
Granted, Weighted Average Remaining Contractual Term, Granted (Years)	10 years

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Activity (Details) - PSUs - $ / shares shares in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Number of PSUs
Beginning balance (in shares)	1,060	424	424
Granted (in shares)	357	853
Vested (in shares)	0	0
Forfeited (in shares)	(4)	(14)
Ending balance (in shares)	1,413	1,263	1,060	424
Weighted Average Exercise Price
Beginning balance (in usd per share)	$ 10,870	$ 18,650	$ 18,650
Granted (in usd per share)	6,000	7,240
Vested (in usd per share)	0	0
Forfeited (in usd per share)	7,240	19,330
Ending balance (in usd per share)	$ 9,640	$ 10,930	$ 10,870	$ 18,650
Weighted average remaining recognition period
Weighted average remaining recognition period	1 year 10 months 24 days	2 years 3 months 18 days	1 year 8 months 12 days	2 years

WARRANTS - Additional Informati

WARRANTS - Additional Information (Details) $ / shares in Units, $ in Millions			3 Months Ended		12 Months Ended
	Mar. 17, 2022 tradingDay $ / shares shares	Mar. 17, 2021 tradingDay $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Class of Warrant or Right [Line Items]
Number of shares of common stock entitled to be purchased by each warrant (in shares)		1
Common stock, par value (in usd per share) | $ / shares		$ 11.50	$ 0.001		$ 0.001
Warrants redemption price (in usd per share) | $ / shares		$ 0.01
Warrants written notice of redemption threshold		30 days
Earnout stock price trigger (in usd per share) | $ / shares		$ 18
Earnout period, threshold trading days | tradingDay		20
Earnout period, threshold trading day period | tradingDay		30
Earnout period, business days prior to notice of redemption		3 days
Common stock
Class of Warrant or Right [Line Items]
Warrants issued (in shares)	971,000
Warrants, expense (benefit) recognized | $			$ (0.1)	$ (1.3)
Weighted average remaining contractual term (years)			1 year 9 months 18 days	2 years 9 months 18 days	2 years	3 years
Warrants outstanding (in shares)			971,000	971,000	971,000	971,000
Warrants exercise price (in usd per share) | $ / shares			$ 5.56	$ 5.56	$ 5.56	$ 5.56
Public Warrants and Private Warrants
Class of Warrant or Right [Line Items]
Weighted average remaining contractual term (years)		5 years
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			5,700,000
Private warrants
Class of Warrant or Right [Line Items]
Warrants, expense (benefit) recognized | $			$ 0.1	$ (0.2)
Warrants outstanding (in shares)				200,000
Series A warrants
Class of Warrant or Right [Line Items]
Warrants issued (in shares)	17,900,000
Warrants, expense (benefit) recognized | $			$ 4.8	$ 7.3
Number of shares of common stock entitled to be purchased by each warrant (in shares)	1
Warrants redemption price (in usd per share) | $ / shares	$ 0.01
Warrants written notice of redemption threshold	30 days
Earnout stock price trigger (in usd per share) | $ / shares	$ 18
Earnout period, threshold trading days | tradingDay	20
Earnout period, threshold trading day period | tradingDay	30
Earnout period, business days prior to notice of redemption	3 days
Warrants outstanding (in shares)			17,900,000
Warrants exercise price (in usd per share) | $ / shares	$ 11.50
Series A warrants | Expected volatility
Class of Warrant or Right [Line Items]
Warrant, measurement input			1

WARRANTS - Summary of RTI Warra

WARRANTS - Summary of RTI Warrant Activity (Details) - Common stock - $ / shares shares in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Number of warrants
Beginning balance, Number of warrants (in shares)	971	971	971
Granted, Number of warrants (in shares)	0	0
Exercised, Number of warrants (in shares)	0	0
Ending balance, Number of warrants (in shares)	971	971	971	971
Exercisable, Number of warrants (in shares)	971	971
Weighted average exercise price
Beginning balance, Weighted average exercise price (in usd per share)	$ 5.56	$ 5.56	$ 5.56
Ending balance, Weighted average exercise price (in usd per share)	5.56	5.56	5.56	$ 5.56
Weighted average grant date fair value
Beginning balance, Weighted average grant date fair value (in usd per share)	0.03	0.03	0.03
Ending balance, Weighted average grant date fair value (in usd per share)	$ 0.03	$ 0.03	$ 0.03	$ 0.03
Weighted average remaining contractual term (years)
Weighted average remaining contractual term (years)	1 year 9 months 18 days	2 years 9 months 18 days	2 years	3 years

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Mar. 15, 2023
Revolving Credit Facility
Related Party Transaction [Line Items]
Credit facility, affiliates of lender, beneficial owners percentage	5%

NET LOSS PER SHARE - Basic and

NET LOSS PER SHARE - Basic and Diluted Earnings Per Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss, basic (in shares)	$ (25,842)	$ (25,432)
Net loss, diluted (in shares)	$ (25,842)	$ (25,432)
Denominator:
Weighted average common shares outstanding, basic (in shares)	163,588	133,244
Weighted average common shares outstanding, diluted (in shares)	163,588	133,244
Net loss per share attributable to common stockholder, basic (in usd per share)	$ (0.16)	$ (0.19)
Net loss per share attributable to common stockholder, diluted (in usd per share)	$ (0.16)	$ (0.19)

NET LOSS PER SHARE - Additional

NET LOSS PER SHARE - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	24.7	24.7
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0.6	0.6
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3.5	2.9
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1.4	1.3
Contingently Issuable Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4	4

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Cost	$ 589,463	$ 514,317
Accumulated Depreciation	9,878	8,598
Net Book Value	579,585	505,719
Building
Property, Plant and Equipment [Line Items]
Cost	12,534	12,534
Accumulated Depreciation	1,106	1,016
Net Book Value	11,428	11,518
Machinery and equipment
Property, Plant and Equipment [Line Items]
Cost	33,132	23,728
Accumulated Depreciation	7,681	6,674
Net Book Value	25,451	17,054
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Cost	2,957	2,957
Accumulated Depreciation	961	803
Net Book Value	1,996	2,154
Fixtures and Furnishings
Property, Plant and Equipment [Line Items]
Cost	628	529
Accumulated Depreciation	105	83
Net Book Value	523	446
Land improvements
Property, Plant and Equipment [Line Items]
Cost	150	150
Accumulated Depreciation	25	22
Net Book Value	125	128
Land
Property, Plant and Equipment [Line Items]
Cost	1,150	1,150
Accumulated Depreciation	0	0
Net Book Value	1,150	1,150
Construction in process
Property, Plant and Equipment [Line Items]
Cost	538,912	473,269
Accumulated Depreciation	0	0
Net Book Value	$ 538,912	$ 473,269

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Payments to Acquire Property, Plant, and Equipment [Abstract]
Depreciation expense	$ 1,294	$ 818

DEVELOPMENT PARTNER ARRANGEME_2

DEVELOPMENT PARTNER ARRANGEMENTS (Details) - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement $ in Millions				12 Months Ended
	Jun. 23, 2020 USD ($)	Nov. 13, 2019 USD ($)	Dec. 13, 2018 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2023 USD ($)	Mar. 27, 2023	Dec. 31, 2022 USD ($)	Apr. 30, 2019 USD ($)	Oct. 16, 2015 phase employee
P&G
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of phases outlined by research and development agreement | phase										3
Number of full-time employees to assist in execution of research and development activities, phase one | employee										1
Number of full-time employees to assist in execution of research and development activities, phase two | employee										2
Prepaid expenses and other non-current assets						$ 2		$ 2	$ 2
License agreement, second side letter, commercial sale as percentage of nameplate capacity							70%
Impact
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Initial license fee		$ 2.5
Payment for license agreement				$ 1.6	$ 0.9
Total
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Prepayment for block and release agreement	$ 5
Block and release agreement, capital funding, minimum requirement	370
Escrow released	$ 5
Nestle
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Payment committed to fund further research and development			$ 1
Maximum funding convertible, percent			50%
Term loan obligation			5 years
Other non-current liabilities						$ 1		$ 1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Assets and Liabilities Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 17, 2022
Assets
Investments	$ 0	$ 98,592
Commercial paper, available for sale
Assets
Investments	0	32,756
Corporate Bonds, available for sale
Assets
Investments	0	58,442
Municipal bonds, available for sale
Assets
Investments	0	7,394
Level 2 | Series A warrants
Liabilities
Warrant liability			$ 43,900
Fair Value Measurements on Recurring Basis
Assets
Cash equivalents	0	51,250
Restricted cash equivalents - current	68,028	68,850
Restricted cash equivalents - noncurrent	157,466	94,781
Total investments	0	98,592
Liabilities
Total warrant liability	60,718	55,883
Fair Value Measurements on Recurring Basis | RTI warrants
Liabilities
Warrant liability	3,612	3,670
Fair Value Measurements on Recurring Basis | Private warrants
Liabilities
Warrant liability	856	784
Fair Value Measurements on Recurring Basis | Series A warrants
Liabilities
Warrant liability	56,250	51,429
Fair Value Measurements on Recurring Basis | Commercial paper, available for sale
Assets
Investments	0	32,756
Fair Value Measurements on Recurring Basis | Corporate Bonds, available for sale
Assets
Investments	0	58,442
Fair Value Measurements on Recurring Basis | Municipal bonds, available for sale
Assets
Investments	0	7,394
Fair Value Measurements on Recurring Basis | Level 1
Assets
Cash equivalents	0	51,250
Restricted cash equivalents - current	68,028	68,850
Restricted cash equivalents - noncurrent	157,466	94,781
Total investments	0	0
Liabilities
Total warrant liability	0	0
Fair Value Measurements on Recurring Basis | Level 1 | RTI warrants
Liabilities
Warrant liability	0	0
Fair Value Measurements on Recurring Basis | Level 1 | Private warrants
Liabilities
Warrant liability	0	0
Fair Value Measurements on Recurring Basis | Level 1 | Series A warrants
Liabilities
Warrant liability	0	0
Fair Value Measurements on Recurring Basis | Level 1 | Commercial paper, available for sale
Assets
Investments	0	0
Fair Value Measurements on Recurring Basis | Level 1 | Corporate Bonds, available for sale
Assets
Investments	0	0
Fair Value Measurements on Recurring Basis | Level 1 | Municipal bonds, available for sale
Assets
Investments	0	0
Fair Value Measurements on Recurring Basis | Level 2
Assets
Cash equivalents	0	0
Restricted cash equivalents - current	0	0
Restricted cash equivalents - noncurrent	0	0
Total investments	0	98,592
Liabilities
Total warrant liability	56,250	51,429
Fair Value Measurements on Recurring Basis | Level 2 | RTI warrants
Liabilities
Warrant liability	0	0
Fair Value Measurements on Recurring Basis | Level 2 | Private warrants
Liabilities
Warrant liability	0	0
Fair Value Measurements on Recurring Basis | Level 2 | Series A warrants
Liabilities
Warrant liability	56,250	51,429
Fair Value Measurements on Recurring Basis | Level 2 | Commercial paper, available for sale
Assets
Investments	0	32,756
Fair Value Measurements on Recurring Basis | Level 2 | Corporate Bonds, available for sale
Assets
Investments	0	58,442
Fair Value Measurements on Recurring Basis | Level 2 | Municipal bonds, available for sale
Assets
Investments	0	7,394
Fair Value Measurements on Recurring Basis | Level 3
Assets
Cash equivalents	0	0
Restricted cash equivalents - current	0	0
Restricted cash equivalents - noncurrent	0	0
Total investments	0	0
Liabilities
Total warrant liability	4,468	4,454
Fair Value Measurements on Recurring Basis | Level 3 | RTI warrants
Liabilities
Warrant liability	3,612	3,670
Fair Value Measurements on Recurring Basis | Level 3 | Private warrants
Liabilities
Warrant liability	856	784
Fair Value Measurements on Recurring Basis | Level 3 | Series A warrants
Liabilities
Warrant liability	0	0
Fair Value Measurements on Recurring Basis | Level 3 | Commercial paper, available for sale
Assets
Investments	0	0
Fair Value Measurements on Recurring Basis | Level 3 | Corporate Bonds, available for sale
Assets
Investments	0	0
Fair Value Measurements on Recurring Basis | Level 3 | Municipal bonds, available for sale
Assets
Investments	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs (Details) - Level 3 - Fair Value Measurements on Recurring Basis	Mar. 31, 2023	Dec. 31, 2022
Expected annual dividend yield | Private warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0	0
Expected annual dividend yield | RTI warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0	0
Expected volatility | Private warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	1.152	1.051
Expected volatility | RTI warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.946	0.997
Risk-free rate of return | Private warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.038	0.042
Risk-free rate of return | RTI warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.042	0.044
Expected option term (years) | Private warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected option term (years)	3 years	3 years 2 months 12 days
Expected option term (years) | RTI warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected option term (years)	1 year 9 months 18 days	2 years

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 17, 2022 USD ($)
Private warrants | Fair Value Measurements on Recurring Basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value	$ 856,000	$ 784,000
Private warrants | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Aggregate value	856,000	784,000
Private warrants | Level 3 | Fair Value Measurements on Recurring Basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value	$ 856,000	$ 784,000
Private warrants | Level 3 | Fair Value Measurements on Recurring Basis | Expected annual dividend yield
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant, measurement input	0	0
Private warrants | Level 2 | Fair Value Measurements on Recurring Basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value	$ 0	$ 0
RTI warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants repurchase maximum threshold	15,000,000
RTI warrants | Fair Value Measurements on Recurring Basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value	3,612,000	3,670,000
RTI warrants | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Aggregate value	3,612,000	3,670,000
RTI warrants | Level 3 | Fair Value Measurements on Recurring Basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value	$ 3,612,000	$ 3,670,000
RTI warrants | Level 3 | Fair Value Measurements on Recurring Basis | Expected annual dividend yield
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant, measurement input	0	0
RTI warrants | Level 2 | Fair Value Measurements on Recurring Basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value	$ 0	$ 0
Series A warrants | Fair Value Measurements on Recurring Basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value	56,250,000	51,429,000
Series A warrants | Level 3 | Fair Value Measurements on Recurring Basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value	0	0
Series A warrants | Level 2
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value			$ 43,900,000
Series A warrants | Level 2 | Fair Value Measurements on Recurring Basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants, fair value	$ 56,250,000	$ 51,429,000

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Level 3 Liabilities Measured at Fair Value (Details) - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Private warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 784
Change in fair value	72
Ending balance	856
RTI warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,670
Change in fair value	(58)
Ending balance	$ 3,612

AVAILABLE-FOR-SALE INVESTMENT_2

AVAILABLE-FOR-SALE INVESTMENTS - Investments by Major Security Type (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 0	$ 99,234
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(642)
Total Fair Value	0	98,592
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	32,997
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(241)
Total Fair Value	0	32,756
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	58,791
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(349)
Total Fair Value	0	58,442
Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	7,446
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(52)
Total Fair Value	$ 0	$ 7,394

AVAILABLE-FOR-SALE INVESTMENT_3

AVAILABLE-FOR-SALE INVESTMENTS - Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Due within one year	$ 0	$ 92,253
Due after one year through five years	0	6,981
Amortized Cost	0	99,234
Fair Value
Due within one year	0	91,669
Due after one year through five years	0	6,923
Debt securities available for sale	$ 0	$ 98,592

AVAILABLE-FOR-SALE INVESTMENT_4

AVAILABLE-FOR-SALE INVESTMENTS - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Other-than-temporary impairment losses recognized on available-for-sale securities	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 14, 2023 USD ($)	May 11, 2021 classAction
Loss Contingencies [Line Items]
Number of class actions complaints filed | classAction		2
Surety Bond
Loss Contingencies [Line Items]
Surety bond, amount | $	$ 25
Surety bond, term	1 year
Surety bond, renewal period	1 year

LEASES (Details)

LEASES (Details) € in Millions, $ in Millions	Jan. 31, 2023 EUR (€)	Aug. 24, 2022 USD ($)
Leases [Abstract]
Operating lease term	30 years	15 years
Total minimum lease payments	€ 27.7	$ 52.3

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	May 08, 2023	May 05, 2023	Mar. 15, 2023
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 150,000,000
Credit facility, affiliates of lender, beneficial owners percentage			5%
Credit facility, commitment fee percentage			0.25%
Subsequent Event
Subsequent Event [Line Items]
Master Lease Agreement, termination written notice period		3 months
Equipment Agreement, lease amount	$ 22,000,000
Subsequent Event | Pure Plastic Term Loan Facility
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 40,000,000
Credit facility, affiliates of lender, beneficial owners percentage	5%
Debt closing fee, percentage of debt principal amount	2%
Credit facility, commitment fee percentage	1%
Debt syndication fee percentage	0.50%
Debt monitoring fee, amount	$ 200,000
Debt issuance discount percentage	5%
Debt, events of default, cross-defaults to other indebtedness (greater than)	$ 1,000,000
Subsequent Event | Pure Plastic Term Loan Facility | First year following closing date
Subsequent Event [Line Items]
Credit facility, prepayment premium percentage	12%
Subsequent Event | Pure Plastic Term Loan Facility | Thereafter
Subsequent Event [Line Items]
Credit facility, prepayment premium percentage	8%
Subsequent Event | Pure Plastic Term Loan Facility | Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Debt basis spread on variable rate	7.50%
Subsequent Event | Sylebra Amendment
Subsequent Event [Line Items]
Debt covenant, offerings of unsecured convertible promissory notes	$ 200,000,000
Debt, indebtedness and lien negative covenants amount	$ 90,000,000