Delaware | 3714 | 83-1804317 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) |
Daniel S. Kim, Esq. Mitchell Zuklie, Esq. Hari Raman, Esq. Albert Vanderlaan, Esq. Orrick, Herrington & Sutcliffe LLP 631 Wilshire Boulevard Santa Monica, California 90401 Tel: (301) 633-2800 | Thomas J. Fennimore, Chief Financial Officer 2603 Discovery Drive, Suite 100 Orlando, Florida 32826 Telephone: (407) 900-5259 |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Title of Each Class of Securities to be Registered | Amount to be Registered(1) | Proposed Maximum Offering Price Per Share | Proposed Maximum Aggregate Offering Price | Amount of Registration Fee | Amount to be Registered(1) | Proposed Maximum Offering Price Per Share | Proposed Maximum Aggregate Offering Price | Amount of Registration Fee (6) | ||||||||
Class A Common Stock, par value $0.0001 per share | 194,581,139 (2) | $26.64 (3) | $5,183,641,542.96 | $565,535.30 | 194,581,139 (2) | $26.64 (3) | $5,183,641,542.96 | $565,535.30 | ||||||||
Warrants to purchase Class A Common Stock | 6,666,666 (4) | — (5) | — (5) | — (5) | 6,666,666 (4) | — (5) | — (5) | — (5) | ||||||||
Total | $5,183,641,542.96 | $565,535.30 | $5,183,641,542.96 | $565,535.30 |
(1) | Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), there are also being registered an indeterminable number of additional shares of Class A Common Stock as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. |
(2) | Consists of (i) 181,247,830 shares of Class A Common Stock registered for sale by the selling securityholders named in this registration statement (including the shares referred to in the following clause (ii)), (ii) 6,666,666 shares of Class A Common Stock issuable upon exercise of 6,666,666 Private Warrants (as defined below), and (iii) 13,333,309 shares of Class A Common Stock issuable upon the exercise of 13,333,309 Public Warrants (as defined below). |
(3) | Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act, based upon the average of the high and low prices of the Class A common stock on December 18, 2020, as reported on The Nasdaq Stock Market LLC. |
(4) | Represents the resale of 6,666,666 Private Warrants. |
(5) | In accordance with Rule 457(i), the entire registration fee for the Private Warrants is allocated to the shares of Class A Common Stock underlying the Private Warrants, and no separate fee is payable for the Private Warrants. |
(6) | The registrant previously paid a registration fee of $565,535.30 in connection with the initial filing of this registration statement. |
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F-1 |
Issuer | Luminar Technologies, Inc. (f/k/a Gores Metropoulos, Inc.). |
Shares of Class A Stock offered by us | 19,999,975 shares of Class A Stock issuable upon exercise of the Warrants, consisting of (i) 6,666,666 shares of Class A Stock that are issuable upon the exercise of 6,666,666 Private Warrants and (ii) 13,333,309 shares of Class A Stock that are issuable upon the exercise of 13,333,309 Public Warrants. |
Shares of Class A Stock outstanding prior to exercise of all Warrants | 323,936,240 shares of Class A Stock (as of December 15, 2020). |
Shares of Class A Stock outstanding assuming cash exercise of all Warrants | 343,936,215 shares of Class A Stock (as of December 15, 2020). |
Exercise Price of Private Warrants and Public Warrants | $11.50 per share, subject to adjustments as described herein. |
Use of proceeds | We will receive up to an aggregate of approximately $230 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants for cash. We expect to use the net proceeds from the exercise of the Warrants for general corporate purposes. See “ Use of Proceeds |
Securities offered by the Selling Securityholders | 181,247,830 shares of Class A Stock (including (i) 10,000,000 Founder Shares, (ii) 42,064,871 shares of Class A Stock issued pursuant to the Merger Agreement, (iii) 6,666,666 shares of Class A Stock issuable upon the exercise of the Private Warrants, (iv) 105,118,203 Executive Shares, (v) up to 3,944,151 Earn-Out Shares that may be issued in the form of Class A Stock pursuant to the earn-out provisions in the Merger Agreement, (vi) up 10,455,134 shares of Class A Stock that may be issued or issuable upon the conversion of any Earn-Out Shares that may be issued in the form of Class B Stock pursuant to the earn-out provisions in the Merger Agreement, and (vii) up to 2,989,805 shares of Class A Stock issuable upon the exercise of outstanding Rollover Options (as defined above) to purchase shares of Class A Stock). |
Terms of the offering | The Selling Securityholders will determine when and how they will dispose of the shares of Class A Stock and Warrants registered under this prospectus for resale. |
Use of proceeds | We will not receive any proceeds from the sale of shares of Class A Stock or Private Warrants (assuming the cashless exercise provision is used) by the Selling Securityholders. |
Lock-Up Restrictions | Certain of our stockholders are subject to certain restrictions on transfer until the termination of applicable lock-up periods. See “Certain Relationships and Related Transactions—Lock-Up Agreements |
Risk Factors | See “ Risk Factors |
Nasdaq Stock Market Symbols | Our Class A Stock and Public Warrants are listed on the Nasdaq Global Select Market under the symbols “LAZR” and “LAZRW,” respectively. |
to a particular vehicle model or technology package for which we are a significant supplier could reduce our sales and adversely affect our profitability |
(in thousands, except per share data) | As of and for the Nine Months Ended September 30, 2020 | As of and for the Nine Months Ended September 30, 2019 | As of and for the year ended December 31, 2019 | As of and for the year ended December 31, 2018 | ||||||||||||
Statement of Income Data: | ||||||||||||||||
Net sales | $ | 11,519 | $ | 6,803 | $ | 12,602 | $ | 11,692 | ||||||||
Total operating expenses | 49,791 | 42,425 | 58,562 | 64,982 | ||||||||||||
Net loss | (72,227 | ) | (76,774 | ) | (94,718 | ) | (79,550 | ) | ||||||||
Net loss per share attributable to common stockholders—Basic and diluted | (8.25 | ) | (9.46 | ) | (11.47 | ) | (12.00 | ) | ||||||||
Balance Sheet Data: | ||||||||||||||||
Total assets | 191,453 | N/A | 51,864 | 28,202 | ||||||||||||
Total liabilities | 61,837 | N/A | 18,851 | 152,869 | ||||||||||||
Total mezzanine equity | 408,854 | N/A | 244,743 | — | ||||||||||||
Total stockholders’ deficit | (279,238 | ) | N/A | (211,730 | ) | (124,667 | ) |
For the Nine Months Ended September 30, 2020 (unaudited) | For the Nine Months Ended September 30, 2019 (unaudited) | For the Year Ended December 31, 2019 (audited) | For the Period from August 28, 2018 (inception) to December 31, 2018 | For the Nine Months Ended September 30, 2020 (unaudited) | For the Nine Months Ended September 30, 2019 (unaudited) | For the Year Ended December 31, 2019 (audited) | For the Period from August 28, 2018 (inception) to December 31, 2018 | |||||||||||||||||||||||||
Professional fees and other expenses | $ | (4,408,626 | ) | $ | (460,780 | ) | $ | (620,871 | ) | $ | (20,554 | ) | $ | (4,408,626 | ) | $ | (460,780 | ) | $ | (620,871 | ) | $ | (20,554 | ) | ||||||||
State franchise taxes, other than income tax | (150,000 | ) | (150,000 | ) | (200,000 | ) | (1,431 | ) | (150,000 | ) | (150,000 | ) | (200,000 | ) | (1,431 | ) | ||||||||||||||||
Loss from operations | (4,558,626 | ) | (610,780 | ) | (820,871 | ) | (21,985 | ) | (4,558,626 | ) | (610,780 | ) | (820,871 | ) | (21,985 | ) | ||||||||||||||||
Other income—interest income | 1,351,950 | 6,005,266 | 7,707,654 | — | 1,351,950 | 6,005,266 | 7,707,654 | — | ||||||||||||||||||||||||
Net income/(loss) before income taxes | $ | (3,206,676 | ) | $ | 5,394,486 | $ | 6,886,783 | $ | (21,985 | ) | $ | (3,206,676 | ) | $ | 5,394,486 | $ | 6,886,783 | $ | (21,985 | ) | ||||||||||||
Provision for income tax | (171,781 | ) | (1,132,843 | ) | (1,441,607 | ) | — | (171,781 | ) | (1,132,843 | ) | (1,441,607 | ) | — | ||||||||||||||||||
Net income/(loss) attributable to common shares | $ | (3,378,457 | ) | $ | 4,261,643 | $ | 5,445,176 | $ | (21,985 | ) | $ | (3,378,457 | ) | $ | 4,261,643 | $ | 5,445,176 | $ | (21,985 | ) | ||||||||||||
Net income/(loss) per ordinary share: | ||||||||||||||||||||||||||||||||
Class A ordinary shares—basic and diluted | $ | (0.06 | ) | $ | 0.13 | $ | 0.16 | $ | — | $ | (0.06 | ) | $ | 0.13 | $ | 0.16 | $ | — | ||||||||||||||
Class F ordinary shares—basic and diluted | $ | (0.09 | ) | $ | (0.04 | ) | $ | (0.05 | ) | $ | 0 | $ | (0.09 | ) | $ | (0.04 | ) | $ | (0.05 | ) | $ | — | ||||||||||
Balance Sheet Data | September 30, 2020 (unaudited) | December 31, 2019 (audited) | December 31, 2018 (audited) | September 30, 2020 (unaudited) | December 31, 2019 (audited) | December 31, 2018 (audited) | ||||||||||||||||||
Total assets | $ | 406,303,529 | 407,938,951 | 489,864 | $ | 406,303,529 | 407,938,951 | 489,864 | ||||||||||||||||
Total liabilities | 17,098,900 | 15,355,865 | 486,849 | 17,098,900 | 15,355,865 | 486,849 | ||||||||||||||||||
Value of Class A Common Stock subject to possible redemption | 384,204,620 | 387,134,760 | 0 | 384,204,620 | 387,134,760 | — | ||||||||||||||||||
Total stockholders’ equity | 5,000,009 | 5,448,326 | 3,015 | 5,000,009 | 5,448,326 | 3,015 |
(in thousands, except for per share amounts) | ||||
Shares transferred at Closing (1) | 294,268,645 | |||
Value per share (2) | $ | 10.00 | ||
Total Share Consideration | $ | 2,942,686 | ||
(1) | The number of outstanding shares in the table above assumes the issuance of approximately 20,313,754 shares of Class A Stock underlying Rollover Options and Assumed Warrants that do not represent legally outstanding shares of Class A Stock at Closing. |
(2) | Share Consideration is calculated using a $10.00 reference price. The closing share price on the date of the consummation of the Business Combination was $18.00. As the Business Combination was accounted for as a reverse recapitalization, the value per share is disclosed for informational purposes only in order to indicate the fair value of shares transferred. |
Shares | % | |||||||
Luminar Class A Stock (1), (2), (3) | 168,836,688 | 52.1 | % | |||||
Luminar Class B Stock (1), (4) | 105,118,203 | 32.5 | % | |||||
Public Shares | 39,981,349 | 12.3 | % | |||||
Founders Class A Stock | 10,000,000 | 3.1 | % | |||||
Pro Forma common stock | 323,936,240 | 100 | % | |||||
(1) | Excludes approximately 15,363,611 of Class A Stock and 10,455,134 of Class B Stock in potential earn out shares as the price threshold for each tranche have not yet been triggered. |
(2) | Includes the issuance of 1,354,072 shares of Luminar Series X preferred stock in August, September, and October 2020 that converted into approximately 18,457,231 shares of Class A Stock upon the Closing. |
(3) | The number of outstanding shares in the table above does not assume the issuance of approximately 20,313,754 shares of Class A Stock underlying Rollover Options and Assumed Warrants that do not represent legally outstanding shares of Class A Stock at Closing. |
(4) | Class B Stock carry ten votes per share whereas Class A Stock will have one vote per share. |
As of September 30, 2020 | As of September 30, 2020 | |||||||||||||||||||||||||||
Luminar (Historical) | Luminar Pro Forma Adjustments | Luminar As Adjusted | Gores (Historical) | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 50,700 | $ | 13,864 | (A) | $ | 64,564 | $ | 519 | $ | 405,725 | (B) | $ | 387,112 | ||||||||||||||
(1,891 | ) | (C) | ||||||||||||||||||||||||||
(49,854 | ) | (D) | ||||||||||||||||||||||||||
(31,762 | ) | (J) | ||||||||||||||||||||||||||
(189 | ) | (K) | ||||||||||||||||||||||||||
Restricted cash and cash equivalents | 225 | — | 225 | — | — | 225 | ||||||||||||||||||||||
Marketable securities | 117,130 | — | 117,130 | — | — | 117,130 | ||||||||||||||||||||||
Accounts receivable, net | 955 | — | 955 | — | — | 955 | ||||||||||||||||||||||
Inventories, net | 2,921 | — | 2,921 | — | — | 2,921 | ||||||||||||||||||||||
Prepaids and other current assets | 9,771 | — | 9,771 | 60 | (4,603 | ) | (D) | 5,228 | ||||||||||||||||||||
Total current assets | 181,702 | 13,864 | 195,566 | 579 | 317,426 | 513,571 | ||||||||||||||||||||||
Non-current assets: | ||||||||||||||||||||||||||||
Investments and cash held in Trust Account | — | — | — | 405,725 | (405,725 | ) | (B) | — | ||||||||||||||||||||
Property and equipment, net | 7,765 | — | 7,765 | — | — | 7,765 | ||||||||||||||||||||||
Goodwill | 701 | — | 701 | — | — | 701 | ||||||||||||||||||||||
Other long-term assets | 1,285 | — | 1,285 | — | — | 1,285 | ||||||||||||||||||||||
Total non-current assets | 9,751 | — | 9,751 | 405,725 | (405,725 | ) | 9,751 | |||||||||||||||||||||
TOTAL ASSETS | $ | 191,453 | $ | 13,864 | $ | 205,317 | $ | 406,304 | $ | (88,299 | ) | $ | 523,322 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||
Accounts payable | 8,250 | — | 8,250 | — | (2,896 | ) | (D) | 5,354 | ||||||||||||||||||||
Accrued expenses and other current liabilities | 7,667 | — | 7,667 | 2,936 | (1,861 | ) | (C) | 5,456 | ||||||||||||||||||||
(3,286 | ) | (D) | ||||||||||||||||||||||||||
State franchise tax accrual | — | — | — | 30 | (30 | ) | (C) | — | ||||||||||||||||||||
Current portion of long-term debt | 1,949 | 1,949 | — | (1,949 | ) | (J) | — | |||||||||||||||||||||
Other current liabilities | 442 | — | 442 | 133 | — | 575 | ||||||||||||||||||||||
Total current liabilities | 18,308 | — | 18,308 | 3,099 | (10,022 | ) | 11,385 |
As of September 30, 2020 | As of September 30, 2020 | |||||||||||||||||||||||||||
Luminar (Historical) | Luminar Pro Forma Adjustments | Luminar As Adjusted | Gores (Historical) | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||||||||||
Deferred underwriting compensation | — | — | — | 14,000 | (14,000 | ) | (D) | — | ||||||||||||||||||||
Long-term debt | 26,877 | — | 26,877 | — | (26,877 | ) | (J) | — | ||||||||||||||||||||
Warrant liabilities | 15,412 | — | 15,412 | — | (15,412 | ) | (E) | — | ||||||||||||||||||||
Other long-term liabilities | 1,240 | — | 1,240 | — | — | 1,240 | ||||||||||||||||||||||
Total non-current liabilities | 43,529 | — | 43,529 | 14,000 | (56,289 | ) | 1,240 | |||||||||||||||||||||
Total liabilities | 61,837 | — | 61,837 | 17,099 | (66,311 | ) | 12,625 | |||||||||||||||||||||
Common stock subject to possible redemption | — | — | — | 384,205 | (384,205 | ) | (F) | — | ||||||||||||||||||||
Series A preferred stock | 244,743 | — | 244,743 | — | (244,743 | ) | (G) | — | ||||||||||||||||||||
Series X preferred stock | 164,111 | 13,864 | (A) | 177,975 | — | (177,975 | ) | (G) | — | |||||||||||||||||||
Stockholders’ equity (deficit): | ||||||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | ||||||||||||||||||||||
Founders’ preferred stock | — | — | — | — | — | — | ||||||||||||||||||||||
Common stock | — | — | — | — | — | |||||||||||||||||||||||
Class A Common Stock | — | — | — | — | 4 | (F) | 22 | |||||||||||||||||||||
17 | (G) | |||||||||||||||||||||||||||
1 | (H) | |||||||||||||||||||||||||||
— | (K) | |||||||||||||||||||||||||||
Class B Common Stock | — | — | — | — | 11 | (G) | 11 | |||||||||||||||||||||
Class F Common Stock | — | — | — | 1 | (1 | ) | (H) | — | ||||||||||||||||||||
Additional paid-in capital | 15,212 | — | 15,212 | 2,954 | (27,329 | ) | (D) | 814,996 | ||||||||||||||||||||
15,412 | (E) | |||||||||||||||||||||||||||
384,201 | (F) | |||||||||||||||||||||||||||
422,690 | (G) | |||||||||||||||||||||||||||
2,045 | (I) | |||||||||||||||||||||||||||
(189 | ) | (K) | ||||||||||||||||||||||||||
Treasury stock | — | — | — | — | — | — | ||||||||||||||||||||||
Accumulated other comprehensive loss | (20 | ) | — | (20 | ) | — | — | (20 | ) | |||||||||||||||||||
Retained earnings/(accumulated deficit) | (294,430 | ) | — | (294,430 | ) | 2,045 | (6,946 | ) | (D) | (304,312 | ) | |||||||||||||||||
(2,045 | ) | (I) | ||||||||||||||||||||||||||
(2,936 | ) | (J) | ||||||||||||||||||||||||||
Total stockholders’ equity (deficit) | (279,238 | ) | — | (279,238 | ) | 5,000 | 784,935 | 510,697 | ||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 191,453 | $ | 13,864 | $ | 205,317 | $ | 406,304 | $ | (88,299 | ) | $ | 523,322 | |||||||||||||||
For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2020 | |||||||||||||||||||
Luminar (Historical) | Gores (Historical) | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||||||
Net sales | $ | 11,519 | $ | — | $ | — | $ | 11,519 | ||||||||||||
Cost of sales | 18,209 | — | — | 18,209 | ||||||||||||||||
Gross loss | (6,690 | ) | — | — | (6,690 | ) | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling and marketing expenses | 5,407 | — | — | 5,407 | ||||||||||||||||
General and administrative expenses | 16,116 | — | (1,764 | ) | (EE | ) | 14,352 | |||||||||||||
Research and development expenses | 28,268 | — | — | 28,268 | ||||||||||||||||
State franchise taxes, other than income tax | — | 150 | — | 150 | ||||||||||||||||
Other operating expenses | — | 4,409 | (1,075 | ) | (EE | ) | 3,334 | |||||||||||||
Total operating expenses | 49,791 | 4,559 | (2,839 | ) | 51,511 | |||||||||||||||
Operating loss | (56,481 | ) | (4,559 | ) | 2,839 | (58,201 | ) | |||||||||||||
Interest income | 162 | 1,352 | (1,352 | ) | (AA | ) | 162 | |||||||||||||
Interest expense | (2,097 | ) | — | 2,044 | (CC | ) | (53 | ) | ||||||||||||
Changes in fair values of warrant liabilities | (12,562 | ) | — | 12,562 | (BB | ) | — | |||||||||||||
Loss on extinguishment of debt | (866 | ) | — | — | (866 | ) | ||||||||||||||
Other income | 10 | — | — | 10 | ||||||||||||||||
Other expense | (393 | ) | — | — | (393 | ) | ||||||||||||||
Income (loss) before income taxes | (72,227 | ) | (3,207 | ) | 16,093 | (59,341 | ) | |||||||||||||
Provision for (benefit from) income taxes | — | 172 | (172 | ) | (DD | ) | — | |||||||||||||
Net income (loss) attributable to common stockholders | $ | (72,227 | ) | $ | (3,379 | ) | $ | 16,265 | $ | (59,341 | ) | |||||||||
Weighted average shares outstanding - Common stock | 9,510,996 | |||||||||||||||||||
Common stock - basic and diluted | $ | (8.25 | ) | |||||||||||||||||
Weighted average shares outstanding - Class A Common Stock | 40,000,000 | 218,818,037 | ||||||||||||||||||
Class A Common Stock - basic and diluted | $ | (0.06 | ) | $ | (0.18 | ) | ||||||||||||||
Weighted average shares outstanding - Class F Common Stock | 10,000,000 | |||||||||||||||||||
Class F Common Stock - basic and diluted | $ | (0.09 | ) | |||||||||||||||||
Weighted average shares outstanding - Class B Common Stock | 105,118,203 | |||||||||||||||||||
Class B Common Stock - basic and diluted | $ | (0.18 | ) |
For the Year ended December 31, 2019 | Pro Forma Adjustments | For the Year ended December 31, 2019 | ||||||||||||||||||
Luminar (Historical) | Gores (Historical) | Pro Forma Combined | ||||||||||||||||||
Net sales | $ | 12,602 | $ | — | $ | — | $ | 12,602 | ||||||||||||
Cost of sales | 16,655 | — | — | 16,655 | ||||||||||||||||
Gross loss | (4,053 | ) | — | — | (4,053 | ) | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Selling and marketing expenses | 4,730 | — | — | 4,730 | ||||||||||||||||
General and administrative expenses | 16,861 | — | — | 16,861 | ||||||||||||||||
Research and development expenses | 36,971 | — | — | 36,971 | ||||||||||||||||
State franchise taxes, other than income tax | — | 200 | — | 200 | ||||||||||||||||
Other operating expenses | — | 621 | — | 621 | ||||||||||||||||
Total operating expenses | 58,562 | 821 | — | 59,383 | ||||||||||||||||
Operating loss | (62,615 | ) | (821 | ) | — | (63,436 | ) | |||||||||||||
Interest income | 509 | 7,708 | (7,708 | ) | (AA | ) | 509 | |||||||||||||
Interest expense | (2,239 | ) | — | 2,216 | (CC | ) | (23 | ) | ||||||||||||
Change in fair value of SAFE notes | (24,215 | ) | — | — | (24,215 | ) | ||||||||||||||
Changes in fair values of warrant liabilities | (256 | ) | — | 256 | (BB | ) | — | |||||||||||||
Loss on extinguishment of debt | (6,124 | ) | — | — | (6,124 | ) | ||||||||||||||
Other income | 262 | — | — | 262 | ||||||||||||||||
Other expense | (40 | ) | — | — | (40 | ) | ||||||||||||||
Income (loss) before income taxes | (94,718 | ) | 6,887 | (5,236 | ) | (93,067 | ) | |||||||||||||
Provision for (benefit from) income taxes | — | 1,442 | (1,442 | ) | (DD | ) | — | |||||||||||||
Net income (loss) attributable to common stockholders | $ | (94,718 | ) | $ | 5,445 | $ | (3,794 | ) | $ | (93,067 | ) | |||||||||
Weighted average shares outstanding - Common stock | 8,718,104 | |||||||||||||||||||
Common stock - basic and diluted | $ | (11.47 | ) | |||||||||||||||||
Weighted average shares outstanding - Class A Common Stock | 36,164,000 | 218,818,037 | ||||||||||||||||||
Class A Common Stock - basic and diluted | $ | 0.16 | $ | (0.29 | ) | |||||||||||||||
Weighted average shares outstanding - Class F Common Stock | 10,162,656 | |||||||||||||||||||
Class F Common Stock - basic and diluted | $ | (0.05 | ) | |||||||||||||||||
Weighted average shares outstanding - Class B Common Stock | 105,118,203 | |||||||||||||||||||
Class B Common Stock - basic and diluted | $ | (0.29 | ) |
1. | Basis of Presentation |
2. | Accounting Policies |
3. | Adjustments to Unaudited Pro Forma Condensed Combined Financial Information |
(A) | Reflects the issuance of 102,099 shares of Luminar Series X preferred stock in October 2020 at a price of $135.786 per share, and proceeds of $13.9 million. Upon the Closing, Luminar Series X preferred stock converted into the right to receive Class A Stock at an exchange ratio of approximately 13.6309. |
(B) | Reflects the reclassification of $405.7 million of cash and cash equivalents held in the Trust Account at the balance sheet date that becomes available to fund the Business Combination. |
(C) | Reflects the settlement of the Company’s historical liabilities that were settled upon the Closing. |
(D) | Represents transaction costs totaling $51.1 million, consisting of approximately $47.0 million of equity issuance costs. Classification of transaction costs is as follows: |
(in thousands) | Amount | |||
Costs related to issuance of equity | ||||
Deferred underwriting fees | $ | 14,000 | ||
Series X equity issuance costs | 5,662 | |||
Amounts previously capitalized and paid | 707 | |||
Amounts previously capitalized but not paid | 3,896 | |||
Amounts incurred as part of the transaction | 22,726 | |||
Subtotal | $ | 46,991 | ||
Transaction expenses | ||||
Amounts incurred and paid | $ | 553 | ||
Amounts incurred and not paid | 2,286 | |||
Amounts incurred as part of the transaction | 1,284 | |||
Subtotal | 4,123 | |||
Grand Total | $ | 51,114 | ||
(E) | Represents the reclassification of Legacy Luminar warrants from liability to equity classification as a result of the Business Combination. |
(F) | Reflects the reclassification of approximately $384.2 million of Class A Common Stock subject to possible redemption to permanent equity. |
(G) | Represents recapitalization of Legacy Luminar equity and issuance of 168,836,688 of the post-combination Company’s Class A Common Stock (inclusive of the Series X preferred stock noted in Adjustment A) and 105,118,203 of the post-combination Company’s Class B Common Stock to holders of Legacy Luminar Class A Common Stock and Legacy Luminar Class B Common Stock, respectively, as consideration for the Business Combination. |
(H) | Reflects the conversion of Class F Stock to Class A Stock. In connection with the Closing, all shares of Class F Stock were converted into shares of Class A Stock. |
(I) | Reflects the reclassification of Gores historical retained earnings. A portion of the historical retained earnings balance includes a reclassification of transaction costs that were previously expensed by Gores but have subsequently been determined to be equity issuance costs. |
(J) | Reflects the repayment of Legacy Luminar outstanding indebtedness, including settlement of unamortized discounts, in accordance with the Merger Agreement, as cash and cash equivalents exceeded $300.0 million. Additionally, this adjustment reflects an estimated prepayment penalty of $1.8 million. |
(K) | Reflects redemptions of 18,651 shares of the Company’s Class A Stock in December 2020 for approximately $0.2 million at a redemption price of $10.14 per share based on a pro forma redemption date of September 30, 2020. As of the actual redemption date, the redemption price was $10.16 per share. |
(AA) | Reflects the elimination of interest income on the Trust Account. |
(BB) | Reflects the elimination of the impact of change in fair value of warrant liabilities as the warrants are expected to become equity-classified as a result of the recapitalization, and therefore will not be marked to market at each reporting period. |
(CC) | Reflects the elimination of interest expense related to outstanding debt for the nine months ended September 30, 2020 and for the year ended December 31, 2019 as the balances were repaid at the closing of the Business Combination. |
(DD) | Reflects elimination of income tax expense as a result of elimination of the Trust Account income (noted in footnote AA). |
(EE) | Reflects the elimination of transaction costs incurred and recorded by Gores and Legacy Luminar during the nine months ended September 30, 2020. |
5. | Loss per Share |
(in thousands, except share and per share data) | For the Nine Months Ended September 30, 2020 | For the Year ended December 31, 2019 | ||||||
Pro forma net loss | $ | (59,341 | ) | $ | (93,067 | ) | ||
Weighted average shares outstanding of Class A Common Stock | 218,818,037 | 218,818,037 | ||||||
Net loss per share (Basic and Diluted) attributable to Class A stockholders (1), (2), (3) | $ | (0.18 | ) | $ | (0.29 | ) | ||
Weighted average shares outstanding of Class B Common Stock | 105,118,203 | 105,118,203 | ||||||
Net loss per share (Basic and Diluted) attributable to Class B stockholders (2), (3) | $ | (0.18 | ) | $ | (0.29 | ) |
(1) | Excludes approximately 20,313,754 shares of Class A Stock underlying Rollover Options and Assumed Warrants that do not represent legally outstanding shares of Class A Stock at Closing. |
(2) | For the purposes of applying the if converted method for calculating diluted earnings per share, it was assumed that all outstanding warrants sold in the IPO and the private placement are exchanged to common stock. However, since this results in anti-dilution, the effect of such exchange was not included in calculation of diluted loss per share. |
(3) | Net loss is allocated proportionally to each class of share based on the total shares outstanding per class divided by the total shares outstanding for all classes. |
September 30, 2020 | ||||||||||||||||||||
Historical | Pro Forma Combined | Pro Forma As adjusted giving effect to exercise of warrants | ||||||||||||||||||
(in thousands) | Gores | Luminar | ||||||||||||||||||
Cash and cash equivalents | $ | 519 | $ | 50,700 | $ | 387,112 | $ | 617,112 | 1 | |||||||||||
Investment held in Trust Account | $ | 405,725 | $ | — | $ | — | — | |||||||||||||
Debt (1) | ||||||||||||||||||||
Total Debt | $ | — | $ | 28,826 | $ | — | — | |||||||||||||
Commitments: | ||||||||||||||||||||
Common Stock subject to possible redemption | 384,205 | — | 0 | — | ||||||||||||||||
Redeemable convertible preferred stock | — | 408,854 | — | — | ||||||||||||||||
Equity: | ||||||||||||||||||||
Preferred Stock | — | — | — | — | ||||||||||||||||
Common Stock | 1 | — | 33 | 35 | 2 | |||||||||||||||
Accumulated other comprehensive loss | — | (20 | ) | (20 | ) | (20 | ) | |||||||||||||
Additional paid-in capital | 2,954 | 15,212 | 814,996 | 1,044,994 | 2 | |||||||||||||||
Retained earnings (accumulated deficit) | 2,045 | (294,430 | ) | (304,312 | ) | (304,312 | ) | |||||||||||||
Total stockholders’ equity (deficit) | 5,000 | (279,238 | ) | 510,697 | $ | 740,697 | ||||||||||||||
Total capitalization | $ | 389,205 | $ | 129,616 | $ | 510,697 | $ | 740,697 | ||||||||||||
1 | The increase on an as adjusted basis consists of proceeds from the expected exercise of the 19,999,975 Warrants for 19,999,975 shares of Class A Stock of the Company |
2 | The increase on an adjusted basis consists of 19,999,975 shares of Class A Stock to be issued on exercise of the Warrants |
Nine Month ended September 30, | Change | Change | ||||||||||||||
2020 | 2019 | $ | % | |||||||||||||
Net sales | $ | 11,519 | $ | 6,803 | 4,716 | 69 | % | |||||||||
Cost of sales | 18,209 | 9,346 | 8,863 | 95 | % | |||||||||||
Gross loss | (6,690 | ) | (2,543 | ) | (4,147 | ) | 163 | % | ||||||||
Selling and marketing expenses | 5,407 | 3,305 | 2,102 | 64 | % | |||||||||||
General and administrative expenses | 16,116 | 11,744 | 4,372 | 37 | % | |||||||||||
Research and development expenses | 28,268 | 27,376 | 892 | 3 | % | |||||||||||
Operating loss | (56,481 | ) | (44,968 | ) | (11,513 | ) | 26 | % | ||||||||
Interest income | 162 | 265 | (103 | ) | -39 | % | ||||||||||
Interest expense | (2,097 | ) | (1,762 | ) | (335 | ) | 19 | % | ||||||||
Change in fair value of SAFE notes | — | (24,215 | ) | 24,215 | -100 | % | ||||||||||
Change in fair values of warrant liabilities | (12,562 | ) | (164 | ) | (12,398 | ) | 7,553 | % | ||||||||
Loss on extinguishment of debt | (866 | ) | (6,124 | ) | 5,258 | -86 | % | |||||||||
Other income | 10 | 234 | (224 | ) | nm | |||||||||||
Other expense | (393 | ) | (40 | ) | (353 | ) | nm | |||||||||
Loss before income taxes | (72,227 | ) | (76,774 | ) | 4,547 | -6 | % | |||||||||
Income taxes | — | — | — | — | ||||||||||||
Net loss | $ | (72,227 | ) | $ | (76,774 | ) | 4,547 | -6 | % | |||||||
Nine Months Ended September 30, | Change | Change | ||||||||||||||
(in thousands, except percentages) | 2020 | 2019 | $ | % | ||||||||||||
Net Sales: | ||||||||||||||||
Autonomy Solutions | $ | 9,587 | $ | 4,373 | 5,214 | 119 | % | |||||||||
Other Component Sales | 1,932 | 2,430 | (498 | ) | -20 | % |
Nine Months Ended September 30, | Change | Change | ||||||||||||||
(in thousands, except percentages) | 2020 | 2019 | $ | % | ||||||||||||
Segment loss | ||||||||||||||||
Autonomy Solutions | $ | (56,673 | ) | $ | (45,235 | ) | (11,438 | ) | 25 | % | ||||||
Other Component Sales | 192 | 267 | (75 | ) | -28 | % |
Nine months ended September 30, | ||||||||
(in thousands) | 2020 | 2019 | ||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | (47,731 | ) | $ | (45,398 | ) | ||
Investing activities | $ | (112,453 | ) | $ | (754 | ) | ||
Financing activities | $ | 183,804 | $ | 88,085 |
Design Area | Common Lidar Architectures | Luminar Lidar Architecture | ||
Wavelength | 905nm • Range limited by eye-safety • Resolution limited by eye-safety | 1550nm • Low cost with single pixel Ingas • Allows for long range, high resolution • Allows for deeper weather penetration | ||
Ranging | FMCW • Range/Resolution limited by continuous wave measurement • Costly due to high transceiver count | Single-pulse time of flight • Low complexity, low part-count • High rate measurements with high confidence | ||
Single Photon Detection • Range/Resolution limited by continuous wave measurement • Costly due to large, complex detector array |
Design Area | Common Lidar Architectures | Luminar Lidar Architecture | ||
Scanning | Flash • Range limited by eye-safety • Costly due to large, complex detector array | Low-mass, encoded mirror scanning• Scanning of an isolated, field of view • Low noise and rejection of uncontrolled light (sun, headlights, other lidar) | ||
Spinning 1D Array • Lifetime limited due to massive mechanical motor • Software reliability limited by noise and artifacts • Costly due to high alignment burden and component count | ||||
MEMS • Range/Resolution limited by high noise • Angular precision limited by fragile, non-micro scanner• Software reliability limited by noise and artifacts | ||||
Optical Phased Array • Range limited due to transmit loss • Resolution limited due to poor beam control and quality • Low reliability due to side-lobe illumination |
Name | Age | Position | ||
Executive Officers | ||||
Austin Russell | 25 | Chairperson, Director, President and Chief Executive Officer | ||
Thomas J. Fennimore | 45 | Chief Financial Officer | ||
M. Scott Faris | 55 | Chief Business Officer | ||
Jason Eichenholz | 49 | Chief Technology Officer | ||
Non-Employee Directors | ||||
Alec E. Gores (2) (3) | 67 | Director | ||
Matthew J. Simoncini (1) (2) | 60 | Director | ||
Scott A. McGregor (1) | 64 | Director | ||
Benjamin J. Kortlang (1) | 45 | Director |
(1) | Member of the audit committee. |
(2) | Member of the compensation committee. |
(3) | Member of the nominating and corporate governance committee. |
Name and Principal Position | Fiscal Year | Salary ($) | All Other Compensation ($) | Total ($) | ||||||||||||
Austin Russell President and Chief Executive Officer | 2019 | 175,000 | — | 175,000 | ||||||||||||
Scott Faris Chief Business Officer | 2019 | 300,000 | — | 300,000 | ||||||||||||
Jason Eichenholz Chief Technology Officer | 2019 | 200,000 | — | 200,000 |
Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) (1) | Option Awards ($) (2) | All Other Compensation ($) (3) | Total ($) | ||||||||||||||||||
Austin Russell | 2020 | 300,000 | — | — | 30,841 | 330,841 | ||||||||||||||||||
President and Chief Executive Officer | 2019 | 175,000 | — | — | — | 175,000 | ||||||||||||||||||
Thomas J. Fennimore Chief Financial Officer | 2020 | 142,046 | 150,000 | 2,093,115 | 100,473 | 2,485,634 | ||||||||||||||||||
M. Scott Faris | 2020 | 300,000 | — | 661,581 | 167 | 961,748 | ||||||||||||||||||
Chief Business Officer | 2019 | 300,000 | — | — | — | 300,000 |
(1) | Mr. Fennimore joined the Company on a full-time basis on July 10, 2020. Amount represents a $150,000 cash bonus earned by Mr. Fennimore in 2020. |
(2) | Option awards are reported at aggregate grant date fair value in the year granted, as determined in accordance with the provisions of FASB ASC Topic 718. For the assumptions used in valuing these awards for purposes of computing this expense, please see Note 12 of the financial statements of Legacy Luminar for the year ended December 31, 2019 and the nine months ended September 30, 2020. |
(3) | Represents, with respect to Mr. Russell, $26,647 in car lease payments, $3,921 in car insurance payments, and $273 in life and disability insurance payments. Represents, with respect to Mr. Fennimore, $100,000 in relocation assistance payments and $473 in life and disability insurance payments. Represents, with respect to Mr. Faris, $167 in life and disability insurance payments. |
Stock awards | Option awards (1) | |||||||||||||||||||||||||||
Name | Number of shares or units of stock that have not vested (#) | Market value of shares or units of stock that have not vested ($) | Grant Date | Number of securities underlying unexercised options (#) exercisable | Number of securities underlying unexercised options (#) unexercisable | Option exercise price ($) | Option expiration date | |||||||||||||||||||||
Austin Russell | — | — | — | — | — | — | — | |||||||||||||||||||||
Scott Faris | 11,250 | (1) | 255,713 | (2) | ||||||||||||||||||||||||
Jason Eichenholz | — | — | ||||||||||||||||||||||||||
Thomas J. Fennimore | 5/14/2020 | (2) | — | 1,840,176 | 1.67 | 5/13/2030 | ||||||||||||||||||||||
M. Scott Faris | 1/24/2020 | (3) | — | 817,856 | 1.67 | 1/23/2030 |
(1) |
(2) |
(3) | The option grant is subject to a 4-year vesting schedule, with 25% of the shares vesting on January 1, 2021 and 1/48th of the shares vesting monthly thereafter, subject to the option holder’s continuous service through each vesting date; provided that if the optionee dies, then 100% of the shares subject to the option grant will immediately vest. |
Name of Stockholder (1) | SAFE Principal Amount ($) | Shares of Series A-2 Preferred Stock | Shares of Series A-7 Preferred Stock | Shares of Series A-9 Preferred Stock | ||||||||||||
GVA Auto, LLC* | 20,000,000 | 1,322,780 | ||||||||||||||
Scott A. McGregor (2) | 1,000,000 | 25,658 |
* | Owners of more than 5% of Luminar capital stock. |
(1) | Additional details regarding these stockholders and their equity holdings are provided in this prospectus under the section “ Principal Securityholders |
(2) | Scott A. McGregor is a member of the Board. |
Name of Stockholder (1) | No. of Shares (Series A) | Aggregate Purchase Price ($) | ||||||
G2VP I, LLC for itself and as nominee for G2VP Founders Fund I, LLC* (2) | 461,852 | 19,999,992.83 |
* | Owners of more than 5% of Luminar capital stock. |
(1) | Additional details regarding these stockholders and their equity holdings are provided in this prospectus under the section “ Principal Securityholders |
(2) | G2VP I, LLC is an affiliate of Benjamin J. Kortlang, a member of the Board. |
Name of Stockholder (1) | No. of Shares (Series A-2) | Aggregate Purchase Price ($) | ||||||
GVA Auto, LLC* | 1,322,780 | 20,000,000 |
* | Owners of more than 5% of Luminar capital stock. |
(1) | Additional details regarding this stockholder and its equity holdings are provided in this prospectus under the section “ Principal Securityholders |
Name of Stockholder (1) | No. of Shares (Series A-9) | Aggregate Purchase Price ($) | ||||||
Scott A. McGregor (2) | 25,658 | 1,000,000 |
(1) | Additional details regarding this stockholder and his equity holdings are provided in this prospectus under the section “ Principal Securityholders |
(2) | Scott A. McGregor is a member of the Board. |
Name of Stockholder (1) | No. of Shares (Series X) | Aggregate Purchase Price ($) | ||||||
G2VP I, LLC for itself and as nominee for G2VP Founders Fund I, LLC* (2) | 6,839 | $ | 928,640.46 |
* | Owners of more than 5% of Luminar capital stock. |
(1) | Additional details regarding these stockholders and their equity holdings are provided in this prospectus under the section “ Principal Securityholders |
(2) | G2VP I, LLC is an affiliate of Benjamin J. Kortlang, a member of the Board. |
Name and Address of Beneficial Owners | Number of Shares of Class A Stock | % of Class A Stock | Number of Shares of Class B Stock | % of Class B Stock | % of Common Stock | % of Total Voting Power ** | ||||||||||||||||||
Five Percent Holders | ||||||||||||||||||||||||
G2VP I, LLC (for itself and as nominee for G2VP Founders Fund I, LLC) (1) | 15,947,553 | 7.3 | % | — | — | 4.9 | % | 1.3 | % | |||||||||||||||
GVA Auto, LLC (2) | 18,030,728 | 8.2 | % | — | — | 5.6 | % | 1.4 | % | |||||||||||||||
Current Directors and Named Executive Officers | ||||||||||||||||||||||||
Austin Russell | — | — | 105,118,203 | 100.0 | % | 32.5 | % | 82.8 | % | |||||||||||||||
Thomas J. Fennimore | — | — | — | — | — | — | ||||||||||||||||||
Alec E. Gores (3) | 10,943,499 | 5.0 | % | — | — | 3.4 | % | * | ||||||||||||||||
Jason Eichenholz | 4,034,770 | 1.8 | % | — | — | 1.3 | % | * | ||||||||||||||||
M. Scott Faris (4) | 1,039,359 | * | — | — | * | * | ||||||||||||||||||
Matthew J. Simoncini | — | — | — | — | — | — | ||||||||||||||||||
Scott A. McGregor | 917,688 | * | * | * | ||||||||||||||||||||
Benjamin J. Kortlang (1) | 15,947,553 | 7.3 | % | — | — | 4.9 | % | 1.3 | % | |||||||||||||||
All Directors and Executive Officers as a Group (8 Individuals) | 32,865,830 | 15.0 | % | 105,118,203 | 100.0 | % | 10.1 | % | 85.4 | % |
* | Less than one percent. |
** | Percentage of total voting power represents voting power with respect to all shares of Class A Stock and Class B Stock, as a single class. Each share of Class B Stock is entitled to ten votes per share and each share of Class A Stock is entitled to one vote per share. For more information about the voting rights of Common Stock, see the section titled “ Description of Securities” |
(1) | Represents shares of Class A Stock held by G2VP I, LLC for itself and as nominee for G2VP Founders Fund I, LLC (“G2VP”). Benjamin J. Kortlang, a member of the Board, Brook Porter, Daniel Oros and David Mount are the Managing Members of G2VP I Associates, LLC, the Managing Member of G2VP, and therefore, may be deemed to hold voting and dispositive power over the shares held by G2VP. The address of G2VP is 2730 Sand Hill Road, Suite 210, Menlo Park, CA 94025. |
(2) | Represents shares of Class A Stock held by GVA Auto, LLC. Pavel Cherkashin is the Managing Partner of GVA Capital, which is the Manager of GVA Auto, LLC, and therefore, may be deemed to hold voting and dispositive power over the shares held by GVA Auto, LLC. The address of GVA Auto, LLC is 908 Broadway, San Francisco, CA 94133. |
(3) | Consists of (i) 8,932,500 shares of Class A Stock held by GM Sponsor LLC and (ii) 2,010,999 shares of Class A Stock held by AEG Holdings, LLC. AEG Holdings, LLC, is the managing member of GM Sponsor LLC and Alec E. Gores is the managing member of AEG Holdings, LLC. Voting and disposition decisions with respect to such securities are made by Mr. Gores. The address for AEG Holdings, LLC is 6260 Lookout Road, Boulder, CO 80301. |
(4) | Consists of (i) 817,856 shares of Class A Stock held by Mr. Faris and (ii) 221,503 shares of Class A Stock subject to Mr. Faris’ outstanding stock option, which is the portion of such option that is exercisable within 60 days of December 15, 2020. |
Shares of Class A Stock | Warrants to Purchase Class A Stock | |||||||||||||||||||||||||||||||
Name | Number Beneficially Owned Prior to Offering | Number Registered for Sale Hereby | Number Beneficially Owned After Offering | Percent Owned After Offering | Number Beneficially Owned Prior to Offering | Number Registered for Sale Hereby | Number Beneficially Owned After Offering | Percent Owned After Offering | ||||||||||||||||||||||||
Holders of Founder Shares | ||||||||||||||||||||||||||||||||
Randall Bort (1) | 25,000 | 25,000 | — | — | — | — | — | — | ||||||||||||||||||||||||
Michael Cramer (2) | 25,000 | 25,000 | — | — | — | — | — | — | ||||||||||||||||||||||||
Joseph Gatto (3) | 25,000 | 25,000 | — | — | — | — | — | — | ||||||||||||||||||||||||
GM Sponsor LLC (4) (9) | 8,932,500 | 8,932,500 | — | — | — | — | — | — | ||||||||||||||||||||||||
HRM Holdings LLC (5) (9) | 992,500 | 992,500 | — | — | — | — | — | — | ||||||||||||||||||||||||
Holder of Executive Shares | ||||||||||||||||||||||||||||||||
Austin Russell (6) | 105,118,203 | 115,573,337 | — | — | — | — | — | — | ||||||||||||||||||||||||
Holders of Private Warrants | ||||||||||||||||||||||||||||||||
GM Sponsor LLC (7) (9) | 3,333,333 | 3,333,333 | — | — | 3,333,333 | 3,333,333 | — | — | ||||||||||||||||||||||||
HRM Holdings LLC (8)(9) | 3,333,333 | 3,333,333 | — | — | 3,333,333 | 3,333,333 | — | — | ||||||||||||||||||||||||
Holders of Merger Consideration Shares | ||||||||||||||||||||||||||||||||
G2VP I, LLC (for itself and as nominee for G2VP Founders Fund I, LLC) (10) | 15,947,553 | 17,524,436 | — | — | — | — | — | — | ||||||||||||||||||||||||
GVA Auto, LLC (11) | 18,030,728 | 19,824,077 | — | — | — | — | — | — | ||||||||||||||||||||||||
AEG Holdings, LLC (4) (9) (12) | 2,010,999 | 2,010,999 | — | — | — | — | — | — | ||||||||||||||||||||||||
Affiliates of Luminar (Holders of Merger Consideration Shares and/or Rollover Options) | ||||||||||||||||||||||||||||||||
Alec E. Gores (4) (7) (9) (12) | 10,943,499 | 10,943,499 | — | — | — | — | — | — | ||||||||||||||||||||||||
Matthew J. Simoncini (13) | 340,773 | 340,773 | — | — | — | — | — | — | ||||||||||||||||||||||||
Scott A. McGregor (14) | 917,688 | 1,008,962 | — | — | — | — | — | — | ||||||||||||||||||||||||
Benjamin J. Kortlang (10) | 15,947,553 | 17,524,436 | — | — | — | — | — | — | ||||||||||||||||||||||||
Thomas J. Fennimore (15) | 1,840,176 | 1,840,176 | — | — | — | — | — | — | ||||||||||||||||||||||||
M. Scott Faris (16) | 1,635,712 | 1,717,056 | — | — | — | — | — | — | ||||||||||||||||||||||||
Jason Eichenholz (17) | 4,034,770 | 4,436,071 | — | — | — | — | — | — | ||||||||||||||||||||||||
Affiliates of Gores (Holders of Merger Consideration Shares) | ||||||||||||||||||||||||||||||||
J.P. Morgan Trust Company of Delaware (Trustee of the C. Dean Metropoulos 2015 Delaware Trust) (18) | 100,378 | 100,378 | — | — | — | — | — | — |
Shares of Class A Stock | Warrants to Purchase Class A Stock | |||||||||||||||||||||||||||||||
Name | Number Beneficially Owned Prior to Offering | Number Registered for Sale Hereby | Number Beneficially Owned After Offering | Percent Owned After Offering | Number Beneficially Owned Prior to Offering | Number Registered for Sale Hereby | Number Beneficially Owned After Offering | Percent Owned After Offering | ||||||||||||||||||||||||
J.P. Morgan Trust Company of Delaware (Trustee of the 2016 Evan D. Metropoulos Trust) (19) | 100,378 | 100,378 | — | — | — | — | — | — | ||||||||||||||||||||||||
J.P. Morgan Trust Company of Delaware (Trustee of the 2016 J. Daren Metropoulos Trust) (20) | 100,378 | 100,378 | — | — | — | — | — | — | ||||||||||||||||||||||||
Andrew McBride (21) | 4,143 | 4,143 | — | — | — | — | — | — |
(1) | Randall Bort is a former member of our Board who holds Founder Shares. The address for Mr. Bort is 9800 Wilshire Boulevard, Beverly Hills, CA 90212. |
(2) | Michael Cramer is a former member of our Board who holds Founder Shares. The address for Mr. Cramer is 9800 Wilshire Boulevard, Beverly Hills, CA 90212. |
(3) | Joseph Gatto is a former member of our Board who holds Founder Shares. Mr. Gatto is an affiliate of a broker-dealer. Mr. Gatto acquired the shares being registered hereunder in the ordinary course of business, and at the same time of the acquisition of the shares described herein, he did not have any arrangements or understandings with any person to distribute such securities. The address for Mr. Gatto is 9800 Wilshire Boulevard, Beverly Hills, CA 90212. |
(4) | Represents 8,932,500 Founders Shares held by GM Sponsor LLC (“GM”). AEG Holdings, LLC (“AEG”) is the managing member of GM and Alec E. Gores is the managing member of AEG. Voting and disposition decisions with respect to securities held by GM are made by Mr. Gores. Mr. Gores is a member of our Board. The address for GM is 9800 Wilshire Boulevard, Beverly Hills, CA 90212 and the address for AEG is 6260 Lookout Road, Boulder, CO 80301. |
(5) | Represents 992,500 Founders Shares held by HRM Holdings LLC. C. Dean Metropoulos is the managing member of HRM Holdings LLC (“HRM”) and various trusts for the benefit of Mr. Metropoulos and members of his immediate family are the members of HRM. Voting and disposition decisions with respect to securities held by HRM are made by Mr. Metropoulos. Mr. Metropoulos is a former member of our Board. The address for HRM and Mr. Metropoulos is 200 Greenwich Avenue, Greenwich, CT 06830. |
(6) | Includes (i) solely with respect to the “Number Registered for Sale Hereby” column, 10,455,134 shares of Class A Stock issuable upon the conversion of the Class B Stock issuable as Earn-Out Shares and (ii) 105,118,204 shares of Class B Stock which are convertible into Class A Stock on a one-to-one basis as more fully described in the section titled “ Description of Securities” |
(7) | Represents 3,333,333 shares of Class A Stock issuable upon exercise of Private Warrants held by GM Sponsor, LLC. AEG Holdings, LLC is the managing member of GM Sponsor LLC and Alec E. Gores is the managing member of AEG Holdings, LLC. Voting and disposition decisions with respect to such securities are made by Mr. Gores. Mr. Gores disclaims beneficial ownership of these securities except to the extent of any pecuniary interest therein. Mr. Gores is a member of our Board. The address for AEG Holdings, LLC is 6260 Lookout Road, Boulder, CO 80301. |
(8) | Represents 3,333,333 shares of Class A Stock issuable upon exercise of Private Warrants held by HRM Holdings LLC. Dean Metropoulos is the managing member of HRM Holdings LLC. Voting and disposition decisions with respect to such securities are made by Mr. Metropoulos. Mr. Metropoulos disclaims beneficial ownership of these securities except to the extent of any pecuniary interest therein. The address for HRM Holdings, LLC is 200 Greenwich Avenue, Greenwich, CT, 06830. |
(9) | Because of the relationship among AEG, GM, HRM and Sponsor, Mr. Gores and Mr. Metropoulos may be deemed to beneficially own these securities to the extent of their respective pecuniary interests. Mr. Gores and Mr. Metropoulos disclaim beneficial ownership of these securities except to the extent of their respective pecuniary interest therein, if any. |
(10) | Represents (i) 15,947,553 shares of Class A Stock held by G2VP I, LLC for itself and as nominee for G2VP Founders Fund I, LLC (“G2VP”) and (ii) solely with respect to the “Number Registered for Sale Hereby” column, 1,576,883 shares of Class A Stock issuable as Earn-Out Shares. Benjamin J. Kortlang, a member of our Board, Brook Porter, Daniel Oros and David Mount are the Managing Members of G2VP I Associates, LLC, the Managing Member of G2VP, and therefore, may be deemed to hold voting and dispositive power over the shares held by G2VP. The address of G2VP is 3280 Alpine Road, Portola Valley, CA 94028. |
(11) | Represents (i) 18,030,728 shares of Class A Stock held by GVA Auto, LLC and (ii) solely with respect to the “Number Registered for Sale Hereby” column, 1,793,349 shares of Class A Stock issuable as Earn-Out Shares. Pavel Cherkashin is the Managing Partner of GVA Capital, which is the Manager of GVA Auto, LLC, and therefore, may be deemed to hold voting and dispositive power over the shares held by GVA Auto, LLC. The address of GVA Auto, LLC is 908 Broadway, San Francisco, CA 94133. |
(12) | Represents 2,010,999 shares of Class A Stock held by AEG Holdings, LLC. Alec E. Gores is the managing member of AEG Holdings, LLC. Voting and disposition decisions with respect to such securities are made by Mr. Gores. |
(13) | Represents 340,773 shares of Class A Stock issuable upon exercise of outstanding Rollover Options. |
(14) | Represents (i) 917,688 shares of Class A Stock and (ii) solely with respect to the “Number Registered for Sale Hereby” column, 91,274 shares of Class A Stock issuable as Earn-Out Shares. |
(15) | Represents 1,840,176 shares of Class A Stock issuable upon exercise of outstanding Rollover Options. |
(16) | Represents (i) 817,856 shares of Class A Stock, (ii) 817,856 shares of Class A Stock issuable upon exercise of outstanding Rollover Options, and (iii) solely with respect to the “Number Registered for Sale Hereby” column, 81,344 shares of Class A Stock issuable as Earn-Out Shares. |
(17) | Represents (i) 4,034,770 shares of Class A Stock and (ii) solely with respect to the “Number Registered for Sale Hereby” column, 401,301 shares of Class A Stock issuable as Earn-Out Shares. |
(18) | J.P. Morgan Trust Company of Delaware is the trustee of the C. Dean Metropoulos 2015 Delaware Trust (the “2015 CDM Trust”) and is therefore deemed to hold voting and dispositive powers over the securities held by the 2015 CDM Trust. The address for 2015 CDM Trust is 500 Stanton Christiana Road, Newark, DE 19713. |
(19) | J.P. Morgan Trust Company of Delaware is the trustee of the 2016 Evan D. Metropoulos Trust (the “2016 EDM Trust”) and is therefore deemed to hold voting and dispositive powers over the securities held by the 2016 EDM Trust. The address for 2016 EDM Trust is 500 Stanton Christiana Road, Newark, DE 19713. |
(20) | J.P. Morgan Trust Company of Delaware is the trustee of the 2016 J. Daren Metropoulos Trust (the “2016 JDM Trust”) and is therefore deemed to hold voting and dispositive powers over the securities held by the 2016 JDM Trust. The address for 2016 JDM Trust is 500 Stanton Christiana Road, Newark, DE 19713. |
(21) | Andrew McBride is our former Chief Financial Officer. The address for Mr. McBride is 9800 Wilshire Boulevard, Beverly Hills, CA 90212. |
Redemption Date | Fair Market Value of Class A Stock | |||||||||||||||||||||||||||||||||||
(period to expiration of warrants) | $10.00 | $11.00 | $12.00 | $13.00 | $14.00 | $15.00 | $16.00 | $17.00 | $18.00 | |||||||||||||||||||||||||||
57 months | 0.257 | 0.277 | 0.294 | 0.310 | 0.324 | 0.337 | 0.348 | 0.358 | 0.365 | |||||||||||||||||||||||||||
54 months | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.365 | |||||||||||||||||||||||||||
51 months | 0.246 | 0.268 | 0.287 | 0.304 | 0.320 | 0.333 | 0.346 | 0.357 | 0.365 | |||||||||||||||||||||||||||
48 months | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.365 | |||||||||||||||||||||||||||
45 months | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.330 | 0.343 | 0.356 | 0.365 | |||||||||||||||||||||||||||
42 months | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.364 | |||||||||||||||||||||||||||
39 months | 0.221 | 0.246 | 0.269 | 0.290 | 0.309 | 0.325 | 0.340 | 0.354 | 0.364 | |||||||||||||||||||||||||||
36 months | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.364 | |||||||||||||||||||||||||||
33 months | 0.205 | 0.232 | 0.257 | 0.280 | 0.301 | 0.320 | 0.337 | 0.352 | 0.364 | |||||||||||||||||||||||||||
30 months | 0.196 | 0.224 | 0.250 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.364 | |||||||||||||||||||||||||||
27 months | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.350 | 0.364 | |||||||||||||||||||||||||||
24 months | 0.173 | 0.204 | 0.233 | 0.260 | 0.285 | 0.308 | 0.329 | 0.348 | 0.364 | |||||||||||||||||||||||||||
21 months | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.364 | |||||||||||||||||||||||||||
18 months | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.363 | |||||||||||||||||||||||||||
15 months | 0.130 | 0.164 | 0.197 | 0.230 | 0.262 | 0.291 | 0.317 | 0.342 | 0.363 | |||||||||||||||||||||||||||
12 months | 0.111 | 0.146 | 0.181 | 0.216 | 0.250 | 0.282 | 0.312 | 0.339 | 0.363 | |||||||||||||||||||||||||||
9 months | 0.090 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.362 | |||||||||||||||||||||||||||
6 months | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.362 | |||||||||||||||||||||||||||
3 months | 0.034 | 0.065 | 0.104 | 0.150 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 | |||||||||||||||||||||||||||
0 months | — | — | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |
called only by a majority of the Whole Board, the chairman of the Board, or the chief executive officer, thus prohibiting a stockholder from calling a special meeting. The Second Amended and Restated Certificate of Incorporation provides that the stockholders may not take action by written consent, but may only take action at annual or special meetings of stockholders. As a result, holders of capital stock are not able to amend the Amended and Restated Bylaws or remove directors without holding a meeting of stockholders called in accordance with the Amended and Restated Bylaws. These provisions might delay the ability of stockholders to force consideration of a proposal or for stockholders to take any action, including the removal of directors. |
the threat of inconsistent or contrary rulings by different courts, among other considerations, the Second Amended and Restated Certificate of Incorporation provides that the federal district courts of the United States of America will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act. |
Luminar Unaudited Condensed Financial Statements | ||||
F-2 | ||||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-7 | ||||
F-8 | ||||
Luminar Technologies, Inc.—Audited Financial Statements | ||||
F-34 | ||||
F-35 | ||||
F-36 | ||||
F-37 | ||||
F-39 | ||||
F-40 | ||||
Gores Metropoulos, Inc. Unaudited Financial Statements | ||||
F-75 | ||||
F-76 | ||||
F-77 | ||||
F-78 | ||||
F-79 | ||||
Gores Metropoulos, Inc. Audited Financial Statements | ||||
F-90 | ||||
F-91 | ||||
F-91 | ||||
F-92 | ||||
F-93 | ||||
F-94 | ||||
F-95 |
September 30, 2020 | December 31, 2019 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 50,700 | $ | 27,080 | ||||
Restricted cash and cash equivalents | 225 | 225 | ||||||
Marketable securities | 117,130 | 6,659 | ||||||
Accounts receivable | 955 | 1,677 | ||||||
Inventories | 2,921 | 4,002 | ||||||
Other current assets | 9,771 | 1,824 | ||||||
Total current assets | 181,702 | 41,467 | ||||||
Property and equipment, net | 7,765 | 7,867 | ||||||
Goodwill | 701 | 701 | ||||||
Other long-term assets | 1,285 | 1,829 | ||||||
Total assets | $ | 191,453 | $ | 51,864 | ||||
Liabilities, mezzanine equity and stockholders’ deficit | ||||||||
Accounts payable | 8,250 | 3,456 | ||||||
Accrued liabilities | 7,667 | 3,182 | ||||||
Current portion of long-term debt, net | 1,949 | 7,791 | ||||||
Other current liabilities | 442 | 344 | ||||||
Total current liabilities | 18,308 | 14,773 | ||||||
Long-term debt, net | 26,877 | 1,555 | ||||||
Warrant liabilities | 15,412 | 1,122 | ||||||
Other long-term liabilities | 1,240 | 1,401 | ||||||
Total liabilities | $ | 61,837 | $ | 18,851 | ||||
Commitments and contingencies (Note 15) | 0 | 0 | ||||||
Mezzanine equity | ||||||||
Series A preferred stock, $0.00001 par value; 7,537,269 shares authorized as of December 31, 2019 and September 30, 2020, 6,956,100 issued and outstanding as of December 31, 2019 and September 30, 2020. | 244,743 | 244,743 | ||||||
Series X preferred stock, $0.00001 par value; 0 and 1,472,905 shares authorized as of December 31, 2019 and September 30, 2020 respectively, 0 and 1,251,971 issued and outstanding as of December 31, 2019 and September 30, 2020. | 164,111 | — | ||||||
Stockholders’ deficit | ||||||||
Founders’ preferred stock, $0.00001 par value; 1,922,600 shares authorized as of December 31, 2019 and September 30, 2020, 1,922,600 shares issued and outstanding as of December 31, 2019 and September 30, 2020 | 0 | 0 | ||||||
Class A common stock, $0.00001 par value, 20,800,000 and 31,500,000 shares authorized as of December 31, 2019 and September 30, 2020, respectively, 10,244,043 shares issued and 9,880,277 and 9,763,078 outstanding as of December 31, 2019 and September 30, 2020, respectively | 0 | 0 | ||||||
Class B common stock, $0.00001 par value, 0 and 7,711,738 shares authorized as of December 31, 2019 and September 30, 2020, respectively, 0 shares issued and outstanding as of December 31, 2019 and September 30, 2020 | 0 | 0 | ||||||
Additional paid-in capital | 15,212 | 10,474 | ||||||
Accumulated other comprehensive loss | (20 | ) | (1 | ) | ||||
Treasury stock, at cost, 363,766 and 480,965 shares at December 31, 2019 and September 30, 2020, respectively | 0 | 0 | ||||||
Accumulated deficit | (294,430 | ) | (222,203 | ) | ||||
Total stockholders’ deficit | (279,238 | ) | (211,730 | ) | ||||
Total liabilities, mezzanine equity and stockholders’ deficit | $ | 191,453 | $ | 51,864 | ||||
Nine Month ended September 30, | ||||||||
2020 | 2019 | |||||||
Net sales | $ | 11,519 | $ | 6,803 | ||||
Cost of sales | 18,209 | 9,346 | ||||||
Gross loss | (6,690 | ) | (2,543 | ) | ||||
Selling and marketing expenses | 5,407 | 3,305 | ||||||
General and administrative expenses | 16,116 | 11,744 | ||||||
Research and development expenses | 28,268 | 27,376 | ||||||
Operating loss | (56,481 | ) | (44,968 | ) | ||||
Interest income | 162 | 265 | ||||||
Interest expense | (2,097 | ) | (1,762 | ) | ||||
Change in fair value of SAFE notes | — | (24,215 | ) | |||||
Change in fair values of warrant liabilities | (12,562 | ) | (164 | ) | ||||
Loss on extinguishment of debt | (866 | ) | (6,124 | ) | ||||
Other income | 10 | 234 | ||||||
Other expense | (393 | ) | (40 | ) | ||||
Loss before income taxes | (72,227 | ) | (76,774 | ) | ||||
Income taxes | 0— | 0— | ||||||
Net loss | $ | (72,227 | ) | $ | (76,774 | ) | ||
Net loss attributable to common stockholders, basic and diluted | $ | (8.25 | ) | $ | (9.46 | ) | ||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 9,510,996 | 8,676,669 | ||||||
Nine Month ended September 30, | ||||||||
2020 | 2019 | |||||||
Net loss | $ | (72,227 | ) | $ | (76,774 | ) | ||
Other comprehensive loss, net of tax: | ||||||||
Changes in unrealized loss on marketable securities | (19 | ) | — | |||||
Comprehensive loss | $ | (72,246 | ) | $ | (76,774 | ) | ||
Series A Convertible Preferred stock | Founders Preferred Stock | Common Stock | Treasury stock | Additional paid-in capital | Accumulated other comprehensive (loss) | Accumulated deficit | Total stockholders’ deficit | |||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Amount | ||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | — | $ | — | 1,922,600 | $ | — | 9,855,336 | $ | — | $ | $ | 2,818 | $ | — | $ | (127,485 | ) | $ | (124,667 | ) | ||||||||||||||||||||||||
Issuance of restricted common stock | — | — | — | — | 123,717 | — | — | 23 | — | — | 23 | |||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | 1,856 | — | — | 1,856 | |||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Conversion of SAFE into preferred stock for cash, net of issuance costs of $3,775 | 5,053,022 | 169,951 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Conversion of SAFE into common stock | — | — | — | — | 264,990 | — | — | 4,925 | — | — | 4,925 | |||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | (76,774 | ) | (76,774 | ) | |||||||||||||||||||||||||||||||
Conversion of debt into preferred stock | 317,404 | 7,719 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Issuance of Series A stock for cash, net of issuance costs of $1,592 | 1,585,674 | 67,073 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance as of September 30, 2019 | 6,956,100 | $ | 244,743 | 1,922,600 | $ | — | 10,244,043 | $ | — | $ | — | $ | 9,622 | $ | — | $ | (204,259 | ) | $ | (194,637 | ) | |||||||||||||||||||||||
(1) | Amounts within common stock and treasury stock round to zero. |
Series A Convertible Preferred stock | Series X Convertible Preferred stock | Founders Preferred Stock | Common Stock | Treasury stock | Additional paid-in capital | Accumulated other comprehensive (loss) | Accumulated deficit | Total stockholders’ deficit | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 6,956,100 | $ | 244,743 | — | — | 1,922,600 | — | 10,244,043 | $ | — | $ | — | $ | 10,474 | $ | (1 | ) | $ | (222,203 | ) | $ | (211,730 | ) | |||||||||||||||||||||||||||||
Issuance of Series X stock for cash, net of issuance costs of $ 5,889 | — | — | 1,251,971 | $ | 164,111 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted common stock | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Share-based compensation and Conversion to Common Stock | — | — | — | — | — | — | — | — | — | 4,738 | — | — | 4,738 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | — | — | — | — | (19 | ) | — | (19 | ) | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | (72,227 | ) | (72,227 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 6,956,100 | $ | 244,743 | 1,251,971 | $ | 164,111 | 1,922,600 | $ | — | 10,244,043 | $ | — | $ | — | $ | 15,212 | $ | (20 | ) | $ | (294,430 | ) | $ | (279,238 | ) | |||||||||||||||||||||||||||
(1) | Amounts within common stock and treasury stock round to zero. |
Nine month ended September 30, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (72,227 | ) | $ | (76,774 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 1,929 | 1,712 | ||||||
Change in fair value of warrants and SAFE liabilities | 12,562 | 24,379 | ||||||
Write-down of inventories | 4,393 | 64 | ||||||
Loss on disposal of property and equipment | 30 | 37 | ||||||
Loss on extinguishment of debt | 866 | 6,124 | ||||||
Share-based compensation | 4,710 | 1,856 | ||||||
Loss on write off of property and equipment | 359 | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 723 | (74 | ) | |||||
Inventories | (3,206 | ) | (1,880 | ) | ||||
Other current assets | (3,571 | ) | (1,072 | ) | ||||
Other long-term assets | 544 | (13 | ) | |||||
Accounts payable | 2,462 | (1,154 | ) | |||||
Accrued liabilities | 2,606 | 1,383 | ||||||
Other current liabilities | 279 | 142 | ||||||
Other long-term liabilities | (190 | ) | (127 | ) | ||||
Net cash used in operating activities | (47,731 | ) | (45,398 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of marketable securities | (123,403 | ) | — | |||||
Proceeds from maturities of marketable securities | 8,465 | — | ||||||
Proceeds from sale of marketable securities | 4,448 | — | ||||||
Purchase of property and equipment | (1,981 | ) | (1,122 | ) | ||||
Proceeds from disposal of property and equipment | 18 | 368 | ||||||
Net cash used in investing activities | (112,453 | ) | (754 | ) | ||||
Cash flows from financing activities: | ||||||||
Settlement of SAFE notes | — | (5,609 | ) | |||||
Principal payments on financing obligations | (11,206 | ) | (6,968 | ) | ||||
Proceeds from the issuance of debt | 31,910 | — | ||||||
Proceeds from issuance of SAFE notes | — | 37,377 | ||||||
Principal payments on capital leases | (159 | ) | (64 | ) | ||||
Proceeds from issuance of Series A Convertible Preferred stock | — | 68,666 | ||||||
Proceeds from issuance of Series X Convertible Preferred stock | 170,000 | — | ||||||
Proceeds from issuance of restricted common stock | — | 61 | ||||||
Financing costs paid for debt | (361 | ) | (5,367 | ) | ||||
Issuance cost paid for Series X Preferred stock | (5,662 | ) | — | |||||
Payment made for merger related expense | (707 | ) | — | |||||
Repurchase of Common Stock | (11 | ) | (11 | ) | ||||
Net cash provided by financing activities | 183,804 | 88,085 | ||||||
Net increase in cash and cash equivalents and restricted cash and cash equivalents | 23,620 | 41,933 | ||||||
Beginning cash and cash equivalents and restricted cash and cash equivalents | 27,305 | 9,827 | ||||||
Ending cash and cash equivalents and restricted cash and cash equivalents | 50,925 | 51,760 | ||||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 2,013 | $ | 1,652 | ||||
Supplemental disclosures of noncash investing and financing activities | ||||||||
Conversion of Bridge Note to Series A Convertible Preferred stock | — | 7,719 | ||||||
Conversion of SAFE notes into common stock | — | 4,925 | ||||||
Conversion of SAFE notes into Series A Convertible Preferred stock | — | 173,726 | ||||||
Assets acquired on capital leases | 43 | 430 | ||||||
Purchases of property and equipment recorded in accounts payable and accrued liabilities | 313 | 79 | ||||||
Merger related expense recorded in accounts payable and accrued liabilities | 3,669 | — | ||||||
Issuance cost for Series X preferred stock recorded in accounts payable | 227 | — |
Nine months ended September 30, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | |||||||||||||
Revenue by primary geographical market: | ||||||||||||||||
North America | $ | 3,198 | 28 | % | $ | 5,606 | 82 | % | ||||||||
Asia Pacific | 720 | 6 | % | 433 | 6 | % | ||||||||||
Europe, Middle East, and Asia | 7,601 | 66 | % | 764 | 12 | % | ||||||||||
Total | $ | 11,519 | 100 | % | $ | 6,803 | 100 | % | ||||||||
Revenue by timing of recognition: | ||||||||||||||||
Revenue recognized at a point in time | $ | 2,076 | 18 | % | $ | 4,373 | 64 | % | ||||||||
Revenue recognized over time | 9,443 | 82 | % | 2,430 | 36 | % | ||||||||||
Total | $ | 11,519 | 100 | % | $ | 6,803 | 100 | % | ||||||||
Revenue by segment | ||||||||||||||||
Autonomy Solutions | $ | 9,587 | 83 | % | $ | 4,373 | 64 | % | ||||||||
Other Component Sales | 1,932 | 17 | % | 2,430 | 36 | % | ||||||||||
Total | $ | 11,519 | 100 | % | $ | 6,803 | 100 | % | ||||||||
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
Contract liabilities, current | $ | 956 | $ | 225 | ||||
Contract liabilities, non-current | 0— | 0— | ||||||
Total contract liabilities | $ | 956 | $ | 225 | ||||
As of September 30, | ||||||||
2020 | 2019 | |||||||
Beginning balance | $ | 225 | $ | 0 | ||||
Revenue recognized that was included in the contract liabilities beginning balance | (225 | ) | 0 | |||||
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | 956 | 2,596 | ||||||
Ending balance | $ | 956 | $ | 2,596 | ||||
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
Raw materials | $ | 95 | $ | 1,998 | ||||
Work-in-process | 331 | 1,376 | ||||||
Finished goods | 2,495 | 628 | ||||||
Total inventory, net of allowance | $ | 2,921 | $ | 4,002 | ||||
Autonomy Solutions | Other Component Sales | Total | ||||||||||
Balance as of December 31, 2019 | $ | 687 | $ | 14 | $ | 701 | ||||||
Balance as of September 30, 2020 | $ | 687 | $ | 14 | $ | 701 |
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
2017 Notes Principal Outstanding | $ | — | $ | 5,304 | ||||
Unamortized discount (2017 Notes) | — | (56 | ) | |||||
2018 Notes | — | 2,707 | ||||||
Unamortized discount (2018 Notes) | — | (81 | ) | |||||
New Notes | 30,000 | — | ||||||
Unamortized discount (New Notes) | (1,329 | ) | — | |||||
Net carrying amount | 28,671 | 7,874 | ||||||
Less: current portion | 1,897 | 6,459 | ||||||
Non-current portion | $ | 26,774 | $ | 1,415 | ||||
As of December 31, 2019 | ||||
Notes Principal outstanding | $ | 1,290 | ||
Unamortized discount | (9 | ) | ||
Net carrying amount | 1,281 | |||
Less: current portion | 1,281 | |||
Non-current portion | $ | 0 | ||
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
Vehicle Loan | $ | 35 | $ | 45 | ||||
Additional Equipment Loan | 121 | 146 | ||||||
Total | 156 | 191 | ||||||
Less: current portion | 52 | 51 | ||||||
Non-current portion | $ | 104 | $ | 140 | ||||
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
2017 Warrant | $ | 7,413 | $ | 1,035 | ||||
2018 Warrant | 853 | 87 | ||||||
2020 Warrants | 7,146 | 0 | ||||||
Total | $ | 15,412 | $ | 1,122 | ||||
As of September 30, 2020 | As of December 31, 2019 | |||||||||||||||||||||||
Shares Authorized | Shares Issued and Outstanding | Per share Liquidation Preference | Shares Authorized | Shares Issued and Outstanding | Per share Liquidation Preference | |||||||||||||||||||
Series A | 2,228,361 | 1,660,839 | $ | 43.30 | 2,228,361 | 1,660,839 | $ | 43.30 | ||||||||||||||||
Series A-1 | 163,306 | 163,306 | 15.31 | 163,306 | 163,306 | 15.31 | ||||||||||||||||||
Series A-2 | 1,322,780 | 1,322,780 | 15.12 | 1,322,780 | 1,322,780 | 15.12 | ||||||||||||||||||
Series A-3 | 223,548 | 223,548 | 17.89 | 223,548 | 223,548 | 17.89 | ||||||||||||||||||
Series A-4 | 49,827 | 49,827 | 20.07 | 49,827 | 49,827 | 20.07 | ||||||||||||||||||
Series A-5 | 137,715 | 124,068 | 20.15 | 137,715 | 124,068 | 20.15 | ||||||||||||||||||
Series A-6 | 247,420 | 247,420 | 30.31 | 247,420 | 247,420 | 30.31 | ||||||||||||||||||
Series A-7 | 1,459,656 | 1,459,656 | 34.64 | 1,459,656 | 1,459,656 | 34.64 | ||||||||||||||||||
Series A-8 | 385,777 | 385,777 | 36.81 | 385,777 | 385,777 | 36.81 | ||||||||||||||||||
Series A-9 | 748,674 | 748,674 | 38.97 | 748,674 | 748,674 | 38.97 | ||||||||||||||||||
Series A-10 | 252,801 | 252,801 | 41.14 | 252,801 | 252,801 | 41.14 | ||||||||||||||||||
Series A-11 | 317,404 | 317,404 | 5.27 | 317,404 | 317,404 | 5.27 | ||||||||||||||||||
Series X | 1,472,905 | 1,251,971 | 135.79 | — | — | — |
Effective Conversion Price | ||||
Series A | $ | 43.30 | ||
Series A-1 | 15.31 | |||
Series A-2 | 15.12 | |||
Series A-3 | 17.89 | |||
Series A-4 | 20.07 | |||
Series A-5 | 20.15 | |||
Series A-6 | 30.31 | |||
Series A-7 | 34.64 | |||
Series A-8 | 36.81 | |||
Series A-9 | 38.97 | |||
Series A-10 | 41.14 | |||
Series A-11 | 24.30 | |||
Series X | 135.79 |
Commitment Date | Series | Type of Consideration received (cash or settlement of other instruments) | Effective Conversion Price | Fair value of the Common Stock | Number of Shares Issuable upon Conversion | BCF | ||||||||||||||||
6/24/2019 | A | Cash | $ | 43.30 | $ | 18.59 | 648,069 | $ | — | |||||||||||||
6/24/2019 | A | Settlement of SAFEs | 43.30 | 18.59 | 75,165 | — | ||||||||||||||||
6/24/2019 | A-1 | Settlement of SAFEs | 15.31 | 18.59 | 163,306 | 536,000 | ||||||||||||||||
6/24/2019 | A-2 | Settlement of SAFEs | 15.12 | 18.59 | 1,322,780 | 4,590,000 | ||||||||||||||||
6/24/2019 | A-3 | Settlement of SAFEs | 17.89 | 18.59 | 223,548 | 156,000 | ||||||||||||||||
6/24/2019 | A-4 | Settlement of SAFEs | 20.07 | 18.59 | 49,827 | — | ||||||||||||||||
6/24/2019 | A-5 | Settlement of SAFEs | 20.15 | 18.59 | 124,068 | — | ||||||||||||||||
6/24/2019 | A-6 | Settlement of SAFEs | 30.31 | 18.59 | 247,420 | — | ||||||||||||||||
6/24/2019 | A-7 | Settlement of SAFEs | 34.64 | 18.59 | 1,459,656 | — | ||||||||||||||||
6/24/2019 | A-8 | Settlement of SAFEs | 36.81 | 18.59 | 385,777 | — | ||||||||||||||||
6/24/2019 | A-9 | Settlement of SAFEs | 38.97 | 18.59 | 748,674 | — | ||||||||||||||||
6/24/2019 | A-10 | Settlement of SAFEs | 41.14 | 18.59 | 252,801 | — | ||||||||||||||||
6/24/2019 | A-11 | Settlement of Note | 24.30 | 18.59 | 317,404 | — | ||||||||||||||||
6/26/2019 | A | Cash | 43.30 | 18.59 | 692,778 | — | ||||||||||||||||
7/15/2019 | A | Cash | 43.30 | 18.59 | 11,546 | — | ||||||||||||||||
8/24/2020 to 9/22/2020 | X | Cash | 135.79 | 140.78 | 1,251,971 | 6,247,000 | ||||||||||||||||
Total | $ | 11,529,000 | ||||||||||||||||||||
Fair Value Measured as of September 30, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Commercial papers | $ | — | $ | 61,594 | $ | — | $ | 61,594 | ||||||||
Corporate debt securities | — | 41,980 | — | 41,980 | ||||||||||||
Treasury bills | 4,098 | — | — | 4,098 | ||||||||||||
Agency securities | — | 1,999 | — | 1,999 | ||||||||||||
Asset backed securities | — | 5,190 | 1,250 | 6,440 | ||||||||||||
Foreign corporate debt | — | 1,019 | 0 | 1,019 | ||||||||||||
Total fair value | $ | 4,098 | $ | 111,782 | $ | 1,250 | $ | 117,130 | ||||||||
Liabilities: | ||||||||||||||||
2017 Warrant | $ | — | $ | — | $ | 7,413 | $ | 7,413 | ||||||||
2018 Warrant | — | — | 853 | 853 | ||||||||||||
2020 Warrants | — | — | 7,146 | 7,146 | ||||||||||||
Total fair value | $ | — | $ | — | $ | 15,412 | $ | 15,412 | ||||||||
Fair Value Measured (in thousands) as of December 31, 2019 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Commercial papers | $ | — | $ | 3,212 | — | $ | 3,212 | |||||||||
Corporate debt | — | 2,698 | — | 2,698 | ||||||||||||
Treasury bills | 749 | — | — | 749 | ||||||||||||
Total fair value | $ | 749 | $ | 5,910 | $ | — | $ | 6,659 | ||||||||
Liabilities: | ||||||||||||||||
2017 Warrant | $ | — | $ | — | $ | 1,035 | $ | 1,035 | ||||||||
2018 Warrant | — | — | 87 | 87 | ||||||||||||
Total fair value | $ | — | $ | — | $ | 1,122 | $ | 1,122 | ||||||||
For the nine months ended September 30, 2020 | ||||||||||||
2017 Warrant | 2018 Warrant | 2020 Warrants | ||||||||||
Balance-beginning of period | $ | 1,035 | $ | 87 | $ | 0— | ||||||
Additions | — | — | 1,728 | |||||||||
Exercise or conversion | — | — | — | |||||||||
Measurement adjustments | 6,378 | 766 | 5,418 | |||||||||
Balance-end of period | $ | 7,413 | $ | 853 | $ | 7,146 | ||||||
For the nine months ended September 30, 2019 | ||||||||||||
SAFEs | 2017 Warrants | 2018 Warrants | ||||||||||
Balance-beginning of period | $ | 122,588 | $ | 808 | $ | 58 | ||||||
Additions | 37,379 | — | — | |||||||||
Exercise or conversion | (184,182 | ) | — | — | ||||||||
Measurement adjustments | 24,215 | 147 | 17 | |||||||||
Balance-end of the nine months period | $ | 0— | $ | 955 | $ | 75 | ||||||
Nine Months ended September 30, | ||||||||
2020 | 2019 | |||||||
Numerator: | ||||||||
Net loss | $ | (72,227 | ) | $ | (76,774 | ) | ||
Deemed dividend attributable to BCF | (6,247 | ) | (5,282 | ) | ||||
Net loss attributable to common shareholders | $ | (78,474 | ) | $ | (82,056 | ) | ||
Denominator: | ||||||||
Weighted average Common shares outstanding- Basic | 9,510,996 | 8,676,669 | ||||||
Dilutive effect of potential common shares | — | — | ||||||
Weighted average Common shares outstanding- Diluted | 9,510,996 | 8,676,669 | ||||||
Net loss per shares attributable to Common shareholders-Basic and Diluted | $ | (8.25 | ) | $ | (9.46 | ) | ||
Nine Months ended September 30, | ||||||||
2020 | 2019 | |||||||
Warrants | 444,023 | 71,281 | ||||||
Stock options | 1,199,974 | 148,988 | ||||||
Restricted Stock | 161,549 | 542,610 | ||||||
Series A Convertible Preferred Stock | 6,956,100 | 6,956,100 | ||||||
Series X Convertible Preferred Stock | 1,251,971 | 0 | ||||||
Founders Preferred Stock | 1,922,600 | 1,922,600 | ||||||
Total | 11,936,217 | 9,641,579 | ||||||
9/30/2020 | 12/31/2019 | |||||||
Expected term (years) (1) | 5.96 — 6.02 | 5.27 — 6.02 | ||||||
Common stock (price per share) | $ | 22.80 —$ 76.93 | $ | 17.38 —$ 22.80 | ||||
Expected volatility (2) | 49.3% — 51.9% | 44.6% — 49.3% | ||||||
Risk-free interest rate (3) | 0.4% — 1.8% | 1.6% — 1.9% | ||||||
Dividend yield (4) | 0% | 0% |
(1) | The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the vesting term and the original contractual term (contractual period to exercise). If the option contains graded vesting, then the vesting term would be based on the vesting pattern. |
(2) | Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ report volatilities. |
(3) | Risk free rate was obtained from US treasury notes for the expected terms noted as of the valuation date. |
(4) | The Company has assumed a dividend yield of zero as they have no plans to declare dividends in the foreseeable future. |
Number of Common Stock options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (In Thousands) | |||||||||||||
Outstanding as of December 31, 2019 | 365,938 | $ | 22.73 | 9.76 | $ | 22 | ||||||||||
Granted | 921,721 | 22.73 | — | — | ||||||||||||
Exercised | — | — | — | |||||||||||||
Forfeited | (87,685 | ) | 22.73 | — | — | |||||||||||
Expired | — | — | — | — | ||||||||||||
Outstanding as of September 30, 2020 | 1,199,974 | $ | 22.73 | 9.32 | $ | 141,657 | ||||||||||
Vested and exercisable as of September 30, 2020 | 59,538 | $ | 22.73 | 9.06 | $ | 7,028 | ||||||||||
Vested and expected to vest as of September 30, 2020 | 1,199,974 | $ | 22.73 | 9.32 | $ | 141,657 | ||||||||||
Shares | Weighted Average Grant Date Fair Value per Share | |||||||
Outstanding as of December 31, 2019 | 458,257 | $ | 10.92 | |||||
Granted | — | — | ||||||
Forfeited | (113,776 | ) | 11.37 | |||||
Vested | (183,556 | ) | 10.45 | |||||
Outstanding as of September 30, 2020 | 160,925 | $ | 13.88 | |||||
Shares | Weighted Average Grant Date Fair Value per Share | |||||||
Outstanding as of December 31, 2019 | 1,999 | $ | 17.61 | |||||
Granted | — | — | ||||||
Exercised | — | — | ||||||
Forfeited | — | — | ||||||
Vested | (1,375 | ) | 17.61 | |||||
Outstanding as of September 30, 2020 | 624 | $ | 17.61 | |||||
Nine Months ended September 30, | ||||||||
2020 | 2019 | |||||||
Cost of sales | $ | 237 | $ | 69 | ||||
Research and development | 1,608 | 616 | ||||||
Sales and marketing | 334 | 107 | ||||||
General and administrative | 2,531 | 1,064 | ||||||
Total | $ | 4,710 | $ | 1,856 | ||||
Capital Leases | Operating Leases | |||||||
2020 | $ | 72 | $ | 1,237 | ||||
2021 | 278 | 4,952 | ||||||
2022 | 187 | 5,428 | ||||||
2023 | 19 | 3,992 | ||||||
2024 | 0 | 746 | ||||||
Thereafter | 0 | 0 | ||||||
Total minimum lease payments | $ | 556 | $ | 16,355 | ||||
Less: amount representing interest | 59 | |||||||
Long-term capital lease obligations as of September 30, 2020 | $ | 497 | ||||||
Nine Months ended September 30, 2020 | ||||||||||||||||||||
Autonomy Solutions | Other Component Sales | Total reportable segments | Eliminations (1) | Total Consolidated | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Revenues from external customers | $ | 9,587 | $ | 1,932 | $ | 11,519 | $ | 0 | $ | 11,519 | ||||||||||
Revenues from internal customer | 639 | 2,544 | 3,183 | (3,183 | ) | 0 | ||||||||||||||
Total Revenue | $ | 10,226 | $ | 4,476 | $ | 14,702 | $ | (3,183 | ) | $ | 11,519 | |||||||||
Depreciation and amortization | $ | 1,825 | $ | 104 | $ | 1,929 | $ | 0 | $ | 1,929 | ||||||||||
Operating profit (loss) | (56,673 | ) | 192 | (56,481 | ) | 0 | ( 56, 481 | ) | ||||||||||||
Other significant items: | ||||||||||||||||||||
Segment assets | 191,778 | 2,979 | 194,757 | (3,304 | ) | 191,453 | ||||||||||||||
Inventory | 2,912 | 9 | 2,921 | 0 | 2,921 | |||||||||||||||
Nine Months ended September 30, 2019 | ||||||||||||||||||||
Autonomy Solutions | Other Component Sales | Total reportable segments | Eliminations (1) | Total Consolidated | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Revenues from external customers | $ | 4,373 | $ | 2,430 | $ | 6,803 | $ | 0 | $ | 6,803 | ||||||||||
Revenues from internal customer | 0 | 2,184 | 2,184 | (2,184 | ) | 0 | ||||||||||||||
Total Revenue | $ | 4,373 | $ | 4,614 | $ | 8,987 | $ | (2,184 | ) | $ | 6,803 | |||||||||
Depreciation and amortization | $ | 1,577 | $ | 135 | $ | 1,712 | $ | 0 | $ | 1,712 | ||||||||||
Operating profit (loss) | (45,235 | ) | 267 | (44,968 | ) | 0 | (44,968 | ) | ||||||||||||
Other significant items: | ||||||||||||||||||||
Segment assets | 73,119 | 2,315 | 75,434 | (2,779 | ) | 72,655 | ||||||||||||||
Inventory | 4,742 | 0 | 4,742 | 0 | 4,742 |
1. | Represent the eliminations of all intercompany balances and transactions during the period presented. |
As of December 31, | As of December 31, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 27,080 | $ | 9,602 | $ | 27,080 | $ | 9,602 | ||||||||
Restricted cash and cash equivalents | 225 | 0 | 225 | 0 | ||||||||||||
Marketable securities | 6,659 | 0 | 6,659 | 0 | ||||||||||||
Accounts receivable | 1,677 | 2,482 | 1,677 | 2,482 | ||||||||||||
Inventories | 4,002 | 2,926 | 4,002 | 2,926 | ||||||||||||
Other current assets | 1,824 | 2,003 | 1,824 | 2,003 | ||||||||||||
Total current assets | 41,467 | 17,013 | 41,467 | 17,013 | ||||||||||||
Restricted cash and cash equivalents | 0 | 225 | 0 | 225 | ||||||||||||
Property and equipment, net | 7,867 | 8,436 | 7,867 | 8,436 | ||||||||||||
Goodwill | 701 | 701 | 701 | 701 | ||||||||||||
Other long-term assets | 1,829 | 1,827 | 1,829 | 1,827 | ||||||||||||
Total assets | $ | 51,864 | $ | 28,202 | $ | 51,864 | $ | 28,202 | ||||||||
Liabilities, mezzanine equity and deficit | ||||||||||||||||
Accounts payable | $ | 3,456 | $ | 3,826 | $ | 3,456 | $ | 3,826 | ||||||||
Accrued liabilities | 3,182 | 3,817 | 3,182 | 3,817 | ||||||||||||
Current portion of long-term debt, net | 7,791 | 9,585 | 7,791 | 9,585 | ||||||||||||
Bridge note payable | 0 | 1,500 | 0 | 1,500 | ||||||||||||
Other current liabilities | 344 | 82 | 344 | 82 | ||||||||||||
Total current liabilities | 14,773 | 18,810 | 14,773 | 18,810 | ||||||||||||
Long-term debt, net | 1,555 | 9,301 | 1,555 | 9,301 | ||||||||||||
Simple Agreements for Future Equity (“SAFE”) liabilities | 0 | 122,588 | 0 | 122,588 | ||||||||||||
Warrant liabilities | 1,122 | 866 | 1,122 | 866 | ||||||||||||
Other long-term liabilities | 1,401 | 1,304 | 1,401 | 1,304 | ||||||||||||
Total liabilities | 18,851 | 152,869 | 18,851 | 152,869 | ||||||||||||
Commitments and contingencies (Note 18) | ||||||||||||||||
Mezzanine equity | ||||||||||||||||
Series A preferred stock, $0.00001 par value; 0and 7,537,269 shares authorized as of December 31, 2018 and December 31, 2019, respectively, 0 and 6,956,100 shares issued and outstanding as of December 31, 2018 and December 31, 2019 | 244,743 | 0 | ||||||||||||||
Series A preferred stock, $0.00001 par value; 0 and 7,537,269 shares authorized as of December 31, 2018 and December 31, 2019, respectively, 0 and 6,956,100 shares issued and outstanding as of December 31, 2018 and December 31, 2019 | 244,743 | 0 | ||||||||||||||
Deficit | ||||||||||||||||
Founders’ preferred stock, $0.00001 par value; 1,922,600 shares authorized as of December 31, 2018 and December 31, 2019, 1,922,600 shares issued and outstanding as of December 31, 2018 and December 31, 2019. | 0 | 0 | 0 | 0 | ||||||||||||
Common stock, $0.00001 par value; 13,000,000 and 20,800,000 shares authorized as of December 31, 2018 and December 31, 2019, respectively, 9,855,336 and 10,244,043 shares issued and 9,593,220 and 9,880,277 outstanding as of December 31, 2018 and December 31, 2019, respectively | 0 | 0 | 0 | 0 | ||||||||||||
Additional paid-in capital | 10,474 | 2,818 | 10,474 | 2,818 | ||||||||||||
Accumulated other comprehensive income (loss) | (1 | ) | 0 | (1 | ) | 0 | ||||||||||
Treasury stock, at cost, 262,116 and 363,766 shares at December 31, 2018 and 2019, respectively | 0 | 0 | 0 | 0 | ||||||||||||
Accumulated deficit | (222,203 | ) | (127,485 | ) | (222,203 | ) | (127,485 | ) | ||||||||
Total deficit | (211,730 | ) | (124,667 | ) | (211,730 | ) | (124,667 | ) | ||||||||
Total liabilities, mezzanine equity and deficit | $ | 51,864 | $ | 28,202 | $ | 51,864 | $ | 28,202 | ||||||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Net sales | $ | 12,602 | $ | 11,692 | ||||
Cost of sales | 16,655 | 10,939 | ||||||
Gross profit (loss) | (4,053 | ) | 753 | |||||
Selling and marketing expenses | 4,730 | 3,025 | ||||||
General and administrative expenses | 16,861 | 21,872 | ||||||
Research and development expenses | 36,971 | 40,085 | ||||||
Operating loss | (62,615 | ) | (64,229 | ) | ||||
Interest income | 509 | 12 | ||||||
Interest expense | (2,239 | ) | (2,654 | ) | ||||
Change in fair value of SAFE notes | (24,215 | ) | (12,345 | ) | ||||
Change in fair values of warrant liabilities | (256 | ) | (143 | ) | ||||
Loss on extinguishment of debt | (6,124 | ) | 0 | |||||
Other income | 262 | 0 | ||||||
Other expense | (40 | ) | (191 | ) | ||||
Loss before income taxes | (94,718 | ) | (79,550 | ) | ||||
Income taxes | 0 | 0 | ||||||
Net loss | $ | (94,718 | ) | (79,550 | ) | |||
Net loss attributable per share to common stockholders: | ||||||||
Basic and diluted | $ | (11.47 | ) | $ | (12.00 | ) | ||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 8,718,104 | 6,631,873 | ||||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Net loss | $ | (94,718 | ) | $ | (79,550 | ) | ||
Other comprehensive loss, net of tax: | ||||||||
Changes in unrealized gain on marketable securities | (1 | ) | 0 | |||||
Comprehensive loss | $ | (94,717 | ) | $ | (79,550 | ) | ||
Series A Convertible Preferred Stock | Founders Preferred Stock | Common Stock | Treasury stock | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Total deficit | |||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Amount | ||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | 0 | $ | 0 | 1,922,600 | $ | 0 | 9,337,270 | $ | — | $ | 0 | $ | 735 | $ | 0 | $ | (47,935 | ) | $ | (47,200 | ) | |||||||||||||||||||||||
Issuance of restricted common stock | 518,066 | 21 | 21 | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 2,062 | 2,062 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Net loss | (79,550 | ) | (79,550 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 0 | 0 | 1,922,600 | 0 | 9,855,336 | — | 0 | 2,818 | (127,485 | ) | (124,667 | ) | ||||||||||||||||||||||||||||||||
Conversion of SAFE into preferred stock for cash, net of issuance costs of $3,775 | 5,053,022 | 169,951 | ||||||||||||||||||||||||||||||||||||||||||
Conversion of debt into preferred stock | 317,404 | 7,719 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Series A stock for cash, net of issuance costs of $1,592 | 1,585,674 | 67,073 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted common stock | 123,717 | 29 | 29 | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 2,702 | 2,702 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock (1) | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Conversion of SAFE into common stock | 264,990 | 4,925 | 4,925 | |||||||||||||||||||||||||||||||||||||||||
Net loss | (94,718 | ) | (94,718 | ) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive Income | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 6,956,100 | $ | 244,743 | 1,922,600 | $ | 0 | 10,244,043 | $ | 0 | $ | 0 | $ | 10,474 | $ | (1 | ) | $ | (222,203 | ) | $ | (211,730 | ) | ||||||||||||||||||||||
(1) | Amounts within common stock and treasury stock round to zero. |
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (94,718 | ) | $ | (79,550 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 2,316 | 1,494 | ||||||
Change in fair value of warrants and SAFE liabilities | 24,471 | 12,488 | ||||||
Impairment of inventories | 1,378 | 3,486 | ||||||
Loss on disposal of property and equipment | 37 | 188 | ||||||
Loss on extinguishment of debt | 6,124 | 0 | ||||||
Share-based compensation | 2,702 | 2,062 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 805 | (364 | ) | |||||
Inventories | (2,454 | ) | (6,054 | ) | ||||
Other current assets | 179 | (874 | ) | |||||
Other long-term assets | (2 | ) | (887 | ) | ||||
Accounts payable | (431 | ) | 454 | |||||
Accrued liabilities | (550 | ) | (820 | ) | ||||
Other current liabilities | 102 | 36 | ||||||
Other long-term liabilities | (160 | ) | 1,252 | |||||
Net cash used in operating activities | (60,201 | ) | (67,089 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of marketable securities | (6,908 | ) | 0 | |||||
Proceeds from sale of marketable securities | 249 | |||||||
Purchase of property and equipment | (1,487 | ) | (4,388 | ) | ||||
Disposal of property and equipment | 368 | 0 | ||||||
Net cash used in investing activities | (7,778 | ) | (4,388 | ) | ||||
Cash flows from financing activities: | ||||||||
Settlement of SAFE notes | (5,609 | ) | 0 | |||||
Principal payments on financing obligations | (9,540 | ) | (4,556 | ) | ||||
Proceeds from the issuance of debt | 0 | 5,940 | ||||||
Principal payments on capital leases | (118 | ) | (15 | ) | ||||
Proceeds from issuance of Series A Convertible Preferred stock | 68,666 | 0 | ||||||
Proceeds from issuance of SAFE notes | 37,377 | 66,468 | ||||||
Proceeds from issuance of restricted common stock | 61 | 84 | ||||||
Financing costs paid | (5,367 | ) | 0 | |||||
Repurchase of common stock | (13 | ) | (2 | ) | ||||
Net cash provided by financing activities | 85,457 | 67,919 | ||||||
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents | 17,478 | (3,558 | ) | |||||
Beginning cash and cash equivalents, and restricted cash and cash equivalents | 9,827 | 13,385 | ||||||
Ending cash and cash equivalents, and restricted cash and cash equivalents | $ | 27,305 | $ | 9,827 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 2,018 | $ | 2,220 | ||||
Cash paid for income taxes | 0 | 1 | ||||||
Supplemental disclosures of noncash investing and financing activities: | ||||||||
Conversion of Bridge Note to Series A Convertible Preferred stock | 7,719 | 0 | ||||||
Conversion of SAFE notes into Common Stock | 4,925 | 0 | ||||||
Conversion of SAFE notes into Series A Convertible Preferred stock | 173,726 | 0 | ||||||
Assets acquired on capital leases | 397 | 79 | ||||||
Purchases of property and equipment recorded in accounts payable and accrued liabilities | 150 | 249 |
Estimated useful lives | ||||
Computer hardware and software | 3 years | |||
Demonstration units and fleet | 2-5 years | |||
Machinery and equipment | ||||
Furnitures and fixtures | ||||
Vehicles | ||||
Leasehold improvements | Lesser of lease term or 10 years |
Year Ended December 31, | ||||||||||||||||
2019 | 2018 | |||||||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | |||||||||||||
Revenue by primary geographical market: | ||||||||||||||||
North America | $ | 10,453 | 83 | % | $ | 9,408 | 80 | % | ||||||||
Asia Pacific | 469 | 4 | % | 140 | 1 | % | ||||||||||
Europe, Middle East, and Asia | 1,680 | 13 | % | 2,144 | 19 | % | ||||||||||
Total | 12,602 | 100 | % | 11,692 | 100 | % | ||||||||||
Revenue by timing of recognition: | ||||||||||||||||
Recognized at a point in time | 9,666 | 77 | % | 7,236 | 62 | % | ||||||||||
Recognized over time | 2,936 | 23 | % | 4,456 | 38 | % | ||||||||||
Total | 12,602 | 100 | % | 11,692 | 100 | % | ||||||||||
Revenue by segment: | ||||||||||||||||
Autonomy Solutions | 9,666 | 77 | % | 7,236 | 62 | % | ||||||||||
Other component sales | 2,936 | 23 | % | 4,456 | 38 | % | ||||||||||
Total | 12,602 | 100 | % | 11,692 | 100 | % | ||||||||||
As of December 31, | ||||
2019 | ||||
Contract liabilities, current | $ | 225 | ||
Contract liabilities, long-term | 0— | |||
Total | $ | 225 | ||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Beginning balance | $ | $ | 1,250 | |||||
Impact of ASC 606 adoption | — | — | ||||||
Revenue recognized that was included in the contract liabilities beginning balance | (1,250 | ) | ||||||
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | 225 | — | ||||||
Customer deposits reclassified to refund liabilities | — | — | ||||||
Ending balance | $ | 225 | $ | 0 | ||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Raw materials | $ | 1,998 | $ | 1,800 | ||||
Work-in-process | 1,376 | 905 | ||||||
Finished goods | 628 | 221 | ||||||
Total inventory | $ | 4,002 | $ | 2,926 | ||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Computer hardware and software | $ | 2,904 | $ | 1,522 | ||||
Demonstration fleet and demonstration units | 1,603 | 939 | ||||||
Machinery and equipment | 4,830 | 4,953 | ||||||
Furnitures and fixtures | 325 | 317 | ||||||
Vehicles | 902 | 872 | ||||||
Leasehold improvements | 821 | 788 | ||||||
Capital lease assets | 579 | 119 | ||||||
Construction in progress | 465 | 1,166 | ||||||
Total property and equipment | 12,429 | 10,676 | ||||||
Less: accumulated depreciation and amortization | 4,562 | 2,240 | ||||||
Total property and equipment, net | $ | 7,867 | $ | 8,436 | ||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Prepaid expenses | $ | 817 | $ | 1,092 | ||||
Advance payments to vendors | 666 | — | ||||||
Prepaid rent and other | 12 | 210 | ||||||
Other receivables | 329 | 701 | ||||||
Total other current assets | $ | 1,824 | $ | 2,003 | ||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Security deposits | $ | 1,793 | $ | 1,756 | ||||
Other long-term assets | 36 | 71 | ||||||
Total other assets | $ | 1,829 | $ | 1,827 | ||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Accrued expenses | $ | 2,049 | $ | 2,853 | ||||
Warranty liabilities | 267 | 145 | ||||||
Contract liabilities | 225 | 0 | ||||||
Payroll payable | 473 | 818 | ||||||
Accrued bonuses | 350 | 0 | ||||||
Short-term lease liabilities and other | 162 | 83 | ||||||
Total accrued and other current liabilities | $ | 3,526 | $ | 3,899 | ||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Deferred rent | 1,106 | 1,193 | ||||||
Long-term lease liabilities | 295 | 111 | ||||||
Total accrued and other long-term liabilities | $ | 1,401 | $ | 1,304 | ||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Principal amount, inclusive of accrued interest and changes in fair value, if any | 0 | $ | 122,588 | |||||
Losses reported from changes in fair value in the statement of operations | $ | (24,215 | ) | $ | (12,345 | ) |
As of December 31, | ||||||||
2019 | 2018 | |||||||
2017 Notes Principal Outstanding | $ | 5,304 | $ | 11,648 | ||||
Unamortized discount (2017 Notes) | (56 | ) | (307 | ) | ||||
2018 Notes | 2,707 | 3,000 | ||||||
Unamortized discount (2018 Notes) | (81 | ) | (151 | ) | ||||
Net carrying amount | 7,874 | 14,190 | ||||||
Less: current portion | 6,459 | 6,320 | ||||||
Non-current portion | $ | 1,415 | $ | 7,870 | ||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Notes Principal Outstanding | $ | 1,290 | $ | 4,023 | ||||
Unamortized discount | (9 | ) | (66 | ) | ||||
Net carrying amount | 1,281 | 3,957 | ||||||
Less: current portion | 1,281 | 2,716 | ||||||
Non-current portion | $ | 0 | $ | 1,241 | ||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Revolving credit facility | $ | 0 | $ | 500 | ||||
Vehicle loan | 45 | 60 | ||||||
Additional Equipment Loan | 146 | 179 | ||||||
Total | 191 | 739 | ||||||
Less: current portion | 51 | 549 | ||||||
Non-current portion | $ | 140 | $ | 190 | ||||
As of December 31, 2019 | ||||
2020 | $ | 7,912 | ||
2021 | 1,489 | |||
2022 | 54 | |||
2023 | 37 | |||
2024 | 0 | |||
Total | 9,492 | |||
Less unamortized debt cost | 146 | |||
Long-term debt | $ | 9,346 | ||
As of December 31, | ||||||||
2019 | 2018 | |||||||
2017 Warrant | $ | 1,035 | $ | 808 | ||||
2018 Warrant | 87 | 58 | ||||||
Total | $ | 1,122 | $ | 866 | ||||
Shares Authorized | Shares Issued and Outstanding | Per Share Liquidation Preference | ||||||||||
Series A | 2,228,361 | 1,660,839 | $ | 43.30 | ||||||||
Series A-1 | 163,306 | 163,306 | 15.31 | |||||||||
Series A-2 | 1,322,780 | 1,322,780 | 15.12 | |||||||||
Series A-3 | 223,548 | 223,548 | 17.89 | |||||||||
Series A-4 | 49,827 | 49,827 | 20.07 | |||||||||
Series A-5 | 137,715 | 124,068 | 20.15 | |||||||||
Series A-6 | 247,420 | 247,420 | 30.31 | |||||||||
Series A-7 | 1,459,656 | 1,459,656 | 34.64 | |||||||||
Series A-8 | 385,777 | 385,777 | 36.81 | |||||||||
Series A-9 | 748,674 | 748,674 | 38.97 | |||||||||
Series A-10 | 252,801 | 252,801 | 41.14 | |||||||||
Series A-11 | 317,404 | 317,404 | $ | 5.27 | ||||||||
7,537,269 | 6,956,100 | |||||||||||
Effective conversion price | ||||
Series A | $ | 43.30 | ||
Series A-1 | 15.31 | |||
Series A-2 | 15.12 | |||
Series A-3 | 17.89 | |||
Series A-4 | 20.07 | |||
Series A-5 | 20.15 | |||
Series A-6 | 30.31 | |||
Series A-7 | 34.64 | |||
Series A-8 | 36.81 | |||
Series A-9 | 38.97 | |||
Series A-10 | 41.14 | |||
Series A-11 | 24.30 |
Commitment Date | Series | Type of Consideration received (cash or settlement of other instruments) | Effective Conversion Price | Fair value of the Common Stock | Number of Shares Issuable upon Conversion | BCF | ||||||||||||||||||
6/24/2019 | A | Cash | $ | 43.30 | $ | 18.59 | 648,069 | $ | — | |||||||||||||||
A | Settlement of SAFEs | 43.30 | 18.59 | 75,165 | — | |||||||||||||||||||
A-1 | Settlement of SAFEs | 15.31 | 18.59 | 163,306 | 536,000 | |||||||||||||||||||
A-2 | Settlement of SAFEs | 15.12 | 18.59 | 1,322,780 | 4,590,000 | |||||||||||||||||||
A-3 | Settlement of SAFEs | 17.89 | 18.59 | 223,548 | 156,000 | |||||||||||||||||||
A-4 | Settlement of SAFEs | 20.07 | 18.59 | 49,827 | — | |||||||||||||||||||
A-5 | Settlement of SAFEs | 20.15 | 18.59 | 124,068 | — | |||||||||||||||||||
A-6 | Settlement of SAFEs | 30.31 | 18.59 | 247,420 | — | |||||||||||||||||||
A-7 | Settlement of SAFEs | 34.64 | 18.59 | 1,459,656 | — | |||||||||||||||||||
A-8 | Settlement of SAFEs | 36.81 | 18.59 | 385,777 | — | |||||||||||||||||||
A-9 | Settlement of SAFEs | 38.97 | 18.59 | 748,674 | — | |||||||||||||||||||
A-10 | Settlement of SAFEs | 41.14 | 18.59 | 252,801 | — | |||||||||||||||||||
A-11 | Settlement of Note | 24.30 | 18.59 | 317,404 | — | |||||||||||||||||||
6/26/2019 | A | Cash | 43.30 | 18.59 | 692,778 | — | ||||||||||||||||||
7/15/2019 | A | Cash | 43.30 | 18.59 | 11,546 | — | ||||||||||||||||||
7/22/2019 | A | Cash | 43.30 | 18.59 | 233,281 | — | ||||||||||||||||||
$ | 5,282,000 | |||||||||||||||||||||||
Fair Value (in thousands) Measured as of December 31, 2019 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Commercial papers | $ | — | $ | 3,212 | $ | — | $ | 3,212 | ||||||||
Corporate debt | — | 2,698 | — | 2,698 | ||||||||||||
Treasury bills | 749 | — | — | 749 | ||||||||||||
Total fair value | 749 | 5,910 | — | 6,659 | ||||||||||||
Liabilities: | ||||||||||||||||
SAFEs | — | — | — | — | ||||||||||||
2017 Warrants | — | — | 1,035 | 1,035 | ||||||||||||
2018 Warrants | — | — | 87 | 87 | ||||||||||||
Total fair value | $ | — | $ | — | $ | 1,122 | $ | 1,122 | ||||||||
Fair Value (in thousands) Measured as of December 31, 2018 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: | ||||||||||||||||
SAFEs | $ | — | $ | — | $ | 122,588 | $ | 122,588 | ||||||||
2017 Warrants | — | — | 808 | 808 | ||||||||||||
2018 Warrants | — | — | 58 | 58 | ||||||||||||
Total fair value | $ | — | $ | — | $ | 123,454 | $ | 123,454 | ||||||||
For the year ended December 31, 2019 | ||||||||||||
SAFEs | 2017 Warrants | 2018 Warrants | ||||||||||
Balance-beginning of year | $ | 122,588 | $ | 808 | $ | 58 | ||||||
Additions | 37,379 | — | ||||||||||
Exercise or conversion | (184,182 | ) | ||||||||||
Measurement adjustments | 24,215 | 227 | 29 | |||||||||
Balance-end of year | $ | 0 | $ | 1,035 | $ | 87 | ||||||
For the year ended December 31, 2018 | ||||||||||||
SAFEs | 2017 Warrants | 2018 Warrants | ||||||||||
Balance-beginning of year | $ | 43,775 | $ | 723 | $ | |||||||
Additions | 66,467 | 0 | ||||||||||
Exercise or conversion | ||||||||||||
Measurement adjustments | 12,345 | 85 | 58 | |||||||||
Balance-end of year | $ | 122,588 | $ | 808 | $ | 58 | ||||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Numerator: | ||||||||
Net loss | $ | (94,718 | ) | $ | (79,550 | ) | ||
Deemed dividend attributable to BCF accretion | (5,282 | ) | — | |||||
Net loss attributable to common shareholders | (100,000 | ) | (79,550 | ) | ||||
Denominator: | ||||||||
Weighted average Common shares outstanding- Basic | 8,718,104 | 6,631,873 | ||||||
Dilutive effect of potential common shares | — | — | ||||||
Weighted average Common shares outstanding- Diluted | 8,718,104 | 6,631,873 | ||||||
Net loss per shares attributable to Common shareholders- Basic and Diluted | $ | (11.47 | ) | $ | (12.00 | ) | ||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Warrants | 71,281 | 71,281 | ||||||
Stock Options | 365,938 | 0 | ||||||
Restricted Stock | 460,257 | 1,693,491 | ||||||
Series A Convertible Preferred Stock | 6,956,100 | 0 | ||||||
Founders Preferred Stock | 1,922,600 | 1,922,600 | ||||||
SAFE | 0 | 4,488,738 | ||||||
Total | 9,776,176 | 8,176,110 | ||||||
2019 | ||||
Expected term (years) (1) | 5.27 – 6.02 | |||
Current stock value | $ | 17.38 – 22.80 | ||
Expected volatility (2) | 44.6% – 49.3% | |||
Risk-free interest rate (3) | 1.6% – 1.9% | |||
Dividend yield (4) | 0% |
(1) | The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the vesting term and the original contractual term (contractual period to exercise). If the option contains graded vesting, then the vesting term would be based on the vesting pattern. |
(2) | Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities. |
(3) | Risk free rate was obtained from US treasury notes for the expected terms noted as of the valuation date. |
(4) | The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future. |
Number of Common Stock Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (In Thousands) | |||||||||||||
Outstanding as of January 1, 2019 | — | $ | — | — | $ | — | ||||||||||
Granted | 366,988 | 22.73 | 9.76 | |||||||||||||
Exercised | — | — | — | |||||||||||||
Forfeited | (1,050 | ) | 22.73 | 9.61 | ||||||||||||
Expired | — | — | — | |||||||||||||
Outstanding as of December 31, 2019 | 365,938 | 22.73 | 9.76 | 22 | ||||||||||||
Vested and exercisable as of December 31, 2019 | 26,035 | 22.73 | 9.75 | 2 | ||||||||||||
Vested and expected to vest as of December 31, 2019 | 365,938 | $ | 22.73 | 9.76 | $ | 22 | ||||||||||
Shares | Weighted Average Grant Date Fair Value per Share | |||||||
Outstanding as of December 31, 2017 | 3,534,436 | $ | 0.36 | |||||
Granted | 509,379 | 12.39 | ||||||
Forfeited | (89,047 | ) | 2.50 | |||||
Vested | (2,278,495 | ) | 0.78 | |||||
Outstanding as of December 31, 2018 | 1,676,273 | 3.01 | ||||||
Granted | 150,800 | 17.54 | ||||||
Forfeited | (97,150 | ) | 7.19 | |||||
Vested | (1,271,666 | ) | 1.97 | |||||
Outstanding as of December 31, 2019 | 458,257 | $ | 10.92 | |||||
Shares | Weighted Average Grant Date Fair Value per Share | |||||||
Outstanding as of December 31, 2017 | 37,989 | $ | 0.05 | |||||
Granted | 2,800 | 13.75 | ||||||
Forfeited | (625 | ) | 0.05 | |||||
Vested | (22,946 | ) | 0.64 | |||||
Outstanding as of December 31, 2018 | 17,218 | 1.46 | ||||||
Granted | — | — | ||||||
Forfeited | — | — | ||||||
Vested | (15,219 | ) | 17.61 | |||||
Outstanding as of December 31, 2019 | 1,999 | $ | 17.61 | |||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Cost of sales | $ | 92 | $ | 66 | ||||
Research and development | 914 | 564 | ||||||
Sales and marketing | 163 | 83 | ||||||
General and administrative | 1,533 | 1,349 | ||||||
Total | $ | 2,702 | $ | 2,062 | ||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Domestic | $ | 94,718 | $ | 79,550 | ||||
Foreign | 0 | 0 | ||||||
Loss before income taxes | $ | 94,718 | $ | 79,550 | ||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
U.S. federal provision at statutory rate | 21.0 | % | 21.0 | % | ||||
State income taxes, net of federal benefit | 2.9 | 3.7 | ||||||
Tax credits | 1.9 | 2.2 | ||||||
Permanent items | (7.4 | ) | (3.9 | ) | ||||
Uncertain tax benefits | (0.9 | ) | (1.1 | ) | ||||
Change in valuation allowance | (17.5 | ) | (21.9 | ) | ||||
Effective tax rate | 0.0 | % | 0.0 | % | ||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carry forward | $ | 43,971 | $ | 27,644 | ||||
Tax credits | 2,397 | 1,473 | ||||||
Accruals and reserves | 1,671 | 2,063 | ||||||
Stock-based compensation | 23 | 0 | ||||||
Other | 2 | 1 | ||||||
Total deferred tax assets | 48,064 | 31,181 | ||||||
Valuation allowance | (46,998 | ) | (29,771 | ) | ||||
Total deferred tax asset | 1,066 | 1,410 | ||||||
Deferred tax liabilities: | ||||||||
Depreciation and amortization | 1,066 | 1,410 | ||||||
Total deferred tax liabilities | 1,066 | 1,410 | ||||||
Net deferred tax assets (liabilities) | $ | 0 | $ | 0 | ||||
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
Unrecognized tax benefits as of the beginning of the year | $ | 1,473 | $ | 549 | ||||
Increases related to prior year tax provisions | ||||||||
Decrease related to prior year tax provisions | ||||||||
Increase related to current year tax provisions | 924 | 924 | ||||||
Statue lapse | ||||||||
Unrecognized tax benefits as of the end of the year | $ | 2,397 | $ | 1,473 | ||||
Capital Leases | Operating Leases | |||||||
2020 | $ | 216 | $ | 5,965 | ||||
2021 | 204 | 6,264 | ||||||
2022 | 113 | 5,975 | ||||||
2023 | 4 | 3,992 | ||||||
2024 | 0 | 746 | ||||||
Thereafter | 0 | 0 | ||||||
Total minimum lease payments | 537 | $ | 22,942 | |||||
Less: amount representing interest | 83 | |||||||
Long-term capital lease obligations as of December 31, 2019 | $ | 454 | ||||||
Year ended December 31, 2019 | ||||||||||||||||||||
Autonomy Solutions | Other Component Sales | Total reportable segments | Eliminations (1) | Total Consolidated | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Revenues from external customers | $ | 9,666 | $ | 2,936 | $ | 12,602 | $ | 0 | $ | 12,602 | ||||||||||
Revenues from internal customer | 0 | 2,949 | 2,949 | (2,949 | ) | 0 | ||||||||||||||
Total Revenue | 9,666 | 5,885 | 15,551 | (2,949 | ) | 12,602 | ||||||||||||||
Depreciation and amortization | 2,135 | 181 | 2,316 | 0 | 2,316 | |||||||||||||||
Operating loss | (62,874 | ) | 259 | (62,615 | ) | 0 | (62,615 | ) | ||||||||||||
Other significant items: | ||||||||||||||||||||
Segment assets | 52,171 | 2,218 | 54,389 | (2,525 | ) | 51,864 | ||||||||||||||
Inventory | $ | 4,002 | $ | 0 | $ | 4,002 | $ | 0 | $ | 4,002 |
Year ended December 31, 2018 | ||||||||||||||||||||
Autonomy Solutions | Other Component Sales | Total reportable segments | Eliminations (1) | Total Consolidated | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Revenues from external customers | $ | 7,236 | $ | 4,456 | $ | 11,692 | $ | 0 | $ | 11,692 | ||||||||||
Revenues from internal customer | 0 | 3,387 | 3,387 | (3,387 | ) | 0 | ||||||||||||||
Total Revenue | 7,236 | 7,843 | 15,079 | (3,387 | ) | 11,692 | ||||||||||||||
Depreciation and amortization | 1,335 | 159 | 1,494 | 0 | 1,494 | |||||||||||||||
Operating loss | (63,845 | ) | (384 | ) | (64,229 | ) | 0 | (64,229 | ) | |||||||||||
Other significant items: | ||||||||||||||||||||
Segment assets | 26,569 | 4,244 | 30,813 | (2,611 | ) | 28,202 | ||||||||||||||
Inventory | $ | 2,926 | $ | 0 | $ | 2,926 | $ | 0 | $ | 2,926 |
1. | Represent the eliminations of all intercompany balances and transactions during the period presented. |
September 30, 2020 (unaudited) | December 31, 2019 (audited) | |||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 518,874 | $ | 1,365,240 | ||||
Prepaid assets | 59,460 | 136,399 | ||||||
Total current assets | 578,334 | 1,501,639 | ||||||
Deferred income tax | — | 2,353 | ||||||
Investments and cash held in Trust Account | 405,725,195 | 406,434,959 | ||||||
Total assets | $ | 406,303,529 | $ | 407,938,951 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accrued expenses, formation and offering costs | $ | 2,935,896 | $ | 53,203 | ||||
State franchise tax accrual | 30,000 | 200,000 | ||||||
Current income tax and interest payable | 133,004 | 1,102,662 | ||||||
Total current liabilities | 3,098,900 | 1,355,865 | ||||||
Deferred underwriting compensation | 14,000,000 | 14,000,000 | ||||||
Total liabilities | $ | 17,098,900 | $ | 15,355,865 | ||||
Commitments and Contingencies: | 0 | 0 | ||||||
Class A Common Stock subject to possible redemption, 38,420,462 and 38,713,476 shares at September 30, 2020 and December 31, 2019, respectively (at redemption value of $10 per share) | 384,204,620 | 387,134,760 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, NaN issued or outstanding | 0 | 0 | ||||||
Common stock | ||||||||
Class A Common Stock, $0.0001 par value; 200,000,000 shares authorized, 1,579,538 and 1,286,524 shares issued and outstanding (excluding 38,420,462 and 38,713,476 shares subject to possible redemption) at September 30, 2020 and December 31, 2019, respectively | 158 | 129 | ||||||
Class F Common Stock, $0.0001 par value; 20,000,000 shares authorized, 10,000,000 and 10,000,000 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 1,000 | 1,000 | ||||||
Additional paid-in capital | 2,954,117 | 24,006 | ||||||
Retained earnings | 2,044,734 | 5,423,191 | ||||||
Total stockholders’ equity | 5,000,009 | 5,448,326 | ||||||
Total liabilities and stockholders’ equity | $ | 406,303,529 | $ | 407,938,951 | ||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | — | ||||||||
Professional fees and other expenses | (4,049,658 | ) | (150,796 | ) | (4,408,626 | ) | (460,780 | ) | ||||||||
State franchise taxes, other than income tax | (50,000 | ) | (50,000 | ) | (150,000 | ) | (150,000 | ) | ||||||||
Net loss from operations | (4,099,658 | ) | (200,796 | ) | (4,558,626 | ) | (610,780 | ) | ||||||||
Other income—interest income | 26,672 | 2,112,905 | 1,351,950 | 6,005,266 | ||||||||||||
Net income/(loss) before income taxes | $ | (4,072,986 | ) | $ | 1,912,109 | $ | (3,206,676 | ) | $ | 5,394,486 | ||||||
Income tax provision and interest | 46,571 | (405,292 | ) | (171,781 | ) | (1,132,843 | ) | |||||||||
Net income/(loss) attributable to common shares | $ | (4,026,415 | ) | $ | 1,506,817 | $ | (3,378,457 | ) | $ | 4,261,643 | ||||||
Net income/(loss) per ordinary share: | ||||||||||||||||
Class A ordinary shares—basic and diluted | $ | (0.08 | ) | $ | 0.04 | $ | (0.06 | ) | $ | 0.13 | ||||||
Class F ordinary shares—basic and diluted | $ | (0.08 | ) | $ | (0.01 | ) | $ | (0.09 | ) | $ | (0.04 | ) | ||||
Three Months Ended September 30, 2019 | Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class F Common Stock | Additional Paid-In Capital | Retained Earnings | Stockholders’ Equity | Class A Common Stock | Class F Common Stock | Additional Paid-In Capital | Retained Earnings | Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance at July 1, 2019 | 1,510,727 | $ | 151 | 10,000,000 | $ | 1,000 | $ | 2,266,014 | $ | 2,732,841 | $ | 5,000,006 | 1,510,727 | $ | 151 | 10,000,000 | $ | 1,000 | $ | 2,266,014 | $ | 2,732,841 | $ | 5,000,006 | ||||||||||||||||||||||||||||||||
Class A common stock subject to possible redemption; 38,639,955 shares at a redemption price of $10.00 | (150,682 | ) | (15 | ) | — | — | (1,506,805 | ) | — | (1,506,820 | ) | (150,682 | ) | (15 | ) | — | — | (1,506,805 | ) | — | (1,506,820 | ) | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,506,817 | 1,506,817 | — | — | — | — | — | 1,506,817 | 1,506,817 | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | 1,360,045 | $ | 136 | 10,000,000 | $ | 1,000 | $ | 759,209 | $ | 4,239,658 | $ | 5,000,003 | 1,360,045 | $ | 136 | 10,000,000 | $ | 1,000 | $ | 759,209 | $ | 4,239,658 | $ | 5,000,003 | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class F Common Stock | Additional Paid-In Capital | Retained Earnings/ (Acc. Deficit) | Stockholders’ Equity | Class A Common Stock | Class F Common Stock | Additional Paid-In Capital | Retained Earnings/ (Acc. Deficit) | Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance at January 1, 2019 | — | $ | — | 10,781,250 | $ | 1,078 | $ | 23,922 | $ | (21,985 | ) | $ | 3,015 | — | $ | — | 10,781,250 | $ | 1,078 | $ | 23,922 | $ | (21,985 | ) | $ | 3,015 | ||||||||||||||||||||||||||||||
Forfeited Class F Common stock by Sponsor | — | — | (781,250 | ) | (78 | ) | 78 | — | — | — | — | (781,250 | ) | (78 | ) | 78 | — | — | ||||||||||||||||||||||||||||||||||||||
Proceeds from initial public offering of Units on February 5, 2019 at $10.00 per Unit | 40,000,000 | 4,000 | — | — | 399,996,000 | — | 400,000,000 | 40,000,000 | 4,000 | — | — | 399,996,000 | — | 400,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Sale of 6,666,666 Private Placement Warrants to Sponsor on February 5, 2019 at $1.50 per Private Placement Warrant | — | — | — | — | 10,000,000 | — | 10,000,000 | — | — | — | — | 10,000,000 | — | 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Underwriters discounts | — | — | — | — | (8,000,000 | ) | — | (8,000,000 | ) | — | — | — | — | (8,000,000 | ) | — | (8,000,000 | ) | ||||||||||||||||||||||||||||||||||||||
Offering costs charged to additional paid-in capital | — | — | — | — | (865,105 | ) | — | (865,105 | ) | — | — | — | — | (865,105 | ) | — | (865,105 | ) | ||||||||||||||||||||||||||||||||||||||
Deferred underwriting compensation | — | — | — | — | (14,000,000 | ) | — | (14,000,000 | ) | — | — | — | — | (14,000,000 | ) | — | (14,000,000 | ) | ||||||||||||||||||||||||||||||||||||||
Class A common stock subject to possible redemption; 38,639,955 shares at a redemption price of $10.00 | (38,639,955 | ) | (3,864 | ) | — | — | (386,395,686 | ) | — | (386,399,550 | ) | (38,639,955 | ) | (3,864 | ) | — | — | (386,395,686 | ) | — | (386,399,550 | ) | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 4,261,643 | 4,261,643 | — | — | — | — | — | 4,261,643 | 4,261,643 | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | 1,360,045 | $ | 136 | 10,000,000 | $ | 1,000 | $ | 759,209 | $ | 4,239,658 | $ | 5,000,003 | 1,360,045 | $ | 136 | 10,000,000 | $ | 1,000 | $ | 759,209 | $ | 4,239,658 | $ | 5,000,003 | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class F Common Stock | Additional Paid-In Capital | Retained Earnings | Stockholders’ Equity | Class A Common Stock | Class F Common Stock | Additional Paid-In Capital | Retained Earnings | Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance at July 1, 2020 | 1,286,524 | $ | 129 | 10,000,000 | $ | 1,000 | $ | 24,006 | $ | 6,071,149 | $ | 6,096,284 | 1,286,524 | $ | 129 | 10,000,000 | $ | 1,000 | $ | 24,006 | $ | 6,071,149 | $ | 6,096,284 | ||||||||||||||||||||||||||||||||
Class A common stock subject to possible redemption; 38,420,462 shares at a redemption price of $10.00 | 293,014 | 29 | — | — | 2,930,111 | — | 2,930,140 | 293,014 | 29 | — | — | 2,930,111 | — | 2,930,140 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (4,026,415 | ) | (4,026,415 | ) | — | — | — | — | — | (4,026,415 | ) | (4,026,415 | ) | ||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 1,579,538 | $ | 158 | 10,000,000 | $ | 1,000 | $ | 2,954,117 | $ | 2,044,734 | $ | 5,000,009 | 1,579,538 | $ | 158 | 10,000,000 | $ | 1,000 | $ | 2,954,117 | $ | 2,044,734 | $ | 5,000,009 | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class F Common Stock | Additional Paid-In Capital | Retained Earnings | Stockholders’ Equity | Class A Common Stock | Class F Common Stock | Additional Paid-In Capital | Retained Earnings | Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance at January 1, 2020 | 1,286,524 | $ | 129 | 10,000,000 | $ | 1,000 | $ | 24,006 | $ | 5,423,191 | $ | 5,448,326 | 1,286,524 | $ | 129 | 10,000,000 | �� | $ | 1,000 | $ | 24,006 | $ | 5,423,191 | $ | 5,448,326 | |||||||||||||||||||||||||||||||
Class A common stock subject to possible redemption; 38,420,462 shares at a redemption price of $10.00 | 293,014 | 29 | — | — | 2,930,111 | — | 2,930,140 | 293,014 | 29 | — | — | 2,930,111 | — | 2,930,140 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (3,378,457 | ) | (3,378,457 | ) | — | — | — | — | — | (3,378,457 | ) | (3,378,457 | ) | ||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 1,579,538 | $ | 158 | 10,000,000 | $ | 1,000 | $ | 2,954,117 | $ | 2,044,734 | $ | 5,000,009 | 1,579,538 | $ | 158 | 10,000,000 | $ | 1,000 | $ | 2,954,117 | $ | 2,044,734 | $ | 5,000,009 | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net income/(loss) | $ | (3,378,457 | ) | $ | 4,261,643 | |||
Changes in state franchise tax accrual | (170,000 | ) | 148,569 | |||||
Changes in prepaid assets and deferred costs | 76,939 | (193,429 | ) | |||||
Changes in deferred offering costs | — | 437,375 | ||||||
Changes in accrued expenses, formation and offering costs | 2,882,693 | (294,056 | ) | |||||
Changes in current income tax and interest payable | (969,658 | ) | 497,951 | |||||
Changes in deferred income tax | 2,353 | 293,594 | ||||||
Net cash provided by/(used in) operating activities | (1,556,130 | ) | 5,151,647 | |||||
Cash flows from investing activities: | ||||||||
Cash deposited in Trust Account | — | (400,000,000 | ) | |||||
Interest reinvested in Trust Account | 709,764 | (4,738,939 | ) | |||||
Net cash provided by/(used in) investing activities | 709,764 | (404,738,939 | ) | |||||
Cash flows from financing activities: | ||||||||
Proceeds from sale of Units in initial public offering | — | 400,000,000 | ||||||
Proceeds from sale of Private Placement Warrants to Sponsor | — | 10,000,000 | ||||||
Repayment of notes and advances payable—related party | — | (150,000 | ) | |||||
Payment of underwriters’ discounts and commissions | — | (8,000,000 | ) | |||||
Payment of accrued offering costs | — | (865,105 | ) | |||||
Net cash provided by financing activities | — | 400,984,895 | ||||||
Increase/(decrease) in cash | (846,366 | ) | 1,397,603 | |||||
Cash at beginning of period | 1,365,240 | 52,489 | ||||||
Cash at end of period | $ | 518,874 | $ | 1,450,092 | ||||
Supplemental disclosure of cash and non-cash financing activities: | ||||||||
Deferred underwriting compensation | $ | — | $ | 14,000,000 | ||||
Cash paid for income and state franchise taxes | 1,459,136 | 342,729 |
1. | Organization and Business Operations |
2. | Significant Accounting Policies |
For the Three Months Ended September 30, 2020 | For the Three Months Ended September 30, 2019 | For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
Class A | Class F | Class A | Class F | Class A | Class F | Class A | Class F | |||||||||||||||||||||||||
Basic and diluted net income/(loss) per share: | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income/(loss) | $ | (3,215,855 | ) | $ | (810,560 | ) | $ | 1,627,320 | $ | (120,503 | ) | $ | (2,433,543 | ) | $ | (944,914 | ) | $ | 4,654,530 | $ | (392,887 | ) | ||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Weighted-average shares outstanding | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | 34,872,000 | 10,217,500 | ||||||||||||||||||||||||
Basic and diluted net income/(loss) per share | $ | (0.08 | ) | $ | (0.08 | ) | $ | 0.04 | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.09 | ) | $ | 0.13 | $ | (0.04 | ) |
3. | Public Offering |
4. | Related Party Transactions |
5. | Deferred Underwriting Compensation |
6. | Income Taxes |
7. | Investments and cash held in Trust |
8. | Fair Value Measurement |
Description | September 30, 2020 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||
Investments and cash held in Trust Account | 405,725,195 | 405,725,195 | — | — | ||||||||||||
Total | $ | 405,725,195 | $ | 405,725,195 | $ | — | $ | — | ||||||||
9. | Stockholders’ Equity |
10. | Risk and Contingencies |
11. | Subsequent Events |
December 31, 2019 | December 31, 2018 | |||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 1,365,240 | $ | 52,489 | ||||
Deferred offering costs | — | 437,375 | ||||||
Prepaid assets | 136,399 | — | ||||||
Total current assets | 1,501,639 | 489,864 | ||||||
Deferred income tax | 2,353 | — | ||||||
Investments and cash held in Trust Account | 406,434,959 | — | ||||||
Total assets | $ | 407,938,951 | $ | 489,864 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accrued expenses, formation and offering costs | $ | 53,203 | $ | 335,418 | ||||
State franchise tax accrual | 200,000 | 1,431 | ||||||
Notes and advances payable—related party | — | 150,000 | ||||||
Income tax payable | 1,102,662 | — | ||||||
Total current liabilities | 1,355,865 | 486,849 | ||||||
Deferred underwriting compensation | 14,000,000 | — | ||||||
Total liabilities | $ | 15,355,865 | $ | 486,849 | ||||
Commitments and Contingencies: | ||||||||
Class A subject to possible redemption, 38,713,476 and -0- | 387,134,760 | — | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, 0ne issued or outstanding | 0 | 0 | ||||||
Common stock | ||||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized, 1,286,524 and -0- -0- | 129 | — | ||||||
Class F common stock, $0.0001 par value; 20,000,000 shares authorized, 10,000,000 shares issued and outstanding | 1,000 | 1,078 | ||||||
Additional paid-in-capital | 24,006 | 23,922 | ||||||
Retained earnings/(accumulated deficit) | 5,423,191 | (21,985 | ) | |||||
Total stockholders’ equity | 5,448,326 | 3,015 | ||||||
Total liabilities and stockholders’ equity | $ | 407,938,951 | $ | 489,864 | ||||
Year ended December 31, 2019 | For the Period from August 28, 2018 (inception) to December 31, 2018 | |||||||
Professional fees and other expenses | (620,871 | ) | (20,554 | ) | ||||
State franchise taxes, other than income tax | (200,000 | ) | (1,431 | ) | ||||
Loss from operations | (820,871 | ) | (21,985 | ) | ||||
Other income—interest income | 7,707,654 | — | ||||||
Net income/(loss) before income taxes | $ | 6,886,783 | $ | (21,985 | ) | |||
Provision for income tax | (1,441,607 | ) | — | |||||
Net income/(loss) attributable to common shares | $ | 5,445,176 | $ | (21,985 | ) | |||
Net income/(loss) per ordinary share: | ||||||||
Class A ordinary shares—basic and diluted | $ | 0.16 | $ | — | ||||
Class F ordinary shares—basic and diluted | $ | (0.05 | ) | $ | (0.00 | ) | ||
Class A Ordinary Shares | Class F Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Stockholders’ Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance at August 28, 2018 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Sale of Class F common stock to sponsor in October 2018 | — | — | 10,781,250 | $ | 1,078 | $ | 23,922 | $ | — | $ | 25,000 | |||||||||||||||||
Net loss | — | — | — | $ | — | $ | — | $ | (21,985 | ) | $ | (21,985 | ) | |||||||||||||||
Balance at December 31, 2018 | — | $ | — | 10,781,250 | $ | 1,078 | $ | 23,922 | $ | (21,985 | ) | $ | 3,015 | |||||||||||||||
For the Year ended December 31, 2019 | ||||||||||||||||||||||||||||
Class A Ordinary Shares | Class F Ordinary Shares | Additional Paid-In Capital | Retained Earnings | Stockholders’ Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Forfeited Class F Common stock by Sponsor | — | — | (781,250 | ) | (78 | ) | 78 | — | — | |||||||||||||||||||
Proceeds from initial public offering of Units on February 5, 2019 at $10.00 per Unit | 40,000,000 | 4,000 | — | — | 399,996,000 | — | 400,000,000 | |||||||||||||||||||||
Sale of 6,666,666 Private Placement Warrants to Sponsor on February 5, 2019 at $1.50 per Private Placement Warrant | — | — | — | — | 10,000,000 | — | 10,000,000 | |||||||||||||||||||||
Underwriters discounts | — | — | — | — | (8,000,000 | ) | — | (8,000,000 | ) | |||||||||||||||||||
Offering costs charged to additional paid-in capital | — | — | — | — | (865,105 | ) | — | (865,105 | ) | |||||||||||||||||||
Deferred underwriting compensation | — | — | — | — | (14,000,000 | ) | — | (14,000,000 | ) | |||||||||||||||||||
Class A common stock subject to possible redemption; 38,713,476 shares at a redemption price of $10.00 | (38,713,476 | ) | (3,871 | ) | — | — | (387,130,889 | ) | — | (387,134,760 | ) | |||||||||||||||||
Net income | — | — | — | — | — | 5,445,176 | 5,445,176 | |||||||||||||||||||||
Balance at December 31, 2019 | 1,286,524 | $ | 129 | 10,000,000 | $ | 1,000 | $ | 24,006 | $ | 5,423,191 | $ | 5,448,326 | ||||||||||||||||
Year Ended December 31, 2019 | For the Period from August 28, 2018 (inception) to December 31, 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net income/(loss) | $ | 5,445,176 | $ | (21,985 | ) | |||
Changes in state franchise tax accrual | 198,569 | 1,431 | ||||||
Changes in prepaid assets | (136,399 | ) | — | |||||
Changes in deferred offering costs | 437,375 | (437,375 | ) | |||||
Changes in current income tax | 1,102,662 | |||||||
Changes in deferred income tax | (2,353 | ) | — | |||||
Changes in accrued expenses, formation and offering costs | (282,215 | ) | 335,418 | |||||
Net cash provided by/(used in) operating activities | 6,762,815 | (122,511 | ) | |||||
Cash flows from investing activities: | ||||||||
Cash deposited in Trust Account | (400,000,000 | ) | — | |||||
Interest reinvested in Trust Account | (6,434,959 | ) | — | |||||
Net cash used in investing activities | (406,434,959 | ) | — | |||||
Cash flows from financing activities: | ||||||||
Proceeds from notes and advances payable—related party | — | 150,000 | ||||||
Proceeds from sale of Class F common stock to Sponsor | — | 25,000 | ||||||
Proceeds from sale of Units in initial public offering | 400,000,000 | — | ||||||
Proceeds from sale of Private Placement Warrants to Sponsor | 10,000,000 | — | ||||||
Repayment of notes and advances payable—related party | (150,000 | ) | — | |||||
Payment of underwriter’s discounts and commissions | (8,000,000 | ) | — | |||||
Payment of accrued offering costs | (865,105 | ) | — | |||||
Net cash provided by financing activities | 400,984,895 | 175,000 | ||||||
Increase in cash | 1,312,751 | 52,489 | ||||||
Cash at beginning of period | 52,489 | — | ||||||
Cash at end of period | $ | 1,365,240 | $ | 52,489 | ||||
Supplemental disclosure of non-cash financing activities: | ||||||||
Deferred underwriting compensation | $ | 14,000,000 | $ | — | ||||
Cash paid for income and state franchise taxes | $ | 342,729 | $ | — |
Year Ended December 31, 2019 | For the Period from August 28, 2018 (inception) to December 31, 2018 | |||||||||||||||
Class A | Class F | Class A | Class F | |||||||||||||
Basic and diluted net income/(loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income/(loss) | $ | 5,938,019 | $ | (492,843 | ) | $ | — | $ | (21,985 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 36,164,000 | 10,162,656 | — | 10,781,250 | ||||||||||||
Basic and diluted net income/(loss) per share | $ | 0.16 | $ | (0.05 | ) | $ | — | $ | (0.00 | ) |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||
Income tax expense at the federal statutory rate | $ | 1,446,224 | $ | (4,617 | ) | |||
State income taxes—net of federal income tax benefits | (29,220 | ) | (1,018 | ) | ||||
Change in valuation allowance | 24,603 | 5,635 | ||||||
Total income tax expense (benefit) | $ | 1,441,607 | $ | — | ||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||
Current income tax expense | ||||||||
Federal | $ | 1,443,960 | $ | — | ||||
State | — | — | ||||||
Total current income tax expense | $ | 1,443,960 | $ | — | ||||
Deferred income tax expense | ||||||||
Federal | $ | (2,353 | ) | $ | — | |||
State | — | — | ||||||
Total deferred income tax expense | $ | (2,353 | ) | $ | — | |||
Provision for income taxes | $ | 1,441,607 | $ | — | ||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||
Deferred tax assets/(liabilities) | ||||||||
Tax attribute carryovers | $ | 32,591 | $ | 5,635 | ||||
Valuation allowance | (30,238 | ) | (5,635 | ) | ||||
Net deferred tax assets/(liabilities) | $ | 2,353 | $ | 5,635 | ||||
Description | December 31, 2019 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||
Investments and cash held in Trust Account | 406,434,959 | 406,434,959 | — | — | ||||||||||||
Total | $ | 406,434,959 | $ | 406,434,959 | $ | — | $ | — | ||||||||
Amount | ||||
SEC registration fee | $ | 565,535.30 | ||
Legal fees and expenses | * | |||
Accounting fees and expenses | * | |||
Miscellaneous | * | |||
Total | $ | * | ||
* | These fees are calculated based on the securities offered and the number of issuances and accordingly cannot be defined at this time. |
* | Schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The registrant hereby agrees to furnish supplementally a copy of any omitted schedule to the SEC upon its request. |
† | Indicates a management contract or compensatory plan, contract or arrangement. |
# | Previously filed. |
(a) | The undersigned registrant hereby undertakes: |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
(2) | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. |
(5) | That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
(ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
(iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
(iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
(b) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. |
LUMINAR TECHNOLOGIES, INC. | ||
By: | /s/ Austin Russell | |
Austin Russell | ||
President, Chief Executive Officer and Chairman of the Board of Directors |
Signature | Title | Date | ||
/s/ Austin Russell Austin Russell | President, Chief Executive Officer and Chairman of the Board of Directors ( Principal Executive Officer | 13 , 2021 | ||
/s/ Thomas J. Fennimore Thomas J. Fennimore | Chief Financial Officer ( Principal Financial and Accounting Officer | 13 , 2021 | ||
Alec E. Gores | Director | 13 , 2021 | ||
Benjamin J. Kortlang | Director | 13 , 2021 | ||
Scott A. McGregor | Director | 13 , 2021 | ||
Matthew J. Simoncini | Director | 13 , 2021 |
*By: | /s/ Thomas J. Fennimore | |
Thomas J. Fennimore | ||
Attorney-in-fact |