VLDR Velodyne Lidar
Filed: 11 May 21, 2:34pm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 11, 2021
VELODYNE LIDAR, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
5521 Hellyer Avenue
San Jose, California
|(Address of principal executive offices)||(Zip Code)|
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|☐||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|☐||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|☐||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|☐||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading symbol(s)||Name of each exchange on which registered|
|Common stock, $0.0001 par value||VLDR||The Nasdaq Stock Market LLC|
|Warrants, each exercisable for three-quarters of one share of common stock||VLDRW||The Nasdaq Stock Market LLC|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission (the “SEC”) together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (the “SEC Statement”). As a result of the SEC Statement, Velodyne re-evaluated the accounting treatment of its warrants and concluded that certain warrants should have been classified as a liability measured at fair value, for the 30-day period from September 29, 2020 to October 29, 2020. As part of the re-evaluation process, Velodyne identified a material weakness in its internal control over financial reporting related to the accounting for its warrants. Velodyne had previously reported in the Company’s Annual Report on Form 10-K filed on March 17, 2021, that its disclosure controls and procedures were not effective because of a material weakness in its internal control over financial reporting in connection with a failure to adequately review revenue schedules associated with non-standard revenue arrangements.
Accounting for these warrants as a liability instead of equity would have reduced non-operating expense and net loss by $1.6 million for the year ended December 31, 2020. Additionally, a corresponding $1.6 million adjustment would have been made to reduce its accumulated deficit with an offsetting adjustment to additional paid in capital in its equity accounts at December 31, 2020. Accounting for these warrants as a liability instead of equity would not have any effect on Velodyne’s previously reported revenues, assets, liabilities, total equity or cash flows for the period ended December 31, 2020. Velodyne has concluded the effects of accounting for the warrants as a liability instead of equity were immaterial to the previously issued financial statements. Velodyne plans to adjust its equity accounts for the effects of the accounting in its warrants in the condensed consolidated statement of stockholders’ equity at March 31, 2021, which will be included in Velodyne’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. Velodyne has not amended its previously filed Annual Report on Form 10-K for the year ended December 31, 2020 or its previously filed Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 because the accounting for these warrants was immaterial for the quarterly and year-to-date periods effected.
Item 9.01. Financial Statements and Exhibits.
|104||Cover Page Interactive Data File (formatted as Inline XBRL).|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|VELODYNE LIDAR, INC.|
|DATE:||May 11, 2021||By:||/s/ Andrew Hamer|
|Chief Financial Officer|