| | | | By Order of the Board of Directors, | |
| | | |
/s/ Robert J. Laikin
Robert J. Laikin |
|
| | | | Chief Executive Officer | |
| | |
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Holders
|
| |
No
Redemption Scenario(1) |
| |
% of
Total |
| |
Illustrative
Redemption Scenario(2) |
| |
% of
Total |
| |
Contractual
Maximum Redemption Scenario(3) |
| |
% of
Total |
| ||||||||||||||||||
Novus Public Stockholders(5)
|
| | | | 28,750,000 | | | | | | 18.3% | | | | | | 14,375,000 | | | | | | 10.2% | | | | | | 1,911,737 | | | | | | 1.5% | | |
Founders (including Novus Initial
Stockholders and NCCII Co-Invest)(4) |
| | | | 6,468,750 | | | | | | 4.1% | | | | | | 5,132,813 | | | | | | 3.6% | | | | | | 3,234,375 | | | | | | 2.6% | | |
EnergyVault Stockholders(5)
|
| | | | 106,566,033 | | | | | | 68.0% | | | | | | 106,566,033 | | | | | | 75.6% | | | | | | 106,566,033 | | | | | | 84.7% | | |
PIPE Subscribers
|
| | | | 15,000,005 | | | | | | 9.6% | | | | | | 15,000,005 | | | | | | 10.6% | | | | | | 15,000,005 | | | | | | 11.8% | | |
Total Shares Outstanding Excluding Earn Out Shares, Energy Vault RSUs, Energy Vault Options and Warrants
|
| | | | 156,784,788 | | | | | | 100% | | | | | | 141,073,850 | | | | | | 100% | | | | | | 126,712,150 | | | | | | 100% | | |
Total Equity Value Post- Redemptions
|
| | | $ | 1,567,847,880 | | | | | | | | | | | $ | 1,410,738,500 | | | | | | | | | | | $ | 1,267,121,500 | | | | | | | | |
Assumed Per Share Value
|
| | | $ | 10.00 | | | | | | | | | | | $ | 10.00 | | | | | | | | | | | $ | 10.00 | | | | | | | | |
Additional Dilution Sources(6)
|
| |
No
Redemption Scenario(1) |
| |
% of
Total(7) |
| |
Illustrative
Redemption Scenario(2) |
| |
% of
Total(7) |
| |
Contractual
Maximum Redemption Scenario(3) |
| |
% of
Total(7) |
| ||||||||||||||||||
Earn Out Shares(8)
|
| | | | 9,000,000 | | | | | | 5.4% | | | | | | 9,000,000 | | | | | | 6.0% | | | | | | 9,000,000 | | | | | | 6.6% | | |
Energy Vault RSUs and Energy Vault Options(9)
|
| | | | 8,251,906 | | | | | | 5.0% | | | | | | 8,251,906 | | | | | | 5.5% | | | | | | 8,251,906 | | | | | | 6.1% | | |
Novus Warrants
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrants(10)
|
| | | | 9,583,333 | | | | | | 5.7% | | | | | | 9,583,333 | | | | | | 6.4% | | | | | | 9,583,333 | | | | | | 7.0% | | |
Private Warrants(11)
|
| | | | 5,166,666 | | | | | | 3.2% | | | | | | 5,166,666 | | | | | | 3.5% | | | | | | 5,166,666 | | | | | | 3.9% | | |
Total Additional Dilutive Sources(12)
|
| | | | 32,001,905 | | | | | | 16.9% | | | | | | 32,001,905 | | | | | | 18.5% | | | | | | 32,001,905 | | | | | | 20.2% | | |
Holders
|
| |
No
Redemption Scenario(1) |
| |
% of
Total |
| |
Illustrative
Redemption Scenario(2) |
| |
% of
Total |
| |
Contractual
Maximum Redemption Scenario(3) |
| |
% of
Total |
| ||||||||||||||||||
Novus Public Stockholders(5)
|
| | | | 28,750,000 | | | | | | 18.3% | | | | | | 14,375,000 | | | | | | 10.2% | | | | | | 1,911,737 | | | | | | 1.5% | | |
Founders (including Novus Initial
Stockholders and NCCII Co-Invest)(4) |
| | | | 6,468,750 | | | | | | 4.1% | | | | | | 5,132,813 | | | | | | 3.6% | | | | | | 3,234,375 | | | | | | 2.6% | | |
EnergyVault Stockholders(5)
|
| | | | 106,566,033 | | | | | | 68.0% | | | | | | 106,566,033 | | | | | | 75.6% | | | | | | 106,566,033 | | | | | | 84.1% | | |
PIPE Subscribers
|
| | | | 15,000,005 | | | | | | 9.6% | | | | | | 15,000,005 | | | | | | 10.6% | | | | | | 15,000,005 | | | | | | 11.8% | | |
Total Shares Outstanding Excluding Earn Out Shares, Energy Vault RSUs, Energy Vault Options and Warrants
|
| | | | 156,784,788 | | | | | | 100% | | | | | | 141,073,850 | | | | | | 100% | | | | | | 126,712,150 | | | | | | 100% | | |
Holders
|
| |
No
Redemption Scenario(1) |
| |
% of
Total |
| |
Illustrative
Redemption Scenario(2) |
| |
% of
Total |
| |
Contractual
Maximum Redemption Scenario(3) |
| |
% of
Total |
| |||||||||
Total Equity Value
Post-Redemptions |
| | | $ | 1,567,847,880 | | | | | | | | $ | 1,410,738,500 | | | | | | | | $ | 1,267,121,500 | | | | | |
Assumed Per Share Value
|
| | | $ | 10.00 | | | | | | | | $ | 10.00 | | | | | | | | $ | 10.00 | | | | | |
Additional Dilution Sources(6)
|
| |
No Redemption
Scenario(1) |
| |
% of
Total(7) |
| |
Illustrative
Redemption Scenario(2) |
| |
% of
Total(7) |
| |
Contractual
Maximum Redemption Scenario(3) |
| |
% of
Total(7) |
| ||||||||||||||||||
Earn Out Shares(8)
|
| | | | 9,000,000 | | | | | | 5.4% | | | | | | 9,000,000 | | | | | | 6.0% | | | | | | 9,000,000 | | | | | | 6.6% | | |
Energy Vault RSUs and Energy Vault Options(9)
|
| | | | 8,251,906 | | | | | | 5.0% | | | | | | 8,251,906 | | | | | | 5.5% | | | | | | 8,251,906 | | | | | | 6.1% | | |
Novus Warrants
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrants(10)
|
| | | | 9,583,333 | | | | | | 5.7% | | | | | | 9,583,333 | | | | | | 6.4% | | | | | | 9,583,333 | | | | | | 7.0% | | |
Private Warrants(11)
|
| | | | 5,166,666 | | | | | | 3.2% | | | | | | 5,166,666 | | | | | | 3.5% | | | | | | 5,166,666 | | | | | | 3.9% | | |
Total Additional Dilutive Sources(12)
|
| | | | 32,001,905 | | | | | | 16.9% | | | | | | 32,001,905 | | | | | | 18.5% | | | | | | 32,001,905 | | | | | | 20.2% | | |
| | |
For the
Nine Months Ended September 30, 2021 |
| |
For the
Nine Months Ended September 30, 2020 |
| |
For the
Year Ended December 31, 2020 |
| |
For the
Year Ended December 31, 2019 |
| ||||||||||||
Total revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Total operating expenses
|
| | | | 16,716,941 | | | | | | 9,568,179 | | | | | | 14,505,432 | | | | | | 10,012,658 | | |
Net loss
|
| | | | (18,589,282) | | | | | | (13,627,831) | | | | | | (24,171,001) | | | | | | (10,141,447) | | |
Net loss per share attributable to
common stockholders – Basic and diluted |
| | | | (10.41) | | | | | | (10.62) | | | | | | (18.06) | | | | | | (10.92) | | |
| | |
As of
September 30, 2021 |
| |
As of
December 31, 2020 |
| |
As of
December 31, 2019 |
| |||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 132,083,310 | | | | | $ | 30,382,816 | | | | | $ | 38,687,990 | | |
Total liabilities
|
| | | | 6,282,827 | | | | | | 7,967,707 | | | | | | 6,203,619 | | |
Convertible Preferred stock
|
| | | | 182,856,927 | | | | | | 62,041,682 | | | | | | 46,533,769 | | |
Total shareholders’ deficit
|
| | | | (57,056,444) | | | | | | (39,626,573) | | | | | | (14,049,398) | | |
| | |
For the
Nine Months Ended September 30, 2021 |
| |
For the period from
September 29, 2020 (inception) through December 31, 2020 |
| ||||||
Total operating expenses
|
| | | $ | — | | | | | $ | — | | |
Net loss
|
| | | | (568,873) | | | | | | (1,104) | | |
Basic and diluted net loss per share, Class A common stock
|
| | | | (0.02) | | | | | | — | | |
Basic and diluted net loss per share, Class B common stock
|
| | | | (0.02) | | | | | | (0.00) | | |
| | |
As of
September 30, 2021 |
| |
As of
December 31, 2020 |
| ||||||
Balance Sheet Data: | | | | | | | | | | | | | |
Total assets
|
| | | $ | 288,535,639 | | | | | $ | 209,896 | | |
Total liabilities
|
| | | | 16,385,685 | | | | | | 186,000 | | |
Total redeemable ordinary shares
|
| | | | 287,500,000 | | | | | | — | | |
Total shareholders’ equity
|
| | | | (15,350,046) | | | | | | 23,896 | | |
| | |
Pro Forma Combined
(Assuming No Redemptions) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions) |
| ||||||
Summary Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Statement of Operations Data: | | | | | | | | | | | | | |
Nine Months Ended September 30, 2021 | | | | | | | | | | | | | |
Revenue
|
| | | $ | — | | | | | $ | — | | |
Net loss per share – basic and diluted
|
| | | $ | (0.13) | | | | | $ | (0.16) | | |
Weighted-average Common shares outstanding – basic and
diluted |
| | |
|
155,167,600
|
| | | |
|
125,094,962
|
| |
Summary Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Statement of Operations Data | | | | | | | | | | | | | |
Year Ended December 31, 2020 | | | | | | | | | | | | | |
| | |
Pro Forma Combined
(Assuming No Redemptions) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions) |
| ||||||
Revenue
|
| | | $ | — | | | | | $ | — | | |
Net loss per share – basic and diluted
|
| | | $ | (0.21) | | | | | $ | (0.26) | | |
Weighted-average Common shares outstanding – basic and
diluted |
| | |
|
155,167,600
|
| | | |
|
125,094,962
|
| |
Summary Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Balance Sheet Data as of September 30, 2021 | | | | | | | | | | | | | |
Total assets
|
| | | $ | 521,138,690 | | | | | $ | 252,746,334 | | |
Total liabilities
|
| | | $ | 22,411,993 | | | | | $ | 22,411,993 | | |
Total stockholders equity
|
| | | $ | 498,726,697 | | | | | $ | 230,334,341 | | |
| | | | | | | | | | | | | | |
Combined Pro Forma
|
| |
Energy Vault Equivalent Per
Share Pro Forma(4) |
| ||||||||||||||||||
| | |
Energy Vault
(Historical) |
| |
Novus
(Historical) |
| |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||||||||||||||
Nine months ended September 30, 2021(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Book Value per
share(2) |
| | | $ | (18.78) | | | | | $ | (0.43) | | | | | $ | 3.21 | | | | | $ | 1.84 | | | | | $ | 22.28 | | | | | $ | 12.77 | | |
Shares outstanding of common stock
|
| | | | 3,038,093 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | |
Shares outstanding of Class A stock
|
| | | | | | | | | | 28,750,000 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding of Class B stock
|
| | | | | | | | | | 7,187,500 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares
outstanding of common stock- basic and diluted |
| | | | 1,785,436 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Combined Pro Forma
|
| |
Energy Vault Equivalent Per
Share Pro Forma(4) |
| ||||||||||||||||||
| | |
Energy Vault
(Historical) |
| |
Novus
(Historical) |
| |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||||||||||||||
Proforma weighted
averages shares outstanding of common stock – basic and diluted(3) |
| | | | | | | | | | | | | | | | 155,167,600 | | | | | | 125,094,962 | | | | | | | | | | | | | | |
Net loss per share of
common stock – basic and diluted |
| | | $ | (10.41) | | | | | | | | | | | $ | (0.13) | | | | | $ | (0.16) | | | | | $ | (0.89) | | | | | $ | (1.10) | | |
Weighted average shares
outstanding of Class A stock – basic and diluted |
| | | | | | | | | | 24,642,857 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share of Class A stock – basic and diluted
|
| | | | | | | | | $ | (0.02) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares
outstanding of Class B stock – basic and diluted |
| | | | | | | | | | 7,053,571 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share of Class B stock – basic and diluted
|
| | | | | | | | | $ | (0.02) | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of and for the Year ended December 31, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares
outstanding of common stock- basic and diluted |
| | | | 1,338,666 | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | |
Proforma weighted
averages shares outstanding of common stock – basic and diluted(3) |
| | | | | | | | | | | | | | | | 155,167,600 | | | | | | 125,094,962 | | | | | | | | | | | | | | |
Net loss per share of
common stock – basic and diluted |
| | | $ | (18.06) | | | | | | | | | | | $ | (0.21) | | | | | $ | (0.26) | | | | | $ | (1.47) | | | | | $ | (1.83) | | |
Weighted average shares
outstanding of Class A stock – basic and diluted |
| | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share of Class A stock – basic and diluted
|
| | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares
outstanding of Class B stock – basic and diluted |
| | | | | | | | | | 6,250,000 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Combined Pro Forma
|
| |
Energy Vault Equivalent Per
Share Pro Forma(4) |
| ||||||
| | |
Energy Vault
(Historical) |
| |
Novus
(Historical) |
| |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| |||
Net loss per share of Class B stock – basic and diluted
|
| | | | | | | (0.00) | | | | | | | | | | | | | | |
Holders
|
| |
No
Redemption Scenario(1) |
| |
% of
Total |
| |
Illustrative
Redemption Scenario(2) |
| |
% of Total
|
| |
Contractual
Maximum Redemption Scenario(3) |
| |
% of
Total |
| ||||||||||||||||||
Novus Public Stockholders(5)
|
| | | | 28,750,000 | | | | | | 18.3% | | | | | | 14,375,000 | | | | | | 10.2% | | | | | | 1,911,737 | | | | | | 1.5% | | |
Founders (including Novus Initial
Stockholders and NCCII Co-Invest)(4) |
| | | | 6,468,750 | | | | | | 4.1% | | | | | | 5,132,813 | | | | | | 3.6% | | | | | | 3,234,375 | | | | | | 2.6% | | |
EnergyVault Stockholders(5)
|
| | | | 106,566,033 | | | | | | 68.0% | | | | | | 106,566,033 | | | | | | 75.6% | | | | | | 106,566,033 | | | | | | 84.1% | | |
PIPE Subscribers
|
| | | | 15,000,005 | | | | | | 9.6% | | | | | | 15,000,005 | | | | | | 10.6% | | | | | | 15,000,005 | | | | | | 11.8% | | |
Total Shares Outstanding Excluding Earn Out Shares, Energy Vault RSUs, Energy Vault Options and Warrants
|
| | | | 156,784,788 | | | | | | 100% | | | | | | 141,073,850 | | | | | | 100% | | | | | | 126,712,150 | | | | | | 100% | | |
Total Equity Value
Post-Redemptions |
| | | $ | 1,567,847,880 | | | | | | | | | | | $ | 1,410,738,500 | | | | | | | | | | | $ | 1,267,121,500 | | | | | | | | |
Assumed Per Share Value
|
| | | $ | 10.00 | | | | | | | | | | | $ | 10.00 | | | | | | | | | | | $ | 10.00 | | | | | | | | |
Additional Dilution Sources(6)
|
| |
No
Redemption Scenario(1) |
| |
% of
Total(7) |
| |
Illustrative
Redemption Scenario(2) |
| |
% of
Total(7) |
| |
Contractual
Maximum Redemption Scenario(3) |
| |
% of
Total(7) |
| ||||||||||||||||||
Earn Out Shares(8)
|
| | | | 9,000,000 | | | | | | 5.4% | | | | | | 9,000,000 | | | | | | 6.0% | | | | | | 9,000,000 | | | | | | 6.6% | | |
Energy Vault RSUs and Energy Vault Options(9)
|
| | | | 8,251,906 | | | | | | 5.0% | | | | | | 8,251,906 | | | | | | 5.5% | | | | | | 8,251,906 | | | | | | 6.1% | | |
Novus Warrants
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrants(10)
|
| | | | 9,583,333 | | | | | | 5.7% | | | | | | 9,583,333 | | | | | | 6.4% | | | | | | 9,583,333 | | | | | | 7.0% | | |
Private Warrants(11)
|
| | | | 5,166,666 | | | | | | 3.2% | | | | | | 5,166,666 | | | | | | 3.5% | | | | | | 5,166,666 | | | | | | 3.9% | | |
Total Additional Dilutive Sources(12)
|
| | | | 32,001,903 | | | | | | 16.9% | | | | | | 32,001,903 | | | | | | 18.5% | | | | | | 32,001,903 | | | | | | 20.2% | | |
| | |
Assuming
No Redemptions (Shares) |
| |
%
|
| |
Assuming
Maximum Redemptions (Shares) |
| |
%
|
| ||||||||||||
EV – Common Stock(1),(2)
|
| | | | 106,566,033 | | | | | | 68.7% | | | | | | 106,566,033 | | | | | | 85.2% | | |
Public Shares(3)
|
| | | | 28,750,000 | | | | | | 18.5% | | | | | | 1,911,737 | | | | | | 1.5% | | |
Founder/ Sponsor Shares(4)
|
| | | | 4,851,562 | | | | | | 3.1% | | | | | | 1,617,187 | | | | | | 1.3% | | |
PIPE
|
| | | | 15,000,005 | | | | | | 9.7% | | | | | | 15,000,005 | | | | | | 12.0% | | |
Pro Forma common stock at September 30, 2021
|
| | |
|
155,167,600
|
| | | | | 100.0% | | | | |
|
125,094,962
|
| | | | | 100.0% | | |
| | | | | | | | | | | | | | | | | | | | |
Assuming No Redemptions
|
| |
Assuming Maximum Redemptions
|
| ||||||||||||||||||||||||||||||
| | |
Energy Vault
(Historical) |
| |
Novus
(Historical) |
| |
Combined
|
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 116,290,730 | | | | | $ | 882,585 | | | | | $ | 117,173,315 | | | | | $ | 287,509,721 | | | | | | (B) | | | | | $ | 506,396,085 | | | | | | (268,392,356) | | | | | | (K) | | | | | $ | 238,003,729 | | |
| | | | | | | | | | | | | | | | | | | | | | | (256,519) | | | | | | (D) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | (48,030,482) | | | | | | (I) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 150,000,050 | | | | | | (A) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Inventory
|
| | | | 81,015 | | | | | | | | | | | | 81,015 | | | | | | | | | | | | | | | | | | 81,015 | | | | | | | | | | | | | | | | | | 81,015 | | |
Prepaid expenses and other current
assets |
| | | | 2,033,044 | | | | | | 143,333 | | | | | | 2,176,377 | | | | | | (1,193,308) | | | | | | (I) | | | | | | 983,069 | | | | | | | | | | | | | | | | | | 983,069 | | |
Total current assets
|
| | | | 118,404,789 | | | | | | 1,025,918 | | | | | | 119,430,707 | | | | | | 388,029,462 | | | | | | | | | | | | 507,460,169 | | | | | | (268,392,356) | | | | | | | | | | | | 239,067,813 | | |
Marketable securities held in Trust
Account |
| | | | — | | | | | | 287,509,721 | | | | | | 287,509,721 | | | | | | (287,509,721) | | | | | | (B) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Property, plant and equipment, net
|
| | | | 12,006,392 | | | | | | — | | | | | | 12,006,392 | | | | | | | | | | | | | | | | | | 12,006,392 | | | | | | | | | | | | | | | | | | 12,006,392 | | |
Intangible assets — under development
|
| | | | 178,366 | | | | | | — | | | | | | 178,366 | | | | | | | | | | | | | | | | | | 178,366 | | | | | | | | | | | | | | | | | | 178,366 | | |
Right of use assets, net
|
| | | | 1,154,500 | | | | | | — | | | | | | 1,154,500 | | | | | | | | | | | | | | | | | | 1,154,500 | | | | | | | | | | | | | | | | | | 1,154,500 | | |
Other noncurrent assets
|
| | | | 339,263 | | | | | | — | | | | | | 339,263 | | | | | | — | | | | | | | | | | | | 339,263 | | | | | | | | | | | | | | | | | | 339,263 | | |
TOTAL ASSETS
|
| | | $ | 132,083,310 | | | | | $ | 288,535,639 | | | | | $ | 420,618,949 | | | | | $ | 100,519,741 | | | | | | | | | | | $ | 521,138,690 | | | | | $ | (268,392,356) | | | | | | | | | | | $ | 252,746,334 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 1,900,325 | | | | | | 256,519 | | | | | | 2,156,844 | | | | | | (256,519) | | | | | | (D) | | | | | | 1,900,325 | | | | | | | | | | | | | | | | | | 1,900,325 | | |
Accrued liabilities
|
| | | | 1,052,970 | | | | | | — | | | | | | 1,052,970 | | | | | | | | | | | | | | | | | | 1,052,970 | | | | | | | | | | | | | | | | | | 1,052,970 | | |
Long term finance leases, current
portion |
| | | | 47,493 | | | | | | — | | | | | | 47,493 | | | | | | | | | | | | | | | | | | 47,493 | | | | | | | | | | | | | | | | | | 47,493 | | |
Long term operating leases, current
portion |
| | | | 461,523 | | | | | | — | | | | | | 461,523 | | | | | | | | | | | | | | | | | | 461,523 | | | | | | | | | | | | | | | | | | 461,523 | | |
Total current liabilities
|
| | | | 3,462,311 | | | | | | 256,519 | | | | | | 3,718,830 | | | | | | (256,519) | | | | | | | | | | | | 3,462,311 | | | | | | — | | | | | | | | | | | | 3,462,311 | | |
Deferred pension liability
|
| | | | 552,080 | | | | | | — | | | | | | 552,080 | | | | | | | | | | | | | | | | | | 552,080 | | | | | | | | | | | | | | | | | | 552,080 | | |
Deferred revenue
|
| | | | 1,500,000 | | | | | | — | | | | | | 1,500,000 | | | | | | | | | | | | | | | | | | 1,500,000 | | | | | | | | | | | | | | | | | | 1,500,000 | | |
Long term finance leases
|
| | | | 41,475 | | | | | | — | | | | | | 41,475 | | | | | | | | | | | | | | | | | | 41,475 | | | | | | | | | | | | | | | | | | 41,475 | | |
Long term operating leases
|
| | | | 726,961 | | | | | | — | | | | | | 726,961 | | | | | | | | | | | | | | | | | | 726,961 | | | | | | | | | | | | | | | | | | 726,961 | | |
Warrant liability
|
| | | | — | | | | | | 16,129,166 | | | | | | 16,129,166 | | | | | | | | | | | | | | | | | | 16,129,166 | | | | | | | | | | | | | | | | | | 16,129,166 | | |
Total liabilities
|
| | | | 6,282,827 | | | | | | 16,385,685 | | | | | | 22,668,512 | | | | | | (256,519) | | | | | | | | | | | | 22,411,993 | | | | | | — | | | | | | | | | | | | 22,411,993 | | |
Common stock subject to possible
redemption |
| | | | — | | | | | | 287,500,000 | | | | | | 287,500,000 | | | | | | (287,500,000) | | | | | | (F) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Preferred stock
|
| | | | 182,856,927 | | | | | | — | | | | | | 182,856,927 | | | | | | (182,856,927) | | | | | | (E) | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Stockholders’ equity (deficit):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | 303 | | | | | | | | | | | | 303 | | | | | | 1,500 | | | | | | (A) | | | | | | 15,517 | | | | | | (2,684) | | | | | | (K) | | | | | | 12,509 | | |
| | | | | | | | | | | | | | | | | | | | | | | 1,567 | | | | | | (H) | | | | | | | | | | | | (323) | | | | | | (L) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 2,641 | | | | | | (F) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 719 | | | | | | (J) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 8,787 | | | | | | (E) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class B common stock
|
| | | | — | | | | | | 719 | | | | | | 719 | | | | | | (719) | | | | | | (J) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 660,666 | | | | | | — | | | | | | 660,666 | | | | | | 149,998,550 | | | | | | (A) | | | | | | 562,528,684 | | | | | | (268,389,672) | | | | | | (K) | | | | | | 294,139,335 | | |
| | | | | | | | | | | | | | | | | | | | | | | (15,350,765) | | | | | | (C) | | | | | | | | | | | | 323 | | | | | | (L) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 182,848,140 | | | | | | (E) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 287,497,359 | | | | | | (F) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 3,471,406 | | | | | | (G) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | (46,595,106) | | | | | | (I) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | (1,567) | | | | | | (H) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retained earnings/(accumulated deficit)
|
| | | | (56,216,893) | | | | | | (15,350,765) | | | | | | (71,567,658) | | | | | | 15,350,765 | | | | | | (C) | | | | | | (62,316,983) | | | | | | | | | | | | | | | | | | (62,316,983) | | |
| | | | | | | | | | | | | | | | | | | | | | | (3,471,406) | | | | | | (G) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | (2,628,684) | | | | | | (I) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss
|
| | | | (1,500,520) | | | | | | — | | | | | | (1,500,520) | | | | | | | | | | | | | | | | | | (1,500,520) | | | | | | | | | | | | | | | | | | (1,500,520) | | |
Total stockholders’ equity (deficit)
|
| | | | (57,056,444) | | | | | | (15,350,046) | | | | | | (72,406,490) | | | | | | 571,133,187 | | | | | | | | | | | | 498,726,697 | | | | | | (268,392,356) | | | | | | | | | | | | 230,334,341 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
| | | $ | 132,083,310 | | | | | $ | 288,535,639 | | | | | $ | 420,618,949 | | | | | $ | 100,519,741 | | | | | | | | | | | $ | 521,138,690 | | | | | $ | (268,392,356) | | | | | | | | | |
$252,746,334
|
|
| | | | | | | | | | | | | | | | | | | | |
Assuming No Redemptions and Maximum
Redemptions |
| |||||||||||||||
| | |
Energy Vault
(Historical) |
| |
Novus
(Historical) |
| |
Combined
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |||||||||||||||
Net Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Cost of revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Gross profit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Formation costs
|
| | | | — | | | | | | 779,783 | | | | | | 779,783 | | | | | | | | | | | | | | | | | | 779,783 | | |
Selling and marketing expenses
|
| | | | 442,658 | | | | | | — | | | | | | 442,658 | | | | | | 2,725 | | | | | | (AA) | | | | | | 445,383 | | |
Research and development expenses
|
| | | | 4,920,320 | | | | | | — | | | | | | 4,920,320 | | | | | | 253,098 | | | | | | (AA) | | | | | | 5,173,418 | | |
General and administrative expenses
|
| | | | 8,620,769 | | | | | | — | | | | | | 8,620,769 | | | | | | 361,344 | | | | | | (AA) | | | | | | 8,982,113 | | |
Inventory write-down
|
| | | | 2,733,194 | | | | | | — | | | | | | 2,733,194 | | | | | | | | | | | | | | | | | | 2,733,194 | | |
Operating loss
|
| | | | (16,716,941) | | | | | | (779,783) | | | | | | (17,496,724) | | | | | | (617,168) | | | | | | | | | | | | (18,113,892) | | |
Other income (expense)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | — | | | | | | 9,721 | | | | | | 9,721 | | | | | | (9,721) | | | | | | (BB) | | | | | | — | | |
Interest expense
|
| | | | (6,799) | | | | | | — | | | | | | (6,799) | | | | | | | | | | | | | | | | | | (6,799) | | |
Transaction costs
incurred in connection with warrant liability |
| | | | — | | | | | | (241,311) | | | | | | (241,311) | | | | | | | | | | | | | | | | | | (241,311) | | |
Change in fair value of warrants
|
| | | | — | | | | | | 442,500 | | | | | | 442,500 | | | | | | | | | | | | | | | | | | 442,500 | | |
Other income (expense)
|
| | | | (1,865,542) | | | | | | — | | | | | | (1,865,542) | | | | | | | | | | | | | | | | | | (1,865,542) | | |
Loss before income taxes
|
| | | | (18,589,282) | | | | | | (568,873) | | | | | | (19,158,155) | | | | | | (626,889) | | | | | | | | | | | | (19,785,044) | | |
Income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Net loss attributable to common stockholders
|
| | | $ | (18,589,282) | | | | | $ | (568,873) | | | | | $ | (19,158,155) | | | | | $ | (626,889) | | | | | | | | | | | $ | (19,785,044) | | |
| | | | | | | | | | | | | | |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||
Weighted average shares outstanding –
Common stock |
| | | | 1,785,436 | | | | | | | | | | | | 155,167,600 | | | | | | 125,094,962 | | |
Common stock – basic and diluted
|
| | | | (10.41) | | | | | | | | | | | | (0.13) | | | | | | (0.16) | | |
Weighted average shares outstanding – Class A stock
|
| | | | | | | | | | 24,642,857 | | | | | | | | | | | | | | |
Class A common stock – basic and diluted
|
| | | | | | | | | | (0.02) | | | | | | | | | | | | | | |
Weighted average shares outstanding – Class B stock
|
| | | | | | | | | | 7,053,571 | | | | | | | | | | | | | | |
Class B common stock – basic and diluted
|
| | | | | | | | | | (0.02) | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Assuming No Redemptions and Maximum
Redemptions |
| |||||||||||||||
| | |
Energy Vault
(Historical) |
| |
Novus
(Historical) |
| |
Combined
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |||||||||||||||
Net Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Cost of revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Gross profit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Formation costs
|
| | | | — | | | | | | 1,104 | | | | | | 1,104 | | | | | | | | | | | | | | | | | | 1,104 | | |
Selling and marketing expenses
|
| | | | 311,135 | | | | | | — | | | | | | 311,135 | | | | | | 281,900 | | | | | | (AA) | | | | | | 593,035 | | |
Research and development
expenses |
| | | | 8,519,541 | | | | | | — | | | | | | 8,519,541 | | | | | | 2,114,040 | | | | | | (AA) | | | | | | 10,633,581 | | |
General and
administrative expenses |
| | | | 5,674,756 | | | | | | — | | | | | | 5,674,756 | | | | | | 3,759,786 | | | | | | (AA) | | | | | | 12,063,226 | | |
| | | | | | | | | | | | | | | | | | | | | | | 2,628,684 | | | | | | (CC) | | | | | | | | |
Operating loss
|
| | | | (14,505,432) | | | | | | (1,104) | | | | | | (14,506,536) | | | | | | (8,784,410) | | | | | | | | | | | | (23,290,946) | | |
Interest income
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Interest expense
|
| | | | (128,134) | | | | | | — | | | | | | (128,134) | | | | | | | | | | | | | | | | | | (128,134) | | |
Transaction costs incurred in connection with warrant liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Change in fair value of derivative
|
| | | | (11,923,000) | | | | | | — | | | | | | (11,923,000) | | | | | | | | | | | | | | | | | | (11,923,000) | | |
Inventory write-off
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Other expense (income)
|
| | | | 2,386,395 | | | | | | — | | | | | | 2,386,395 | | | | | | | | | | | | | | | | | | 2,386,395 | | |
Loss before income taxes
|
| | | | (24,170,171) | | | | | | (1,104) | | | | | | (24,171,275) | | | | | | (8,784,410) | | | | | | | | | | | | (32,955,685) | | |
Income taxes
|
| | | | 830 | | | | | | — | | | | | | 830 | | | | | | | | | | | | | | | | | | 830 | | |
Net loss attributable to common stockholders
|
| | | $ | (24,171,001) | | | | | $ | (1,104) | | | | | $ | (24,172,105) | | | | | $ | (8,784,410) | | | | | | | | | | | $ | (32,956,515) | | |
| | | | | | | | | | | | | | |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||
Weighted average shares outstanding – Common stock
|
| | | | 1,338,666 | | | | | | | | | | | | 155,167,600 | | | | | | 125,094,962 | | |
Common stock – basic and diluted
|
| | | | (18.06) | | | | | | | | | | | | (0.21) | | | | | | (0.26) | | |
Weighted average shares outstanding – Class A stock
|
| | | | | | | | | | — | | | | | | | | | | | | | | |
Class A common stock – basic and diluted
|
| | | | | | | | | | — | | | | | | | | | | | | | | |
Weighted average shares outstanding – Class B stock
|
| | | | | | | | | | 6,250,000 | | | | | | | | | | | | | | |
Class B common stock – basic and diluted
|
| | | | | | | | | | (0.00) | | | | | | | | | | | | | | |
| | |
For the Nine Months Ended September 30, 2021
|
| |
For the Year ended December 31, 2020
|
| | | | | | | ||||||||||||||||||
| | |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| |
Assuming
No Redemptions |
| |
Assuming
Maximum Redemptions |
| | | ||||||||||||||||
Pro forma net loss
|
| | | | (19,785,044) | | | | | | (19,785,044) | | | | | | (32,956,515) | | | | | | (32,956,515) | | | | | ||||
Weighted average shares outstanding of common stock
|
| | |
|
155,167,600
|
| | | |
|
125,094,962
|
| | | |
|
155,167,600
|
| | | |
|
125,094,962
|
| | | | ||||
Net loss per share (Basic and Diluted) attributable to common stockholders(1)
|
| | | $ | (0.13) | | | | | $ | (0.16) | | | | | $ | (0.21) | | | | | $ | (0.26) | | | | | ||||
Potential anti-dilutive instruments
not considered |
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
EV Earnout shares
|
| | | | 9,000,000 | | | | | | 9,000,000 | | | | | | 9,000,000 | | | | | | 9,000,000 | | | | | ||||
Sponsor Earnout shares
|
| | | | 1,617,188 | | | | | | 1,617,188 | | | | | | 1,617,188 | | | | | | 1,617,188 | | | | | ||||
Private warrants
|
| | | | 5,166,666 | | | | | | 5,166,666 | | | | | | 5,166,666 | | | | | | 5,166,666 | | | | | ||||
Public warrants
|
| | | | 9,583,333 | | | | | | 9,583,333 | | | | | | 9,583,333 | | | | | | 9,583,333 | | | | | ||||
EV Stock options
|
| | | | 177,000 | | | | | | 177,000 | | | | | | 85,000 | | | | | | 85,000 | | | | | ||||
EV Unvested common stock/Restricted stock awards
|
| | | | 99,610 | | | | | | 99,610 | | | | | | 450,424 | | | | | | 450,424 | | | | | ||||
Total | | | | | 25,643,797 | | | | | | 25,643,797 | | | | | | 25,902,611 | | | | | | 25,902,611 | | | | |
| | |
Enterprise Value as a Multiple of
|
| |||||||||||||||
| | |
2022E Revenue
|
| |
2023E EBITDA
|
| |
2024E EBITDA
|
| |||||||||
Energy Storage | | | | | | | | | | | | | | | | | | | |
Stem, Inc.
|
| | | | 10.93x | | | | | | 37.9x | | | | | | 19.7x | | |
Eos Energy Enterprises, Inc.
|
| | | | 3.80x | | | | | | 39.2x | | | | | | 10.9x | | |
Energy Transition | | | | | | | | | | | | | | | | | | | |
Bloom Energy Corporation
|
| | | | 3.92x | | | | | | 22.6x | | | | | | 16.7x | | |
Shoals Technologies Group, Inc.
|
| | | | 15.51x | | | | | | 27.8x | | | | | | 21.9x | | |
SolarEdge Technologies, Inc.
|
| | | | 5.90x | | | | | | 23.1x | | | | | | 21.3x | | |
Enterprise Value Multiple of
|
| |
High
|
| |
Mean
|
| |
Median
|
| |
Low
|
| ||||||||||||
2022E Revenue
|
| | | | 10.44x | | | | | | 5.34x | | | | | | 4.90x | | | | | | 2.08x | | |
2023E EBITDA
|
| | | | 39.2x | | | | | | 30.1x | | | | | | 27.8x | | | | | | 22.6x | | |
2024E EBITDA
|
| | | | 21.9x | | | | | | 18.1x | | | | | | 19.7x | | | | | | 10.9x | | |
| | |
Forecast
Year Ended December 31, |
| |||||||||||||||||||||||||||
|
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |||||||||||||||||
|
(in millions)
|
| |||||||||||||||||||||||||||||
Revenue
|
| | | $ | 0 | | | | | $ | 148 | | | | | $ | 535 | | | | | $ | 1,519 | | | | | $ | 2,764 | | |
Adjusted EBITDA
|
| | | | (36) | | | | | | (10) | | | | | | 102 | | | | | | 366 | | | | | | 662 | | |
Capital Expenditures
|
| | | | 25 | | | | | | 211 | | | | | | 193 | | | | | | 156 | | | | | | 122 | | |
Cash Flow
|
| | | | (49) | | | | | | (234) | | | | | | (136) | | | | | | 21 | | | | | | 247 | | |
| | |
Existing Certificate of Incorporation
|
| |
Proposed Certificate of Incorporation
|
|
Name Change
|
| | Novus’s current name is Novus Capital Corporation II. | | | Under the Proposed Certificate of Incorporation, the Combined Company’s name will be Energy Vault Holdings, Inc. | |
Authorized Shares of Common Stock:
Elimination of Novus Class B Common Stock |
| |
The Existing Certificate of Incorporation authorizes the issuance of up to 500,000,000 shares of Novus Common Stock and 20,000,000 shares of Novus Class B Common Stock.
The Existing Certificate of Incorporation contains certain
|
| |
The Proposed Certificate of Incorporation will authorize the issuance of up to 500,000,000 shares of Combined Company Common Stocks and will eliminate the Novus Class B Common Stock.
The Novus Class B Common Stock, will be eliminated.
|
|
| | |
Existing Certificate of Incorporation
|
| |
Proposed Certificate of Incorporation
|
|
| | | anti-dilution provisions relating to the Novus Class B Common Stock and requires the affirmative vote of the holders of a majority of the outstanding shares of Novus Class B Common Stock to make any amendment that would alter or change the powers, preferences or other rights of the Holders of Novus Class B Common Stock. | | | | |
| | | The Existing Certificate of Incorporation allows Novus Stockholders to take action by written consent, but only with respect to Novus Class B Common Stock. | | | | |
Authorized Shares of Capital Stock
|
| | 525,000,000 shares, consisting of 520,000,000 shares of Novus Common Stock, as set forth above, and 5,000,000 shares of preferred stock. | | | 505,000,000 shares, consisting of 500,000,000 shares of common stock and 5,000,000 shares of preferred stock. | |
Director Removal Amendment
|
| | The Existing Certificate of Incorporation provides that any or all of the directors may be removed from office at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares of capital stock of the Corporation then entitled to vote generally in the election of directors, voting together as a single class. | | | The Proposed Certificate of Incorporation will provide that any director or the entire board of directors of Novus may be removed from office at any time, but only for cause and only by the affirmative vote of the holders of at least 662∕3% of the voting power of all then-oustanding shares of Novus's capital stock entitled to vote thereon, voting together as a single class. | |
Corporate Opportunity Amendment
|
| | The Existing Certificate of Incorporation limits the application of the doctrine of corporate opportunity under certain circumstances. | | | The Proposed Certificate of Incorporation will be silent on the issue of the application of the doctrine of corporate opportunity. | |
Amendment of Voting Threshold for Charter Amendment
|
| | During the Target Business Acquisition Period (as defined in the Existing Certificate of Incorporation), an amendment of Article VI requires the approval of the holders of a majority of the then outstanding shares of Novus Common Stock and Novus Class B Common Stock, voting together as a single class. The Existing Certificate of Incorporation is otherwise silent on the requirements for a minimum vote to amend the charter. | | | The Proposed Certificate of Incorporation will provide that any amendment to certain provisions of the Proposed Certificate of Incorporation will require the approval of the holders of at least 66 2∕3% of the Combined Company’s then-outstanding shares of capital stock entitled to vote generally at an election of directors. | |
Amendment of Voting Threshold for Bylaws Amendment
|
| | The Existing Certificate of Incorporation is silent on the requirements for a minimum vote to | | | The Proposed Certificate of Incorporation will provide that any amendment to the Combined | |
| | |
Existing Certificate of Incorporation
|
| |
Proposed Certificate of Incorporation
|
|
| | | amend the bylaws. | | | Company’s bylaws will require the approval of the holders of at least 66 2∕3% of the Combined Company’s then-outstanding shares of capital stock entitled to vote generally at an election of directors. | |
Provisions Specific to a Blank Check Company
|
| | Under the Existing Certificate of Incorporation, Article Sixth sets forth various provisions related to its operations as a blank check company prior to the consummation of an initial business combination. | | | The Proposed Certificate of Incorporation will not include these blank check company provisions because, upon consummation of the Business Combination, Novus will cease to be a blank check company. In addition, the provisions requiring that the proceeds from its initial public offering be held in a trust account until a business combination or liquidation of Novus and the terms governing Novus’s consummation of a proposed business combination will not be applicable following consummation of the Business Combination. | |
| | |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(3) |
| |
Stock Awards
($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| ||||||||||||||||||
Robert Piconi,
Chief Executive Officer |
| | | | 2020 | | | | | | 340,312 | | | | | | 43,600 | | | | | | — | | | | | | — | | | | | | 383,912 | | |
| | | | | 2021 | | | | | | 514,824 | | | | | | — | | | | | | 3,586,359 | | | | | | 105,651 | | | | | | 4,206,384 | | |
Andrea Pedretti,
Chief Technology Officer |
| | | | 2020 | | | | | | 272,231 | | | | | | 15,000 | | | | | | — | | | | | | — | | | | | | 287,231 | | |
| | | | | 2021 | | | | | | 285,000 | | | | | | — | | | | | | 1,712,537 | | | | | | 19,064 | | | | | | 2,016,601 | | |
Marco Terruzzin,
Chief Product Officer |
| | | | 2020 | | | | | | 234,484 | | | | | | 188,500(2) | | | | | | — | | | | | | — | | | | | | 332,985 | | |
| | | | | 2021 | | | | | | 300,000 | | | | | | — | | | | | | 595,825 | | | | | | — | | | | | | 895,825 | | |
Name
|
| |
Type of
Award |
| |
Number
of shares or units of stock that have not vested (#) |
| |
Market
value of shares or units of stock that have not vested ($)(4) |
| |
Purchase
Price ($) |
| |||||||||
Robert Piconi(1)
|
| |
Restricted Stock
|
| | | | 724,883 | | | | | | 48,719,386 | | | | | | 0.0025 | | |
Andrea Pedretti(2)
|
| |
RSU
|
| | | | 345,967 | | | | | | 23,252,442 | | | | | | — | | |
Marco Terruzzin(3)
|
| |
Restricted Stock
|
| | | | 90,000 | | | | | | 6,048,900 | | | | | | 0.0025 | | |
Plan Category
|
| |
Number of Securities
to Be Issued Upon Exercise of Outstanding Options, Warrants, Rights and Restricted Stock Units (a) |
| |
Weighted-average
Exercise Price of Outstanding Options, Warrants and Rights (b) |
| |
Number of Securities
Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (c) |
| |||||||||
Equity Compensation Plans Approved by Security Holders
|
| | | | 1,087,867 | | | | | | 4.78 | | | | | | 186,370 | | |
Equity Compensation Plans Not Approved by
Security Holders |
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 1,087,867 | | | | | | 4.78 | | | | | | 186,370 | | |
| | |
Nine months ended September 30,
|
| |||||||||||||||||||||
|
2021
|
| |
2020
|
| |
$ Changes
|
| |
% Changes
|
| ||||||||||||||
Operating Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing
|
| | | $ | 442,658 | | | | | $ | 258,532 | | | | | $ | 184,126 | | | | | | 71.2% | | |
Research and development
|
| | | | 4,920,320 | | | | | $ | 4,874,486 | | | | | | 45,834 | | | | | | 0.9% | | |
General and administrative
|
| | | | 8,620,769 | | | | | | 4,435,161 | | | | | | 4,185,608 | | | | | | 94.4% | | |
Inventory write-down
|
| | | | 2,733,194 | | | | | | — | | | | | | 2,733,194 | | | | | | N/A | | |
Total operating expense
|
| | | | 16,716,941 | | | | | | 9,568,179 | | | | | | 7,148,762 | | | | | | 74.7% | | |
Loss from operations
|
| | | | (16,716,941) | | | | | | (9,568,179) | | | | | | (7,148,762) | | | | | | 74.7% | | |
Other income (expenses): | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of derivative
|
| | | | — | | | | | | (5,217,104) | | | | | | 5,217,104 | | | | | | N/A | | |
Interest expense
|
| | | | (6,799) | | | | | | (16,045) | | | | | | 9,246 | | | | | | -57.6% | | |
Other income (expenses), net
|
| | | | (1,865,542) | | | | | | 1,173,497 | | | | | | (3,039,039) | | | | | | -259.0% | | |
Total other income (expenses), net
|
| | | | (1,872,341) | | | | | | (4,059,652) | | | | | | 2,187,311 | | | | | | -53.9% | | |
Net loss
|
| | | $ | (18,589,282) | | | | | $ | (13,627,831) | | | | | $ | 4,961,451 | | | | | | 36.4% | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
|
2020
|
| |
2019
|
| |
Changes
|
| |||||||||||||||||
Operating Expenses: - | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing
|
| | | $ | 311,135 | | | | | $ | 932,905 | | | | | $ | (621,770) | | | | | | -66.6% | | |
Research and development
|
| | | | 8,519,541 | | | | | | 2,064,590 | | | | | | 6,454,951 | | | | | | 312.7% | | |
General and administrative
|
| | | | 5,674,756 | | | | | | 7,015,163 | | | | | | (1,340,407) | | | | | | -19.1% | | |
Total operating expense
|
| | | | 14,505,432 | | | | | | 10,012,658 | | | | | | 4,492,774 | | | | | | 44.9% | | |
Loss from operations
|
| | | | (14,505,432) | | | | | | (10,012,658) | | | | | | (4,492,774) | | | | | | 44.9% | | |
Other income (expenses): | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of derivative
|
| | | | (11,923,000) | | | | | | 776,407 | | | | | | (12,699,407) | | | | | | -1635.7% | | |
Interest expense
|
| | | | (128,134) | | | | | | (1,191,368) | | | | | | 1,063,234 | | | | | | -89.2% | | |
Other income
|
| | | | 2,386,395 | | | | | | 286,982 | | | | | | 2,099,413 | | | | | | 731.5% | | |
Total other income (expenses), net
|
| | | | (9,664,739) | | | | | | (127,979) | | | | | | (9,536,760) | | | | | | 7451.8% | | |
Loss before income tax expense
|
| | | | (24,170,171) | | | | | | (10,140,637) | | | | | | (14,029,534) | | | | | | 138.3% | | |
Income tax expense
|
| | | | (830) | | | | | | (810) | | | | | | (20) | | | | | | 2.5% | | |
Net loss
|
| | | $ | (24,171,001) | | | | | $ | (10,141,447) | | | | | $ | (14,029,554) | | | | | | 138.3% | | |
| | |
Nine Months Ended September 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||
Net cash (used) in operating activities
|
| | | $ | (14,075,162) | | | | | $ | (11,367,108) | | | | | $ | (16,700,304) | | | | | $ | (14,833,341) | | |
Net cash (used) in investing activities
|
| | | | (75,955) | | | | | | (1,434,067) | | | | | | (1,754,504) | | | | | | (1,156,148) | | |
Net cash provided by financing activities
|
| | | | 119,668,079 | | | | | | 5,880,286 | | | | | | 15,641,814 | | | | | | 28,041,780 | | |
Effects of exchange rate changes on cash
|
| | | | 722,617 | | | | | | (851,644) | | | | | | (1,795,567) | | | | | | (332,429) | | |
Net increase (decrease) in cash
|
| | | | 106,239,579 | | | | | | (7,772,533) | | | | | | (4,608,561) | | | | | | 11,719,862 | | |
Cash, beginning of period
|
| | | | 10,051,151 | | | | | | 14,659,712 | | | | | | 14,659,712 | | | | | | 2,939,850 | | |
Cash, end of period
|
| | | $ | 116,290,730 | | | | | $ | 6,887,179 | | | | | $ | 10,051,151 | | | | | $ | 14,659,712 | | |
Purchaser
|
| |
Shares of Series Seed 1 Preferred Stock
|
| |||||||||
|
Number of
Shares |
| |
Aggregate Gross
Consideration ($) |
| ||||||||
Robert Piconi(1)
|
| | | | 110,161 | | | | | $ | 50,187 | | |
Entities affiliated with Idealab(2)
|
| | | | 495,725 | | | | | $ | 225,843 | | |
Purchaser
|
| |
Shares of Series Seed 2 Preferred Stock
|
| |||||||||
|
Number of
Shares |
| |
Aggregate Gross
Consideration ($) |
| ||||||||
Parksea Investment Limited(1)
|
| | | | 339,117 | | | | | $ | 505,132 | | |
Purchaser
|
| |
Shares of Series A-1 Preferred Stock
|
| |||||||||
|
Number of
Shares |
| |
Aggregate Gross
Consideration ($) |
| ||||||||
Robert Piconi(1)
|
| | | | 84,069 | | | | | $ | 252,116 | | |
NeoTribe Ventures I, L.P.(2)
|
| | | | 840,694 | | | | | $ | 2,521,174 | | |
Purchaser
|
| |
Shares of Series A-2 Preferred Stock
|
| |||||||||
|
Number of
Shares |
| |
Aggregate Gross
Consideration ($) |
| ||||||||
Neotribe Ventures I, L.P.(1)
|
| | | | 528,823 | | | | | $ | 2,504,717 | | |
Purchaser
|
| |
Shares of Series B Preferred Stock
|
| |||||||||
|
Number of
Shares |
| |
Aggregate Gross
Consideration ($) |
| ||||||||
Entity affiliated SoftBank Vision Fund(1)
|
| | | | 2,163,433 | | | | | $ | 25,000,004 | | |
Purchaser
|
| |
Shares of Series B-1 Preferred Stock
|
| |||||||||
|
Number of
Shares |
| |
Aggregate Gross
Consideration ($) |
| ||||||||
Entities affiliated with Helena(1)
|
| | | | 1,715,260 | | | | | $ | 24,882,870 | | |
Entities affiliated with ALM JPC Ventures, LLC(2)
|
| | | | 219,690 | | | | | $ | 3,186,999 | | |
Purchaser
|
| |
Shares of Series C Preferred Stock
|
| |||||||||
|
Number of
Shares |
| |
Aggregate Gross
Consideration ($) |
| ||||||||
Entities affiliated with Prime Movers Lab(1)
|
| | | | 917,884 | | | | | $ | 44,999,997 | | |
Entities affiliated with Helena(2)
|
| | | | 47,118 | | | | | $ | 2,309.998 | | |
Entities affiliated with SoftBank Vision Fund(3)
|
| | | | 203,974 | | | | | $ | 9,999,989 | | |
Entities affiliated with ALM JPC Ventures, LLC(4)
|
| | | | 10,199 | | | | | $ | 500,014 | | |
Name
|
| |
Age*
|
| |
Position
|
|
Robert J. Laikin | | |
58
|
| | Chief Executive Officer and Director | |
Larry M. Paulson | | |
68
|
| | Chairman | |
Hersch Klaff | | |
68
|
| | Director | |
Vincent Donargo | | |
61
|
| | Chief Financial Officer | |
Jeffrey Foster | | |
44
|
| | Director | |
Heather Goodman | | |
47
|
| | Director | |
Ronald J. Sznaider | | |
62
|
| | Director | |
Name
|
| |
Age*
|
| |
Position
|
|
Executive Officers | | | | | | | |
Robert Piconi | | |
51
|
| | Chief Executive Officer and Director | |
Andrea Wuttke | | |
53
|
| | Chief Financial Officer | |
Andrea Pedretti | | |
47
|
| | Chief Technology Officer | |
Christopher Wiese | | |
61
|
| | Chief Operating Officer | |
Marco Terruzzin | | |
48
|
| | Chief Product Officer | |
Goncagul Icoren | | |
46
|
| | Chief People Officer | |
Richard Espy | | |
45
|
| | Chief Information Officer, VP of Software Enablement | |
John Jung | | |
54
|
| | President of EVS | |
Other Key Personnel | | | | | | | |
Laurence Alexander | | |
56
|
| | Chief Marketing Officer | |
Non-Employee Directors | | | | | | | |
Larry M. Paulson(2)(3) | | |
68
|
| | Director | |
Henry Elkus(3) | | |
26
|
| | Director | |
Bill Gross | | |
63
|
| | Director | |
Zia Huque(1)(2) | | |
53
|
| | Director | |
Thomas Ertel(1)(2) | | |
65
|
| | Director | |
Mary Beth Mandanas(1)(3) | | |
55
|
| | Director | |
Redemption Date
(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 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
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 | | |
Name and Address of Beneficial Owner(1)
|
| | | | |
After the Business Combination
|
| ||||||||||||||||||||||||||||||
|
Before the Business
Combination |
| |
Assuming No Redemption
|
| |
Assuming Maximum
Redemption |
| |||||||||||||||||||||||||||||
|
Number of
Shares of Novus |
| |
Number of Shares of
Combined Company |
| |
Number of Shares of
Combined Company |
| |||||||||||||||||||||||||||||
|
Common Stock
|
| |
%
|
| |
Common Stock
|
| |
%
|
| |
Common Stock
|
| |
%
|
| ||||||||||||||||||||
Directors and Executive Officers of Novus prior to the Business Combination:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert J. Laikin(2)(3)
|
| | | | 1,911,111 | | | | | | 5.3% | | | | | | 4,193,166 | | | | | | 2.6% | | | | | | 3,333,166 | | | | | | 2.6% | | |
Hersch Klaff(4)
|
| | | | 1,298,828 | | | | | | 3.6% | | | | | | 2,167,070 | | | | | | 1.4% | | | | | | 1,582,598 | | | | | | 1.2% | | |
Larry M. Paulson(5)
|
| | | | 966,146 | | | | | | 2.7% | | | | | | 1,476,031 | | | | | | * | | | | | | 1,041,266 | | | | | | * | | |
Vincent Donargo(6)(3)
|
| | | | 1,475,694 | | | | | | 4.1% | | | | | | 3,204,791 | | | | | | 2.0% | | | | | | 2,540,728 | | | | | | 2.0% | | |
Jeffrey Foster(7)
|
| | | | 966,146 | | | | | | 2.7% | | | | | | 1,676,031 | | | | | | 1.1% | | | | | | 1,241,266 | | | | | | * | | |
Heather Goodman(8)
|
| | | | 291,667 | | | | | | 0.8% | | | | | | 480,500 | | | | | | * | | | | | | 349,250 | | | | | | * | | |
Ronald J. Sznaider(9)
|
| | | | 182,292 | | | | | | 0.5% | | | | | | 319,063 | | | | | | * | | | | | | 242,031 | | | | | | * | | |
All Directors and Executive Officers of
Novus as a Group prior to the Business Combination (7 Individuals) |
| | | | 5,980,773 | | | | | | 16.6% | | | | | | 10,849,997 | | | | | | 6.7% | | | | | | 8,157,973 | | | | | | 6.2% | | |
Five Percent Holders of Novus prior to the Business Combination:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Highbridge Capital Management, LLC(10)
|
| | | | 1,705,105 | | | | | | 4.7% | | | | | | 1,705,105 | | | | | | 1.1% | | | | | | 1,705,105 | | | | | | 1.3% | | |
Adage Capital Advisors, L.L.C. (Adage
Capital Partners, L.P.)(11) |
| | | | 1,500,000 | | | | | | 4.2% | | | | | | 1,500,000 | | | | | | * | | | | | | 1,500,000 | | | | | | 1.2% | | |
Citadel Advisors LLC and certain affiliates(12)
|
| | | | 1,576,535 | | | | | | 4.4% | | | | | | 1,576,535 | | | | | | 1.0% | | | | | | 1,576,535 | | | | | | 1.2% | | |
Directors and Executive Officers of the Combined Company After
Consummation of the Business Combination |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert Piconi(13)
|
| | | | — | | | | | | — | | | | | | 14,875,904 | | | | | | 9.5% | | | | | | 14,875,904 | | | | | | 11.7% | | |
Henry Elkus(14)
|
| | | | — | | | | | | — | | | | | | 9,749,807 | | | | | | 6.2% | | | | | | 9,749,807 | | | | | | 7.7% | | |
Andrea Pedretti(15)
|
| | | | — | | | | | | — | | | | | | 3,569,374 | | | | | | 2.2% | | | | | | 3,569,374 | | | | | | 2.8% | | |
Andrea Wuttke(16)
|
| | | | — | | | | | | — | | | | | | 164,298 | | | | | | * | | | | | | 164,298 | | | | | | * | | |
Richard Espy
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Marco Terruzzin(17)
|
| | | | — | | | | | | — | | | | | | 611,028 | | | | | | * | | | | | | 611,028 | | | | | | * | | |
Chris Wiese(18)
|
| | | | — | | | | | | — | | | | | | 84,865 | | | | | | * | | | | | | 84,865 | | | | | | * | | |
Goncagul Icoren
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Jung
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Larry M. Paulson(5)
|
| | | | 966,146 | | | | | | 2.7% | | | | | | 1,476,031 | | | | | | * | | | | | | 1,041,266 | | | | | | * | | |
Bill Gross(19)
|
| | | | — | | | | | | — | | | | | | 15,619,668 | | | | | | 10.0% | | | | | | 15,619,668 | | | | | | 12.3% | | |
Zia Huque(20)
|
| | | | — | | | | | | — | | | | | | 7,479,662 | | | | | | 4.8% | | | | | | 7,479,662 | | | | | | 5.9% | | |
Name and Address of Beneficial Owner(1)
|
| | | | |
After the Business Combination
|
| ||||||||||||||||||||||||||||||
|
Before the Business
Combination |
| |
Assuming No Redemption
|
| |
Assuming Maximum
Redemption |
| |||||||||||||||||||||||||||||
|
Number of
Shares of Novus |
| |
Number of Shares of
Combined Company |
| |
Number of Shares of
Combined Company |
| |||||||||||||||||||||||||||||
|
Common Stock
|
| |
%
|
| |
Common Stock
|
| |
%
|
| |
Common Stock
|
| |
%
|
| ||||||||||||||||||||
Thomas Ertel
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mary Beth Mandanas
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All Directors and Executive Officers of the Combined Company as a Group (14 individuals)
|
| | | | 966,146 | | | | | | 2.7% | | | | | | 53,630,637 | | | | | | 33.6% | | | | | | 53,195,872 | | | | | | 41.8% | | |
Five Percent Holders of the Combined
Company After Consummation of the Business Combination: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Helena(21) | | | | | — | | | | | | — | | | | | | 9,749,807 | | | | | | 6.2% | | | | | | 9,749,807 | | | | | | 7.7% | | |
Idealab Studio, LLC(22)
|
| | | | — | | | | | | — | | | | | | 15,619,668 | | | | | | 10.0% | | | | | | 15,619,668 | | | | | | 12.3% | | |
NeoTribe Ventures I, L.P. for itself and
as nominee for NeoTribe Associates I, L.P.(23) |
| | | | — | | | | | | — | | | | | | 9,297,295 | | | | | | 5.9% | | | | | | 9,297,295 | | | | | | 7.3% | | |
Prime Movers Lab(24)
|
| | | | — | | | | | | — | | | | | | 7,479,662 | | | | | | 4.8% | | | | | | 7,479,662 | | | | | | 5.9% | | |
SoftBank Vision Fund (AIV M2) L.P.
acting by its manager, SB Investment Advisers (UK) Limited(25) |
| | | | — | | | | | | — | | | | | | 18,934,303 | | | | | | 12.1% | | | | | | 18,934,303 | | | | | | 14.9% | | |
Quarter Ended
|
| |
Units
|
| |
Common Stock
|
| |
Warrants
|
| |||||||||||||||||||||||||||
|
High
|
| |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| |
Low
|
| ||||||||||||||||||||
2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Through January 18
|
| | | $ | 10.40 | | | | | $ | 10.25 | | | | | $ | 9.98 | | | | | $ | 9.90 | | | | | $ | 1.35 | | | | | $ | 1.01 | | |
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
March 31(1) | | | | $ | 11.36 | | | | | $ | 9.80 | | | | | $ | 9.80 | | | | | $ | 9.58 | | | | | $ | 1.52 | | | | | $ | 0.80 | | |
June 30
|
| | | $ | 10.59 | | | | | $ | 9.90 | | | | | $ | 10.15 | | | | | $ | 9.63 | | | | | $ | 1.79 | | | | | $ | 0.80 | | |
September 30
|
| | | $ | 10.28 | | | | | $ | 9.90 | | | | | $ | 9.96 | | | | | $ | 9.61 | | | | | $ | 1.41 | | | | | $ | 0.75 | | |
December 31 | | | | $ | 10.49 | | | | | $ | 10.08 | | | | | $ | 10.00 | | | | | $ | 9.84 | | | | | $ | 1.52 | | | | | $ | 0.99 | | |
| | |
Page
|
| |||
ENERGY VAULT FINANCIAL STATEMENTS | | | | | | | |
Consolidated Financial Statements of Energy Vault, Inc. | | | | | | | |
| | | | F-2 | | | |
Consolidated Financial Statements | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | F-31 | | | |
| | | | F-33 | | | |
| | | | F-34 | | | |
| | | | F-35 | | | |
| | | | F-37 | | | |
NOVUS FINANCIAL STATEMENTS | | | | | | | |
| | | | F-53 | | | |
| | | | F-54 | | | |
| | | | F-55 | | | |
| | | | F-56 | | | |
| | | | F-57 | | | |
| | | | F-58 | | | |
| | | | F-68 | | | |
| | | | F-69 | | | |
| | | | F-70 | | | |
| | | | F-71 | | | |
| | | | F-72 | | | |
| | | | F-90 | | | |
| | | | F-91 | | | |
| | | | F-92 | | |
| | |
2020
|
| |
2019
|
| ||||||
ASSETS
|
| ||||||||||||
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 10,051,151 | | | | | $ | 14,659,712 | | |
Prepaid expenses and other current assets
|
| | | | 749,922 | | | | | | 424,950 | | |
Total current assets
|
| | | | 10,801,073 | | | | | | 15,084,662 | | |
Inventory, Long-Term
|
| | | | 14,629,896 | | | | | | 7,492,209 | | |
Property and Equipment, net
|
| | | | 2,825,759 | | | | | | 1,242,596 | | |
Right of Use Assets, net
|
| | | | 1,356,523 | | | | | | 1,613,718 | | |
Loans Receivable From Related Party
|
| | | | 406,536 | | | | | | 389,793 | | |
Other Assets
|
| | | | 363,029 | | | | | | 338,012 | | |
Derivative Asset – Series B Preferred Stock Tranche Rights
|
| | | | — | | | | | | 12,527,000 | | |
Total assets
|
| | | $ | 30,382,816 | | | | | $ | 38,687,990 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| ||||||||||||
Current Liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 2,057,518 | | | | | $ | 1,101,396 | | |
Accrued expenses
|
| | | | 1,417,491 | | | | | | 801,428 | | |
Long-term finance leases, current portion
|
| | | | 30,133 | | | | | | 27,013 | | |
Long-term operating leases, current portion
|
| | | | 394,262 | | | | | | 368,363 | | |
Derivative liability – Series B Preferred Stock Tranche Rights
|
| | | | — | | | | | | 604,000 | | |
Total current liabilities
|
| | | | 3,899,404 | | | | | | 2,902,200 | | |
Long-Term Liabilities | | | | | | | | | | | | | |
Deferred pension obligation
|
| | | | 833,487 | | | | | | 568,389 | | |
Deferred revenue
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Long-term finance leases
|
| | | | 63,152 | | | | | | 85,151 | | |
Long-term operating leases
|
| | | | 875,997 | | | | | | 1,147,879 | | |
Notes payable, net of current portion
|
| | | | 795,667 | | | | | | — | | |
Total long-term liabilities
|
| | | | 4,068,303 | | | | | | 3,301,419 | | |
Total liabilities
|
| | | | 7,967,707 | | | | | | 6,203,619 | | |
Commitments | | | | | | | | | | | | | |
Convertible Preferred Stock, $0.0001 par value; 13,191,776 shares authorized, 9,419,740 shares issued and outstanding at December 31, 2020; 8,338,666 shares authorized, issued and outstanding at December 31, 2019; liquidation preference of $49,028,024 and $33,345,154 as of December 31, 2020 and 2019, respectively
|
| | | | 62,041,682 | | | | | | 46,533,769 | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 17,800,000 shares authorized, 2,148,210 shares issued and outstanding at December 31, 2020; 13,000,000 shares authorized, 2,148,210 shares issuance and outstanding at December 31, 2019
|
| | | | 215 | | | | | | 215 | | |
Additional paid-in capital
|
| | | | 98,499 | | | | | | 70,355 | | |
Accumulated deficit
|
| | | | (37,627,611) | | | | | | (13,456,610) | | |
Accumulated other comprehensive loss
|
| | | | (2,097,676) | | | | | | (663,358) | | |
Total stockholders’ deficit
|
| | | | (39,626,573) | | | | | | (14,049,398) | | |
Total liabilities, convertible preferred stock, and stockholders’ deficit
|
| | | $ | 30,382,816 | | | | | $ | 38,687,990 | | |
| | |
2020
|
| |
2019
|
| ||||||
REVENUE
|
| | | $ | — | | | | | $ | — | | |
OPERATING EXPENSES | | | | | | | | | | | | | |
Sales and marketing
|
| | | | 311,135 | | | | | | 932,905 | | |
Research and development
|
| | | | 8,519,541 | | | | | | 2,064,590 | | |
General and administrative
|
| | | | 5,674,756 | | | | | | 7,015,163 | | |
Loss from operations
|
| | | | 14,505,432 | | | | | | 10,012,658 | | |
OTHER INCOME (EXPENSE) | | | | | | | | | | | | | |
Change in fair value of derivative
|
| | | | (11,923,000) | | | | | | 776,407 | | |
Interest expense
|
| | | | (128,134) | | | | | | (1,191,368) | | |
Other income (expense), net
|
| | | | 2,386,395 | | | | | | 286,982 | | |
Other expense, net
|
| | | | (9,664,739) | | | | | | (127,979) | | |
Loss before provision for income taxes
|
| | | | (24,170,171) | | | | | | (10,140,637) | | |
PROVISION FOR INCOME TAXES
|
| | | | (830) | | | | | | (810) | | |
NET LOSS
|
| | | | (24,171,001) | | | | | | (10,141,447) | | |
Net loss per share of common stock – basic and diluted
|
| | | $ | (18.06) | | | | | $ | (10.92) | | |
Weighted average shares of common stock – basic and diluted
|
| | |
|
1,338,666
|
| | | |
|
928,597
|
| |
OTHER COMPREHENSIVE LOSS – NET OF TAX | | | | | | | | | | | | | |
Actuarial loss on pension
|
| | | $ | (183,928) | | | | | $ | (264,307) | | |
Foreign currency translation loss
|
| | | | (1,250,390) | | | | | | (174,246) | | |
Total Comprehensive Loss
|
| | | $ | (25,605,319) | | | | | $ | (10,580,000) | | |
| | |
Convertible Preferred Stock
|
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018
|
| | | | 4,399,077 | | | | | $ | 2,842,548 | | | | | | | 1,888,400 | | | | | $ | 189 | | | | | $ | 38,136 | | | | | $ | (3,315,163) | | | | | $ | (224,805) | | | | | $ | (3,501,643) | | |
Issuance of A-1 preferred stock upon conversion of A-1 notes payable
|
| | | | 1,025,646 | | | | | | 3,075,831 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Beneficial conversion feature on A-1 convertible debt
|
| | | | — | | | | | | 788,584 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of A-2 preferred stock upon conversion of A-2 notes payable
|
| | | | 528,823 | | | | | | 2,504,716 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of A-2 preferred stock for cash
|
| | | | 221,687 | | | | | | 1,049,998 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series B Preferred stock, net of tranche obligation
|
| | | | 2,163,433 | | | | | | 36,516,593 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series B Preferred Stock issuance costs
|
| | | | — | | | | | | (244,501) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | | 259,810 | | | | | | 26 | | | | | | 32,219 | | | | | | — | | | | | | — | | | | | | 32,245 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,141,447) | | | | | | — | | | | | | (10,141,447) | | |
Actuarial loss on pension
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (264,307) | | | | | | (264,307) | | |
Foreign currency translation loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (174,246) | | | | | | (174,246) | | |
Balance at December 31, 2019
|
| | | | 8,338,666 | | | | | | 46,533,769 | | | | | | | 2,148,210 | | | | | | 215 | | | | | | 70,355 | | | | | | (13,456,610) | | | | | | (663,358) | | | | | | (14,049,398) | | |
Issuance of B-1 preferred stock upon conversion of B-1 notes payable
|
| | | | 544,773 | | | | | | 7,902,908 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of B-1 preferred stock for cash
|
| | | | 536,301 | | | | | | 7,779,985 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred stock issuance costs
|
| | | | — | | | | | | (174,980) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 28,144 | | | | | | — | | | | | | — | | | | | | 28,144 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,171,001) | | | | | | — | | | | | | (24,171,001) | | |
Actuarial loss on pension
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (183,928) | | | | | | (183,928) | | |
Foreign currency translation loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,250,390) | | | | | | (1,250,390) | | |
Balance at December 31, 2020
|
| | | | 9,419,740 | | | | | $ | 62,041,682 | | | | | | | 2,148,210 | | | | | $ | 215 | | | | | $ | 98,499 | | | | | $ | (37,627,611) | | | | | $ | (2,097,676) | | | | | $ | (39,626,573) | | |
| | |
2020
|
| |
2019
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss
|
| | | $ | (24,171,001) | | | | | $ | (10,141,447) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 54,648 | | | | | | 8,449 | | |
Non-cash lease expense
|
| | | | 552,457 | | | | | | 61,782 | | |
Stock based compensation
|
| | | | 28,144 | | | | | | 32,245 | | |
Impairment of long-lived assets
|
| | | | 27,696 | | | | | | — | | |
Beneficial conversion interest related to Series A-1 notes
|
| | | | — | | | | | | 788,585 | | |
Discount accretion on Series A-1 notes
|
| | | | — | | | | | | 370,000 | | |
Interest accrued on convertible notes
|
| | | | 125,408 | | | | | | 30,547 | | |
Change in fair value of derivative
|
| | | | 11,923,000 | | | | | | (776,407) | | |
Change in pension obligation
|
| | | | 85,860 | | | | | | 22,005 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Inventory, long-term
|
| | | | (7,550,101) | | | | | | (7,213,742) | | |
Prepaid expenses and other current assets
|
| | | | (389,049) | | | | | | (1,108,056) | | |
Accounts payable and accrued expenses
|
| | | | 2,612,634 | | | | | | 1,554,576 | | |
Deferred revenue and other liabilities
|
| | | | — | | | | | | 1,538,122 | | |
Net cash used in operating activities
|
| | | | (16,700,304) | | | | | | (14,833,341) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of property and equipment and other assets
|
| | | | (1,754,504) | | | | | | (1,156,148) | | |
Net cash used in investing activities
|
| | | | (1,754,504) | | | | | | (1,156,148) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Proceeds from issuance of debt
|
| | | | 8,605,850 | | | | | | 3,500,000 | | |
Repayment of debt
|
| | | | — | | | | | | (1,100,218) | | |
Payment of long-term lease obligations
|
| | | | (569,041) | | | | | | (163,497) | | |
Proceeds from issue of shares, net of issuance costs
|
| | | | 7,605,005 | | | | | | 25,805,495 | | |
Net cash provided by financing activities
|
| | | | 15,641,814 | | | | | | 28,041,780 | | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
| | | | (1,795,567) | | | | | | (332,429) | | |
Net increase (decrease) in cash
|
| | | | (4,608,561) | | | | | | 11,719,862 | | |
CASH – beginning of year
|
| | | | 14,659,712 | | | | | | 2,939,850 | | |
CASH – end of year
|
| | | $ | 10,051,151 | | | | | $ | 14,659,712 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | | | | | | | | |
Income taxes paid
|
| | | $ | 810 | | | | | $ | 810 | | |
Derivative – Series B tranche rights
|
| | | $ | — | | | | | $ | 11,516,593 | | |
Notes payable conversion to preferred stock
|
| | | $ | 7,777,500 | | | | | $ | 5,550,000 | | |
Actuarial loss on pension
|
| | | $ | (183,928) | | | | | $ | (264,307) | | |
| Brick Machines | | | 6 years | |
| Vehicles | | | 4 years | |
| Office equipment | | | 7 years | |
| Computer equipment | | | 3 years | |
| Leasehold improvements | | | Shorter of remaining lease-term or estimated life of the assets | |
| | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative – Series B Preferred Stock Rights
|
| | | $ | — | | | | | $ | — | | | | | $ | 12,527,000 | | | | | $ | 12,527,000 | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | 12,527,000 | | | | | $ | 12,527,000 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative – Series B Preferred Stock Rights
|
| | | $ | — | | | | | $ | — | | | | | $ | 604,000 | | | | | $ | 604,000 | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | 604,000 | | | | | $ | 604,000 | | |
| | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets/Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative – Series B Preferred Stock Rights
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Preferred Stock
Tranche Asset |
| |
Preferred Stock
Tranche Liability |
| |
Embedded
Derivative Liability |
| |||||||||
Balance at January 1, 2019
|
| | | $ | — | | | | | $ | — | | | | | $ | 370,000 | | |
Tranche right/liability upon issuance of Series B preferred stock
|
| | | | 12,351,206 | | | | | | 834,613 | | | | | | — | | |
Change in fair value
|
| | | | 175,794 | | | | | | (230,613) | | | | | | (370,000) | | |
Balance at December 31, 2019
|
| | | | 12,527,000 | | | | | | 604,000 | | | | | | — | | |
Change in fair value
|
| | | | (12,527,000) | | | | | | (604,000) | | | | | | — | | |
Balance at December 31, 2020
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
2020
|
| |
2019
|
| ||||||
Tax refund receivable
|
| | | $ | 357,045 | | | | | $ | 173,046 | | |
Other
|
| | | | 392,877 | | | | | | 251,904 | | |
Total
|
| | | $ | 749,922 | | | | | $ | 424,950 | | |
| | |
2020
|
| |
2019
|
| ||||||
Security deposits
|
| | | $ | 325,634 | | | | | $ | 305,838 | | |
Other
|
| | | | 37,395 | | | | | | 32,174 | | |
Total
|
| | | $ | 363,029 | | | | | $ | 338,012 | | |
| | |
2020
|
| |
2019
|
| ||||||
Brick machines
|
| | | $ | 2,534,700 | | | | | $ | 973,992 | | |
Right of use assets – vehicles
|
| | | | 135,620 | | | | | | 123,796 | | |
Furniture and equipment
|
| | | | 84,514 | | | | | | — | | |
Leasehold improvements
|
| | | | 138,630 | | | | | | 155,196 | | |
Total property and equipment
|
| | | | 2,893,464 | | | | | | 1,242,596 | | |
Less: accumulated depreciation
|
| | | | (67,705) | | | | | | (10,388) | | |
Property and equipment, net
|
| | | $ | 2,825,759 | | | | | $ | 1,242,596 | | |
| | |
2020
|
| |
2019
|
| ||||||
Employee costs
|
| | | $ | 696,176 | | | | | $ | 314,523 | | |
Prototype costs
|
| | | | 483,560 | | | | | | 188,564 | | |
Professional fees
|
| | | | 194,211 | | | | | | 224,160 | | |
Other
|
| | | | 43,544 | | | | | | 74,181 | | |
| | | | $ | 1,417,491 | | | | | $ | 801,428 | | |
| | |
Shares
Designated |
| |
Issued and
Outstanding |
| |
Liquidation
Preference |
| |||||||||
Series B-1 preferred stock
|
| | | | 4,853,110 | | | | | | 1,081,074 | | | | | $ | 15,682,870 | | |
Series B preferred stock
|
| | | | 2,163,433 | | | | | | 2,163,433 | | | | | | 25,003,011 | | |
Series A-2 preferred stock
|
| | | | 750,510 | | | | | | 750,510 | | | | | | 3,554,716 | | |
Series A-1 preferred stock
|
| | | | 1,025,646 | | | | | | 1,025,646 | | | | | | 3,075,830 | | |
Series Seed 2 preferred stock
|
| | | | 626,994 | | | | | | 626,994 | | | | | | 933,939 | | |
Series Seed 1 preferred stock
|
| | | | 1,652,083 | | | | | | 1,652,083 | | | | | | 752,658 | | |
Series FR preferred stock
|
| | | | 2,120,000 | | | | | | 2,120,000 | | | | | | 25,000 | | |
Balance at December 31, 2020
|
| | | | 13,191,776 | | | | | | 9,419,740 | | | | | $ | 49,028,024 | | |
| | |
Shares
Designated |
| |
Issued and
Outstanding |
| |
Liquidation
Preference |
| |||||||||
Series B preferred stock
|
| | | | 2,163,433 | | | | | | 2,163,433 | | | | | $ | 25,003,011 | | |
Series A-2 preferred stock
|
| | | | 750,510 | | | | | | 750,510 | | | | | | 3,554,716 | | |
Series A-1 preferred stock
|
| | | | 1,025,646 | | | | | | 1,025,646 | | | | | | 3,075,830 | | |
Series Seed 2 preferred stock
|
| | | | 626,994 | | | | | | 626,994 | | | | | | 933,939 | | |
Series Seed 1 preferred stock
|
| | | | 1,652,083 | | | | | | 1,652,083 | | | | | | 752,658 | | |
Series FR preferred stock
|
| | | | 2,120,000 | | | | | | 2,120,000 | | | | | | 25,000 | | |
Balance at December 31, 2019
|
| | | | 8,338,666 | | | | | | 8,338,666 | | | | | $ | 33,345,154 | | |
| | |
2020
|
| |
2019
|
| ||||||
Shares reserved for Series B-1 preferred stock
|
| | | | 4,853,110 | | | | | | — | | |
Shares reserved for Series B preferred stock
|
| | | | 2,163,433 | | | | | | 2,163,433 | | |
Shares reserved for Series A-2 preferred stock
|
| | | | 750,510 | | | | | | 750,510 | | |
Shares reserved for Series A-1 preferred stock
|
| | | | 1,025,646 | | | | | | 1,025,646 | | |
Shares reserved for Series Seed 2 preferred stock
|
| | | | 626,994 | | | | | | 626,994 | | |
Shares reserved for Series Seed 1 preferred stock
|
| | | | 1,652,083 | | | | | | 1,652,083 | | |
Shares reserved for Series FR preferred stock
|
| | | | 2,120,000 | | | | | | 2,120,000 | | |
Shares reserved for future issuances under the 2020 Stock Plan
|
| | | | 1,921,140 | | | | | | 1,921,140 | | |
Total shares reserved for future issuance
|
| | | | 15,112,916 | | | | | | 10,259,806 | | |
| | |
Options Outstanding
|
| |||||||||||||||||||||
| | |
Number of
Options |
| |
Weighted
Average Exercise Price Per Share |
| |
Weighted
Average Remaining Contractual Term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||
Balance as of December 31, 2018
|
| | | | 314,810 | | | | | | 0.40 | | | | | | 9.56 | | | | | $ | 221,278 | | |
Stock options granted
|
| | | | 30,000 | | | | | | 1.60 | | | | | | | | | | | | | | |
Stock options exercised
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Stock options forfeited, canceled, or expired
|
| | | | (259,810) | | | | | | 0.46 | | | | | | | | | | | | | | |
Balance as of December 31, 2019
|
| | | | 85,000 | | | | | | 0.63 | | | | | | 8.48 | | | | | $ | 623,100 | | |
Stock options granted
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Stock options exercised
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Stock options forfeited, canceled, or expired
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Balance as of December 31, 2020
|
| | | | 85,000 | | | | | | 0.63 | | | | | | 7.48 | | | | | $ | 422,500 | | |
Options exercisable as of December 31, 2020
|
| | | | 73,125 | | | | | | 0.35 | | | | | | | | | | | $ | 375,000 | | |
Options vested and expected to vest as of December 31, 2020
|
| | | | 85,000 | | | | | | 0.63 | | | | | | 7.48 | | | | | $ | 422,500 | | |
|
Expected volatility
|
| | | | 80% | | |
|
Risk free interest rate
|
| | | | 2.50% | | |
|
Expected dividend yield
|
| | | | — | | |
|
Expected term (years)
|
| | | | 6.25 | | |
| | |
Unvested
Common Stock |
| |||
Balances outstanding at December 31, 2018
|
| | | | 1,184,550 | | |
New grants or issues
|
| | | | 259,810 | | |
Common stock vested
|
| | | | (526,184) | | |
Balances outstanding at December 31, 2019
|
| | | | 918,176 | | |
Common stock vested
|
| | | | (467,753) | | |
Balances outstanding at December 31, 2020
|
| | | | 450,424 | | |
| | |
2020
|
| |
2019
|
| ||||||
Sales and marketing
|
| | | $ | 22,805 | | | | | $ | 22,805 | | |
Research and development
|
| | | | — | | | | | | 1,876 | | |
General and administrative
|
| | | | 5,339 | | | | | | 7,564 | | |
Total stock-based compensation expense
|
| | | $ | 28,144 | | | | | $ | 32,245 | | |
| | |
2020
|
| |
2019
|
| ||||||
United States
|
| | | $ | (15,334,965) | | | | | $ | (4,707,771) | | |
Switzerland
|
| | | | (8,835,206) | | | | | | (5,432,866) | | |
Total loss before tax
|
| | | $ | (24,171,001) | | | | | $ | (10,140,637) | | |
| | |
2020
|
| |
2019
|
| ||||||
US federal statutory income tax rate
|
| | | | 21.00% | | | | | | 21.00% | | |
State and local income taxes, net of Federal benefit
|
| | | | 0.02% | | | | | | 0.33% | | |
Non-Deductible expenses
|
| | | | -10.51% | | | | | | -0.81% | | |
Credits
|
| | | | 0.23% | | | | | | 0.55% | | |
Foreign rate differential
|
| | | | -0.36% | | | | | | -0.54% | | |
Valuation allowance
|
| | | | -10.39% | | | | | | -20.54% | | |
Effective income tax rate
|
| | | | 0.00% | | | | | | (0.01)% | | |
| | |
2020
|
| |
2019
|
| ||||||
Current | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | 830 | | | | | | 810 | | |
Foreign
|
| | | | — | | | | | | — | | |
Total current tax provision
|
| | | | 830 | | | | | | 810 | | |
Deferred | | | | | | | | | | | | | |
Federal
|
| | | | — | | | | | | — | | |
State
|
| | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | |
Total deferred tax provision
|
| | | | — | | | | | | — | | |
Total provision for income taxes
|
| | | $ | 830 | | | | | $ | 810 | | |
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax assets | | | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 4,796,086 | | | | | $ | 2,463,756 | | |
Accruals
|
| | | | 114,117 | | | | | | 69,253 | | |
Credits
|
| | | | 102,705 | | | | | | 51,352 | | |
Operating lease liabilities
|
| | | | 224,047 | | | | | | 329,110 | | |
Other
|
| | | | 153,924 | | | | | | 111,778 | | |
Gross deferred tax assets
|
| | | | 5,390,879 | | | | | | 3,025,248 | | |
Less: valuation allowance
|
| | | | (5,114,407) | | | | | | (2,606,724) | | |
Net deferred tax assets
|
| | | | 276,472 | | | | | | 418,524 | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (40,046) | | | | | | (26,830) | | |
Right of use assets
|
| | | | (209,608) | | | | | | (351,179) | | |
Other
|
| | | | (26,819) | | | | | | (40,515) | | |
Total deferred tax assets, net of valuation allowance
|
| | | $ | — | | | | | $ | — | | |
| | |
Unrecognized
Tax Benefits |
| |||
Balance as of December 31, 2019
|
| | | $ | 867,892 | | |
Increase related to prior year tax positions
|
| | | | — | | |
Decrease related to prior year tax positions
|
| | | | — | | |
Increase related to current year tax positions
|
| | | | — | | |
Decrease related to lapsing status of limitation
|
| | | | 13,904 | | |
Balance as of December 31, 2020
|
| | | $ | 881,796 | | |
Interest balance as of December 31, 2020
|
| | | | — | | |
Penalties as of December 31, 2020
|
| | | | — | | |
| | |
Operating
Leases |
| |
Finance
Leases |
| ||||||
2021
|
| | | $ | 450,500 | | | | | $ | 31,608 | | |
2022
|
| | | | 243,436 | | | | | | 39,971 | | |
2023
|
| | | | 250,739 | | | | | | 24,241 | | |
2024
|
| | | | 258,262 | | | | | | — | | |
2025
|
| | | | 220,572 | | | | | | — | | |
Thereafter
|
| | | | — | | | | | | — | | |
Total
|
| | | | 1,423,508 | | | | | | 95,820 | | |
Less: interest
|
| | | | (153,250) | | | | | | (2,536) | | |
Total lease liability
|
| | | $ | 1,270,259 | | | | | $ | 93,285 | | |
| | |
2020
|
| |
2019
|
| ||||||
Finance lease expense | | | | | | | | | | | | | |
Amortization of finance ROU assets
|
| | | $ | 22,178 | | | | | $ | 7,032 | | |
Interest on finance lease liabilities
|
| | | | 1,389 | | | | | | 606 | | |
Finance lease expense
|
| | | | 23,567 | | | | | | 7,638 | | |
Operating lease expense
|
| | | | 463,998 | | | | | | 75,242 | | |
Short-term lease expense
|
| | | | 102,698 | | | | | | 109,093 | | |
Variable lease expense
|
| | | | 10,279 | | | | | | 5,950 | | |
Sublease income
|
| | | | — | | | | | | — | | |
Total
|
| | | $ | 600,542 | | | | | $ | 197,923 | | |
Cash paid for amounts included in the measurement of lease liabilities for finance leases
|
| | | | | | | | | | | | |
Operating cash flows
|
| | | $ | 1,389 | | | | | $ | 606 | | |
Financing cash flows
|
| | | $ | 19,700 | | | | | $ | 5,947 | | |
Cash paid for amounts included in the measurement of lease liabilities for operating leases
|
| | | | | | | | | | | | |
Operating cash flows
|
| | | $ | 436,364 | | | | | $ | 165,487 | | |
Right-of-use assets obtained in exchange for lease liabilities | | | | | | | | | | | | | |
Finance leases
|
| | | $ | — | | | | | $ | 93,525 | | |
Operating leases
|
| | | $ | 268,228 | | | | | $ | 1,676,313 | | |
Weighted average remaining lease term (in months) | | | | | | | | | | | | | |
Finance leases
|
| | | | 33 | | | | | | 44 | | |
Operating leases
|
| | | | 46 | | | | | | 59 | | |
Weighted average discount rate | | | | | | | | | | | | | |
Finance leases
|
| | | | 1.85% | | | | | | 1.84% | | |
Operating leases
|
| | | | 5.37% | | | | | | 5.37% | | |
Current portion | | | | | | | | | | | | | |
Finance leases
|
| | | $ | 30,133 | | | | | $ | 27,013 | | |
Operating leases
|
| | | $ | 394,262 | | | | | $ | 368,363 | | |
Long-term portion | | | | | | | | | | | | | |
Finance leases
|
| | | $ | 63,152 | | | | | $ | 85,151 | | |
Operating leases
|
| | | $ | 875,997 | | | | | $ | 1,147,879 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 116,290,730 | | | | | $ | 10,051,151 | | |
Inventory
|
| | | | 81,015 | | | | | | — | | |
Prepaid expenses and other current assets
|
| | | | 2,033,044 | | | | | | 749,922 | | |
Total current assets
|
| | | | 118,404,789 | | | | | | 10,801,073 | | |
Inventory, long-term
|
| | | | — | | | | | | 14,629,896 | | |
Property and equipment, net
|
| | | | 12,006,392 | | | | | | 2,825,759 | | |
Intangible assets — under development
|
| | | | 178,366 | | | | | | — | | |
Right-of-Use assets, net
|
| | | | 1,154,500 | | | | | | 1,356,523 | | |
Loans receivable from related party
|
| | | | — | | | | | | 406,536 | | |
Other assets
|
| | | | 339,263 | | | | | | 363,029 | | |
Total assets
|
| | | $ | 132,083,310 | | | | | $ | 30,382,816 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,900,325 | | | | | $ | 2,057,518 | | |
Accrued expenses
|
| | | | 1,052,970 | | | | | | 1,417,491 | | |
Long-term finance leases, current portion
|
| | | | 47,493 | | | | | | 30,133 | | |
Long-term operating leases, current portion
|
| | | | 461,523 | | | | | | 394,262 | | |
Total current liabilities
|
| | | | 3,462,311 | | | | | | 3,899,404 | | |
Long-Term Liabilities | | | | | | | | | | | | | |
Deferred pension obligation
|
| | | | 552,080 | | | | | | 833,487 | | |
Deferred revenue
|
| | | | 1,500,000 | | | | | | 1,500,000 | | |
Long-term finance leases
|
| | | | 41,475 | | | | | | 63,152 | | |
Long-term operating leases
|
| | | | 726,961 | | | | | | 875,997 | | |
Notes payable, net of current portion
|
| | | | — | | | | | | 795,667 | | |
Total long-term liabilities
|
| | | | 2,820,516 | | | | | | 4,068,303 | | |
Total liabilities
|
| | | | 6,282,827 | | | | | | 7,967,707 | | |
Commitments | | | | | | | | | | | | | |
Convertible preferred stock, $0.0001 par value; 12,658,321 shares authorized,
12,658,312 shares issued and outstanding at September 30, 2021; 13,191,776 shares authorized, 9,419,740 shares issued and outstanding at December 31, 2020; liquidation preference of $171,347,526 and $49,028,024 as of September 30, 2021 and December 31, 2020, respectively |
| | | | 182,856,927 | | | | | | 62,041,682 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
Stockholders’ Deficit | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 17,800,000 shares authorized, 3,038,093
shares issued and outstanding at September 30, 2021; 17,800,000 shares authorized, 2,148,210 shares issued and outstanding at December 31, 2020 |
| | | | 303 | | | | | | 215 | | |
Additional paid-in capital
|
| | | | 660,666 | | | | | | 98,499 | | |
Accumulated deficit
|
| | | | (56,216,893) | | | | | | (37,627,611) | | |
Accumulated other comprehensive loss
|
| | | | (1,500,520) | | | | | | (2,097,676) | | |
Total stockholders’ deficit
|
| | | | (57,056,444) | | | | | | (39,626,573) | | |
Total liabilities, convertible preferred stock, and stockholders’ deficit
|
| | | $ | 132,083,310 | | | | | $ | 30,382,816 | | |
|
| | |
Nine Months ended September 30,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
REVENUE
|
| | | $ | — | | | | | $ | — | | |
OPERATING EXPENSES | | | | | | | | | | | | | |
Sales and marketing
|
| | | | 442,658 | | | | | | 258,532 | | |
Research and development
|
| | | | 4,920,320 | | | | | | 4,874,486 | | |
General and administrative
|
| | | | 8,620,769 | | | | | | 4,435,161 | | |
Inventory write-down
|
| | | | 2,733,194 | | | | | | — | | |
Loss from operations
|
| | | | 16,716,941 | | | | | | 9,568,179 | | |
OTHER INCOME (EXPENSE) | | | | | | | | | | | | | |
Change in fair value of derivative
|
| | | | — | | | | | | (5,217,104) | | |
Interest expense
|
| | | | (6,799) | | | | | | (16,045) | | |
Other income (expense), net
|
| | | | (1,865,542) | | | | | | 1,173,497 | | |
Other expense, net
|
| | | | (1,872,341) | | | | | | (4,059,652) | | |
Loss before income taxes
|
| | | | (18,589,282) | | | | | | (13,627,831) | | |
PROVISION FOR INCOME TAXES
|
| | | | — | | | | | | — | | |
NET LOSS
|
| | | | (18,589,282) | | | | | | (13,627,831) | | |
Net loss per share of common stock — basic and diluted
|
| | | $ | (10.41) | | | | | $ | (10.62) | | |
Weighted average shares of common stock — basic and diluted
|
| | |
|
1,785,436
|
| | | |
|
1,283,342
|
| |
OTHER COMPREHENSIVE INCOME (LOSS) — NET OF TAX | | | | | | | | | | | | | |
Actuarial gain (loss) on pension
|
| | | $ | 295,255 | | | | | | (117,100) | | |
Foreign currency translation gain (loss)
|
| | | | 301,901 | | | | | | (486,623) | | |
Total Comprehensive Loss
|
| | | $ | (17,992,126) | | | | | $ | (14,231,554) | | |
| | |
Convertible Preferred Stock
|
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
| | | | 8,338,666 | | | | | $ | 46,533,769 | | | | | | | 2,148,210 | | | | | $ | 215 | | | | | $ | 70,355 | | | | | $ | (13,456,610) | | | | | $ | (663,358) | | | | | $ | (14,049,398) | | |
Stock based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 21,108 | | | | | | — | | | | | | — | | | | | | 21,108 | | |
Series B Preferred Stock issuance costs
|
| | | | — | | | | | | (153) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (13,627,831) | | | | | | — | | | | | | (13,627,831) | | |
Actuarial loss on pension
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (117,100) | | | | | | (117,100) | | |
Foreign currency translation
loss |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (486,623) | | | | | | (486,623) | | |
Balance at September 30, 2020
|
| | | | 8,338,666 | | | | | $ | 46,533,616 | | | | | | | 2,148,210 | | | | | $ | 215 | | | | | $ | 91,463 | | | | | $ | (27,084,441) | | | | | $ | (1,267,081) | | | | | $ | (28,259,844) | | |
| | |
Convertible Preferred Stock
|
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income (Loss) |
| |
Total
Stockholders’ Deficit |
| ||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020
|
| | | | 9,419,740 | | | | | $ | 62,041,682 | | | | | | | 2,148,210 | | | | | $ | 215 | | | | | $ | 98,499 | | | | | $ | (37,627,611) | | | | | $ | (2,097,676) | | | | | $ | (39,626,573) | | |
Issuance of Series B-1 preferred stock for cash
|
| | | | 1,056,057 | | | | | | 15,319,955 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series B-1 Preferred Stock issuance costs
|
| | | | — | | | | | | (24,959) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series C preferred stock for cash
|
| | | | 2,182,515 | | | | | | 106,999,544 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series C Preferred Stock issuance costs
|
| | | | — | | | | | | (1,479,295) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of stock option
|
| | | | — | | | | | | — | | | | | | | 55,000 | | | | | | 5 | | | | | | 5,494 | | | | | | — | | | | | | — | | | | | | 5,499 | | |
Stock based compensation and conversion to common stock
|
| | | | — | | | | | | — | | | | | | | 834,883 | | | | | | 83 | | | | | | 556,673 | | | | | | — | | | | | | — | | | | | | 556,756 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,589,282) | | | | | | — | | | | | | (18,589,282) | | |
Actuarial gain on pension
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 295,255 | | | | | | 295,255 | | |
Foreign currency translation
gain |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 301,901 | | | | | | 301,901 | | |
Balance at September 30, 2021
|
| | | | 12,658,312 | | | | | $ | 182,856,927 | | | | | | | 3,038,093 | | | | | $ | 303 | | | | | $ | 660,666 | | | | | $ | (56,216,893) | | | | | $ | (1,500,520) | | | | | $ | (57,056,444) | | |
| | |
Nine months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss
|
| | | $ | (18,589,282) | | | | | $ | (13,627,831) | | |
Adjustments to reconcile net loss to net cash used in
operating activities: |
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 975,992 | | | | | | 41,479 | | |
Non-cash lease expense
|
| | | | 318,955 | | | | | | 167,877 | | |
Stock based compensation
|
| | | | 452,182 | | | | | | 21,108 | | |
Inventory write-down
|
| | | | 3,236,045 | | | | | | — | | |
Change in fair value of derivative
|
| | | | — | | | | | | 5,217,104 | | |
Change in pension obligation
|
| | | | 52,792 | | | | | | 46,543 | | |
Foreign exchange gains and losses
|
| | | | 100,087 | | | | | | (73,739) | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Inventory
|
| | | | (213,699) | | | | | | (4,456,801) | | |
Prepaid expenses and other current assets
|
| | | | 877,305 | | | | | | 90,999 | | |
Accounts payable and accrued expenses
|
| | | | (1,285,539) | | | | | | 1,206,153 | | |
Net cash used in operating activities
|
| | | | (14,075,162) | | | | | | (11,367,108) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (16,450) | | | | | | (1,434,067) | | |
Payment for intangible assets under development
|
| | | | (59,505) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (75,955) | | | | | | (1,434,067) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Proceeds from issuance of debt
|
| | | | — | | | | | | 5,901,304 | | |
Repayment of debt
|
| | | | (765,070) | | | | | | — | | |
Proceeds from promissory note
|
| | | | 124,855 | | | | | | — | | |
Payment of finance lease obligations
|
| | | | (43,363) | | | | | | (20,865) | | |
Proceeds from Series B-1 Preferred Stock, net of issurance costs
|
| | | | 15,294,996 | | | | | | (153) | | |
Proceeds from Series C Preferred Stock, net of issurance costs
|
| | | | 105,520,249 | | | | | | — | | |
Proceeds from issue of shares, net of issuance costs
|
| | | | 5,499 | | | | | | — | | |
Payment made for merger related expenses
|
| | | | (469,087) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 119,668,079 | | | | | | 5,880,286 | | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
| | | | 722,617 | | | | | | (851,644) | | |
Net increase (decrease) in cash
|
| | | | 106,239,579 | | | | | | (7,772,533) | | |
CASH – beginning of the period
|
| | | | 10,051,151 | | | | | | 14,659,712 | | |
CASH – end of the period
|
| | | $ | 116,290,730 | | | | | $ | 6,887,179 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | | | | | | | | |
Income taxes paid
|
| | | | 860 | | | | | | — | | |
Cash paid for interest
|
| | | | 50,023 | | | | | | 60,942 | | |
Reclassification of inventory costs
|
| | | | 10,811,693 | | | | | | — | | |
| | |
Nine months ended
September 30, |
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Merger related costs in accounts payable
|
| | | | 724,221 | | | | | | — | | |
Actuarial gain (loss) on pension
|
| | | | 295,255 | | | | | | 117,100 | | |
Property, plant and equipment financed through accounts payable
|
| | | | 10,600 | | | | | | — | | |
Assets acquired on finance Lease
|
| | | | 42,993 | | | | | | — | | |
Purchases of intangible assets recorded in accrued liabilities
|
| | | | 118,861 | | | | | | — | | |
| | |
Preferred Stock
Tranche Asset |
| |
Preferred Stock
Tranche (Liability) Asset |
| ||||||
Balance at January 1, 2020
|
| | | $ | 12,527,000 | | | | | $ | (604,000) | | |
Change in fair value
|
| | | | (10,684,670) | | | | | | 5,467,566 | | |
Balance at September 30, 2020
|
| | | $ | 1,842,330 | | | | | $ | 4,863,566 | | |
| | |
As of
|
| |||||||||
|
September 30,
2021 |
| |
December 31,
2020 |
| ||||||||
Brick machines
|
| | | $ | 2,381,174 | | | | | $ | 2,534,700 | | |
Right-of-Use assets – vehicles
|
| | | | 171,276 | | | | | | 135,620 | | |
Furniture and equipment
|
| | | | 84,514 | | | | | | 84,514 | | |
Leasehold improvements
|
| | | | 165,680 | | | | | | 138,630 | | |
Demonstration & test equipment
|
| | | | 10,221,080 | | | | | | — | | |
Total property and equipment
|
| | | | 13,023,724 | | | | | | 2,893,464 | | |
Less: accumulated depreciation
|
| | | | (1,017,332) | | | | | | (67,705) | | |
Property and equipment, net
|
| | | $ | 12,006,392 | | | | | $ | 2,825,759 | | |
| | |
Shares
Designated |
| |
Issued and
Outstanding |
| |
Liquidation
Preference |
| |||||||||
Series C preferred stock
|
| | | | 2,182,524 | | | | | | 2,182,515 | | | | | $ | 106,999,547 | | |
Series B-1 preferred stock
|
| | | | 2,137,131 | | | | | | 2,137,131 | | | | | | 31,002,825 | | |
Series B preferred stock
|
| | | | 2,163,433 | | | | | | 2,163,433 | | | | | | 25,003,011 | | |
Series A-2 preferred stock
|
| | | | 750,510 | | | | | | 750,510 | | | | | | 3,554,716 | | |
Series A-1 preferred stock
|
| | | | 1,025,646 | | | | | | 1,025,646 | | | | | | 3,075,830 | | |
Series Seed 2 preferred stock
|
| | | | 626,994 | | | | | | 626,994 | | | | | | 933,939 | | |
Series Seed 1 preferred stock
|
| | | | 1,652,083 | | | | | | 1,652,083 | | | | | | 752,658 | | |
Series FR preferred stock
|
| | | | 2,120,000 | | | | | | 2,120,000 | | | | | | 25,000 | | |
Balance at September 30, 2021
|
| | | | 12,658,321 | | | | | | 12,658,312 | | | | | $ | 171,347,526 | | |
| | |
Shares
Designated |
| |
Issued and
Outstanding |
| |
Liquidation
Preference |
| |||||||||
Series B-1 preferred stock
|
| | | | 4,853,110 | | | | | | 1,081,074 | | | | | $ | 15,682,870 | | |
Series B preferred stock
|
| | | | 2,163,433 | | | | | | 2,163,433 | | | | | | 25,003,011 | | |
Series A-2 preferred stock
|
| | | | 750,510 | | | | | | 750,510 | | | | | | 3,554,716 | | |
Series A-1 preferred stock
|
| | | | 1,025,646 | | | | | | 1,025,646 | | | | | | 3,075,830 | | |
Series Seed 2 preferred stock
|
| | | | 626,994 | | | | | | 626,994 | | | | | | 933,939 | | |
Series Seed 1 preferred stock
|
| | | | 1,652,083 | | | | | | 1,652,083 | | | | | | 752,658 | | |
Series FR preferred stock
|
| | | | 2,120,000 | | | | | | 2,120,000 | | | | | | 25,000 | | |
Balance at December 31, 2020
|
| | | | 13,191,776 | | | | | | 9,419,740 | | | | | $ | 49,028,024 | | |
| | |
As of
|
| |||||||||
|
September 30,
2021 |
| |
December 31,
2020 |
| ||||||||
Shares reserved for Series C preferred stock
|
| | | | 2,182,524 | | | | | | — | | |
Shares reserved for Series B-1 preferred stock
|
| | | | 2,137,131 | | | | | | 4,853,110 | | |
Shares reserved for Series B preferred stock
|
| | | | 2,163,433 | | | | | | 2,163,433 | | |
Shares reserved for Series A-2 preferred stock
|
| | | | 750,510 | | | | | | 750,510 | | |
Shares reserved for Series A-1 preferred stock
|
| | | | 1,025,646 | | | | | | 1,025,646 | | |
Shares reserved for Series Seed 2 preferred stock
|
| | | | 626,994 | | | | | | 626,994 | | |
Shares reserved for Series Seed 1 preferred stock
|
| | | | 1,652,083 | | | | | | 1,652,083 | | |
Shares reserved for Series FR preferred stock
|
| | | | 2,120,000 | | | | | | 2,120,000 | | |
Shares reserved for future issuances under the 2020 Stock Plan
|
| | | | 1,031,257 | | | | | | 1,921,140 | | |
Total shares reserved for future issuance
|
| | | | 13,689,578 | | | | | | 15,112,916 | | |
| | |
Options Outstanding
|
| |||||||||||||||||||||
|
Number of
Options |
| |
Weighted Average
Exercise Price Per Share |
| |
Weighted Average
Remaining Contractual Term (in years) |
| |
Aggregate
Intrinsic Value |
| ||||||||||||||
Balance as of December 31, 2020
|
| | | | 85,000 | | | | | $ | 0.63 | | | | | | 7.48 | | | | | $ | 422,500 | | |
Stock options granted
|
| | | | 147,000 | | | | | | 5.43 | | | | | | | | | | | | | | |
Stock options exercised
|
| | | | (55,000) | | | | | | 0.10 | | | | | | | | | | | | | | |
Stock options forfeited, canceled, or expired
|
| | | | — | | | | | | — | | | | | | | | | | | | | | |
Balance as of September 30, 2021
|
| | | | 177,000 | | | | | | 4.78 | | | | | | 9.11 | | | | | $ | 520,116 | | |
Options exercisable as of September 30, 2021
|
| | | | 86,985 | | | | | | 4.38 | | | | | | 9.00 | | | | | $ | 348,245 | | |
Options vested and expected to vest as of
September 30, 2021 |
| | | | 177,000 | | | | | $ | 4.78 | | | | | | 9.11 | | | | | $ | 520,116 | | |
|
Expected volatility
|
| | | | 90% | | |
|
Common stock value
|
| | | $ | 7.53 | | |
|
Risk free interest rate
|
| | | | 0.06% | | |
|
Expected dividend yield
|
| | | | — | | |
|
Expected term (years)
|
| | | | 6.25 | | |
| | |
Share
|
| |
Weighted Average
Grant Date Fair Value per Share |
| ||||||
Balance as of December 31, 2020
|
| | | | — | | | | | $ | — | | |
Restricted Stock units granted
|
| | | | 588,117 | | | | | | 4.95 | | |
Restricted Stock units forfeited
|
| | | | — | | | | | | — | | |
Restricted Stock units vested
|
| | | | — | | | | | | — | | |
Balance as of September 30, 2021
|
| | | | 588,117 | | | | | $ | 4.95 | | |
| | |
Unvested
Common Stock |
| |||
Balances outstanding at December 31, 2020
|
| | | | 450,424 | | |
New grants or issues
|
| | | | 889,883 | | |
Common stock vested
|
| | | | (425,814) | | |
Balances outstanding at September 30, 2021
|
| | | | 914,493 | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Sales and marketing
|
| | | $ | 59,413 | | | | | $ | 17,104 | | |
Research and development
|
| | | | 338,774 | | | | | | — | | |
General and administrative
|
| | | | 53,995 | | | | | | 4,004 | | |
Total stock-based compensation expense
|
| | | $ | 452,182 | | | | | $ | 21,108 | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Net loss
|
| | | $ | (18,589,282) | | | | | $ | (13,627,831) | | |
Weighted-average shares outstanding – Basic and Diluted
|
| | | | 1,785,436 | | | | | | 1,283,342 | | |
Net loss per share – Basic and Diluted
|
| | | $ | (10.41) | | | | | $ | (10.62) | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Stock options
|
| | | | 177,000 | | | | | | 85,000 | | |
Convertible preferred stock
|
| | | | 12,658,312 | | | | | | 8,338,666 | | |
Unvested Common Stock
|
| | | | 99,610 | | | | | | 729,743 | | |
Total
|
| | | | 12,934,922 | | | | | | 9,153,409 | | |
| | |
Operating
Leases |
| |
Finance
Leases |
| ||||||
2021 (remainder of year)
|
| | | $ | 127,491 | | | | | $ | 10,085 | | |
2022
|
| | | | 446,004 | | | | | | 48,249 | | |
2023
|
| | | | 250,739 | | | | | | 33,371 | | |
2024
|
| | | | 258,262 | | | | | | — | | |
2025
|
| | | | 220,572 | | | | | | — | | |
Thereafter
|
| | | | — | | | | | | — | | |
Total
|
| | | | 1,303,068 | | | | | | 91,705 | | |
Less: interest
|
| | | | (114,584) | | | | | | (2,737) | | |
Total lease liability
|
| | | $ | 1,188,484 | | | | | $ | 88,968 | | |
| | |
Nine Months Ended September 30
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Finance lease expense | | | | | | | | | | | | | |
Amortization of finance ROU assets
|
| | | $ | 33,600 | | | | | $ | 22,178 | | |
Interest on finance lease liabilities
|
| | | | 2,138 | | | | | | 1,448 | | |
Finance lease expense
|
| | | | 35,738 | | | | | | 23,626 | | |
Operating lease expense
|
| | | | 495,921 | | | | | | 376,614 | | |
Short-term lease expense
|
| | | | 60,324 | | | | | | 89,847 | | |
Variable lease expense
|
| | | | 2,360 | | | | | | 5,869 | | |
Total
|
| | | $ | 594,343 | | | | | $ | 495,956 | | |
| ASSETS | | | | | | | |
|
Current asset – cash
|
| | | $ | 172,854 | | |
|
Deferred offering costs
|
| | | | 37,042 | | |
|
TOTAL ASSETS
|
| | | $ | 209,896 | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | |
| Current liabilities | | | | | | | |
|
Accrued expenses
|
| | | $ | 1,000 | | |
|
Accrued offering costs
|
| | | | 25,000 | | |
|
Promissory notes – related parties
|
| | | | 160,000 | | |
|
Total Current Liabilities
|
| | | | 186,000 | | |
| Commitments and Contingencies | | | | | | | |
| Stockholders’ Equity | | | | | | | |
|
Preferred stock, $0.0001 par value; 5,000,000 shares(1) authorized; no shares issued and outstanding
|
| | | | — | | |
|
Class A common stock, $0.0001 par value; 500,000,000 shares(1) authorized; no shares issued and outstanding
|
| | | | — | | |
|
Class B common stock, $0.0001 par value; 20,000,000 shares(1) authorized; 7,187,500 shares(2) issued and outstanding
|
| | | | 719 | | |
|
Additional paid-in capital
|
| | | | 24,281 | | |
|
Accumulated deficit
|
| | | | (1,104) | | |
|
Total Stockholders’ Equity
|
| | | | 23,896 | | |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 209,896 | | |
|
Formation and operating costs
|
| | | $ | 1,104 | | |
|
Net Loss
|
| | | $ | (1,104) | | |
|
Weighted average shares outstanding, basic and diluted(1)
|
| | | | 6,250,000 | | |
|
Basic and diluted net loss per common share
|
| | | $ | (0.00) | | |
| | |
Class B
Common Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||
|
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||
Balance – September 29, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B common stock to Founders(1)
|
| | | | 7,187,500 | | | | | | 719 | | | | | | 24,281 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,104) | | | | | | (1,104) | | |
Balance – December 31, 2020
|
| | | | 7,187,500 | | | | | $ | 719 | | | | | $ | 24,281 | | | | | $ | (1,104) | | | | | $ | 23,896 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (1,104) | | |
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Accrued expenses
|
| | | | 1,000 | | |
|
Net cash used in operating activities
|
| | | | (104) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of Class B common stock to the Founders
|
| | | | 25,000 | | |
|
Proceeds from promissory notes – related parties
|
| | | | 160,000 | | |
|
Payment of offering costs
|
| | | | (12,042) | | |
|
Net cash provided by financing activities
|
| | | | 172,958 | | |
|
Net Change in Cash
|
| | | | 172,854 | | |
|
Cash – Beginning
|
| | | | — | | |
| Cash – Ending | | | |
$
|
172,854
|
| |
| Non-cash investing and financing activities: | | | | | | | |
|
Deferred offering costs included in accrued offering costs
|
| | | $ | 25,000 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 882,585 | | | | | $ | 172,854 | | |
Prepaid expenses
|
| | | | 143,333 | | | | | | — | | |
Total Current Assets
|
| | | | 1,025,918 | | | | | | 172,854 | | |
Deferred offering costs
|
| | | | — | | | | | | 37,042 | | |
Marketable securities held in Trust Account
|
| | | | 287,509,721 | | | | | | — | | |
TOTAL ASSETS
|
| | | $ | 288,535,639 | | | | | $ | 209,896 | | |
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 256,519 | | | | | $ | 1,000 | | |
Accrued offering costs
|
| | | | — | | | | | | 25,000 | | |
Promissory note – related party
|
| | | | — | | | | | | 160,000 | | |
Total Current Liabilities
|
| | | | 256,519 | | | | | | 186,000 | | |
Warrant liability
|
| | | | 16,129,166 | | | | | | — | | |
TOTAL LIABILITIES
|
| | | | 16,385,685 | | | | | | 186,000 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A common stock subject to possible redemption 28,750,000 and no shares at redemption value at September 30, 2021 and December 31, 2020, respectively
|
| | | | 287,500,000 | | | | | | — | | |
Stockholders’ (Deficit) Equity | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding
|
| | | | — | | | | | | — | | |
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 7,187,500 shares issued and outstanding, at September 30, 2021 and December 31, 2020
|
| | | | 719 | | | | | | 719 | | |
Additional paid-in capital
|
| | | | — | | | | | | 24,281 | | |
Accumulated deficit
|
| | | | (15,350,765) | | | | | | (1,104) | | |
Total Stockholders’ (Deficit) Equity
|
| | | | (15,350,046) | | | | | | 23,896 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
|
| | | $ | 288,535,639 | | | | | $ | 209,896 | | |
| | |
Three Months
Ended September 30, 2021 |
| |
Nine Months Ended
September 30, 2021 |
| |
For the Period
from September 29, 2020 (Inception) Through September 30, 2020 |
| |||||||||
Operating and formation costs
|
| | | $ | 318,126 | | | | | $ | 779,783 | | | | | $ | — | | |
Loss from operations
|
| | | | (318,126) | | | | | | (779,783) | | | | | | — | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 4,341 | | | | | | 9,721 | | | | | | — | | |
Transaction costs incurred in connection with warrant
|
| | | | — | | | | | | (241,311) | | | | | | — | | |
Change in fair value of warrants
|
| | | | 1,379,166 | | | | | | 442,500 | | | | | | — | | |
Total other income, net
|
| | | | 1,383,507 | | | | | | 210,910 | | | | | | — | | |
Net income (loss)
|
| | | $ | 1,065,381 | | | | | $ | (568,873) | | | | | $ | — | | |
Basic and diluted weighted average shares outstanding, Class A common stock
|
| | | | 28,750,000 | | | | | | 24,642,857 | | | | | | — | | |
Basic and diluted net income (loss) per share, Class A common stock
|
| | | $ | 0.03 | | | | | $ | (0.02) | | | | | $ | — | | |
Basic and diluted weighted average shares outstanding, Class B common stock
|
| | | | 7,187,500 | | | | | | 7,053,571 | | | | | | — | | |
Basic and diluted net income (loss) per share, Class B common stock
|
| | | $ | 0.03 | | | | | $ | (0.02) | | | | | $ | — | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ (Deficit) Equity |
| |||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||
Balance – December 31, 2020
|
| | | | — | | | | | $ | — | | | | | | 7,187,500 | | | | | $ | 719 | | | | | $ | 24,281 | | | | | $ | (1,104) | | | | | $ | 23,896 | | |
Remeasurement adjustment on redeemable common stock (see Note 2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,935,948) | | | | | | (14,780,788) | | | | | | (16,716,736) | | |
Cash paid in excess of private placement warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,911,667 | | | | | | — | | | | | | 1,911,667 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,628,037) | | | | | | (1,628,037) | | |
Balance – March 31, 2021 (restated — see Note 2)
|
| | | | — | | | | | $ | — | | | | | | 7,187,500 | | | | | | 719 | | | | | | — | | | | | | (16,409,929) | | | | | | (16,409,210) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,217) | | | | | | (6,217) | | |
Balance – June 30, 2021 (restated — see Note 2)
|
| | | | — | | | | | $ | — | | | | | | 7,187,500 | | | | | $ | 719 | | | | | $ | — | | | | | $ | (16,416,146) | | | | | $ | (16,415,427) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,065,381 | | | | | | 1,065,381 | | |
Balance – September 30, 2021
|
| | | | — | | | | | $ | — | | | | | | 7,187,500 | | | | | $ | 719 | | | | | $ | — | | | | | $ | (15,350,765) | | | | | $ | (15,350,046) | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||
Balance – September 29, 2020 (Inception)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Class B Common Stock to Sponsor
|
| | | | — | | | | | $ | — | | | | | | 7,187,500 | | | | | $ | 719 | | | | | $ | 24,281 | | | | | $ | — | | | | | $ | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance – September 30, 2020
|
| | | | — | | | | | $ | — | | | | | | 7,187,500 | | | | | $ | 719 | | | | | $ | 24,281 | | | | | $ | — | | | | | $ | 25,000 | | |
| | |
Nine Months Ended
September 30, 2020 |
| |
For the Period
from September 29, 2020 (Inception) through September 30, 2021 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (568,873) | | | | | $ | — | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Change in fair value of warrant liability
|
| | | | (442,500) | | | | | | — | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (9,721) | | | | | | — | | |
Transaction costs incurred in connection with warrant
|
| | | | 241,311 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses
|
| | | | (143,333) | | | | | | — | | |
Accounts payable and accrued expenses
|
| | | | 255,519 | | | | | | — | | |
Net cash used in operating activities
|
| | |
|
(667,597)
|
| | | | | — | | |
Cash Flows from Investing Activities:
|
| | | | | | | | | | | | |
Investment of cash into Trust Account
|
| | | | (287,500,000) | | | | | | — | | |
Net cash used in investing activities
|
| | |
|
(287,500,000)
|
| | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 281,750,000 | | | | | | — | | |
Proceeds from sale of Private Placement Warrants
|
| | | | 7,750,000 | | | | | | — | | |
Repayment of promissory note – related party
|
| | | | (160,000) | | | | | | — | | |
Payment of offering costs
|
| | | | (462,672) | | | | | | — | | |
Net cash provided by financing activities
|
| | |
|
288,877,328
|
| | | | | — | | |
Net Change in Cash
|
| | |
|
709,731
|
| | | | | — | | |
Cash – Beginning
|
| | | | 172,854 | | | | | | — | | |
Cash – Ending | | | | $ | 882,585 | | | | | $ | — | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Remeasurement adjustment on redeemable common stock
|
| | | $ | 16,716,736 | | | | | $ | — | | |
Payment of deferred offering costs by the Sponsor in exchange for the issuance of Class B common stock
|
| | | $ | 35,000 | | | | | $ | — | | |
Balance Sheet as of March 31, 2021 (unaudited)
|
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Class A common stock subject to possible redemption
|
| | | $ | 266,090,784 | | | | | $ | 21,409,216 | | | | | $ | 287,500,000 | | |
Class A common stock
|
| | | $ | 214 | | | | | $ | (214) | | | | | $ | — | | |
Additional paid-in capital
|
| | | $ | 6,628,214 | | | | | $ | (6,628,214) | | | | | $ | — | | |
Accumulated deficit
|
| | | $ | (1,629,141) | | | | | $ | (14,780,788) | | | | | $ | (16,409,929) | | |
Total Stockholders’ Equity (Deficit)
|
| | | $ | 5,000,006 | | | | | $ | (21,409,216) | | | | | $ | (16,409,210) | | |
Balance Sheet as of June 30, 2021 (unaudited)
|
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Class A common stock subject to possible redemption
|
| | | $ | 266,084,570 | | | | | $ | 21,415,430 | | | | | $ | 287,500,000 | | |
Class A common stock
|
| | | $ | 214 | | | | | $ | (214) | | | | | $ | — | | |
Additional paid-in capital
|
| | | $ | 6,634,428 | | | | | $ | (6,634,428) | | | | | $ | — | | |
Accumulated deficit
|
| | | $ | (1,635,358) | | | | | $ | (14,780,788) | | | | | $ | (16,416,146) | | |
Total Stockholders’ Equity (Deficit)
|
| | | $ | 5,000,003 | | | | | $ | (21,415,430) | | | | | $ | (16,415,427) | | |
Statement of Operations for the Three Months Ended
March 31, 2021 (unaudited) |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
| | | | 26,747,733 | | | | | | (10,456,066) | | | | | | 16,291,667 | | |
Basic and diluted net loss per common stock, Class A common stock
|
| | | $ | — | | | | | $ | (0.07) | | | | | $ | (0.07) | | |
Basic and diluted weighted average shares outstanding, Non-redeemable Class B common stock
|
| | | | 7,915,868 | | | | | $ | (1,134,618) | | | | | | 6,781,250 | | |
Basic and diluted net loss per common stock, Non-redeemable
Class B common stock |
| | | $ | (0.21) | | | | | $ | 0.14 | | | | | $ | (0.07) | | |
Statement of Operations for the Three Months Ended
June 30, 2021 (unaudited) |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Basic and diluted weighted average shares outstanding, Class A
common stock |
| | | | 26,604,351 | | | | | | 2,145,649 | | | | | | 28,750,000 | | |
Basic and diluted net income per common stock, Class A common stock
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Basic and diluted weighted average shares outstanding, Non-redeemable Class B common stock
|
| | | | 9,333,149 | | | | | $ | 2,145,649 | | | | | | 7,187,500 | | |
Basic and diluted net income (loss) per common stock, Non-redeemable Class B common stock
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Statement of Operations for the Six Months Ended
June 30, 2021 (unaudited) |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Basic and diluted weighted average shares outstanding, Class A
common stock |
| | | | 26,655,848 | | | | | | (2,988,721) | | | | | | 23,667,127 | | |
Basic and diluted net income per common stock, Class A common stock
|
| | | $ | — | | | | | $ | (0.05) | | | | | $ | (0.05) | | |
Basic and diluted weighted average shares outstanding, Non-redeemable Class B common stock
|
| | | | 8,628,423 | | | | | $ | (1,642,926) | | | | | | 6,985,497 | | |
Basic and diluted net income (loss) per common stock, Non-redeemable Class B common stock
|
| | | $ | (0.19) | | | | | $ | 0.14 | | | | | $ | (0.05) | | |
Statement of Stockholders’ Equity as of March 31, 2021 (unaudited)
|
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Sale of 28,750,000 Units, net of underwriting discounts, initial value of public warrants and offering expenses
|
| | | $ | 270,783,264 | | | | | $ | (270,783,264) | | | | | $ | — | | |
Class A common stock subject to possible redemption
|
| | | $ | (266,090,784) | | | | | $ | 266,090,784 | | | | | $ | — | | |
Statement of Stockholders’ Equity as of March 31, 2021 (unaudited)
|
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Remeasurement adjustment on redeemable common stock
|
| | | $ | — | | | | | $ | (16,716,736) | | | | | $ | (16,716,736) | | |
Total stockholders’ equity (deficit)
|
| | | $ | 5,000,006 | | | | | $ | (21,409,216) | | | | | $ | (16,409,210) | | |
Statement of Stockholders’ Equity as of June 30, 2021 (unaudited)
|
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Change in value of common stock subject to possible redemption
|
| | | $ | 6,214 | | | | | $ | (6,214) | | | | | $ | — | | |
Total stockholders’ equity (deficit)
|
| | | $ | 5,000,003 | | | | | $ | (21,415,430) | | | | | $ | (16,415,427) | | |
Statement of Cash Flows for the Three Months Ended
March 30, 2021 (unaudited) |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Initial classification of common stock subject to possible redemption
|
| | | $ | 284,049,000 | | | | | $ | (284,049,000) | | | | | $ | — | | |
Remeasurement adjustment on redeemable common stock
|
| | | $ | (17,958,216) | | | | | $ | 34,674,952 | | | | | $ | 16,716,736 | | |
Statement of Cash Flows for the Six Months Ended
June 30, 2021 (unaudited) |
| |
As Previously
Reported |
| |
Adjustment
|
| |
As Restated
|
| |||||||||
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Initial classification of common stock subject to possible redemption
|
| | | $ | 267,477,334 | | | | | $ | (267,477,334) | | | | | $ | — | | |
Remeasurement adjustment on redeemable common stock
|
| | | $ | (1,392,764) | | | | | $ | 18,109,500 | | | | | $ | 16,716,736 | | |
|
Gross proceeds
|
| | | $ | 287,500,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | $ | (10,733,333) | | |
|
Issuance costs allocated to Class A common stock
|
| | | | (5,983,403) | | |
| Plus: | | | | | | | |
|
Remeasurement adjustment on redeemable common stock
|
| | | $ | 16,716,736 | | |
|
Class A common stock subject to possible redemption
|
| | | $ | 287,500,000 | | |
| | |
Three Months Ended
September 30, 2021 |
| |
Nine Months Ended
September 30, 2021 |
| |
For the Period
from September 29, 2020 (Inception) Through September 30, 2020 |
| |||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||||||
Basic and diluted net loss per
common stock |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income
(loss), as adjusted |
| | | $ | 852,305 | | | | | $ | 213,076 | | | | | $ | (442,279) | | | | | $ | (126,594) | | | | | $ | — | | | | | $ | — | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 28,750,000 | | | | | | 7,187,500 | | | | | | 24,642,857 | | | | | | 7,053,571 | | | | | | — | | | | | | — | | |
Basic and diluted net income (loss) per common stock
|
| | | $ | 0.03 | | | | | $ | 0.03 | | | | | $ | (0.02) | | | | | $ | (0.02) | | | | | $ | — | | | | | $ | — | | |
Description
|
| |
September 30,
2021 |
| |
Quoted Prices
in Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | $ | 287,509,721 | | | | | $ | 287,509,721 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | $ | 10,445,833 | | | | | $ | 10,445,833 | | | | | $ | — | | | | | $ | — | | |
Warrant Liability – Private Placement Warrants
|
| | | $ | 5,683,333 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,683,333 | | |
| | |
February 8, 2021
Initial Measurement |
| |
September 30, 2021
|
| ||||||||||||
Input
|
| |
Public
Warrants |
| |
Private
Warrants |
| |
Private
Warrants |
| |||||||||
Risk-free interest rate
|
| | | | 0.48% | | | | | | 0.48% | | | | | | 0.98% | | |
Expected term (years)
|
| | | | 5.00 | | | | | | 5.00 | | | | | | 5.00 | | |
Expected volatility
|
| | | | 21.0% | | | | | | 21.0% | | | | | | 17.00% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Stock Price
|
| | | $ | 10.00 | | | | | $ | 10.00 | | | | | $ | 9.90 | | |
| | |
Private
Placement |
| |
Public
|
| |
Warrant
Liabilities |
| |||||||||
Fair value as of January 1, 2021
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Initial measurement on February 8, 2021
|
| | | | 5,838,333 | | | | | | 10,733,333 | | | | | | 16,571,666 | | |
Change in valuation inputs or other assumptions
|
| | | | 51,666 | | | | | | 1,150,000 | | | | | | 1,201,666 | | |
Fair value as of March 31, 2021
|
| | | | 5,889,999 | | | | | | 11,883,333 | | | | | | 17,773,332 | | |
Change in valuation inputs or other assumptions
|
| | | | 310,000 | | | | | | (575,000) | | | | | | (265,000) | | |
Fair value as of June 30, 2021
|
| | | $ | 6,199,999 | | | | | $ | 11,308,333 | | | | | $ | 17,508,332 | | |
Change in valuation inputs or other assumptions
|
| | | | (516,666) | | | | | | (862,500) | | | | | | (1,379,166) | | |
Fair value as of September 30, 2021
|
| | | $ | 5,683,333 | | | | | $ | 10,445,833 | | | | | $ | 16,129,166 | | |
| ASSETS | | | | | | | |
|
Current assets
|
| | | | | | |
|
Cash
|
| | | $ | 1,415,310 | | |
|
Prepaid expenses
|
| | | | 253,467 | | |
|
Total Current Assets
|
| | | | 1,668,777 | | |
|
Cash held in Trust Account
|
| | | | 287,500,000 | | |
|
Total Assets
|
| | | $ | 289,168,777 | | |
|
LIABILITIES AND STOCKHOLDER’S DEFICIT
|
| | | | | | |
|
Current liabilities
|
| | | | | | |
|
Accrued expenses
|
| | | $ | 640 | | |
|
Accrued offering costs
|
| | | | 39,127 | | |
|
Promissory notes – related parties
|
| | | | 80,000 | | |
|
Total Current Liabilities
|
| | | | 119,767 | | |
|
Warrant Liability
|
| | | | 16,571,666 | | |
|
Total Liabilities
|
| | | | 16,691,433 | | |
|
Commitments
|
| | | | | | |
|
Class A common stock subject to possible redemption, 28,750,000 shares at redemption value
|
| | | | 287,500,000 | | |
|
Stockholders’ Deficit
|
| | | | | | |
|
Preferred stock, $0.0001 par value; 5,000,000 shares authorized, none issued and outstanding
|
| | | | — | | |
|
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 7,187,500 issued
and outstanding |
| | | | 719 | | |
|
Accumulated deficit
|
| | | | (15,023,375) | | |
|
Total Stockholders’ Deficit
|
| | | | (15,022,656) | | |
|
Total Liabilities and Stockholders’ Deficit
|
| | | $ | 289,168,777 | | |
| | |
As
Previously Reported |
| |
Adjustments
Restatement 1 |
| |
Adjustments
Restatement 2 |
| |
As
Restated |
| ||||||||||||
Balance sheet as of February 8, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant Liabilities
|
| | | $ | — | | | | | $ | 16,571,666 | | | | | $ | — | | | | | $ | 16,571,666 | | |
Total Liabilities
|
| | | | 119,767 | | | | | | 16,571,666 | | | | | | — | | | | | | 16,691,433 | | |
Class A Common Stock Subject to Possible
Redemption |
| | | | 284,049,000 | | | | | | (16,571,670) | | | | | | 20,022,670 | | | | | | 287,500,000 | | |
Class A Common Stock
|
| | | | 35 | | | | | | 165 | | | | | | (200) | | | | | | — | | |
Additional Paid-in Capital
|
| | | | 5,000,532 | | | | | | 241,150 | | | | | | (5,241,682) | | | | | | — | | |
| | |
As
Previously Reported |
| |
Adjustments
Restatement 1 |
| |
Adjustments
Restatement 2 |
| |
As
Restated |
| ||||||||||||
Accumulated Deficit
|
| | | | (1,276) | | | | | | (241,311) | | | | | | (14,780,788) | | | | | | (15,023,375) | | |
Total Stockholders’ Equity (Deficit)
|
| | | $ | 5,000,010 | | | | | | 4 | | | | | $ | (20,022,670) | | | | | $ | (15,022,656) | | |
Number of shares of Class A common stock
subject to possible redemption |
| | | | 28,404,900 | | | | | | (1,657,167) | | | | | | 2,002,267 | | | | | | 28,750,000 | | |
Number of shares of Class A common
stock |
| | | | 345,100 | | | | | | 1,657,167 | | | | | | (2,002,267) | | | | | | — | | |
|
Gross proceeds
|
| | | $ | 287,500,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | $ | (10,733,333) | | |
|
Issuance costs allocated to Class A common stock
|
| | | | (5,983,403) | | |
| Plus: | | | | | | | |
|
Remeasurement adjustment on redeemable common stock
|
| | | $ | 16,716,736 | | |
|
Class A common stock subject to possible redemption
|
| | | $ | 287,500,000 | | |
Description
|
| |
February 8, 2021
|
| |
Quoted Prices
in Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | $ | 287,500,000 | | | | | $ | 287,500,000 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | $ | 10,733,333 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,733,333 | | |
Warrant Liability – Private Placement Warrants
|
| | | $ | 5,838,333 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,838,333 | | |
| | |
February 8, 2021
Initial Measurement |
| |||||||||
Input
|
| |
Public
Warrants |
| |
Private
Warrants |
| ||||||
Risk-free interest rate
|
| | | | 0.48% | | | | | | 0.48% | | |
Expected term (years)
|
| | | | 5.00 | | | | | | 5.00 | | |
Expected volatility
|
| | | | 21.0% | | | | | | 21.0% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Stock Price
|
| | | $ | 10.00 | | | | | $ | 10.00 | | |
| | |
Page
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|
EXHIBIT A
Form of Amended and Restated Registration Rights Agreement
|
|
|
EXHIBIT B
Form of Lock-Up Agreement
|
|
|
EXHIBIT C
Sponsor Support Agreement
|
|
|
EXHIBIT D
Form of Sponsor Restricted Stock Agreement
|
|
|
EXHIBIT E
Form of Second Amended and Restated Certificate of Incorporation of Surviving Corporation
|
|
|
EXHIBIT F
Form of Amended and Restated Bylaws of Surviving Corporation
|
|
|
EXHIBIT G
Directors and Officers of the Surviving Corporation and Novus
|
|
|
SCHEDULE A
Company Knowledge Parties
|
|
|
SCHEDULE B
Key Company Stockholders
|
|
|
SCHEDULE C
Novus Initial Stockholders
|
|
Defined Term
|
| |
Location of Definition
|
|
2021 Balance Sheet | | | SECTION 4.07(b) | |
Action | | | SECTION 4.09 | |
Agreement | | | Preamble | |
Alternative Transaction | | | SECTION 7.05 | |
Annual Financial Statements | | | SECTION 4.07(a) | |
Antitrust Laws | | | SECTION 7.13(a) | |
Blue Sky Laws | | | SECTION 4.05(b) | |
Certificate of Merger | | | SECTION 2.02(a) | |
Certificates | | | SECTION 3.02(b) | |
Claims | | | SECTION 6.03 | |
Closing | | | SECTION 2.02(b) | |
Closing Date | | | SECTION 2.02(b) | |
Code | | | SECTION 3.02(h) | |
Company | | | Preamble | |
Company Board | | | Recitals | |
Company Disclosure Schedule | | | SECTION 4.03(c) | |
Company Permits | | | SECTION 4.06 | |
Company Share Awards | | | SECTION 4.03(a) | |
Company Stockholder Approval | | | SECTION 4.18 | |
Confidentiality Agreement | | | SECTION 7.04(b) | |
Continuing Employees | | | SECTION 7.06(a) | |
Contracting Parties | | | SECTION 10.11 | |
Conversion | | | SECTION 4.03(h) | |
Data Security Requirements | | | SECTION 4.13(k) | |
DGCL | | | Recitals | |
Effective Time | | | SECTION 2.02(a) | |
Environmental Permits | | | SECTION 4.15 | |
ERISA Affiliate | | | SECTION 4.10(c) | |
Exchange Act | | | SECTION 3.01(b)(iv) | |
Exchange Agent | | | SECTION 3.02(a) | |
Exchange Fund | | | SECTION 3.02(a) | |
Exchanged Option | | | SECTION 3.01(b)(iv) | |
Existing Security Agreements | | | SECTION 4.16(a)(viii) | |
GAAP | | | SECTION 4.07(a) | |
Governmental Authority | | | SECTION 4.05(b) | |
Health Plan | | | SECTION 4.10(k) | |
Intended Tax-Free Treatment | | | Recitals | |
Interim Financial Statements | | | SECTION 4.07(b) | |
IRS | | | SECTION 4.10(b) | |
IT Systems | | | SECTION 4.13 | |
Law | | | SECTION 4.05(a) | |
Defined Term
|
| |
Location of Definition
|
|
Lease | | | SECTION 4.12(b) | |
Lease Documents | | | SECTION 4.12(b) | |
Letter of Transmittal | | | SECTION 3.02(b) | |
Lock-Up Agreement | | | Recitals | |
Material Contracts | | | SECTION 4.16(a) | |
Maximum Annual Premium | | | SECTION 7.08(b) | |
Merger | | | Recitals | |
Merger Sub | | | Preamble | |
Merger Sub Board | | | Recitals | |
Merger Sub Common Stock | | | SECTION 5.03(b) | |
Minimum PIPE Commitments | | | Recitals | |
Nonparty Affiliates | | | SECTION 10.11 | |
Novus | | | Preamble | |
Novus Board | | | Recitals | |
Novus Preferred Stock | | | SECTION 5.03(a) | |
Novus Proposals | | | SECTION 7.01(a) | |
Novus SEC Reports | | | SECTION 5.07(a) | |
Novus Stockholders’ Meeting | | | SECTION 7.01(a) | |
Ordinary Commercial Agreement | | | SECTION 4.14(b) | |
Outside Date | | | SECTION 9.01(b) | |
Per Share Merger Consideration | | | SECTION 3.01(b)(i) | |
Plans | | | SECTION 4.10(a) | |
PPACA | | | SECTION 4.10(k) | |
Private Placements | | | Recitals | |
Proxy Statement | | | SECTION 7.01(a) | |
Registration Rights Agreement | | | Recitals | |
Remedies Exceptions | | | SECTION 4.04 | |
Representatives | | | SECTION 7.04(a) | |
SEC | | | SECTION 5.07(a) | |
Securities Act
Sponsor Support Agreement |
| |
SECTION 5.07(a)
Recitals
|
|
Stockholder Support Agreement | | | Recitals | |
Subscription Agreements | | | Recitals | |
Surviving Corporation | | | SECTION 2.01 | |
Terminating Company Breach | | | SECTION 9.01(f) | |
Terminating Novus Breach | | | SECTION 9.01(g) | |
Trust Account | | | SECTION 5.13 | |
Trust Agreement | | | SECTION 5.13 | |
Trust Fund | | | SECTION 5.13 | |
Trustee | | | SECTION 5.13 | |
Written Consent | | | SECTION 7.03 | |
/s/ Robert J. Laikin |
|
/s/ Robert J. Laikin |
|
/s/ Robert Piconi |
|
By: |
|
| | | | Very truly yours, | |
| | | | If stockholder is an individual: | |
| | | |
Signature:
Print Name:
|
|
| | | |
If stockholder is an entity:
Name of Stockholder: |
|
| | | |
Signature:
Name:
Title: |
|
| | | | [Number of Lock-up Shares: ] | |
| | | | NOVUS CAPITAL CORPORATION II | | |||
| | | | By: | | |
/s/ Robert J. Laikin
|
|
| | | | Name: | | | Robert J. Laikin | |
| | | | Title: | | | Chief Executive Officer | |
| | | | ENERGY VAULT, INC. | | |||
| | | | By: | | |
/s/ Robert Piconi
|
|
| | | | Name: | | | Robert Piconi | |
| | | | Title: | | | Co-Founder and Chief Executive Officer | |
Name and Address of Stockholder
|
| |
Number of Shares
|
| |||
Robert J. Laikin
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 800,000 | | |
Zak Laikin
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 55,382 | | |
Hanna Laikin
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 55,382 | | |
Cooper Laikin
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 55,382 | | |
Larry M Paulson and Gretchen V Paulson Family
Trust dated Sept 4 , 2019, and any amendments thereto PO Box 675133 Rancho Santa Fe, CA 92067 |
| | | | 966,146 | | |
New Frontier LLC
C/o Jeff Foster 517 Buckeye Trail West Lake Hills, TX 78746 |
| | | | 966,146 | | |
Cliff Ventures LLC
c/o Ryan Levy 1340 S Michigan Ave #104 Chicago, IL 60605 |
| | | | 432,942 | | |
V Donargo LLC
2002 Stanhope Street Carmel, IN 46032 |
| | | | 364,583 | | |
KNC I LLC
35 E Wacker Dr, Suite 2900 Chicago, IL 60601 |
| | | | 1,082,357 | | |
KNC II LLC
35 E Wacker Dr, Suite 2900 Chicago, IL 60601 |
| | | | 216,471 | | |
Ronald J. Sznaider
216 Radio Road River Falls, WI 54022 |
| | | | 182,292 | | |
NCCII Co-Invest LLC
599 Lexington Ave, 25th Floor New York, NY 10022 |
| | | | 607,639 | | |
Novus Capital Associates, LLC
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 1,111,111 | | |
Heather Goodman and Doug Raetz, Tenants in Common
3242 Divisadero Street San Francisco, CA 94123 |
| | | | 291,667 | | |
Total:
|
| | | | 7,187,500 | | |
| RONALD J. SZNAIDER | | | | |
|
By:
|
| | ||
| HEATHER GOODMAN AND DOUG RAETZ, TENANTS IN COMMON | | | ||
|
By:
Heather Goodman
|
| | ||
|
By:
Doug Raetz
|
| | ||
| V DONARGO LLC | | | ||
|
By:
Name:
Title:
|
| | ||
| NCCII CO-INVEST LLC | | | ||
|
By:
Name:
Title:
|
| |
| LARRY M PAULSON AND GRETCHEN V PAULSON FAMILY TRUST DATED SEPT 4, 2019, AND ANY AMENDMENTS THERETO | | | | |
|
By:
Name:
Title:
|
| | | |
| NEW FRONTIER LLC | | | | |
|
By:
Name:
Title:
|
| |
| ROBERT J. LAIKIN | | | ||
|
By:
|
| | | |
| COOPER LAIKIN | | | ||
|
By:
|
| | | |
| HANNA LAIKIN | | | | |
|
By:
|
| | | |
| ZAK LAIKIN | | | ||
|
By:
|
| | | |
| KNC I LLC | | | ||
|
By:
Name:
Title:
|
| | | |
| KNC II LLC | | | | |
|
By:
Name:
Title:
|
| |
| NOVUS CAPITAL ASSOCIATES, LLC | | | | |
|
By:
Name:
Title:
|
| | | |
| CLIFF VENTURES LLC | | | | |
|
By:
Name:
Title:
|
| |
Name and Address of Stockholder
|
| |
Number of Shares
|
| |||
Robert J. Laikin
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 800,000 | | |
Zak Laikin
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 55,382 | | |
Hanna Laikin
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 55,382 | | |
Cooper Laikin
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 55,382 | | |
Larry M Paulson and Gretchen V Paulson Family | | | | | | | |
Trust dated Sept 4 , 2019, and any amendments thereto
PO Box 675133 Rancho Santa Fe, CA 92067 |
| | | | 966,146 | | |
New Frontier LLC
C/o Jeff Foster 517 Buckeye Trail West Lake Hills, TX 78746 |
| | | | 966,146 | | |
Cliff Ventures LLC
c/o Ryan Levy 1340 S Michigan Ave #104 Chicago, IL 60605 |
| | | | 432,942 | | |
V Donargo LLC
2002 Stanhope Street Carmel, IN 46032 |
| | | | 364,583 | | |
KNC I LLC
35 E Wacker Dr, Suite 2900 Chicago, IL 60601 |
| | | | 1,082,357 | | |
KNC II LLC
35 E Wacker Dr, Suite 2900 Chicago, IL 60601 |
| | | | 216,471 | | |
Ronald J. Sznaider
216 Radio Road River Falls, WI 54022 |
| | | | 182,292 | | |
NCCII Co-Invest LLC
599 Lexington Ave, 25th Floor New York, NY 10022 |
| | | | 607,639 | | |
Novus Capital Associates, LLC
8556 Oakmont Lane Indianapolis, IN 46260 |
| | | | 1,111,111 | | |
Heather Goodman and Doug Raetz, Tenants in Common
3242 Divisadero Street San Francisco, CA 94123 |
| | | | 291,667 | | |
Total:
|
| | | | 7,187,500 | | |
| | |
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