0001193125-21-328913.txt : 20211115 0001193125-21-328913.hdr.sgml : 20211115 20211115071801 ACCESSION NUMBER: 0001193125-21-328913 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20211115 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211115 DATE AS OF CHANGE: 20211115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Digimarc CORP CENTRAL INDEX KEY: 0001438231 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 262828185 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34108 FILM NUMBER: 211406294 BUSINESS ADDRESS: STREET 1: 9405 SW GEMINI DRIVE CITY: BEAVERTON STATE: OR ZIP: 97008 BUSINESS PHONE: 503-469-4618 MAIL ADDRESS: STREET 1: 9405 SW GEMINI DRIVE CITY: BEAVERTON STATE: OR ZIP: 97008 FORMER COMPANY: FORMER CONFORMED NAME: DMRC CORP DATE OF NAME CHANGE: 20080620 8-K 1 d236631d8k.htm 8-K 8-K
Digimarc CORP false 0001438231 0001438231 2021-11-15 2021-11-15

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 15, 2021

 

 

DIGIMARC CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Oregon   001-34108   26-2828185

(State or other jurisdiction

of incorporation)

  

(Commission

File No.)

  

(IRS Employer

Identification No.)

9405 SW Gemini Drive, Beaverton Oregon 97008

(Address of principal executive offices) (Zip Code)

(503) 469-4800

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

  

Trading

Symbol

  

Name of Each Exchange

on Which Registered

Common Stock, $0.001 Par Value Per Share   DMRC   The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 1.01

Entry into a Material Definitive Agreement

On November 15, 2021 (the “Agreement Date”), Digimarc Corporation (the “Company”) entered into a Share Purchase Agreement (the “Purchase Agreement”) by and among the Company, Evrythng Limited, a company registered in England (“Evrythng”), the sellers party thereto (such sellers, together with any other shareholders of Evrythng that become party to the Purchase Agreement after the Agreement Date, the “Sellers”), and Fortis Advisors LLC, as the Representative of the Sellers.

Upon the closing of the Purchase Agreement (the “Closing”), the Company will acquire all of Evrythng’s outstanding share capital for the consideration described below and Evrythng will become a wholly owned subsidiary of the Company (the “Acquisition”).

Upon the Closing, the Company will acquire all outstanding shares of Evrythng’s share capital held by the Sellers for (i) aggregate initial consideration of $50,000,000, subject to adjustments set forth in the Purchase Agreement, in the form of shares of Common Stock of the Company, par value $0.001 per share (“Company Common Stock”), and warrants to purchase shares of Company Common Stock (the “Company Warrants”) (collectively, the “Closing Consideration”), and (ii) subject to certain conditions, an additional number of shares of Company Common Stock (the “Second Payment Consideration”) as described below. The number of shares to be issued as Closing Consideration will be calculated based on a fixed value of $47.4823 per share (the “First Payment Stock Price”), which is the intraday volume-weighted average price of Company Common Stock as reported on the Nasdaq Global Market for the 20 consecutive trading days ending on (and including) the last trading day before the Agreement Date, as such daily volume-weighted average sales price per share is reported by Bloomberg L.P. The Purchase Agreement provides that Sellers that are U.S. persons and not accredited investors may, at the Company’s option, receive cash as consideration in lieu of shares of Company Common Stock. The Closing Consideration is subject to customary adjustments for cash, indebtedness, working capital and transaction expenses. The Company estimates that it will fund approximately $7.9 million at Closing for the repayment of Evrythng’s outstanding indebtedness, transaction expenses and certain other liabilities, and the payment of cash consideration in lieu of shares as described above, net of Evrythng’s cash on hand (“Closing Costs”).

The Company Warrants issuable at Closing will be exercisable for a number of shares of Company Common Stock (the “Warrant Shares”) equal to approximately the quotient of (i) 1.3 times (1.3x) the Closing Costs, divided by (ii) the First Payment Stock Price. The aggregate exercise price of all the Company Warrants will be equal to the Closing Costs. The per share exercise price of the Company Warrants will be equal to the quotient of (i) the Closing Costs, divided by (ii) the total number of Warrant Shares. The Company Warrants will expire on the later of (i) March 27, 2022 and (ii) 45 days after the Resale Registration Statement (as defined below) is declared effective by the Securities and Exchange Commission, subject to extension under certain circumstances.

At the Closing, the Company will assume all vested options to purchase Evrythng capital shares that are held by U.S. persons that are not accredited investors. U.S. employees of Evrythng that are accredited investors and that hold vested options to purchase Evrythng capital shares will be given the opportunity to elect to have their options cancelled and exchanged for Company Common Stock. No other vested options of Evrythng will be assumed or exchanged. At the Closing, each unvested option to purchase Evrythng capital shares will be cancelled. Pursuant to the Purchase Agreement, the Company has agreed to grant replacement equity awards having substantially equivalent economic value and vesting terms as the cancelled unvested options, within 45 days following the closing date, to the holders of unvested Evrythng options that remain employed by Evrythng at the time of grant.

The Second Payment Consideration (if any) will be calculated in part based on whether Evrythng achieves annual recurring revenue, as defined in the Purchase Agreement, of $10,000,000 as of February 28, 2022 (the “Product ARR Milestone” and any amount by which Evrythng’s annual recurring revenue as of such date is less than $10,000,000 is referred to as the “Product ARR Shortfall”). The Second Payment Consideration (if any) will be issuable to the Sellers as follows:

(a)    if the intraday volume-weighted average price of Company Common Stock as reported on the Nasdaq Global Market for the 20 consecutive trading days ending on (and including) September 22, 2022 (the “Second Payment Measurement Period” and such average stock price, the “Second Payment Stock Price”) is equal to or less than the First Payment Stock Price and the Product ARR Milestone is achieved, a number of shares of Company Common Stock equal to (i) $50,000,000 divided by (ii) the First Payment Stock Price (such quotient, the “Closing Share Number”);

(b)    if the Second Payment Stock Price is equal to or less than the First Payment Stock Price and the Product ARR Milestone is not achieved, a number of shares of Company Common Stock equal to (i) (A) $50,000,000, minus (B) ten times (10x) the Product ARR Shortfall, divided by (ii) the First Payment Stock Price;

(c)    if the Second Payment Stock Price is greater than the First Payment Stock Price but less than two times (2.0x) the First Payment Stock Price and the Product ARR Milestone is achieved, a number of shares of Company Common Stock equal to (i) $100,000,000, divided by the Second Payment Stock Price, minus (ii) the Closing Share Number;

(d)    if the Second Payment Stock Price is greater than the First Payment Stock Price but less than two times (2.0x) the First Payment Stock Price and the Product ARR Milestone is not achieved, a number of shares of Company Common Stock equal to (i) (A) $100,000,000, minus ten times (10x) the Product ARR Shortfall, divided by (B) the Second Payment Stock Price, minus (ii) the Closing Share Number; or

(e)    if the Second Payment Stock Price is greater than the First Payment Stock Price by two times (2.0x) or more, no consideration (i.e., there would be no Second Payment Consideration in this scenario, regardless of whether or not the Product ARR Milestone is achieved).

With respect to Evrythng’s potential achievement of the Product ARR Milestone, the Company has agreed, among other things, to operate the Evrythng business in good faith in order to support the achievement of the Product ARR Milestone, and not to take any action with the purpose of preventing the achievement of the Product ARR Milestone.

In addition, in connection with the Purchase Agreement, the Company is entering into a loan agreement with Evrythng (the “Bridge Loan Agreement”). Under the terms of the Bridge Loan Agreement, the Company has agreed to lend to Evrythng up to $2,000,000. Loans under the Bridge Loan Agreement may be requested by Evrythng, in minimum draw amounts of at least $250,000, until the earlier of (i) January 3, 2022, or (ii) the termination of the Purchase Agreement. Interest under the Bridge Loan Agreement will accrue at a rate of 1.00% per annum, provided that if the Purchase Agreement is terminated the interest rate will increase to 8.00% per annum, retroactive to the date of the Bridge Loan Agreement. The maturity date of the loans made under the Bridge Loan Agreement is November 14, 2022.

The Purchase Agreement contains customary representations, warranties and covenants by the Company, the Sellers and Evrythng. A portion of the aggregate consideration will be held back by the Company to secure any post-closing adjustments to the Closing Consideration and the indemnification obligations of the Sellers. The Company will obtain a representation and warranty insurance policy that covers certain representations and warranties made by the Sellers in the Purchase Agreement, subject to certain limitations and exclusions. The Closing is subject to various closing conditions, including, but not limited to, (a) the execution and delivery of the Purchase Agreement or a joinder thereto by each shareholder of Evrythng (or the valid transfer of any such shareholder’s shares effected through exercise of the drag-along provisions in Evrythng’s articles of association), (b) the execution and delivery of the Purchase Agreement or a joinder thereto by Evrythng’s convertible noteholders, pursuant to which the

convertible noteholders would agree to accept shares of Company Common Stock in lieu of cash repayment, (c) the absence of any law, order or other legal restraint that is in effect and has the effect of making the Acquisition illegal or otherwise prohibits or prevents consummation of the Acquisition, (d) the shares of Company Common Stock to be issued in the Acquisition being approved for listing on the Nasdaq Global Market, (e) certain key employees of Evrythng remaining employed by Evrythng as of immediately prior to the Closing and no more than 20% of the total number of employees of Evrythng as of the Agreement Date having terminated their employment prior to the Closing, (f) the restrictive covenant agreements entered into by certain key employees of Evrythng on the Agreement Date not having been revoked or repudiated prior to the Closing, (g) Closing Costs not exceeding $8.0 million, (h) the accuracy of certain representations and warranties (subject to certain materiality exceptions) of certain of the Sellers and the Company contained in the Purchase Agreement and the compliance in all material respects by each party with the covenants contained in the Purchase Agreement, and (i) the absence of a material adverse effect with respect to each of Evrythng and the Company. The Closing is expected to occur in January 2022. Under the terms of the Purchase Agreement, the Company has agreed to file a Registration Statement on Form S-3 covering the resale of the shares of Company Common Stock to be issued as consideration to the Sellers (the “Resale Registration Statement”).

The Company intends to issue the shares of Company Common Stock and the Company Warrants described herein in reliance upon the exemptions from registration afforded by (i) Section 4(a)(2) and Rule 506 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and (ii) Regulation S promulgated under the Securities Act.

The foregoing summary of the Purchase Agreement and the transactions contemplated thereby do not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Purchase Agreement, which will be filed as an exhibit on the earlier to be filed following the Closing of (i) the Company’s Annual Report on Form 10-K for the year ending December 31, 2021 and (ii) the Resale Registration Statement.

 

Item 3.02

Unregistered Sales of Equity Securities.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.

 

Item 8.01

Other Events.

On November 15, 2021, the Company issued a press release announcing that it had entered into the Purchase Agreement. The press release is furnished herewith as Exhibit 99.1.

Forward Looking Statements

This Current Report on Form 8-K may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including the expected completion of the transactions contemplated by the Purchase Agreement, the time frame in which this will occur, and the estimated cash costs to be funded by the Company. Statements regarding future events are based on the parties’ current expectations and are necessarily subject to associated risks related to, among other things, conditions to the Closing that may not be satisfied, the potential impact on the business of the Company due to the announcement of the acquisition, the occurrence of any event, change or other circumstances that could give rise to the termination of the Purchase Agreement, changes to Evrythng’s financial condition (including any unknown or unexpected liabilities), and general economic conditions. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. For information regarding other related risks, see the “Risk Factors” section of the Company’s most recent annual report on Form 10-K. The forward-looking statements included herein are made only as of the date hereof, and the Company undertakes no obligation to revise or update any forward-looking statements for any reason.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit
No.

   

Exhibit Description

99.1    Press Release, dated November 15, 2021
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:    November 15, 2021

 

By:  

/s/ Robert P. Chamness

  Robert P. Chamness
  Executive Vice President, Sustainability & Governance,
Chief Legal Officer and Secretary
 EX-99.1 2 d236631dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Digimarc Corporation To Acquire Product Cloud Company EVRYTHNG Limited

Digimarc and EVRYTHNG unite the world’s most powerful product identification engine with the industry’s most advanced product intelligence cloud platform

BEAVERTON, Ore. – November 15, 2021 – Digimarc Corporation (NASDAQ: DMRC), creator of Digimarc watermarks that are driving the next generation of digital identification and detection-based solutions, announced today it entered into a definitive agreement to acquire the Product Cloud company EVRYTHNG Limited in a stock transaction.

“This acquisition allows us to provide a complete solution set to our customers,” explains Digimarc CEO Riley McCormack. “The best determinant of a technology product’s value is how much of the customer’s problem it can solve. By combining Digimarc’s unique and advanced means of identification with the pioneer and most advanced supplier of product item business intelligence using any means of identification, we are now uniquely positioned to unlock additional solutions for our customers and enhance their Digimarc journey.”

EVRYTHNG is the market leader and pioneered the Product Cloud category, linking every product item to its Active Digital Identity™ on the web and joining-up product data across the value chain for visibility, validation, real time intelligence, and connection with people.

From enabling more sustainable, more transparent, and more secure supply chains to empowering consumers to verify the authenticity of products and recyclability of their packaging, combining Digimarc’s unique means of identification with the EVRYTHNG Product Cloud® makes it possible to gather and apply traceability data from across the product lifecycle, unlocking end-to-end visibility and authenticity through item-level, real-time intelligence and analytics.

“Not only are our product solutions and technology competencies directly complementary and naturally connected,” explains EVRYTHNG CEO & Co-founder Niall Murphy, “but our company values and cultures are deeply aligned, with a focus on executing as a team, committing to audacious goals, and genuine innovation with exceptional talent. We’re excited to join the Digimarc team to meet important customer needs with product data driven solutions.”

The acquisition expands the geographic footprint for both companies. EVRYTHNG, based in London with offices in New York, Beijing, Minsk, and Lausanne is finding much success in North America. Conversely, Digimarc, based in the Portland, Oregon area, has a growing customer base across Europe.

Details Regarding the Proposed Acquisition

Digimarc will acquire EVRYTHNG for shares of Digimarc common stock. The proposed transaction is subject to the satisfaction or waiver of certain closing conditions and is expected to close in January 2022.

Additional details and information about the terms and conditions of the acquisition will be available in a current report on Form 8-K to be filed by Digimarc with the Securities and Exchange Commission.

Forward Looking Statements

This press release may be deemed to contain forward-looking statements relating to Digimarc’s expectations, plans, and prospects, including expectations relating to the benefits that may be derived from the transaction. These forward-looking statements are based upon the current expectations of Digimarc’s management as of the date of this release and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, risks related to conditions to the closing of the acquisition that may not be satisfied, the potential impact on Digimarc’s business due to the announcement of the acquisition, the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement between the parties, changes to EVRYTHNG’s financial condition (including any unknown or unexpected liabilities), risks related to the integration of the companies, and general economic conditions. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. The forward-looking statements included herein are made only as of the date hereof, and Digimarc undertakes no obligation to revise or update any forward-looking statements for any reason.

About Digimarc

Digimarc Corporation (NASDAQ: DMRC) is a pioneer and leader in digital watermarking solutions and the automatic identification of media, including packaging, commercial print, and digital images. Digimarc helps customers drive efficiency, accuracy and security across physical and digital supply chains. Visit www.digimarc.com and follow us on LinkedIn and Twitter to learn more.

About EVRYTHNG

The EVRYTHNG Product Cloud® helps global consumer product brands run their businesses differently by knowing what their products know. The EVRYTHNG Product Cloud® links every product item to its Active Digital Identity™ on the web—joining-up product data at every point in the value chain for visibility, validation and real-time intelligence and to connect with people. EVRYTHNG is a World Economic Forum Global Innovator. Its founders originated the Web of Things. Learn more at EVRYTHNG.com and @EVRYTHNG.

###

Company contact:

Lara Burhenn

Lara.Burhenn@digimarc.com

+1 503-469-4704

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Document Period End Date Nov. 15, 2021
Entity Incorporation State Country Code OR
Entity File Number 001-34108
Entity Tax Identification Number 26-2828185
Entity Address, Address Line One 9405 SW Gemini Drive
Entity Address, City or Town Beaverton
Entity Address, State or Province OR
Entity Address, Postal Zip Code 97008
City Area Code (503)
Local Phone Number 469-4800
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.001 Par Value Per Share
Trading Symbol DMRC
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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