EX-99.2 3 d142327dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

TABLE OF FINANCIAL STATEMENTS

 

Unaudited Condensed Consolidated Financial Statements:

  

Condensed Consolidated Balance Sheets

     F-2  

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

     F-3  

Consolidated Statements of Cash Flows

     F-4  

 

F-1


Origin Materials, Inc.

Condensed Consolidated Balance Sheets

 

(In thousands, except share and per share data)

   June 30, 2021
(Unaudited)
    December 31,
2020
 

ASSETS

    

Current assets

    

Cash and cash equivalents

   $ 470,312     $ 1,309  

Restricted cash

     565       565  

Other receivables

     160       48  

Grants receivable

     17       —    

Prepaid expenses and other current assets

     214       144  
  

 

 

   

 

 

 

Total current assets

     471,268       2,066  

Property, plant, and equipment, net

     48,854       45,104  

Intangible assets, net

     242       258  
  

 

 

   

 

 

 

Total assets

   $ 520,364     $ 47,428  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities

    

Accounts payable

   $ 966     $ 2,700  

Accrued expenses

     861       593  

Derivative liability

     —         1,239  

Stockholder convertible notes payable

     —         3,232  
  

 

 

   

 

 

 

Total current liabilities

     1,827       7,764  

PPP Loan

     —         906  

Earnout liability

     157,585       —    

Canadian Government Research and Development Program Liability

     6,370       6,197  

Redeemable convertible preferred stock warrants

     —         19,233  

Assumed common stock warrants liability

     69,180       —    

Stockholder note

     5,189       5,189  

Related party other liabilities, long-term

     5,615       5,517  

Other liabilities, long-term

     3,109       2,500  
  

 

 

   

 

 

 

Total liabilities

     248,875       47,306  

Commitments and contingencies (See Note 18)

    

STOCKHOLDERS’ EQUITY

    

Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2021 and December 31, 2020

     —         —    

Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 136,748,470 and 70,266,925, issued and outstanding as of June 30, 2021 and December 31, 2020, respectively

     13       6  

Additional paid-in capital

     359,928       98,620  

Accumulated deficit

     (89,928     (98,888

Accumulated other comprehensive income

     1,476       384  
  

 

 

   

 

 

 

Total stockholders’ equity

     271,489       122  
  

 

 

   

 

 

 

Total liabilities, redeemable convertible preferred stock and stockholders’ deficit

   $ 520,364     $ 47,428  
  

 

 

   

 

 

 

 

F-2


Origin Materials, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  

(In thousands, except share and per share data)

   2021     2020     2021     2020  

Operating Expenses

        

Research and development

   $ 2,339     $ 904     $ 3,648     $ 2,122  

General and administrative

     4,219       703       8,167       1,302  

Depreciation and amortization

     121       100       236       204  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses and loss from operations

     6,679       1,707       12,051       3,628  

Other (income) expenses

        

Interest expense, net of capitalized interest

     2,560       50       2,839       113  

Change in fair value of derivative liability

     1,035       (12     1,426       (15

Change in fair value of warrants liability

     (27,265     105       20,844       105  

Change in fair value of earnout liability

     (45,497     —         (45,497     —    

Other income, net

     (43     (157     (623     (168
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other (income) expenses, net

     (69,210     (14     (21,011     35  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     62,531       (1,693     8,960       (3,663
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

        

Foreign currency translation adjustment, net of tax

     626       5,803       1,092       2,603  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

     63,157       4,110       10,052       (1,060
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share, basic

   $ 0.93     $ (0.03   $ 0.14     $ (0.06
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share, diluted

   $ 0.63     $ (0.03   $ 0.13     $ (0.06
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average common shares outstanding, basic

     67,548,052       62,545,293       65,098,310       62,544,604  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average common shares outstanding, diluted

     78,628,591       62,545,293       70,794,743       62,544,604  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

F-3


Origin Materials, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

    

Six Months Ended

June 30,

 
(in thousands)    2021     2020  

Cash flows from operating activities

    

Net income (loss)

   $ 8,960     $ (3,663

Adjustments to reconcile net loss to net cash from operating activities:

    

Depreciation and amortization

     236       204  

Stock-based compensation

     4,172       18  

Amortization of debt issuance costs

     14       130  

Accretion of debt discount

     2,211       40  

Change in fair value of derivative liability

     1,426       (15

Change in fair value of warrants liability

     20,844       105  

Change in fair value of earnout liability

     (45,497     —    

Changes in operating assets and liabilities:

    

Other receivables

     (112     960  

Grants receivable

     (17     4  

Prepaid expenses and other current assets

     (29     86  

Accounts payable

     (1,880     (536

Accrued expenses

     2,899       396  

Related party payable

     98       —    
  

 

 

   

 

 

 

Net cash used in operating activities

     (6,675     (2,271
  

 

 

   

 

 

 

Cash flows from investing activities

    

Purchases of property, plant, and equipment, net of grants

     (2,703     (1,267
  

 

 

   

 

 

 

Net cash used in investing activities

     (2,703     (1,267
  

 

 

   

 

 

 

Cash flows from financing activities

    

Proceeds from notes payable, net of debt issuance costs

     11,707       906  

Payment of short-term debt

     (906     —    

Proceeds from Canadian Government Research and Development Program

     173       1,055  

Issuance of common stock

     55       1  

Business combination, net of issuance costs paid

     467,530       —    
  

 

 

   

 

 

 

Net cash provided by financing activities

     478,559       1,962  
  

 

 

   

 

 

 

Effects of foreign exchange rate changes on the balance of cash and cash equivalents, and restricted cash held in foreign currencies

     (178     184  
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents, and restricted cash

     469,003       (1,392

Cash and cash equivalents, and restricted cash, beginning of the period

     1,874       3,612  
  

 

 

   

 

 

 

Cash and cash equivalents, and restricted cash, end of the period

   $ 470,877     $ 2,220  
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information

    

Conversion of stockholder convertible notes payable to common stock

   $ 20,493     $ —    
  

 

 

   

 

 

 

Reclassification of redeemable convertible preferred stock warrants to common stock

   $ 54,267     $ —    
  

 

 

   

 

 

 

Reclassification of contingently issued equity to liability

   $ 209,380     $ —    
  

 

 

   

 

 

 

Net assets assumed from business combination

   $ 83,330     $ —    
  

 

 

   

 

 

 

Debt discount related to derivative liability

   $ 2,196     $ —    
  

 

 

   

 

 

 

Business combination transaction costs, accrued but not paid

   $ 748     $ —    
  

 

 

   

 

 

 

 

F-4