|
Cayman Islands*
|
| |
6770
|
| |
98-1556965
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Christian O. Nagler, Esq.
Kirkland & Ellis LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 |
| |
Steven Levine, Esq.
Per B. Chilstrom, Esq. Julia Forbess, Esq. Fenwick & West LLP 801 California Street Mountain View, California 94041 Tel: (650) 335-8500 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
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Title of Each Class of Securities to be Registered
|
| | |
Amount to be
Registered(4) |
| | |
Proposed Maximum
Offering Price Per Unit |
| | |
Proposed Maximum
Aggregate Offering Price(1) |
| | |
Amount of
Registration Fee |
| |||||||||
New Velo3D Common Stock(1)
|
| | |
242,572,312
|
| | | | $ | 10.00(5) | | | | | | $ | 2,425,723,120 | | | | | | $ | 264,647(8) | | |
New Velo3D Common Stock issuable upon exercise of warrants(2)
|
| | |
13,746,367
|
| | | | $ | 11.50(6) | | | | | | $ | 158,083,221 | | | | | | $ | 17,247(8) | | |
Warrants to purchase New Velo3D Common Stock(3)
|
| | |
13,511,000
|
| | | | $ | 1.65(7) | | | | | | $ | 22,293,150 | | | | | | $ | 2,433(8) | | |
Total
|
| | |
269,829,679
|
| | | | | | | | | | | | | | | | | | $ | 284,327(8) | | |
| | |
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Page
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DESCRIPTION OF NEW VELO3D SECURITIES
|
| | | | 249 | | |
SECURITIES ACT RESTRICTIONS ON RESALE OF NEW VELO3D COMMON STOCK
|
| | | | 261 | | |
STOCKHOLDER PROPOSALS AND NOMINATIONS
|
| | | | 261 | | |
SHAREHOLDER COMMUNICATIONS
|
| | | | 262 | | |
LEGAL MATTERS
|
| | | | 262 | | |
EXPERTS
|
| | | | 262 | | |
DELIVERY OF DOCUMENTS TO SHAREHOLDERS
|
| | | | 263 | | |
ENFORCEABILITY OF CIVIL LIABILITY
|
| | | | 263 | | |
TRANSFER AGENT AND REGISTRAR
|
| | | | 263 | | |
WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE
|
| | | | 263 | | |
INDEX TO FINANCIAL STATEMENTS
|
| | | | 265 | | |
ANNEX A BUSINESS COMBINATION AGREEMENT
|
| | | | A-1 | | |
ANNEX B AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION OF JAWS SPITFIRE
|
| | | | B-1 | | |
ANNEX C FORM OF CERTIFICATE OF INCORPORATION OF NEW VELO3D
|
| | | | C-1 | | |
ANNEX D FORM OF BYLAWS OF NEW VELO3D
|
| | | | D-1 | | |
ANNEX E SPONSOR LETTER AGREEMENT
|
| | | | E-1 | | |
ANNEX F FORM OF SUBSCRIPTION AGREEMENT
|
| | | | F-1 | | |
ANNEX G FORM OF AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT
|
| | | | G-1 | | |
ANNEX H FORM OF TRANSACTION SUPPORT AGREEMENT
|
| | | | H-1 | | |
ANNEX I FORM OF VELO3D, INC. 2021 EQUITY INCENTIVE PLAN
|
| | | | I-1 | | |
ANNEX J FORM OF VELO3D, INC. 2021 EMPLOYEE STOCK PURCHASE PLAN
|
| | | | J-1 | | |
| | |
Share Ownership in New Velo3D
|
| |||||||||
| | |
No redemptions
Percentage of Outstanding Shares |
| |
Maximum redemptions(1)
Percentage of Outstanding Shares |
| ||||||
JAWS Spitfire public shareholders
|
| | | | 17.3% | | | | | | 11.5% | | |
PIPE Investors
|
| | | | 7.8% | | | | | | 8.3% | | |
Sponsor and our initial shareholders(2)
|
| | | | 4.3% | | | | | | 4.6% | | |
Existing Velo3D Stockholders(3)
|
| | | | 70.6% | | | | | | 75.6% | | |
| | |
Existing Governing Documents
|
| |
Proposed Governing Documents
|
|
Authorized Shares (Governing Documents Proposal A)
|
| | The authorized share capital under the Existing Governing Documents is 200,000,000 Class A ordinary shares of par value US$0.0001 per share, 20,000,000 Class B ordinary shares of par value US$0.0001 per share and 1,000,000 preference shares of par value US$0.0001 per share. | | | The Proposed Governing Documents authorize 500,000,000 shares of New Velo3D Common Stock and 10,000,000 shares of New Velo3D Preferred Stock. | |
| | | See paragraph 5 of the Memorandum of Association. | | | See Article IV of the Proposed Certificate of Incorporation. | |
Authorize the Board of Directors to Issue Preferred Stock Without Stockholder Consent (Governing Documents Proposal B)
|
| | The Existing Governing Documents authorize the issuance of 1,000,000 preference shares with such designation, rights and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered under the Existing | | | The Proposed Governing Documents authorize the board of directors to issue all or any shares of preferred stock in one or more series and to fix for each such series such voting powers, full or limited, and such designations, preferences and relative, participating, optional or | |
| | |
Existing Governing Documents
|
| |
Proposed Governing Documents
|
|
| | | Governing Documents, without shareholder approval, to issue preference shares with dividend, liquidation, redemption, voting or other rights which could adversely affect the voting power or other rights of the holders of ordinary shares. | | | other special rights and such qualifications, limitations or restrictions thereof, as the board of directors may determine. | |
| | | See paragraph 5 of the Memorandum of Association and Article 3 of the Articles of Association. | | | See Article IV subsection B of the Proposed Certificate of Incorporation. | |
Shareholder/Stockholder Written Consent In Lieu of a Meeting (Governing Documents Proposal C)
|
| | The Existing Governing Documents provide that resolutions may be passed by a vote in person, by proxy at a general meeting, or by unanimous written resolution. | | | The Proposed Governing Documents allow stockholders to vote in person or by proxy at a meeting of stockholders, but prohibit the ability of stockholders to act by written consent in lieu of a meeting. | |
| | | See Articles I of our Articles of Association. | | | See Article IV subsection 2.3 and Article VIII subsection 1 of the Proposed Certificate of Incorporation. | |
Corporate Name (Governing Documents Proposal D)
|
| | The Existing Governing Documents provide the name of the company is “JAWS Spitfire Acquisition Corporation” | | | The Proposed Governing Documents will provide that the name of the corporation will be “Velo3D, Inc.” | |
| | | See paragraph 1 of our Memorandum of Association. | | | See Article I of the Proposed Certificate of Incorporation. | |
Perpetual Existence (Governing Documents Proposal D)
|
| | The Existing Governing Documents provide that if we do not consummate a business combination (as defined in the Existing Governing Documents) by December 7, 2022 (twenty-fourth months after the closing of JAWS Spitfire’s initial public offering), JAWS Spitfire will cease all operations except for the purposes of winding up and will redeem the shares issued in JAWS Spitfire’s initial public offering and liquidate its trust account. | | | The Proposed Governing Documents do not include any provisions relating to New Velo3D’s ongoing existence; the default under the DGCL will make New Velo3D’s existence perpetual. | |
| | | See Article 49 subsection 49.7 of our Articles of Association. | | | This is the default rule under the DGCL. | |
Exclusive Forum (Governing Documents Proposal D)
|
| | The Existing Governing Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation. | | | The Proposed Governing Documents adopt Delaware as the exclusive forum for certain stockholder litigation and the U.S. federal district courts as the exclusive forum for litigation arising out of the Securities Act. | |
| | |
Existing Governing Documents
|
| |
Proposed Governing Documents
|
|
| | | | | | See Article X of the Proposed Certificate of Incorporation and Article XI of the Proposed Bylaws . | |
Provisions Related to Status as Blank Check Company (Governing Documents Proposal D)
|
| | The Existing Governing Documents set forth various provisions related to our status as a blank check company prior to the consummation of a business combination. | | | The Proposed Governing Documents do not include such provisions related to our status as a blank check company, which no longer will apply upon consummation of the Business Combination, as we will cease to be a blank check company at such time. | |
| | | See Article 49 of our Articles of Association. | | | | |
| | |
Share Ownership in New Velo3D
|
| |||||||||
| | |
No redemptions
Percentage of Outstanding Shares |
| |
Maximum redemptions(1)
Percentage of Outstanding Shares |
| ||||||
JAWS Spitfire public shareholders
|
| | | | 17.3% | | | | | | 11.5% | | |
PIPE Investors
|
| | | | 7.8% | | | | | | 8.3% | | |
Sponsor and our initial shareholders(2)
|
| | | | 4.3% | | | | | | 4.6% | | |
Existing Velo3D Stockholders(3)
|
| | | | 70.6% | | | | | | 75.6% | | |
Sources of Funds(1)
|
| |
Uses(1)
|
| | ||||||||||||||
JAWS Spitfire Cash Held in Trust(2)
|
| | | $ | 345 | | | |
Cash Consideration to Balance Sheet
|
| | | $ | 465 | | | | ||
PIPE Financing
|
| | | | 155 | | | |
Transaction Fees and Expenses(3)
|
| | | | 35 | | | | | |
Total Sources
|
| | | $ | 500 | | | |
Total Uses
|
| | | $ | 500 | | | |
Sources of Funds(1)
|
| |
Uses(1)
|
| ||||||||||||
JAWS Spitfire Cash Held in Trust(2)
|
| | | $ | 345 | | | |
Cash Consideration to Balance Sheet
|
| | | $ | 350 | | |
PIPE Financing
|
| | | | 155 | | | |
Transaction Fees and Expenses(3)
|
| | | | 35 | | |
| | | | | | | | |
Shareholder Redemptions(4)
|
| | | | 115 | | |
Total Sources
|
| | | $ | 500 | | | |
Total Uses
|
| | | $ | 500 | | |
| | |
Period from
September 11, 2020 (inception) through December 31, 2020 (audited) |
| |||
| | |
As Restated
|
| |||
Statement of Operations Data | | | | | | | |
Formation and operating costs
|
| | | $ | 183,573 | | |
Transaction costs
|
| | | | 1,583,878 | | |
Loss from operations
|
| | | | 1,767,451 | | |
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | 34,500,000 | | |
Basic and diluted net income per share, Class A
|
| | | $ | 0.00 | | |
Weighted average shares outstanding of Class B non-redeemable ordinary shares
|
| | | | 7,758,028 | | |
Basic and diluted net loss per share, Class B
|
| | | $ | (0.23) | | |
| | |
December 31,
2020 (audited) |
| |||
| | |
As Restated
|
| |||
Condensed Balance Sheet Data (At Period End): | | | | | | | |
Total assets
|
| | | $ | 347,394,817 | | |
Total liabilities
|
| | | $ | 55,927,140 | | |
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 5,853,233 shares
issued and outstanding (excluding 28,646,767 shares subject to possible redemption |
| | | | 585 | | |
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding
|
| | | | 863 | | |
Total shareholders’ equity (deficit)
|
| | | $ | 5,000,007 | | |
| | |
Year ended December 31,
|
| |||||||||
(in thousands, except share and per share data)
|
| |
2020
|
| |
2019
|
| ||||||
Revenue
|
| | | $ | 18,975 | | | | | $ | 15,223 | | |
Cost of revenue
|
| | | | 12,608 | | | | | | 10,393 | | |
Gross profit
|
| | | | 6,367 | | | | | | 4,830 | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 14,188 | | | | | | 14,593 | | |
Selling and marketing
|
| | | | 7,004 | | | | | | 8,600 | | |
General and administrative
|
| | | | 6,382 | | | | | | 6,929 | | |
Total operating expenses
|
| | | | 27,574 | | | | | | 30,122 | | |
Loss from operations
|
| | | | (21,207) | | | | | | (25,292) | | |
Interest expense
|
| | | | (639) | | | | | | (605) | | |
Other income, net
|
| | | | 39 | | | | | | 219 | | |
Loss before income taxes
|
| | | | (21,807) | | | | | | (25,678) | | |
Provision for income taxes
|
| | | | — | | | | | | — | | |
Net loss and comprehensive loss
|
| | | | (21,807) | | | | | | (25,678) | | |
Redemption of redeemable convertible preferred stock into common stock
|
| | | | 13,051 | | | | | | — | | |
Net loss attributable to common stockholders
|
| | | $ | (8,756) | | | | | $ | (25,678) | | |
| | |
December 31
|
| |||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Balance Sheet Data: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 15,517 | | | | | $ | 9,815 | | |
Total assets
|
| | | | 32,691 | | | | | | 21,633 | | |
Total debt
|
| | | | 8,003 | | | | | | 6,128 | | |
Total liabilities
|
| | | | 16,808 | | | | | | 20,598 | | |
Total redeemable convertible preferred stock
|
| | | | 123,704 | | | | | | 101,858 | | |
Total stockholders’ deficit
|
| | | $ | (107,821) | | | | | $ | (100,823) | | |
| | |
Year ended December 31,
|
| |||||||||
(in thousands, except for percentages)
|
| |
2020
|
| |
2019
|
| ||||||
Net loss
|
| | | $ | (21,807) | | | | | $ | (25,678) | | |
Interest expense
|
| | | | 639 | | | | | | 605 | | |
Tax expense
|
| | | | — | | | | | | — | | |
Depreciation and amortization
|
| | | | 1,240 | | | | | | 1,138 | | |
EBITDA
|
| | | $ | (19,928) | | | | | $ | (23,935) | | |
Stock based compensation
|
| | | | 1,455 | | | | | | 1,472 | | |
Adjusted EBITDA
|
| | | $ | (18,473) | | | | | $ | (22,463) | | |
Revenues
|
| | | $ | 18,975 | | | | | $ | 15,223 | | |
Adjusted EBITDA as a percent of revenue
|
| | | | (97.4)% | | | | | | (147.6)% | | |
| | |
Historical
|
| |
Pro forma
|
| ||||||||||||||||||
(in thousands, except per share amounts)
|
| |
JAWS Spitfire
|
| |
Velo3D
|
| |
No redemption
scenario |
| |
Maximum
redemption scenario |
| ||||||||||||
Statement of Operations Data – For the Year Ended December 31, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | | | $ | — | | | | | $ | 18,975 | | | | | $ | 18,975 | | | | | $ | 18,975 | | |
Total operating expenses
|
| | | $ | 1,768 | | | | | $ | 27,574 | | | | | $ | 38,002 | | | | | $ | 37,447 | | |
Net loss attributable to common stockholders
|
| | | | (1,768) | | | | | | (8,756) | | | | | | (19,773) | | | | | | (19,188) | | |
Basic and diluted net loss per share, Class A ordinary shares
|
| | | $ | — | | | | | | — | | | | | | — | | | | | | — | | |
Basic and diluted net loss per share, Class B ordinary shares
|
| | | $ | (0.23) | | | | | | — | | | | | | — | | | | | | — | | |
Basic and diluted net loss per share
|
| | | | — | | | | | $ | (0.46) | | | | | $ | (0.10) | | | | | $ | (0.10) | | |
(in thousands, except per share amounts)
|
| |
Historical
JAWS Spitfire |
| |
Velo3D
|
| |
Pro Forma
No Redemption Scenario |
| |
Maximum
Redemption Scenario |
| ||||||||||||
Balance Sheet Data – As of December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets
|
| | | $ | 2,395 | | | | | | 27,898 | | | | | | 499,813 | | | | | $ | 369,493 | | |
Total assets
|
| | | | 347,395 | | | | | | 32,691 | | | | | | 504,606 | | | | | | 374,286 | | |
Total current liabilities
|
| | | | 705 | | | | | | 12,127 | | | | | | 12,127 | | | | | | 12,127 | | |
Total debt
|
| | | | — | | | | | | 8,003 | | | | | | 8,003 | | | | | | 8,003 | | |
Total warrant liabilities
|
| | | | 43,147 | | | | | | — | | | | | | 14,684 | | | | | | 14,684 | | |
Total liabilities
|
| | | | 55,927 | | | | | | 16,808 | | | | | | 241,379 | | | | | | 230,281 | | |
Convertible preferred stock
|
| | | | — | | | | | | 123,704 | | | | | | — | | | | | | — | | |
Redeemable Class A ordinary shares
|
| | | $ | 286,468 | | | | | | — | | | | | | — | | | | | | — | | |
Class A and B ordinary shares at par
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | |
Common stock at par
|
| | | | — | | | | | | 1 | | | | | | 20 | | | | | | 19 | | |
Total stockholders’ equity (deficit)
|
| | | $ | 5,000 | | | | | | (107,821) | | | | | $ | 263,227 | | | | | $ | 144,005 | | |
| | |
Historical
|
| |
Pro forma
|
| ||||||||||||||||||
As of and for the Year ended December 31, 2020
|
| |
JAWS Spitfire
|
| |
Velo3D
|
| |
No Redemption
Scenario |
| |
Maximum
Redemption Scenario |
| ||||||||||||
Book value per share – basic and diluted(1)
|
| | | $ | 0.12 | | | | | $ | (0.78) | | | | | $ | 1.33 | | | | | $ | 0.79 | | |
Basic and diluted net loss per share, Class A ordinary shares
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Basic and diluted net loss per share, Class B ordinary shares(2)
|
| | | $ | (0.23) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Basic and diluted net loss per share(3)
|
| | | $ | — | | | | | $ | (0.46) | | | | | $ | (0.10) | | | | | $ | (0.10) | | |
| | |
Forecast Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
(in millions, except percentages)
|
| |
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| ||||||||||||||||||
| | |
(unaudited)
|
| |||||||||||||||||||||||||||||||||
Total revenue
|
| | | $ | 26 | | | | | $ | 89 | | | | | $ | 162 | | | | | $ | 296 | | | | | $ | 546 | | | | | $ | 937 | | |
Growth (%)(1)
|
| | | | 41 | | | | | | 237 | | | | | | 82 | | | | | | 83 | | | | | | 85 | | | | | | 72 | | |
ARR(2)
|
| | | | 5 | | | | | | 29 | | | | | | 66 | | | | | | 123 | | | | | | 213 | | | | | | 360 | | |
Cost of revenue
|
| | | | 14 | | | | | | 59 | | | | | | 86 | | | | | | 152 | | | | | | 264 | | | | | | 447 | | |
Gross profit
|
| | | | 12 | | | | | | 30 | | | | | | 76 | | | | | | 144 | | | | | | 282 | | | | | | 490 | | |
Gross margin (%)
|
| | | | 46 | | | | | | 34 | | | | | | 47 | | | | | | 49 | | | | | | 52 | | | | | | 52 | | |
Operating expenses
|
| | | | 39 | | | | | | 61 | | | | | | 80 | | | | | | 106 | | | | | | 140 | | | | | | 184 | | |
EBITDA(3) | | | | | (24) | | | | | | (27) | | | | | | 1 | | | | | | 44 | | | | | | 151 | | | | | | 318 | | |
EBITDA margin (%)(3)
|
| | | | (91) | | | | | | (30) | | | | | | 1 | | | | | | 15 | | | | | | 28 | | | | | | 34 | | |
Company
|
| |
Calendar Year (CY)
2020 – 2022 Revenue Compound Annual Growth Rate (CAGR) |
| |
CY 2021
Gross Margin |
| |
CY 2021
EBITDA Margin |
| |||||||||
AM Comparables | | | | | | | | | | | | | | | | | | | |
Desktop Metal
|
| | | | 87%(1) | | | | | | 54%(2) | | | | | | 28%(2) | | |
Protolabs
|
| | | | 10% | | | | | | 49% | | | | | | 22% | | |
Markforged
|
| | | | 68%(1) | | | | | | 62%(2) | | | | | | 24%(2) | | |
Materialise
|
| | | | 14% | | | | | | 59% | | | | | | 14% | | |
TE Comparables | | | | | | | | | | | | | | | | | | | |
Rockwell Automation
|
| | | | 7% | | | | | | 41% | | | | | | 21% | | |
Ametek
|
| | | | 6% | | | | | | 36% | | | | | | 30% | | |
Cognex
|
| | | | 16% | | | | | | 76% | | | | | | 34% | | |
Renishaw
|
| | | | 9% | | | | | | 46% | | | | | | 26% | | |
Berkshire Grey
|
| | | | 99%(1) | | | | | | 48%(2) | | | | | | 25%(2) | | |
Legacy Comparables | | | | | | | | | | | | | | | | | | | |
Stratasys
|
| | | | 5% | | | | | | 43% | | | | | | 12% | | |
3D Systems
|
| | | | 8% | | | | | | 50% | | | | | | 6% | | |
Company
|
| |
Enterprise Value (EV) /
CY 2021 Revenue |
| |
EV / CY 2021
EBITDA |
| ||||||
AM Comparables | | | | | | | | | | | | | |
Desktop Metal
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3.9x(1) (2.0x at De-SPAC)
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13.6x(1) (6.8x at De-SPAC)
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Protolabs
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| | | | 6.7x | | | | | | 31.2x | | |
Markforged
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2.7x(1) (2.4x at De-SPAC)
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11.1x(1) (9.7x at De-SPAC)
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Materialise
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| | | | 7.1x | | | | | | 50.1x | | |
TE Comparables | | | | | | | | | | | | | |
Rockwell Automation
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| | | | 4.6x | | | | | | 21.4x | | |
Ametek
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| | | | 6.2x | | | | | | 20.8x | | |
Cognex
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| | | | 13.4x | | | | | | 39.3x | | |
Renishaw
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| | | | 7.1x | | | | | | 27.1x | | |
Berkshire Grey
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2.6x(1) (2.4x at De-SPAC)
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10.3x(1) (9.6x at De-SPAC)
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Legacy Comparables | | | | | | | | | | | | | |
Stratasys
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| | | | 4.9x | | | | | | 42.2x | | |
3D Systems
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| | | | 2.0x | | | | | | 34.9x | | |
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AM Comparables
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TE Comparables
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Legacy Comparables
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Overall
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Velo3D
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Mean
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Median
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Mean
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Median
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Mean
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Median
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Mean(1)
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Median(1)
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Operational Benchmarking | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CY 2020 – 2022 Revenue CAGR
|
| | |
|
113%(2)
|
| | | | | 45% | | | | | | 41% | | | | | | 27% | | | | | | 9% | | | | | | 6% | | | | | | 6% | | | | |
|
35%
|
| | | |
|
14%
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CY2021 Gross Margin
|
| | |
|
52%(3)
|
| | | | | 56% | | | | | | 57% | | | | | | 49% | | | | | | 46% | | | | | | 46% | | | | | | 46% | | | | |
|
52%
|
| | | |
|
49%
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CY2021 EBITDA Margin
|
| | |
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28%(3)
|
| | | | | 22% | | | | | | 23% | | | | | | 27% | | | | | | 26% | | | | | | 9% | | | | | | 9% | | | | |
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25%
|
| | | |
|
25%
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Valuation Benchmarking | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EV / CY 2021 Revenue
|
| | |
|
3.0x(3)
|
| | | | | 5.1x | | | | | | 5.3x | | | | | | 6.8x | | | | | | 6.2x | | | | | | 3.4x | | | | | | 3.4x | | | | |
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6.0x
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6.2x
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EV / CY 2021 EBITDA
|
| | |
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10.7x(3)
|
| | | | | 26.5x | | | | | | 22.4x | | | | | | 23.8x | | | | | | 21.4x | | | | | | 38.6x | | | | | | 38.6x | | | | |
|
25.0x
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21.4x
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Existing Governing Documents
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Proposed Governing Documents
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Authorized Shares
(Governing Documents Proposal A) |
| | The authorized share capital under the Existing Governing Documents is 200,000,000 Class A ordinary shares of par value US$0.0001 per share, 20,000,000 Class B ordinary shares of par value US$0.0001 per share and 1,000,000 preference shares of par value US$0.0001 per share. | | | The Proposed Governing Documents authorize 500,000,000 shares of New Velo3D Common Stock and 10,000,000 shares of New Velo3D Preferred Stock. | |
| | | See paragraph 5 of the Memorandum of Association. | | | See Article IV of the Proposed Certificate of Incorporation. | |
Authorize the Board of Directors to Issue Preferred Stock Without Stockholder Consent
(Governing Documents Proposal B) |
| | The Existing Governing Documents authorize the issuance of 1,000,000 preference shares with such designation, rights and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered under the Existing | | | The Proposed Governing Documents authorize the board of directors to issue all or any shares of preferred stock in one or more series and to fix for each such series such voting powers, full or limited, and such designations, preferences and relative, participating, optional or | |
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Existing Governing Documents
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Proposed Governing Documents
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|
| | | Governing Documents, without shareholder approval, to issue preference shares with dividend, liquidation, redemption, voting or other rights which could adversely affect the voting power or other rights of the holders of ordinary shares. | | | other special rights and such qualifications, limitations or restrictions thereof, as the board of directors may determine. | |
| | | See paragraph 5 of the Memorandum of Association and Article 3 of the Articles of Association. | | | See Article IV subsection B of the Proposed Certificate of Incorporation. | |
Shareholder/Stockholder Written Consent In Lieu of a Meeting
(Governing Documents Proposal C) |
| | The Existing Governing Documents provide that resolutions may be passed by a vote in person, by proxy at a general meeting, or by unanimous written resolution. | | | The Proposed Governing Documents allow stockholders to vote in person or by proxy at a meeting of stockholders, but prohibit the ability of stockholders to act by written consent in lieu of a meeting. | |
| | | See Articles I of our Articles of Association. | | | See Article IV subsection 2.3 and Article VIII subsection 1 of the Proposed Certificate of Incorporation. | |
Corporate Name
(Governing Documents Proposal D) |
| | The Existing Governing Documents provide the name of the company is “JAWS Spitfire Acquisition Corporation” | | | The Proposed Governing Documents will provide that the name of the corporation will be “Velo3D, Inc.” | |
| | | See paragraph 1 of our Memorandum of Association. | | | See Article I of the Proposed Certificate of Incorporation. | |
Perpetual Existence
(Governing Documents Proposal D) |
| | The Existing Governing Documents provide that if we do not consummate a business combination (as defined in the Existing Governing Documents) by December 7, 2022 (twenty-fourth months after the closing of JAWS Spitfire’s initial public offering), JAWS Spitfire will cease all operations except for the purposes of winding up and will redeem the shares issued in JAWS Spitfire’s initial public offering and liquidate its trust account. | | | The Proposed Governing Documents do not include any provisions relating to New Velo3D’s ongoing existence; the default under the DGCL will make New Velo3D’s existence perpetual. | |
| | | See Article 49 subsection 49.7 of our Articles of Association. | | | This is the default rule under the DGCL. | |
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Existing Governing Documents
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Proposed Governing Documents
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Exclusive Forum
(Governing Documents Proposal D) |
| | The Existing Governing Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation. | | | The Proposed Governing Documents adopt Delaware as the exclusive forum for certain stockholder litigation and the U.S. federal district courts as the exclusive forum for litigation arising out of the Securities Act. | |
| | | | | | See Article X of the Proposed Certificate of Incorporation and Article XI of the Proposed Bylaws . | |
Provisions Related to Status as Blank Check Company
(Governing Documents Proposal D) |
| | The Existing Governing Documents set forth various provisions related to our status as a blank check company prior to the consummation of a business combination. | | | The Proposed Governing Documents do not include such provisions related to our status as a blank check company, which no longer will apply upon consummation of the Business Combination, as we will cease to be a blank check company at such time. | |
| | | See Article 49 of our Articles of Association. | | | | |
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Share Ownership in New Velo3D
|
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Pro Forma Combined
(Assuming No Redemption) |
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Pro Forma Combined
(Assuming Maximum Redemption)(1) |
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Velo3D Stockholders(2)(3)(4)(5)
|
| | | | 141,037,301 | | | | | | 70.6% | | | | | | 141,037,301 | | | | | | 75.6% | | |
JAWS Spitfire public shareholders
|
| | | | 34,500,000 | | | | | | 17.3% | | | | | | 21,468,000 | | | | | | 11.5% | | |
JAWS Spitfire Sponsor(6)
|
| | | | 8,625,000 | | | | | | 4.3% | | | | | | 8,625,000 | | | | | | 4.6% | | |
Third Party PIPE Investors
|
| | | | 15,500,000 | | | | | | 7.8% | | | | | | 15,500,000 | | | | | | 8.3% | | |
| | | | | 199,662,301 | | | | | | 100.0% | | | | | | 186,630,301 | | | | | | 100.0% | | |
| | | | | | | | | | | | | | |
Assuming No
Redemption Scenario |
| |
Assuming Maximum
Redemption Scenario |
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Jaws
Spitfire Historical |
| |
Velo3D
Historical |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
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Additional
Transaction Accounting Adjustments |
| | | | |
Pro Forma
Combined, as Further Adjusted |
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Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Cash and cash equivalents
|
| | | $ | 1,668 | | | | | $ | 15,517 | | | | | $ | 5,000 | | | | (a) | | | | $ | 486,705 | | | | | $ | (130,320) | | | | (m) | | | | $ | 356,385 | | |
| | | | | | | | | | | | | | | | | 345,000 | | | | (b) | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 155,000 | | | | (c) | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (12,780) | | | | (d) | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (22,700) | | | | (e) | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | — | | | | | | 1,232 | | | | | | — | | | | | | | | | 1,232 | | | | | | — | | | | | | | | | 1,232 | | |
Inventory
|
| | | | — | | | | | | 7,309 | | | | | | — | | | | | | | | | 7,309 | | | | | | — | | | | | | | | | 7,309 | | |
Contract assets
|
| | | | — | | | | | | 3,033 | | | | | | — | | | | | | | | | 3,033 | | | | | | | | | | | | | | | 3,033 | | |
Prepaid expenses and other
|
| | | | 727 | | | | | | 807 | | | | | | — | | | | | | | | | 1,534 | | | | | | — | | | | | | | | | 1,534 | | |
Total current assets
|
| | | | 2,395 | | | | | | 27,898 | | | | | | 469,520 | | | | | | | | | 499,813 | | | | | | (130,320) | | | | | | | | | 369,493 | | |
Cash held in trust account
|
| | | | 345,000 | | | | | | — | | | | | | (345,000) | | | | (b) | | | | | — | | | | | | — | | | | | | | | | — | | |
Property, plant and equipment, net
|
| | | | — | | | | | | 1,006 | | | | | | — | | | | | | | | | 1,006 | | | | | | — | | | | | | | | | 1,006 | | |
Assets leased to customers
|
| | | | — | | | | | | 2,855 | | | | | | — | | | | | | | | | 2,855 | | | | | | — | | | | | | | | | 2,855 | | |
Other assets
|
| | | | — | | | | | | 932 | | | | | | — | | | | | | | | | 932 | | | | | | — | | | | | | | | | 932 | | |
Total assets
|
| | | $ | 347,395 | | | | | $ | 32,691 | | | | | $ | 124,520 | | | | | | | | $ | 504,606 | | | | | $ | (130,320) | | | | | | | | $ | 374,286 | | |
| | | | | | | | | | | | | | |
Assuming No
Redemption Scenario |
| |
Assuming Maximum
Redemption Scenario |
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| | |
Jaws
Spitfire Historical |
| |
Velo3D
Historical |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | |
Pro Forma
Combined, as Further Adjusted |
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Liabilities and Stockholders’ Deficit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Accounts payable
|
| | | $ | — | | | | | $ | 1,226 | | | | | $ | — | | | | | | | | $ | 1,226 | | | | | $ | — | | | | | | | | $ | 1,226 | | |
Accrued expenses and others
|
| | | | 97 | | | | | | 2,512 | | | | | | (97) | | | |
(d)
|
| | | | 2,512 | | | | | | — | | | | | | | | | 2,512 | | |
Long term debt – current portion
|
| | | | — | | | | | | 3,687 | | | | | | — | | | | | | | | | 3,687 | | | | | | — | | | | | | | | | 3,687 | | |
Contract liabilities
|
| | | | — | | | | | | 4,702 | | | | | | — | | | | | | | | | 4,702 | | | | | | — | | | | | | | | | 4,702 | | |
Accrued offering costs
|
| | | | 340 | | | | | | — | | | | | | (340) | | | |
(d)
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Promissory note – related party
|
| | | | 268 | | | | | | — | | | | | | (268) | | | |
(d)
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Total current liabilities
|
| | | | 705 | | | | | | 12,127 | | | | | | (705) | | | | | | | | | 12,127 | | | | | | — | | | | | | | | | 12,127 | | |
Long-term liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred underwriting fee
|
| | | | 12,075 | | | | | | — | | | | | | (12,075) | | | |
(d)
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Long term debt – less current portion
|
| | | | — | | | | | | 4,316 | | | | | | — | | | | | | | | | 4,316 | | | | | | — | | | | | | | | | 4,316 | | |
Convertible notes payable
|
| | | | — | | | | | | — | | | | | | 5,000 | | | |
(a)
|
| | | | 5,000 | | | | | | — | | | | | | | | | 5,000 | | |
Warrant liabilities
|
| | | | 43,147 | | | | | | — | | | | | | (28,463) | | | |
(o)
|
| | | | 14,684 | | | | | | — | | | | | | | | | 14,684 | | |
Other long-term liabilities
|
| | | | — | | | | | | 365 | | | | | | (181) | | | |
(n)
|
| | | | 184 | | | | | | — | | | | | | | | | 184 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | 205,068 | | | |
(k)
|
| | | | 205,068 | | | | | | (11,098) | | | |
(l)
|
| | | | 193,970 | | |
Total liabilities
|
| | | $ | 55,927 | | | | | $ | 16,808 | | | | | $ | 168,644 | | | | | | | | $ | 241,379 | | | | | $ | (11,098) | | | | | | | | $ | 230,281 | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Assuming No
Redemption Scenario |
| |
Assuming Maximum
Redemption Scenario |
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| | |
JAWS
Spitfire Historical |
| |
Velo3D
Historical |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | |
Pro Forma
Combined, As Further Adjusted |
| ||||||||||||||||||
Redeemable convertible preferred stock
|
| | | $ | — | | | | | $ | 123,704 | | | | | $ | (123,704) | | | | (f) | | | | $ | — | | | | | $ | — | | | | | | | | $ | — | | |
Redeemable Class A ordinary
shares |
| | | | 286,468 | | | | | | — | | | | | | (286,468) | | | | (g) | | | | | — | | | | | | — | | | | | | | | | — | | |
Stockholders’ deficit: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Class A and B ordinary shares
|
| | | | 1 | | | | | | — | | | | | | (1) | | | | (h) | | | | | — | | | | | | — | | | | | | | | | — | | |
Common stock at par
|
| | | | — | | | | | | 1 | | | | | | 2 | | | | (c) | | | | | 20 | | | | | | (1) | | | | (m) | | | | | 19 | | |
| | | | | | | | | | | | | | | | | 1 | | | | (f) | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | 3 | | | | (g) | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | 1 | | | | (h) | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | 12 | | | | (j) | | | | | | | | | | | | | | | | | | |||||
Additional paid-in capital
|
| | | | 6,766 | | | | | | 14,954 | | | | | | 154,998 | | | | (c) | | | | | 385,983 | | | | | | (130,319) | | | | (m) | | | | | 266,762 | | |
| | | | | | | | | | | | | | | | | (22,700) | | | | (e) | | | | | | | | | | | 11,098 | | | | (l) | | | | | | | |
| | | | | | | | | | | | | | | | | 123,703 | | | | (f) | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | 286,465 | | | | (g) | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | (1,767) | | | | (i) | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | (12) | | | | (j) | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | (205,068) | | | | (k) | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | 181 | | | | (n) | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | 28,463 | | | | (o) | | | | | | | | | | | | | | | | | | |||||
Accumulated deficit, 1/1/2020
|
| | | | (1,767) | | | | | | (122,776) | | | | | | 1,767 | | | | (i) | | | | | (122,776) | | | | | | — | | | | | | | | | (122,776) | | |
Total stockholders’ deficit
|
| | | | 5,000 | | | | | | (107,821) | | | | | | 366,048 | | | | | | | | | 263,227 | | | | | | (119,222) | | | | | | | | | 144,005 | | |
Total liabilities and stockholders’ deficit
|
| | | $ | 347,395 | | | | | $ | 32,691 | | | | | $ | 124,520 | | | | | | | | $ | 504,606 | | | | | $ | (130,320) | | | | | | | | $ | 374,286 | | |
| | | | | | | | | | | | | | |
Assuming No
Redemption Scenario |
| |
Assuming Maximum
Redemption Scenario |
| ||||||||||||||||||||||||
| | |
JAWS
Spitfire Historical |
| |
Velo3D
Historical |
| |
Transaction
Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | |
Pro Forma
Combined, as Further Adjusted |
| ||||||||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 18,975 | | | | | $ | — | | | | | | | | $ | 18,975 | | | | | $ | — | | | | | | | | $ | 18,975 | | |
Cost of revenue
|
| | | | — | | | | | | 12,608 | | | | | | 539 | | | | (AA) | | | | | 13,147 | | | | | | (29) | | | | (BB) | | | | | 13,118 | | |
Gross Margin
|
| | | | — | | | | | | 6,367 | | | | | | (539) | | | | | | | | | 5,828 | | | | | | 29 | | | | | | | | | 5,857 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | — | | | | | | 14,188 | | | | | | 2,965 | | | | (AA) | | | | | 17,153 | | | | | | (161) | | | | (BB) | | | | | 16,992 | | |
Selling and marketing expenses
|
| | | | — | | | | | | 7,004 | | | | | | 2,696 | | | | (AA) | | | | | 9,700 | | | | | | (146) | | | | (BB) | | | | | 9,554 | | |
General and administrative expenses
|
| | | | 1,768 | | | | | | 6,382 | | | | | | 4,583 | | | | (AA) | | | | | 11,149 | | | | | | (249) | | | | (BB) | | | | | 10,900 | | |
| | | | | | | | | | | | | | | | | (1,584) | | | | (CC) | | | | | | | | | | | | | | | | | | | | | | |
Total costs and expenses
|
| | | | 1,768 | | | | | | 27,574 | | | | | | 8,660 | | | | | | | | | 38,002 | | | | | | (556) | | | | | | | | | 37,446 | | |
Loss from operations
|
| | | | (1,768) | | | | | | (21,207) | | | | | | (9,199) | | | | | | | | | (32,174) | | | | | | 585 | | | | | | | | | (31,589) | | |
Interest expense
|
| | | | — | | | | | | (639) | | | | | | (50) | | | | (DD) | | | | | (689) | | | | | | — | | | | | | | | | (689) | | |
Other expense, net
|
| | | | — | | | | | | 39 | | | | | | — | | | | | | | | | 39 | | | | | | — | | | | | | | | | 39 | | |
Loss before income taxes
|
| | | | (1,768) | | | | | | (21,807) | | | | | | (9,249) | | | | | | | | | (32,824) | | | | | | 585 | | | | | | | | | (32,239) | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Net loss
|
| | | | (1,768) | | | | | $ | (21,807) | | | | | $ | (9,249) | | | | | | | | $ | (32,824) | | | | | $ | 585 | | | | | | | | $ | (32,239) | | |
Extinguishment of redeemable convertible preferred stock
|
| | | | — | | | | | | 13,051 | | | | | | — | | | | | | | | | 13,051 | | | | | | — | | | | | | | | | 13,051 | | |
Net loss attributable to common stockholders
|
| | | $ | (1,768) | | | | | $ | (8,756) | | | | | $ | (9,249) | | | | | | | | $ | (19,773) | | | | | $ | 585 | | | | | | | | $ | (19,188) | | |
Weighted average common shares outstanding of New Velo3D, basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
New Velo3D common stock – Velo3D
|
| | | | | | | | | | | | | | | | | | | | | | | | | 141,037,301 | | | | | | | | | | | | | | | 141,037,301 | | |
New Velo3D common stock – Jaws Spitfire
|
| | | | | | | | | | | | | | | | | | | | | | | | | 58,625,000 | | | | | | | | | | | | | | | 45,553,000 | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | | | | 199,662,301 | | | | | | | | | | | | | | | 186,590,301 | | |
Net loss per common share, basic and
diluted |
| | | | | | | | | | | | | | | | | | | | | | | | $ | (0.10) | | | | | | | | | | | | | | $ | (0.10) | | |
Weighted average common shares outstanding of Velo3D, basic and diluted
|
| | | | | | | | | | 19,232,455 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share
|
| | | | | | | | | $ | (0.46) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of JAWS Spitfire Class A redeemable ordinary shares
|
| | | | 34,500,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income per share, Class A
|
| | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding of JAWS Spitfire Class B non-redeemable ordinary shares
|
| | | | 7,758,028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share, Class B
|
| | | $ | (0.23) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Year Ended December 31, 2020
|
| |||||||||
(In thousands, except share and per share data)
|
| |
Assuming
No Redemption Scenario |
| |
Assuming
Maximum Redemption Scenario |
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (32,824) | | | | | $ | (32,239) | | |
Extinguishment of redeemable convertible preferred stock
|
| | | | 13,051 | | | | | | 13,051 | | |
Net loss attributable to common stockholders
|
| | | $ | (19,773) | | | | | $ | (19,188) | | |
Denominator: | | | | | | | | | | | | | |
Velo3D Stockholders
|
| | | | 141,037,301 | | | | | | 141,037,301 | | |
JAWS Spitfire public shareholders
|
| | | | 34,500,000 | | | | | | 21,468,000 | | |
JAWS Spitfire Sponsor
|
| | | | 8,625,000 | | | | | | 8,625,000 | | |
Third Party PIPE Investors
|
| | | | 15,500,000 | | | | | | 15,500,000 | | |
Weighted average shares outstanding – basic and diluted
|
| | | | 199,662,301 | | | | | | 186,630,301 | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (0.10) | | | | | $ | (0.10) | | |
Name
|
| |
Age
|
| |
Position
|
|
Barry S. Sternlicht | | |
59
|
| | Chairman of the Board of Directors | |
Matthew Walters | | |
34
|
| | Chief Executive Officer and Director | |
Michael Racich | | |
48
|
| | Chief Financial Officer | |
Andy Appelbaum | | |
54
|
| | Director | |
Mark Vallely | | |
63
|
| | Director | |
Serena J. Williams | | |
39
|
| | Director | |
| | |
Year ended December 31,
|
| | | | | | | | | | | | | |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |
%
|
| ||||||||||||||||||||||||
| | |
(In thousands, except for percentages)
|
| | | | | | | | | | | | | |||||||||||||||||||||
Revenue
|
| | | $ | 18,975 | | | | | | 100.0% | | | | | $ | 15,223 | | | | | | 100.0% | | | | | $ | 3,752 | | | | | | 24.6% | | |
Cost of revenue
|
| | | | 12,608 | | | | | | 66.4% | | | | | | 10,393 | | | | | | 68.3% | | | | | | 2,215 | | | | | | 21.3% | | |
Gross Profit
|
| | | | 6,367 | | | | | | 33.6% | | | | | | 4,830 | | | | | | 31.7% | | | | | | 1,537 | | | | | | 31.8% | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 14,188 | | | | | | 74.8% | | | | | | 14,593 | | | | | | 95.9% | | | | | | (405) | | | | | | (2.8)% | | |
Selling and marketing
|
| | | | 7,004 | | | | | | 36.9% | | | | | | 8,600 | | | | | | 56.5% | | | | | | (1,596) | | | | | | (18.6)% | | |
General and administrative
|
| | | | 6,382 | | | | | | 33.6% | | | | | | 6,929 | | | | | | 45.5% | | | | | | (547) | | | | | | (7.9)% | | |
Total operation expenses
|
| | | | 27,574 | | | | | | 145.3% | | | | | | 30,122 | | | | | | 197.9% | | | | | | (2,548) | | | | | | (8.5)% | | |
Loss from operations
|
| | | | (21,207) | | | | | | (111.8)% | | | | | | (25,292) | | | | | | (166.1)% | | | | | | 4,085 | | | | | | (16.2)% | | |
Interest expense
|
| | | | (639) | | | | | | (3.3)% | | | | | | (605) | | | | | | (4.0)% | | | | | | (34) | | | | | | 5.6% | | |
Other income, net
|
| | | | 39 | | | | | | 0.2% | | | | | | 219 | | | | | | 1.4% | | | | | | (180) | | | | | | (82.2)% | | |
Loss before income taxes
|
| | | | (21,807) | | | | | | (114.9)% | | | | | | (25,678) | | | | | | (168.7)% | | | | | | 3,871 | | | | | | (15.1)% | | |
Provision for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | $ | (21,807) | | | | | | (114.9)% | | | | | $ | (25,678) | | | | | | (168.7)% | | | | | $ | 3,871 | | | | | | (15.1)% | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
(In thousands, except for percentages)
|
| |||||||||||||||||||||
3D Printer sales
|
| | | $ | 16,965 | | | | | | 89.4% | | | | | $ | 14,589 | | | | | | 95.8% | | |
Recurring payment
|
| | | | 350 | | | | | | 1.9% | | | | | | — | | | | | | 0.0% | | |
Support services
|
| | | | 1,660 | | | | | | 8.7% | | | | | | 634 | | | | | | 4.2% | | |
Total Revenue
|
| | | $ | 18,975 | | | | | | 100.0% | | | | | $ | 15,223 | | | | | | 100.0% | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||
Cost of Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of 3D Printer
|
| | | $ | 10,605 | | | | | | 84.1% | | | | | $ | 9,643 | | | | | | 92.8% | | |
Cost of Recurring Payment
|
| | | | 105 | | | | | | 0.8% | | | | | | — | | | | | | 0.0% | | |
Cost of Support Services
|
| | | | 1,898 | | | | | | 15.1% | | | | | | 750 | | | | | | 7.2% | | |
Total Cost of Revenue
|
| | | $ | 12,608 | | | | | | 100.0% | | | | | $ | 10,393 | | | | | | 100.0% | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands, except for percentages)
|
| |||||||||
Net loss
|
| | | $ | (21,807) | | | | | $ | (25,678) | | |
Interest expense
|
| | | | 639 | | | | | | 605 | | |
Tax expense
|
| | | | — | | | | | | — | | |
Depreciation and amortization
|
| | | | 1,240 | | | | | | 1,138 | | |
EBITDA
|
| | | $ | (19,928) | | | | | $ | (23,935) | | |
Stock-based compensation
|
| | | | 1,455 | | | | | | 1,472 | | |
Adjusted EBITDA
|
| | | $ | (18,473) | | | | | $ | (22,463) | | |
Revenue
|
| | | $ | 18,975 | | | | | $ | 15,223 | | |
Adjusted EBITDA as a percent of revenue
|
| | | | (97.4)% | | | | | | (147.6)% | | |
| | |
Year ended December 31,
|
| | | | | | | |||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |||||||||
| | |
(In thousands)
|
| | | | | | | |||||||||
Net cash used by operating activities
|
| | | $ | (26,446) | | | | | $ | (16,422) | | | | | $ | (10,024) | | |
Net cash used by investing activities
|
| | | $ | (3,429) | | | | | $ | (345) | | | | | $ | (3,084) | | |
Net cash provided by financing activates
|
| | | $ | 35,577 | | | | | $ | 18,887 | | | | | $ | 16,690 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||
| | |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
Total
|
| ||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||
Operating leases
|
| | | $ | 540 | | | | | $ | 241 | | | | | $ | 20 | | | | | $ | 801 | | |
Debt principal, interest and fees
|
| | | | 3,706 | | | | | | 3,652 | | | | | | 775 | | | | | | 8,133 | | |
Purchase commitments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total contractual cash obligations
|
| | | $ | 4,246 | | | | | $ | 3,893 | | | | | $ | 795 | | | | | $ | 8,934 | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Executive Officers: | | | | | | | | | | |
Benyamin Buller | | | | | 51 | | | |
Founder, Chief Executive Officer and Director
|
|
William McCombe | | | | | 63 | | | | Chief Financial Officer and Director | |
Renette Youssef | | | | | 45 | | | | Chief Marketing Officer | |
Directors: | | | | | | | | | | |
Carl Bass | | | | | 63 | | | | Chairman and Director | |
Ricardo Angel | | | | | 50 | | | | Director | |
Jory Bell | | | | | 52 | | | | Director | |
David Cowan | | | | | 55 | | | | Executive Director and Co-Founder | |
Stefan Krause | | | | | 58 | | | | Director | |
Sven Strohband | | | | | 47 | | | | Director | |
Matthew Walters | | | | | 34 | | | | Director | |
Name
|
| |
Fees
Earned or Paid in Cash ($) |
| |
Stock
Awards ($) |
| |
Option
Awards ($)(1) |
| |
All other
compensation ($) |
| |
Total
($) |
| |||||||||||||||
Carl Bass(2)
|
| | | | — | | | | | | — | | | | | $ | 26,604 | | | | | | — | | | | | $ | 26,604 | | |
Ricardo Angel
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jory Bell
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David Cowan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stefan Krause
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sven Strohband
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Matthew Walters
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name and Principal Position
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| ||||||||||||||||||
Benny Buller
Chief Executive Officer |
| | | $ | 275,000 | | | | | | — | | | | | $ | 481,156 | | | | | $ | 100,000 | | | | | $ | 8,550 | | | | | $ | 864,706 | | |
William McCombe(4)
Chief Financial Officer |
| | | $ | 104,600 | | | | | $ | 20,000(5) | | | | | $ | 228,743 | | | | | | — | | | | | $ | 3,320 | | | | | $ | 356,663 | | |
Renette Youssef(6)
Chief Marketing Officer |
| | | $ | 56,900 | | | | | | — | | | | | $ | 114,339 | | | | | | — | | | | | $ | 1,450 | | | | | $ | 172,689 | | |
| | | | | | | | |
Option Awards
|
| |||||||||||||||||||||
| | | | | | | | |
Number of Securities Underlying
Unexercised Options |
| | | | | | | | | | | | | |||||||||
Name
|
| |
Grant Date
|
| |
Exercisable
(#)(1) |
| |
Unexercisable
(#)(1) |
| |
Exercise Price
($) |
| |
Expiration Date
|
| |||||||||||||||
Benny Buller
|
| | | | 05/13/2019(2) | | | | | | 416,666 | | | | | | 83,334 | | | | | | 0.80 | | | | | | 05/16/2027 | | |
| | | | | 06/11/2020(3) | | | | | | — | | | | | | 5,872,300 | | | | | | 0.15 | | | | | | 06/10/2030 | | |
William McCombe
|
| | | | 09/24/2020(4) | | | | | | — | | | | | | 2,804,936 | | | | | | 0.15 | | | | | | 09/23/2030 | | |
Renette Youssef
|
| | | | 12/15/2020(5) | | | | | | — | | | | | | 1,402,000 | | | | | | 0.15 | | | | | | 12/14/2030 | | |
| | |
Prior to Business
Combination(2) |
| |
After Business Combination
|
| ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | |
Assuming No
Redemptions(3) |
| |
Assuming Maximum
Redemptions(4) |
| ||||||||||||||||||
Name and Address of Beneficial Owners(1)
|
| |
Number of
Shares |
| |
%
|
| |
Number of
Shares |
| |
%
|
| |
Number of
Shares |
| |
%
|
| ||||||||||||||||||
Directors and officers Prior to the Business Combination:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Spitfire Sponsor LLC
|
| | | | 8,550,000 | | | | | | 19.8% | | | | | | 8,550,000 | | | | | | 4.3% | | | | | | 8,550,000 | | | | | | 4.6% | | |
Barry S. Sternlicht(5)
|
| | | | 8,550,000 | | | | | | 19.8% | | | | | | 8,550,000 | | | | | | 4.3% | | | | | | 8,550,000 | | | | | | 4.6% | | |
Matthew Walters
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Racich
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Andy Appelbaum
|
| | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | * | | |
Mark Vallely
|
| | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | * | | |
Serena Williams
|
| | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | * | | |
All directors and officers prior to the Business Combination (six persons)
|
| | | | 8,625,000 | | | | | | 20.0% | | | | | | 8,625,000 | | | | | | 4.3% | | | | | | 8,625,000 | | | | | | 4.6% | | |
Director and officers after the Business Combination:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Benyamin Buller(6)
|
| | | | — | | | | | | — | | | | | | 5,444,216 | | | | | | 2.72% | | | | | | 5,444,216 | | | | | | 2.91% | | |
William McCombe
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Prior to Business
Combination(2) |
| |
After Business Combination
|
| ||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | |
Assuming No
Redemptions(3) |
| |
Assuming Maximum
Redemptions(4) |
| ||||||||||||||||||
Name and Address of Beneficial Owners(1)
|
| |
Number of
Shares |
| |
%
|
| |
Number of
Shares |
| |
%
|
| |
Number of
Shares |
| |
%
|
| ||||||||||||||||||
Renette Yousef
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Carl Bass(7)
|
| | | | — | | | | | | — | | | | | | 229,568 | | | | | | * | | | | | | 229,568 | | | | | | * | | |
Ricardo Angel
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jory Bell
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David Cowan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stefan Krause
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sven Strohband
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Matthew Walters
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All directors and officers after the Business Combination as a group (10 persons)
|
| | | | — | | | | | | — | | | | | | 5,673,784 | | | | | | 2.8% | | | | | | 5,673,784 | | | | | | 3.0% | | |
Five Percent Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Empyrean Capital Overseas Master Fund, Ltd.(8)
|
| | | | 1,806,388 | | | | | | 4.2% | | | | | | 1,806,388 | | | | | | 0.9% | | | | | | 1,806,388 | | | | | | 1.0% | | |
Marcho Partners LLP(9)
|
| | | | 2,601,680 | | | | | | 6.0% | | | | | | 2,601,680 | | | | | | 1.3% | | | | | | 2,601,680 | | | | | | 1.4% | | |
Third Point LLC(10)
|
| | | | 2,150,000 | | | | | | 5.0% | | | | | | 2,150,000 | | | | | | 1.1% | | | | | | 2,150,000 | | | | | | 1.2% | | |
Citadel Advisors LLC(11)
|
| | | | 2,299,139 | | | | | | 5.3% | | | | | | 2,299,139 | | | | | | 1.2% | | | | | | 2,299,139 | | | | | | 1.2% | | |
Maverick Capital, Ltd.(12)
|
| | | | 3,000,000 | | | | | | 7.0% | | | | | | 3,000,000 | | | | | | 1.5% | | | | | | 3,000,000 | | | | | | 1.6% | | |
Khosla Ventures V, L.P.(13)
|
| | | | — | | | | | | — | | | | | | 29,854,302 | | | | | | 15.0% | | | | | | 29,854,302 | | | | | | 16.0% | | |
Playground Ventures, L.P.(14)
|
| | | | — | | | | | | — | | | | | | 26,636,215 | | | | | | 13.3% | | | | | | 26,636,215 | | | | | | 14.3% | | |
PIV Fund I, L.P.(15)
|
| | | | — | | | | | | — | | | | | | 22,500,253 | | | | | | 11.3% | | | | | | 22,500,253 | | | | | | 12.1% | | |
Bessemer Venture Partners IX L.P.(16)
|
| | | | — | | | | | | — | | | | | | 20,678,368 | | | | | | 10.4% | | | | | | 20,678,368 | | | | | | 11.1% | | |
Bessemer Venture Partners IX Institutional L.P.(16)
|
| | | | — | | | | | | — | | | | | | 16,566,530 | | | | | | 8.3% | | | | | | 16,566,530 | | | | | | 8.9% | | |
Name of Stockholder
|
| |
Shares of
Series D Convertible Preferred Stock |
| |
Cash
Purchase Price ($) |
| |
Cancellation of
Indebtedness ($) |
| |
Total
Purchase Price ($) |
| ||||||||||||
Entities affiliated with Bessemer Venture Partners(1)
|
| | | | 20,779,365 | | | | | $ | 7,799,326.86 | | | | | | — | | | | | $ | 7,799,326.86 | | |
Entities affiliated with Khosla Ventures(2)
|
| | | | 15,985,506 | | | | | $ | 5,999,999.83 | | | | | | — | | | | | $ | 5,999,999.83 | | |
PIV Fund I, L.P.(3)
|
| | | | 26,748,870 | | | | | $ | 4,585,262.66 | | | | | $ | 5,454,658.20 | | | | | $ | 10,039,920.87 | | |
Playground Ventures, L.P.(4)
|
| | | | 12,467,615 | | | | | $ | 4,679,594.62 | | | | | | — | | | | | $ | 4,679,594.86 | | |
Name of Stockholder
|
| |
Shares of
Series C Convertible Preferred Stock |
| |
Shares of
Common Stock |
| |
Total
Purchase Price ($) |
| |||||||||
Entities affiliated with Bessemer Venture Partners(1)
|
| | | | 3,088,222 | | | | | | 4,964,375 | | | | | $ | 17,060,511.85 | | |
Entities affiliated with Khosla Ventures(2)
|
| | | | 2,063,503 | | | | | | — | | | | | $ | 12,999,998.65 | | |
Playground Ventures, L.P.(3)
|
| | | | 3,168,534 | | | | | | 4,005,855 | | | | | $ | 17,504,185.86 | | |
| | |
Delaware
|
| |
Cayman Islands
|
|
Stockholder/Shareholder Approval of Business Combinations
|
| | Mergers generally require approval of a majority of all outstanding shares. Mergers in which less than 20% of the acquirer’s stock is issued generally do not require acquirer stockholder approval. Mergers in which one corporation owns 90% or more of a second corporation may be completed without the vote of the second corporation’s board of directors or stockholders. | | | Mergers require a special resolution, and any other authorization as may be specified in the relevant articles of association. Parties holding certain security interests in the constituent companies must also consent. All mergers (other than parent/subsidiary mergers) require shareholder approval — there is no exception for smaller mergers. Where a bidder has acquired 90% or more of the shares in a Cayman Islands company, it can compel the acquisition of the shares of the remaining shareholders and thereby become the sole shareholder. A Cayman Islands company may also be acquired through a “scheme of arrangement” sanctioned by a Cayman Islands court and approved by 50%+1 in number and 75% in value of shareholders in attendance and voting at a shareholders’ meeting. | |
Stockholder/Shareholder Votes for Routine Matters
|
| | Generally, approval of routine corporate matters that are put to a stockholder vote require the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter. | | | Under Cayman Islands law and the Existing Governing Documents, routine corporate matters may be approved by an ordinary resolution (being a resolution passed by a simple majority of the shareholders as being entitled to do so). | |
Appraisal Rights
|
| | Generally a stockholder of a publicly traded corporation does | | | Minority shareholders that dissent from a Cayman Islands statutory | |
| | |
Delaware
|
| |
Cayman Islands
|
|
| | | not have appraisal rights in connection with a merger. | | | merger are entitled to be paid the fair market value of their shares, which if necessary may ultimately be determined by the court. | |
Inspection of Books and Records
|
| | Any stockholder may inspect the corporation’s books and records for a proper purpose during the usual hours for business. | | | Shareholders generally do not have any rights to inspect or obtain copies of the register of shareholders or other corporate records of a company. | |
Stockholder/Shareholder Lawsuits
|
| | A stockholder may bring a derivative suit subject to procedural requirements (including adopting Delaware as the exclusive forum as per Governing Documents Proposal D). | | | In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company’s board of directors. A shareholder may be entitled to bring a derivative action on behalf of the company, but only in certain limited circumstances. | |
Fiduciary Duties of Directors
|
| | Directors must exercise a duty of care and duty of loyalty and good faith to the company and its stockholders. | | | A director owes fiduciary duties to a company, including to exercise loyalty, honesty and good faith to the company as a whole. In addition to fiduciary duties, directors owe a duty of care, diligence and skill. Such duties are owed to the company but may be owed direct to creditors or shareholders in certain limited circumstances. | |
Indemnification of Directors and Officers
|
| | A corporation is generally permitted to indemnify its directors and officers acting in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation. | | | A Cayman Islands company generally may indemnify its directors or officers except with regard to fraud or willful default. | |
Limited Liability of Directors
|
| | Permits limiting or eliminating the monetary liability of a director to a corporation or its stockholders, except with regard to breaches of duty of loyalty, intentional misconduct, unlawful repurchases or dividends, or improper personal benefit. | | | Liability of directors may be unlimited, except with regard to their own fraud or willful default. | |
Redemption Date
(period to expiration of warrants) |
| |
Fair Market Value of Class A Ordinary Shares
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
≤10.00
|
| |
11.00
|
| |
12.00
|
| |
13.00
|
| |
14.00
|
| |
15.00
|
| |
16.00
|
| |
17.00
|
| |
≥18.00
|
| |||||||||||||||||||||||||||||
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.365 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.365 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.365 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.365 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.365 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.365 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.365 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.365 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.365 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.365 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.365 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.365 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.365 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.365 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.365 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.365 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.365 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.365 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.365 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.365 | | |
| | |
Page
|
| |||
Audited Financial Statements of JAWS Spitfire Acquisition Corporation, restated on May 12, 2021 | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Audited Financial Statements of Velo3D, Inc. | | | | | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-27 | | | |
| | | | F-28 | | |
| | | | ||
| Financial Statements: | | | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | |
As Restated
|
| |||
ASSETS | | | | | | | |
Current assets | | | | | | | |
Cash
|
| | | $ | 1,667,600 | | |
Prepaid expenses
|
| | | | 727,217 | | |
Total Current Assets
|
| | | | 2,394,817 | | |
Cash held in Trust Account
|
| | | | 345,000,000 | | |
TOTAL ASSETS
|
| | | $ | 347,394,817 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | |
Current liabilities | | | | | | | |
Accrued expenses
|
| | | $ | 96,590 | | |
Accrued offering costs
|
| | | | 340,282 | | |
Promissory note- related party
|
| | | | 267,768 | | |
Total Current Liabilities
|
| | | | 704,640 | | |
Warrant liabilities
|
| | | | 43,147,500 | | |
Deferred underwriting fee payable
|
| | | | 12,075,000 | | |
Total Liabilities
|
| | | | 55,927,140 | | |
Commitments and Contingencies | | | | | | | |
Ordinary shares subject to possible redemption, 28,646,767 shares at $10.00 per share
|
| | | | 286,467,670 | | |
Shareholders’ Equity | | | | | | | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding
|
| | | | — | | |
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 5,853,233 shares
issued and outstanding (excluding 28,646,767 shares subject to possible redemption) |
| | | | 585 | | |
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding
|
| | | | 863 | | |
Additional paid-in capital
|
| | | | 6,766,010 | | |
Accumulated deficit
|
| | | | (1,767,451) | | |
Total Shareholders’ Equity
|
| | | | 5,000,007 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 347,394,817 | | |
| | |
As Restated
|
| |||
Formation and operating costs
|
| | | $ | 183,573 | | |
Transaction costs allocated to warrant liabilities
|
| | | | 1,583,878 | | |
Loss from operations
|
| | | | 1,767,451 | | |
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | 34,500,000 | | |
Basic and diluted net income per share, Class A
|
| | | $ | 0.00 | | |
Weighted average shares outstanding of Class B non-redeemable ordinary shares
|
| | | | 7,758,028 | | |
Basic and diluted net loss per share, Class B
|
| | | $ | (0.23) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – September 11, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | | | — | | | | | | — | | | | | | 8,625,000 | | | | | | 863 | | | | | | 24,137 | | | | |
|
—
|
| | | | | 25,000 | | |
Sale of Class A shares in initial public offering, less
fair value of public warrants, net of offering costs |
| | | | 34,500,000 | | | | | | 3,450 | | | | | | — | | | | | | — | | | | | | 298,991,678 | | | | | | — | | | | | | 298,995,128 | | |
Excess of fair value of private placement warrants over cash received
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,785,000) | | | | | | — | | | | | | (5,785,000) | | |
Class A ordinary shares subject to possible redemption
|
| | | | (28,646,767) | | | | | | (2,865) | | | | | | — | | | | | | — | | | | | | (286,464,805) | | | | | | — | | | | | | (286,467,670) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,767,451) | | | | | | (1,767,451) | | |
Balance – December 31, 2020
|
| | | | 5,853,233 | | | | | $ | 585 | | | | | | 8,625,000 | | | | | $ | 863 | | | | | $ | 6,766,010 | | | | | $ | (1,767,451) | | | | | $ | 5,000,007 | | |
| | |
As Restated
|
| |||
Cash Flows from Operating Activities: | | | | | | | |
Net loss
|
| | | $ | (1,767,451) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | |
Payment of formation costs through issuance of Class B ordinary shares
|
| | | | 5,000 | | |
Transaction costs
|
| | | | 1,583,878 | | |
Changes in operating assets and liabilities:
|
| | | | | | |
Prepaid expenses
|
| | | | (700,417) | | |
Accrued expenses
|
| | | | 96,590 | | |
Net cash used in operating activities
|
| | | | (782,400) | | |
Cash Flows from Investing Activities: | | | | | | | |
Investment of cash in Trust Account
|
| | | | (345,000,000) | | |
Net cash used in investing activities
|
| | | | (345,000,000) | | |
Cash Flows from Financing Activities: | | | | | | | |
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 338,550,000 | | |
Proceeds from sale of Private Placement Warrants
|
| | | | 8,900,000 | | |
Net cash provided by financing activities
|
| | | | 347,450,000 | | |
Net Change in Cash
|
| | | | 1,667,600 | | |
Cash – Beginning
|
| | | | — | | |
Cash – Ending | | | | $ | 1,667,600 | | |
Non-Cash Investing and Financing Activities: | | | | | | | |
Initial classification of Class A ordinary shares subject to possible redemption
|
| | | $ | 286,646,240 | | |
Change in value of Class A ordinary shares subject to possible redemption
|
| | | $ | (178,570) | | |
Deferred underwriting fee payable
|
| | | $ | 12,075,000 | | |
Initial classification of warrant liabilities
|
| | | $ | 43,147,500 | | |
Offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares
|
| | | $ | 20,000 | | |
Payment of offering costs through promissory note – related party
|
| | | $ | 240,968 | | |
Payment of prepaid expenses through promissory note – related party
|
| | | $ | 26,800 | | |
Offering costs included in accrued offering costs
|
| | | $ | 340,282 | | |
| | |
As Previously Reported
|
| |
Adjustments
|
| |
As Restated
|
| |||||||||
Balance sheet as of December 7, 2020 | | | | | | | | | | | | | | | | | | | |
Warrant liabilities
|
| | | $ | | | | | $ | 43,147,500 | | | | | $ | 43,147,500 | | | |
Total liabilities
|
| | | | 12,683,050 | | | | | | 43,147,500 | | | | | | 55,830,550 | | |
Ordinary shares subject to possible redemption
|
| | | | 329,793,740 | | | | | | (43,147,500) | | | | | | 286,466,240 | | |
Class A ordinary shares
|
| | | | 152 | | | | | | 432 | | | | | | 584 | | |
Accumulated deficit
|
| | | | (5,000) | | | | | | (1,583,878) | | | | | | (1,588,878) | | |
Additional paid-in-capital
|
| | | | 5,003,995 | | | | | | 1,583,447 | | | | | | 6,587,441 | | |
Total Shareholder’s Equity
|
| | | | 5,000,010 | | | | | | — | | | | | | 5,000,010 | | |
Balance sheet as of December 31, 2020 | | | | | | | | | | | | | | | | | | | |
Warrant liabilities
|
| | | $ | | | | | $ | 43,147,500 | | | | | $ | 43,147,500 | | | |
Total liabilities
|
| | | | 12,779,640 | | | | | | 43,147,500 | | | | | | 55,927,140 | | |
Ordinary shares subject to possible redemption
|
| | | | 329,615,170 | | | | | | (43,147,500) | | | | | | 286,467,670 | | |
Class A ordinary shares
|
| | | | 154 | | | | | | 431 | | | | | | 585 | | |
Accumulated deficit
|
| | | | (183,573) | | | | | | (1,583,878) | | | | | | (1,767,451) | | |
Additional paid-in-capital
|
| | | | 5,182,563 | | | | | | 1,583,447 | | | | | | 6,766,010 | | |
Total Shareholder’s Equity
|
| | | | 5,000,007 | | | | | | — | | | | | | 5,000,007 | | |
Net loss from September 11, 2020 to December 31, 2020
|
| | | | | | | | | | | | | | | | | | |
Transaction costs allocated to warrant liabilities
|
| | | $ | — | | | | | $ | 1,583,878 | | | | | $ | 1,583,878 | | |
Net loss
|
| | | | (183,573) | | | | | | (1,583,878) | | | | | | (1,767,451) | | |
Basic and diluted net loss per share, Class B
|
| | | | (0.02) | | | | | | (0.21) | | | | | | (0.23) | | |
Cash flow from September 11, 2020 to December 31, 2020
|
| | | | | | | | | | | | | | | | | | |
Transaction costs allocated to warrant liabilities
|
| | | $ | — | | | | | $ | 1,583,878 | | | | | $ | 1,583,878 | | |
Net loss
|
| | | | (183,573) | | | | | | (1,583,878) | | | | | | (1,767,451) | | |
| | |
For the Period from
September 11, 2020 (inception) Through December 31, 2020 |
| |||
Redeemable Class A Ordinary Shares | | | | | | | |
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares
|
| | | | | | |
Interest Income
|
| | | $ | — | | |
Net Earnings
|
| | | $ | — | | |
Denominator: Weighted Average Redeemable Class A Ordinary Shares
|
| | | | | | |
Redeemable Class A Ordinary Shares, Basic and Diluted
|
| | | | 34,500,000 | | |
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares
|
| | | $ | 0.00 | | |
Non-Redeemable Class B Ordinary Shares | | | | | | | |
Numerator: Net Loss minus Redeemable Net Earnings
|
| | | | | | |
Net Loss
|
| | | $ | (1,767,451)) | | |
Non-Redeemable Net Loss
|
| | | $ | — | | |
Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares
|
| | | | | | |
Non-Redeemable Class B Ordinary Shares, Basic and Diluted
|
| | | | 7,758,028 | | |
Loss/Basic and Diluted Non-Redeemable Class B Ordinary Shares
|
| | | $ | (0.23) | | |
| | |
Fair Value Measurements at December 31, 2020 Using:
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrant liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 28,462,500 | | | | | $ | 28,462,500 | | |
Private Placement Warrant Liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 14,685,000 | | | | | $ | 14,685,000 | | |
| | |
As of
December 7, 2020 (Initial Measurement) |
| |
As of
December 31, 2020 |
| ||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Stock price
|
| | | $ | 10.00 | | | | | $ | 10.00 | | |
Term (years)
|
| | | | 5.0 | | | | | | 5.0 | | |
Volatility
|
| | | | 82.8% | | | | | | 82.9% | | |
Risk free interest rate
|
| | | | 0.46% | | | | | | 0.42% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
Public and private warrant price
|
| | | $ | 3.30 | | | | | $ | 3.30 | | |
| | |
Warrant liabilities
|
| |||
Fair value at December 7, 2020
|
| | | $ | 43,147,500 | | |
Change in fair value
|
| | | | — | | |
Fair value at December 31, 2020
|
| | | $ | 43,147,500 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(in thousands, except share and per share data)
|
| |||||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 15,517 | | | | | $ | 9,815 | | |
Accounts receivable, net
|
| | | | 1,232 | | | | | | 1,974 | | |
Inventories
|
| | | | 7,309 | | | | | | 4,566 | | |
Contract assets
|
| | | | 3,033 | | | | | | 540 | | |
Prepaid expenses and other current assets
|
| | | | 807 | | | | | | 1,884 | | |
Total current assets
|
| | | | 27,898 | | | | | | 18,779 | | |
Property and equipment, net
|
| | | | 1,006 | | | | | | 1,456 | | |
Equipment on lease, net
|
| | | | 2,855 | | | | | | — | | |
Other assets
|
| | | | 932 | | | | | | 1,398 | | |
Total assets
|
| | | $ | 32,691 | | | | | $ | 21,633 | | |
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Deficit
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,226 | | | | | $ | 1,716 | | |
Accrued expenses and other current liabilities
|
| | | | 2,512 | | | | | | 3,318 | | |
Debt – current portion
|
| | | | 3,687 | | | | | | 145 | | |
Contract liabilities
|
| | | | 4,702 | | | | | | 7,091 | | |
Total current liabilities
|
| | | | 12,127 | | | | | | 12,270 | | |
Long-term debt – less current portion
|
| | | | 4,316 | | | | | | 5,983 | | |
Convertible notes payable
|
| | | | — | | | | | | 1,500 | | |
Other noncurrent liabilities
|
| | | | 365 | | | | | | 845 | | |
Total liabilities
|
| | | $ | 16,808 | | | | | $ | 20,598 | | |
Commitments and contingencies (Note 16) | | | | | | | | | | | | | |
Redeemable convertible preferred stock, $0.00001 par value,
125,419,265 and 28,141,258 shares authorized as of December 31, 2020 and 2019, respectively; 117,734,383 and 27,967,896 shares issued and outstanding as of December 31, 2020 and 2019, respectively; liquidation preference of $133,762 and $114,042 as of December 31, 2020 and 2019, respectively |
| | | | 123,704 | | | | | | 101,858 | | |
Stockholders’ deficit: | | | | | | | | | | | | | |
Common stock, $0.00001 par value, 216,000,000 and 60,000,000 shares authorized as of December 31, 2020 and 2019, respectively, 19,637,872 and 18,064,695 shares issued and outstanding as of December 31, 2020 and 2019, respectively
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 14,954 | | | | | | 13,196 | | |
Accumulated deficit
|
| | | | (122,776) | | | | | | (114,020) | | |
Total stockholders’ deficit
|
| | | | (107,821) | | | | | | (100,823) | | |
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit
|
| | | $ | 32,691 | | | | | $ | 21,633 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(in thousands, except share and per share data)
|
| |||||||||
Revenue
|
| | | $ | 18,975 | | | | | $ | 15,223 | | |
Cost of revenue
|
| | | | 12,608 | | | | | | 10,393 | | |
Gross profit
|
| | | | 6,367 | | | | | | 4,830 | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 14,188 | | | | | | 14,593 | | |
Selling and marketing
|
| | | | 7,004 | | | | | | 8,600 | | |
General and administrative
|
| | | | 6,382 | | | | | | 6,929 | | |
Total operating expenses
|
| | | | 27,574 | | | | | | 30,122 | | |
Loss from operations
|
| | | | (21,207) | | | | | | (25,292) | | |
Other income (expense), net | | | | | | | | | | | | | |
Interest expense
|
| | | | (639) | | | | | | (605) | | |
Other income, net
|
| | | | 39 | | | | | | 219 | | |
Loss before provision for income taxes
|
| | | | (21,807) | | | | | | (25,678) | | |
Provision for income taxes
|
| | | | — | | | | | | — | | |
Net loss and comprehensive loss
|
| | | $ | (21,807) | | | | | $ | (25,678) | | |
Extinguishment of redeemable convertible preferred stock
|
| | | | 13,051 | | | | | | — | | |
Net loss attributable to common stockholders
|
| | | $ | (8,756) | | | | | $ | (25,678) | | |
Net loss per share attributable to common stockholders, basic and diluted
|
| | | $ | (0.46) | | | | | $ | (1.64) | | |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
|
| | | | 19,232,455 | | | | | | 15,629,519 | | |
(in thousands, except share data)
|
| |
Redeemable Preferred
Convertible Stock |
| |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Stockholders’
Deficit |
| |||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||
Balance as of December 31, 2018
|
| | | | 25,602,868 | | | | | $ | 91,826 | | | | | | 7,792,649 | | | | | $ | 1 | | | | | $ | 3,585 | | | | | $ | (88,342) | | | | | $ | (84,756) | | |
Issuance of Series C redeemable
convertible preferred stock and common stock, net of issuance costs |
| | | | 3,258,288 | | | | | | 11,035 | | | | | | 9,227,960 | | | | | | — | | | | | | 6,809 | | | | | | — | | | | | | 6,809 | | |
Conversion of Series A
redeemable convertible preferred stock into common stock |
| | | | (893,260) | | | | | | (1,003) | | | | | | 893,260 | | | | | | — | | | | | | 1,003 | | | | | | — | | | | | | 1,003 | | |
Issuance of common stock upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | 150,826 | | | | | | — | | | | | | 159 | | | | | | — | | | | | | 159 | | |
Issuance of Series C redeemable
convertible preferred stock warrants |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 168 | | | | | | — | | | | | | 168 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,472 | | | | | | — | | | | | | 1,472 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,678) | | | | | | (25,678) | | |
Balance as of December 31, 2019
|
| | | | 27,967,896 | | | | | $ | 101,858 | | | | | | 18,064,695 | | | | | $ | 1 | | | | | $ | 13,196 | | | | | $ | (114,020) | | | | | $ | (100,823) | | |
Issuance of Series D redeemable
convertible preferred stock, net of issuance costs |
| | | | 75,660,962 | | | | | | 28,153 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exchange of convertible notes and accrued interest for Series D redeemable convertible preferred stock
|
| | | | 18,561,773 | | | | | | 6,967 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Extinguishment of redeemable convertible preferred stock
|
| | | | (4,456,248) | | | | | | (13,274) | | | | | | 1,485,413 | | | | | | — | | | | | | 223 | | | | | | 13,051 | | | | | | 13,274 | | |
Issuance of common stock upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | 87,764 | | | | | | — | | | | | | 53 | | | | | | — | | | | | | 53 | | |
Issuance of common stock warrants in connection with the issuance of Series D redeemable convertible preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27 | | | | | | — | | | | | | 27 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,455 | | | | | | — | | | | | | 1,455 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,807) | | | | | | (21,807) | | |
Balance as of December 31, 2020
|
| | | | 117,734,383 | | | | | $ | 123,704 | | | | | | 19,637,872 | | | | | $ | 1 | | | | | $ | 14,954 | | | | | $ | (122,776) | | | | | $ | (107,821) | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| | | | | | | |||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (21,807) | | | | | $ | (25,678) | | |
Adjustments to reconcile net loss to net cash used in operating activities | | | | | | | | | | | | | |
Depreciation
|
| | | | 1,240 | | | | | | 1,138 | | |
Stock-based compensation
|
| | | | 1,455 | | | | | | 1,472 | | |
Changes in assets and liabilities | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 742 | | | | | | (1,359) | | |
Inventories
|
| | | | (2,743) | | | | | | (954) | | |
Contract assets
|
| | | | (2,493) | | | | | | 160 | | |
Prepaid expenses and other current assets
|
| | | | 1,077 | | | | | | (348) | | |
Other assets
|
| | | | 466 | | | | | | (280) | | |
Accounts payable
|
| | | | (490) | | | | | | 757 | | |
Accrued expenses and other current liabilities
|
| | | | (1,024) | | | | | | 1,573 | | |
Contract liabilities
|
| | | | (2,389) | | | | | | 6,911 | | |
Other long-term liabilities
|
| | | | (480) | | | | | | 186 | | |
Net cash used in operating activities
|
| | | | (26,446) | | | | | | (16,422) | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of property and equipment
|
| | | | (401) | | | | | | (345) | | |
Production of equipment for lease to customers
|
| | | | (3,028) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (3,429) | | | | | | (345) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Proceeds from loan issuances
|
| | | | 2,324 | | | | | | — | | |
Repayment of loan
|
| | | | (420) | | | | | | (616) | | |
Proceeds from convertible notes issuance
|
| | | | 5,467 | | | | | | 1,500 | | |
Proceeds from issuance of Series C redeemable convertible preferred stock, net of
issuance costs |
| | | | — | | | | | | 17,844 | | |
Proceeds from issuance of Series D redeemable convertible preferred stock, net of
issuance costs |
| | | | 28,153 | | | | | | — | | |
Issuance of common stock upon exercise of stock options
|
| | | | 53 | | | | | | 159 | | |
Net cash provided by financing activities
|
| | | | 35,577 | | | | | | 18,887 | | |
Net change in cash and cash equivalents
|
| | | | 5,702 | | | | | | 2,120 | | |
Cash and cash equivalents at beginning of period
|
| | | | 9,815 | | | | | | 7,695 | | |
Cash and cash equivalents at end of period
|
| | | $ | 15,517 | | | | | $ | 9,815 | | |
Supplemental disclosure of cash flow information | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 461 | | | | | $ | 620 | | |
Cash paid for taxes
|
| | | $ | — | | | | | $ | — | | |
Supplemental disclosure of non-cash information | | | | | | | | | | | | | |
Issuance of common stock upon conversion of Series A redeemable convertible preferred stock
|
| | | $ | — | | | | | $ | 1,003 | | |
Issuance of common stock upon conversion of Series C redeemable convertible preferred stock
|
| | | $ | — | | | | | $ | 6,809 | | |
Extinguishment of redeemable convertible preferred stock
|
| | | $ | 13,274 | | | | | $ | — | | |
Conversion of convertible notes to Series D redeemable convertible preferred stock
|
| | | $ | 6,967 | | | | | $ | — | | |
Issuance of Series C redeemable convertible preferred stock warrants
|
| | | $ | — | | | | | $ | 168 | | |
Issuance of common stock warrants
|
| | | $ | 27 | | | | | $ | — | | |
Unpaid liabilities related to property and equipment
|
| | | $ | 216 | | | | | $ | — | | |
Transfer between inventories and property and equipment
|
| | | $ | — | | | | | $ | 781 | | |
| | |
Estimated Useful Life
|
|
Equipment on lease | | |
5 years
|
|
Computers and software | | |
3 years
|
|
R&D lab equipment | | |
5 years
|
|
Furniture and fixtures | | |
5 years
|
|
Leasehold improvements | | |
Shorter of the remaining lease term or useful life of 5 years
|
|
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
United States
|
| | | $ | 13,046 | | | | | $ | 15,223 | | |
East Asia/Oceania
|
| | | | 5,929 | | | | | | — | | |
Total
|
| | | $ | 18,975 | | | | | $ | 15,223 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
3D Printers
|
| | | $ | 16,965 | | | | | $ | 14,589 | | |
Recurring Payment (defined below)
|
| | | | 350 | | | | | | — | | |
Support Services
|
| | | | 1,660 | | | | | | 634 | | |
Total
|
| | | $ | 18,975 | | | | | $ | 15,223 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands, except share and per share data)
|
| |||||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (21,807) | | | | | $ | (25,678) | | |
Extinguishment of redeemable convertible preferred stock(1)
|
| | | | 13,051 | | | | | | — | | |
Net loss attributable to common stockholders
|
| | | $ | (8,756) | | | | | $ | (25,678) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average shares used in computing net loss per
share attributable to common stockholders, basic and diluted |
| | | | 19,232,455 | | | | | | 15,629,519 | | |
Net loss per share attributable to common stockholders, basic and diluted.
|
| | | $ | (0.46) | | | | | $ | (1.64) | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Redeemable convertible preferred stock
|
| | | | 147,876,672 | | | | | | 27,967,896 | | |
Convertible notes
|
| | | | — | | | | | | 4,006,668 | | |
Redeemable convertible preferred stock warrants
|
| | | | 408,729 | | | | | | 173,362 | | |
Common stock warrants
|
| | | | 262,638 | | | | | | 63,621 | | |
Common stock options issued and outstanding
|
| | | | 26,347,331 | | | | | | 5,946,782 | | |
Total potentially dilutive common stock equivalents
|
| | | | 174,895,370 | | | | | | 38,158,329 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Trade receivables
|
| | | $ | 1,299 | | | | | $ | 2,041 | | |
Less: allowances for doubtful accounts
|
| | | | (67) | | | | | | (67) | | |
Total
|
| | | $ | 1,232 | | | | | $ | 1,974 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Raw materials
|
| | | $ | 1,948 | | | | | $ | 1,831 | | |
Work-in-progress
|
| | | | 5,361 | | | | | | 2,735 | | |
Total
|
| | | $ | 7,309 | | | | | $ | 4,566 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Prepaid insurance and other
|
| | | $ | 525 | | | | | $ | 548 | | |
Vendor prepayments
|
| | | | 282 | | | | | | 1,336 | | |
Total
|
| | | $ | 807 | | | | | $ | 1,884 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Computers and software
|
| | | $ | 510 | | | | | $ | 883 | | |
R&D lab equipment
|
| | | | 469 | | | | | | 914 | | |
Furniture and fixtures
|
| | | | 40 | | | | | | 101 | | |
Leasehold improvements
|
| | | | 1,828 | | | | | | 1,387 | | |
Total property and equipment
|
| | | | 2,847 | | | | | | 3,285 | | |
Less accumulated depreciation
|
| | | | (1,841) | | | | | | (1,829) | | |
Property and equipment, net
|
| | | $ | 1,006 | | | | | $ | 1,456 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Accrued expenses
|
| | | $ | 787 | | | | | $ | 558 | | |
Accrued salaries and benefits
|
| | | | 1,231 | | | | | | 2,232 | | |
Lease liability — current portion
|
| | | | 494 | | | | | | 528 | | |
Total
|
| | | $ | 2,512 | | | | | $ | 3,318 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Right-of-use assets: | | | | | | | | | | | | | |
Net book value (Other assets)
|
| | | $ | 633 | | | | | $ | 1,175 | | |
Operating lease liabilities: | | | | | | | | | | | | | |
Current (Accrued expense and other current liabilities)
|
| | | $ | 494 | | | | | $ | 528 | | |
Noncurrent (Other noncurrent liabilities)
|
| | | | 73 | | | | | | 660 | | |
Total lease liabilities
|
| | | $ | 567 | | | | | $ | 1,188 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Operating lease expense
|
| | | $ | 571 | | | | | $ | 397 | | |
Short-term lease expense
|
| | | $ | 27 | | | | | $ | 1 | | |
Total lease expense
|
| | | $ | 598 | | | | | $ | 398 | | |
Cash paid for leases
|
| | | $ | 557 | | | | | $ | 399 | | |
Weighted-average remaining lease term – operating leases (years)
|
| | | | 1.58 | | | | | | 2.42 | | |
Weighted-average discount rate – operating leases
|
| | | | 4.47% | | | | | | 4.45% | | |
| | |
(In thousands)
|
| |||
Year ended December 31, | | | | | | | |
2021
|
| | | $ | 540 | | |
2022
|
| | | | 241 | | |
2023
|
| | | | 20 | | |
Total operating lease payments
|
| | | | 801 | | |
Less portion representing imputed interest
|
| | | | (75) | | |
Total operating lease liabilities
|
| | | | 726 | | |
Less current portion
|
| | | | 494 | | |
Long-term portion
|
| | | $ | 232 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Term loan
|
| | | $ | 5,150 | | | | | $ | 5,150 | | |
Property and equipment loan
|
| | | | 833 | | | | | | 1,167 | | |
Equipment loan
|
| | | | 2,081 | | | | | | — | | |
Deferred financing costs
|
| | | | (61) | | | | | | (189) | | |
Total
|
| | | $ | 8,003 | | | | | $ | 6,128 | | |
Debt – current portion
|
| | | | 3,687 | | | | | | 145 | | |
Long-term debt – less current portion
|
| | | $ | 4,316 | | | | | $ | 5,983 | | |
| | |
(In thousands)
|
| |||
Year ended December 31, | | | | | | | |
2021
|
| | | $ | 3,687 | | |
2022
|
| | | | 3,541 | | |
2023
|
| | | | 775 | | |
| | | | $ | 8,003 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Convertible notes into redeemable convertible preferred stock
|
| | | $ | — | | | | | $ | 1,500 | | |
Convertible notes payable
|
| | | $ | — | | | | | $ | 1,500 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
(In thousands, except share and per share data)
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| | | | | | | | | | | | | | | | | | | |||||||||
| | |
Authorized
|
| |
Issued and
Outstanding |
| |
Original issue
price per share |
| |
Liquidation
Preference |
| |
Carrying
value |
| |||||||||||||||
Series A
|
| | | | 8,906,694 | | | | | | 6,726,134 | | | | | $ | 2.928 | | | | | $ | 19,696 | | | | | $ | 17,030 | | |
Series B
|
| | | | 10,385,804 | | | | | | 8,386,456 | | | | | $ | 3.851 | | | | | | 32,300 | | | | | | 32,176 | | |
Series C
|
| | | | 8,848,760 | | | | | | 8,399,058 | | | | | $ | 5.524 | | | | | | 46,400 | | | | | | 39,378 | | |
Series D
|
| | | | 97,278,007 | | | | | | 94,222,735 | | | | | $ | 0.375 | | | | | | 35,366 | | | | | | 35,120 | | |
| | | | | 125,419,265 | | | | | | 117,734,383 | | | | | | | | | | | $ | 133,762 | | | | | $ | 123,704 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
(In thousands, except share and per share data)
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| | | | | | | | | | | | | | | | | | | |||||||||
| | |
Authorized
|
| |
Issued and
Outstanding |
| |
Original issue
price per share |
| |
Liquidation
Preference |
| |
Carrying
value |
| |||||||||||||||
Series A
|
| | | | 8,906,694 | | | | | | 8,893,332 | | | | | $ | 2.928 | | | | | $ | 26,042 | | | | | $ | 21,004 | | |
Series B
|
| | | | 10,385,804 | | | | | | 10,385,804 | | | | | $ | 3.851 | | | | | | 40,000 | | | | | | 39,876 | | |
Series C
|
| | | | 8,848,760 | | | | | | 8,688,760 | | | | | $ | 5.524 | | | | | | 48,000 | | | | | | 40,978 | | |
| | | | | 28,141,258 | | | | | | 27,967,896 | | | | | | | | | | | $ | 114,042 | | | | | $ | 101,858 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(share data)
|
| |||||||||
Redeemable convertible preferred stock
|
| | | | 147,876,672 | | | | | | 27,967,896 | | |
Convertible promissory note
|
| | | | — | | | | | | 4,006,668 | | |
Redeemable convertible preferred stock warrants
|
| | | | 408,729 | | | | | | 173,362 | | |
Common stock warrants
|
| | | | 262,638 | | | | | | 63,621 | | |
Common stock options issued and outstanding
|
| | | | 26,347,331 | | | | | | 5,946,782 | | |
Shares available for future grant under 2014 Stock Option Plan
|
| | | | 7,223,913 | | | | | | 3,093,095 | | |
Total shares of common stock reserved
|
| | | | 182,119,283 | | | | | | 41,251,424 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Issue Date
|
| |
Expiration
Date |
| |
Number of
Warrants |
| |
Exercise Price
per Warrant |
| |
Fair Value on
Issue Date per Warrant |
| |||||||||||||||
Common stock
|
| | | | 12/02/2015 | | | | | | 12/02/2025 | | | | | | 13,660 | | | | | $ | 0.71 | | | | | $ | 0.57 | | |
Common stock
|
| | | | 07/02/2018 | | | | | | 07/02/2028 | | | | | | 49,961 | | | | | $ | 2.01 | | | | | $ | 1.63 | | |
Common stock
|
| | | | 12/17/2020 | | | | | | 12/17/2030 | | | | | | 199,017 | | | | | $ | 0.15 | | | | | $ | 0.14 | | |
Total outstanding
|
| | | | | | | | | | | | | | | | 262,638 | | | | | | | | | | | | | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Issue Date
|
| |
Expiration
Date |
| |
Number of
Warrants |
| |
Exercise Price
per Warrant |
| |
Fair Value on
Issue Date per Warrant |
| |||||||||||||||
Common stock
|
| | | | 12/02/2015 | | | | | | 12/02/2025 | | | | | | 13,660 | | | | | $ | 0.71 | | | | | $ | 0.57 | | |
Common stock
|
| | | | 07/02/2018 | | | | | | 07/02/2028 | | | | | | 49,961 | | | | | $ | 2.01 | | | | | $ | 1.63 | | |
Total outstanding
|
| | | | | | | | | | | | | | | | 63,621 | | | | | | | | | | | | | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||
| | |
Issue Date
|
| |
Expiration
Date |
| |
Number of
Warrants |
| |
Exercise Price
per Warrant |
| |
Fair Value on
Issue Date per Warrant |
| |||||||||||||||
Series A redeemable convertible preferred
stock |
| | | | 11/14/2014 | | | | | | 11/13/2024 | | | | | | 13,362 | | | | | $ | 1.12 | | | | | $ | 1.25 | | |
Series C redeemable convertible preferred
stock |
| | | | 04/18/2019 | | | | | | 04/18/2029 | | | | | | 160,000 | | | | | $ | 5.52 | | | | | $ | 1.05 | | |
Total outstanding
|
| | | | | | | | | | | | | | | | 173,362 | | | | | | | | | | | | | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Issue Date
|
| |
Expiration
Date |
| |
Number of
Warrants |
| |
Exercise Price
per Warrant |
| |
Fair Value on
Issue Date per Warrant |
| |||||||||||||||
Series A redeemable convertible preferred
stock |
| | | | 11/14/2014 | | | | | | 11/13/2024 | | | | | | 13,362 | | | | | $ | 1.12 | | | | | $ | 1.25 | | |
Series C redeemable convertible preferred
stock |
| | | | 04/18/2019 | | | | | | 04/18/2029 | | | | | | 160,000 | | | | | $ | 5.52 | | | | | $ | 1.05 | | |
Total outstanding
|
| | | | | | | | | | | | | | | | 173,362 | | | | | | | | | | | | | | |
| | |
(in thousands)
|
| |||
Balance as of January 1, 2019
|
| | | $ | 17 | | |
Issuance of new warrant
|
| | | | 168 | | |
Change in fair value
|
| | | | (5) | | |
Balance as of December 31, 2019
|
| | | | 180 | | |
Change in fair value
|
| | | | (3) | | |
Balance as of December 31, 2020
|
| | | $ | 177 | | |
| | |
Year ended December 31,
|
| |||
| | |
2020
|
| |
2019
|
|
Expected volatility
|
| |
35% – 45%
|
| |
41% – 54%
|
|
Risk-free interest rate
|
| |
0.1% – 0.8%
|
| |
1.6% – 1.9%
|
|
Dividend yield
|
| |
—
|
| |
—
|
|
| | |
Options
|
| |
Weighted-Average
Exercise Price |
| |
Weighted-Average
Remaining Contractual Term in years |
| |||||||||
| | |
(In thousands)
|
| |
(Per Share Data)
|
| |
(Years)
|
| |||||||||
Outstanding as of January 1, 2019
|
| | | | 6,389 | | | | | $ | 1.50 | | | | | | | | |
Granted
|
| | | | 5,882 | | | | | $ | 0.80 | | | | | | | | |
Exercised
|
| | | | (151) | | | | | $ | 1.05 | | | | | | | | |
Forfeited or expired
|
| | | | (6,173) | | | | | $ | 1.39 | | | | | | | | |
Outstanding as of December 31, 2019
|
| | | | 5,947 | | | | | $ | 1.23 | | | | | | 8.1 | | |
Granted
|
| | | | 25,675 | | | | | $ | 0.20 | | | | | | | | |
Exercised
|
| | | | (67) | | | | | $ | 0.80 | | | | | | | | |
Forfeited or expired
|
| | | | (5,208) | | | | | $ | 0.55 | | | | | | | | |
Outstanding as of December 31, 2020
|
| | | | 26,347 | | | | | $ | 0.27 | | | | | | 9.3 | | |
Options vested and expected to vest as of December 31, 2020
|
| | | | 26,347 | | | | | $ | 0.27 | | | | | | | | |
Vested and exercisable as of December 31, 2020
|
| | | | 3,309 | | | | | $ | 0.77 | | | | | | | | |
| | |
Year ended December 31,
|
| |||
| | |
2020
|
| |
2019
|
|
Expected volatility
|
| |
60%
|
| |
60%
|
|
Risk-free interest rate
|
| |
0.4% – 0.5%
|
| |
2.0% – 3.0%
|
|
Dividend yield
|
| |
— %
|
| |
— %
|
|
Expected term (in years)
|
| |
6.04
|
| |
5.28
|
|
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Research and development
|
| | | $ | 728 | | | | | $ | 769 | | |
Selling and marketing
|
| | | | 373 | | | | | | 304 | | |
General and administrative
|
| | | | 354 | | | | | | 399 | | |
| | | | $ | 1,455 | | | | | $ | 1,472 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
(In thousands, except percentages)
|
| |||||||||||||||||||||
Tax at federal statutory rate
|
| | | $ | (4,579) | | | | | | (21.0)% | | | | | $ | (5,392) | | | | | | (21.0)% | | |
State, net of federal benefit
|
| | | | (922) | | | | | | (4.2)% | | | | | | (2,119) | | | | | | (8.3% | | |
Stock-based compensation
|
| | | | 234 | | | | | | 1.1% | | | | | | 226 | | | | | | 0.9)% | | |
Other
|
| | | | (527) | | | | | | (2.5)% | | | | | | (569) | | | | | | (2.2)% | | |
Change in valuation allowance
|
| | | | 5,794 | | | | | | 26.6% | | | | | | 7,854 | | | | | | 30.6% | | |
Total provision for income taxes
|
| | | $ | — | | | | | | — % | | | | | $ | — | | | | | | — % | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(in thousands)
|
| |||||||||
Deferred tax assets
|
| | | | | | | | | | | | |
Net operating loss carryforwards
|
| | | $ | 35,818 | | | | | $ | 30,696 | | |
Research and development tax credits
|
| | | | 5,286 | | | | | | 4,382 | | |
Stock-based compensation
|
| | | | 594 | | | | | | 574 | | |
Other timing differences
|
| | | | 644 | | | | | | 897 | | |
Total deferred tax assets
|
| | | $ | 42,342 | | | | | $ | 36,549 | | |
Valuation allowance
|
| | | | (42,342) | | | | | | (36,549) | | |
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(in thousands)
|
| |||||||||
Balance at beginning of year
|
| | | $ | 2,429 | | | | | $ | 1,928 | | |
Additions based on tax positions related to the current year
|
| | | | 431 | | | | | | 501 | | |
Balance at end of year
|
| | | $ | 2,860 | | | | | $ | 2,429 | | |
| | |
PAGE
|
| |||
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-19 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
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| | | | A-22 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-29 | | | |
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-34 | | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-39 | | |
| | |
PAGE
|
| |||
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-49 | | | |
| | | | A-51 | | | |
| | | | A-52 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-55 | | | |
| | | | A-55 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-57 | | | |
| | | | A-58 | | | |
| | | | A-59 | | | |
| | | | A-60 | | | |
| | | | A-60 | | | |
| | | | A-61 | | | |
| | | | A-61 | | | |
| | | | A-61 | | | |
| | | | A-61 | | | |
| | | | A-62 | | | |
| | | | A-62 | | |
| | |
PAGE
|
| |||
| | | | A-63 | | | |
| | | | A-64 | | | |
| | | | A-64 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-67 | | | |
| | | | A-67 | | | |
| | | | A-67 | | | |
| | | | A-68 | | | |
| | | | A-68 | | | |
| | | | A-68 | | | |
| | | | A-68 | | | |
| | | | A-69 | | | |
| | | | A-69 | | | |
| | | | A-69 | | | |
| | | | A-69 | | | |
| | | | A-70 | | | |
| | | | A-70 | | | |
| | | | A-70 | | | |
| | | | A-71 | | |
| Annex A | | | PIPE Investors | |
| Annex B | | | Supporting Company Shareholders | |
| Annex C | | | Other RRA Parties | |
| Exhibit A | | | Form of Subscription Agreement | |
| Exhibit B | | | Form of A&R Registration Rights Agreement | |
| Exhibit C | | | Form of Transaction Support Agreement | |
| Exhibit D | | | Form of New JAWS Certificate of Incorporation | |
| Exhibit E | | | Form of New JAWS Bylaws | |
| Exhibit F | | | Form of New JAWS Equity Incentive Plan | |
| Exhibit G | | | Form of New JAWS ESPP | |
|
Class/Series Securities
|
| |
Number of Shares
|
|
|
Company Series A Preferred Stock
|
| |
[•]
|
|
|
Company Series B Preferred Stock
|
| |
[•]
|
|
|
Company Series C Preferred Stock
|
| |
[•]
|
|
|
Company Series D Preferred Stock
|
| |
[•]
|
|
|
Company Common Stock
|
| |
[•]
|
|
|
Company Options
|
| |
[•]
|
|
|
Company Warrants
|
| |
[•]
|
|
|
Convertible Note
|
| |
[•]
|
|
| Dated: [•], 2021 | | |
JAWS SPITFIRE ACQUISITION
CORPORATION |
|
| | | | | 152 | | | |
| | | | | 152 | | | |
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| | | | | 170 | | | |
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| | | | | 170 | | |
|
“Affiliate”
|
| | in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (a) in the case of a natural person, shall include, without limitation, such person’s spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, whether by blood, marriage or adoption or anyone residing in such person’s home, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing and (b) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. | |
|
“Applicable Law”
|
| | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. | |
|
“Articles”
|
| | means these amended and restated articles of association of the Company. | |
|
“Audit Committee”
|
| | means the audit committee of the board of directors of the Company established pursuant to the Articles, or any successor committee. | |
|
“Auditor”
|
| | means the person for the time being performing the duties of auditor of the Company (if any). | |
|
“Business Combination”
|
| | means a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination involving the Company, with one or more businesses or entities (the “target business”), which Business Combination: (a) as long as the securities of the Company are listed on the New York Stock Exchange, must occur with one or more target businesses that together have an aggregate fair market value of at least 80 per cent of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the signing | |
| | | | of the definitive agreement to enter into such Business Combination; and (b) must not be solely effectuated with another blank cheque company or a similar company with nominal operations. | |
|
“business day”
|
| |
means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City.
|
|
|
“Clearing House”
|
| |
means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction.
|
|
|
“Class A Share”
|
| |
means a Class A ordinary share of a par value of US$0.0001 in the share capital of the Company.
|
|
|
“Class B Share”
|
| |
means a Class B ordinary share of a par value of US$0.0001 in the share capital of the Company.
|
|
|
“Company”
|
| |
means the above named company.
|
|
|
“Company’s Website”
|
| |
means the website of the Company and/or its web-address or domain name (if any).
|
|
|
“Compensation Committee”
|
| |
means the compensation committee of the board of directors of the Company established pursuant to the Articles, or any successor committee.
|
|
|
“Designated Stock Exchange”
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means any United States national securities exchange on which the securities of the Company are listed for trading, including the New York Stock Exchange.
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“Directors”
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means the directors for the time being of the Company.
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“Dividend”
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means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles.
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“Electronic Communication”
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means a communication sent by electronic means, including electronic posting to the Company’s Website, transmission to any number, address or Internet website (including the website of the Securities and Exchange Commission) or other electronic delivery methods as otherwise decided and approved by the Directors.
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“Electronic Record”
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has the same meaning as in the Electronic Transactions Law.
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“Electronic Transactions Law”
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means the Electronic Transactions Law (2003 Revision) of the Cayman Islands.
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“Equity-linked Securities”
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means any debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction in connection with a Business Combination, including but not limited to a private placement of equity or debt.
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“Exchange Act”
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means the United States Securities Exchange Act of 1934, as amended, or any similar U.S. federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time.
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“Founders”
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means all Members immediately prior to the consummation of the IPO.
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“Independent Director”
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has the same meaning as in the rules and regulations of the Designated Stock Exchange or in Rule 10A-3 under the Exchange Act, as the case may be.
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“IPO”
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means the Company’s initial public offering of securities.
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“Member”
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has the same meaning as in the Statute.
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“Memorandum”
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means the amended and restated memorandum of association of the Company.
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“Nominating Committee”
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means the nominating committee of the board of directors of the Company established pursuant to the Articles, or any successor committee.
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“Officer”
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means a person appointed to hold an office in the Company.
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“Ordinary Resolution”
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means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles.
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“Over-Allotment Option”
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means the option of the Underwriters to purchase up to an additional 15 per cent of the firm units (as described in the Articles) issued in the IPO at a price equal to US$10 per unit, less underwriting discounts and commissions.
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“Preference Share”
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means a preference share of a par value of US$0.0001 in the share capital of the Company.
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“Public Share”
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means a Class A Share issued as part of the units (as described in the Articles) issued in the IPO.
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“Redemption Notice”
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means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein.
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“Register of Members”
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means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members.
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“Registered Office”
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means the registered office for the time being of the Company.
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“Representative”
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means a representative of the Underwriters.
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“Seal”
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means the common seal of the Company and includes every duplicate seal.
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“Securities and Exchange Commission”
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means the United States Securities and Exchange Commission.
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“Share”
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| |
means a Class A Share, a Class B Share or a Preference Share and includes a fraction of a share in the Company.
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“Special Resolution”
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subject to Article 29.4, has the same meaning as in the Statute, and includes a unanimous written resolution.
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“Sponsor”
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means Spitfire Sponsor, LLC, a Delaware limited liability company, and its successors or assigns.
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“Statute”
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means the Companies Law (2020 Revision) of the Cayman Islands.
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“Treasury Share”
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means a Share held in the name of the Company as a treasury share in accordance with the Statute.
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“Trust Account”
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means the trust account established by the Company upon the consummation of its IPO and into which a certain amount of the net proceeds of the IPO, together with a certain amount of the proceeds of a private placement of warrants simultaneously with the closing date of the IPO, will be deposited.
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“Underwriter”
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means an underwriter of the IPO from time to time and any successor underwriter.
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| | | | | D-11 | | | |
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| | | | | D-13 | | | |
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| | | | | D-13 | | | |
| | | | | D-13 | | | |
| | | | | D-14 | | | |
| | | | | D-14 | | | |
| | | | | D-14 | | | |
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| | | | | D-14 | | | |
| | | | | D-14 | | | |
| | | | | D-14 | | | |
| | | | | D-14 | | | |
| | | | | D-15 | | | |
| | | | | D-15 | | | |
| | | | | D-15 | | | |
| | | | | D-16 | | | |
| | | | | D-16 | | | |
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| | | | | D-18 | | | |
| | | | | D-18 | | | |
| | | | | D-18 | | | |
| | | | | D-18 | | | |
| | | | | D-19 | | | |
| | | | | D-19 | | | |
| | | | | D-19 | | | |
| | | | | D-19 | | | |
| | | | | D-19 | | | |
| | | | | D-19 | | | |
| | | | | D-19 | | | |
| | | | | D-19 | | | |
| | | | | D-19 | | | |
| | | | | D-19 | | | |
| | | | | D-20 | | | |
| | | | | D-20 | | | |
| | | | | D-20 | | |
| | | |
By:
|
| |
![]()
|
|
| | | | Name: | | | Barry S. Sternlicht | |
| | | | Title: | | | Chief Executive Officer | |
| | | |
By:
|
| |
![]()
|
|
| | | | Name: | | | Matthew Walters | |
| | | | Title: | | | Chief Executive Officer | |
| | | | By: | | |
|
|
| | | | Name: | | | Barry S. Sternlicht | |
| | | | Title: | | | Chief Executive Officer | |
| | | | By: | | |
|
|
| | | | Name: | | | Matthew Walters | |
| | | | Title: | | | Chief Executive Officer | |
| Name of Investor: | | | State/Country of Formation or Domicile: | |
|
|
| | | |
|
Name in which Shares are to be registered (if different):
|
| | Date: March 22, 2021 | |
| Investor’s EIN: | | | | |
| Business Address-Street: | | | Mailing Address-Street (if different): | |
| City, State, Zip: | | | City, State, Zip: | |
|
|
| |
|
|
|
Telephone No.:
Facsimile No.:
|
| |
Telephone No.:
Facsimile No.:
|
|
| Number of Shares subscribed for: | | | | |
| Aggregate Subscription Amount: $ | | | Price Per Share: $10.00 | |
By: |
|
| |
Class/Series Securities
|
| | |
Number of Shares
|
| |
| |
Company Series A Preferred Stock
|
| | |
[•]
|
| |
| |
Company Series B Preferred Stock
|
| | |
[•]
|
| |
| |
Company Series C Preferred Stock
|
| | |
[•]
|
| |
| |
Company Series D Preferred Stock
|
| | |
[•]
|
| |
| |
Company Common Stock
|
| | |
[•]
|
| |
| |
Company Options
|
| | |
[•]
|
| |
| |
Company Warrants
|
| | |
[•]
|
| |
| |
Convertible Note
|
| | |
[•]
|
| |
|
Exhibit
Number |
| |
Description
|
|
| 2.1† | | | | |
| 3.1 | | | | |
| 3.2 | | | Form of Certificate of Incorporation of New Velo3D, to become effective upon Domestication (included as Annex C to the proxy statement/prospectus). | |
| 3.3 | | | Form of Bylaws of New Velo3D, to become effective upon Domestication (included as Annex D to the proxy statement/prospectus). | |
| 4.1* | | | | |
| 4.2* | | | | |
| 4.3* | | | | |
| 4.4** | | | Form of Certificate of Corporate Domestication of JAWS Spitfire Acquisition Corporation, to be filed with the Secretary of the State of Delaware. | |
| 4.5* | | | Warrant Agreement between Continental Stock Transfer & Trust Company and JAWS Spitfire Acquisition Corporation, dated December 7, 2020 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the Registrant on December 8, 2020). | |
| 5.1** | | | Opinion of Kirkland & Ellis LLP. | |
| 8.1** | | | Tax Opinion of Kirkland & Ellis LLP. | |
| 10.1 | | | |
|
Exhibit
Number |
| |
Description
|
|
| | | | certain other holders set forth on Schedule I thereto, JAWS Spitfire Acquisition Corporation and Velo3D, Inc. (included as Annex E to the proxy statement/prospectus). | |
| 10.2 | | | | |
| 10.3 | | | | |
| 10.4 | | | | |
| 10.6 | | | | |
| 10.7 | | | | |
| 10.8* | | | | |
| 10.9 | | | | |
| 23.1 | | | Consent of WithumSmith+Brown, PC, independent registered accounting firm for JAWS Spitfire Acquisition Corporation. | |
| 23.2 | | | Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm for Velo3D. | |
| 23.3** | | | Consent of Kirkland & Ellis LLP (included as part of Exhibit 5.1). | |
| 23.4** | | | Consent of Kirkland & Ellis LLP (included as part of Exhibit 8.1). | |
| 24.1 | | | | |
| 99.9** | | |
Form of Proxy for Extraordinary General Meeting.
|
|
| 101.INS | | | XBRL Instance Document | |
| 101.SCH | | | XBRL Taxonomy Extension Schema Document | |
| 101.CAL | | | XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.DEF | | | XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB | | | XBRL Taxonomy Extension Label Linkbase Document | |
| 101.PRE | | | XBRL Taxonomy Extension Presentation Linkbase Document | |
|
NAME
|
| |
POSITION
|
| |
DATE
|
|
|
/s/ Barry S. Sternlicht
Barry S. Sternlicht
|
| | Chairman of the Board of Directors | | |
May 13, 2021
|
|
|
/s/ Matthew Walters
Matthew Walters
|
| |
Chief Executive Officer and Director
(Principal Executive Officer) |
| |
May 13, 2021
|
|
|
/s/ Michael Racich
Michael Racich
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
May 13, 2021
|
|
|
/s/ Andy Appelbaum
Andy Appelbaum
|
| | Director | | |
May 13, 2021
|
|
|
/s/ Mark Vallely
Mark Vallely
|
| | Director | | |
May 13, 2021
|
|
|
/s/ Serena Williams
Serena Williams
|
| | Director | | |
May 13, 2021
|
|
Exhibit 10.9
This LOCK-UP LETTER AGREEMENT (this “Lock-Up Agreement”), dated as of May 10, 2021, is made by and between Benyamin Buller (the “Holder”) and JAWS Spitfire Acquisition Corporation, a Cayman Islands exempted company (“JAWS”). The Holder and JAWS shall be referred to herein from time to time collectively as the “Parties”. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Business Combination Agreement (as defined below).
WHEREAS, JAWS, Spitfire Merger Sub, Inc. and Velo3D, Inc. have entered into that certain Business Combination Agreement, dated as of March 22, 2021 (as amended, restated or otherwise modified from time to time in accordance with its terms, the “Business Combination Agreement”); and
WHEREAS, in furtherance of the transactions contemplated by the Business Combination Agreement, the Parties have agreed to enter into this Lock-Up Agreement.
NOW, THEREFORE, in consideration of the premises and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:
1. | Lock Up. |
The Holder hereby agrees that, during the Lock-Up Period, the Holder will not, without the prior written consent of the board of directors of New JAWS:
(a) | lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Lock-Up Securities; or |
(b) | enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Lock-Up Securities, |
whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise.
In order to enforce the foregoing restrictions, New JAWS shall be entitled to place restrictive legends (“Legends”) on the certificates or book-entry positions representing the New JAWS Shares subject to this Lock-Up Agreement, and shall be entitled to impose stop transfer instructions with respect to such shares until the end of the Lock-Up Period.
If any transfer or other disposition is made or attempted contrary to the provisions of this Lock-Up Agreement, such purported transfer or other disposition shall be null and void ab initio, and New JAWS shall refuse to recognize any such purported transferee of the Lock-Up Securities as one of its equity holders for any purpose. The Holder further agrees to execute such agreements as may be reasonably requested by New JAWS that are consistent with this Lock-Up Agreement or that are necessary to give further effect thereto.
New JAWS agrees to (i) instruct its transfer agent to remove any Legends upon the expiration of the Lock-Up Period and (ii) if requested by the transfer agent, cause its legal counsel to deliver the necessary legal opinions, if any, to the transfer agent in connection with the instruction under subclause (i).
Notwithstanding the foregoing, the Holder may transfer the Lock-Up Securities (i) as a bona fide gift or gifts, (ii) to an immediate family member or any trust for the direct or indirect benefit of the Holder or one or more members of the immediate family of the Holder, (iii) to any corporation, partnership or limited liability company, all of the shareholders, partners or members of which consist of the Holder and/or one or more members of Holder’s immediate family, or (iv) by testate succession or intestate succession; provided, the exceptions provided in clauses (i) through (iv) shall apply only if the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement that are applicable to the Holder, to the extent and for the duration that such terms remain in effect at the time of the transfer. For purposes of this Lock-Up Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.
In addition, the foregoing restrictions shall not apply to (i) the establishment of any contract, instruction or plan (a “Plan”) that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act; provided that no sales of the Lock-Up Securities shall be made pursuant to such a Plan prior to the expiration of the Lock-Up Period; (ii) the “net” or cashless exercise of Options, provided that they shall apply to any of the Lock-Up Securities issued upon such exercise; or (iii) the transfer of Lock-Up Securities to New JAWS for the surrender or forfeiture of New JAWS Shares to satisfy tax withholding obligations upon exercise or vesting of Equity Awards.
2. | Certain Definitions. |
“Lock-Up Period” means the period commencing upon the consummation of the Merger
and ending on the date that is one year after the consummation of the Merger
“Lock-Up Securities” means (i) any New JAWS Shares issued to the Holder pursuant to the Merger or otherwise pursuant to the Business Combination Agreement, (ii) any rollover stock options (“Options”) or restricted share units (“RSUs” and, together with Options, “Equity Awards”) exchanged with or issued to the Holder pursuant to the Business Combination Agreement and (iii) any New JAWS Shares issued upon exercise or vesting of any Equity Awards.
3. | Miscellaneous. |
Section 9.2 (Entire Agreement; Assignment), Section 9.3 (Amendment), Section 9.5 (Governing Law), Section 9.7 (Construction; Interpretation), Section 9.10 (Severability) and Section 9.11 (Counterparts; Electronic Signatures) of the Business Combination Agreement are incorporated herein and shall apply to this Lock-Up Agreement mutatis mutandis.
HOLDER
/s/ Benyamin Buller |
JAWS SPITFIRE ACQUISITION CORPORATION
By: | /s/ Matthew Walters | |
Name: | Matthew Walters | |
Title: | Chief Executive Officer |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in this Prospectus constituting a part of this Registration Statement on Form S-4 of our report dated May 12, 2021, relating to the financial statements of JAWS Spitfire Acquisition Corp., which is contained in that Prospectus. We also consent to the reference to our Firm under the caption “Experts” in the Prospectus.
/s/ WithumSmith+Brown, PC | |
New York, New York | |
May 12, 2021 |
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in this Registration Statement on Form S-4 of JAWS Spitfire Acquisition Corporation of our report dated May 12, 2021 relating to the financial statements of Velo3D, Inc., which appears in this Registration Statement. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
San Jose, California
May 12, 2021
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