| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 27 | | | |
| | | | | 45 | | | |
| | | | | 47 | | | |
| | | | | 48 | | | |
| | | | | 50 | | | |
| | | | | 104 | | | |
| | | | | 120 | | | |
| | | | | 121 | | | |
| | | | | 123 | | | |
| | | | | 128 | | | |
| | | |
|
| | ||
| | | | | 150 | | | |
| | | | | 160 | | | |
| | | | | 166 | | | |
| | | |
|
| | ||
| | | |
|
| | ||
| | | |
|
| | ||
| | | |
|
| | ||
| | | |
|
| | ||
| | | | | 191 | | | |
| | | | | 214 | | | |
| | | | | 219 | | | |
| | | | | 232 | | | |
| | | | | 239 | | | |
| | | | | 243 | | | |
| | | | | 246 | | | |
| | | | | 254 | | | |
| | | | | 260 | | | |
| | | | | 273 | | | |
| | | | | 279 | | | |
| | | | | 281 | | | |
| | | | | 282 | | | |
| | | | | 283 | | | |
| | | | | 284 | | | |
| | | | | 285 | | | |
| | | | | F-1 | | |
| ANNEX A — BUSINESS COMBINATION AGREEMENT | | | Annex A-1 | |
| | | Annex A-81 | | |
| | | Annex B-1 | | |
| | | Annex C-1 | | |
| | | Annex D-1 | | |
| | | Annex E-1 | | |
| | | Annex F-1 | | |
| | | Annex G-1 | | |
| | | Annex H-1 | |
| | |
No Redemptions(1)
|
| |
Assuming 50%
Redemptions(2) |
| |
Maximum
Redemptions(3) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
Authentic Brand Equityholders(4)
|
| | | | 130,576,050 | | | | | | 62.43% | | | | | | 133,076,050 | | | | | | 65.99% | | | | | | 144,415,100 | | | | | | 73.52% | | |
Public Stockholders
|
| | | | 34,500,000 | | | | | | 16.49% | | | | | | 17,250,000 | | | | | | 8.55% | | | | | | — | | | | | | 0.00% | | |
Public Warrants(5)
|
| | | | 11,500,000 | | | | | | 5.50% | | | | | | 11,500,000 | | | | | | 5.70% | | | | | | 11,500,000 | | | | | | 5.85% | | |
Sponsor Shares
|
| | | | 5,792,500 | | | | | | 2.77% | | | | | | 5,792,500 | | | | | | 2.87% | | | | | | 3,723,750 | | | | | | 1.90% | | |
Private Placement Warrants(6)
|
| | | | 6,266,667 | | | | | | 3.00% | | | | | | 6,266,667 | | | | | | 3.11% | | | | | | 6,266,667 | | | | | | 3.19% | | |
BRCC Fund Shares
|
| | | | 532,750 | | | | | | 0.25% | | | | | | 532,750 | | | | | | 0.26% | | | | | | 532,750 | | | | | | 0.27% | | |
Engaged Capital Investors
|
| | | | 10,000,000 | | | | | | 4.78% | | | | | | 10,000,000 | | | | | | 4.96% | | | | | | 10,000,000 | | | | | | 5.09% | | |
PIPE Investors
|
| | | | 10,000,000 | | | | | | 4.78% | | | | | | 17,250,000 | | | | | | 8.55% | | | | | | 20,000,000 | | | | | | 10.18% | | |
Total
|
| | | | 209,167,967 | | | | | | 100.00% | | | | | | 201,667,967 | | | | | | 100.00% | | | | | | 196,438,267 | | | | | | 100.00% | | |
| | |
No Redemptions(1)
|
| |
Assuming 50%
Redemptions(2) |
| |
Maximum
Redemptions(3) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Value
Per Share(4) |
| |
Shares
|
| |
Value
Per Share(5) |
| |
Shares
|
| |
Value
Per Share(6) |
| ||||||||||||||||||
Base Scenario(7)
|
| | | | 191,401,300 | | | | | $ | 10.00 | | | | | | 183,901,300 | | | | | $ | 10.00 | | | | | | 178,671,600 | | | | | $ | 10.00 | | |
Excluding SilverBox Sponsor Shares(8)
|
| | | | 185,608,800 | | | | | | 10.31 | | | | | | 178,108,800 | | | | | | 10.33 | | | | | | 174,947,850 | | | | | | 10.21 | | |
Exercising SilverBox Public Stockholder Warrants(9)(10)
|
| | | | 202,901,300 | | | | | | 9.43 | | | | | | 195,401,300 | | | | | | 9.41 | | | | | | 190,171,600 | | | | | | 9.40 | | |
Exercising SilverBox Sponsor Warrants(9)(10)
|
| | | | 197,667,967 | | | | | | 9.68 | | | | | | 190,167,967 | | | | | | 9.67 | | | | | | 184,938,267 | | | | | | 9.66 | | |
Exercising All SilverBox Warrants(9)(10)
|
| | | | 209,167,967 | | | | | | 9.15 | | | | | | 201,667,967 | | | | | | 9.12 | | | | | | 196,438,267 | | | | | | 9.10 | | |
Name
|
| |
Position(s) Held
|
|
Evan Hafer
|
| | Chief Executive Officer | |
Mat Best
|
| | Chief Branding Officer | |
Tom Davin
|
| | Co-Chief Executive Officer | |
Greg Iverson
|
| | Chief Financial Officer | |
Toby Johnson
|
| | Chief Operations Officer | |
Andrew McCormick
|
| | General Counsel and Corporate Secretary | |
(in thousands)
|
| |
Nine Months Ended
September 30, |
| |
Fiscal Year
December 31, |
| ||||||||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||
Statement of Operations Data: | | |
(Unaudited)
|
| | | | | | | | | | | | | |||||||||
Revenue, net
|
| | | $ | 161,253 | | | | | $ | 104,003 | | | | | $ | 163,909 | | | | | $ | 82,128 | | |
Total operating expenses
|
| | | | 72,518 | | | | | | 41,043 | | | | | | 63,629 | | | | | | 35,821 | | |
Net income (loss) from continuing operations
|
| | | | (7,510) | | | | | | 4,395 | | | | | | 5,780 | | | | | | (116) | | |
Total other expense
|
| | | | (1,595) | | | | | | (909) | | | | | | (1,274) | | | | | | (642) | | |
State income tax expense
|
| | | | 133 | | | | | | 141 | | | | | | 185 | | | | | | 14 | | |
Net income (loss)
|
| | | | (9,238) | | | | | | 3,345 | | | | | | 4,321 | | | | | | (772) | | |
Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities
|
| | | | (10,654) | | | | | | 3,638 | | | | | | 11,546 | | | | | | 4,144 | | |
Net cash used in investing activities
|
| | | | (11,755) | | | | | | (7,205) | | | | | | (9,760) | | | | | | (1,106) | | |
Net cash provided by (used in) financing activities
|
| | | | 769 | | | | | | 8,955 | | | | | | 28,811 | | | | | | (2,166) | | |
(in thousands)
|
| |
As of
September 30, 2021 |
| |
As of
December 31, |
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 80,305 | | | | | $ | 72,542 | | | | | $ | 18,711 | | |
Total liabilities
|
| | | | 69,191 | | | | | | 46,437 | | | | | | 19,960 | | |
Total preferred equity
|
| | | | 142,790 | | | | | | 128,983 | | | | | | — | | |
Total members’ deficit
|
| | | | (131,676) | | | | | | (102,878) | | | | | | (1,249) | | |
| | |
Nine Months Ended
September 30, |
| |
Fiscal Year Ended
December 31, |
| ||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |||||||||||
Net income (loss)
|
| | | $ | (9,238) | | | | | $ | 3,345 | | | | | $ | 4,321 | | |
Interest expense
|
| | | | 1,590 | | | | | | 814 | | | | | | 1,047 | | |
Tax expense
|
| | | | 133 | | | | | | 141 | | | | | | 185 | | |
Depreciation and amortization
|
| | | | 2,000 | | | | | | 985 | | | | | | 1,375 | | |
EBITDA
|
| | | $ | (5,515) | | | | | $ | 5,285 | | | | | $ | 6,928 | | |
Stock-based compensation(1)
|
| | | $ | 3,762 | | | | | $ | 2,650 | | | | | $ | 3,313 | | |
System implementation costs(2)
|
| | | | 265 | | | | | | 504 | | | | | | 556 | | |
Transaction expenses(3)
|
| | | | 655 | | | | | | 467 | | | | | | 575 | | |
Adjusted EBITDA
|
| | | $ | (833) | | | | | $ | 8,906 | | | | | $ | 11,372 | | |
(in thousands)
|
| |
Nine Months Ended
September 30, |
| |
Fiscal Year
December 31, |
| ||||||||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||||
| | |
($ in thousands)
|
| |||||||||||||||||||||
Statement of Operations Data: | | |
(Unaudited)
|
| | | | | | | | | | | | | |||||||||
Revenue, net
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Total operating expenses
|
| | | | 1,457 | | | | | | — | | | | | | (4) | | | | | | — | | |
Net income (loss) from continuing operations
|
| | | | (1,457) | | | | | | — | | | | | | — | | | | | | — | | |
Total other income (expense)
|
| | | | 8,581 | | | | | | — | | | | | | — | | | | | | — | | |
Net income (loss)
|
| | | | 7,124 | | | | | | — | | | | | | (4) | | | | | | — | | |
Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities
|
| | | | (1,208) | | | | | | — | | | | | | — | | | | | | — | | |
Net cash used in investing activities
|
| | | | (345,000) | | | | | | — | | | | | | — | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | 347,000 | | | | | | — | | | | | | 200 | | | | | | — | | |
(in thousands)
|
| |
As of
September 30, 2021 |
| |
As of
December 31, |
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 346,531 | | | | | $ | 245 | | | | | | — | | |
Total liabilities
|
| | | | 25,822 | | | | | | 224 | | | | | | — | | |
Total stockholders’ equity (deficit)
|
| | | | (24,291) | | | | | | 21 | | | | | | — | | |
| | |
Assuming No
Redemptions |
| |
Assuming
Maximum Redemptions |
| ||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||
Rollover Equity – Company Shareholders(a) (b)
|
| | | | 130,576,050 | | | | | | 68.22% | | | | | | 144,415,100 | | | | | | 80.83% | | |
BRCC Fund Shares
|
| | | | 532,750 | | | | | | 0.28% | | | | | | 532,750 | | | | | | 0.30% | | |
SilverBox Public (Common) Shares
|
| | | | 34,500,000 | | | | | | 18.03% | | | | | | — | | | | | | 0.00% | | |
Forward Purchase Shares
|
| | | | 10,000,000 | | | | | | 5.22% | | | | | | 10,000,000 | | | | | | 5.60% | | |
Third Party Private Placement (PIPE)
|
| | | | 10,000,000 | | | | | | 5.22% | | | | | | 10,000,000 | | | | | | 5.60% | | |
Sponsor Shares(c)
|
| | | | 5,792,500 | | | | | | 3.03% | | | | | | 3,723,750 | | | | | | 2.07% | | |
Backstop Shares
|
| | | | — | | | | | | 0.00% | | | | | | 10,000,000 | | | | | | 5.60% | | |
Closing Merger Shares
|
| | | | 191,401,300 | | | | | | 100.00% | | | | | | 178,671,600 | | | | | | 100.00% | | |
| | |
Historical
|
| |
No Redemption Scenario
|
| |
Maximum Redemption Scenario
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Authentic
Brands (As of September 30, 2021) |
| |
SilverBox
(As of September 30, 2021) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 13,992 | | | | | $ | 992 | | | | | $ | 345,060 | | | | |
|
A
|
| | | | $ | 230,439 | | | | | $ | (345,060) | | | | |
|
L
|
| | | | $ | 103,082 | | |
| | | | | | | | | | | | | | | | | (12,075) | | | | |
|
B
|
| | | | | | | | | | | 100,000 | | | | |
|
M
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 200,000 | | | | |
|
C
|
| | | | | | | | | | | 117,703 | | | | |
|
H
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (152,826) | | | | |
|
D
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (13,900) | | | | |
|
E
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (24,599) | | | | |
|
F
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (117,703) | | | | |
|
H
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (8,502) | | | | |
|
J
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivables, net
|
| | | | 12,281 | | | | | | — | | | | | | — | | | | | | | | | | | | 12,281 | | | | | | — | | | | | | | | | | | | 12,281 | | |
Inventories, net
|
| | | | 23,762 | | | | | | — | | | | | | — | | | | | | | | | | | | 23,762 | | | | | | — | | | | | | | | | | | | 23,762 | | |
Due from sponsor
|
| | | | — | | | | | | 1 | | | | | | — | | | | | | | | | | | | 1 | | | | | | — | | | | | | | | | | | | 1 | | |
Prepaid expenses
|
| | | | 4,439 | | | | | | 478 | | | | | | — | | | | | | | | | | | | 4,917 | | | | | | — | | | | | | | | | | | | 4,917 | | |
Total current assets
|
| | | | 54,474 | | | | | | 1,471 | | | | | | 215,455 | | | | | | | | | | | | 271,400 | | | | | | (127,357) | | | | | | | | | | | | 144,043 | | |
Property, plant and equipment, net
|
| | | | 24,529 | | | | | | — | | | | | | — | | | | | | | | | | | | 24,529 | | | | | | — | | | | | | | | | | | | 24,529 | | |
Intangible assets
|
| | | | 173 | | | | | | — | | | | | | — | | | | | | | | | | | | 173 | | | | | | — | | | | | | | | | | | | 173 | | |
Cash and marketable securities held in Trust Account
|
| | | | — | | | | | | 345,060 | | | | | | (345,060) | | | | |
|
A
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Other assets
|
| | | | 1,129 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,129 | | | | | | — | | | | | | | | | | | | 1,129 | | |
Total assets
|
| | | $ | 80,305 | | | | | $ | 346,531 | | | | | $ | (129,605) | | | | | | | | | | | $ | 297,231 | | | | | $ | (127,357) | | | | | | | | | | | $ | 169,874 | | |
Liabilities, convertible preferred stock, and stockholders’ equity (deficit)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 15,971 | | | | | $ | 754 | | | | | | — | | | | | | | | | | | $ | 16,725 | | | | | | — | | | | | | | | | | | $ | 16,725 | | |
Accrued liabilities/expenses
|
| | | | 21,055 | | | | | | — | | | | | | — | | | | | | | | | | | | 21,055 | | | | | | — | | | | | | | | | | | | 21,055 | | |
Accrued sales taxes
|
| | | | 1,229 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,229 | | | | | | — | | | | | | | | | | | | 1,229 | | |
Deferred revenue
|
| | | | 6,145 | | | | | | — | | | | | | — | | | | | | | | | | | | 6,145 | | | | | | — | | | | | | | | | | | | 6,145 | | |
Current maturities of long-term debt, net
|
| | | | 1,154 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,154 | | | | | | — | | | | | | | | | | | | 1,154 | | |
Current maturities of capital lease
obligations |
| | | | 55 | | | | | | — | | | | | | — | | | | | | | | | | | | 55 | | | | | | — | | | | | | | | | | | | 55 | | |
Taxes payable
|
| | | | — | | | | | | 150 | | | | | | — | | | | | | | | | | | | 150 | | | | | | — | | | | | | | | | | | | 150 | | |
Due to related party
|
| | | | — | | | | | | 1 | | | | | | — | | | | | | | | | | | | 1 | | | | | | — | | | | | | | | | | | | 1 | | |
Total current liabilities
|
| | | | 45,609 | | | | | | 905 | | | | | | — | | | | | | | | | | | | 46,514 | | | | | | — | | | | | | | | | | | | 46,514 | | |
Long-term debt, net
|
| | | | 23,163 | | | | | | — | | | | | | (8,502) | | | | |
|
J
|
| | | | | 14,661 | | | | | | — | | | | | | | | | | | | 14,661 | | |
| | |
Historical
|
| |
No Redemption Scenario
|
| |
Maximum Redemption
Scenario |
| |||||||||||||||||||||||||||||||||||||||
| | |
Authentic
Brands (As of September 30, 2021) |
| |
SilverBox
(As of September 30, 2021) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||||||||
Capital lease obligations, net of current maturities
|
| | | | 164 | | | | | | — | | | | | | — | | | | | | | | | | | | 164 | | | | | | — | | | | | | | | | | | | 164 | | |
Other non-current liabilities
|
| | | | 255 | | | | | | — | | | | | | — | | | | | | | | | | | | 255 | | | | | | — | | | | | | | | | | | | 255 | | |
Earn-Out Liability
|
| | | | — | | | | | | — | | | | | | 181,772 | | | | |
|
P
|
| | | | | 181,772 | | | | | | — | | | | | | | | | | | | 181,772 | | |
Deferred Sponsor Share
Liability |
| | | | — | | | | | | — | | | | | | 10,272 | | | | |
|
Q
|
| | | | | 10,272 | | | | | | — | | | | | | | | | | | | 10,272 | | |
Warrant Liability
|
| | | | — | | | | | | 12,842 | | | | | | — | | | | | | | | | | | | 12,842 | | | | | | — | | | | | | | | | | | | 12,842 | | |
Deferred underwriters’ discount
|
| | | | — | | | | | | 12,075 | | | | | | (12,075) | | | | |
|
B
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total liabilities
|
| | | | 69,191 | | | | | | 25,822 | | | | | | 171,467 | | | | | | | | | | | | 266,480 | | | | | | — | | | | | | | | | | | | 266,480 | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Series A preferred equity, less issuance costs
|
| | | | 142,790 | | | | | | — | | | | | | (142,790) | | | | |
|
D
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class A Common Stock subject to
possible redemption, 34,500,000 and 0 shares at redemption value, respectively |
| | | | — | | | | | | 345,000 | | | | | | (345,000) | | | | |
|
G
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Members’ deficit
|
| | | | (131,676) | | | | | | — | | | | | | 131,676 | | | | |
|
N
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
BRC Inc. Class A Common Stock, $0.0001 par value
|
| | | | — | | | | | | — | | | | | | 35 | | | | |
|
G
|
| | | | | 60 | | | | | | (35) | | | | |
|
L
|
| | | | | 35 | | |
| | | | | | | | | | | | | | | | | 20 | | | | |
|
O
|
| | | | | | | | | | | 10 | | | | |
|
O
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 5 | | | | |
|
R
|
| | | | | | | | | | | — | | | | | | | | | | | | | | |
SilverBox Class B common stock,
$0.0001 par value; |
| | | | — | | | | | | 1 | | | | | | (1) | | | | |
|
R
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
BRC Inc. Class B common stock,
voting and non-economic, $0.0001 par value |
| | | | — | | | | | | — | | | | | | 13 | | | | |
|
S
|
| | | | | 13 | | | | | | 1 | | | | | | S | | | | | | 14 | | |
SilverBox – Class C common stock, $0.0001 par value; 30,000,000 shares authorized;
|
| | | | — | | | | | | — | | | | | | 20 | | | | |
|
C
|
| | | | | — | | | | | | 10 | | | | |
|
M
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (20) | | | | |
|
O
|
| | | | | | | | | | | (10) | | | | |
|
O
|
| | | | | | | |
| | |
Historical
|
| |
No Redemption Scenario
|
| |
Maximum Redemption
Scenario |
| |||||||||||||||||||||||||||||||||||||||
| | |
Authentic
Brands (As of September 30, 2021) |
| |
SilverBox
(As of September 30, 2021) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||||||||
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | 199,980 | | | | |
|
C
|
| | | | | 155,387 | | | | | | 117,703 | | | | |
|
H
|
| | | | | 127,119 | | |
| | | | | | | | | | | | | | | | | (13,900) | | | | |
|
E
|
| | | | | | | | | | | (345,025) | | | | |
|
L
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (20,600) | | | | |
|
F
|
| | | | | | | | | | | 99,990 | | | | |
|
M
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 344,965 | | | | |
|
G
|
| | | | | | | | | | | 99,065 | | | | |
|
K
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (117,703) | | | | |
|
H
|
| | | | | | | | | | | (1) | | | | | | S | | | | | | | | |
| | | | | | | | | | | | | | | | | (24,316) | | | | |
|
I
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (20,978) | | | | |
|
K
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (181,772) | | | | |
|
P
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (10,272) | | | | |
|
Q
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (4) | | | | |
|
R
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (13) | | | | | | S | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | | — | | | | | | (24,292) | | | | | | (10,036) | | | | |
|
D
|
| | | | | (145,687) | | | | | | — | | | | | | | | | | | | (145,687) | | |
| | | | | | | | | | | | | | | | | (3,999) | | | | |
|
F
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 24,316 | | | | |
|
I
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (131,676) | | | | |
|
N
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlling interest
|
| | | | — | | | | | | — | | | | | | 20,978 | | | | |
|
K
|
| | | | | 20,978 | | | | | | (99,065) | | | | |
|
K
|
| | | | | (78,087) | | |
Total stockholders’ equity (deficit)
|
| | | | (131,676) | | | | | | (24,291) | | | | | | 186,718 | | | | | | | | | | | | 30,751 | | | | | | (127,357) | | | | | | | | | | | | (96,606) | | |
Total liabilities, convertible preferred stock, warrants and stockholders’ equity
|
| | | $ | 80,305 | | | | | $ | 346,531 | | | | | $ | (129,605) | | | | | | | | | | | $ | 297,231 | | | | | $ | (127,357) | | | | | | | | | | | $ | 169,874 | | |
|
| | |
Historical
|
| |
No Redemption Scenario
|
| |
Maximum Redemption Scenario
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Authentic
Brands (As of September 30, 2021) |
| |
SilverBox
(As of September 30, 2021) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue, net
|
| | | $ | 161,253 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 161,253 | | | | | $ | — | | | | | | | | | | | $ | 161,253 | | |
Cost of goods sold
|
| | | | 96,245 | | | | | | — | | | | | | — | | | | | | | | | | | | 96,245 | | | | | | | | | | | | | | | | | | 96,245 | | |
Gross Profit
|
| | | | 65,008 | | | | | | — | | | | | | — | | | | | | | | | | | | 65,008 | | | | | | — | | | | | | | | | | | | 65,008 | | |
Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketing and advertising
|
| | | | 25,290 | | | | | | — | | | | | | — | | | | | | | | | | | | 25,290 | | | | | | — | | | | | | | | | | | | 25,290 | | |
Salaries, wages and benefits
|
| | | | 29,755 | | | | | | — | | | | | | — | | | | | | | | | | | | 29,755 | | | | | | — | | | | | | | | | | | | 29,755 | | |
General and administrative
|
| | | | 17,473 | | | | | | — | | | | | | — | | | | | | | | | | | | 17,473 | | | | | | — | | | | | | | | | | | | 17,473 | | |
Formation and other expenses
|
| | | | | | | | | | 1,457 | | | | | | — | | | | | | | | | | | | 1,457 | | | | | | — | | | | | | | | | | | | 1,457 | | |
Total operating cost and expenses
|
| | | | 72,518 | | | | | | 1,457 | | | | | | — | | | | | | | | | | | | 73,975 | | | | | | — | | | | | | | | | | | | 73,975 | | |
Operating loss
|
| | | | (7,510) | | | | | | (1,457) | | | | | | — | | | | | | | | | | | | (8,967) | | | | | | — | | | | | | | | | | | | (8,967) | | |
Non-operating income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (1,590) | | | | | | — | | | | | | 85 | | | | |
|
CC
|
| | | | | (1,505) | | | | | | — | | | | | | | | | | | | (1,505) | | |
Unrealized gain on change in fair value of warrants
|
| | | | — | | | | | | 9,341 | | | | | | — | | | | | | | | | | | | 9,341 | | | | | | — | | | | | | | | | | | | 9,341 | | |
Transaction costs allocated to warrant
liabilities |
| | | | — | | | | | | (821) | | | | | | — | | | | | | | | | | | | (821) | | | | | | — | | | | | | | | | | | | (821) | | |
Other expense
|
| | | | (5) | | | | | | — | | | | | | — | | | | | | | | | | | | (5) | | | | | | — | | | | | | | | | | | | (5) | | |
Interest income
|
| | | | — | | | | | | 60 | | | | | | (60) | | | | |
|
AA
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Income/(loss) before taxes
|
| | | | (9,105) | | | | | | 7,123 | | | | | | 25 | | | | | | | | | | | | (1,957) | | | | | | — | | | | | | | | | | | | (1,957) | | |
Income tax (expense) benefit
|
| | | | (133) | | | | | | — | | | | | | — | | | | | | | | | | | | (133) | | | | | | — | | | | | | | | | | | | (133) | | |
Net income / (loss)
|
| | | | (9,238) | | | | | | 7,123 | | | | | | 25 | | | | | | | | | | | | (2,090) | | | | | | — | | | | | | | | | | | | (2,090) | | |
Net income (loss) attributable to non-controlling interests
|
| | | | — | | | | | | — | | | | | | (1,426) | | | | |
|
DD
|
| | | | | (1,426) | | | | | | (263) | | | | |
|
DD
|
| | | | | (1,689) | | |
Net income (loss) to common stockholders
|
| | | $ | (9,238) | | | | | $ | 7,123 | | | | | $ | 1,451 | | | | | | | | | | | $ | (664) | | | | | $ | 263 | | | | | | | | | | | $ | (401) | | |
Weighted averages shares outstanding – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 59,666,750 | | | | | | | | | | | | | | | | | | 33,098,000 | | |
Net income per share – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.01) | | | | | | | | | | | | | | | | | $ | (0.01) | | |
| | |
Historical
|
| |
No Redemption Scenario
|
| |
Maximum Redemption Scenario
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Authentic
Brands (As of December 31, 2020) |
| |
SilverBox
(As of December 31, 2020) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||||||||
Revenue, net
|
| | | | 163,909 | | | | | | — | | | | | | — | | | | | | | | | | | | 163,909 | | | | | | — | | | | | | | | | | | | 163,909 | | |
Cost of goods sold
|
| | | | 94,500 | | | | | | — | | | | | | — | | | | | | | | | | | | 94,500 | | | | | | — | | | | | | | | | | | | 94,500 | | |
Gross Profit
|
| | | | 69,409 | | | | | | — | | | | | | — | | | | | | | | | | | | 69,409 | | | | | | — | | | | | | | | | | | | 69,409 | | |
Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketing and advertising
|
| | | | 25,513 | | | | | | — | | | | | | — | | | | | | | | | | | | 25,513 | | | | | | — | | | | | | | | | | | | 25,513 | | |
Salaries, wages and benefits
|
| | | | 24,194 | | | | | | — | | | | | | — | | | | | | | | | | | | 24,194 | | | | | | — | | | | | | | | | | | | 24,194 | | |
General and administrative
|
| | | | 13,922 | | | | | | — | | | | | | 2,543 | | | | |
|
BB
|
| | | | | | | | | | | — | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | 3,999 | | | | |
|
EE
|
| | | | | 20,464 | | | | | | | | | | | | | | | | | | 20,464 | | |
Formation and operating costs
|
| | | | — | | | | | | 4 | | | | | | — | | | | | | | | | | | | 4 | | | | | | — | | | | | | | | | | | | 4 | | |
Total operating cost and expenses
|
| | | | 63,629 | | | | | | 4 | | | | | | 6,542 | | | | | | | | | | | | 70,175 | | | | | | — | | | | | | | | | | | | 70,175 | | |
Operating Income (loss)
|
| | | | 5,780 | | | | | | (4) | | | | | | (6,542) | | | | | | | | | | | | (766) | | | | | | — | | | | | | | | | | | | (766) | | |
Non-operating income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and finance charges (expense)/
income, net |
| | | | (1,047) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | (1,047) | | | | | | — | | | | | | | | | | | | (1,047) | | |
Unrealized gain on change in fair value
of warrants |
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Transaction costs allocated to warrant
liabilities |
| | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Other
|
| | | | (227) | | | | | | — | | | | | | — | | | | | | | | | | | | (227) | | | | | | — | | | | | | | | | | | | (227) | | |
Income/(loss) before taxes
|
| | | | 4,506 | | | | | | (4) | | | | | | (6,542) | | | | | | | | | | | | (2,040) | | | | | | — | | | | | | | | | | | | (2,040) | | |
Income tax (expense) benefit
|
| | | | (185) | | | | | | — | | | | | | — | | | | | | | | | | | | (185) | | | | | | — | | | | | | | | | | | | (185) | | |
Net income / (loss)
|
| | | | 4,321 | | | | | | (4) | | | | | | (6,542) | | | | | | | | | | | | (2,225) | | | | | | — | | | | | | | | | | | | (2,225) | | |
Net income (loss) attributable to non-controlling interests
|
| | | | — | | | | | | — | | | | | | (1,518) | | | | |
|
DD
|
| | | | | (1,518) | | | | | | (280) | | | | |
|
DD
|
| | | | | (1,798) | | |
Net income (loss) to common shareholders
|
| | | $ | 4,321 | | | | | $ | (4) | | | | | $ | (5,024) | | | | | | | | | | | $ | (707) | | | | | $ | 280 | | | | | | | | | | | $ | (427) | | |
Weighted averages shares outstanding – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 59,666,750 | | | | | | | | | | | | | | | | | | 33,098,000 | | |
Net income per share – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.01) | | | | | | | | | | | | | | | | | $ | (0.01) | | |
|
Sources
|
| |
Uses
|
| ||||||||||||
|
Cash in Trust
|
| | | $ | 345.0 | | | |
Cash to Balance Sheet
|
| | | $ | 225.0 | | |
|
Forward Purchase Investment
|
| | | | 100.0 | | | |
Repay debt and preferred equity redemption(1)
|
| | | | 161.3 | | |
|
PIPE Investment
|
| | | | 100.0 | | | |
Cash to Authentic Brands equityholders
|
| | | | 117.7 | | |
|
Rollover Equity(2)
|
| | | | 1,305.8 | | | |
Rollover equity(2)
|
| | | | 1,305.8 | | |
|
Sponsor Shares(2)
|
| | | | 57.9 | | | |
Deferred underwriting commissions and transactions expenses
|
| | | | 51.0 | | |
|
BRCC Fund Shares(2)
|
| | | | 5.3 | | | |
Sponsor Shares(2)
|
| | | | 57.9 | | |
|
Cash available from balance sheet(1)
|
| | | | 10.0 | | | |
BRCC Fund Shares(2)
|
| | | | 5.3 | | |
|
Total Sources
|
| | | $ | 1,924.0 | | | |
Total Uses
|
| | | $ | 1,924.0 | | |
|
Sources
|
| |
Uses
|
| ||||||||||||
|
Cash in Trust Account
|
| | | $ | — | | | |
Cash to balance sheet
|
| | | $ | 97.7 | | |
|
Forward Purchase Investment
|
| | | | 100.0 | | | |
Repay debt and preferred equity redemption(1)
|
| | | | 161.3 | | |
|
PIPE Investment
|
| | | | 200.0 | | | |
Cash to Authentic Brand equityholders
|
| | | | — | | |
|
Rollover equity(2)
|
| | | | 1,444.2 | | | |
Rollover Equity(2)
|
| | | | 1,444.2 | | |
|
Sponsor Shares(2)
|
| | | | 37.2 | | | |
Deferred underwriting commissions and
transaction expenses |
| | | | 51.0 | | |
|
BRCC Fund Shares(2)
|
| | | | 5.3 | | | |
Sponsor Shares(2)
|
| | | | 37.2 | | |
|
Cash available from balance sheet(1)
|
| | | | 10.0 | | | |
BRCC Fund Shares(2)
|
| | | | 5.3 | | |
|
Total Sources
|
| | | $ | 1,796.7 | | | |
Total Uses
|
| | | $ | 1,796.7 | | |
|
Shares issued in PIPE Investment and Forward Purchase Investment
|
| | | | 20,000,000 | | |
|
Price per share at issuance
|
| | | $ | 10.00 | | |
|
Total value of PIPE Shares and Forward Purchase Shares issued
|
| | | | 200,000,000 | | |
|
Common Stock Par Value
|
| | | | 0.0001 | | |
|
Common Stock Par Value
|
| | | | 20,000 | | |
|
APIC
|
| | | | 199,980,000 | | |
|
Total
|
| | | | 200,000,000 | | |
|
Total shares subject to possible redemption
|
| | | | 34,500,000 | | |
|
Redemption value of $10.00/share
|
| | | $ | 10.00 | | |
|
Total value of shares redeemed
|
| | | | 345,000,000 | | |
|
Common Stock Par Value
|
| | | | 0.0001 | | |
|
Common Stock
|
| | | | 34,500 | | |
|
APIC
|
| | | | 344,965,500 | | |
|
Total
|
| | | | 345,000,000 | | |
(in millions)
|
| | | | | | |
Aggregate cash raised
|
| | | $ | 545.0 | | |
Estimated Authentic Brands cash at close
|
| | | | 10.0 | | |
SilverBox and Authentic Brands transaction expenses
|
| | | | (51.0) | | |
Repay debt and preferred equity redemption
|
| | | | (161.3) | | |
Minimum Authentic Brands retained cash amount
|
| | | | (150.0) | | |
Cash available to redeem existing equity units
|
| | | $ | 192.7 | | |
Maximum equity redemption under Business Combination Agreement
|
| | | | (117.7) | | |
Additional Authentic Brands retained cash amount
|
| | | $ | 75.0 | | |
| | |
No Redemption Scenario
|
| |
Maximum Redemption Scenario
|
| ||||||||||||||||||
| | |
Outstanding
Shares |
| |
Outstanding
Shares (%) |
| |
Outstanding
Shares |
| |
Outstanding
Shares (%) |
| ||||||||||||
Common units held by BRC Inc. (Controlling Interest)
|
| | | | 60,825,850 | | | | | | 31.78% | | | | | | 34,256,500 | | | | | | 19.17% | | |
Common units held by existing equityholders (Non-Controlling Interests)
|
| | | | 130,576,050 | | | | | | 68.22% | | | | | | 144,415,100 | | | | | | 80.83% | | |
Total
|
| | | | 191,401,300 | | | | | | 100.00% | | | | | | 178,671,600 | | | | | | 100.00% | | |
|
Total Equity – No Redemption Scenario
|
| | | $ | 30,751 | | |
|
Total Non-Controlling Interest – No Redemption Scenario (68.22%)
|
| | |
|
20,978
|
| |
|
Total Controlling Interest – Equity
|
| | |
|
9,773
|
| |
|
Total Equity – Maximum Redemption Scenario
|
| | |
|
(96,606)
|
| |
|
Total Non-Controlling Interest – Maximum Redemption Scenario (80.83%)
|
| | |
|
(78,087)
|
| |
|
Total Controlling Interest – Equity
|
| | |
|
(18,519)
|
| |
|
Additional Pro Forma Adjustment – No / Maximum Redemption Scenario
|
| | |
$
|
(99,065)
|
| |
|
Cash in Trust Account
|
| | | $ | 345,060,000 | | |
|
Maximum shares redeemed
|
| | | | 34,500,000 | | |
|
Redemption value per share
|
| | | $ | 10.01 | | |
|
Cash
|
| | | | (345,060,000) | | |
|
Common Stock
|
| | | | 34,506 | | |
|
APIC
|
| | | | 345,025,494 | | |
|
Total
|
| | | | — | | |
|
Issuance of Backstop Shares
|
| | | | 10,000,000 | | |
|
Price per share at issuance
|
| | | $ | 10.00 | | |
|
Total value of shares issued
|
| | | | 100,000,000 | | |
|
Common Stock Par Value
|
| | | | 0.0001 | | |
|
Common Stock
|
| | | | 10,000 | | |
|
APIC
|
| | | | 99,990,000 | | |
|
Total
|
| | | | 100,000,000 | | |
|
Rollover Equity Stockholders Shares – No Redemption
|
| | | | 130,576,050 | | |
|
Par Value
|
| | | $ | 0.0001 | | |
|
Total value of Rollover Equity Shares
|
| | | | 13,057.61 | | |
|
Common Stock
|
| | | | 13,057.61 | | |
|
APIC
|
| | | | (13,057.61) | | |
|
Rollover Equity Stockholders Shares – Maximum Redemption
|
| | | | 144,415,100 | | |
|
Par Value
|
| | | $ | 0.0001 | | |
|
Total value of Rollover Equity Shares
|
| | | | 14,415.10 | | |
|
Common Stock
|
| | | | 14,415.10 | | |
|
APIC
|
| | | | (14,415.10) | | |
| | |
No Redemption Scenario
|
| |
Maximum Redemption Scenario
|
| ||||||||||||||||||
| | |
Outstanding
Shares |
| |
Outstanding
Shares (%) |
| |
Outstanding
Shares |
| |
Outstanding
Shares (%) |
| ||||||||||||
Common units held by BRC Inc. (Controlling Interest)
|
| | | | 60,825,850 | | | | | | 31.78% | | | | | | 34,256,500 | | | | | | 19.17% | | |
Common units held by existing equityholders (noncontrolling interests)
|
| | | | 130,576,050 | | | | | | 68.22% | | | | | | 144,415,100 | | | | | | 80.83% | | |
Total
|
| | | | 191,401,300 | | | | | | 100.00% | | | | | | 178,671,600 | | | | | | 100.00% | | |
|
Total Net Income – No Redemption Scenario
|
| | | | (2,090) | | |
|
Total Non-Controlling Interest – No Redemption Scenario (68.22%)
|
| | |
|
(1,426)
|
| |
|
Total Controlling Interest – No Redemption Scenario
|
| | |
|
(664)
|
| |
|
Total Net Income – Maximum Redemption Scenario
|
| | | | (2,090) | | |
|
Total Non-Controlling Interest – Maximum Redemption Scenario (80.83%)
|
| | |
|
(1,689)
|
| |
|
Total Controlling Interest – Maximum Redemption Scenario
|
| | |
|
(401)
|
| |
|
Additional Pro Forma Adjustment – No / Maximum Redemption Scenario
|
| | | | (263) | | |
|
Total Net Income – No Redemption Scenario
|
| | | | (2,225) | | |
|
Total Non-Controlling Interest – No Redemption Scenario (68.22%)
|
| | |
|
(1,518)
|
| |
|
Total Controlling Interest – No Redemption Scenario
|
| | |
|
(707)
|
| |
|
Total Net Income – Maximum Redemption Scenario
|
| | | | (2,225) | | |
|
Total Non-Controlling Interest – Maximum Redemption Scenario (80.83%)
|
| | |
|
(1,798)
|
| |
|
Total Controlling Interest – Maximum Redemption Scenario
|
| | |
|
(427)
|
| |
|
Additional Pro Forma Adjustment – No / Maximum Redemption Scenario
|
| | | | (280) | | |
| | |
Nine Months Ended
September 30, 2021 |
| |
Year Ended
December 31, 2020 |
| ||||||||||||||||||
(dollars in thousands, except per share amounts)
|
| |
No
Redemptions |
| |
Maximum
Redemptions |
| |
No
Redemptions |
| |
Maximum
Redemptions |
| ||||||||||||
Pro forma net income from continuing operations
attributable to common stockholders – Basic & Diluted(1) |
| | | $ | (664) | | | | | $ | (401) | | | | | $ | (707) | | | | | $ | (427) | | |
Basic & diluted weighted average shares outstanding – Class A stockholders(2)(3)
|
| | | | 59,666,750 | | | | | | 33,098,000 | | | | | | 59,666,750 | | | | | | 33,098,000 | | |
Net income from continuing operations per share – Class A – Basic & Diluted
|
| | | $ | (0.01) | | | | | $ | (0.01) | | | | | $ | (0.01) | | | | | $ | (0.01) | | |
| | |
Historical
|
| |
Pro Forma
|
| ||||||||||||||||||
|
SilverBox(2)
|
| |
BRCC
|
| |
No
Redemption Scenario |
| |
Max Redemption
Scenario |
| ||||||||||||||
As of and for the year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Book value per share – basic and diluted(1)
|
| | | $ | 0.00 | | | | | $ | (1,110.29) | | | | | | N/A | | | | | | N/A | | |
Earnings (loss) per share – basic and diluted(2)
|
| | | $ | (0.00) | | | | | $ | 46.63 | | | | | $ | (0.01) | | | | | $ | (0.01) | | |
Cash distributions per common share
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| | |
Historical
|
| |
Pro Forma
|
| ||||||||||||||||||
|
SilverBox(2)
|
| |
BRCC
|
| |
No
Redemption Scenario |
| |
Max Redemption
Scenario |
| ||||||||||||||
As of and for the nine months ended September 30, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Book value per share – basic and diluted(3)
|
| | | $ | (0.56) | | | | | $ | (1,421.08) | | | | | $ | 0.51 | | | | | $ | (2.76) | | |
Earnings (loss) per share – basic and diluted(4)
|
| | | $ | 0.17 | | | | | $ | (99.70) | | | | | | (0.01) | | | | | | (0.01) | | |
Cash distributions per common share
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Selected Public Company
|
| |
2022E
Revenue Growth |
| |
2023E
Revenue Growth |
| |
2022E
Gross Margin |
| |
2023E
Gross Margin |
| ||||||||||||
High Growth Food & Beverage | | | | | | | | | | | | | | | | | | | | | | | | | |
Beyond Meat
|
| | | | 47.1% | | | | | | 38.2% | | | | | | 33.6% | | | | | | 33.2% | | |
Celsius
|
| | | | 59.8% | | | | | | 46.4% | | | | | | 42.3% | | | | | | 41.0% | | |
Dutch Bros
|
| | | | 35.7% | | | | | | 29.0% | | | | | | 31.6% | | | | | | 30.4% | | |
Fever-Tree
|
| | | | 15.7% | | | | | | 12.1% | | | | | | 43.6% | | | | | | 44.5% | | |
Monster Beverage
|
| | | | 9.7% | | | | | | 10.7% | | | | | | 57.2% | | | | | | 57.0% | | |
Oatly
|
| | | | 85.1% | | | | | | 56.0% | | | | | | 36.3% | | | | | | 39.2% | | |
Tattooed Chef
|
| | | | 35.0% | | | | | | 39.2% | | | | | | 22.0% | | | | | | 23.3% | | |
Zevia
|
| | | | 29.3% | | | | | | 36.5% | | | | | | 46.0% | | | | | | 47.0% | | |
Median | | | | | 35.3% | | | | | | 37.3% | | | | | | 39.3% | | | | | | 40.1% | | |
DTC Lifestyle Brands | | | | | | | | | | | | | | | | | | | | | | | | | |
FIGS
|
| | | | 32.7% | | | | | | 32.0% | | | | | | 72.6% | | | | | | 73.3% | | |
Lululemon Athletica
|
| | | | 17.5% | | | | | | 14.6% | | | | | | 58.4% | | | | | | 59.1% | | |
Peloton
|
| | | | 30.7% | | | | | | 25.2% | | | | | | 37.8% | | | | | | 41.5% | | |
Warby Parker
|
| | | | 26.1% | | | | | | 24.1% | | | | | | 59.4% | | | | | | 59.2% | | |
YETI
|
| | | | 16.1% | | | | | | 15.9% | | | | | | 58.5% | | | | | | 58.3% | | |
Median | | | | | 26.1% | | | | | | 24.1% | | | | | | 58.5% | | | | | | 59.1% | | |
BRCC(1) | | | | | 35.4% | | | | | | 38.2% | | | | | | 41.3% | | | | | | 43.5% | | |
Selected Public Company
|
| |
Enterprise
Value / 2022E Revenue |
| |
Enterprise
Value / 2023E Revenue |
| |
Enterprise
Value / 2022E Gross Profit |
| |
Enterprise
Value / 2023E Gross Profit |
| ||||||||||||
High Growth Food & Beverage
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Beyond Meat
|
| | | | 9.2x | | | | | | 6.6x | | | | | | 27.4x | | | | | | 20.0x | | |
Celsius
|
| | | | 17.9x | | | | | | 12.2x | | | | | | 42.3x | | | | | | 29.8x | | |
Dutch Bros
|
| | | | 19.5x | | | | | | 15.1x | | | | | | 61.6x | | | | | | 49.6x | | |
Fever-Tree
|
| | | | 7.2x | | | | | | 6.4x | | | | | | 16.5x | | | | | | 14.4x | | |
Monster Beverage
|
| | | | 7.3x | | | | | | 6.6x | | | | | | 12.7x | | | | | | 11.5x | | |
Oatly
|
| | | | 5.3x | | | | | | 3.4x | | | | | | 14.6x | | | | | | 8.7x | | |
Tattooed Chef
|
| | | | 4.1x | | | | | | 2.9x | | | | | | 18.6x | | | | | | 12.6x | | |
Zevia
|
| | | | 3.9x | | | | | | 2.9x | | | | | | 8.5x | | | | | | 6.1x | | |
Median | | | | | 7.2x | | | | | | 6.5x | | | | | | 17.5x | | | | | | 13.5x | | |
DTC Lifestyle Brands
|
| | | | | | | | | | | | | | | | | | | | | | | | |
FIGS
|
| | | | 12.4x | | | | | | 9.4x | | | | | | 17.1x | | | | | | 12.9x | | |
Lululemon Athletica
|
| | | | 8.7x | | | | | | 7.6x | | | | | | 14.8x | | | | | | 12.8x | | |
Peloton
|
| | | | 5.0x | | | | | | 4.0x | | | | | | 13.4x | | | | | | 9.7x | | |
Warby Parker
|
| | | | 9.3x | | | | | | 7.5x | | | | | | 15.7x | | | | | | 12.7x | | |
YETI
|
| | | | 5.3x | | | | | | 4.6x | | | | | | 9.1x | | | | | | 7.9x | | |
Median | | | | | 8.7x | | | | | | 7.5x | | | | | | 14.8x | | | | | | 12.7x | | |
BRCC(1) | | | | | 5.5x | | | | | | 4.0x | | | | | | 13.3x | | | | | | 9.1x | | |
(in millions)
|
| |
Forecast
Fiscal Year Ending December 31, |
| |||||||||||||||
|
2021E
|
| |
2022E
|
| |
2023E
|
| |||||||||||
Total Revenue
|
| | | $ | 230.1 | | | | | $ | 311.4 | | | | | $ | 430.4 | | |
Gross Profit
|
| | | | 91.7 | | | | | | 128.6 | | | | | | 187.3 | | |
Adjusted EBITDA(1)
|
| | | | 0.6 | | | | | | 0.6 | | | | | | 15.1 | | |
(in millions)
|
| |
Fiscal Year Ending December 31,
|
| |||||||||||||||
|
2021E
|
| |
2022E
|
| |
2023E
|
| |||||||||||
Net income (loss)
|
| | | $ | (12.1) | | | | | $ | (11.6) | | | | | $ | 1.2 | | |
Interest expense
|
| | | | 1.9 | | | | | | 1.1 | | | | | | 0.9 | | |
Tax expense
|
| | | | 0.1 | | | | | | 0.1 | | | | | | 0.4 | | |
Depreciation and amortization
|
| | | | 2.3 | | | | | | 3.8 | | | | | | 6.7 | | |
EBITDA
|
| | | $ | (7.9) | | | | | $ | (6.6) | | | | | $ | 9.2 | | |
Stock-based compensation(1)
|
| | | $ | 4.4 | | | | | $ | 5.7 | | | | | $ | 5.9 | | |
System implementation costs(2)
|
| | | | 0.4 | | | | | | — | | | | | | — | | |
Transaction expenses(3)
|
| | | | 3.7 | | | | | | 1.5 | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 0.6 | | | | | $ | 0.6 | | | | | $ | 15.1 | | |
#
|
| |
Property Location
|
| |
Approximate Size
|
| |
Function
|
| |
Owned/Leased
|
|
1 | | | Salt Lake City, UT | | |
33,172
|
| |
HQ, Corporate, Retail
|
| |
Owned
|
|
2 | | | San Antonio, TX | | |
33,980
|
| | Corporate | | |
Owned
|
|
3 | | | Manchester, TN | | |
65,000
|
| | Corporate and Manufacturing | | |
Owned
|
|
Name
|
| |
Principal Position
|
|
Evan Hafer
|
| | Chief Executive Officer | |
Tom Davin
|
| | Co-Chief Executive Officer | |
Toby Johnson
|
| | Chief Operating Officer | |
Andrew McCormick
|
| | General Counsel and Secretary | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus(1)
($) |
| |
Option
Awards(2) ($) |
| |
All Other
Compensation(3) ($) |
| |
Total
($) |
| ||||||||||||||||||
Evan Hafer, Chief Executive Officer
|
| | | | 2021 | | | | | $ | 340,000 | | | | | | — | | | | | | — | | | | | $ | 28,382 | | | | | $ | 368,382 | | |
| | | 2020 | | | | | $ | 340,000 | | | | | $ | 566,352 | | | | | | — | | | | | $ | 28,382 | | | | | $ | 934,734 | | | ||
Tom Davin, Co-Chief Executive Officer
|
| | | | 2021 | | | | | $ | 315,000 | | | | | | — | | | | | | — | | | | | $ | 31,342 | | | | | $ | 346,342 | | |
| | | 2020 | | | | | $ | 315,000 | | | | | $ | 472,500 | | | | | | — | | | | | $ | 31,342 | | | | | $ | 818,842 | | | ||
Toby Johnson, Chief Operating Officer(4)
|
| | | | 2021 | | | | | $ | 140,000 | | | | | $ | 212,000 | | | | | $ | 2,153,100 | | | | | $ | 107,579 | | | | | $ | 2,612,679 | | |
Andrew McCormick, General Counsel and Secretary(5)
|
| | | | 2021 | | | | | $ | 75,000 | | | | | | — | | | | | $ | 430,620 | | | | | $ | 3,197 | | | | | $ | 508,817 | | |
| | |
401(k) Match
|
| |
Benefits (a)
|
| |
Relocation Benefit (b)
|
| |||||||||
Evan Hafer
|
| | | $ | 11,600 | | | | | $ | 16,782 | | | | | | — | | |
Tom Davin
|
| | | $ | 11,600 | | | | | $ | 19,742 | | | | | | — | | |
Toby Johnson
|
| | | | — | | | | | $ | 21,470 | | | | | $ | 86,019 | | |
Andrew McCormick
|
| | | $ | 1,868 | | | | | $ | 1,329 | | | | | | — | | |
Name
|
| |
Option Awards(1)
|
| |||||||||||||||||||||
|
Number of Securities
Underlying Unexercised Options (#) Exercisable (1) |
| |
Number of Securities
Underlying Unexercised Options (#) Unexercisable |
| |
Option Exercise
Price(7) ($) |
| |
Option Expiration
Date(7) |
| ||||||||||||||
Evan Hafer
|
| | | | 40,000 | | | | | | — | | | | | | N/A | | | | | | N/A | | |
Tom Davin
|
| | | | 1,972 | | | | | | 157(2) | | | | | | N/A | | | | | | N/A | | |
| | | | | 32,772 | | | | | | 12,500(3) | | | | | | N/A | | | | | | N/A | | |
Toby Johnson
|
| | | | 75(4) | | | | | | — | | | | | | N/A | | | | | | N/A | | |
| | | | | — | | | | | | 10,000(5) | | | | | | N/A | | | | | | N/A | | |
Andrew McCormick
|
| | | | — | | | | | | 2,000(6) | | | | | | N/A | | | | | | N/A | | |
Name
|
| |
Fees Earned or
Paid in Cash |
| |
Options(1)
|
| |
Total
|
| |||||||||
Kathryn Dickson
|
| | | $ | 52,000 | | | | | $ | 64,593 | | | | | $ | 116,593 | | |
George Muñoz
|
| | | $ | 49,000 | | | | | $ | 64,593 | | | | | $ | 113,593 | | |
Stephen Taslitz
|
| | | $ | 16,500 | | | | | $ | 64,593 | | | | | $ | 81,093 | | |
Toby Johnson(2)
|
| | | $ | 30,000 | | | | | | — | | | | | $ | 30,000 | | |
| | |
Nine-Months Ended September 30,
|
| |
Fiscal Year December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||
|
($ in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||
|
2021
|
| |
2020
|
| |
Change
|
| |
%
|
| |
2020
|
| |
2019
|
| |
Change
|
| |
%
|
| ||||||||||||||||||||||||||
Revenue, net . . . . . . . . . .
|
| | | $ | 161,253 | | | | | $ | 104,003 | | | | | $ | 57,250 | | | | | | 55% | | | | | $ | 163,909 | | | | | $ | 82,128 | | | | | $ | 81,781 | | | | | | 100% | | |
Cost of Goods Sold . . . .
|
| | | | 96,245 | | | | | | 58,565 | | | | | | 37,680 | | | | | | 64% | | | | | | 94,500 | | | | | | 46,423 | | | | | | 48,077 | | | | | | 104% | | |
Gross Profit
|
| | | | 65,008 | | | | | | 45,438 | | | | | | 19,570 | | | | | | 43% | | | | | | 69,409 | | | | | | 35,705 | | | | | | 33,704 | | | | | | 94% | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketing and advertising
|
| | | | 25,290 | | | | | | 15,052 | | | | | | 10,238 | | | | | | 68% | | | | | | 25,513 | | | | | | 13,349 | | | | | | 12,164 | | | | | | 91% | | |
Salaries, wages and benefits
|
| | | | 29,755 | | | | | | 16,009 | | | | | | 13,746 | | | | | | 86% | | | | | | 24,194 | | | | | | 13,129 | | | | | | 11,065 | | | | | | 84% | | |
General and administrative
|
| | | | 17,473 | | | | | | 9,982 | | | | | | 7,491 | | | | | | 75% | | | | | | 13,922 | | | | | | 9,343 | | | | | | 4,579 | | | | | | 49% | | |
Total Operating Expenses
|
| | | | 72,518 | | | | | | 41,043 | | | | | | 31,475 | | | | | | 77% | | | | | | 63,629 | | | | | | 35,821 | | | | | | 27,808 | | | | | | 78% | | |
Income/(Loss) from Operations
|
| | | | (7,510) | | | | | | 4,395 | | | | | | (11,905) | | | | | | -271% | | | | | | 5,780 | | | | | | (116) | | | | | | 5,896 | | | | | | 5083% | | |
Other Income (Expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest Income (Expense)
|
| | | | (1,590) | | | | | | (814) | | | | | | (776) | | | | | | 95% | | | | | | (1,047) | | | | | | (733) | | | | | | (314) | | | | | | 43% | | |
Other income (expense),net
|
| | | | (5) | | | | | | (95) | | | | | | 90 | | | | | | -95% | | | | | | (227) | | | | | | 91 | | | | | | (318) | | | | | | -349% | | |
Total Other Income
(Expense) |
| | | | (1,595) | | | | | | (909) | | | | | | (686) | | | | | | 75% | | | | | | (1,274) | | | | | | (642) | | | | | | (632) | | | | | | 98% | | |
Earnings (loss) before income taxes
|
| | | | (9,105) | | | | | | 3,486 | | | | | | (12,591) | | | | | | -361% | | | | | | 4,506 | | | | | | (758) | | | | | | 5,264 | | | | | | 694% | | |
State Income Tax Expense
|
| | | | 133 | | | | | | 141 | | | | | | n m | | | | | | n m | | | | | | 185 | | | | | | 14 | | | | | | n m | | | | | | n m | | |
Net (Loss) / Income . . . .
|
| | | $ | (9,238) | | | | | $ | 3,345 | | | | | $ | (12,583) | | | | | | -376% | | | | | $ | 4,321 | | | | | $ | (772) | | | | | $ | 5,093 | | | | | | 660% | | |
| | |
Nine Months Ended
September 30, |
| |
Fiscal Year Ended,
December 31, |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
Cash flows provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | (10,654) | | | | | $ | 3,638 | | | | | $ | 11,546 | | | | | $ | 4,144 | | |
Investing activities
|
| | | $ | (11,755) | | | | | $ | (7,205) | | | | | $ | (9,760) | | | | | $ | (1,106) | | |
Financing activities
|
| | | $ | 769 | | | | | $ | 8,955 | | | | | $ | 28,811 | | | | | $ | (2,166) | | |
| | |
Nine Months Ended
September 30, |
| |
Fiscal Year
2020 |
| ||||||||||||
|
2021
|
| |
2020
|
| ||||||||||||||
Net income (loss)
|
| | | $ | (9,238) | | | | | $ | 3,345 | | | | | $ | 4,321 | | |
Interest expense
|
| | | | 1,590 | | | | | | 814 | | | | | | 1,047 | | |
Tax expense
|
| | | | 133 | | | | | | 141 | | | | | | 185 | | |
Depreciation and amortization
|
| | | | 2,000 | | | | | | 985 | | | | | | 1,375 | | |
EBITDA
|
| | | $ | (5,515) | | | | | $ | 5,285 | | | | | $ | 6,928 | | |
Stock-based compensation(1)
|
| | | $ | 3,762 | | | | | $ | 2,650 | | | | | $ | 3,313 | | |
System implementation costs(2)
|
| | | | 265 | | | | | | 504 | | | | | | 556 | | |
Transaction expenses(3)
|
| | | | 655 | | | | | | 467 | | | | | | 575 | | |
Adjusted EBITDA
|
| | | $ | (833) | | | | | $ | 8,906 | | | | | $ | 11,372 | | |
Name
|
| |
Age
|
| |
Title
|
|
Joseph Reece | | |
60
|
| | Executive Chairman of the Board | |
Stephen Kadenacy | | |
53
|
| | Chief Executive Officer | |
Duncan Murdoch | | |
50
|
| | Chief Investment Officer | |
Jin Chun | | |
42
|
| | Chief Operating Officer | |
Daniel E. Esters | | |
55
|
| | Chief Financial Officer | |
Joseph K. Hurd III | | |
52
|
| | Director | |
Peter Richards | | |
51
|
| | Director | |
Natalie S. Schechtman | | |
51
|
| | Director | |
Glenn Welling | | |
51
|
| | Director | |
Name
|
| |
Age
|
| |
Position(s) Held
|
| |||
Evan Hafer
|
| | | | 44 | | | | Chief Executive Officer, Chairman nominee | |
Mat Best
|
| | | | 35 | | | | Chief Branding Officer | |
Tom Davin
|
| | | | 64 | | | |
Co-Chief Executive Officer, Director nominee
|
|
Greg Iverson
|
| | | | 46 | | | | Chief Financial Officer | |
Toby Johnson
|
| | | | 45 | | | | Chief Operations Officer | |
Andrew McCormick
|
| | | | 36 | | | | General Counsel and Corporate Secretary | |
Katy Dickson
|
| | | | 56 | | | | Director nominee | |
George Muñoz
|
| | | | 70 | | | | Director nominee | |
Roland Smith
|
| | | | 67 | | | | Director nominee | |
Steven Taslitz
|
| | | | 62 | | | | Director nominee | |
Glenn Welling
|
| | | | 51 | | | | Director nominee | |
| | | | | | | | | | | | | | | | | | | | |
BRC Inc.
After Business Combination |
| |||||||||||||||||||||||||||||||||
| | |
SilverBox
|
| |
Assuming No Redemptions
|
| |
Assuming Maximum Redemptions
|
| |||||||||||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owners
|
| |
SilverBox
Class A Common Stock |
| |
SilverBox
Class B Common Stock |
| |
% of Total
Voting Power |
| |
PubCo
Class A Common Stock |
| |
PubCo
Class B Common Stock |
| |
% of Total
Voting Power |
| |
PubCo
Class A Common Stock |
| |
PubCo
Class B Common Stock |
| |
% of Total
Voting Power |
| |||||||||||||||||||||||||||
SilverBox Officers, Directors and 5% Holders Pre-Business Combination:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
SilverBox Engaged Sponsor LLC(1)(2)
|
| | | | — | | | | | | 8,625,000 | | | | | | 20.0% | | | | | | 5,792,500 | | | | | | — | | | | | | 3.02% | | | | | | 3,723,750 | | | | | | — | | | | | | 2.08% | | |
Joseph Reece(1)(2)
|
| | | | — | | | | | | 8,625,000 | | | | | | 20.0% | | | | | | 5,792,500 | | | | | | — | | | | | | 3.02% | | | | | | 3,723,750 | | | | | | — | | | | | | 2.08% | | |
Stephen Kadenacy(1)(2)
|
| | | | — | | | | | | 8,625,000 | | | | | | 20.0% | | | | | | 5,792,500 | | | | | | — | | | | | | 3.02% | | | | | | 3,723,750 | | | | | | — | | | | | | 2.08% | | |
Duncan Murdoch
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jin Chun
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Daniel E. Esters
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Joseph K. Hurd III
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Peter Richards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Natalie S. Schechtman
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Glenn Welling(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12,400,000 | | | | | | — | | | | | | 6.48% | | | | | | 12,625,000 | | | | | | — | | | | | | 7.07% | | |
PubCo Officers, Directors and 5% Holders
Post-Business Combination: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Evan Hafer(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 15,792,500 | | | | | | 93,551,066 | | | | | | 57.13% | | | | | | 13,723,750 | | | | | | 103,564,154 | | | | | | 65.64% | | |
Mathew Best(5)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,641,781 | | | | | | 12.35% | | | | | | — | | | | | | 26,168,444 | | | | | | 14.65% | | |
Tom Davin(6)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,032,347 | | | | | | 3.67% | | | | | | — | | | | | | 7,782,481 | | | | | | 4.36% | | |
Greg Iverson(7)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,173,931 | | | | | | 0.61% | | | | | | — | | | | | | 1,300,438 | | | | | | 0.73% | | |
Toby Johnson(8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 86,070 | | | | | | 0.04% | | | | | | — | | | | | | 98,121 | | | | | | 0.05% | | |
Andrew McCormick(9)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,538 | | | | | | 0.01% | | | | | | — | | | | | | 17,766 | | | | | | 0.01% | | |
Katy Dickson(10)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 92,505 | | | | | | 0.05% | | | | | | — | | | | | | 102,637 | | | | | | 0.06% | | |
George Munoz(11)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 159,325 | | | | | | 0.08% | | | | | | — | | | | | | 176,718 | | | | | | 0.10% | | |
Roland Smith
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Steven Taslitz(12)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,366,162 | | | | | | 0.71% | | | | | | — | | | | | | 1,512,787 | | | | | | 0.85% | | |
Glenn Welling(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12,400,000 | | | | | | — | | | | | | 6.48% | | | | | | 12,625,000 | | | | | | — | | | | | | 7.07% | | |
EKNRH Holdings LLC(13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,894,891 | | | | | | 14.57% | | | | | | — | | | | | | 30,874,676 | | | | | | 17.28% | | |
John Miller(14)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,520,468 | | | | | | 6.02% | | | | | | — | | | | | | 12,756,201 | | | | | | 7.14% | | |
GI Decaf Trust UAD 2/3/2016(15)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,777,030 | | | | | | 5.63% | | | | | | — | | | | | | 11,933,019 | | | | | | 6.68% | | |
Southern 798 Trust UAD 2/3/2016(16)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,777,030 | | | | | | 5.63% | | | | | | — | | | | | | 11,933,019 | | | | | | 6.68% | | |
Funds and accounts managed by Engaged Capital(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12,400,000 | | | | | | — | | | | | | 6.48% | | | | | | 12,625,000 | | | | | | — | | | | | | 7.07% | | |
All directors and officers after the Business
Combination as a group (11 persons) |
| | | | — | | | | | | — | | | | | | — | | | | | | 28,192,500 | | | | | | 103,476,944 | | | | | | 68.79% | | | | | | 26,348,750 | | | | | | 114,555,102 | | | | | | 78.86% | | |
Redemption Date
(period to expiration of warrants) |
| |
Fair Market Value of PubCo Class A common stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
<10.00
|
| |
11.00
|
| |
12.00
|
| |
13.00
|
| |
14.00
|
| |
15.00
|
| |
16.00
|
| |
17.00
|
| |
>18.00
|
| |||||||||||||||||||||||||||||
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
|
SilverBox
|
| |
PubCo
|
|
|
Authorized Capital Stock
|
| |||
| The authorized capital stock of SilverBox, consists of (i) 110,000,000 shares of SilverBox Common Stock, including (a) 100,000,000 shares of SilverBox Class A Common Stock, of which 34,500,000 are issued and outstanding, (b) 10,000,000 SilverBox Class B Common Stock, of which 8,625,000 shares are issued and outstanding; and (ii) 1,000,000 shares of preferred stock, of which none are issued or outstanding. | | | PubCo will be authorized to issue (i) 2,801,500,000 shares of PubCo Common Stock, consisting of (a) 2,500,000,000 shares of PubCo Class A Common Stock, (b) 300,000,000 shares of PubCo Class B Common Stock, and (c) 1,500,000 shares of PubCo Class C Non-Voting Common Stock, which shall be divided into (1) 750,000 shares of PubCo Series C-1 Common Stock and (2) 750,000 shares of PubCo Series C-2 Common Stock; and (ii) 1,000,000 shares of preferred stock. | |
|
Number and Qualification of Directors
|
| |||
| The number of directors, other than those who may be elected by the holders of one or more series of the preferred stock voting separately by class or series, shall be fixed from time to time exclusively by | | | Subject to the Investor Rights Agreement, the total number of directors shall be determined from time to time by resolution adopted by the PubCo Board, provided that the directors shall be divided into | |
|
SilverBox
|
| |
PubCo
|
|
| the board of directors pursuant to a resolution adopted by a majority of the board of directors. | | | three classes designated Class I, Class II and Class III and each class shall consist, as nearly as possible, of one-third of the total number of such directors. | |
|
Election of Directors
|
| |||
|
Directors shall be elected by a plurality of the votes cast at each annual meeting of the stockholders, subject to any rights of any preferred stockholders to elect directors.
Newly created directorships resulting from an increase in the number of directors and any vacancies resulting from death, resignation, retirement, disqualification, removal or other cause may be filled solely and exclusively by a majority vote of the remaining directors then in office, even if less than a quorum, or by a sole remaining director (and not by stockholders).
|
| |
Directors shall be elected by the holders of a plurality of the votes cast by the holders of shares present in person or represented by proxy at the meeting of stockholders.
Subject to any rights of any preferred stockholders and rights granted pursuant to the Investor Rights Agreement, newly created directorships resulting from an increase in the number of directors and any vacancy (whether occurring due to death, resignation, retirement, disqualification, removal or other cause) shall be filled by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders).
|
|
|
Classified Board
|
| |||
| The board of directors is not classified. | | |
Directors shall be divided into three classes designated Class I, Class II and Class III. Each class shall consist, as nearly as possible, of one-third of the total number of such directors. Class I directors shall initially serve for a term expiring at the first annual meeting of stockholders following the Closing Date, Class II directors shall initially serve for a term expiring at the second annual meeting of stockholders following the Closing Date and Class III directors shall initially serve for a term expiring at the third annual meeting of stockholders following the Closing Date. At each annual meeting following the Closing Date, successors to the class of directors whose term expires at that annual meeting shall be elected for a term expiring at the third succeeding annual meeting of stockholders.
Notwithstanding the foregoing and subject to the Investor Rights Agreement, the term of all Class I directors shall automatically become one year commencing on the seventh annual meeting of stockholders, the term of all Class II directors shall automatically become one year commencing on the eighth annual meeting of stockholders and the term of all Class III directors shall automatically become one year commencing on the ninth annual meeting of stockholders, with all directors having a term of one year from and after such ninth annual meeting of stockholders.
|
|
|
SilverBox
|
| |
PubCo
|
|
|
Removal of Directors
|
| |||
| Any or all of the directors may be removed from office at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares of capital stock entitled to vote generally in the election of directors, voting together as a single class. | | | Subject to the terms of the Investor Rights Agreement, any or all of the directors (other than the directors elected by the holders of any series of preferred stock of the Corporation, voting separately as a series or together with one or more other such series, as the case may be) may be removed only for cause and only upon the affirmative vote of the holders of at least 662∕3% of the total voting power of all then outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class. | |
|
Voting
|
| |||
| Holders of shares of SilverBox Common Stock are entitled to one vote per share on each matter properly submitted to the stockholders which the holders of the SilverBox Common Stock are entitled to vote. | | |
Holders of PubCo Class A Common Stock and PubCo Class B Common Stock will each be entitled to one vote per share.
Holders of Class C Common Stock will not have any voting rights.
|
|
|
Stockholder Rights Plan
|
| |||
|
While Delaware law does not include a statutory provision expressly validating stockholder rights plans, such plans have generally been upheld by court decisions applying Delaware law.
SilverBox does not have a stockholder rights plan currently in effect, but under the DGCL, SilverBox’s board of directors could adopt such a plan without stockholder approval.
|
| |
While Delaware law does not include a statutory provision expressly validating stockholder rights plans, such plans have generally been upheld by court decisions applying Delaware law.
PubCo does not have a stockholder rights plan currently in effect, but under the DGCL, the PubCo Board could adopt such a plan without stockholder approval.
|
|
|
Special Meeting of the Board of Directors
|
| |||
| Special meetings of stockholders may be called only by the chairman of the board of directors, chief executive officer, or by a resolution adopted by a majority of the board of directors. | | | Special meetings of the stockholders of the may be called only by or at the direction of the chairman of the board of directors, the chief executive officer or the board of directors. | |
|
Amendment to Certificate of Incorporation
|
| |||
| Under Delaware law, an amendment to the Existing Charter generally requires the approval of the board of directors and a majority of the combined voting power of then outstanding shares of voting stock, voting together as a single class. | | | Under Delaware law, an amendment to the Proposed Charter generally requires the approval of the board of directors and a majority of the combined voting power of then outstanding shares of voting stock, voting together as a single class. In addition, pursuant to the Proposed Charter, the affirmative vote of the holders of at least 662∕3% of the total voting power of all then outstanding shares entitled to vote generally in the election of directors, voting together as a single class is required to amend provisions relating to: (i) stockholder meetings, (ii) the board of directors, (iii) indemnification and limitation of liability of officers and directors, (iv) election not be governed by Section 203 of the DGCL and business combinations generally, (v) forum selection, and (vi) amendment of the Proposed Charter. Additionally, affirmative vote of | |
|
SilverBox
|
| |
PubCo
|
|
| | | | at least 80% of the total voting power of all then outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class, is required to amend provisions with respect competition and corporate opportunities. | |
|
Amendment of Bylaws
|
| |||
| The Board may, subject to the DGCL, amend, alter, change, add to or repeal the Existing Bylaws. In addition, the Existing Bylaws may be adopted, amended, altered or repealed by the stockholders of the Corporation; provided, however, that in addition to any vote of the holders of any class or series of capital stock of the Corporation required by law or by the Existing Charter, the affirmative vote of the holders of a majority of the voting power of all then outstanding shares of capital stock entitled to vote generally in the election of directors, voting together as a single class, shall be required for the stockholders to adopt, amend, alter or repeal the Existing Bylaws; and provided further, however, that no bylaws thereafter adopted by the stockholders shall invalidate any prior act of the board of directors that would have been valid if such Existing Bylaws had not been adopted. | | | The PubCo Board may, subject to the DGCL, amend, alter, change, add to or repeal the Proposed Bylaws without the assent or vote of the stockholders in any manner not inconsistent with the laws of Delaware law or the Proposed Charter. In addition, pursuant to the Proposed Charter, the affirmative vote of the holders of at least 662∕3% of the total voting power of all then outstanding shares entitled to vote generally in the election of directors, voting together as a single class is required to amend provisions of the Proposed Bylaws relating to: (i) stockholder meetings, (ii) the board of directors, and (iii) indemnification and limitation of liability of officers and directors. | |
|
Quorum
|
| |||
|
A majority of the Board shall constitute a quorum for the transaction of business at any meeting of the Board.
The presence, in person or by proxy, at a stockholders meeting of the holders of shares of outstanding capital stock representing a majority of the voting power of all outstanding shares of capital stock entitled to vote at such meeting shall constitute a quorum for the transaction of business at such meeting, except that when specified business is to be voted on by a class or series of stock voting as a class, the holders of shares representing a majority of the voting power of the outstanding shares of such class or series shall constitute a quorum of such class or series for the transaction of such business.
|
| |
A majority of the total number of directors then in office shall constitute a quorum for the transaction of business by the board of directors.
The holders of a majority in voting power of the stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business.
|
|
|
Special Stockholder Meetings
|
| |||
| Subject to the rights of the holders of any series of preferred stock, special meetings of the stockholders may be called only by or at the direction of the board of directors, the chairman of the board of directors or the chief executive officer. | | | Subject to the rights of the holders of any series of preferred stock, special meetings of the stockholders may be called only by or at the direction of the PubCo board, the chairman of the PubCo board or the chief executive officer. | |
|
Notice of Stockholder Meetings
|
| |||
| Notice of a meeting of stockholders must be given not more than 60, nor less than 10, days previous | | | Notice of a meeting of stockholders must be given not more than 60, nor less than 10, days previous | |
|
SilverBox
|
| |
PubCo
|
|
|
thereto, to each stockholder entitled to vote at the meeting as of the record date.
Notice to stockholders must be given (i) in writing and sent either by hand delivery, through the United States mail, or by a nationally recognized overnight delivery service for next day delivery, or (ii) by electronic transmission.
|
| |
thereto, to each stockholder entitled to vote at the meeting as of the record date.
Notice to stockholders must be given (i) by United States mail, postage prepaid, directed to the stockholder at such stockholder’s address as it appears on the records of PubCo, or (ii) by electronic transmission.
|
|
|
Stockholder Proposals (Other than Nomination of Persons for Election as Directors)
|
| |||
|
Nominations or other business to be properly brought before an annual meeting by a stockholder must have given timely notice in writing to the corporate secretary and such business must otherwise be a proper matter for stockholder action.
To be timely, must be received by not later than the close of business on the 90th day nor earlier than the opening of business on the 120th day before the anniversary date of the immediately preceding annual meeting of stockholders; provided, however, that in the event that the annual meeting is more than 30 days before or more than 60 days after such anniversary date, notice must delivered not earlier than the close of business on the 120th day before the meeting and not later than the later of (x) the close of business on the 90th day before the meeting or (y) the close of business on the 10th day following the day on which public announcement of the date of the annual meeting is first made by the Corporation.
|
| |
Nominations or other business to be properly brought before an annual meeting by a stockholder must have given timely notice in writing to the corporate secretary and, in the case of business other than nominations of directors, such other business must be a proper matter for stockholder action.
To be timely, notice must be delivered not less than 90 days nor more than one hundred twenty 120 days prior to the first anniversary of the preceding year’s annual meeting; provided, however, that in the event that the date of the annual meeting is scheduled for more than 30 days before, or more than 70 days following, such anniversary date, notice must be delivered not later than the 10th day following the day on which public announcement of the date of such meeting is first made.
|
|
|
Limitation of Liability of Directors and Officers
|
| |||
| A director shall not be personally liable to SilverBox or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as the same exists or may hereafter be amended, unless a director violated his or her duty of loyalty to SilverBox or its stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived improper personal benefit from his or her actions as a director. | | | To the fullest extent permitted by applicable law, no director will have any personal liability to PubCo or its stockholders for monetary damages for any breach of fiduciary duty as a director. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. | |
|
Indemnification of Directors, Officers, Employees and Agents
|
| |||
| SilverBox, to the fullest extent permitted by law, as the same exists or may hereafter be amended, SilverBox shall indemnify and hold harmless each person who is or was made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he or she is or was a director or officer of SilverBox or, while | | | PubCo, to the fullest extent permitted by law, shall indemnify and advance expenses to any person made or threatened to be made a party to any action, suit or proceeding, whether criminal, civil, administrative or investigative, by reason of the fact that he or she is or was a director or officer of PubCo or any predecessor of PubCo, or, while serving as a director or officer of PubCo, serves or served at any other enterprise as a director or officer | |
|
SilverBox
|
| |
PubCo
|
|
| a director or officer , is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit reasonably incurred by such indemnitee in connection with such proceeding. | | | at the request of PubCo or any predecessor of PubCo. | |
|
Dividends, Distributions and Stock Repurchases
|
| |||
| Subject to the rights of the holders of any series of preferred stock, the holders of shares of SilverBox Common Stock shall be entitled to receive such dividends and other distributions when, as and if declared thereon by the board of directors from time to time out of any assets or funds legally available therefor and shall share equally on a per share basis in such dividends and distributions. | | | Subject to the rights of the holders of any series of preferred stock having a preference over or the right to participate with the PubCo Class A Common Stock with respect to the payment of dividends and other distributions, the holders of PubCo Class A Common Stock shall be entitled to receive ratably in proportion to the number of shares held by each such stockholder such dividends and other distributions as may from time to time be declared by the PubCo board in its discretion out of the assets of the Corporation that are by law available therefor at such times and in such amounts as the board of directors in its discretion shall determine. | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| | | | | F-17 | | | |
| | | | | F-18 | | | |
| | | | | F-19 | | | |
| | | | | F-20 | | | |
| | | | | F-21 | | |
| | | | | F-38 | | | |
| | | | | F-40 | | | |
| | | | | F-41 | | | |
| | | | | F-42 | | | |
| | | | | F-43 | | | |
| | | | | F-44 | | |
| | | | | F-68 | | | |
| | | | | F-69 | | | |
| | | | | F-70 | | | |
| | | | | F-71 | | | |
| | | | | F-72 | | |
| Assets | | | | | | | |
|
Cash on hand
|
| | | $ | 200,000 | | |
|
Deferred offering costs
|
| | | | 45,000 | | |
|
Total Assets
|
| | | $ | 245,000 | | |
| Liabilities and Stockholder’s Equity | | | | | | | |
| Current liabilities: | | | | | | | |
|
Accrued offering costs and expenses
|
| | | $ | 48,543 | | |
|
Promissory note – related party
|
| | | | 175,000 | | |
|
Total current liabilities
|
| | | | 223,543 | | |
| Commitments and Contingencies | | | | | | | |
| Stockholder’s Equity: | | | | | | | |
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | |
|
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; none issued and outstanding
|
| | | | — | | |
|
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 8,625,000 shares issued and outstanding(1)
|
| | | | 863 | | |
|
Additional paid-in capital
|
| | | | 24,137 | | |
|
Accumulated deficit
|
| | | | (3,543) | | |
|
Total Stockholder’s equity
|
| | | | 21,457 | | |
|
Total Liabilities and Stockholder’s Equity
|
| | | $ | 245,000 | | |
|
Formation cost
|
| | | $ | 3,543 | | |
|
Net loss
|
| | | $ | (3,543) | | |
|
Basic and diluted weighted average shares outstanding(1)
|
| | | | 7,500,000 | | |
|
Basic and diluted net loss per share
|
| | | $ | (0.00) | | |
| | |
Class B
common stock |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholder’s Equity |
| ||||||||||||||||||
| | |
Shares(1)
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance as of December 3, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Class B common stock issued to Sponsor
|
| | | | 8,625,000 | | | | | | 863 | | | | | | 24,137 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (3,543) | | | | | | (3,543) | | |
Balance as of December 31, 2020
|
| | | | 8,625,000 | | | | | $ | 863 | | | | | $ | 24,137 | | | | |
$
|
(3,543)
|
| | | | $ | 21,457 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (3,543) | | |
|
Changes in current assets and liabilities:
|
| | | | | | |
|
Accrued offering costs and operating expenses
|
| | | | 3,543 | | |
|
Net cash used in operating activities
|
| | | | — | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from sale of Class B common stock to Sponsor
|
| | | | 25,000 | | |
|
Proceeds from issuance of promissory note to related party
|
| | | | 175,000 | | |
|
Net cash provided by financing activities
|
| | | | 200,000 | | |
|
Net change in cash
|
| | | | 200,000 | | |
|
Cash, December 3, 2020 (inception)
|
| | | | — | | |
|
Cash, end of the period
|
| | | $ | 200,000 | | |
| Supplemental disclosure of cash flow information: | | | | | | | |
|
Accrued deferred offering costs
|
| | | $ | 45,000 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
|
(Unaudited)
|
| | | | | | | |||||
Assets: | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 992,305 | | | | | $ | 200,000 | | |
Prepaid expenses
|
| | | | 477,273 | | | | | | — | | |
Due from sponsor
|
| | | | 563 | | | | | | — | | |
Total current assets
|
| | | | 1,470,141 | | | | | | 200,000 | | |
Deferred offering costs
|
| | | | — | | | | | | 45,000 | | |
Cash and marketable securities held in Trust Account
|
| | | | 345,060,383 | | | | | | — | | |
Total Assets
|
| | | $ | 346,530,524 | | | | | $ | 245,000 | | |
Liabilities and Stockholders’ Equity Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 753,670 | | | | | | — | | |
Accrued offering costs and expenses
|
| | | | — | | | | | | 48,543 | | |
Promissory note – related party
|
| | | | — | | | | | | 175,000 | | |
Taxes payable
|
| | | | 150,000 | | | | | | — | | |
Due to related party
|
| | | | 1,350 | | | | | | — | | |
Total current liabilities
|
| | | | 905,020 | | | | | | 223,543 | | |
Warrant liability
|
| | | | 12,841,691 | | | | | | — | | |
Deferred underwriters’ discount
|
| | | | 12,075,000 | | | | | | — | | |
Total liabilities
|
| | |
|
25,821,711
|
| | | | | 223,543 | | |
Commitments | | | | | | | | | | | | | |
Class A Common Stock subject to possible redemption, 34,500,000 and
0 shares at redemption value, respectively |
| | | | 345,000,000 | | | | | | — | | |
Stockholders’ Equity: | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 0 issued and outstanding at December 31, 2020 (excluding 34,500,000 shares subject to possible redemption)
|
| | | | — | | | | | | — | | |
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 8,625,000 shares issued and outstanding
|
| | | | 863 | | | | | | 863 | | |
Additional paid-in capital
|
| | | | — | | | | | | 24,137 | | |
Accumulated deficit
|
| | | | (24,292,050) | | | | | | (3,543) | | |
Total stockholders’ equity (deficit)
|
| | | | (24,291,187) | | | | | | 21,457 | | |
Total Liabilities and stockholders’ equity
|
| | | $ | 346,530,524 | | | | | $ | 245,000 | | |
| | |
For the
nine months ended September 30, 2021 |
| |
For the
three months ended September 30, 2021 |
| ||||||
Formation and operating costs
|
| | | $ | 1,456,685 | | | | | $ | 1,018,418 | | |
Loss from operations
|
| | | | (1,456,685) | | | | | | (1,018,418) | | |
Other income/(expense) | | | | | | | | | | | | | |
Unrealized gain on change in fair value of warrants
|
| | | | 9,341,215 | | | | | | 951,443 | | |
Transaction costs allocated to warrant liabilities
|
| | | | (820,691) | | | | | | — | | |
Interest income
|
| | | | 60,383 | | | | | | 26,454 | | |
Total other income
|
| | | | 8,580,907 | | | | | | 977,897 | | |
Net Income (loss)
|
| | | $ | 7,124,222 | | | | | $ | (40,521) | | |
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption
|
| | | | 27,549,451 | | | | | | 34,500,000 | | |
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption
|
| | | $ | 0.20 | | | | | $ | (0.00) | | |
Basic and diluted, weighted average shares outstanding – Class A and Class B non-redeemable common stock
|
| | | | 8,381,868 | | | | | | 8,625,000 | | |
Basic and diluted net income (loss) per share, common stock
|
| | | $ | 0.20 | | | | | $ | (0.00) | | |
| | |
Class A Common Stock
|
| |
Class B Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
| | | | — | | | | | $ | — | | | | | | 8,625,000 | | | | | $ | 863 | | | | | $ | 24,137 | | | | | $ | (3,543) | | | | | $ | 21,457 | | |
Excess of cash received over fair value of Private Placement Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,570,109 | | | | | | — | | | | | | 1,570,109 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,154,131) | | | | | | (1,154,131) | | |
Accretion of Class A shares to redemption amount of Class A common stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,594,246) | | | | | | (31,412,729) | | | | | | (33,006,975) | | |
Balance as of March 31, 2021
(Restated – see Note 2) |
| | | | — | | | | | $ | — | | | | | | 8,625,000 | | | | | $ | 863 | | | | | $ | — | | | | | $ | (32,570,403) | | | | | $ | (32,569,540) | | |
Net income
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
8,318,874
|
| | | |
|
8,318,874
|
| |
Balance as of June 30, 2021 (Restated – see Note 2)
|
| | | | — | | | | | $ | — | | | | | | 8,625,000 | | | | | $ | 863 | | | | | $ | — | | | | | $ | (24,251,529) | | | | | $ | (24,250,666) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (40,521) | | | | | | (40,521) | | |
Balance as of September 30, 2021
|
| | | | — | | | | | $ | — | | | | | | 8,625,000 | | | | | $ | 863 | | | | | $ | — | | | | | $ | (24,292,050) | | | | | $ | (24,291,187) | | |
| | |
For the
nine months ended September 30, 2021 |
| |||
|
(Unaudited)
|
| |||||
Cash Flows from Operating Activities: | | | | | | | |
Net Income
|
| | | $ | 7,124,222 | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | |
Interest earned on investments held in Trust Account
|
| | | | (60,383) | | |
Unrealized gain on change in fair value of warrants
|
| | | | (9,341,215) | | |
Transaction costs allocated to warrant liabilities
|
| | | | 820,691 | | |
Changes in operating assets and liabilities
|
| | | | | | |
Prepaid assets
|
| | | | (477,273) | | |
Taxes payable
|
| | | | 150,000 | | |
Due from Sponsor
|
| | | | (563) | | |
Due to related party
|
| | | | (173,650) | | |
Accounts payable and accrued expenses
|
| | | | 750,127 | | |
Net cash used in operating activities
|
| | | | (1,208,044) | | |
Cash flows from investing activities: | | | | | | | |
Investments and marketable securities held in Trust
|
| | | | (345,000,000) | | |
Net cash used in investing activities
|
| | | | (345,000,000) | | |
Cash flows from financing activities: | | | | | | | |
Proceeds from sale of Units, net of offering costs
|
| | | | 344,500,349 | | |
Proceeds from issuance of Private Placement Warrants
|
| | | | 9,400,000 | | |
Payment of underwriter discount
|
| | | | (6,900,000) | | |
Net cash provided by financing activities
|
| | | | 347,000,349 | | |
Net change in cash
|
| | | | 792,305 | | |
Cash, beginning of the period
|
| | | | 200,000 | | |
Cash, end of period
|
| | | $ | 992,305 | | |
Supplemental Disclosure of Non-cash Financing Activities: | | | | | | | |
Initial classification of Class A common stock subject to possible redemption
|
| | | $ | 345,000,000 | | |
Deferred underwriters’ discount payable charged to additional paid in capital
|
| | | $ | 12,075,000 | | |
For the three months ended March 31, 2021
|
| |
As Reported
|
| |
Restatement
|
| |
As Restated
|
| |||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption
|
| | | | 34,500,000 | | | | | | (23,000,000) | | | | | | 11,500,000 | | |
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption
|
| | | $ | — | | | | | $ | (0.06) | | | | | $ | (0.06) | | |
Basic and diluted, weighted average shares outstanding – Class A
and Class B non-redeemable common stock |
| | | | 7,887,500 | | | | | | (12,500) | | | | | | 7,875,000 | | |
Basic and diluted net income (loss) per share, common stock
|
| | | $ | (0.15) | | | | | $ | 0.09 | | | | | $ | (0.06) | | |
For the three months ended June 30, 2021
|
| |
As Reported
|
| |
Restatement
|
| |
As Restated
|
| |||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption
|
| | | | 34,500,000 | | | | | | — | | | | | | 34,500,000 | | |
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption
|
| | | $ | — | | | | | $ | 0.19 | | | | | $ | 0.19 | | |
Basic and diluted, weighted average shares outstanding – Class A
and Class B non-redeemable common stock |
| | | | 8,625,000 | | | | | | — | | | | | | 8,625,000 | | |
Basic and diluted net income (loss) per share, common stock
|
| | | $ | 0.96 | | | | | $ | (0.77) | | | | | $ | 0.19 | | |
For the six months ended June 30, 2021
|
| |
As Reported
|
| |
Restatement
|
| |
As Restated
|
| |||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption
|
| | | | 34,500,000 | | | | | | (11,436,464) | | | | | | 23,063,536 | | |
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption
|
| | | $ | — | | | | | $ | 0.23 | | | | | $ | 0.23 | | |
Basic and diluted, weighted average shares outstanding – Class A
and Class B non-redeemable common stock |
| | | | 8,258,287 | | | | | | — | | | | | | 8,258,287 | | |
Basic and diluted net income (loss) per share, common stock
|
| | | $ | 0.86 | | | | | $ | (0.63) | | | | | $ | 0.23 | | |
| | |
For the nine months ended
September 30, 2021 |
| |
For the three months ended
September 30, 2021 |
| ||||||||||||||||||
|
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||
Basic and diluted net income (loss) per share | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss)
|
| | | $ | 5,699,378 | | | | | $ | 1,424,844 | | | | | $ | (32,417) | | | | | $ | (8,104) | | |
Denominator
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Weighted-average shares outstanding
|
| | | | 27,549,451 | | | | | | 8,381,868 | | | | | | 34,500,000 | | | | | | 8,625,000 | | |
Basic and diluted net income (loss) per share
|
| | | $ | 0.20 | | | | | $ | 0.20 | | | | | $ | (0.00) | | | | | $ | (0.00) | | |
| | |
Carrying
Value/ Amortized Cost |
| |
Gross
Unrealized Loss |
| |
Fair Value
as of September 30, 2021 |
| |
Amortization
of Bond Discount |
| ||||||||||||
Cash
|
| | | $ | 435 | | | | | $ | — | | | | | $ | 435 | | | | | $ | — | | |
U.S. Treasury Securities
|
| | | | 345,059,948 | | | | | | (9,094) | | | | | | 345,050,854 | | | | | | 60,383 | | |
| | | | $ | 345,060,383 | | | | | $ | (9,094) | | | | | $ | 345,051,289 | | | | | $ | 60,383 | | |
| | |
Carrying
Value |
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – U.S. Treasury Bills
|
| | | | 345,060,383 | | | | | $ | 345,051,289 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Private Placement Warrants
|
| | | | 4,561,691 | | | | | | — | | | | | | — | | | | | | 4,561,691 | | |
Public Warrants
|
| | | | 8,280,000 | | | | | | 8,280,000 | | | | | | — | | | | | | — | | |
Input
|
| |
March 2,
2021 (Initial Measurement) |
| |
September 30,
2021 |
| ||||||
Risk-free interest rate
|
| | | | 1.01% | | | | | | 1.18% | | |
Expected term (years)
|
| | | | 6.46 | | | | | | 6.19 | | |
Stock price
|
| | | $ | 9.584 | | | | | $ | 9.780 | | |
Probability of completing business combination
|
| | | | 80% | | | | | | 90% | | |
Expected volatility
|
| | | | 24.2% | | | | | | 12.5% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
|
Fair Value at December 31, 2020
|
| | | $ | — | | |
|
Fair value at issuance March 2 2021
|
| | | | 22,182,906 | | |
|
Public Warrants reclassified to level 1(1)
|
| | | | (8,855,000) | | |
|
Change in fair value
|
| | | | (8,766,215) | | |
|
Fair Value at September 30, 2021
|
| | | $ | 4,561,691 | | |
| | |
December 31
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 35,232 | | | | | $ | 5,035 | | |
Accounts receivable, net
|
| | | | 3,629 | | | | | | 868 | | |
Inventories
|
| | | | 16,041 | | | | | | 5,144 | | |
Prepaid expenses and other current assets
|
| | | | 2,186 | | | | | | 1,164 | | |
Total current assets
|
| | | | 57,088 | | | | | | 12,211 | | |
Property and equipment, net
|
| | | | 14,714 | | | | | | 6,114 | | |
Identifiable intangibles, net
|
| | | | 191 | | | | | | 217 | | |
Restricted cash
|
| | | | 400 | | | | | | — | | |
Other
|
| | | | 149 | | | | | | 169 | | |
Total assets
|
| | | $ | 72,542 | | | | | $ | 18,711 | | |
Liabilities and members’ deficit | | | | | | | | | | | | | |
Current liabilities: | | | | ||||||||||
Accounts payable
|
| | | $ | 11,527 | | | | | $ | 4,496 | | |
Accrued liabilities
|
| | | | 14,676 | | | | | | 8,812 | | |
Accrued sales taxes
|
| | | | 1,387 | | | | | | 1,095 | | |
Deferred revenue and gift card liability
|
| | | | 4,615 | | | | | | 1,300 | | |
Current maturities of long-term debt, net
|
| | | | 866 | | | | | | 2,235 | | |
Current maturities of capital lease obligations
|
| | | | 469 | | | | | | 402 | | |
Total current liabilities
|
| | | | 33,540 | | | | | | 18,340 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Long-term debt, net
|
| | | | 12,170 | | | | | | 565 | | |
Capital lease obligations, net of current maturities
|
| | | | 727 | | | | | | 1,055 | | |
Total non-current liabilities
|
| | | | 12,897 | | | | | | 1,620 | | |
Total liabilities
|
| | | | 46,437 | | | | | | 19,960 | | |
Commitments and Contingencies (Note 10) | | | | | | | | | | | | | |
Series A preferred equity, less issuance costs (150,000 units authorized, issued and outstanding as of December 31, 2020)
|
| | | | 128,983 | | | | | | — | | |
Members’ deficit (18,769 and 20,000 Class A units authorized, issued and outstanding as of December 31, 2020 and 2019, respectively; 73,890 and 88,572 Class B units authorized, issued and outstanding as of December 31, 2020 and 2019, respectively)
|
| | | | (102,878) | | | | | | (1,249) | | |
Total liabilities, Series A preferred units and members’ deficit
|
| | | $ | 72,542 | | | | | $ | 18,711 | | |
| | |
Year Ended December 31
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Revenue, net
|
| | | $ | 163,909 | | | | | $ | 82,128 | | |
Cost of goods sold
|
| | | | 94,500 | | | | | | 46,423 | | |
Gross profit
|
| | | | 69,409 | | | | | | 35,705 | | |
Operating expenses | | | | | | | | | | | | | |
Marketing and advertising
|
| | | | 25,513 | | | | | | 13,349 | | |
Salaries, wages and benefits
|
| | | | 24,194 | | | | | | 13,129 | | |
General and administrative
|
| | | | 13,922 | | | | | | 9,343 | | |
Total operating expenses
|
| | | | 63,629 | | | | | | 35,821 | | |
Income (loss) from operations
|
| | | | 5,780 | | | | | | (116) | | |
Other income (expense): | | | | | | | | | | | | | |
Interest expense
|
| | | | (1,047) | | | | | | (733) | | |
Other income (expense), net
|
| | | | (227) | | | | | | 91 | | |
Total other (expense)
|
| | | | (1,274) | | | | | | (642) | | |
Earnings (loss) before income taxes
|
| | | | 4,506 | | | | | | (758) | | |
State income tax expense
|
| | | | 185 | | | | | | 14 | | |
Net income (loss)
|
| | |
$
|
4,321
|
| | | | $ | (772) | | |
| | |
Members’
Interest |
| |
Accumulated
Earnings (Deficit) |
| |
Total
|
| |||||||||
Balance at January 1, 2019
|
| | | $ | 10,881 | | | | | $ | (9,700) | | | | | $ | 1,181 | | |
Equity-based compensation
|
| | | | 143 | | | | | | — | | | | | | 143 | | |
Repayment of notes receivable from members
|
| | | | 199 | | | | | | — | | | | | | 199 | | |
Repurchase member units
|
| | | | (2,000) | | | | | | — | | | | | | (2,000) | | |
Net loss
|
| | | | — | | | | | | (772) | | | | | | (772) | | |
Balance at December 31, 2019
|
| | | $ | 9,223 | | | | | $ | (10,472) | | | | | $ | (1,249) | | |
Equity-based compensation
|
| | | | 1,929 | | | | | | — | | | | | | 1,929 | | |
Non-Employee equity-based compensation
|
| | | | 1,384 | | | | | | — | | | | | | 1,384 | | |
Issuance of members units, net of issuance costs of $559
|
| | | | 16,551 | | | | | | — | | | | | | 16,551 | | |
Series A Preferred Discount Amortization
|
| | | | (870) | | | | | | — | | | | | | (870) | | |
Repayment of notes receivable from members
|
| | | | 56 | | | | | | — | | | | | | 56 | | |
Repurchase member units
|
| | | | (125,000) | | | | | | — | | | | | | (125,000) | | |
Net income
|
| | | | — | | | | | | 4,321 | | | | | | 4,321 | | |
Balance at December 31, 2020
|
| | | $ | (96,727) | | | | | $ | (6,151) | | | | | $ | (102,878) | | |
| | |
Year Ended December 31
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Operating activities | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 4,321 | | | | | $ | (772) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 1,375 | | | | | | 933 | | |
Equity-based compensation
|
| | | | 1,929 | | | | | | 143 | | |
Non-employee equity-based compensation
|
| | | | 1,384 | | | | | | — | | |
Amortization of debt issuance costs
|
| | | | 133 | | | | | | 314 | | |
Bad debt expense (recovery)
|
| | | | 195 | | | | | | (37) | | |
Loss from equity method investment
|
| | | | 52 | | | | | | 80 | | |
Loss on sale of property and equipment
|
| | | | — | | | | | | 4 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable, net
|
| | | | (2,956) | | | | | | (243) | | |
Inventories
|
| | | | (10,897) | | | | | | 289 | | |
Prepaid expenses and other assets
|
| | | | (1,054) | | | | | | (692) | | |
Accounts payable
|
| | | | 7,032 | | | | | | 986 | | |
Accrued liabilities
|
| | | | 6,425 | | | | | | 3,082 | | |
Accrued sales tax
|
| | | | 292 | | | | | | 120 | | |
Deferred revenue and gift card liability
|
| | | | 3,315 | | | | | | 593 | | |
Other liabilities
|
| | | | — | | | | | | (656) | | |
Net cash provided by operating activities
|
| | | | 11,546 | | | | | | 4,144 | | |
Investing activities | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | $ | (9,760) | | | | | $ | (1,043) | | |
Cash paid for asset purchases
|
| | | | — | | | | | | (63) | | |
Net cash used in investing activities
|
| | | | (9,760) | | | | | | (1,106) | | |
Financing activities | | | | | | | | | | | | | |
Proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of
$591 and $59 in 2020 and 2019, respectively |
| | | $ | 16,436 | | | | | $ | 2,699 | | |
Repayment of long-term debt
|
| | | | (7,333) | | | | | | (4,670) | | |
Repayment of and restricted cash for capital lease obligations
|
| | | | (451) | | | | | | (396) | | |
Issuance of Series A preferred equity, net of cash paid for issuance costs
of $4,897 |
| | | | 145,103 | | | | | | — | | |
Repurchase of member units
|
| | | | (125,000) | | | | | | — | | |
Repayment of notes receivable from members
|
| | | | 56 | | | | | | 201 | | |
Net cash provided by (used in) provided by financing activities
|
| | | | 28,811 | | | | | | (2,166) | | |
Net increase in cash, cash equivalents, and restricted cash
|
| | | | 30,597 | | | | | | 872 | | |
Beginning cash, cash equivalents, and restricted cash
|
| | | | 5,035 | | | | | | 4,163 | | |
Ending cash, cash equivalents, and restricted cash
|
| | |
$
|
35,632
|
| | | | $ | 5,035 | | |
Non-cash investing and financing activities | | | | | | | | | | | | | |
Equity investment of property and equipment
|
| | |
$
|
—
|
| | | | $ | 107 | | |
Accrued Series A preferred equity distribution and related discount amortization
|
| | | | 870 | | | | | | — | | |
Issuance of note and other payables for repurchase of member units
|
| | | | — | | | | | | 2,000 | | |
Capital expenditures financed through credit facilities and capital leases
|
| | | | 6,430 | | | | | | 77 | | |
Accrued capital expenditures
|
| | | | 140 | | | | | | 183 | | |
Supplemental cash flow information | | | | | | | | | | | | | |
Cash paid for state income taxes
|
| | | $ | 114 | | | | | $ | 14 | | |
Cash paid for interest
|
| | | $ | 1,007 | | | | | $ | 332 | | |
|
January 1, 2019
|
| | | $ | 707 | | |
|
Sales of gift cards
|
| | | | 268 | | |
|
Redemption of gift cards
|
| | | | (163) | | |
|
Increase from deferral of revenue
|
| | | | 1,107 | | |
|
Decrease from revenue recognition
|
| | | | (619) | | |
|
December 31, 2019
|
| | | | 1,300 | | |
|
Sales of gift cards
|
| | | | 512 | | |
|
Redemption of gift cards
|
| | | | (319) | | |
|
Increase from deferral of revenue
|
| | | | 3,383 | | |
|
Decrease from revenue recognition
|
| | | | (1,107) | | |
|
Loyalty Program points earned
|
| | | | 891 | | |
|
Loyalty Program points redeemed
|
| | | | (45) | | |
|
December 31, 2020
|
| | | $ | 4,615 | | |
| | |
December 31
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Direct to Consumer
|
| | | $ | 137,724 | | | | | $ | 73,590 | | |
Wholesale
|
| | | | 23,351 | | | | | | 7,717 | | |
Outpost
|
| | | | 2,834 | | | | | | 821 | | |
Total net sales
|
| | | $ | 163,909 | | | | | $ | 82,128 | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Cash
|
| | | $ | 34,207 | | | | | $ | 3,852 | | |
Proceeds from credit card transactions in transit
|
| | | | 1,025 | | | | | | 1,183 | | |
Restricted cash
|
| | | | 400 | | | | | | — | | |
Total cash and cash equivalents and restricted cash
|
| | | $ | 35,632 | | | | | $ | 5,035 | | |
| | |
Estimated
Useful Lives |
|
Land
|
| |
—
|
|
Building and Leasehold improvements
|
| |
5 – 39 years
|
|
Computer equipment and software
|
| |
3 years
|
|
Machinery and equipment
|
| |
3 – 7 years
|
|
Vehicles
|
| |
5 years
|
|
|
2021
|
| | | $ | 4,300 | | |
|
2022
|
| | | $ | 4,945 | | |
|
2023
|
| | | $ | 5,685 | | |
|
2024
|
| | | $ | 6,540 | | |
|
2025
|
| | | $ | 3,500 | | |
| | |
December 31
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Coffee: | | | | | | | | | | | | | |
Unroasted
|
| | | $ | 2,054 | | | | | $ | 1,483 | | |
Finished Goods
|
| | | | 4,993 | | | | | | 1,960 | | |
Ready-to-Drink
|
| | | | 2,672 | | | | | | — | | |
In transit
|
| | | | 1,098 | | | | | | 287 | | |
Apparel and other merchandise
|
| | | | 5,224 | | | | | | 1,414 | | |
Inventories
|
| | | $ | 16,041 | | | | | $ | 5,144 | | |
| | |
December 31
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Land
|
| | | $ | 2,086 | | | | | $ | 649 | | |
Building and leasehold improvements
|
| | | | 5,291 | | | | | | 1,617 | | |
Computer equipment and software
|
| | | | 1,944 | | | | | | 271 | | |
Machinery and equipment
|
| | | | 4,808 | | | | | | 4,130 | | |
Vehicles
|
| | | | 721 | | | | | | 363 | | |
Furniture and Fixtures
|
| | | | 714 | | | | | | 118 | | |
Construction in progress
|
| | | | 1,953 | | | | | | 420 | | |
| | | | | 17,517 | | | | | | 7,568 | | |
Less: accumulated depreciation and amortization
|
| | | | (2,803) | | | | | | (1,454) | | |
Property and Equipment, net
|
| | | $ | 14,714 | | | | | $ | 6,114 | | |
December 31, 2020
|
| |
Useful Life
|
| |
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| |||||||||
Trademark and tradename
|
| |
10 years
|
| | | $ | 247 | | | | | $ | 56 | | | | | $ | 191 | | |
December 31, 2019
|
| |
Useful Life
|
| |
Cost
|
| |
Accumulated
Amortization |
| |
Net
|
| |||||||||
Trademark and tradename
|
| |
10 years
|
| | | $ | 248 | | | | | $ | 31 | | | | | $ | 217 | | |
| Year ending December 31: | | | | | | | |
|
2021
|
| | | $ | 25 | | |
|
2022
|
| | | | 25 | | |
|
2023
|
| | | | 25 | | |
|
2024
|
| | | | 25 | | |
|
2025
|
| | | | 25 | | |
|
Thereafter
|
| | | | 66 | | |
| | | | | $ | 191 | | |
| | |
December 31
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Accrued compensation and benefits
|
| | | $ | 5,159 | | | | | $ | 2,472 | | |
Accrued marketing
|
| | | | 4,304 | | | | | | 1,716 | | |
Accrued Series A preferred equity distribution
|
| | | | 438 | | | | | | — | | |
Accrued freight
|
| | | | 1,394 | | | | | | 1,007 | | |
Credit card liabilities
|
| | | | 1,340 | | | | | | 876 | | |
Other accrued expenses
|
| | | | 2,041 | | | | | | 2,741 | | |
Total
|
| | | $ | 14,676 | | | | | $ | 8,812 | | |
| | |
December 31
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Mortgages
|
| | | $ | 5,423 | | | | | $ | — | | |
Equipment financing loan
|
| | | | 1,007 | | | | | | — | | |
Loan and security agreement
|
| | | | 6,500 | | | | | | — | | |
Related party note payable
|
| | | | 565 | | | | | | 1,000 | | |
Term loan
|
| | | | — | | | | | | 1,800 | | |
Total principal
|
| | | | 13,495 | | | | | | 2,800 | | |
Less debt issuance costs
|
| | | | (459) | | | | | | — | | |
Long-term debt, net
|
| | | $ | 13,036 | | | | | $ | 2,800 | | |
Current maturities: | | | | | | | | | | | | | |
Current maturities of principal
|
| | | | 1,030 | | | | | | 2,235 | | |
Less current portion of debt issuance costs
|
| | | | (164) | | | | | | — | | |
Current maturities of long-term debt, net
|
| | | | 866 | | | | | | 2,235 | | |
Long-term debt: | | | | | | | | | | | | | |
Non-current principal
|
| | | | 12,465 | | | | | | 565 | | |
Non-current portion of debt issuance costs
|
| | | | (295) | | | | | | — | | |
Long-term debt, net
|
| | | $ | 12,170 | | | | | $ | 565 | | |
| Year ending December 31: | | | | | | | |
|
2021
|
| | | $ | 1,030 | | |
|
2022
|
| | | | 765 | | |
|
2023
|
| | | | 6,255 | | |
|
2024
|
| | | | 347 | | |
|
2025
|
| | | | 4,716 | | |
|
Thereafter
|
| | | | 382 | | |
| | | | | $ | 13,495 | | |
| | |
Operating
|
| |||
Year ending December 31: | | | | | | | |
2021
|
| | | $ | 1,103 | | |
2022
|
| | | | 1,101 | | |
2023
|
| | | | 996 | | |
2024
|
| | | | 801 | | |
2025
|
| | | | 805 | | |
Total minimum lease payments
|
| | | $ | 4,806 | | |
| | |
Capital
|
| |||
Year ending December 31: | | | | | | | |
2021
|
| | | $ | 537 | | |
2022
|
| | | | 631 | | |
2023
|
| | | | 56 | | |
2024
|
| | | | 67 | | |
2025
|
| | | | 13 | | |
Total minimum lease payments
|
| | | | 1,304 | | |
Less: amount representing interest
|
| | | | 108 | | |
Present value of net minimum lease payments
|
| | | | 1,196 | | |
Less: current portion
|
| | | | 469 | | |
Capital lease obligations, net of current maturities
|
| | | $ | 727 | | |
| | |
December 31
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Vehicles
|
| | | $ | 481 | | | | | $ | 291 | | |
Machinery and equipment
|
| | | | 1,732 | | | | | | 1,732 | | |
| | | | | 2,213 | | | | | | 2,023 | | |
Less: accumulated amortization
|
| | | | 801 | | | | | | 494 | | |
Total
|
| | | $ | 1,412 | | | | | $ | 1,529 | | |
| | |
Class A
Common Units |
| |
Class B
Common Units |
| |
Total
|
| |||||||||
Outstanding, January 1, 2019
|
| | | | 20,000 | | | | | | 94,286 | | | | | | 114,286 | | |
Repurchased
|
| | | | — | | | | | | (5,714) | | | | | | (5,714) | | |
Outstanding, December 31, 2019
|
| | | | 20,000 | | | | | | 88,572 | | | | | | 108,572 | | |
Issued
|
| | | | — | | | | |
|
8,855
|
| | | |
|
8,855
|
| |
Repurchased
|
| | |
|
(1,231)
|
| | | |
|
(23,537)
|
| | | |
|
(24,768)
|
| |
Outstanding, December 31, 2020
|
| | |
|
18,769
|
| | | |
|
73,890
|
| | | |
|
92,659
|
| |
Year
|
| |
Percentage
|
| |||
2023
|
| | | | 101.00% | | |
2024
|
| | | | 102.00% | | |
2025
|
| | | | 103.00% | | |
|
Expected dividend
|
| |
—
|
|
|
Expected volatility
|
| |
60% to 85%
|
|
|
Risk-free interest rate
|
| |
0.13% to 2.53%
|
|
|
Expected life of incentive awards (in years)
|
| |
2 to 5 years
|
|
|
Grant date performance and market threshold
|
| |
$35,000 to $600,000
|
|
| | |
Incentive
Units |
| |
Weighted
Average Grant Date Fair Value |
| |
Total
Value |
| |||||||||
Granted and Outstanding at January 1, 2019
|
| | | | 108,500 | | | | | $ | 49.89 | | | | | $ | 5,413 | | |
Granted
|
| | | | 50,000 | | | | | | 5.13 | | | | | | 257 | | |
Forfeited
|
| | | | (16,000) | | | | | | 15.04 | | | | | | (241) | | |
Granted and Outstanding at December 31, 2019
|
| | | | 142,500 | | | | | $ | 38.10 | | | | | $ | 5,429 | | |
Granted
|
| | | | 49,119 | | | | | | 95.27 | | | | | | 4,680 | | |
Forfeited
|
| | | | (10,000) | | | | | | 15.40 | | | | | | (154) | | |
Repurchased
|
| | | | (7,116) | | | | | | 447.15 | | | | | | (3,182) | | |
Granted and Outstanding at December 31, 2020
|
| | | | 174,503 | | | | | $ | 38.82 | | | | | $ | 6,773 | | |
Vested at December 31, 2020
|
| | | | 112,022 | | | | | $ | 59.55 | | | | | $ | 6,671 | | |
| | |
September 30, 2021
(unaudited) |
| |
December 31, 2020
(Audited) |
| | ||||||||
Assets | | | | | | | | | | | | | | | ||
Current assets: | | | | | | | | | | | | | | | ||
Cash and cash equivalents
|
| | | $ | 13,992 | | | | | $ | 35,232 | | | | ||
Accounts receivable, net
|
| | | | 12,281 | | | | | | 3,629 | | | | ||
Inventories
|
| | | | 23,762 | | | | | | 16,041 | | | | ||
Prepaid expenses and other current assets
|
| | | | 4,439 | | | | | | 2,186 | | | | ||
Total current assets
|
| | | | 54,474 | | | | | | 57,088 | | | | ||
Property and equipment, net
|
| | | | 24,529 | | | | | | 14,714 | | | | ||
Identifiable intangibles, net
|
| | | | 173 | | | | | | 191 | | | | ||
Restricted cash
|
| | | | — | | | | | | 400 | | | | ||
Other
|
| | | | 1,129 | | | | | | 149 | | | | ||
Total assets
|
| | | $ | 80,305 | | | | | $ | 72,542 | | | | ||
Liabilities and members’ deficit | | | | | | | | | | | | | | | ||
Current liabilities: | | | | | | | | | | | | | | | ||
Accounts payable
|
| | | $ | 15,971 | | | | | $ | 11,527 | | | | ||
Accrued liabilities
|
| | | | 21,055 | | | | | | 14,676 | | | | ||
Accrued sales taxes
|
| | | | 1,229 | | | | | | 1,387 | | | | ||
Deferred revenue and gift card liability
|
| | | | 6,145 | | | | | | 4,615 | | | | ||
Current maturities of long-term debt, net
|
| | | | 1,154 | | | | | | 866 | | | | ||
Current maturities of capital lease obligations
|
| | | | 55 | | | | | | 469 | | | | ||
Total current liabilities
|
| | | | 45,609 | | | | | | 33,540 | | | | ||
Non-current liabilities: | | | | | | | | | | | | | | | ||
Long-term debt, net
|
| | | | 23,163 | | | | | | 12,170 | | | | ||
Capital lease obligations, net of current maturities
|
| | | | 164 | | | | | | 727 | | | | ||
Other non-current liabilities
|
| | | | 255 | | | | | | — | | | | ||
Total non-current liabilities
|
| | | | 23,582 | | | | | | 12,897 | | | | ||
Total liabilities
|
| | | | 69,191 | | | | | | 46,437 | | | | ||
Commitments and Contingencies (Note 5) | | | | | | | | | | | | | | | ||
Series A preferred equity, less issuance costs (151,406 and 150,000 units authorized, issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)
|
| | | | 142,790 | | | | | | 128,983 | | | | ||
Members’ deficit (18,769 Class A units and 73,890 Class B units
authorized, issued and outstanding as of September 30, 2021 and December 31, 2020) |
| | | | (131,676) | | | | | | (102,878) | | | | ||
Total liabilities, Series A preferred units and members’ deficit
|
| | | $ | 80,305 | | | | | $ | 72,542 | | | | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue, net
|
| | | $ | 161,253 | | | | | $ | 104,003 | | |
Cost of goods sold
|
| | | | 96,245 | | | | | | 58,565 | | |
Gross profit
|
| | | | 65,008 | | | | | | 45,438 | | |
Operating expenses | | | | | | | | | | | | | |
Marketing and advertising
|
| | | | 25,290 | | | | | | 15,052 | | |
Salaries, wages and benefits
|
| | | | 29,755 | | | | | | 16,009 | | |
General and administrative
|
| | | | 17,473 | | | | | | 9,982 | | |
Total operating expenses
|
| | | | 72,518 | | | | | | 41,043 | | |
Income (loss) from operations
|
| | | | (7,510) | | | | | | 4,395 | | |
Other income (expense): | | | | | | | | | | | | | |
Interest expense
|
| | | | (1,590) | | | | | | (814) | | |
Other income (expense), net
|
| | | | (5) | | | | | | (95) | | |
Total other income (expense)
|
| | | | (1,595) | | | | | | (909) | | |
Earnings (loss) before income taxes
|
| | | | (9,105) | | | | | | 3,486 | | |
State income tax expense
|
| | | | 133 | | | | | | 141 | | |
Net income (loss)
|
| | | $ | (9,238) | | | | | $ | 3,345 | | |
| | |
Members’
Interest |
| |
Accumulated
Earnings (Deficit) |
| |
Total
|
| |||||||||
Balance at December 31, 2019
|
| | | $ | 9,223 | | | | | $ | (10,472) | | | | | $ | (1,249) | | |
Equity-based compensation
|
| | | | 1,641 | | | | | | — | | | | | | 1,641 | | |
Non-employee equity-based compensation
|
| | | | 1,009 | | | | | | — | | | | | | 1,009 | | |
Net income
|
| | | | — | | | | | | 3,345 | | | | | | 3,345 | | |
Balance at September 30, 2020
|
| | | $ | 11,873 | | | | | $ | (7,127) | | | | | $ | 4,746 | | |
Balance at December 31, 2020
|
| | | $ | (96,727) | | | | | $ | (6,151) | | | | | $ | (102,878) | | |
Equity-based compensation
|
| | | | 2,647 | | | | | | — | | | | | | 2,647 | | |
Non-employee equity-based compensation
|
| | | | 1,115 | | | | | | — | | | | | | 1,115 | | |
Series A preferred discount amortization
|
| | | | (20,369) | | | | | | — | | | | | | (20,369) | | |
Repurchase of restricted member units
|
| | | | (2,953) | | | | | | — | | | | | | (2,953) | | |
Net loss
|
| | | | — | | | | | | (9,238) | | | | | | (9,238) | | |
Balance at September 30, 2021
|
| | | $ | (116,287) | | | | | $ | (15,389) | | | | | $ | (131,676) | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Operating activities | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (9,238) | | | | | $ | 3,345 | | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities: |
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 2,000 | | | | | | 985 | | |
Equity-based compensation
|
| | | | 2,647 | | | | | | 1,641 | | |
Non-employee equity-based compensation
|
| | | | 1,115 | | | | | | 1,009 | | |
Amortization of debt issuance costs
|
| | | | 267 | | | | | | 92 | | |
Bad debt expense (recovery)
|
| | | | (51) | | | | | | 199 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable, net
|
| | | | (8,015) | | | | | | (3,370) | | |
Inventories
|
| | | | (7,721) | | | | | | (7,869) | | |
Prepaid expenses and other assets
|
| | | | (2,483) | | | | | | (350) | | |
Accounts payable
|
| | | | 4,444 | | | | | | 4,618 | | |
Accrued liabilities
|
| | | | 4,754 | | | | | | 2,580 | | |
Accrued sales tax
|
| | | | (158) | | | | | | (76) | | |
Deferred revenue and gift card liability
|
| | | | 1,530 | | | | | | 834 | | |
Other non-current liabilities
|
| | | | 255 | | | | | | — | | |
Net cash provided by (used in) operating activities
|
| | | | (10,654) | | | | | | 3,638 | | |
Investing activities | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | $ | (11,755) | | | | | $ | (7,205) | | |
Net cash used in investing activities
|
| | | | (11,755) | | | | | | (7,205) | | |
Financing activities | | | | | | | | | | | | | |
Proceeds from issuance of long-term debt
|
| | | $ | 17,233 | | | | | $ | 16,033 | | |
Repayment of long-term debt
|
| | | | (9,161) | | | | | | (6,235) | | |
Cash paid for debt issuance costs
|
| | | | (11) | | | | | | (525) | | |
Repayment of and restricted cash for capital lease obligations
|
| | | | (1,604) | | | | | | (318) | | |
Distribution to Series A preferred equity members
|
| | | | (5,688) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 769 | | | | | | 8,955 | | |
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
| | | | (21,640) | | | | | | 5,388 | | |
Beginning cash, cash equivalents, and restricted cash
|
| | | | 35,632 | | | | | | 5,035 | | |
Ending cash, cash equivalents, and restricted cash
|
| | | $ | 13,992 | | | | | $ | 10,423 | | |
Non-cash investing and financing activities | | | | | | | | | | | | | |
Accrued Series A preferred equity distribution and related discount amortization
|
| | | $ | 14,681 | | | | | $ | — | | |
Issuance of note and other payables for repurchase of member units
|
| | | | 2,953 | | | | | | — | | |
Capital expenditures financed through credit facilities and capital leases
|
| | | | 42 | | | | | | 87 | | |
Accrued capital expenditures
|
| | | | 478 | | | | | | 19 | | |
Supplemental cash flow information | | | | | | | | | | | | | |
Cash paid for state income taxes
|
| | | $ | 150 | | | | | $ | 32 | | |
Cash paid for interest
|
| | | $ | 528 | | | | | $ | 768 | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Direct to Consumer
|
| | | $ | 115,656 | | | | | $ | 89,473 | | |
Wholesale
|
| | | | 38,608 | | | | | | 13,493 | | |
Outpost
|
| | | | 6,989 | | | | | | 1,037 | | |
Total revenue, net
|
| | | $ | 161,253 | | | | | $ | 104,003 | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Balance at beginning of year
|
| | | $ | 4,615 | | | | | $ | 1,300 | | |
Sales of gift cards
|
| | | | 313 | | | | | | 74 | | |
Redemption of gift cards
|
| | | | (330) | | | | | | (62) | | |
Increase from deferral of revenue
|
| | | | 3,269 | | | | | | 1,086 | | |
Decrease from revenue recognition
|
| | | | (3,507) | | | | | | (395) | | |
Loyalty Program points earned
|
| | | | 2,298 | | | | | | 131 | | |
Loyalty Program points redeemed/expired
|
| | | | (513) | | | | | | — | | |
Ending balance as of nine-months period
|
| | | $ | 6,145 | | | | | $ | 2,134 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
Cash
|
| | | $ | 12,848 | | | | | $ | 34,207 | | |
Proceeds from credit card transactions in transit
|
| | | | 1,144 | | | | | | 1,025 | | |
Restricted cash
|
| | | | — | | | | | | 400 | | |
Total cash and cash equivalents and restricted cash
|
| | | $ | 13,992 | | | | | $ | 35,632 | | |
| | |
September 30,2021
|
| |
December 31,2020
|
| ||||||
Coffee: | | | | | | | | | | | | | |
Unroasted
|
| | | $ | 2,526 | | | | | $ | 2,054 | | |
Finished Goods
|
| | | | 8,764 | | | | | | 4,993 | | |
Ready-to-Drink
|
| | | | 4,668 | | | | | | 2,672 | | |
In transit
|
| | | | — | | | | | | 1,098 | | |
Apparel and other merchandise
|
| | | | 7,804 | | | | | | 5,224 | | |
Inventories
|
| | | $ | 23,762 | | | | | $ | 16,041 | | |
| | |
September 30, 2021
|
| |
December 31,2020
|
| ||||||
Land
|
| | | $ | 2,196 | | | | | $ | 2,086 | | |
Building and leasehold improvements
|
| | | | 10,062 | | | | | | 5,291 | | |
Computer equipment and software
|
| | | | 3,119 | | | | | | 1,944 | | |
Machinery and equipment
|
| | | | 8,141 | | | | | | 4,808 | | |
Vehicles
|
| | | | 808 | | | | | | 721 | | |
Furniture and Fixtures
|
| | | | 834 | | | | | | 714 | | |
Construction in progress
|
| | | | 4,155 | | | | | | 1,953 | | |
| | | | | 29,315 | | | | | | 17,517 | | |
Less: accumulated depreciation and amortization
|
| | | | (4,786) | | | | | | (2,803) | | |
Property and Equipment, net
|
| | | $ | 24,529 | | | | | $ | 14,714 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
Accrued compensation and benefits
|
| | | $ | 5,446 | | | | | $ | 5,159 | | |
Accrued marketing
|
| | | | 7,218 | | | | | | 4,304 | | |
Accrued Series A preferred equity distribution
|
| | | | 1,313 | | | | | | 438 | | |
Accrued freight
|
| | | | 839 | | | | | | 1,394 | | |
Credit card liabilities
|
| | | | 2,509 | | | | | | 1,340 | | |
Other accrued expenses
|
| | | | 3,730 | | | | | | 2,041 | | |
Total
|
| | | $ | 21,055 | | | | | $ | 14,676 | | |
| | |
September 30, 2021
|
| |
December 31, 2020
|
| ||||||
Mortgages
|
| | | $ | 7,448 | | | | | $ | 5,423 | | |
Equipment financing loan
|
| | | | 3,535 | | | | | | 1,007 | | |
Retail Facility
|
| | | | 1,998 | | | | | | — | | |
Loan and security agreement
|
| | | | — | | | | | | 6,500 | | |
Credit Facility
|
| | | | 8,502 | | | | | | — | | |
Notes payable
|
| | | | 3,037 | | | | | | 565 | | |
Total principal
|
| | | | 24,520 | | | | | | 13,495 | | |
Less debt issuance costs
|
| | | | (203) | | | | | | (459) | | |
Long-term debt, net
|
| | | $ | 24,317 | | | | | $ | 13,036 | | |
Current maturities: | | | | | | | | | | | | | |
Current maturities of principal
|
| | | | 1,190 | | | | | | 1,030 | | |
Less current portion of debt issuance costs
|
| | | | (36) | | | | | | (164) | | |
Current maturities of long-term debt, net
|
| | | $ | 1,154 | | | | | $ | 866 | | |
Long-term debt: | | | | | | | | | | | | | |
Non-current principal
|
| | | | 23,330 | | | | | | 12,465 | | |
Non-current portion of debt issuance costs
|
| | | | (167) | | | | | | (295) | | |
Long-term debt, net
|
| | | $ | 23,163 | | | | | $ | 12,170 | | |
|
Remainder of 2021
|
| | | $ | 293 | | |
|
2022
|
| | | | 2,193 | | |
|
2023
|
| | | | 10,510 | | |
|
2024
|
| | | | 1,908 | | |
|
2025
|
| | | | 6,460 | | |
|
Thereafter
|
| | | | 3,156 | | |
| | | | | $ | 24,520 | | |
| | |
Operating
|
| |||
Remainder of 2021
|
| | | $ | 305 | | |
2022
|
| | | | 1,766 | | |
2023
|
| | | | 2,370 | | |
2024
|
| | | | 2,229 | | |
2025
|
| | | | 2,170 | | |
Total minimum lease payments
|
| | | $ | 8,840 | | |
| | |
Capital
|
| |||
Remainder of 2021
|
| | | $ | 21 | | |
2022
|
| | | | 85 | | |
2023
|
| | | | 64 | | |
2024
|
| | | | 70 | | |
2025
|
| | | | 17 | | |
Total minimum lease payments
|
| | | | 257 | | |
Less: amount representing interest
|
| | | | 38 | | |
Present value of net minimum lease payments
|
| | | | 219 | | |
Less: current portion
|
| | | | 55 | | |
Capital lease obligations, net of current maturities
|
| | | $ | 164 | | |
| | |
September 30, 2021
|
| |
December 31,2020
|
| ||||||
Vehicles
|
| | | $ | 433 | | | | | $ | 481 | | |
Machinery and equipment
|
| | | | — | | | | | | 1,732 | | |
| | | | | 433 | | | | | | 2,213 | | |
Less: accumulated amortization
|
| | | | 164 | | | | | | 801 | | |
Total
|
| | | $ | 269 | | | | | $ | 1,412 | | |
| | |
Incentive Units
|
| |
Weighted Average Grant Date
Fair Value |
| |
Total Value
|
| |||||||||
Granted and Outstanding at January 1,
2021 |
| | | | 174,503 | | | | | $ | 38.82 | | | | | $ | 6,773 | | |
Granted
|
| | | | 18,400 | | | | | | 215.31 | | | | | | 3,962 | | |
Forfeited
|
| | | | (10,709) | | | | | | 100.66 | | | | | | (1,078) | | |
Repurchased
|
| | | | (6,202) | | | | | | 476.06 | | | | | | (2,953) | | |
Granted and Outstanding at September 30, 2021
|
| | | | 175,992 | | | | | $ | 38.09 | | | | | $ | 6,704 | | |
| | |
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ANNEXES AND EXHIBITS | | | | | | | |
Annex A
PIPE Investors
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Annex B
Supporting Equityholders
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Annex C
Sample Calculation of Common Unit Redemption Amount
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Exhibit A
Form of Subscription Agreement
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Exhibit B
Form of Amended and Restated Company LLC Agreement
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Exhibit C
Form of Tax Receivable Agreement
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Exhibit D
Form of Investor Rights Agreement
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Exhibit E
Form of Amended and Restated SilverBox Certificate of Incorporation
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Exhibit F
Form of Warrant Assumption Agreement
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Exhibit G
Form of Amended and Restated Pubco Charter
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Exhibit H
Form of Amended and Restated Pubco Bylaws
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| | | | BRC INC. | | |||
| | | | By: | | |
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| | | | Name: | | | | |
| | | | Title: | | | | |
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Member:
|
| |
Class A
Common Units |
| |
Class B
Common Units |
| |
Series A
Preferred Units |
| |
Incentive Units
|
|
[To come.] | | | | | | | | | | | | | |
Member:
|
| |
Common
Units |
| |
Incentive
Units |
| |
Restricted
Units |
| |
Cash Received
in the Recapitalization |
| |
Contact
Information for Notice |
|
[To come.] | | | | | | | | | | | | | | | | |
|
By:
|
| | ||
|
Name:
Title: |
| | | |
| | |
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