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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ACE Convergence Acquisition Corporation | NASDAQ:ACEV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.78 | 9.00 | 10.00 | 0 | 01:00:00 |
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| | | | | F-1 | | |
| | |
Year Ended
December 31, |
| |
$ Change
|
| |
% Change
|
| |||||||||||||||
(In thousands)
|
| |
2022
|
| |
2021
|
| ||||||||||||||||||
Consolidated Statement of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 12,049 | | | | | $ | 17,361 | | | | | $ | (5,312) | | | | | | (31)% | | |
Cost of revenue
|
| | | | 10,736 | | | | | | 14,578 | | | | | | (3,842) | | | | | | (26)% | | |
Gross profit
|
| | | | 1,313 | | | | | | 2,783 | | | | | | (1,470) | | | | | | (53)% | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 10,803 | | | | | | 9,904 | | | | | | 899 | | | | | | 9% | | |
Sales and marketing
|
| | | | 8,265 | | | | | | 9,817 | | | | | | (1,552) | | | | | | (16)% | | |
General and administrative
|
| | | | 29,487 | | | | | | 16,376 | | | | | | 13,111 | | | | | | 80% | | |
Impairment loss
|
| | | | 297 | | | | | | — | | | | | | 297 | | | | | | N.M. | | |
Total operating expenses
|
| | | | 48,852 | | | | | | 36,097 | | | | | | 12,755 | | | | | | 35% | | |
Loss from operations
|
| | | | (47,539) | | | | | | (33,314) | | | | | | (14,225) | | | | | | 43% | | |
Other income (expense), net | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (8,095) | | | | | | (3,686) | | | | | | (4,409) | | | | | | 120% | | |
Other financing cost
|
| | | | (30,793) | | | | | | (8,955) | | | | | | (21,838) | | | | | | 244% | | |
Interest income
|
| | | | 20 | | | | | | 3 | | | | | | 17 | | | | | | 567% | | |
Loss on debt extinguishment
|
| | | | (52,276) | | | | | | (319) | | | | | | (51,957) | | | | | | N.M. | | |
Other income (expense)
|
| | | | (4) | | | | | | 2,500 | | | | | | (2,504) | | | | | | (100)% | | |
Change in fair value of warrant and derivatives
|
| | | | 453 | | | | | | (4,242) | | | | | | 4,695 | | | | | | (111)% | | |
Change in fair value of debt
|
| | | | (10,766) | | | | | | — | | | | | | (10,766) | | | | | | N.M. | | |
Change in fair value of earnout liabilities
|
| | | | 4,149 | | | | | | — | | | | | | 4,149 | | | | | | N.M. | | |
Total other income (expense), net
|
| | | | (97,312) | | | | | | (14,699) | | | | | | (82,613) | | | | | | 562% | | |
Loss before income taxes
|
| | | | (144,851) | | | | | | (48,013) | | | | | | (96,838) | | | | | | 202% | | |
Income tax provision
|
| | | | — | | | | | | — | | | | | | — | | | | | | N.M. | | |
Net loss
|
| | | $ | (144,851) | | | | | $ | (48,013) | | | | | $ | (96,838) | | | | | | 202% | | |
| | |
For the Year Ended December 31,
|
| |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Net cash used in operating activities
|
| | | $ | (28,793) | | | | | $ | (30,228) | | |
Net cash used in investing activities
|
| | | | (34) | | | | | | (622) | | |
Net cash provided by financing activities
|
| | | | 33,076 | | | | | | 16,288 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Joy Weiss | | |
62
|
| |
President, Chief Executive Officer and Director
|
|
Ryan Benton | | |
52
|
| |
Chief Financial Officer, Secretary and Director
|
|
Directors | | | | | | | |
Behrooz Abdi | | |
61
|
| | Director | |
Matthew Granade | | |
46
|
| | Director | |
Omid Tahernia | | |
62
|
| | Director | |
Jacqueline Schneider | | |
58
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Option
Awards ($)(2) |
| |
Stock
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($) |
| |
($) Total
|
| ||||||||||||||||||||||||
Joy Weiss
President and Chief Executive Officer |
| | | | 2022 | | | | | | 340,385 | | | | | | 114,230 | | | | | | | | | | | | 2,384,995 | | | | | | — | | | | | | — | | | | | | 2,839,610 | | |
| | | 2021 | | | | | | 450,075 | | | | | | — | | | | | | 1,545,860 | | | | | | | | | | | | — | | | | | | — | | | | | | 1,995,935 | | | ||
Ryan Benton
Chief Financial Officer |
| | | | 2022 | | | | | | 292,308 | | | | | | 85,673 | | | | | | | | | | | | 2,384,995 | | | | | | — | | | | | | — | | | | | | 2,762,976 | | |
| | | 2021 | | | | | | 375,075 | | | | | | — | | | | | | 508,874 | | | | | | | | | | | | — | | | | | | — | | | | | | 883,949 | | | ||
Ralph Richart
Chief Technology and Manufacturing Officer |
| | | | 2022 | | | | | | 276,282 | | | | | | 76,154 | | | | | | | | | | | | 2,384,995 | | | | | | — | | | | | | — | | | | | | 2,737,431 | | |
| | | 2021 | | | | | | 342,583 | | | | | | — | | | | | | 257,643 | | | | | | | | | | | | — | | | | | | — | | | | | | 600,226 | | |
| | | | | | | | | | | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| |||||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Vesting
Start Date |
| |
Notes
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Number of
Securities Underlying Unexercised Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights That Have Not Vested ($) |
| ||||||||||||||||||||||||||||||
Joy Weiss
|
| | | | 4/27/2015 | | | | | | 1/26/2015 | | | |
(1)(5)(6)(8)
|
| | | | 5,328 | | | | | | | | | | | | | | | 0.27 | | | | | | 4/26/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1/20/2016 | | | | | | 12/17/2015 | | | |
(1)(5)(6)(8)
|
| | | | 10,231 | | | | | | | | | | | | | | | 1.94 | | | | | | 1/19/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 1/24/2018 | | | | | | 12/18/2017 | | | |
(1)(5)(6)(8)
|
| | | | 17,052 | | | | | | | | | | | | | | | 5.69 | | | | | | 1/23/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 11/8/2019 | | | | | | 9/23/2019 | | | |
(1)(5)(6)
|
| | | | 259,065 | | | | | | | | | | | | | | | 8.57 | | | | | | 11/7/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 3/29/2021 | | | | | | N/A | | | |
(2)(6)
|
| | | | 86,666 | | | | | | | | | | | | | | | 5.52 | | | | | | 3/28/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 3/29/2021 | | | | | | 9/23/2021 | | | |
(1)(5)(6)
|
| | | | 108,332 | | | | | | | | | 65,000 | | | | | | 5.52 | | | | | | 3/28/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 9/27/2022 | | | | | | 9/9/2022 | | | |
(10)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 127,895 | | | | | $ | 100,014 | | | | | | 127,895 | | | | | $ | 100,014 | | | ||
Ryan Benton
|
| | | | 7/29/2020 | | | | | | N/A | | | |
(2)(5)(6)
|
| | | | 44,058 | | | | | | | | | | | | | | | 5.52 | | | | | | 7/28/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 7/29/2020 | | | | | | 7/13/2020 | | | |
(3)(6)(7)
|
| | | | 79,856 | | | | | | | | | 52,320 | | | | | | 5.52 | | | | | | 7/28/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 7/3/2021 | | | | | | 7/2/2021 | | | |
(3)(5)(6)
|
| | | | 16,630 | | | | | | | | | 30,327 | | | | | | 8.86 | | | | | | 7/2/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 9/27/2022 | | | | | | 9/9/2022 | | | |
(10)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 127,895 | | | | | $ | 100,014 | | | | | | 127,895 | | | | | $ | 100,014 | | | ||
Ralph Richart
|
| | | | 8/3/2018 | | | | | | 8/2/2018 | | | |
(1)(5)(6)
|
| | | | 1,278 | | | | | | | | | | | | | | | 5.69 | | | | | | 8/2/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 7/25/2019 | | | | | | 4/30/2019 | | | |
(3)(5)(6)
|
| | | | 17,193 | | | | | | | | | 1,564 | | | | | | 8.57 | | | | | | 7/24/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 7/29/2020 | | | | | | 7/29/2020 | | | |
(4)(5)(6)
|
| | | | 16,908 | | | | | | | | | 11,078 | | | | | | 5.52 | | | | | | 7/28/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 11/4/2020 | | | | | | 11/4/2020 | | | |
(4)(5)(6)
|
| | | | 20,466 | | | | | | | | | 18,830 | | | | | | 5.52 | | | | | | 11/3/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 3/29/2021 | | | | | | N/A | | | |
(6)(9)
|
| | | | 21,666 | | | | | | | | | 21,667 | | | | | | 5.52 | | | | | | 3/28/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 9/27/2022 | | | | | | 9/9/2022 | | | |
(10)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 127,895 | | | | | $ | 100,014 | | | | | | 127,895 | | | | | $ | 100,014 | | |
Name
|
| |
Fees Earned or Paid
in Cash ($) |
| |
Stock Awards
($)(1)(2) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| ||||||||||||
Behrooz Abdi
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Sri Chandrasekar
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Zavain Dar
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Matthew Granade
|
| | | | — | | | | | | 397,484 | | | | | | — | | | | | | 397,484 | | |
Jacqueline Dee Schneider
|
| | | | — | | | | | | 397,484 | | | | | | | | | | | | 397,484 | | |
Omid Tahernia
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Number of RSUs
|
| |||
• Additional RSUs for service as the Chairperson of the Board
|
| | | | 10,000 | | |
• Additional RSUs for service as the Chair of a Committee of the Board: | | | | | | | |
• Audit Committee
|
| | | | 8,800 | | |
• Compensation Committee
|
| | | | 6,600 | | |
• Nominating and Governance Committee
|
| | | | 4,400 | | |
• Additional RSUs for service as a member (non-Chair) of a Committee of the Board: | | | | | | | |
• Audit Committee
|
| | | | 4,400 | | |
• Compensation Committee
|
| | | | 3,300 | | |
• Nominating and Governance Committee
|
| | | | 2,200 | | |
Name of Beneficial Owners
|
| |
Number of
Shares of Common Stock Beneficially Owned |
| |
Percentage of
Outstanding Common Stock |
| ||||||
5% Stockholders: | | | | | | | | | | | | | |
Point72 Ventures Investments, LLC(1)
|
| | | | 5,350,999 | | | | | | 17.40% | | |
ACE Convergence Acquisition LLC(2)
|
| | | | 6,888,642 | | | | | | 22.40% | | |
Lux Ventures IV, L.P.(3)
|
| | | | 2,787,492 | | | | | | 9.06% | | |
SQN and Affiliates(4)
|
| | | | 2,521,371 | | | | | | 8.20% | | |
ACE Equity Partners LLC(5)
|
| | | | 2,617,872 | | | | | | 8.51% | | |
White Lion Capital, LLC(6)
|
| | | | 2,495,209 | | | | | | 8.11% | | |
Kai Yeung Sunny Siu(7)
|
| | | | 1,558,500 | | | | | | 5.07% | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | |
Behrooz Abdi(2)
|
| | | | 6,888,642 | | | | | | 22.40% | | |
Joy Weiss
|
| | | | 550,562 | | | | | | 1.79% | | |
Ryan Benton
|
| | | | 221,980 | | | | | | * | | |
Matthew Granade(8)
|
| | | | 73,324 | | | | | | * | | |
Omid Tahernia
|
| | | | 35,000 | | | | | | * | | |
Jacqueline Dee Schneider
|
| | | | 22,990 | | | | | | * | | |
Directors and executive officers as a group (6 individuals)
|
| | | | 7,791,498 | | | | | | 25.34% | | |
| | |
Securities Beneficially
Owned prior to this Offering(1) |
| |
Securities to be Offered
in this Offering |
| |
Securities Beneficially Owned after this Offering(2)
|
| |||||||||||||||||||||||||||||||||||||||
Names and Addresses
|
| |
Shares of
Common Stock |
| |
Warrants
|
| |
Shares of
Common Stock(3) |
| |
Warrants(4)
|
| |
Shares of
Common Stock |
| |
Percentage
|
| |
Warrants
|
| |
Percentage
|
| ||||||||||||||||||||||||
White Lion Capital, LLC(5)
|
| | | | 2,495,209 | | | | | | — | | | | | | 5,276,018 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Craig-Hallum Capital Group LLC(6)
|
| | | | 178,948 | | | | | | — | | | | | | 178,948 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Northland Securities, Inc.(7)
|
| | | | 178,948 | | | | | | — | | | | | | 178,948 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Roth Capital Partners, LLC(8)
|
| | | | 178,948 | | | | | | — | | | | | | 178,948 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cantor Fitzgerald & Co.(9)
|
| | | | 748,990 | | | | | | — | | | | | | 748,990 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Firsthand Technology Opportunities Fund(10)
|
| | | | 520,000 | | | | | | — | | | | | | 520,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lux Ventures IV, L.P.(11)
|
| | | | 2,787,492 | | | | | | — | | | | | | 2,787,492 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SQN Venture Income Fund II, LP(12)
|
| | | | 2,521,371 | | | | | | — | | | | | | 2,521,371 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Structural Capital Investments III,
LP(13) |
| | | | 948,217 | | | | | | — | | | | | | 948,217 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series Structural DCO II(13)
|
| | | | 53,084 | | | | | | — | | | | | | 53,084 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
CEOF Holdings LP(14)
|
| | | | 108,900 | | | | | | — | | | | | | 108,900 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Acme Height Limited(15)
|
| | | | 520,000 | | | | | | — | | | | | | 520,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joy Weiss
|
| | | | 550,562 | | | | | | — | | | | | | 550,562 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ryan Benton
|
| | | | 221,980 | | | | | | — | | | | | | 221,980 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kenneth Klein(16)
|
| | | | 40,000 | | | | | | — | | | | | | 40,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Matthew Granade(17)
|
| | | | 72,324 | | | | | | — | | | | | | 72,324 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jeffrey McAlvay(18)
|
| | | | 818,529 | | | | | | — | | | | | | 818,529 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jacqueline Schneider
|
| | | | 22,990 | | | | | | — | | | | | | 22,990 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ACE Convergence Acquisition
LLC(19) |
| | | | 2,129,106 | | | | | | 4,759,536 | | | | | | 2,129,106 | | | | | | 4,759,536 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kai Yeung Sunny Siu(20)
|
| | | | 1,078,500 | | | | | | 480,000 | | | | | | 1,078,500 | | | | | | 480,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Behrooz Abdi(21)
|
| | | | 6,888,642 | | | | | | — | | | | | | 6,888,642 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Minyoung Park(22)
|
| | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Omid Tahernia
|
| | | | 35,000 | | | | | | — | | | | | | 35,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Raquel Chmielewski(23)
|
| | | | 35,000 | | | | | | — | | | | | | 35,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ACE SO5 Holdings Limited(15)
|
| | | | 485,714 | | | | | | 891,714 | | | | | | 485,714 | | | | | | 891,714 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ACE SO3 Holdings Limited(15)
|
| | | | — | | | | | | 468,750 | | | | | | — | | | | | | 468,750 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ACE Equity Partners(15)
|
| | | | 251,694 | | | | | | — | | | | | | 251,694 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Point72 Ventures Investments, LLC(24)
|
| | | | 5,350,999 | | | | | | — | | | | | | 5,350,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 7,113 | | | | | $ | 2,864 | | |
Accounts receivable, net
|
| | | | 2,633 | | | | | | 2,918 | | |
Inventory
|
| | | | 2,578 | | | | | | 879 | | |
Contract assets
|
| | | | 233 | | | | | | 1,219 | | |
Prepaid expenses and other current assets
|
| | | | 744 | | | | | | 892 | | |
Total current assets
|
| | | | 13,301 | | | | | | 8,772 | | |
Property and equipment, net
|
| | | | 6,514 | | | | | | 8,891 | | |
Operating leases – right of use asset
|
| | | | 371 | | | | | | 1,323 | | |
Restricted cash
|
| | | | 320 | | | | | | 320 | | |
Other noncurrent assets
|
| | | | 83 | | | | | | 2,925 | | |
Total assets
|
| | | $ | 20,589 | | | | | $ | 22,231 | | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 10,165 | | | | | $ | 1,583 | | |
Contract liabilities
|
| | | | 2,595 | | | | | | 175 | | |
Accrued liabilities
|
| | | | 7,209 | | | | | | 3,971 | | |
Accrued compensation and related benefits
|
| | | | 689 | | | | | | 1,249 | | |
Operating lease liability, current
|
| | | | 516 | | | | | | 1,111 | | |
Finance lease, current
|
| | | | 1,606 | | | | | | 1,091 | | |
Loan payable – related party, current
|
| | | | 600 | | | | | | — | | |
Loan payable, current ($20,101 and $0 measured at fair value, respectively)
|
| | | | 20,977 | | | | | | 10,486 | | |
Total current liabilities
|
| | | | 44,357 | | | | | | 19,666 | | |
Operating lease liability, noncurrent
|
| | | | 30 | | | | | | 546 | | |
Finance lease, noncurrent
|
| | | | — | | | | | | 1,606 | | |
Loan payable, noncurrent
|
| | | | 663 | | | | | | 11,351 | | |
Warrant liabilities
|
| | | | 389 | | | | | | 5,573 | | |
Earnout liabilities
|
| | | | 1,173 | | | | | | — | | |
Total liabilities
|
| | | | 46,612 | | | | | | 38,742 | | |
Commitment and contingencies (Note 10) | | | | | | | | | | | | | |
Stockholders’ deficit | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value. 20,000,000 shares authorized at December 31, 2022 and 2021, respectively; no shares issued and outstanding at December 31, 2022 and 2021, respectively
|
| | | | — | | | | | | — | | |
Common stock, $0.0001 par value. 600,000,000 shares authorized at December 31,
2022 and 2021, respectively; 26,329,195 and 6,745,554 shares issued and outstanding at December 31, 2022 and 2021, respectively |
| | | | 3 | | | | | | 1 | | |
Additional paid in capital
|
| | | | 227,137 | | | | | | 91,800 | | |
Accumulated deficit
|
| | | | (253,163) | | | | | | (108,312) | | |
Total stockholders’ deficit
|
| | | | (26,023) | | | | | | (16,511) | | |
Total liabilities and stockholders’ deficit
|
| | | $ | 20,589 | | | | | $ | 22,231 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Revenue
|
| | | $ | 12,049 | | | | | $ | 17,361 | | |
Cost of revenue
|
| | | | 10,736 | | | | | | 14,578 | | |
Gross profit
|
| | | | 1,313 | | | | | | 2,783 | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 10,803 | | | | | | 9,904 | | |
Sales and marketing
|
| | | | 8,265 | | | | | | 9,817 | | |
General and administrative
|
| | | | 29,487 | | | | | | 16,376 | | |
Impairment loss
|
| | | | 297 | | | | | | — | | |
Total operating expenses
|
| | | | 48,852 | | | | | | 36,097 | | |
Loss from operations
|
| | | | (47,539) | | | | | | (33,314) | | |
Other income (expense), net | | | | | | | | | | | | | |
Interest expense
|
| | | | (8,095) | | | | | | (3,686) | | |
Other financing cost
|
| | | | (30,793) | | | | | | (8,955) | | |
Interest income
|
| | | | 20 | | | | | | 3 | | |
Loss on debt extinguishment
|
| | | | (52,276) | | | | | | (319) | | |
Other income (expense)
|
| | | | (4) | | | | | | 2,500 | | |
Change in fair value of warrant and derivatives
|
| | | | 453 | | | | | | (4,242) | | |
Change in fair value of debt
|
| | | | (10,766) | | | | | | — | | |
Change in fair value of earnout liabilities
|
| | | | 4,149 | | | | | | — | | |
Total other income (expense), net
|
| | | | (97,312) | | | | | | (14,699) | | |
Loss before income taxes
|
| | | | (144,851) | | | | | | (48,013) | | |
Income tax provision
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (144,851) | | | | | $ | (48,013) | | |
Net loss attributable per share to common stockholders, basic and diluted
|
| | | $ | (16.38) | | | | | $ | (7.16) | | |
Weighted-average shares used to compute net loss attributable per share to common stockholders, basic and diluted
|
| | | | 8,843,703 | | | | | | 6,708,466 | | |
| | |
Convertible Preferred Stock
|
| | |
Common Stock
|
| |
Additional
Paid-in- Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at January 1, 2021
|
| | | | 29,520,187 | | | | | $ | 75,684 | | | | | | | 9,773,097 | | | | | $ | — | | | | | $ | 4,285 | | | | | $ | (60,299) | | | | | $ | (56,014) | | |
Retrospective application of recapitalization
|
| | | | (29,520,187) | | | | | | (75,684) | | | | | | | (3,072,597) | | | | | | 1 | | | | | | 75,683 | | | | | | — | | | | | | 75,684 | | |
Adjusted balance, beginning of year
|
| | | | — | | | | |
|
—
|
| | | | |
|
6,700,500
|
| | | |
|
1
|
| | | |
|
79,968
|
| | | |
|
(60,299)
|
| | | |
|
19,670
|
| |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | — | | | | | | — | | | | | | (48,013) | | | | | | (48,013) | | |
Issuance of common stock upon exercise of stock options
|
| | |
|
—
|
| | | |
|
—
|
| | | | | | 45,054 | | | | | | — | | | | | | 126 | | | | | | — | | | | | | 126 | | |
Issuance of common stock warrants
|
| | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | — | | | | | | 9,168 | | | | | | — | | | | | | 9,168 | | |
Stock-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | — | | | | | | 2,538 | | | | | | — | | | | | | 2,538 | | |
Balance at December 31, 2021
|
| | | | — | | | | | $ | — | | | | | |
|
6,745,554
|
| | | | $ | 1 | | | | | $ | 91,800 | | | | | $ | (108,312) | | | | | $ | (16,511) | | |
| | |
Convertible Preferred Stock
|
| | |
Common Stock
|
| |
Additional
Paid-in- Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at January 1, 2022
|
| | | | 29,520,187 | | | | | $ | 75,684 | | | | | | | 10,037,305 | | | | | $ | — | | | | | $ | 16,117 | | | | | $ | (108,312) | | | | | $ | (92,195) | | |
Retrospective application of recapitalization
|
| | | | (29,520,187) | | | | | | (75,684) | | | | | | | (3,291,751) | | | | | | 1 | | | | | | 75,683 | | | | | | — | | | | | | 75,684 | | |
Adjusted balance, beginning of year
|
| | | | — | | | | | | — | | | | | | | 6,745,554 | | | | | | 1 | | | | | | 91,800 | | | | | | (108,312) | | | | | | (16,511) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (144,851) | | | | | | (144,851) | | |
Issuance of common stock upon exercise of stock options
|
| | | | — | | | | | | — | | | | | | | 8,184 | | | | | | — | | | | | | 49 | | | | | | — | | | | | | 49 | | |
Conversion of convertible notes into common stock
|
| | | | — | | | | | | — | | | | | | | 6,003,020 | | | | | | 1 | | | | | | 62,909 | | | | | | — | | | | | | 62,910 | | |
Issuance of common stock upon net exercise of warrants
|
| | | | — | | | | | | — | | | | | | | 3,679,148 | | | | | | — | | | | | | 38,389 | | | | | | — | | | | | | 38,389 | | |
Merger and PIPE financing
|
| | | | — | | | | | | — | | | | | | | 8,073,289 | | | | | | 1 | | | | | | 4,318 | | | | | | — | | | | | | 4,319 | | |
Shares issued to lender upon debt extinguishment
|
| | | | — | | | | | | — | | | | | | | 1,820,000 | | | | | | — | | | | | | 19,074 | | | | | | — | | | | | | 19,074 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 10,598 | | | | | | — | | | | | | 10,598 | | |
Balance at December 31, 2022
|
| | | | — | | | | | $ | — | | | | | | | 26,329,195 | | | | | $ | 3 | | | | | $ | 227,137 | | | | | $ | (253,163) | | | | | $ | (26,023) | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (144,851) | | | | | $ | (48,013) | | |
Adjustments to reconcile net loss to cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 7,229 | | | | | | 3,770 | | |
Stock-based compensation
|
| | | | 11,289 | | | | | | 2,538 | | |
Noncash other financing cost
|
| | | | 30,793 | | | | | | 8,955 | | |
Impairment loss
|
| | | | 297 | | | | | | — | | |
Loss on debt extinguishment
|
| | | | 51,903 | | | | | | 319 | | |
Loss on disposal of property and equipment
|
| | | | 4 | | | | | | — | | |
Noncash operating lease expense
|
| | | | 824 | | | | | | 786 | | |
Bad debt expense
|
| | | | 19 | | | | | | 91 | | |
Change in fair value of warrants and derivatives
|
| | | | (453) | | | | | | 4,242 | | |
Change in fair value of debt
|
| | | | 10,516 | | | | | | — | | |
Change in fair value of earnout liabilities
|
| | | | (4,149) | | | | | | — | | |
Gain on PPP loan forgiveness
|
| | | | — | | | | | | (2,500) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 266 | | | | | | (297) | | |
Contract assets
|
| | | | 986 | | | | | | (611) | | |
Inventory
|
| | | | (1,699) | | | | | | (711) | | |
Prepaid expenses and other current assets
|
| | | | (412) | | | | | | (633) | | |
Other noncurrent assets
|
| | | | 4,119 | | | | | | (1,817) | | |
Accounts payable
|
| | | | 1,743 | | | | | | 1,109 | | |
Contract liabilities
|
| | | | 2,420 | | | | | | 95 | | |
Accrued liabilities
|
| | | | 874 | | | | | | 3,681 | | |
Loan payable – related party, current
|
| | | | 600 | | | | | | — | | |
Other noncurrent liabilities
|
| | | | — | | | | | | (245) | | |
Operating lease liabilities
|
| | | | (1,111) | | | | | | (987) | | |
Net cash used in operating activities
|
| | | | (28,793) | | | | | | (30,228) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (34) | | | | | | (622) | | |
Net cash used in investing activities
|
| | | | (34) | | | | | | (622) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Principal payments under finance lease obligations
|
| | | | (1,091) | | | | | | (906) | | |
Proceeds from issuance of debt
|
| | | | 10,000 | | | | | | 33,000 | | |
Proceeds from issuance of debt – related party
|
| | | | 10,637 | | | | | | — | | |
Payment of debt issuance costs
|
| | | | (111) | | | | | | (765) | | |
Debt repayment
|
| | | | (3,835) | | | | | | (14,998) | | |
Proceeds from exercise of stock options
|
| | | | 49 | | | | | | 126 | | |
Proceeds from Merger and PIPE financing
|
| | | | 18,704 | | | | | | — | | |
Payment of deferred transaction costs
|
| | | | (1,277) | | | | | | (169) | | |
Net cash provided by financing activities
|
| | | | 33,076 | | | | | | 16,288 | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | 4,249 | | | | | | (14,562) | | |
Cash, cash equivalents and restricted cash at beginning of year
|
| | | | 3,184 | | | | | | 17,746 | | |
Cash, cash equivalents and restricted cash at end of year
|
| | | $ | 7,433 | | | | | $ | 3,184 | | |
Supplemental disclosures of cash flow information | | | | | | | | | | | | | |
Cash paid for income taxes
|
| | | $ | 10 | | | | | $ | 7 | | |
Cash paid for interest
|
| | | | 6,145 | | | | | | 2,446 | | |
Noncash investing and financing activities | | | | | | | | | | | | | |
Issuance of common stock warrants
|
| | | $ | — | | | | | $ | 9,168 | | |
Recognition of liability classified warrants upon Merger
|
| | | | 1,122 | | | | | | — | | |
Shares issued to lender upon LSA Term Loan extinguishment
|
| | | | 19,074 | | | | | | — | | |
Conversion of convertible notes to common stock
|
| | | | 62,910 | | | | | | — | | |
Initial recognition of Tempo Earnout
|
| | | | 5,322 | | | | | | — | | |
Issuance of common stock upon net exercise of warrants
|
| | | | 38,389 | | | | | | — | | |
Unpaid transaction costs
|
| | | | — | | | | | | 1,757 | | |
Forgiveness of PPP loan
|
| | | | — | | | | | | 2,500 | | |
Carrying value of extinguished debt
|
| | | | 69,500 | | | | | | 6,000 | | |
Refinanced debt
|
| | | | 62,997 | | | | | | 6,000 | | |
| | |
Recapitalization
|
| |||
Cash-ACE Trust
|
| | | $ | 23,391 | | |
Cash-PIPE investment
|
| | | | 3,500 | | |
Less: transaction costs and other payments(1)(2)
|
| | | | (8,187) | | |
Net cash proceeds from Merger
|
| | | | 18,704 | | |
Less: Earnout liability
|
| | | | (5,322) | | |
Less: Warrants assumed
|
| | | | (1,122) | | |
Less: Debt assumed – related party
|
| | | | (600) | | |
Less: ACE transaction costs – unpaid(1)
|
| | | | (7,342) | | |
Merger and PIPE Financing
|
| | | $ | 4,318 | | |
| | |
December 31,
2022 |
| |
December 31,
2021 |
| ||||||
Accounts receivable, net
|
| | | $ | 2,633 | | | | | $ | 2,918 | | |
Contract assets
|
| | | | 233 | | | | | | 1,219 | | |
Contract liabilities
|
| | | | 2,595 | | | | | | 175 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash and cash equivalents
|
| | | $ | 7,113 | | | | | $ | 2,864 | | |
Restricted cash
|
| | | | 320 | | | | | | 320 | | |
Total cash, cash equivalents and restricted cash shown in the statement of cash
flows |
| | | $ | 7,433 | | | | | $ | 3,184 | | |
| | |
Useful Lives
|
|
Computer equipment
|
| |
3
|
|
Software
|
| |
5
|
|
Furniture and fixtures
|
| |
3
|
|
Leasehold improvements
|
| |
Shorter of useful life or remaining lease term
|
|
Manufacturing equipment
|
| |
10
|
|
| | |
December 31, 2022
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liabilities
|
| | | $ | — | | | | | $ | 389 | | | | | $ | — | | | | | $ | 389 | | |
Earnout liability – Tempo Earnout
|
| | | | — | | | | | | — | | | | | | 410 | | | | | | 410 | | |
Earnout liability – Additional Period Shares
|
| | | | — | | | | | | — | | | | | | 763 | | | | | | 763 | | |
A&R LSA Borrowings
|
| | | | — | | | | | | — | | | | | | 20,101 | | | | | | 20,101 | | |
Total
|
| | | $ | — | | | | | $ | 389 | | | | | $ | 21,274 | | | | | $ | 21,663 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant Liability
|
| | | $ | — | | | | | $ | — | | | | | $ | 5,573 | | | | | $ | 5,573 | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | 5,573 | | | | | $ | 5,573 | | |
| | |
December 31, 2022
|
|
Volatility
|
| |
12.5% – 38.0%
|
|
Discount rate
|
| |
9.1% – 17.7%
|
|
Expected term
|
| |
4.8 years
|
|
| | |
December 31, 2022
|
|
Volatility
|
| |
4.7%
|
|
Discount rate
|
| |
50.4%
|
|
Expected term
|
| |
1.1 years
|
|
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Raw materials
|
| | | $ | 2,127 | | | | | $ | 158 | | |
Work in progress
|
| | | | 451 | | | | | | 721 | | |
Total inventory
|
| | | $ | 2,578 | | | | | $ | 879 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Prepaid expense
|
| | | $ | 401 | | | | | $ | 650 | | |
Other current assets
|
| | | | 343 | | | | | | 242 | | |
Total prepaid expenses and other current assets
|
| | | $ | 744 | | | | | $ | 892 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Manufacturing equipment
|
| | | $ | 9,743 | | | | | $ | 9,732 | | |
Leasehold improvements
|
| | | | 3,993 | | | | | | 4,811 | | |
Computer equipment
|
| | | | 453 | | | | | | 489 | | |
Office furniture and fixtures
|
| | | | 462 | | | | | | 462 | | |
Software
|
| | | | 248 | | | | | | 248 | | |
Total property and equipment
|
| | | | 14,899 | | | | | | 15,742 | | |
Less accumulated depreciation
|
| | | | (8,385) | | | | | | (6,851) | | |
Total property and equipment, net
|
| | | $ | 6,514 | | | | | $ | 8,891 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Deferred transaction costs(1)
|
| | | $ | — | | | | | $ | 1,926 | | |
Advance rent and prepaids
|
| | | | 83 | | | | | | 749 | | |
Deposits
|
| | | | — | | | | | | 250 | | |
Total other noncurrent assets
|
| | | $ | 83 | | | | | $ | 2,925 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Accrued legal fees(1)
|
| | | $ | 4,053 | | | | | $ | 1,562 | | |
Accrued professional fees(1)
|
| | | | 2,446 | | | | | | 1,398 | | |
Accrued sales and business taxes
|
| | | | 221 | | | | | | 241 | | |
Accrued cost of revenue
|
| | | | 176 | | | | | | 236 | | |
Warranty liability
|
| | | | 49 | | | | | | 54 | | |
Other accrued liabilities
|
| | | | 264 | | | | | | 480 | | |
Total accrued expenses
|
| | | $ | 7,209 | | | | | $ | 3,971 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Accrued payroll
|
| | | $ | 380 | | | | | $ | 41 | | |
Accrued vacation
|
| | | | 244 | | | | | | — | | |
Accrued commissions
|
| | | | 39 | | | | | | 121 | | |
Accrued bonus
|
| | | | — | | | | | | 647 | | |
Accrued payroll taxes
|
| | | | 26 | | | | | | 356 | | |
Other accrued benefits
|
| | | | — | | | | | | 84 | | |
Total accrued compensation and related benefit
|
| | | $ | 689 | | | | | $ | 1,249 | | |
| | |
Amount
|
| |||
Carrying value of extinguished debt
|
| | | $ | 30,407 | | |
Accrued interest
|
| | | | 520 | | |
Fair value of new LSA
|
| | | | (28,154) | | |
Fair value of LSA Convertible Note
|
| | | | (12,903) | | |
Loss on extinguishment of debt
|
| | | $ | (10,130) | | |
| | |
Amount
|
| |||
Carrying value of extinguished debt
|
| | | $ | 29,351 | | |
Fair value of A&R LSA
|
| | | | (20,000) | | |
Principal repayment
|
| | | | (3,000) | | |
Fair value of common stock issued
|
| | | | (7,336) | | |
Fair value of PIPE Incentive Shares issued
|
| | | | (11,738) | | |
Fair value of Additional Period Shares liability
|
| | | | (1) | | |
Financing fees
|
| | | | (614) | | |
Loss on extinguishment of debt
|
| | | $ | (13,338) | | |
| | |
Loan Payable,
Current |
| |
Loan Payable,
Noncurrent |
| |
Total
|
| |||||||||
SQN Equipment Loan
|
| | | $ | 876 | | | | | $ | 663 | | | | | $ | 1,539 | | |
A&R LSA (FVO)
|
| | | | 20,101 | | | | | | — | | | | | | 20,101 | | |
Total loan payable
|
| | | $ | 20,977 | | | | | $ | 663 | | | | | $ | 21,640 | | |
| | |
As of
December 31, 2022 |
| |||
Total loan payable
|
| | | $ | 1,472 | | |
Add: accretion of final interest payable
|
| | | | 106 | | |
Less: loan payable, current
|
| | | | (876) | | |
Less: unamortized debt discount
|
| | | | (39) | | |
Total loan payable, noncurrent
|
| | | $ | 663 | | |
| | |
Fair Value – Level 3
|
| |||
Balance, January 1, 2022
|
| | | $ | — | | |
Additions
|
| | | | 20,000 | | |
Less: Payments
|
| | | | (250) | | |
Change in fair value
|
| | | | 351 | | |
Balance, December 31, 2022
|
| | | $ | 20,101 | | |
| | |
Fair Value – Level 3
|
| |||
Balance, January 1, 2022
|
| | | $ | — | | |
Additions
|
| | | | 12,902 | | |
Change in fair value
|
| | | | 2,527 | | |
Converted to common stock
|
| | | | (15,429) | | |
Balance, December 31, 2022
|
| | | $ | — | | |
| | |
December 31, 2022
|
|
Expected term
|
| |
3 years
|
|
Discount rate
|
| |
13.42%
|
|
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
LSA
Tranche 1.1 |
| |
LSA
Tranche 1.2 |
| |
SQN
Equipment Loan |
| |
Total
|
| ||||||||||||
Total notes payable
|
| | | $ | 10,000 | | | | | $ | 10,000 | | | | | $ | 2,302 | | | | | $ | 22,302 | | |
Add: accretion of final interest payable
|
| | | | 108 | | | | | | 79 | | | | | | 56 | | | | | | 243 | | |
Less: loan payable, current
|
| | | | (9,702) | | | | | | — | | | | | | (784) | | | | | | (10,486) | | |
Less: unamortized debt discount
|
| | | | (406) | | | | | | (218) | | | | | | (84) | | | | | | (708) | | |
Total loan payable, noncurrent
|
| | | $ | — | | | | | $ | 9,861 | | | | | $ | 1,490 | | | | | $ | 11,351 | | |
| | |
As of
December 31, 2022 |
| |||
2023
|
| | | $ | 1,205 | | |
2024
|
| | | | 4,885 | | |
2025
|
| | | | 15,550 | | |
Total future principal payments
|
| | | $ | 21,640 | | |
| | |
Amount
|
| |||
Carrying value of extinguished debt
|
| | | $ | 5,265 | | |
Fair value of embedded derivative
|
| | | | 154 | | |
Fair value of 2022 Promissory Notes
|
| | | | (19,030) | | |
Fair value of issued warrants
|
| | | | (3,568) | | |
Loss on extinguishment of debt
|
| | | $ | (17,179) | | |
| | |
Amount
|
| |||
Carrying value of extinguished debt
|
| | | $ | 4,477 | | |
Fair value of embedded derivative
|
| | | | — | | |
Fair value of Bridge Note
|
| | | | (16,106) | | |
Loss on extinguishment of debt
|
| | | $ | (11,629) | | |
| | |
Fair Value – Level 3
|
| |||
Balance, January 1, 2022
|
| | | $ | — | | |
Additions
|
| | | | 39,593 | | |
Change in fair value
|
| | | | 7,887 | | |
Converted to common stock
|
| | | | (47,480) | | |
Balance, December 31, 2022
|
| | | $ | — | | |
| | |
As of
December 31, 2022 |
| |||
Warrants to purchase common stock
|
| | | | 18,106,559 | | |
Options to purchase common stock and RSUs
|
| | | | 4,374,189 | | |
Shares reserved for future grants
|
| | | | 2,639,329 | | |
Earnout shares
|
| | | | 7,000,000 | | |
Total shares of common stock reserved
|
| | | | 32,120,077 | | |
Warrants to purchase
|
| |
Shares
|
| |
Exercise Price
|
| |
Issuance Date
|
| |
Expiration Date
|
| ||||||||||||
Common Stock
|
| | | | 11,499,987 | | | | | $ | 11.50 | | | | | | 7/27/2020 | | | | | | 11/21/2027 | | |
Warrants to purchase
|
| |
Shares
|
| |
Exercise Price
|
| |
Issuance Date
|
| |
Expiration Date
|
| ||||||||||||
Common Stock
|
| | | | 31,121 | | | | | $ | 5.51 | | | | | | 6/3/2020 | | | | | | 6/3/2030 | | |
Common Stock
|
| | | | 18,601 | | | | | | 8.85 | | | | | | 6/23/2021 | | | | | | 6/22/2031 | | |
Common Stock
|
| | | | 402,955 | | | | | | 16.54 | | | | | | 10/11/2021 | | | | | | 10/11/2024 | | |
| | | | | 452,677 | | | | | | | | | | | | | | | | | | | | |
Warrants to purchase
|
| |
# of Shares
|
| |
Exercise Price
|
| |
Issuance Date
|
| |
Expiration Date
|
| ||||||||||||
Common Stock
|
| | | | 6,572 | | | | | $ | 16.17 | | | | | | 10/13/2017 | | | | | | 10/13/2027 | | |
Common Stock
|
| | | | 4,759,536 | | | | | $ | 11.50 | | | | | | 7/27/2020 | | | | | | 11/21/2027 | | |
Common Stock
|
| | | | 468,750 | | | | | $ | 11.50 | | | | | | 7/27/2020 | | | | | | 11/21/2027 | | |
Common Stock
|
| | | | 891,714 | | | | | $ | 11.50 | | | | | | 7/27/2020 | | | | | | 11/21/2027 | | |
Common Stock
|
| | | | 480,000 | | | | | $ | 11.50 | | | | | | 7/27/2020 | | | | | | 11/21/2027 | | |
| | | | | 6,606,572 | | | | | | | | | | | | | | | | | | | | |
| | |
Fair Value
|
| |||
Warrants outstanding – January 1, 2022
|
| | | $ | 5,573 | | |
Warrants issued and modified
|
| | | | 32,514 | | |
Assumed from ACE upon Closing
|
| | | | 1,122 | | |
Exercised or converted to common stock upon Closing
|
| | | | (38,389) | | |
Change in fair value, net
|
| | | | (431) | | |
Warrants outstanding – December 31, 2022
|
| | | $ | 389 | | |
Warrants to purchase
|
| |
Shares
|
| |
Exercise Price
|
| |
Issuance Date
|
| |
Expiration Date
|
| ||||||||||||
Common Stock
|
| | | | 10,016 | | | | | $ | 6.74 | | | | | | 11/24/2015 | | | | | | 11/24/2025 | | |
Common Stock
|
| | | | 4,453 | | | | | | 6.74 | | | | | | 11/22/2016 | | | | | | 11/22/2026 | | |
Common Stock
|
| | | | 6,573 | | | | | | 16.19 | | | | | | 10/13/2017 | | | | | | 10/13/2027 | | |
Common Stock
|
| | | | 18,417 | | | | | | 5.51 | | | | | | 1/29/2021 | | | | | | 1/29/2031 | | |
Common Stock
|
| | | | 90,948 | | | | | | 8.85 | | | | | | 6/24/2021 | | | | | | 6/24/2031 | | |
| | | | | 130,407 | | | | | | | | | | | | | | | | | | | | |
| | |
Fair Value
|
| |||
Warrants outstanding – January 1, 2021
|
| | | $ | 86 | | |
Warrants issued and modified
|
| | | | 1,245 | | |
Change in fair value, net
|
| | | | 4,242 | | |
Warrants outstanding – December 31, 2021
|
| | | $ | 5,573 | | |
| | |
December 31, 2021
|
|
Expected term
|
| |
3.89 – 9.48 years
|
|
Expected volatility
|
| |
64.29% – 64.44%
|
|
Risk-free interest rate
|
| |
1.12% – 1.52%
|
|
Expected dividends
|
| |
0%
|
|
| | |
Options outstanding
|
| |||||||||||||||||||||
| | |
Number of
shares |
| |
Weighted
average exercise price per share |
| |
Weighted
average contractual term (in years) |
| |
Aggregate
intrinsic value (in thousands) |
| ||||||||||||
Outstanding – January 1, 2022
|
| | | | 16,457,475 | | | | | $ | 1.36 | | | | | | 7.96 | | | | | $ | 104,554 | | |
Retrospective application of recapitalization
|
| | | | (13,651,211) | | | | | | 6.85 | | | | | | | | | | | | | | |
Adjusted balance – beginning of period
|
| | | | 2,806,264 | | | | | | 8.21 | | | | | | 7.96 | | | | | | 104,554 | | |
Options granted
|
| | | | 705,520 | | | | | | 6.85 | | | | | | | | | | | | | | |
Options exercised
|
| | | | (8,184) | | | | | | 6.01 | | | | | | | | | | | | | | |
Options forfeited
|
| | | | (713,205) | | | | | | 13.33 | | | | | | | | | | | | | | |
Options expired
|
| | | | (36,196) | | | | | | 6.92 | | | | | | | | | | | | | | |
Outstanding – December 31, 2022
|
| | | | 2,754,199 | | | | | | 4.73 | | | | | | 7.46 | | | | | | 77 | | |
Vested during the period
|
| | | | 627,299 | | | | | | 9.25 | | | | | | 6.75 | | | | | | — | | |
Vested at end of period
|
| | | | 1,894,115 | | | | | | 6.52 | | | | | | 5.69 | | | | | | 77 | | |
Exercisable at the end of the period
|
| | | | 1,894,115 | | | | | | 6.52 | | | | | | 5.69 | | | | | | 77 | | |
Shares expected to vest
|
| | | | 860,064 | | | | | | 5.24 | | | | | | 9.20 | | | | | | — | | |
Vested and expected to vest
|
| | | | 2,549,745 | | | | | | 6.26 | | | | | | 6.71 | | | | | | 77 | | |
| | |
Number of
Awards Outstanding |
| |
Weighted-Average
Grant Date Fair Value |
| ||||||
Unvested Balance – January 1, 2022
|
| | | | — | | | | |
$
|
—
|
| |
Granted
|
| | | | 1,662,620 | | | | | | 22.25 | | |
Forfeited
|
| | | | (42,630) | | | | | | 22.59 | | |
Unvested Balance – December 31, 2022
|
| | | | 1,619,990 | | | | | | 22.25 | | |
| | |
During the
Year Ended December 31, 2022 |
|
Expected term
|
| |
0.50 – 6.00 years
|
|
Expected volatility
|
| |
55.92% – 70.39%
|
|
Risk-free interest rate
|
| |
1.54% – 3.71%
|
|
Expected dividends
|
| |
0%
|
|
| | |
2022
|
| |
2021
|
| ||||||
Cost of goods sold
|
| | | $ | 501 | | | | | $ | 276 | | |
Research and development
|
| | | | 1,615 | | | | | | 540 | | |
Sales and marketing
|
| | | | 465 | | | | | | 402 | | |
General and administrative
|
| | | | 8,708 | | | | | | 1,320 | | |
Total stock-based compensation expense
|
| | | $ | 11,289 | | | | | $ | 2,538 | | |
| | |
Classifications on the financial statements
|
| |
As of
December 31, 2022 |
| |||
Operating lease assets
|
| |
Operating leases – right-of-use asset
|
| | | $ | 371 | | |
Operating lease liability, current
|
| | Operating lease liability, current | | | | | 516 | | |
Operating lease liability, noncurrent
|
| |
Operating lease liability, noncurrent
|
| | | | 30 | | |
| | |
Classifications on the financial statements
|
| |
As of
December 31, 2021 |
| |||
Operating lease assets
|
| |
Operating leases- right-of-use asset
|
| | | $ | 1,323 | | |
Operating lease liability, current
|
| | Operating lease liability, current | | | | | 1,111 | | |
Operating lease liability, noncurrent
|
| |
Operating lease liability, noncurrent
|
| | | | 546 | | |
| | |
As of
December 31, 2022 |
| |||
2023
|
| | | $ | 531 | | |
2024
|
| | | | 29 | | |
Total future lease payments
|
| | | | 560 | | |
Less imputed interest
|
| | | | (14) | | |
Total operating lease liability
|
| | | $ | 546 | | |
| | |
Classification on the financial statements
|
| |
December 31, 2022
|
| |||
Finance lease assets
|
| | Property and equipment, net | | | | $ | 3,383 | | |
Finance lease liability, current
|
| | Finance lease, current | | | | | 1,606 | | |
Finance lease liability, noncurrent
|
| | Finance lease, noncurrent | | | | | — | | |
Depreciation of the leased asset
|
| | Cost of revenue | | | | | 2,072 | | |
Lease interest expense
|
| | Other income (expense), net | | | | | 414 | | |
| | |
Classification on the financial statements
|
| |
December 31, 2021
|
| |||
Finance lease assets
|
| | Property and equipment, net | | | | $ | 3,943 | | |
Finance lease liability, current
|
| | Finance lease, current | | | | | 1,091 | | |
Finance lease liability, noncurrent
|
| | Finance lease, noncurrent | | | | | 1,606 | | |
Depreciation of the leased asset
|
| | Cost of revenue | | | | | 547 | | |
Lease interest expense
|
| | Other income (expense), net | | | | | 598 | | |
| | |
As of
December 31, 2022 |
| |||
2023
|
| | | $ | 1,731 | | |
Total future lease payments
|
| | | | 1,731 | | |
Less: imputed interest
|
| | | | (125) | | |
Total finance lease liability
|
| | | $ | 1,606 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Operating cash flows paid for operating leases
|
| | | $ | 1,215 | | | | | $ | 1,184 | | |
Financing cash flows paid for finance leases
|
| | | | 1,504 | | | | | | 1,504 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Current: | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | |
Total current tax expense
|
| | | $ | — | | | | | $ | — | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | |
Federal net operating loss
|
| | | | —% | | | | | | —% | | |
Leases
|
| | | | —% | | | | | | —% | | |
Depreciation
|
| | | | —% | | | | | | —% | | |
State income tax
|
| | | | 1.6% | | | | | | 9.6% | | |
Permanent differences
|
| | | | (12.6)% | | | | | | (6.8)% | | |
Other
|
| | | | —% | | | | | | —% | | |
Valuation allowance
|
| | | | (10.0)% | | | | | | (23.8)% | | |
Effective income tax rate
|
| | | | 0.0% | | | | | | 0.0% | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Deferred tax assets | | | | | | | | | | | | | |
Net operating losses
|
| | | $ | 34,780 | | | | | $ | 26,070 | | |
Stock options and Warrants
|
| | | | 3,107 | | | | | | — | | |
Property, plant and equipment and intangibles
|
| | | | 2,620 | | | | | | — | | |
Accruals and other
|
| | | | 1,041 | | | | | | 982 | | |
Total deferred tax assets
|
| | | | 41,548 | | | | | | 27,052 | | |
Less valuation allowance
|
| | | | (40,333) | | | | | | (25,648) | | |
Net deferred tax assets
|
| | | | 1,215 | | | | | | 1,404 | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Property, plant, equipment, and intangibles
|
| | | | (1,125) | | | | | | (1,017) | | |
Lease liability
|
| | | | (90) | | | | | | (387) | | |
Total deferred tax liabilities
|
| | | | (1,215) | | | | | | (1,404) | | |
Net deferred tax assets (liabilities)
|
| | | $ | — | | | | | $ | — | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Unrecognized tax benefits, beginning of period
|
| | | $ | 411 | | | | | $ | 411 | | |
Additions based on tax positions related to current year
|
| | | | — | | | | | | — | | |
Reductions based on tax positions related to prior years
|
| | | | — | | | | | | — | | |
Unrecognized tax benefits, end of period
|
| | | $ | 411 | | | | | $ | 411 | | |
| | |
Years ended December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Basic and diluted: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (144,851) | | | | | $ | (48,013) | | |
Weighted-average number of shares of common stock
outstanding |
| | | | 8,843,703 | | | | | | 6,708,466 | | |
Basic and diluted net loss per share
|
| | | $ | (16.38) | | | | | $ | (7.16) | | |
| | |
As of December 31,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Shares of common stock issuable from stock options and RSUs
|
| | | | 4,374,189 | | | | | | 2,806,264 | | |
Shares of common stock issuable from common stock warrants
|
| | | | 18,106,559 | | | | | | 583,084 | | |
Potential common shares excluded from diluted net loss per share
|
| | | | 22,480,748 | | | | | | 3,389,348 | | |
1 Year ACE Convergence Acquisit... Chart |
1 Month ACE Convergence Acquisit... Chart |
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