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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Decarbonization Plus Acquisition Corporation | NASDAQ:DCRB | 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% | 10.33 | 10.16 | 10.46 | 0 | 01:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
001-39632
|
82-2726724
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
||
475 Quaker Meeting House Road
Honeoye Falls, NY
|
14472
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
Common Stock, par value $0.0001 per share
|
HYZN
|
Nasdaq Capital Market
|
||
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
|
HYZNW
|
Nasdaq Capital Market
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
|
|
|
|
Page No.
|
|
|
PART I—FINANCIAL INFORMATION
|
|
|||||
Item 1.
|
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1
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1
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2
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3
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4
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5
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Item 2.
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19
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Item 3.
|
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22
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Item 4.
|
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22
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PART II – OTHER INFORMATION
|
|
|||||
Item 1.
|
|
|
|
24
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|
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Item 1A.
|
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|
24
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Item 2.
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24
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Item 3.
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24
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Item 4.
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24
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Item 5.
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24
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Item 6.
|
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|
25
|
|
|
|
|
26
|
|
June 30, 2021
(unaudited)
|
December 31,
2020 |
|||||||
ASSETS:
|
|
|||||||
Current assets:
|
||||||||
Cash
|
$ | 167,284 | $ | — | ||||
Investment held in Trust Account
|
225,734,427 | 225,727,721 | ||||||
Prepaid insurance
|
769,425 | 1,062,000 | ||||||
|
|
|
|
|||||
Total current assets
|
226,671,136 | 226,789,721 | ||||||
|
|
|
|
|||||
Total assets
|
$ | 226,671,136 | $ | 226,789,721 | ||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accrued offering costs
|
$ | 175,000 | $ | 175,000 | ||||
Accounts payable—affiliate
|
3,375,977 | 1,324,257 | ||||||
Accrued expenses
|
3,533,899 | 3,572,935 | ||||||
|
|
|
|
|||||
Total Current Liabilities
|
7,084,876 | 5,072,192 | ||||||
Warrant liabilities
|
40,763,719 | 33,600,270 | ||||||
Deferred underwriting fee payable
|
7,900,376 | 7,900,376 | ||||||
|
|
|
|
|||||
Total liabilities
|
55,748,971 | 46,572,838 | ||||||
|
|
|
|
|||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
Class A common stock subject to possible redemption, 16,592,216 and 17,521,688
shares at June 30, 2021 and December 31, 2020,
respectively, at $10.00 per share
|
165,922,160 | 175,216,880 | ||||||
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, 250,000,000 shares authorized; 5,980,286 and 5,050,814 shares, respectively, issued and outstanding (excluding 16,592,216 and 17,521,688 shares subject to possible redemption) at
June 30
, 2021 and December 31, 2020, respectively
|
598 | 505 | ||||||
Class B common stock, $0.0001 par value, 20,000,000 shares authorized, 5,643,125
s
June
3
0
, 2021 and December 31, 2020
|
564 | 564 | ||||||
Additional
paid-in
capital
|
36,135,858 | 26,841,231 | ||||||
Accumulated deficit
|
(31,137,015 | ) | (21,842,297 | ) | ||||
|
|
|
|
|||||
Total stockholders’ equity
|
5,000,005 | 5,000,003 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity
|
$ | 226,671,136 | $ | 226,789,721 | ||||
|
|
|
|
For the Three
Months Ended June 30, 2021 |
For the Three
Months Ended June 30, 2020 |
For the Six Months
Ended June 30, 2021 |
For the Six Months
Ended June 30, 2020 |
|||||||||||||
Operating expenses:
|
||||||||||||||||
General and administrative expenses
|
$ | 1,361,853 | $ | 860 | $ | 2,137,975 | $ | 1,719 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations
|
(1,361,853 | ) | (860 | ) | (2,137,975 | ) | (1,719 | ) | ||||||||
Other Income
|
||||||||||||||||
Interest earned on marketable securities held in Trust Account
|
$ | 3,372 | $ | — | $ | 6,706 | $ | — | ||||||||
Change in fair value of warrant liabilities
|
(6,824,865 | ) | — | (7,163,449 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
$ | (8,183,346 | ) | $ | (859 | ) | $ | (9,294,718 | ) | $ | (1,719 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding of Class A redeemable common stock, basic and diluted
|
22,572,502 | — | 22,572,502 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income per common share, Class A redeemable common stock
|
$ | — | $ | — | $ | 0.00 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted (1) (2)
|
5,643,125 | 5,643,125 | 5,643,125 | 5,643,125 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss per common share, Class B non-redeemable common stock
|
$ | — | $ | (0.00 | ) | $ | (1.65 | ) | $ | (0.00 | ) | |||||
|
|
|
|
|
|
|
|
Class A Common Stock
|
Class B Common Stock
|
Additional
Paid-in |
Accumulated
|
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares (1) (2)
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||||||||
Balances
as of
January 1, 202
1
|
|
5,050,814
|
|
$
|
505
|
|
|
5,643,125
|
|
$
|
564
|
|
$
|
26,841,231
|
|
$
|
(21,842,297
|
) |
$
|
5,000,003
|
|
|||||||
Common stock subject to possible redemptio
n
|
|
|
111,137
|
|
|
|
11
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,111,359
|
|
|
|
—
|
|
|
|
1,111,370
|
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,111,372
|
)
|
|
(1,111,372
|
)
|
|||||||
Balances
as of
March 31, 202
1
|
|
|
5,161,951
|
|
|
$
|
516
|
|
|
|
5,643,125
|
|
|
$
|
564
|
|
|
$
|
27,952,590
|
|
|
$
|
(22,953,669
|
)
|
|
$
|
5,000,001
|
|
Common stock subject to possible redemptio
n
|
|
|
818,335
|
|
|
|
82
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,183,268
|
|
|
|
—
|
|
|
|
8,183,350
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(8,183,346
|
)
|
|
|
(8,183,346
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances as of June 30, 202
1
|
|
5,980,286
|
|
$
|
598
|
|
|
5,643,125
|
|
$
|
564
|
|
$
|
36,135,858
|
|
$
|
(31,137,015
|
)
|
$
|
5,000,005
|
|
Class A Common Stock
|
Class B Common Stock
|
Additional
Paid-in |
Accumulated
|
Stockholder’s
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares (1) (2)
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||||||||
Balances
as of
January 1, 202
0
|
|
—
|
|
$
|
—
|
|
|
5,750,000
|
|
$
|
575
|
|
$
|
243,447
|
|
$
|
(219,422
|
)
|
$
|
24,600
|
|
|||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(859
|
)
|
|
(859
|
)
|
|||||||
Balances as of March 31, 202
0
|
|
|
—
|
|
|
$
|
—
|
|
|
|
5,750,000
|
|
|
$
|
575
|
|
|
$
|
243,447
|
|
|
|
(220,281
|
)
|
|
|
23,741
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(860
|
)
|
|
|
(860
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances as of June 30, 202
0
|
|
—
|
|
$
|
—
|
|
|
5,750,000
|
|
$
|
575
|
|
$
|
243,447
|
|
$
|
(221,141
|
)
|
$
|
22,881
|
|
For the Six
Months Ended June 30, 2021 |
For the Six
Months Ended June 30, 2020 |
|||||||
Cash flow from operating activities:
|
||||||||
Net loss
|
$ | (9,294,718 | ) | $ | (1,719 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Change in fair value of warrant liabilities
|
7,163,449 | |||||||
Interest
earned on marketable securities held in Trust Account
|
(6,706 | ) | — | |||||
Changes in operating assets and liabilities:
|
||||||||
Accounts payable
|
2,051,720 | 1,719 | ||||||
Accrued expenses
|
(39,036 | ) | — | |||||
Prepaid insurance
|
292,575 | — | ||||||
|
|
|
|
|||||
Net cash used in operating activities
|
167,284 | — | ||||||
|
|
|
|
|||||
Net increase in cash
|
167,284 | — | ||||||
Cash at beginning of period
|
— | 315,600 | ||||||
|
|
|
|
|||||
Cash at end of period
|
$ | 167,284 | $ | 315,600 | ||||
|
|
|
|
|||||
Supplemental disclosure of
non-cash
financing activities:
|
||||||||
Change in value of Class A common stock subject to possible redemption
|
$ | (9,294,720 | ) | $ | — | |||
|
|
|
|
Three Months Ended
|
Three Months Ended
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
|
|||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Class A Redeemable Common Stock
|
||||||||||||||||
Numerator: Earnings allocable to Class A Redeemable Common Stock
|
||||||||||||||||
Interest Income
|
3,372 | — | 6,706 | — | ||||||||||||
Income and Franchise Tax
|
(3,372 | ) | — | (6,706 | ) | — | ||||||||||
Redeemable
Net Loss
|
— | — | — | — | ||||||||||||
Denominator: Weighted Average Class A Redeemable Common Stock
|
||||||||||||||||
Class A Redeemable Common Stock, Basic and Diluted
|
22,572,502 | — | 22,572,502 | — | ||||||||||||
Income (Loss)/Basic and Diluted Class A Redeemable Common Stock
|
— | — | ||||||||||||||
Class B Non-Redeemable Common Stock
|
||||||||||||||||
Numerator: Net Loss minus Class A Redeemable Net Loss
|
||||||||||||||||
Net Loss
|
(8,183,346 | ) | (860 | ) | (9,294,718 | ) | (1,719 | ) | ||||||||
Class A Redeemable Net Loss
|
— | — | — | — | ||||||||||||
Class B Non-Redeemable Net Loss
|
(8,183,346 | ) | (860 | ) | (9,294,718 | ) | (1,719 | ) | ||||||||
Denominator: Weighted Average Class B Non-Redeemable Common Stock
|
||||||||||||||||
Class B Non-Redeemable Common Stock, Basic and Diluted
|
5,643,125 | 5,000,000 | 5,643,125 | 5,000,000 | ||||||||||||
Loss/Basic and Diluted Class B Non-Redeemable Common Stock
|
(1.45 | ) | (0.00 | ) | (1.65 | ) | (0.00 | ) |
• |
30 days after the completion of the Initial Business Combination or,
|
• |
12 months from the closing of the Initial Public Offering.
|
• |
In whole and not in part;
|
• |
At a price of $0.01 per Warrant;
|
• |
Upon a minimum of 30 days’ prior written notice of redemption, referred to as the
30-day
redemption period; and
|
• |
if, and only if, the last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a
30-trading
day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrantholders.
|
• |
in whole and not in part;
|
• |
at a price of $0.10 per Warrant, provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock determined by reference to the table set forth in the warrant agreement based on the redemption date and the “fair market value” of the Company’s Class A common stock (as defined below) except as otherwise described in the warrant agreement;
|
• |
upon a minimum of 30 days’ prior written notice of redemption;
|
• |
if, and only if, the last sale price of the Company’s Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrantholders; and
|
• |
if the last sale price of the Company’s Class A common stock on the trading day prior to the date on which the Company sends the notice of redemption to the warrantholders is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Warrants, as described above.
|
Description
|
Amount at
Fair Value |
Level 1
|
Level 2
|
Level 3
|
||||||||||||
June 30, 2021
|
||||||||||||||||
Assets:
|
||||||||||||||||
Marketable securities held in Trust Account—U.S. Treasury Securities Money Market Fund
|
225,734,427 | 225,734,427 | — | — | ||||||||||||
Liabilities:
|
||||||||||||||||
Warrant Liability—Public Warrants
|
25,845,515 | 25,845,515 | — | |||||||||||||
Warrant Liability—Private Placement Warrants
|
14,918,205 | — | — | 14,918,205 | ||||||||||||
December 31, 2020
|
||||||||||||||||
Assets:
|
||||||||||||||||
Marketable securities held in Trust Account—U.S. Treasury Securities Money Market Fund
|
225,727,721 | 225,727,721 | — | |||||||||||||
Liabilities:
|
||||||||||||||||
Warrant Liability—Public Warrants
|
20,766,705 | 20,766,705 | — | |||||||||||||
Warrant Liability—Private Placement Warrants
|
12,833,565 | — | — | 12,833,565 |
As of
June 30, 2021 |
As of
December 31, 2020 |
|||||||
Stock price
|
10.31 | 10.60 | ||||||
Strike price
|
11.50 | 11.50 | ||||||
Term (in years)
|
5.1 | 5.4 | ||||||
Volatility
|
30.0 | % | 27.8 | % | ||||
Risk-free rate
|
0.9 | % | 0.4 | % | ||||
Dividend yield
|
0.0 | % | 0.0 | % | ||||
Fair value of warrants
|
2.29 | 1.97 |
|
|
Private
Placement (Level 3) |
|
|
Public
(Level 1) |
|
|
Warrant
Liabilities |
|
Fair value as of December 31, 2020
|
12,833,565 | 20,766,705 | 33,600,270 | |||||||||
Change in valuation inputs or other assumptions
|
2,084,640 | 5,078,810 | 7,163,449 | |||||||||
|
|
|
|
|
|
|||||||
Fair value as of June 30, 2021
|
14,918,205 | 25,845,515 | 40,763,719 | |||||||||
|
|
|
|
|
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits.
|
Hyzon Motors, Inc.
|
||||||
Date: August 13, 2021 | By: |
/s/ Mark Gordon
|
||||
Name: | Mark Gordon | |||||
Title: |
Chief Financial Officer
(Principal Financial Officer)
|
1 Year Decarbonization Plus Acq... Chart |
1 Month Decarbonization Plus Acq... Chart |
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