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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nabors Energy Transition Corp | NYSE:NETC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.00 | 0 | 01:00:00 |
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Scenario 1 Assuming
No Redemptions |
| |
Scenario 2 Assuming
85% Redemptions |
| |
Scenario 3 Assuming
100% Redemptions(7) |
| |||||||||||||||||||||||||||
Weighted average shares outstanding – basic
and diluted |
| |
Ownership in
shares |
| |
%
|
| |
Ownership in
shares |
| |
%
|
| |
Ownership in
shares |
| |
%
|
| ||||||||||||||||||
Legacy Vast shareholders(1)
|
| | | | 20,500,000 | | | | | | 52.9 | | | | | | 20,500,000 | | | | | | 67.4 | | | | | | 20,500,000 | | | | | | 68.9 | | |
Current NETC public
stockholders(2) |
| | | | 9,850,641 | | | | | | 25.4 | | | | | | 1,477,596 | | | | | | 4.9 | | | | | | — | | | | | | — | | |
NETC initial stockholders(3)
|
| | | | 4,500,000 | | | | | | 11.6 | | | | | | 4,500,000 | | | | | | 14.8 | | | | | | 4,500,000 | | | | | | 15.1 | | |
Shares issued to Nabors Lux and AgCentral in connection with financing transactions(4)
|
| | | | 3,291,176 | | | | | | 8.5 | | | | | | 3,291,176 | | | | | | 10.8 | | | | | | 3,291,176 | | | | | | 11.1 | | |
Shares issued to CAG in connection with financing transactions(5)
|
| | | | 627,451 | | | | | | 1.6 | | | | | | 627,451 | | | | | | 2.1 | | | | | | 490,196 | | | | | | 1.6 | | |
Nabors Backstop(6)
|
| | | | — | | | | | | 0.0 | | | | | | — | | | | | | 0.0 | | | | | | 980,392 | | | | | | 3.3 | | |
Total
|
| | | | 38,769,268 | | | | | | 100.0 | | | | | | 30,396,223 | | | | | | 100.0 | | | | | | 29,761,764 | | | | | | 100.0 | | |
Total Pro Forma Book Value as of June 30, 2023
|
| | | $ | 103,776,000 | | | | | | | | | | | $ | 12,238,000 | | | | | | | | | | | $ | (5,248,000) | | | | | | | | |
Pro Forma Book Value Per Share
|
| | | $ | 2.68 | | | | | | | | | | | $ | 0.40 | | | | | | | | | | | $ | (0.18) | | | | | | | | |
| | |
Scenario 1 Assuming
No Redemptions |
| |
Scenario 2 Assuming
85% Redemptions |
| |
Scenario 3 Assuming
100% Redemptions(7) |
| |||||||||||||||||||||||||||
Weighted average shares outstanding – basic
and diluted |
| |
Ownership in
shares |
| |
%
|
| |
Ownership in
shares |
| |
%
|
| |
Ownership in
shares |
| |
%
|
| ||||||||||||||||||
Legacy Vast shareholders(1)
|
| | | | 20,500,000 | | | | | | 30.9 | | | | | | 20,500,000 | | | | | | 35.4 | | | | | | 20,500,000 | | | | | | 35.8 | | |
Current NETC public
stockholders(2) |
| | | | 23,650,641 | | | | | | 35.7 | | | | | | 15,277,596 | | | | | | 26.4 | | | | | | 13,800,000 | | | | | | 24.1 | | |
NETC initial stockholders(3)
|
| | | | 18,230,000 | | | | | | 27.5 | | | | | | 18,230,000 | | | | | | 31.5 | | | | | | 18,230,000 | | | | | | 31.8 | | |
Shares issued to Nabors Lux and AgCentral in connection with financing transactions(4)
|
| | | | 3,291,176 | | | | | | 5.0 | | | | | | 3,291,176 | | | | | | 5.7 | | | | | | 3,291,176 | | | | | | 5.7 | | |
Shares issued to CAG in connection with financing transactions(5)
|
| | | | 627,451 | | | | | | 0.9 | | | | | | 627,451 | | | | | | 1.1 | | | | | | 490,196 | | | | | | 0.9 | | |
Nabors Backstop(6)
|
| | | | — | | | | | | 0.0 | | | | | | — | | | | | | 0.0 | | | | | | 980,392 | | | | | | 1.7 | | |
Total
|
| | | | 66,299,268 | | | | | | 100.0 | | | | | | 57,926,223 | | | | | | 100.0 | | | | | | 57,291,764 | | | | | | 100.0 | | |
| | |
Scenario 1 Assuming
No Redemptions |
| |
Scenario 2 Assuming
85% Redemptions |
| |
Scenario 3 Assuming
100% Redemptions(7) |
| ||||||||||||||||||
Weighted average shares outstanding – basic
and diluted |
| |
Ownership in
shares |
| |
%
|
| |
Ownership in
shares |
| |
%
|
| |
Ownership in
shares |
| |
%
|
| |||||||||
Total Pro Forma Book Value as of June 30, 2023
|
| | | $ | 103,776,000 | | | | | | | | $ | 12,238,000 | | | | | | | | $ | (5,248,000) | | | | | |
Pro Forma Book Value Per Share
|
| | | $ | 1.57 | | | | | | | | $ | 0.21 | | | | | | | | $ | (0.09) | | | | | |
|
| | |
Prior to the
Business Combination(1) |
| |
Prior to the
Business Combination(1) |
| |
Scenario 1
Assuming No Redemptions |
| |
Scenario 2
Assuming 85% Redemptions |
| |
Scenario 3
Assuming 100% Redemptions |
| |||||||||||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owners
|
| |
Number of
shares of NETC Common Stock |
| |
%
|
| |
Number
of Legacy Vast Shares |
| |
%
|
| |
Number of
Vast Ordinary Shares |
| |
%
|
| |
Number of
Vast Ordinary Shares |
| |
%
|
| |
Number of
Vast Ordinary Shares |
| |
%
|
| ||||||||||||||||||||||||||||||
Five Precent Holders of Vast | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AgCentral Energy Pty Ltd(2)
|
| | | | — | | | | | | — | | | | | | 20,500,000 | | | | | | 100% | | | | | | 21,970,588 | | | | | | 56.7 | | | | | | 21,970,588 | | | | | | 72.3 | | | | | | 21,970,588 | | | | | | 73.8 | | |
Five Precent Holders of NETC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nabors Energy Transition Sponsor LLC(3)(4)
|
| | | | 6,725,000 | | | | | | 40.1% | | | | | | — | | | | | | — | | | | | | 4,325,000 | | | | | | 11.2 | | | | | | 4,325,000 | | | | | | 14.2 | | | | | | 4,325,000 | | | | | | 14.5 | | |
Saba Capital Management, L.P.
|
| | | | 2,663,066 | | | | | | 15.9% | | | | | | — | | | | | | — | | | | | | 2,663,066 | | | | | | 6.9 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Directors and Executive Officers of NETC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Anthony G. Petrello (3)(4)(6)(7)
|
| | | | 6,725,000 | | | | | | 40.2% | | | | | | — | | | | | | — | | | | | | 16,887,088 | | | | | | 34.1 | | | | | | 16,887,088 | | | | | | 41.1 | | | | | | 17,867,480 | | | | | | 44.1 | | |
William J. Restrepo(4)(8)
|
| | | | 1,500 | | | | | | * | | | | | | — | | | | | | — | | | | | | 576,500 | | | | | | 1.5 | | | | | | 576,500 | | | | | | 1.9 | | | | | | 576,500 | | | | | | 1.9 | | |
Siggi Meissner(4)(9)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 225,000 | | | | | | * | | | | | | 225,000 | | | | | | * | | | | | | 225,000 | | | | | | * | | |
Guillermo Sierra(4)(10)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,000 | | | | | | * | | | | | | 200,000 | | | | | | * | | | | | | 200,000 | | | | | | * | | |
John Yearwood(4)(11)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 700,000 | | | | | | 1.8 | | | | | | 700,000 | | | | | | 2.3 | | | | | | 700,000 | | | | | | 2.3 | | |
Maria Jelescu Dreyfus(12)
|
| | | | 75,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 225,000 | | | | | | * | | | | | | 225,000 | | | | | | * | | | | | | 225,000 | | | | | | * | | |
Colleen Calhoun
|
| | | | 50,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | * | | |
Jennifer Gill Roberts
|
| | | | 50,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | * | | |
All Directors and Executive Officers of NETC as a Group (8 Individuals)
|
| | | | 6,901,500 | | | | | | 41.2% | | | | | | — | | | | | | — | | | | | | 18,963,588 | | | | | | 36.9 | | | | | | 18,963,588 | | | | | | 44.1 | | | | | | 19,943,980 | | | | | | 47.0 | | |
Directors and Executive Officers of Vast After Consummation of the Business Combination
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Craig Wood(14)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,189,970 | | | | | | 3.0% | | | | | | 1,189,970 | | | | | | 3.9% | | | | | | 1,189,970 | | | | | | 3.9% | | |
Marshall (Mark) D. Smith
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kurt Drewes(15)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 713,982 | | | | | | 1.8% | | | | | | 713,982 | | | | | | 2.3% | | | | | | 713,982 | | | | | | 2.4% | | |
Alec Waugh
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sue Opie
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Colleen Calhoun
|
| | | | 50,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | * | | |
William J. Restrepo(4)(8)
|
| | | | 1,500 | | | | | | * | | | | | | — | | | | | | — | | | | | | 576,500 | | | | | | 1.5 | | | | | | 576,500 | | | | | | 1.9 | | | | | | 576,500 | | | | | | 1.9 | | |
Colin Richardson
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
John Yearwood(4)(11)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 700,000 | | | | | | 1.8 | | | | | | 700,000 | | | | | | 2.3 | | | | | | 700,000 | | | | | | 2.3 | | |
All Directors and Executive Officers of Vast as a Group (9 Individuals)
|
| | | | 51,500 | | | | | | * | | | | | | — | | | | | | — | | | | | | 3,230,452 | | | | | | 8.1 | | | | | | 3,230,452 | | | | | | 10.2 | | | | | | 3,230,452 | | | | | | 10.4 | | |
| | |
Scenario 1 Assuming
No Redemptions |
| |
Scenario 2 Assuming
85% Redemptions |
| |
Scenario 3 Assuming
100% Redemptions |
| |||||||||||||||||||||||||||
| | |
Ownership
in shares |
| |
%
|
| |
Ownership
in shares |
| |
%
|
| |
Ownership
in shares |
| |
%
|
| ||||||||||||||||||
Weighted average shares outstanding – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Legacy Vast shareholders(1)
|
| | | | 20,500,000 | | | | | | 52.9 | | | | | | 20,500,000 | | | | | | 67.4 | | | | | | 20,500,000 | | | | | | 68.9 | | |
Current NETC public stockholders(2)
|
| | | | 9,850,641 | | | | | | 25.4 | | | | | | 1,477,596 | | | | | | 4.9 | | | | | | — | | | | | | 0.0 | | |
NETC initial stockholders(3)
|
| | | | 4,500,000 | | | | | | 11.6 | | | | | | 4,500,000 | | | | | | 14.8 | | | | | | 4,500,000 | | | | | | 15.1 | | |
Shares issued to Nabors Lux and AgCentral in connection with financing transactions(4)
|
| | | | 3,291,176 | | | | | | 8.5 | | | | | | 3,291,176 | | | | | | 10.8 | | | | | | 3,291,176 | | | | | | 11.1 | | |
Shares issued to CAG in connection with financing transactions(5)
|
| | | | 627,451 | | | | | | 1.6 | | | | | | 627,451 | | | | | | 2.1 | | | | | | 490,196 | | | | | | 1.6 | | |
Shares issued to Nabors Lux pursuant to Nabors Backstop(6)
|
| | | | — | | | | | | 0.0 | | | | | | — | | | | | | 0.0 | | | | | | 980,392 | | | | | | 3.3 | | |
Total
|
| | | | 38,769,268 | | | | | | 100.0 | | | | | | 30,396,223 | | | | | | 100.0 | | | | | | 29,761,764 | | | | | | 100.0 | | |
| | |
Vast
Solar (IFRS) |
| |
NETC
(US GAAP) |
| |
NETC
Historical Financials adjustments (See Note 2) |
| | | | |
NETC
(US GAAP) – Pro Forma |
| |
IFRS
conversion and alignment (See Note 3) |
| | | | |
Scenario 1 Assuming
No Redemptions |
| |
Scenario 2 Assuming
85% Redemptions |
| |
Scenario 3 Assuming
100% Redemptions |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
Transaction
Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 2,060 | | | | | | 765 | | | | | | — | | | | | | | | | 765 | | | | | | — | | | | | | | | | 106,628 | | | |
A
|
| | | | 119,881 | | | | | | — | | | | | | | | | 28,343 | | | | | | — | | | | | | | | | 20,787 | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (2,452) | | | |
B
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (9,564) | | | |
C
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (5,460) | | | |
F
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 22,500 | | | |
J
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (4,830) | | | |
M
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | (90,632) | | | |
H
|
| | | | — | | | | | | (15,996) | | | |
H
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (1,869) | | | |
N
|
| | | | — | | | | | | (906) | | | |
N
|
| | | | — | | | | | | (160) | | | |
N
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (5,097) | | | |
O
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 6,400 | | | |
R
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | (1,400) | | | |
R
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 10,000 | | | |
S
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 10,800 | | | |
T
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Trade and other receivables
|
| | | | 314 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 314 | | | | | | — | | | | | | | | | 314 | | | | | | — | | | | | | | | | 314 | | |
R&D tax incentive receivable
|
| | | | 638 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 638 | | | | | | — | | | | | | | | | 638 | | | | | | — | | | | | | | | | 638 | | |
Prepaid expenses
|
| | | | 44 | | | | | | 188 | | | | | | — | | | | | | | | | 188 | | | | | | — | | | | | | | | | — | | | | | | | | | 232 | | | | | | — | | | | | | | | | 232 | | | | | | — | | | | | | | | | 232 | | |
Total current assets
|
| | |
|
3,056
|
| | | |
|
953
|
| | | | | — | | | | | | | |
|
953
|
| | | |
|
—
|
| | | | | | |
|
117,056
|
| | | | | | |
|
121,065
|
| | | |
|
(91,538)
|
| | | | | | |
|
29,527
|
| | | |
|
(7,556)
|
| | | | | | |
|
21,971
|
| |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments held in Trust
|
| | | | — | | | | | | 105,444 | | | | | | 1,184 | | | |
a
|
| | | | 106,628 | | | | | | — | | | | | | | | | (106,628) | | | |
A
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Investment in joint venture accounted for using the equity method
|
| | | | 1,300 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 1,300 | | | | | | — | | | | | | | | | 1,300 | | | | | | — | | | | | | | | | 1,300 | | |
Loans and advances to related parties
|
| | | | 225 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 225 | | | | | | — | | | | | | | | | 225 | | | | | | — | | | | | | | | | 225 | | |
Property, plant and equipment
|
| | | | 30 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 30 | | | | | | — | | | | | | | | | 30 | | | | | | — | | | | | | | | | 30 | | |
Right-of-use-assets
|
| | | | 45 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 45 | | | | | | — | | | | | | | | | 45 | | | | | | — | | | | | | | | | 45 | | |
Total non-current assets
|
| | |
|
1,600
|
| | | |
|
105,444
|
| | | |
|
1,184
|
| | | | | | |
|
106,628
|
| | | |
|
—
|
| | | | | | |
|
(106,628)
|
| | | | | | |
|
1,600
|
| | | | | — | | | | | | | |
|
1,600
|
| | | | | — | | | | | | | |
|
1,600
|
| |
Total assets
|
| | | | 4,656 | | | | | | 106,397 | | | | | | 1,184 | | | | | | | | | 107,581 | | | | | | — | | | | | | | | | 10,428 | | | | | | | | | 122,665 | | | | | | (91,538) | | | | | | | | | 31,127 | | | | | | (7,556) | | | | | | | | | 23,571 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings
|
| | | | 19,812 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (19,812) | | | |
I
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Trade and other payables
|
| | | | 5,622 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 1,667 | | | |
iii
|
| | | | (5,097) | | | |
O
|
| | | | 2,192 | | | | | | — | | | | | | | | | 2,192 | | | | | | — | | | | | | | | | 2,192 | | |
Accounts payable and accrued liabilities
|
| | | | — | | | | | | 758 | | | | | | — | | | | | | | | | 758 | | | | | | (758) | | | |
iii
|
| | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Due to related party
|
| | | | — | | | | | | 909 | | | | | | — | | | | | | | | | 909 | | | | | | (909) | | | |
iii
|
| | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Income taxes payable
|
| | | | — | | | | | | 11 | | | | | | — | | | | | | | | | 11 | | | | | | — | | | | | | | | | — | | | | | | | | | 11 | | | | | | — | | | | | | | | | 11 | | | | | | — | | | | | | | | | 11 | | |
Convertible promissory note
|
| | | | — | | | | | | 3,646 | | | | | | 1,184 | | | |
a
|
| | | | 4,830 | | | | | | — | | | | | | | | | (4,830) | | | |
M
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Share issuance costs payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 170 | | | |
R
|
| | | | 170 | | | | | | — | | | | | | | | | 170 | | | | | | (70) | | | |
R
|
| | | | 100 | | |
Contract liabilities
|
| | | | 2 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 2 | | | | | | — | | | | | | | | | 2 | | | | | | — | | | | | | | | | 2 | | |
Lease liabilities
|
| | | | 26 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 26 | | | | | | — | | | | | | | | | 26 | | | | | | — | | | | | | | | | 26 | | |
Deferred consideration payable
|
| | | | 955 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 955 | | | | | | — | | | | | | | | | 955 | | | | | | — | | | | | | | | | 955 | | |
Provisions
|
| | | | 183 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 183 | | | | | | — | | | | | | | | | 183 | | | | | | — | | | | | | | | | 183 | | |
Derivative financial instruments
|
| | | | 18 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 140,913 | | | |
G
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (140,931) | | | |
I
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Total current liabilities
|
| | | | 26,618 | | | | | | 5,324 | | | | | | 1,184 | | | | | | | | | 6,508 | | | | | | — | | | | | | | | | (29,587) | | | | | | | | | 3,539 | | | | | | — | | | | | | | | | 3,539 | | | | | | (70) | | | | | | | | | 3,469 | | |
| | |
Vast
Solar (IFRS) |
| |
NETC
(US GAAP) |
| |
NETC
Historical Financials adjustments (See Note 2) |
| | | | |
NETC
(US GAAP) – Pro Forma |
| |
IFRS
conversion and alignment (See Note 3) |
| | | | |
Scenario 1 Assuming
No Redemptions |
| |
Scenario 2 Assuming
85% Redemptions |
| |
Scenario 3 Assuming
100% Redemptions |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
Transaction
Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | |
Pro
Forma Combined |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred legal fees
|
| | | | — | | | | | | 5,460 | | | | | | — | | | | | | | | | 5,460 | | | | | | — | | | | | | | | | (5,460) | | | |
F
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Lease liabilities
|
| | | | 28 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 28 | | | | | | — | | | | | | | | | 28 | | | | | | — | | | | | | | | | 28 | | |
Provisions
|
| | | | 117 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 117 | | | | | | — | | | | | | | | | 117 | | | | | | — | | | | | | | | | 117 | | |
Warrant liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 4,405 | | | |
ii
|
| | | | — | | | | | | | | | 4,405 | | | | | | — | | | | | | | | | 4,405 | | | | | | — | | | | | | | | | 4,405 | | |
Borrowings
|
| | | | 7,134 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (7,134) | | | |
Q
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 10,800 | | | |
T
|
| | | | 10,800 | | | | | | — | | | | | | | | | 10,800 | | | | | | — | | | | | | | | | 10,800 | | |
Borrowings – Nabors Backstop
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 10,000 | | | |
S
|
| | | | 10,000 | | |
Derivative financial instruments
|
| | | | 174 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 729 | | | |
P
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (903) | | | |
Q
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Class A common stock subject to possible redemption
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 106,206 | | | |
i
|
| | | | (106,206) | | | |
E
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Total non-current liabilities
|
| | | | 7,453 | | | | | | 5,460 | | | | | | — | | | | | | | | | 5,460 | | | | | | 110,611 | | | | | | | | | (108,174) | | | | | | | | | 15,350 | | | | | | — | | | | | | | | | 15,350 | | | | | | 10,000 | | | | | | | | | 25,350 | | |
Total liabilities
|
| | | | 34,071 | | | | | | 10,784 | | | | | | 1,184 | | | | | | | | | 11,968 | | | | | | 110,611 | | | | | | | | | (137,761) | | | | | | | | | 18,889 | | | | | | — | | | | | | | | | 18,889 | | | | | | 9,930 | | | | | | | | | 28,819 | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A common stock, $0.0001 par value;
9,850,641 shares subject to redemption at $10.82 per share |
| | | | — | | | | | | 105,022 | | | | | | 1,184 | | | |
a
|
| | | | 106,206 | | | | | | (106,206) | | | |
i
|
| | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class F common stock, $0.0001 par value;
50,000,000 shares authorized; 6,900,000 shares issued and outstanding |
| | | | — | | | | | | 1 | | | | | | — | | | | | | | | | 1 | | | | | | (1) | | | |
iii
|
| | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Class F common stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | 25 | | | |
iii
|
| | | | (25) | | | |
K
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Issued capital
|
| | | | 2,354 | | | | | | — | | | | | | (1,184) | | | |
a
|
| | | | (1,184) | | | | | | — | | | | | | | | | 22,500 | | | |
J
|
| | | | 379,746 | | | | | | — | | | | | | | | | 287,600 | | | | | | — | | | | | | | | | 269,984 | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (470) | | | |
B
|
| | | | — | | | | | | 277 | | | |
B
|
| | | | — | | | | | | 28 | | | |
B
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 106,206 | | | |
E
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (23,403) | | | |
D
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 25 | | | |
K
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 165,338 | | | |
I
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (1,869) | | | |
N
|
| | | | — | | | | | | (906) | | | |
N
|
| | | | — | | | | | | (160) | | | |
N
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | (90,632) | | | |
H
|
| | | | — | | | | | | (15,996) | | | |
H
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 95,982 | | | |
L
|
| | | | — | | | | | | (885) | | | |
L
|
| | | | — | | | | | | (158) | | | |
L
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 8,037 | | | |
Q
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Share-based payment reserve
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | 6,230 | | | |
R
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | (1,330) | | | |
R
|
| | | | — | | |
Reserves
|
| | | | 4 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (4) | | | |
I
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
– Foreign Currency translation reserve
|
| | | | 3,285 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 3,285 | | | | | | — | | | | | | | | | 3,285 | | | | | | — | | | | | | | | | 3,285 | | |
– Capital contribution reserve
|
| | | | 4,591 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (4,591) | | | |
I
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Accumulated losses
|
| | | | (39,649) | | | | | | (9,410) | | | | | | — | | | | | | | | | (9,410) | | | | | | (24) | | | |
iii
|
| | | | 23,403 | | | |
D
|
| | | | (279,255) | | | | | | — | | | | | | | | | (278,647) | | | | | | — | | | | | | | | | (278,517) | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | (4,405) | | | |
ii
|
| | | | (1,982) | | | |
B
|
| | | | — | | | | | | (277) | | | |
B
|
| | | | — | | | | | | (28) | | | |
B
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (9,564) | | | |
C
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (95,982) | | | |
L
|
| | | | — | | | | | | 885 | | | |
L
|
| | | | — | | | | | | 158 | | | |
L
|
| | | | — | | |
Total equity
|
| | | | | | | | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (729) | | | |
P
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
Total liabilities and equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | (140,913) | | | |
G
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | |
| | | | | (29,415) | | | | | | (9,409) | | | | | | (1,184) | | | | | | | | | (10,593) | | | | | | (4,405) | | | | | | | | | 148,189 | | | | | | | | | 103,776 | | | | | | (91,538) | | | | | | | | | 12,238 | | | | | | (17,486) | | | | | | | | | (5,248) | | |
| | | | | 4,656 | | | | | | 106,397 | | | | | | 1,184 | | | | | | | | | 107,581 | | | | | | — | | | | | | | | | 10,428 | | | | | | | | | 122,665 | | | | | | (91,538) | | | | | | | | | 31,127 | | | | | | (7,556) | | | | | | | | | 23,571 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Scenario 1 Assuming
No Redemptions |
| |
Scenario 2 Assuming
85% Redemptions |
| |
Scenario 3 Assuming
100% Redemptions |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Vast Solar
(IFRS) |
| |
NETC
(US GAAP) |
| |
IFRS
conversion and alignment |
| | | | | | | |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro
Forma Combined |
| |
Additional
Transaction Adjustments |
| | | | | | | |
Pro
Forma Combined |
| |
Additional
Transaction Adjustments |
| | | | | | | |
Pro
Forma Combined |
| |||||||||||||||||||||||||||
Revenue from customers
|
| | | | 268 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 268 | | | | | | — | | | | | | | | | | | | 268 | | | | | | — | | | | | | | | | | | | 268 | | |
Grant revenue
|
| | | | 651 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 651 | | | | | | — | | | | | | | | | | | | 651 | | | | | | — | | | | | | | | | | | | 651 | | |
Total Revenue
|
| | | | 919 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 919 | | | | | | — | | | | | | | | | | | | 919 | | | | | | — | | | | | | | | | | | | 919 | | |
Employee benefits expenses
|
| | | | 2,984 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2,984 | | | | | | — | | | | | | | | | | | | 2,984 | | | | | | — | | | | | | | | | | | | 2,984 | | |
Consultancy expenses
|
| | | | 2,134 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2,134 | | | | | | — | | | | | | | | | | | | 2,134 | | | | | | — | | | | | | | | | | | | 2,134 | | |
Administrative and other expenses
|
| | | | 8,080 | | | | | | 6,714 | | | | | | — | | | | | | | | | | | | (180) | | | | | | BB | | | | | | 112,578 | | | | | | — | | | | | | | | | | | | 111,970 | | | | | | — | | | | | | | | | | | | 111,840 | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 95,982 | | | | | | EE | | | | | | — | | | | | | (885) | | | | | | EE | | | | | | — | | | | | | (158) | | | | | | EE | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 1,982 | | | | | | CC | | | | | | — | | | | | | 277 | | | | | | CC | | | | | | — | | | | | | 28 | | | | | | CC | | | | | | — | | |
Raw materials and consumables used
|
| | | | 600 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 600 | | | | | | — | | | | | | | | | | | | 600 | | | | | | — | | | | | | | | | | | | 600 | | |
Depreciation expense
|
| | | | 49 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 49 | | | | | | — | | | | | | | | | | | | 49 | | | | | | — | | | | | | | | | | | | 49 | | |
Finance costs, net .
|
| | | | 2,518 | | | | | | — | | | | | | — | | | | | | | | | | | | (2,166) | | | | | | DD | | | | | | 676 | | | | | | — | | | | | | | | | | | | 676 | | | | | | — | | | | | | | | | | | | 676 | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 324 | | | | | | GG | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Interest income
|
| | | | — | | | | | | (8,750) | | | | | | — | | | | | | | | | | | | 8,750 | | | | | | AA | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Share of loss of jointly controlled entities
|
| | | | 254 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 254 | | | | | | — | | | | | | | | | | | | 254 | | | | | | — | | | | | | | | | | | | 254 | | |
(Gain)/loss on derivative financial instruments (including warrants)
|
| | | | (105) | | | | | | — | | | | | | (2,753) | | | | | | FF | | | | | | — | | | | | | | | | | | | (2,753) | | | | | | — | | | | | | | | | | | | (2,753) | | | | | | — | | | | | | | | | | | | (2,753) | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | 105 | | | | | | DD | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total expenses (income)
|
| | | | 16,514 | | | | | | (2,036) | | | | | | (2,753) | | | | | | | | | | | | 104,797 | | | | | | | | | | | | 116,522 | | | | | | (608) | | | | | | | | | | | | 115,914 | | | | | | (130) | | | | | | | | | | | | 115,784 | | |
Net (loss) income before income tax
|
| | | | (15,595) | | | | | | 2,036 | | | | | | 2,753 | | | | | | | | | | | | (104,797) | | | | | | | | | | | | (115,603) | | | | | | 608 | | | | | | | | | | | | (114,995) | | | | | | 130 | | | | | | | | | | | | (114,865) | | |
Income tax benefit (expense) .
|
| | | | 378 | | | | | | (1,861) | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (1,483) | | | | | | — | | | | | | | | | | | | (1,483) | | | | | | — | | | | | | | | | | | | (1,483) | | |
Net income (loss) .
|
| | | | (15,217) | | | | | | 175 | | | | | | 2,753 | | | | | | | | | | | | (104,797) | | | | | | | | | | | | (117,086) | | | | | | 608 | | | | | | | | | | | | (116,478) | | | | | | 130 | | | | | | | | | | | | (116,348) | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding basic and diluted
|
| | | | 25,129 | | | | | | 24,300 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 38,769 | | | | | | | | | | | | | | | | | | 30,396 | | | | | | | | | | | | | | | | | | 29,762 | | |
Net income (loss) per share – basic and diluted
|
| | | | (0.61) | | | | | | 0.01 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (3.02) | | | | | | | | | | | | | | | | | | (3.83) | | | | | | | | | | | | | | | | | | (3.91) | | |
Class F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding basic and diluted
|
| | | | | | | | | | 6,900 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) per share – basic and diluted
|
| | | | | | | | | | 0.01 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Existing historical Vast shares, Existing Convertible Notes and MEP eliminated: | | | | | | | |
|
Convertible debt & shareholder loan
|
| | | $ | 19,812 | | |
|
Capital contribution reserve
|
| | | | 4,591 | | |
|
Derivative financial instruments
|
| | | | 140,931 | | |
|
Existing MEP shares
|
| | | | 4 | | |
|
Increase in issued capital
|
| | | $ | 165,338 | | |
(In thousands)
|
| |
Scenario 1 —
Assuming No Redemptions |
| |
Scenario 2 —
Assuming 85% Redemptions |
| |
Scenario 3 —
Assuming 100% Redemptions |
| |||||||||
Vast Ordinary Shares issued in exchange for the following NETC classes of stock:
|
| | | | | | | | | | | | | | | | | | |
Class A Common Stock
|
| | | | 9,851 | | | | | | 1,478 | | | | | | — | | |
Class F Common Stock
|
| | | | 3,000 | | | | | | 3,000 | | | | | | 3,000 | | |
Accelerated Earnback Shares and Incremental Funding
Commitment Fee |
| | | | 1,850 | | | | | | 1,850 | | | | | | 1,850 | | |
Vast Ordinary Shares issued
|
| | | | 14,701 | | | | | | 6,328 | | | | | | 4,850 | | |
Fair value of Vast shares issued in exchange for NETC shares valued at $10.93 per share(a).
|
| | | $ | 160,682 | | | | | $ | 69,165 | | | | | $ | 53,011 | | |
Fair value of earnout for NETC Sponsor(b) .
|
| | | | 16,944 | | | | | | 16,944 | | | | | | 16,944 | | |
Fair value of share consideration
|
| | | | 177,626 | | | | | | 86,109 | | | | | | 69,955 | | |
Adjusted NETC’s net assets/liabilities(c).
|
| | | | (81,644) | | | | | | 8,988 | | | | | | 24,984 | | |
Transaction expense
|
| | | $ | 95,982 | | | | | $ | 95,097 | | | | | $ | 94,939 | | |
| | |
June 30, 2023
|
| |||
Share price at Closing
|
| | | $ | 10.64 | | |
Expected volatility
|
| | | | 25.0% | | |
Expected dividend
|
| | | | 0.0% | | |
Risk-free rate.
|
| | | | 4.15% | | |
| | |
Scenario 1
Assuming No Redemptions |
| |
Scenario 2
Assuming 85% Redemptions |
| |
Scenario 3
Assuming 100% Redemptions |
| |||||||||
Total assets
|
| | | | 107,581 | | | | | | 107,581 | | | | | | 107,581 | | |
Total current liabilities
|
| | | | (6,508) | | | | | | (6,508) | | | | | | (6,508) | | |
Deferred legal fees
|
| | | | (5,460) | | | | | | (5,460) | | | | | | (5,460) | | |
Warrant liabilities
|
| | | | (4,405) | | | | | | (4,405) | | | | | | (4,405) | | |
NETC transaction costs
|
| | | | (9,564) | | | | | | (9,564) | | | | | | (9,564) | | |
Redemptions of Trust Account
|
| | | | — | | | | | | (90,632) | | | | | | (106,628) | | |
Net Assets/(Liabilities)
|
| | | | 81,644 | | | | | | (8,988) | | | | | | (24,984) | | |
| | |
Scenario 1
Assuming No Redemptions |
| |
Scenario 2
Assuming 85% Redemptions |
| |
Scenario 3
Assuming 100% Redemptions |
| |||||||||
Pro forma net loss (in thousands)
|
| | | | (117,086) | | | | | | (116,478) | | | | | | (116,348) | | |
Net loss per share – basic and diluted
|
| | | | (3.02) | | | | | | (3.83) | | | | | | (3.91) | | |
Weighted average shares outstanding – basic and diluted
|
| | | | | | | | | | | | | | | | | | |
Legacy Vast shareholders(1)
|
| | | | 20,500,000 | | | | | | 20,500,000 | | | | | | 20,500,000 | | |
Current NETC public stockholders(2)
|
| | | | 9,850,641 | | | | | | 1,477,596 | | | | | | — | | |
NETC initial stockholders(3)
|
| | | | 4,500,000 | | | | | | 4,500,000 | | | | | | 4,500,000 | | |
Shares issued to Nabors Lux and AgCentral in connection with financing transactions(4).
|
| | | | 3,291,176 | | | | | | 3,291,176 | | | | | | 3,291,176 | | |
Shares issued to CAG in connection with financing transactions(5)
|
| | | | 627,451 | | | | | | 627,451 | | | | | | 490,196 | | |
Shares issued to Nabors Lux pursuant to Nabors Backstop(6).
|
| | | | — | | | | | | — | | | | | | 980,392 | | |
Total
|
| | | | 38,769,268 | | | | | | 30,396,223 | | | | | | 29,761,764 | | |
| | |
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/s/ Craig Wood
Signature of director
|
| |
/s/ Alec Waugh
Signature of director/secretary
|
|
|
Craig Wood
Name of director (print)
|
| |
Alec Waugh
Name of director/secretary (print)
|
|
|
/s/ Colin Richardson
Signature of director
|
| |
/s/ Craig Wood
Signature of director/secretary
|
|
|
Colin Richardson
Name of director (print)
|
| |
Craig Wood
Name of director/secretary (print)
|
|
|
/s/ Trent Wedding
Signature of witness
|
| |
/s/ James Katsikas
Signature of officer
|
|
|
Trent Wedding
Name (print)
|
| |
James Katsikas
Name (print)
|
|
|
Signature of director
|
| |
Signature of director/secretary
|
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|
Name of director (print)
|
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Name of director/secretary (print)
|
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Signature of director
|
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Signature of director/secretary
|
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|
Name of director (print)
|
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Name of director/secretary (print)
|
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Date of Exchange
|
| | |
Principal Amount
of Exchange |
| | |
Aggregate
Principal Amount Remaining Subsequent to Exchange |
| | |
Applicable
Exchange Price |
| |
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Signed by Vast Renewables Limited in
accordance with section 127 of the Corporations Act 2001 (Cth) by: |
| | | |
|
/s/ Colin Richardson
Signature of director
|
| |
/s/ Craig Wood
Signature of director/secretary
|
|
|
Colin Richardson
Name of director (print)
|
| |
Craig Wood
Name of director/secretary (print)
|
|
|
Signed for EDF Australia Pacific Pty Ltd
(ACN 664 931 079) by its duly authorised officer, in the presence of: |
| | | |
|
/s/ Trent Wedding
Signature of witness
|
| |
/s/ James Katsikas
Signature of officer
|
|
|
Trent Wedding
Name of witness
|
| |
James Katsikas
Name of officer
|
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| Parent Guarantor | | |||
| Address: | | |
226-230 Liverpool Street
Darlinghurst NSW 2010, Australia |
|
| Email: | | | alec.waugh@vast.energy | |
| Attention: | | | Alec Waugh, General Counsel | |
| Beneficiary | | |||
| Address: | | | Level 26, 530 Collins St, Melbourne VIC 3000 | |
| Email: | | | David Griffin | |
| Attention: | | | ]David.griffin@edf.fr | |
| Signed, sealed and delivered by Vast Renewables Limited (ACN 136 258 574) in accordance with section 127 of the Corporations Act 2001 (Cth) by: | | | | |
|
/s/ Colin Richardson
Signature of director
|
| |
/s/ Craig Wood
Signature of director/secretary
|
|
|
Colin Richardson
Name of director (print)
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Craig Wood
Name of director/secretary (print)
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| Signed, sealed and delivered for EDF Australia Pacific Pty Ltd (ACN 664 931 079) by its duly authorised officer, in the presence of: | | | | |
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/s/ Trent Wedding
Signature of witness
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/s/ James Katsikas
Signature of officer
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Trent Wedding
Name of witness
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James Katsikas
Name of officer
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| | | | VAST: | | ||||||
| | | | VAST RENWEABLES LIMITED | | ||||||
| | | | By: | | |
/s/ Craig Wood
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| | | | | | | Name: | | | Craig Wood | |
| | | | | | | Title: | | | Chief Executive Officer | |
| | | | NABORS: | | ||||||
| | | | NABORS LUX 2 S.A.R.L. | | ||||||
| | | | By: | | |
/s/ Mark Douglas Andrews
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| | | | | | | Name: | | | Mark Douglas Andrews | |
| | | | | | | Title: | | | Class A Manager | |
| | | | NABORS: | | ||||||
| | | | NABORS LUX 2 S.A.R.L. | | ||||||
| | | | By: | | |
/s/ Henricus Reindert Petrus Polimam
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| | | | | | | Name: | | | Henricus Reindert Petrus Polimam | |
| | | | | | | Title: | | | Class A Manager | |
| | | | NABORS: | | ||||||
| | | | NABORS LUX 2 S.A.R.L. | | ||||||
| | | | By: | | |
/s/ Patrick Thomas Gallagher
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| | | | | | | Name: | | | Patrick Thomas Gallagher | |
| | | | | | | Title: | | | Class B Manager | |
| Details | | | | | E-5 | | |
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| | | | | E-19 | | | |
| Schedule 2 Drawdown Notice | | | | | E-20 | | |
| | | | | E-21 | | | |
| | | | | E-22 | | |
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Parties
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| | Borrower and Lender | | | | | |||
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Borrower
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| | Name | | |
Vast Renewables Limited
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| | | | ACN | | | 136 258 574 | | | ||
| | | | Address | | | 226-230 Liverpool Street, Darlinghurst NSW 2010, Australia | | | ||
| | | | | | alec.waugh@vastsolar.com | | | |||
| | | | Attention | | | Alec Waugh | | | ||
| Lender | | |
Name
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| | Nabors Lux 2 S.a.r.l. | | | ||
| | | | Formed in | | | Luxembourg | | | ||
| | | | Address | | | 8-10 Avenue de la Gare, Grand-Duchy of Luxembourg, R.C.S. Luxembourg B 154.034 | | | ||
| | | | | | general.counsel@nabors.com | | | |||
| | | | Attention | | | General Counsel | | |
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Holder Name
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Number of MEP Shares
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Craig Wood
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25 MEP Shares
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Kurt Drewes
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15 MEP Shares
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Bruce Leslie
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10 MEP Shares
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Lachlan Roberts
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10 MEP Shares
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Simon Woods
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5 MEP Shares
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Valentino Pagura
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5 MEP Shares
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Christina Hall
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5 MEP Shares
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Gilein Steensma
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5 MEP Shares
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SIGNED, SEALED AND DELIVERED by NABORS LUX 2 S.A.R.L. in the presence of:
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/s/ Lisa J. Murray
Signature of witness
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/s/ Mark D. Andrews
Signature of authorised signatory
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Lisa J. Murray
Name of witness (block letters)
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Mark D. Andrews
Name of authorised signatory (block letters)
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| EXECUTED by VAST RENEWABLES LIMITED in accordance with section 127(1) of the Corporations Act 2001 (Cth): | | | | ||||
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/s/ Colin Richardson
Signature of director
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/s/ Craig Wood
Signature of director/company secretary
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Colin Richardson
Name of director (block letters)
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Craig Wood
Name of director/company secretary (block letters)
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1 Year Nabors Energy Transition Chart |
1 Month Nabors Energy Transition Chart |
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