SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/09/21 ACE Convergence Acquisition Corp. S-4/A 19:8.8M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: S-4/A Pre-Effective Amendment to Registration Statement HTML 4.56M - Securities for a Merger 2: EX-2.2 Plan of Acquisition, Reorganization, Arrangement, HTML 22K Liquidation or Succession 3: EX-4.5 Instrument Defining the Rights of Security Holders HTML 17K 4: EX-5.1 Opinion of Counsel re: Legality HTML 33K 5: EX-10.25 Material Contract HTML 32K 6: EX-10.28 Material Contract HTML 315K 7: EX-10.32 Material Contract HTML 29K 8: EX-10.33 Material Contract HTML 64K 9: EX-21.1 Subsidiaries List HTML 8K 10: EX-23.1 Consent of Expert or Counsel HTML 8K 11: EX-23.2 Consent of Expert or Counsel HTML 8K 12: EX-99.2 Miscellaneous Exhibit HTML 8K 13: EX-99.3 Miscellaneous Exhibit HTML 8K 14: EX-99.4 Miscellaneous Exhibit HTML 8K 15: EX-99.5 Miscellaneous Exhibit HTML 8K 16: EX-99.6 Miscellaneous Exhibit HTML 8K 17: EX-99.7 Miscellaneous Exhibit HTML 8K 18: EX-99.8 Miscellaneous Exhibit HTML 8K 19: EX-99.9 Miscellaneous Exhibit HTML 8K
tm213891-7_s4a - block - 67.3441064s |
|
Cayman Islands*
(State or other jurisdiction of
incorporation or organization) |
| |
6770
(Primary Standard Industrial
Classification Code Number) |
| |
N/A
(I.R.S. Employer
Identification Number) |
|
|
Gregg A. Noel, Esq.
Michael J. Mies, Esq. Skadden, Arps, Slate, Meagher & Flom LLP 525 University Avenue, Suite 1400 Palo Alto, California 94301 (650) 470-4500 |
| |
Matthew B. Hemington, Esq.
John T. McKenna, Esq. Miguel J. Vega, Esq. Cooley LLP 3175 Hanover Street Palo Alto, California 94304 (415) 693-2000 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
| | ||||||||||||||||||||||||||||
Title of each class of
securities to be registered |
| | |
Amount to be
registered(1) |
| | |
Proposed maximum
offering price per unit |
| | |
Proposed maximum
aggregate offering price |
| | |
Amount of
registration fee |
| ||||||||||||
Common stock(2)(3)
|
| | | | | 28,750,000 | | | | | | $ | 10.98 (4) | | | | | | $ | 315,675,000(4) | | | | | | $ | 34,440.14 | | |
Redeemable Warrants(2)(5)
|
| | | | | 11,500,000 | | | | | | $ | 2.62 (6) | | | | | | $ | 30,072,500(6) | | | | | | $ | 3,280.91 | | |
Common stock(2)(7)
|
| | | | | 169,355,555 | | | | | | | N/A (8) | | | | | | $ | 56,452 | | | | | | $ | 6.16 | | |
Total
|
| | | | | | | | | | | | | | | | | | $ | 345,803,952 | | | | | | $ | 37,727.21(9) | | |
| | |
Page
|
| |||
| | | | xiii | | | |
| | | | xiv | | | |
| | | | xv | | | |
| | | | xix | | | |
| | | | xxi | | | |
| | | | 1 | | | |
| | | | 22 | | | |
| | | | 23 | | | |
| | | | 25 | | | |
| | | | 28 | | | |
| | | | 30 | | | |
| | | | 31 | | | |
| | | | 69 | | | |
| | | | 77 | | | |
| | | | 117 | | | |
| | | | 120 | | | |
| | | | 133 | | | |
| | | | 135 | | | |
| | | | 142 | | | |
| | | | 146 | | | |
| | | | 147 | | | |
| | | | 157 | | | |
| | | | 169 | | | |
| | | | 177 | | | |
| | | | 181 | | | |
| | | | 192 | | | |
| | | | 211 | | | |
| | | | 218 | | | |
| | | | 225 | | | |
| | | | 229 | | | |
| | | | 234 | | | |
| | | | 236 | | | |
| | | | 245 | | | |
| | | | 246 | | | |
| | | | 247 | | | |
| | | | 248 | | | |
| | | | 249 | | | |
| | | | 250 | | | |
| | | | 251 | | | |
| | | | 252 | | |
| | |
Page
|
| |||
| | | | F-1 | | | |
| | | | II-1 | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1 | | | |
| | | | | E-1 | | | |
| | | | | F-1 | | | |
| | | | | G-1 | | | |
| | | | | H-1 | | | |
| | | | | I-1 | | | |
| | | | | J-1 | | | |
| | | | | K-1 | | | |
| | | | | L-1 | | |
| | |
Share Ownership in New Achronix
|
| |||||||||||||||||||||
| | |
Pro Forma Combined
(Assuming No Redemptions) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions)(1) |
| ||||||||||||||||||
Achronix Stockholders(2)(3)
|
| | | | 148,268,793 | | | | | | 77.2% | | | | | | 148,268,793 | | | | | | 85.2% | | |
ACE’s public shareholders
|
| | | | 23,000,000 | | | | | | 12.0% | | | | | | — | | | | | | —% | | |
Sponsor & retated parties(4)
|
| | | | 11,250,000 | | | | | | 5.9% | | | | | | 16,250,000 | | | | | | 9.3% | | |
Third Party PIPE Investors
|
| | | | 9,500,000 | | | | | | 4.9% | | | | | | 9,500,000 | | | | | | 5.5% | | |
Total
|
| | | | 192,018,793 | | | | | | 100% | | | | | | 174,018,793 | | | | | | 100% | | |
| | |
Cayman Constitutional Documents
|
| |
Proposed Organizational Documents
|
|
Authorized Shares
(Organizational Documents Proposal A) |
| | The Cayman Constitutional Documents authorize 555,000,000 shares, consisting of 500,000,000 ACE Class A ordinary shares, 50,000,000 ACE Class B ordinary shares and 5,000,000 preference shares. | | | The Proposed Organizational Documents authorize 1,010,000,000 shares, consisting of 1,000,000,000 shares of New Achronix common stock and 10,000,000 shares of New Achronix preferred stock. | |
| | | See paragraph 7 of the Existing Memorandum. | | | See Article Fourth of the Proposed Certificate of Incorporation. | |
Authorize the Board of Directors to Issue Preferred Stock Without Stockholder Consent (Organizational Documents Proposal B) | | | The Cayman Constitutional Documents authorize the issuance of 5,000,000 preference shares with such designation, rights and preferences as may be determined from time to time by ACE’s board of directors. Accordingly, ACE’s board of directors is empowered under the Cayman Constitutional Documents, without shareholder approval, to issue preferred shares with dividend, liquidation, redemption, voting or other rights which could adversely affect the voting power or other rights of the holders of ordinary shares (except to the extent it may affect the ability of ACE to carry out a conversion of ACE Class B ordinary shares on the Closing Date, as contemplated by the Existing Articles). | | | The Proposed Organizational Documents authorize the Board to issue all or any shares of preferred stock in one or more series and to fix for each such series such voting powers, full or limited, and such designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as the Board may determine. | |
| | | See paragraph 7 of the Existing Memorandum and Articles 9 and 28 of the Existing Articles. | | | See Article Fifth, subsection (B) of the Proposed Certificate of Incorporation. | |
Classified Board (Organizational Documents Proposal C) | | | The Cayman Constitutional Documents do not contain a provision that provides the number of classes of ACE’s board of directors. | | | The Proposed Organizational Documents provide that the Board be divided into three classes with only one class of directors being elected in each year and each class serving a three-year term. | |
| | | | | | See Article Sixth of the Proposed Certificate of Incorporation. | |
Corporate Name
(Organizational Documents Proposal D) |
| | The Cayman Constitutional Documents provide the name of the company is “ACE Convergence Acquisition Corp.” | | | The Proposed Organizational Documents provide that the name of the corporation will be “Achronix Semiconductor Corporation” | |
| | |
Cayman Constitutional Documents
|
| |
Proposed Organizational Documents
|
|
| | | See paragraph 1 of the Existing Memorandum. | | | See Article First of the Proposed Certificate of Incorporation. | |
Perpetual Existence
(Organizational Documents Proposal D) |
| | The Cayman Constitutional Documents provide that if ACE does not consummate a business combination (as defined in the Cayman Constitutional Documents) by January 30, 2022, ACE will cease all operations except for the purposes of winding up and will redeem the public shares and liquidate ACE’s trust account. | | | The Proposed Organizational Documents do not include any provisions relating to New Achronix’s ongoing existence; the default under the DGCL will make New Achronix’s existence perpetual. | |
| | | See Article 17 of the Cayman Constitutional Documents. | | | Default rule under the DGCL. | |
Exclusive Forum
(Organizational Documents Proposal D) |
| | The Cayman Constitutional Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation. | | | The Proposed Organizational Documents adopt Delaware as the exclusive forum for certain stockholder litigation. | |
| | | | | | See Article Twelfth of the Proposed Certificate of Incorporation. | |
Takeovers by Interested
Stockholders (Organizational Documents Proposal D) |
| | The Cayman Constitutional Documents do not provide restrictions on takeovers of ACE by a related shareholder following a business combination. | | | The Proposed Organizational Documents will have New Achronix governed by Section 203 of the DGCL relating to takeovers by interested stockholders. | |
| | | | | | Default rule under the DGCL. | |
Provisions Related to Status as Blank Check Company (Organizational Documents Proposal D) | | | The Cayman Constitutional Documents include various provisions related to ACE’s status as a blank check company prior to the consummation of a business combination. | | | The Proposed Organizational Documents do not include such provisions related to ACE’s status as a blank check company, which no longer will apply upon consummation of the Merger, as ACE will cease to be a blank check company at such time. | |
| | | See Article 17 of the Cayman Constitutional Documents. | | | | |
| | |
Share Ownership in New Achronix
|
| |||||||||||||||||||||
| | |
Pro Forma Combined
(Assuming No Redemptions) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions)(1) |
| ||||||||||||||||||
Achronix Stockholders(2)(3)
|
| | | | 148,268,793 | | | | | | 77.2% | | | | | | 148,268,793 | | | | | | 85.2% | | |
ACE’s public shareholders
|
| | | | 23,000,000 | | | | | | 12.0% | | | | | | — | | | | | | —% | | |
Sponsor & retated parties(4)
|
| | | | 11,250,000 | | | | | | 5.9% | | | | | | 16,250,000 | | | | | | 9.3% | | |
Third Party PIPE Investors
|
| | | | 9,500,000 | | | | | | 4.9% | | | | | | 9,500,000 | | | | | | 5.5% | | |
Total
|
| | | | 192,018,793 | | | | | | 100% | | | | | | 174,018,793 | | | | | | 100% | | |
Sources
|
| | | | | | | |
Uses
|
| | | | | | |
($ in millions)
|
| | | | | | | | | | | | | | | |
Cash and investments held in trust account(1)
|
| | | $ | 230.1 | | | |
Cash to Achronix Equityholders
|
| | | $ | 50.0 | | |
PIPE Investment(2)
|
| | | | 150.0 | | | |
Cash to balance sheet(3)
|
| | | | 284.9 | | |
| | | | | | | | |
Transaction expenses(4)
|
| | | | 45.2 | | |
Total sources
|
| | | $ | 380.1 | | | |
Total uses
|
| | | $ | 380.1 | | |
Statement of Operations Data
|
| | | ||||
| | |
(in thousands, except
share and per share data) |
| |||
Formation and operating costs
|
| | | $ | 1,125 | | |
Loss from operations
|
| | | | (1,125) | | |
Other income: | | | | | | | |
Interest income
|
| | | | 91 | | |
Net loss
|
| | | $ | (1,034) | | |
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | 23,000,000 | | |
Basic and diluted income per share, Class A redeemable ordinary
|
| | | $ | (0.00) | | |
Weighted average shares outstanding of Class B non-redeemable
|
| | | | 5,530,233 | | |
Basic and diluted net loss per share, Class B redeemable ordinary
|
| | | $ | (0.20) | | |
Balance Sheet Data | | | | | | | |
Total assets
|
| | | $ | 231,228 | | |
Total liabilities
|
| | | $ | 8,910 | | |
Class A ordinary shares subject to possible redemption
|
| | | $ | 217,318 | | |
Total stockholders’ equity
|
| | | $ | 5,000 | | |
| | |
Year Ended December 31,
|
| | |||||||||||||||||
| | | | |
2019
|
| |
2018
|
| | ||||||||||||
| | |
(in thousands, except share and per share data)
|
| | |||||||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | ||
Product
|
| | | $ | 103,922 | | | | | $ | 54 | | | | | $ | 52,075 | | | | ||
Licensing
|
| | | | 970 | | | | | | 4,140 | | | | | | 9,167 | | | | ||
Total revenue
|
| | | | 104,892 | | | | | | 4,194 | | | | | | 61,242 | | | | ||
Cost of revenue
|
| | | | 22,347 | | | | | | 2,542 | | | | | | 16,731 | | | | ||
Gross profit
|
| | | | 82,545 | | | | | | 1,652 | | | | | | 44,511 | | | | ||
Operating expenses | | | | | | | | | | | | | | | | | | | | | ||
Research and development
|
| | | | 30,373 | | | | | | 25,898 | | | | | | 27,164 | | | | ||
Sales and marketing
|
| | | | 8,775 | | | | | | 7,896 | | | | | | 6,408 | | | | ||
General and administrative
|
| | | | 5,665 | | | | | | 3,812 | | | | | | 4,287 | | | | ||
Total operating expenses
|
| | | | 44,813 | | | | | | 37,606 | | | | | | 37,859 | | | | ||
Income (loss) from operations
|
| | | | 37,732 | | | | | | (35,954) | | | | | | 6,652 | | | | ||
Other income (expense), net | | | | | | | | | | | | | | | | | | | | | ||
Interest income (expense), net
|
| | | | (3,055) | | | | | | 689 | | | | | | 581 | | | | ||
Change in fair value of warrant liability
|
| | | | (2,338) | | | | | | 134 | | | | | | (23) | | | | ||
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | (423) | | | | ||
Other expense, net
|
| | | | (25) | | | | | | (73) | | | | | | (97) | | | | | |
Total other income (expense), net
|
| | | | (5,418) | | | | | | 750 | | | | | | 38 | | | | ||
Income (loss) before provision for income taxes
|
| | | | 32,314 | | | | | | (35,204) | | | | | | 6,690 | | | | ||
Provision for income taxes
|
| | | | 114 | | | | | | 1,125 | | | | | | 181 | | | | ||
Net income (loss)
|
| | | | 32,200 | | | | | | (36,329) | | | | | | 6,509 | | | | ||
Undistributed earnings attributable to participating securities
|
| | | | (31,711) | | | | | | — | | | | | | (6,509) | | | | ||
Net income (loss) attributable to common stockholders
|
| | | $ | 489 | | | | | $ | (36,329) | | | | | $ | — | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
| | |
(in thousands, except share and per share data)
|
| |||||||||||||||
Net income (loss) per share attributable to common stockholders
|
| | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.08 | | | | | $ | (5.90) | | | | | $ | 0.00 | | |
Diluted
|
| | | $ | 0.07 | | | | | $ | (5.90) | | | | | $ | 0.00 | | |
Weighted average shares used in computing net income (loss) per
share attributable to common stockholders |
| | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 6,414,428 | | | | | | 6,159,765 | | | | | | 5,740,025 | | |
Diluted
|
| | | | 36,611,762 | | | | | | 6,159,765 | | | | | | 5,740,025 | | |
| | |
December 31,
|
| |||||||||||||||
Balance Sheet Data
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Total assets
|
| | | $ | 86,226 | | | | | $ | 31,927 | | | | | $ | 67,661 | | |
Total liabilities
|
| | | $ | 36,764 | | | | | $ | 16,951 | | | | | $ | 17,872 | | |
Total redeemable convertible preferred stock
|
| | | $ | 320,916 | | | | | $ | 320,916 | | | | | $ | 320,916 | | |
Total stockholders’ deficit
|
| | | $ | (271,454) | | | | | $ | (305,940) | | | | | $ | (271,127) | | |
| | |
Share Ownership in New Achronix
|
| |||||||||||||||||||||
| | |
Pro Forma Combined
(Assuming No Redemptions) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions)(1) |
| ||||||||||||||||||
Achronix Stockholders(2)(3)
|
| | | | 148,268,793 | | | | | | 77.2% | | | | | | 148,268,793 | | | | | | 85.2% | | |
ACE’s public shareholders
|
| | | | 23,000,000 | | | | | | 12.0% | | | | | | — | | | | | | —% | | |
Sponsor & retated parties(4)
|
| | | | 11,250,000 | | | | | | 5.9% | | | | | | 16,250,000 | | | | | | 9.3% | | |
Third Party PIPE Investors
|
| | | | 9,500,000 | | | | | | 4.9% | | | | | | 9,500,000 | | | | | | 5.5% | | |
Total
|
| | | | 192,018,793 | | | | | | 100% | | | | | | 174,018,793 | | | | | | 100% | | |
| | |
Pro Forma
Combined (Assuming No Redemptions) |
| |
Pro Forma
Combined (Assuming Maximum Redemptions) |
| ||||||
| | |
(in thousands, except share and per share data)
|
| |||||||||
Summary Unaudited Pro Forma Condensed Combined
Balance Sheet |
| | | | | | | | | | | | |
Data as of December 31, 2020
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 324,230 | | | | | $ | 144,139 | | |
Total assets
|
| | | $ | 372,254 | | | | | $ | 192,163 | | |
Total liabilities
|
| | | $ | 75,844 | | | | | $ | 75,844 | | |
Total stockholders’ equity
|
| | | $ | 296,410 | | | | | $ | 116,319 | | |
Summary Unaudited Pro Forma Condensed Combined Statement
of Operations Data |
| | | | | | | | | | | | |
Year Ended December 31, 2020
|
| | | | | | | | | | | | |
Revenue
|
| | | $ | 104,892 | | | | | $ | 104,892 | | |
Net income attributable to common stockholders(1)
|
| | | $ | 3,242 | | | | | $ | 3,239 | | |
Net income per share – basic
|
| | | $ | 0.02 | | | | | $ | 0.02 | | |
Net income per share – diluted
|
| | | $ | 0.02 | | | | | $ | 0.02 | | |
Weighted-average shares outstanding – basic
|
| | | | 193,767,388 | | | | | | 175,767,388 | | |
Weighted-average shares outstanding – diluted
|
| | | | 216,064,614 | | | | | | 198,064,614 | | |
| | |
ACE
(Historical) |
| |
Achronix
(Historical) |
| |
Pro Forma Combined
|
| |
Achronix Equivalent
Pro Forma Per Share(4) |
| ||||||||||||||||||||||||
| | |
(Assuming No
Redemptions) |
| |
(Assuming
Maximum Redemptions)(1) |
| |
Combined
(Assuming No Redemptions) |
| |
Combined
(Assuming Maximum Redemptions)(1) |
| ||||||||||||||||||||||||
As of and for the Year Ended December 31, 2020(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Book value per share(3)
|
| | | $ | 0.26 | | | | | $ | (42.32) | | | | | $ | 1.53 | | | | | $ | 0.66 | | | | | $ | 0.78 | | | | | $ | 0.34 | | |
Net income per share – basic
|
| | | $ | (0.0) | | | | | $ | 0.08 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.01 | | | | | $ | 0.01 | | |
Net income per share – diluted
|
| | | $ | (0.0) | | | | | $ | 0.07 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.01 | | | | | $ | 0.01 | | |
Weighted average shares outstanding – basic
|
| | | | 23,000,000 | | | | | | 6,414,428 | | | | | | 193,767,388 | | | | | | 175,767,388 | | | | | | | | | | |||||
Weighted average shares outstanding – diluted
|
| | | | 23,000,000 | | | | | | 36,611,762 | | | | | | 216,064,614 | | | | | | 198,064,614 | | | | | | | | | |
($ in thousands)
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |||||||||
Total Revenue
|
| | | | 104,893 | | | | | | 157,600 | | | | | | 195,000 | | |
Gross Profit
|
| | | | 83,257 | | | | | | 119,800 | | | | | | 143,400 | | |
Adjusted EBIT(1)
|
| | | | 36,973 | | | | | | 50,100 | | | | | | 63,500 | | |
($ in thousands)
|
| |
2020E
|
| |
2021E
|
| |
2022E
|
| |||||||||
Net income
|
| | | $ | 33,426 | | | | | $ | 45,301 | | | | | $ | 52,147 | | |
Stock-based compensation expense
|
| | | | 607 | | | | | | 5,009 | | | | | | 7,022 | | |
Adjusted net income
|
| | | | 34,033 | | | | | | 50,310 | | | | | | 59.169 | | |
Total other income (expense), net
|
| | | | 2,854 | | | | | | (340) | | | | | | (560) | | |
Provision for income taxes
|
| | | | 86 | | | | | | 130 | | | | | | 4,891 | | |
Adjusted EBIT
|
| | | $ | 36,973 | | | | | $ | 50,100 | | | | | $ | 63,500 | | |
| | | |
The Cayman Constitutional Documents
|
| |
The Proposed Organizational Documents
|
|
|
Authorized Shares (Organizational Documents Proposal A)
|
| |
The Cayman Constitutional Documents authorize 555,000,000 shares, consisting of 500,000,000 ACE Class A ordinary shares, 50,000,000 ACE Class B ordinary shares and 5,000,000 preference shares.
|
| |
The Proposed Organizational Documents authorize 1,010,000,000 shares, consisting of 1,000,000,000 shares of New Achronix common stock and 10,000,000 shares of New Achronix preferred stock.
|
|
| | | |
See paragraph 7 of the Existing Memorandum.
|
| |
See Article Fourth of the Proposed Certificate of Incorporation.
|
|
|
Authorize the Board of Directors to Issue Preferred Stock Without Stockholder Consent (Organizational Documents
Proposal B) |
| |
The Cayman Constitutional Documents authorize the issuance of 5,000,000 preference shares with such designation, rights and preferences as may be determined from time to time by ACE’s board of directors. Accordingly, ACE’s board of directors is empowered under the Cayman Constitutional Documents, without shareholder approval, to issue preferred shares
|
| |
The Proposed Organizational Documents authorize the Board to issue all or any shares of preferred stock in one or more series and to fix for each such series such voting powers, full or limited, and such designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as the Board
|
|
| | | |
The Cayman Constitutional Documents
|
| |
The Proposed Organizational Documents
|
|
| | | |
with dividend, liquidation, redemption, voting or other rights which could adversely affect the voting power or other rights of the holders of ordinary shares (except to the extent it may affect the ability of ACE to carry out a conversion of ACE Class B ordinary shares).
|
| |
may determine.
|
|
| | | |
See paragraph 7 of the Existing Memorandum and Articles 9 and 28 of the Existing Articles.
|
| |
See Article Fifth, subsection (B) of the Proposed Certificate of Incorporation.
|
|
|
Classified Board (Organizational Documents
Proposal C) |
| |
The Cayman Constitutional Documents do not contain a provision that provides.the number of classes of ACE’s board of directors.
|
| |
The Proposed Organizational Documents provide that the Board be divided into three classes with only one class of directors being elected in each year and each class serving a three-year term.
|
|
| | | | | | |
See Article Sixth of the Proposed Certificate of Incorporation.
|
|
|
Corporate Name (Organizational Documents
Proposal D) |
| |
The Cayman Constitutional Documents provide that the name of the company is “ACE Convergence Acquisition Corp.”
|
| |
The Proposed Organizational Documents provide that the name of the corporation will be “ ”
|
|
| | | |
See paragraph 1 of the Existing Memorandum.
|
| |
See Article First of the Proposed Certificate of Incorporation.
|
|
|
Perpetual Existence (Organizational Documents Proposal D)
|
| |
The Cayman Constitutional Documents provide that if ACE does not consummate a business combination (as defined in the Cayman Constitutional Documents) by January 30, 2022, ACE will cease all operations except for the purposes of winding up and will redeem the public shares and liquidate ACE’s trust account.
|
| |
The Proposed Organizational Documents do not include any provisions relating to New Achronix’s ongoing existence; the default under the DGCL will make New Achronix’s existence perpetual.
|
|
| | | |
See Article 17 of the Cayman Constitutional Documents.
|
| |
Default rule under the DGCL.
|
|
|
Exclusive Forum (Organizational Documents
Proposal D) |
| |
The Cayman Constitutional Documents do not contain a provision adopting an exclusive forum for certain shareholder litigation.
|
| |
The Proposed Organizational Documents adopt Delaware as the exclusive forum for certain stockholder litigation.
|
|
| | | | | | |
See Article Twelfth of the Proposed Certificate of Incorporation.
|
|
|
Takeovers by Interested
Stockholders (Organizational Documents |
| |
The Cayman Constitutional Documents do not provide restrictions on takeovers of ACE
|
| |
The Proposed Organizational Documents will have New Achronix governed by
|
|
| | | |
The Cayman Constitutional Documents
|
| |
The Proposed Organizational Documents
|
|
|
Proposal D)
|
| |
by a related shareholder following a business combination.
|
| |
Section 203 of the DGCL relating to takeovers by interested stockholders.
|
|
| | | | | | |
Default rule under the DGCL.
|
|
|
Provisions Related to Status as Blank Check Company (Organizational Documents
Proposal D) |
| |
The Cayman Constitutional Documents include various provisions related to ACE’s status as a blank check company prior to the consummation of a business combination.
|
| |
The Proposed Organizational Documents do not include such provisions related to ACE’s status as a blank check company, which no longer will apply upon consummation of the Merger, as ACE will cease to be a blank check company at such time.
|
|
| | | |
See Article 17 of the Cayman Constitutional Documents.
|
| | | |
| | |
Share Ownership in New Achronix
|
| |||||||||||||||||||||
| | |
Pro Forma Combined
(Assuming No Redemptions) |
| |
Pro Forma Combined
(Assuming Maximum Redemptions)(1) |
| ||||||||||||||||||
Achronix Stockholders(2)(3)
|
| | | | 148,268,793 | | | | | | 77.2% | | | | | | 148,268,793 | | | | | | 85.2% | | |
ACE’s public shareholders
|
| | | | 23,000,000 | | | | | | 12.0% | | | | | | — | | | | | | —% | | |
Sponsor & retated parties(4)
|
| | | | 11,250,000 | | | | | | 5.9% | | | | | | 16,250,000 | | | | | | 9.3% | | |
Third Party PIPE Investors
|
| | | | 9,500,000 | | | | | | 4.9% | | | | | | 9,500,000 | | | | | | 5.5% | | |
Total
|
| | | | 192,018,793 | | | | | | 100% | | | | | | 174,018,793 | | | | | | 100% | | |
| | |
ACE
Convergence Acquisition Corp. (Historical) |
| |
Achronix
Semiconductor Corporation (Historical) |
| |
Assuming No
Redemptions Scenario |
| |
Assuming Maximum
Redemptions Scenario |
| ||||||||||||||||||||||||||||||||||||
| | |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 793 | | | | | $ | 38,546 | | | | | $ | 230,091 | | | | |
|
A
|
| | | | $ | 324,230 | | | | | $ | (230,091) | | | | |
|
P
|
| | | | $ | 144,139 | | |
| | | | | | | | | | | | | | | | | 150,000 | | | | |
|
B
|
| | | | | | | | | | | 50,000 | | | | |
|
Q
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (50,000) | | | | |
|
C
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (4,400) | | | | |
|
D
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (32,750) | | | | |
|
E
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (8,050) | | | | |
|
F
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Restricted cash
|
| | | | — | | | | | | 5,011 | | | | | | — | | | | | | | | | | | | 5,011 | | | | | | — | | | | | | | | | | | | 5,011 | | |
Accounts receivable, net
|
| | | | — | | | | | | 16,900 | | | | | | — | | | | | | | | | | | | 16,900 | | | | | | — | | | | | | | | | | | | 16,900 | | |
Inventories
|
| | | | — | | | | | | 2,116 | | | | | | — | | | | | | | | | | | | 2,116 | | | | | | — | | | | | | | | | | | | 2,116 | | |
Prepaid expenses and other current assets
|
| | | | 344 | | | | | | 2,251 | | | | | | — | | | | | | | | | | | | 2,595 | | | | | | — | | | | | | | | | | | | 2,595 | | |
Total current assets
|
| | | | 1,137 | | | | | | 64,824 | | | | | | 284,891 | | | | | | | | | | | | 350,852 | | | | | | (180,091) | | | | | | | | | | | | 170,761 | | |
Property and equipment, net
|
| | | | — | | | | | | 3,723 | | | | | | — | | | | | | | | | | | | 3,723 | | | | | | — | | | | | | | | | | | | 3,723 | | |
Lending facility deposit
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Cash and marketable securities held in trust
|
| | | | 230,091 | | | | | | — | | | | | | (230,091) | | | | |
|
A
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Intangible assets, net
|
| | | | — | | | | | | 16,432 | | | | | | — | | | | | | | | | | | | 16,432 | | | | | | — | | | | | | | | | | | | 16,432 | | |
Other assets
|
| | | | — | | | | | | 1,247 | | | | | | — | | | | | | | | | | | | 1,247 | | | | | | — | | | | | | | | | | | | 1,247 | | |
Total assets
|
| | | $ | 231,228 | | | | | $ | 86,226 | | | | | $ | 54,800 | | | | | | | | | | | $ | 372,254 | | | | | $ | (180,091) | | | | | | | | | | | $ | 192,163 | | |
LIABILITIES, REDEEMABLE CONVERTIBLE
PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 860 | | | | | $ | 5,938 | | | | | $ | — | | | | | | | | | | | $ | 6,798 | | | | | $ | — | | | | | | | | | | | $ | 6,798 | | |
Accrued liabilities
|
| | | | — | | | | | | 13,414 | | | | | | — | | | | | | | | | | | | 13,414 | | | | |
|
—
|
| | | | | | | | | | | 13,414 | | |
Deferred revenue
|
| | | | — | | | | | | 4,176 | | | | | | — | | | | | | | | | | | | 4,176 | | | | |
|
—
|
| | | | | | | | | | | 4,176 | | |
Total current liabilities
|
| | | | 860 | | | | | | 23,528 | | | | | | — | | | | | | | | | | | | 24,388 | | | | | | — | | | | | | | | | | | | 24,388 | | |
Preferred stock warrant liability
|
| | | | — | | | | | | 4,311 | | | | | | (4,311) | | | | |
|
G
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Deferred revenue – noncurrent
|
| | | | — | | | | | | 2,800 | | | | | | — | | | | | | | | | | | | 2,800 | | | | | | — | | | | | | | | | | | | 2,800 | | |
Earnout liability
|
| | | | — | | | | | | — | | | | | | 29,772 | | | | |
|
H
|
| | | | | 42,531 | | | | | | — | | | | | | | | | | | | 42,531 | | |
| | | | | | | | | | | | | | | | | 12,759 | | | | |
|
I
|
| | | | | | | | | | | | | | | | | | | | | |||||
Other noncurrent liabilities
|
| | | | 8,050 | | | | | | 6,125 | | | | | | (8,050) | | | | |
|
F
|
| | | | | 6,125 | | | | | | — | | | | | | | | | | | | 6,125 | | |
Total liabilities
|
| | | | 8,910 | | | | | | 36,764 | | | | | | 30,170 | | | | | | | | | | | | 75,844 | | | | | | — | | | | | | | | | | | | 75,844 | | |
| | |
ACE
Convergence Acquisition Corp. (Historical) |
| |
Achronix
Semiconductor Corporation (Historical) |
| |
Assuming No
Redemptions Scenario |
| |
Assuming Maximum
Redemptions Scenario |
| ||||||||||||||||||||||||||||||||||||
| | |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||||||||||||||
Commitments and contingencies
|
| | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock
|
| | | | — | | | | | | 320,916 | | | | | | (320,916) | | | | |
|
J
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class A common stock subject to possible
redemption |
| | | | 217,318 | | | | | | — | | | | | | (217,318) | | | | |
|
K
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Stockholders’ equity (deficit) | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
Class A common stock
|
| | | | 0 | | | | | | — | | | | | | 0 | | | | |
|
K
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class B common stock
|
| | | | 1 | | | | | | — | | | | | | (1) | | | | |
|
L
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Achronix common stock
|
| | | | — | | | | | | 9 | | | | | | 272 | | | | |
|
J
|
| | | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | | | | | | | | | | | | | | | (281) | | | | |
|
M
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
New Achronix common stock
|
| | | | — | | | | | | — | | | | | | 1 | | | | |
|
B
|
| | | | | 19 | | | | | | (2) | | | | |
|
Q
|
| | | | | 17 | | |
| | | | | | | | | | | | | | | | | 2 | | | | |
|
K
|
| | | | | | | | | | | 0 | | | | |
|
R
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
L
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 15 | | | | |
|
M
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 6,033 | | | | | | 5,983 | | | | | | 149,999 | | | | |
|
B
|
| | | | | 601,474 | | | | | | (230,089) | | | | |
|
Q
|
| | | | | 421,385 | | |
| | | | | | | | | | | | | | | | | (50,000) | | | | |
|
C
|
| | | | | | | | | | | 50,000 | | | | |
|
R
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (4,400) | | | | |
|
D
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (32,750) | | | | |
|
E
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 4,311 | | | | |
|
G
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 320,644 | | | | |
|
J
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 217,316 | | | | |
|
K
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 266 | | | | |
|
M
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (1,034) | | | | |
|
N
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 507 | | | | |
|
O
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 27,130 | | | | |
|
P
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (29,772) | | | | |
|
H
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (12,759) | | | | |
|
I
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss
|
| | | | — | | | | | | (87) | | | | | | — | | | | | | | | | | | | (87) | | | | | | — | | | | | | | | | | | | (87) | | |
Accumulated deficit
|
| | | | (1,034) | | | | | | (277,359) | | | | | | 1,034 | | | | |
|
N
|
| | | | | (304,996) | | | | | | — | | | | | | | | | | | | (304,996) | | |
| | | | | | | | | | | | | | | | | (507) | | | | |
|
O
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (27,130) | | | | |
|
P
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity (deficit)
|
| | | | 5,000 | | | | | | (271,454) | | | | | | 562,864 | | | | | | | | | | | | 296,410 | | | | | | (180,091) | | | | | | | | | | | | 116,319 | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
|
| | | $ | 231,228 | | | | | $ | 86,226 | | | | | $ | 54,800 | | | | | | | | | | | $ | 372,254 | | | | | $ | (180,091) | | | | | | | | | | | $ | 192,163 | | |
|
| | |
ACE
Convergence Acquisition Corp. (Historical) |
| |
Achronix
Semiconductor Corporation (Historical) |
| |
Assuming No
Redemptions Scenario |
| |
Assuming Maximum
Redemptions Scenario |
| | |||||||||||||||||||||||||||||||||||
| | |
Transaction
Accounting Adjustments |
| | | | | | | |
Pro Forma
Combined |
| |
Additional
Transaction Accounting Adjustments |
| | | | |
Pro Forma
Combined |
| | ||||||||||||||||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product
|
| | | $ | — | | | | | $ | 103,922 | | | | | $ | — | | | | | | | | | | | $ | 103,922 | | | | | $ | — | | | | | | | | $ | 103,922 | | | | ||
Licensing
|
| | | | — | | | | | | 970 | | | | | | — | | | | | | | | | | | | 970 | | | | | | — | | | | | | | | | 970 | | | | ||
Total revenue
|
| | | | — | | | | | | 104,892 | | | | | | — | | | | | | | | | | | | 104,892 | | | | | | — | | | | | | | | | 104,892 | | | | ||
Cost of revenue
|
| | | | — | | | | | | 22,347 | | | | | | 27 | | | | |
|
AA
|
| | | | | 22,374 | | | | | | — | | | | | | | | | 22,374 | | | | ||
Gross profit
|
| | | | — | | | | | | 82,545 | | | | | | (27) | | | | | | | | | | | | 82,518 | | | | | | — | | | | | | | | | 82,518 | | | | ||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Research and development
|
| | | | — | | | | | | 30,373 | | | | | | 159 | | | | |
|
AA
|
| | | | | 30,532 | | | | | | — | | | | | | | | | 30,532 | | | | ||
Sales and marketing
|
| | | | — | | | | | | 8,775 | | | | | | 166 | | | | |
|
AA
|
| | | | | 8,941 | | | | | | — | | | | | | | | | 8,941 | | | | ||
General and administrative
|
| | | | 1,125 | | | | | | 5,665 | | | | | | 155 | | | | |
|
AA
|
| | | | | 34,075 | | | | | | — | | | | | | | | | 34,075 | | | | ||
| | | | | | | | | | | | | | | | | 27,130 | | | | |
|
BB
|
| | | | | | | | | | | | | | | | | | | | 73,548 | | | | ||
Total operating expenses
|
| | | | 1,125 | | | | | | 44,813 | | | | | | 27,610 | | | | | | | | | | | | 73,548 | | | | | | — | | | | | | | | | 8,970 | | | | ||
Income (loss) from operations
|
| | | | (1,125) | | | | | | 37,732 | | | | | | (27,637) | | | | | | | | | | | | 8,970 | | | | | | — | | | | | | | | | (3,055) | | | | ||
Other income (expense), net | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest income (expense), net
|
| | | | 91 | | | | | | (3,055) | | | | | | (91) | | | | |
|
CC
|
| | | | | (3,055) | | | | | | — | | | | | | | | | — | | | | ||
Change in fair value of warrant liability
|
| | | | — | | | | | | (2,338) | | | | | | 2,338 | | | | |
|
DD
|
| | | | | — | | | | | | — | | | | | | | | | | | | | ||
Other expense, net
|
| | | | — | | | | | | (25) | | | | | | — | | | | | | | | | | | | (25) | | | | | | — | | | | | | | | | (25) | | | | ||
Total other income (expense), net
|
| | | | 91 | | | | | | (5,418) | | | | | | 2,247 | | | | | | | | | | | | (3,080) | | | | | | — | | | | | | | | | (3,080) | | | | ||
Income (loss) before provision for income taxes
|
| | | | (1,034) | | | | | | 32,314 | | | | | | (25,390) | | | | | | | | | | | | 5,890 | | | | | | — | | | | | | | | | 5,890 | | | | ||
Provision for income taxes
|
| | | | — | | | | | | 114 | | | | | | — | | | | | | | | | | | | 114 | | | | | | — | | | | | | | | | 114 | | | | ||
Net income (loss)
|
| | | | (1,034) | | | | | | 32,200 | | | | | | (25,390) | | | | | | | | | | | | 5,776 | | | | | | — | | | | | | | | | 5,776 | | | | ||
Deemed dividend attributable to vested optionholders
|
| | | | — | | | | | | — | | | | | | (2,509) | | | | |
|
EE
|
| | | | | (2,509) | | | | | | — | | | | | | | | | (2,509) | | | | ||
Undistributed earnings attributable to participating securities
|
| | | | — | | | | | | (31,711) | | | | | | 31,711 | | | | |
|
FF
|
| | | | | (25) | | | | | | — | | | | | | | | | (28) | | | | ||
| | | | | | | | | | | | | | | | | (25) | | | | |
|
GG
|
| | | | | | | | | | | (3) | | | |
GG
|
| | | | | | | | ||
Net income (loss) attributable to common stockholders
|
| | | $ | (1,034) | | | | | $ | 489 | | | | | $ | 3,787 | | | | | | | | | | | $ | 3,242 | | | | | $ | (3) | | | | | | | | $ | 3,239 | | | | ||
Weighted average shares outstanding of New Achronix common stock – basic
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 193,767,388 | | | | | | | | | | | | | | | 175,767,388 | | | | ||
Basic net income per share – New Achronix
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.02 | | | | | | | | | | | | | | $ | 0.02 | | | | ||
Weighted average shares outstanding of New Achronix common stock – diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 216,064,614 | | | | | | | | | | | | | | | 198,064,614 | | | | ||
Diluted net income per share – New Achronix
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 0.02 | | | | | | | | | | | | | | $ | 0.02 | | | | ||
Weighted average shares outstanding of Achronix common stock – basic
|
| | | | | | | | | | 6,414,428 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Basic net income per share share – Achronix
|
| | | | | | | | | $ | 0.08 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Weighted average shares outstanding of Achronix common stock – diluted
|
| | | | | | | | | | 36,611,762 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Diluted net income per share – Achronix
|
| | | | | | | | | $ | 0.07 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Weighted average shares outstanding of Class A
common stock – basic |
| | | | 23,000,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Basic and diluted net loss per share – Class A
|
| | | $ | (0.00) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Weighted average shares outstanding of Class B
common stock |
| | | | 5,530,233 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
Basic and diluted net loss per share – Class B
|
| | | $ | (0.20) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Year Ended
December 31, 2020 |
| |||||||||
(in thousands, except share and per share data)
|
| |
Assuming No
Redemptions Scenario |
| |
Assuming
Maximum Redemptions Scenario |
| ||||||
Numerator: | | | | ||||||||||
Net income
|
| | | $ | 5,776 | | | | | $ | 5,776 | | |
Less: Undistributed earnings attributable to participating securities
|
| | | | (25) | | | | | | (28) | | |
Less: Deemed dividend attributable to vested optionholders
|
| | | | (2,509) | | | | | | (2,509) | | |
Net income attributable to common stockholders – basic and diluted
|
| | | $ | 3,242 | | | | | $ | 3,239 | | |
Denominator: | | | | | | | | | | | | | |
Achronix Stockholders
|
| | | | 148,268,793 | | | | | | 148,268,793 | | |
ACE’s public shareholders
|
| | | | 23,000,000 | | | | | | — | | |
Sponsor & related parties
|
| | | | 9,750,000 | | | | | | 14,750,000 | | |
Third Party PIPE Investors
|
| | | | 9,500,000 | | | | | | 9,500,000 | | |
Performance RSU awards – vested and unsettled
|
| | | | 3,248,595 | | | | | | 3,248,595 | | |
Weighted average shares outstanding – basic
|
| | | | 193,767,388 | | | | | | 175,767,388 | | |
Dilutive impact of private placement warrants
|
| | | | 5,940,000 | | | | | | 5,940,000 | | |
Dilutive impact of Achronix shares subject to stock plan
|
| | | | 16,357,226 | | | | | | 16,357,226 | | |
Weighted average shares outstanding – diluted
|
| | | | 216,064,614 | | | | | | 198,064,614 | | |
Net income per share attributable to common stockholders – basic
|
| | | $ | 0.02 | | | | | $ | 0.02 | | |
Net income per share attributable to common stockholders – diluted
|
| | | $ | 0.02 | | | | | $ | 0.02 | | |
| | |
Year Ended
December 31, 2020 |
| |||||||||
| | |
Assuming No
Redemptions Scenario |
| |
Assuming
Maximum Redemptions Scenario |
| ||||||
Public warrants
|
| | | | 11,500,000 | | | | | | 11,500,000 | | |
| | | | | 11,500,000 | | | | | | 11,500,000 | | |
Name
|
| |
Age
|
| |
Position
|
|
Behrooz Abdi | | |
59
|
| |
Chief Executive Officer and Chairman of the Board of Directors
|
|
Sunny Siu | | |
54
|
| | President and Director | |
Denis Tse | | |
44
|
| | Secretary and Director | |
Minyoung Park | | |
30
|
| | Chief Financial Officer | |
Kenneth Klein | | |
61
|
| | Director | |
Omid Tahernia | | |
60
|
| | Director | |
Ryan Benton | | |
50
|
| | Director | |
Raquel Chmielewski | | |
41
|
| | Director | |
| | | | | |
PRODUCT FAMILIES
|
| ||||||
Market
|
| |
Application
|
| |
Standalone
|
| |
Embedded
|
| |
Accelerator Card
|
|
Compute
|
| |
Edge and cloud compute
|
| |
|
| |
|
| |
|
|
Networking
|
| |
Smart Network Interface Card (NIC)
|
| |
|
| |
|
| |
|
|
| | |
Wired and wireless 5G
|
| |
|
| |
|
| |
|
|
Storage
|
| |
Computational storage
|
| |
|
| | | | |
|
|
Test and measurements
|
| |
Network testing
|
| |
|
| | | | | | |
| | |
Storage, device and semiconductor testing
|
| |
|
| | | | | | |
Automotive
|
| |
Advanced Driver-Assistance Systems (ADAS)
|
| |
|
| |
|
| | | |
| | |
Year Ended
December 31, |
| | | | | | | | | | | | | |
Year Ended
December 31, |
| | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||
| | | | |
2019
|
| |
Change
|
| |
%
|
| |
2019
|
| |
2018
|
| |
Change
|
| |
%
|
| | | | | | |||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Product
|
| | | $ | 103,922 | | | | | $ | 54 | | | | | $ | 103,868 | | | | | | *% | | | | | $ | 54 | | | | | $ | 52,075 | | | | | $ | (52,021) | | | | | | (100)% | | | | | | | | ||||||||||
Licensing
|
| | | | 970 | | | | | | 4,140 | | | | | | (3,170) | | | | | | (77)% | | | | | | 4,140 | | | | | | 9,167 | | | | | | (5,027) | | | | | | (55)% | | | | | | | | ||||||||||
Total revenue
|
| | | | 104,892 | | | | | | 4,194 | | | | | | 100,698 | | | | | | 2,401% | | | | | | 4,194 | | | | | | 61,242 | | | | | | (57,048) | | | | | | (93)% | | | | | | | | | | | | ||||||
Cost of revenue
|
| | | | 22,347 | | | | | | 2,542 | | | | | | 19,805 | | | | | | 779% | | | | | | 2,542 | | | | | | 16,731 | | | | | | (14,189) | | | | | | (85)% | | | | | | | | | | ||||||||
Gross profit
|
| | | | 82,545 | | | | | | 1,652 | | | | | | 80,893 | | | | | | 4,897% | | | | | | 1,652 | | | | | | 44,511 | | | | | | (42,859) | | | | | | (96)% | | | | | | | | ||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Research and development
|
| | | | 30,373 | | | | | | 25,898 | | | | | | 4,475 | | | | | | 17% | | | | | | 25,898 | | | | | | 27,164 | | | | | | (1,266) | | | | | | (5)% | | | | | | | | ||||||||||
Sales and marketing
|
| | | | 8,775 | | | | | | 7,896 | | | | | | 879 | | | | | | 11% | | | | | | 7,896 | | | | | | 6,408 | | | | | | 1,488 | | | | | | 23% | | | | | | | | ||||||||||
General and administrative
|
| | | | 5,665 | | | | | | 3,812 | | | | | | 1,853 | | | | | | 49% | | | | | | 3,812 | | | | | | 4,287 | | | | | | (475) | | | | | | (11)% | | | | | | | | ||||||||||
Total operating expenses
|
| | | | 44,813 | | | | | | 37,606 | | | | | | 7,207 | | | | | | 19% | | | | | | 37,606 | | | | | | 37,859 | | | | | | (253) | | | | | | (1)% | | | | | | | | ||||||||||
Income (loss) from operations
|
| | | | 37,732 | | | | | | (35,954) | | | | | | 73,686 | | | | | | (205)% | | | | | | (35,954) | | | | | | 6,652 | | | | | | (42,606) | | | | | | (640)% | | | | | | | | ||||||||||
Other income (expense), net
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Interest income (expense), net
|
| | | | (3,055) | | | | | | 689 | | | | | | (3,744) | | | | | | (543)% | | | | | | 689 | | | | | | 581 | | | | | | 108 | | | | | | 19% | | | | | | | | ||||||||||
Change in fair value of warrant liability
|
| | | | (2,338) | | | | | | 134 | | | | | | (2,472) | | | | | | (1,845)% | | | | | | 134 | | | | | | (23) | | | | | | 157 | | | | | | (683)% | | | | | | | | | | ||||||||
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | — | | | | | | —% | | | | | | — | | | | | | (423) | | | | | | 423 | | | | | | (100)% | | | | | | | | ||||||||||
Other expense, net
|
| | | | (25) | | | | | | (73) | | | | | | 48 | | | | | | (66)% | | | | | | (73) | | | | | | (97) | | | | | | 24 | | | | | | (25) | | | | | | | | | | | | ||||||
Total other income (expense), net
|
| | | | (5,418) | | | | | | 750 | | | | | | (6,168) | | | | | | (822)% | | | | | | 750 | | | | | | 38 | | | | | | 712 | | | | | | 1,874% | | | | | | | | ||||||||||
Income (loss) before provision for income
taxes |
| | | | 32,314 | | | | | | (35,204) | | | | | | 67,518 | | | | | | (192)% | | | | | | (35,204) | | | | | | 6,690 | | | | | | (41,894) | | | | | | (626)% | | | | | | | | ||||||||||
Provision for income taxes
|
| | | | 114 | | | | | | 1,125 | | | | | | | | | | | | | | | | | | 1,125 | | | | | | 181 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 32,200 | | | | | $ | (36,329) | | | | | | 68,529 | | | | | | (189)% | | | | | $ | (36,329) | | | | | $ | 6,509 | | | | | | (42,838) | | | | | | (658)% | | | | | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Consolidated Statements of Operations Data: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | | | | | | | | | | | | | | | |
Product
|
| | | | 99% | | | | | | 1% | | | | | | 85% | | |
Licensing
|
| | | | 1% | | | | | | 99% | | | | | | 15% | | |
Total revenue
|
| | | | 100% | | | | | | 100% | | | | | | 100% | | |
Cost of revenue
|
| | | | 21% | | | | | | 61% | | | | | | 27% | | |
Gross profit
|
| | | | 79% | | | | | | 39% | | | | | | 73% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 29% | | | | | | 618% | | | | | | 44% | | |
Sales and marketing
|
| | | | 8% | | | | | | 188% | | | | | | 10% | | |
General and administrative
|
| | | | 5% | | | | | | 91% | | | | | | 7% | | |
Total operating expenses
|
| | | | 43% | | | | | | 897% | | | | | | 62% | | |
Income (loss) from operations
|
| | | | 36% | | | | | | (857)% | | | | | | 11% | | |
Other income (expense), net
|
| | | | | | | | | | | | | | | | | | |
Interest income (expense), net
|
| | | | (3)% | | | | | | 16% | | | | | | 1% | | |
Change in fair value of warrant liability
|
| | | | (2)% | | | | | | 3% | | | | | | 0% | | |
Loss on extinguishment of debt
|
| | | | 0% | | | | | | 0% | | | | | | (1)% | | |
Other expense, net
|
| | | | 0% | | | | | | (2)% | | | | | | 0% | | |
Total other income (expense), net
|
| | | | (5)% | | | | | | 18% | | | | | | 0% | | |
Income (loss) before provision for income taxes
|
| | | | 31% | | | | | | (839)% | | | | | | 11% | | |
Provision for income taxes
|
| | | | 0% | | | | | | 27% | | | | | | 0% | | |
Net income (loss)
|
| | | | 31% | | | | | | (866)% | | | | | | 11% | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
Product revenue
|
| | | $ | 103,922 | | | | | $ | 54 | | | | | $ | 103,868 | | | | | | *% | | |
Licensing revenue
|
| | | | 970 | | | | | | 4,140 | | | | | | (3,170) | | | | | | (77) | | |
Total revenue
|
| | | $ | 104,892 | | | | | $ | 4,194 | | | | | | 100,698 | | | | | | 2,401 | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
Cost of revenue
|
| | | $ | 22,347 | | | | | $ | 2,542 | | | | | $ | 19,805 | | | | | | 779% | | |
Gross profit
|
| | | $ | 82,545 | | | | | $ | 1,652 | | | | | | 80,893 | | | | | | 4,897 | | |
Gross margin
|
| | | | 79% | | | | | | 39% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
Research and development
|
| | | $ | 30,373 | | | | | $ | 25,898 | | | | | $ | 4,475 | | | | | | 17% | | |
Percent of revenue
|
| | | | 29% | | | | | | 618% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
Sales and marketing
|
| | | $ | 8,775 | | | | | $ | 7,896 | | | | | $ | 879 | | | | | | 11% | | |
Percent of revenue
|
| | | | 8% | | | | | | 188% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
General and administrative
|
| | | $ | 5,665 | | | | | $ | 3,812 | | | | | $ | 1,853 | | | | | | 49% | | |
Percent of revenue
|
| | | | 5% | | | | | | 91% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
Interest income (expense), net
|
| | | $ | (3,055) | | | | | $ | 689 | | | | | $ | (3,744) | | | | | | (543)% | | |
Percent of revenue
|
| | | | (3)% | | | | | | 16% | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
Change in fair value of warrant liability
|
| | | $ | (2,338) | | | | | $ | 134 | | | | | $ | (2,472) | | | | | | (1,845)% | | |
Percent of revenue
|
| | | | (2)% | | | | | | 3% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
Other expense. net
|
| | | $ | (25) | | | | | $ | (73) | | | | | $ | 48 | | | | | | (66)% | | |
Percent of revenue
|
| | | | <(1)% | | | | | | (2)% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
Provision for income taxes
|
| | | $ | 114 | | | | | $ | 1,125 | | | | | $ | (1,011) | | | | | | (90)% | | |
Effective tax rate
|
| | | | 0.4% | | | | | | (3.2)% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Product revenue
|
| | | $ | 54 | | | | | $ | 52,075 | | | | | $ | (52,021) | | | | | | (100)% | | |
Licensing revenue
|
| | | $ | 4,140 | | | | | $ | 9,167 | | | | | $ | (5,027) | | | | | | (55)% | | |
Total Revenue
|
| | | $ | 4,194 | | | | | $ | 61,242 | | | | | $ | (57,048) | | | | | | (93)% | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Cost of revenue
|
| | | $ | 2,542 | | | | | $ | 16,731 | | | | | | (14,189) | | | | | | (85) | | |
Gross profit
|
| | | $ | 1,652 | | | | | $ | 44,511 | | | | | | (42,859) | | | | | | (96) | | |
Gross margin
|
| | | | 39% | | | | | | 73% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Research and development
|
| | | $ | 25,898 | | | | | $ | 27,164 | | | | | $ | (1,266) | | | | | | (5)% | | |
Percent of revenue
|
| | | | 618% | | | | | | 44% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Sales and marketing
|
| | | $ | 7,896 | | | | | $ | 6,408 | | | | | $ | 1,488 | | | | | | 23% | | |
Percent of revenue
|
| | | | 188% | | | | | | 10% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
General and administrative
|
| | | $ | 3,812 | | | | | $ | 4,287 | | | | | $ | (475) | | | | | | (11)% | | |
Percent of revenue
|
| | | | 91% | | | | | | 7% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Interest income (expense), net
|
| | | $ | 689 | | | | | $ | 581 | | | | | $ | 108 | | | | | | 19% | | |
Percent of revenue
|
| | | | 16% | | | | | | 1% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Change in fair value of warrant liability
|
| | | $ | 134 | | | | | $ | (23) | | | | | $ | 157 | | | | | | 683% | | |
Percent of revenue
|
| | | | 3% | | | | | | <(1)% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Loss on extinguishment of debt
|
| | | $ | — | | | | | $ | (423) | | | | | $ | 423 | | | | | | n/a | | |
Percent of revenue
|
| | | | — | | | | | | (1)% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Other expenses, net
|
| | | $ | (73) | | | | | $ | (97) | | | | | $ | 24 | | | | | | (25) | | |
Percent of revenue
|
| | | | <(1)% | | | | | | <(1)% | | | | | | | | | |
| | |
Year Ended December 31,
|
| |
Change
$ |
| |
Change
% |
| |||||||||||||||
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
Provision for Income Taxes
|
| | | $ | 1,125 | | | | | $ | 181 | | | | | $ | 944 | | | | | | 522% | | |
| | |
Year Ended December 31,
|
| | |||||||||||||||||
| | | | |
2019
|
| |
2018
|
| | ||||||||||||
Net cash provided by (used in):
|
| | | | | | | | | | | | | | | | | | | | ||
Operating activities
|
| | | $ | 37,181 | | | | | $ | (18,832) | | | | | $ | 23,610 | | | | ||
Investing activities
|
| | | | (4,056) | | | | | | 16,662 | | | | | | (26,106) | | | | ||
Financing activities
|
| | | | (5,005) | | | | | | (7,285) | | | | | | (13,386) | | | | ||
Effect of exchange rate changes
|
| | | | 1 | | | | | | (6) | | | | | | (1) | | | | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | $ | 28,121 | | | | | $ | (9,461) | | | | | $ | (15,883) | | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||
| | |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
Total
|
| ||||||||||||
Operating leases
|
| | | $ | 1,165 | | | | | $ | 3,242 | | | | | $ | 3,142 | | | | | $ | 7,549 | | |
Purchase Commitments
|
| | | | 29,172 | | | | | | — | | | | | | — | | | | | | 29,172 | | |
Total contractual cash obligations
|
| | | $ | 30,337 | | | | | $ | 3,242 | | | | | $ | 3,142 | | | | | $ | 36,721 | | |
| | |
Year Ended
December 31, |
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Adjusted Net Income (Loss)
|
| | | $ | 33,666 | | | | | $ | (34,829) | | | | | $ | 8,597 | | |
Adjusted EBIT
|
| | | $ | 39,198 | | | | | $ | (34,454) | | | | | $ | 8,740 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Net income (loss)
|
| | | $ | 32,200 | | | | | $ | (36,329) | | | | | $ | 6,509 | | |
Stock-based compensation expense
|
| | | | 1,466 | | | | | | 1,500 | | | | | | 2,088 | | |
Adjusted net income (loss)
|
| | | | 33,666 | | | | | | (34,829) | | | | | | 8,597 | | |
Total other income (expense), net
|
| | | | 5,418 | | | | | | (750) | | | | | | (38) | | |
Provision for income taxes
|
| | | | 114 | | | | | | 1,125 | | | | | | 181 | | |
Adjusted EBIT
|
| | | $ | 39,198 | | | | | $ | (34,454) | | | | | $ | 8,740 | | |
| | | | |||||||
| | | | |
2019
|
| |
2019
|
| |
Expected Volatility
|
| |
60%
|
| |
60%
|
| |
60%
|
|
Expected life (in years)
|
| |
6.0
|
| |
6.0
|
| |
6.0
|
|
Risk-free interest rate
|
| |
1.3% – 2.3%
|
| |
2.27% – 2.52%
|
| |
1.89% – 2.52%
|
|
Dividend yield
|
| |
0%
|
| |
0%
|
| |
0%
|
|
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Robert Blake | | |
58
|
| | President and Chief Executive Officer and Chairman | |
Mark Voll | | |
66
|
| | Chief Financial Officer | |
Virantha Ekanayake, Ph.D. | | |
45
|
| | Chief Technology Officer | |
Non-Employee Directors | | | | | | | |
John Lofton Holt | | |
45
|
| | Director | |
Homa Firouztash | | |
77
|
| | Director | |
Anil Khatod | | |
64
|
| | Director | |
Tom Lavin | | |
71
|
| | Director | |
Richard Schneider | | |
73
|
| | Director | |
Somu Subramaniam | | |
66
|
| | Director | |
Omid Tahernia | | |
60
|
| | Director | |
Key Employees | | | | | | | |
Kamal Choudhary | | |
56
|
| | Senior Vice President, Software Engineering | |
Randolf Jurrat | | |
54
|
| | Vice President, Operations | |
Steven Mensor | | |
55
|
| | Vice President, Sales and Marketing | |
Raymond Nijssen | | |
54
|
| | Vice President and Chief Technologist | |
Chris Pelosi | | |
39
|
| | Vice President, Hardware Engineering | |
Name and Principal Position
|
| |
Salary
|
| |
Stock Awards(1)
|
| |
All Other Compensation(2)
|
| |
Total
|
| ||||||||||||
Robert Blake
President and Chief Executive Officer |
| | | $ | 615,000 | | | | | $ | 2,200,000 | | | | | $ | 36,704 | | | | | $ | 2,851,704 | | |
Virantha Ekanayake, Ph.D.
Co-Founder and Chief Technology Officer |
| | | $ | 236,775 | | | | | $ | 220,000 | | | | | $ | 13,311 | | | | | $ | 456,775 | | |
Mark Voll(3)
Chief Financial Officer |
| | | $ | 27,898 | | | | | $ | 880,000 | | | | | $ | — | | | | | $ | 907,898 | | |
| | | | | | | | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Vesting
Commencement Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number
of Shares or Units of Stock That Have Not Vested (#)(2) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(3) |
| ||||||||||||||||||||||||
| | | | 4/13/2011 | | | | | | — | | | | | | 2,880,000 | | | | | | — | | | | | | 0.10 | | | | | | 4/12/2021 | | | | | | — | | | | | | — | | | |
| | | | | 4/10/2013 | | | | | | — | | | | | | 213,332 | | | | | | — | | | | | | 0.50 | | | | | | 4/9/2023 | | | | | | — | | | | | | — | | |
| | | | | 9/23/2014 | | | | | | — | | | | | | 1,550,000 | | | | | | — | | | | | | 0.11 | | | | | | 9/22/2024 | | | | | | — | | | | | | — | | |
| | | | | 12/19/2016 | | | | | | — | | | | | | 5,155,126 | | | | | | — | | | | | | 0.14 | | | | | | 12/18/2026 | | | | | | — | | | | | | — | | |
| | | | | 9/25/2017 | | | | | | 8/8/2017 | | | | | | 1,598,645 | | | | | | 319,730(1) | | | | | | 0.65 | | | | | | 9/24/2027 | | | | | | — | | | | | | — | | |
| | | | | 12/18/2020 | | | | | | 12/18/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 800,000 | | | | | | 2,200,000 | | |
Virantha Ekanayake
|
| | | | 3/15/2011 | | | | | | — | | | | | | 547,389 | | | | | | — | | | | | | 0.10 | | | | | | 3/14/2021 | | | | | | — | | | | | | — | | |
| | | | | 4/13/2011 | | | | | | — | | | | | | 5,000 | | | | | | — | | | | | | 0.10 | | | | | | 4/12/2021 | | | | | | — | | | | | | — | | |
| | | | | 4/13/2011 | | | | | | — | | | | | | 13,333 | | | | | | — | | | | | | 0.10 | | | | | | 4/12/2021 | | | | | | — | | | | | | — | | |
| | | | | 4/18/2013 | | | | | | — | | | | | | 42,500 | | | | | | — | | | | | | 0.50 | | | | | | 4/17/2023 | | | | | | — | | | | | | — | | |
| | | | | 9/23/2014 | | | | | | — | | | | | | 304,000 | | | | | | — | | | | | | 0.11 | | | | | | 9/22/2024 | | | | | | — | | | | | | — | | |
| | | | | 12/19/2016 | | | | | | — | | | | | | 1,166,753 | | | | | | — | | | | | | 0.14 | | | | | | 12/18/2026 | | | | | | — | | | | | | — | | |
| | | | | 9/25/2017 | | | | | | 8/8/2017 | | | | | | 314,188 | | | | | | 104,730(1) | | | | | | 0.65 | | | | | | 9/24/2027 | | | | | | — | | | | | | — | | |
| | | | | 12/18/2020 | | | | | | 12/18/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 80,000 | | | | | | 220,000 | | |
| | | | 12/18/2020 | | | | | | 12/18/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 320,000 | | | | | | 880,000 | | |
Name and Address of Beneficial Owner(1)
|
| |
Pre-Business Combination
|
| |
Post-Business Combination
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Number of
Ordinary Shares(2) |
| |
% of
Class A Ordinary Shares |
| |
% of
Class B Ordinary Shares |
| |
% of
ACE Ordinary Shares(3) |
| |
Assuming No Redemptions
|
| |
Assuming Maximum Redemptions
and Backstop Investment |
| ||||||||||||||||||||||||||||||||
|
Number
of Shares |
| |
%
|
| |
Number
of Shares |
| |
%
|
| ||||||||||||||||||||||||||||||||||||||
5% Holders of ACE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ACE Convergence Acquisition LLC
|
| | | | 5,595,000 | | | | | | — | | | | | | 97.3% | | | | | | 19.5% | | | | | | 11,095,000 | | | | | | 5.8% | | | | | | 16,095,000 | | | | | | 9.2% | | |
Directors and Executive Officers Pre-Business Combination
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Behrooz Abdi(3)
|
| | | | 5,595,000 | | | | | | — | | | | | | 97.3% | | | | | | 19.5% | | | | | | 11,095,000 | | | | | | 5.8% | | | | | | 16,095,000 | | | | | | 9.2% | | |
Sunny Siu(3)
|
| | | | 5,595,000 | | | | | | — | | | | | | 97.3% | | | | | | 19.5% | | | | | | 11,095,000 | | | | | | 5.8% | | | | | | 16,095,000 | | | | | | 9.2% | | |
Denis Tse(3)
|
| | | | 5,595,000 | | | | | | — | | | | | | 97.3% | | | | | | 19.5% | | | | | | 11,095,000 | | | | | | 5.8% | | | | | | 16,095,000 | | | | | | 9.2% | | |
| | | | 10,000 | | | | | | — | | | | | | | | | | | | * | | | | | | 10,000 | | | | | | * | | | | | | 10,000 | | | | | | * | | | |
| | | | 40,000 | | | | | | — | | | | | | | | | | | | * | | | | | | 40,000 | | | | | | * | | | | | | 40,000 | | | | | | * | | | |
| | | | 35,000 | | | | | | — | | | | | | | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | | |
| | | | 35,000 | | | | | | — | | | | | | * | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | | |
| | | | 35,000 | | | | | | — | | | | | | * | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | | |
All ACE directors and executive officers as a group
(eight individuals) |
| | | | 5,750,000 | | | | | | — | | | | | | 100% | | | | | | 100% | | | | | | 11,250,000 | | | | | | 5.9% | | | | | | 16,250,000 | | | | | | 9.3% | | |
Directors and Executive Officers Post-Business Combination
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert Blake(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,050,116 | | | | | | 3.1% | | | | | | 6,050,116 | | | | | | 3.4% | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,260,160 | | | | | | * | | | | | | 1,260,160 | | | | | | * | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 46,939 | | | | | | * | | | | | | 46,939 | | | | | | * | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 52,566 | | | | | | * | | | | | | 52,566 | | | | | | * | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | |
Tom Lavin(8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 116,412,928 | | | | | | 61.0% | | | | | | 116,412,928 | | | | | | 67.0% | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,142,889 | | | | | | 2.7% | | | | | | 5,142,889 | | | | | | 3.0% | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 116,412,928 | | | | | | 61.0% | | | | | | 116,412,928 | | | | | | 67.0% | | | |
| | | | 35,000 | | | | | | — | | | | | | | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | | |
All New Achronix directors and executive officers as a group (ten individuals)
|
| | | | — | | | | | | — | | | | | | * | | | | | | * | | | | | | 129,000,598 | | | | | | 65.2% | | | | | | 129,000,598 | | | | | | 71.8% | | |
5% Holders of the Combined Company | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Entities affiliated with New Science Ventures(8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 116,412,928 | | | | | | 61.0% | | | | | | 118,684,612 | | | | | | 67.0% | | |
| | | |
Delaware
|
| |
Cayman Islands
|
|
|
Stockholder/Shareholder Approval of Business Combinations
|
| |
Mergers generally require approval of a majority of all outstanding shares.
Mergers in which less than 20% of the acquirer’s stock is issued generally do not require acquirer stockholder approval.
Mergers in which one corporation owns 90% or more of a second corporation may be completed without the vote of the second corporation’s board of directors or stockholders.
|
| |
Mergers require a special resolution, and any other authorization as may be specified in the relevant articles of association. Parties holding certain security interests in the constituent companies must also consent.
All mergers (other than parent/subsidiary mergers) require shareholder approval — there is no exception for smaller mergers.
Where a bidder, through a tender offer has received acceptance, of at least 90% or more of the shares in a Cayman Islands company to which the offer relates, it can compulsorily acquire the shares of the remaining shareholders and thereby become the sole shareholder.
A Cayman Islands company may also be acquired through a “scheme of arrangement” sanctioned by a Cayman Islands court and approved by 50%+1 in number and 75% in value of shareholders in attendance and voting at a shareholders’ meeting.
|
|
|
Stockholder/Shareholder Votes for Routine Matters
|
| | Generally, approval of routine corporate matters that are put to a stockholder vote require the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the | | | Under the Cayman Islands Companies Act and ACE’s amended and restated memorandum and articles of association law, routine corporate matters may be approved by an ordinary resolution (being a resolution | |
| | | |
Delaware
|
| |
Cayman Islands
|
|
| | | | subject matter. | | | passed by a simple majority of the shareholders as being entitled to do so). | |
|
Appraisal Rights
|
| | Generally, a stockholder of a publicly traded corporation does not have appraisal rights in connection with a merger. | | | Minority shareholders that dissent from a merger are entitled to be paid the fair market value of their shares, which if necessary may ultimately be determined by the court. | |
|
Inspection of Books and Records
|
| | Any stockholder may inspect the corporation’s books and records for a proper purpose during the usual hours for business. | | | Shareholders generally do not have any rights to inspect or obtain copies of the register of shareholders or other corporate records of a company. | |
|
Stockholder/Shareholder Lawsuits
|
| | A stockholder may bring a derivative suit subject to procedural requirements (including adopting Delaware as the exclusive forum as per Organizational Documents Proposal D). | | | In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company’s board of directors. A shareholder may be entitled to bring a derivative action on behalf of the company, but only in certain limited circumstances. | |
|
Fiduciary Duties of Directors
|
| | Directors must exercise a duty of care and duty of loyalty and good faith to the company and its stockholders. | | |
A director owes fiduciary duties to a company, including to exercise loyalty, honesty and good faith to the company as a whole.
In addition to fiduciary duties, directors of ACE owe a duty of care, diligence and skill.
Such duties are owed to the company but may be owed direct to creditors or shareholders in certain limited circumstances.
|
|
|
Indemnification of Directors and Officers
|
| | A corporation is generally permitted to indemnify its directors and officers acting in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation. | | | A Cayman Islands company generally may indemnify its directors or officers except with regard to fraud or willful default. | |
|
Limited Liability of Directors
|
| | Permits limiting or eliminating the monetary liability of a director to a corporation or its stockholders, except with regard to breaches of duty of loyalty, intentional misconduct, unlawful repurchases or dividends, or improper personal benefit. | | | Liability of directors may be unlimited, except with regard to their own fraud or willful default. | |
|
Corporate Opportunity
|
| | The Proposed Certificate of Incorporation will be silent on the issue of the application of the doctrine of corporate opportunity. | | | ACE renounces its interest in any corporate opportunity offered to any director or officer of ACE which may be an opportunity for such director, on the one hand, or ACE, on the other. | |
| | |
Page
|
| |||
For the Period From March 31, 2020 (Inception) Through December 31, 2020 | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
| | |
Page
|
| |||
Consolidated Financial Statements | | | | | | | |
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-21 | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-26 | | |
| ASSETS | | | | | | | |
| Current assets | | | | | | | |
|
Cash
|
| | | $ | 792,416 | | |
|
Prepaid expenses
|
| | | | 343,839 | | |
|
Total Current Assets
|
| | | | 1,136,255 | | |
|
Cash and marketable securities held in Trust Account
|
| | | | 230,091,362 | | |
|
TOTAL ASSETS
|
| | | $ | 231,227,617 | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | |
|
Current liabilities – accounts payable and accrued expenses
|
| | | $ | 859,811 | | |
|
Deferred underwriting fee payable
|
| | | | 8,050,000 | | |
|
Total Liabilities
|
| | | | 8,909,811 | | |
| Commitments and Contingencies | | | | | | | |
|
Class A ordinary shares subject to possible redemption, 21,731,780 shares at $10.00 per share redemption value
|
| | | | 217,317,800 | | |
|
Shareholders’ Equity
|
| | | | | | |
|
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding
|
| | | | — | | |
|
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 1,268,220 shares issued and outstanding (excluding 21,731,780 shares subject to possible redemption)
|
| | | | 127 | | |
|
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding
|
| | | | 575 | | |
|
Additional paid-in capital
|
| | | | 6,033,402 | | |
|
Accumulated deficit
|
| | | | (1,034,098) | | |
|
Total Shareholders’ Equity
|
| | | | 5,000,006 | | |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | $ | 231,227,617 | | |
|
Formation and operating costs
|
| | | $ | 1,125,460 | | |
|
Loss from operations
|
| | | | (1,125,460) | | |
| Other income: | | | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | 91,362 | | |
|
Net Loss
|
| | | $ | (1,034,098) | | |
|
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | 23,000,000 | | |
|
Basic and diluted net income per share, Class A
|
| | | $ | 0.00 | | |
|
Weighted average shares outstanding of Class B non-redeemable ordinary shares
|
| | | | 5,530,233 | | |
|
Basic and diluted net loss per share, Class B
|
| | | $ | (0.20) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – March 31, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class I3 ordinary shares to Sponsor
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | 24,425 | | | | | | — | | | | | | 25,000 | | |
Sale of 23,000,000 Units, net of underwriting discounts and offering costs
|
| | | | 23,000,000 | | | | | | 2,300 | | | | | | — | | | | | | — | | | | | | 216,724,604 | | | | | | — | | | | | | 216,726,904 | | |
Sale of 6,600,000 Private Placement Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,600,000 | | | | | | — | | | | | | 6,600,000 | | |
Class A ordinary shares subject to possible redemption
|
| | | | (21,731,780) | | | | | | (2,173) | | | | | | — | | | | | | — | | | | | | (217,315,627) | | | | | | — | | | | | | (217,317,800) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,034,098) | | | | | | (1,034,098) | | |
Balance – December 31, 2020
|
| | | | 1,268,330 | | | | | $ | 127 | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | 6,033,402 | | | | | $ | (1,034,098) | | | | | $ | 5,000,006 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (1,034,098) | | |
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | (91,362) | | |
|
Payment of formation costs through a promissory note – related party
|
| | | | 1,548 | | |
|
Changes in operating assets and liabilities:
|
| | |||||
|
Prepaid expenses
|
| | | | (343,839) | | |
|
Accounts payable and accrued expenses
|
| | | | 859,811 | | |
|
Net cash used in operating activities
|
| | | | (607,940) | | |
| Cash Flows from Investing Activities: | | | | | | | |
|
Investment of cash in Trust Account
|
| | | | (230,000,000) | | |
|
Net cash used in investing activities
|
| | | | (230,000,000) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from issuance of Class B ordinary shares to the Sponsor
|
| | | | 25,000 | | |
|
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 225,400,000 | | |
|
Proceeds from sale of Private Placement Warrants
|
| | | | 6,600,000 | | |
|
Proceeds of promissory note – related party
|
| | | | 62,558 | | |
|
Repayment of promissory note – related party
|
| | | | (186,760) | | |
|
Payments of offering costs
|
| | | | (500,442) | | |
|
Net cash provided by financing activities
|
| | | | 231,400,356 | | |
|
Net Change in Cash
|
| | | | 792,416 | | |
|
Cash – Beginning
|
| | | | — | | |
| Cash – Ending | | | | $ | 792,416 | | |
| Non-Cash Investing and Financing Activities: | | | | | | | |
|
Initial classification of ordinary shares subject to possible redemption
|
| | | $ | 218,346,480 | | |
|
Change in value of Class A ordinary shares subject to possible redemption
|
| | | $ | (1,028,680) | | |
|
Deferred underwriting fee payable
|
| | | $ | 8,050,000 | | |
|
Payment of offering costs through promissory note – related party
|
| | | $ | 122,654 | | |
| | | | ||||
Redeemable Class A Ordinary Shares | | | | | | | |
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares
|
| | | | | | |
Interest Income
|
| | | $ | 91,362 | | |
Net Earnings
|
| | | $ | 91,362 | | |
Denominator: Weighted Average Redeemable Class A Ordinary Shares
|
| | | | | | |
Redeemable Class A Ordinary Shares, Basic and Diluted
|
| | | | 23,000,000 | | |
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares
|
| | | $ | 0.00 | | |
Non-Redeemable Class B Ordinary Shares | | | | | | | |
Numerator: Net Loss minus Redeemable Net Earnings
|
| | | | | | |
Net Loss
|
| | | $ | (1,034,098) | | |
Redeemable Net Earnings
|
| | | $ | (91,362) | | |
Non-Redeemable Net Loss
|
| | | $ | (1,125,460) | | |
Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares
|
| | | | | | |
Non-Redeemable Class B Ordinary Shares, Basic and Diluted (I)
|
| | | | 5,530,233 | | |
Loss/Basic and Diluted Non-Redeemable Class B Ordinary Shares
|
| | | $ | (0.20) | | |
| | |
Held-To-Maturity
|
| |
Level
|
| |
Amortized
Cost |
| |
Gross
Holding Gain |
| |
Fair Value
|
| ||||||||||||
| |
U.S. Treasurey Securities (Mature on 01/28/2021)
|
| | | | 1 | | | | | $ | 230,091,280 | | | | | $ | 7,515 | | | | | $ | 230,098,795 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
| | |
(in thousands, except per share data)
|
| |||||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 38,546 | | | | | $ | 15,426 | | |
Restricted cash
|
| | | | 5,011 | | | | | | 10 | | |
Accounts receivable, net
|
| | | | 16,900 | | | | | | 2 | | |
Inventories
|
| | | | 2,116 | | | | | | 815 | | |
Prepaid expenses and other current assets
|
| | | | 2,251 | | | | | | 1,963 | | |
Total current assets
|
| | | | 64,824 | | | | | | 18,216 | | |
Property and equipment, net
|
| | | | 3,723 | | | | | | 2,402 | | |
Intangible assets, net
|
| | | | 16,432 | | | | | | 11,216 | | |
Other assets
|
| | | | 1,247 | | | | | | 93 | | |
Total assets
|
| | | $ | 86,226 | | | | | $ | 31,927 | | |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 5,938 | | | | | $ | 1,249 | | |
Accrued liabilities
|
| | | | 13,414 | | | | | | 8,382 | | |
Deferred revenue
|
| | | | 4,176 | | | | | | 967 | | |
Total current liabilities
|
| | | | 23,528 | | | | | | 10,598 | | |
Preferred stock warrant liability
|
| | | | 4,311 | | | | | | 1,973 | | |
Deferred revenue – noncurrent
|
| | | | 2,800 | | | | | | 3,765 | | |
Other noncurrent liabilities
|
| | | | 6,125 | | | | | | 615 | | |
Total liabilities
|
| | | $ | 36,764 | | | | | $ | 16,951 | | |
Commitments and contingencies (Note 7) | | | | | | | | | | | | | |
Redeemable convertible preferred stock $0.001 par value, 297,200,725 shares
authorized as of December 31, 2020 and 2019; 272,235,473 shares issued and outstanding as of December 31, 2020 and 2019, respectively (Liquidation preference of $156,098 as of December 31, 2020 and 2019, respectively) |
| | | | 320,916 | | | | | | 320,916 | | |
Stockholders’ deficit
|
| | | | | | | | | | | | |
Common stock, $0.001 par value – 380,000,000 shares authorized as of December 31, 2020 and 2019, 9,336,153 and 6,180,598 shares issued and outstanding as of December 31, 2020 and 2019, respectively
|
| | | | 9 | | | | | | 6 | | |
Additional paid-in capital
|
| | | | 5,983 | | | | | | 3,701 | | |
Accumulated other comprehensive loss
|
| | | | (87) | | | | | | (88) | | |
Accumulated deficit
|
| | | | (277,359) | | | | | | (309,559) | | |
Total stockholders’ deficit
|
| | | $ | (271,454) | | | | | $ | (305,940) | | |
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit
|
| | | $ | 86,226 | | | | | $ | 31,927 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
| | |
(in thousands, except per share data)
|
| |||||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | |
Product
|
| | | $ | 103,922 | | | | | $ | 54 | | | | | $ | 52,075 | | |
Licensing
|
| | | | 970 | | | | | | 4,140 | | | | | | 9,167 | | |
Total revenue
|
| | | | 104,892 | | | | | | 4,194 | | | | | | 61,242 | | |
Cost of revenue
|
| | | | 22,347 | | | | | | 2,542 | | | | | | 16,731 | | |
Gross profit
|
| | | | 82,545 | | | | | | 1,652 | | | | | | 44,511 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 30,373 | | | | | | 25,898 | | | | | | 27,164 | | |
Sales and marketing
|
| | | | 8,775 | | | | | | 7,896 | | | | | | 6,408 | | |
General and administrative
|
| | | | 5,665 | | | | | | 3,812 | | | | | | 4,287 | | |
Total operating expenses
|
| | | | 44,813 | | | | | | 37,606 | | | | | | 37,859 | | |
Income (loss) from operations
|
| | | | 37,732 | | | | | | (35,954) | | | | | | 6,652 | | |
Other income (expense), net | | | | | | | | | | | | | | | | | | | |
Interest income (expense), net
|
| | | | (3,055) | | | | | | 689 | | | | | | 581 | | |
Change in fair value of warrant liability
|
| | | | (2,338) | | | | | | 134 | | | | | | (23) | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | (423) | | |
Other expense, net
|
| | | | (25) | | | | | | (73) | | | | | | (97) | | |
Total other income (expense), net
|
| | | | (5,418) | | | | | | 750 | | | | | | 38 | | |
Income (loss) before provision for income taxes
|
| | | | 32,314 | | | | | | (35,204) | | | | | | 6,690 | | |
Provision for income taxes
|
| | | | 114 | | | | | | 1,125 | | | | | | 181 | | |
Net income (loss)
|
| | | $ | 32,200 | | | | | $ | (36,329) | | | | | $ | 6,509 | | |
Undistributed earnings attributable to participating securities
|
| | | | (31,711) | | | | | | — | | | | | | (6,509) | | |
Net income (loss) attributable to common stockholders
|
| | | $ | 489 | | | | | $ | (36,329) | | | | | $ | — | | |
Net income (loss) per share attributable to common stockholders | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.08 | | | | | $ | (5.90) | | | | | $ | — | | |
Diluted
|
| | | $ | 0.07 | | | | | $ | (5.90) | | | | | $ | — | | |
Weighted-average shares used in computing net income (loss) | | | | | | | | | | | | | | | | | | | |
per share attributable to common stockholders
|
| | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 6,414 | | | | | | 6,159 | | | | | | 5,740 | | |
Diluted
|
| | | | 36,612 | | | | | | 6,159 | | | | | | 5,740 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
| | |
(in thousands)
|
| |||||||||||||||
Net income (loss)
|
| | | $ | 32,200 | | | | | $ | (36,329) | | | | | $ | 6,509 | | |
Other comprehensive income (loss), net of taxes
|
| | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | 1 | | | | | | (4) | | | | | | 2 | | |
Total comprehensive income (loss)
|
| | | $ | 32,201 | | | | | $ | (36,333) | | | | | $ | 6,511 | | |
(in thousands, except share data)
|
| |
Redeemable Convertible
Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Loss |
| |
Accumulated
Deficit |
| |
Total
Stockholder’s Deficit |
| ||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017
|
| | | | 269,858,471 | | | | | $ | 315,804 | | | | | | | 5,516,368 | | | | | $ | 5 | | | | | $ | — | | | | | $ | (86) | | | | | $ | (279,735) | | | | | $ | (279,816) | | |
Issuance of Series C redeemable
convertible preferred stock in connection with cashless exercise of Series C warrants |
| | | | 2,377,002 | | | | | | 5,112 | | | | | | | | | | | | | | | | | | | 18 | | | | | | | | | | | | | | | | | | 18 | | |
Common stock issued in connection with exercise of options
|
| | | | | | | | | | | | | | | | | 620,064 | | | | | | 1 | | | | | | 73 | | | | | | | | | | | | | | | | | | 74 | | |
Stock-based compensation expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,088 | | | | | | | | | | | | | | | | | | 2,088 | | |
Foreign currency translation adjustment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2 | | | | | | (2) | | | | | | — | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,509 | | | | | | 6,509 | | |
Balance as of December 31, 2018
|
| | | | 272,235,473 | | | | | $ | 320,916 | | | | | | | 6,136,432 | | | | | $ | 6 | | | | | $ | 2,179 | | | | | $ | (84) | | | | | $ | (273,228) | | | | | $ | (271,127) | | |
Common stock issued in connection with exercise of options
|
| | | | | | | | | | | | | | | | | 44,166 | | | | | | — | | | | | | 22 | | | | | | | | | | | | | | | | | | 22 | | |
Stock-based compensation expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,500 | | | | | | | | | | | | | | | | | | 1,500 | | |
Foreign currency translation adjustment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (4) | | | | | | (2) | | | | | | (6) | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (36,329) | | | | | | (36,329) | | |
Balance as of December 31, 2019
|
| | | | 272,235,473 | | | | | $ | 320,916 | | | | | | | 6,180,598 | | | | | $ | 6 | | | | | $ | 3,701 | | | | | $ | (88) | | | | | $ | (309,559) | | | | | $ | (305,940) | | |
Common stock issued in connection with exercise of options
|
| | | | | | | | | | | | | | | | | 3,155,555 | | | | | | 3 | | | | | | 816 | | | | | | | | | | | | | | | | | | 819 | | |
Stock-based compensation expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,466 | | | | | | | | | | | | | | | | | | 1,466 | | |
Foreign currency translation adjustment
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1 | | | | | | | | | | | | 1 | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 32,200 | | | | | | 32,200 | | |
Balance as of December 31, 2020
|
| | | | 272,235,473 | | | | | $ | 320,916 | | | | | | | 9,336,153 | | | | | $ | 9 | | | | | $ | 5,983 | | | | | $ | (87) | | | | | $ | (277,359) | | | | | $ | (271,454) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
| | |
(in thousands)
|
| |||||||||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 32,200 | | | | | $ | (36,329) | | | | | $ | 6,509 | | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 9,078 | | | | | | 7,552 | | | | | | 6,081 | | |
Stock-based compensation expense
|
| | | | 1,466 | | | | | | 1,500 | | | | | | 2,088 | | |
Change in fair value of warrant liability, net of expired warrants
|
| | | | 2,338 | | | | | | (134) | | | | | | 23 | | |
Loss on extinguishment of debt
|
| | | | — | | | | | | — | | | | | | 273 | | |
Non-cash interest and amortization of debt costs and discount
|
| | | | 1,892 | | | | | | 1 | | | | | | 39 | | |
Non-cash issuance of common stock
|
| | | | — | | | | | | — | | | | | | 8 | | |
(Gain) loss on disposition of property and equipment
|
| | | | (36) | | | | | | 2 | | | | | | (6) | | |
Write-down of inventory obsolescence
|
| | | | — | | | | | | 45 | | | | | | — | | |
Changes in operating assets and liabilities
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (16,898) | | | | | | 2,632 | | | | | | 2,186 | | |
Inventories
|
| | | | (1,301) | | | | | | 11 | | | | | | 11,230 | | |
Prepaid expenses and other current assets
|
| | | | (935) | | | | | | 186 | | | | | | 194 | | |
Other assets
|
| | | | (507) | | | | | | 165 | | | | | | 3,535 | | |
Accounts payable
|
| | | | 2,913 | | | | | | (582) | | | | | | (251) | | |
Accrued liabilities
|
| | | | 4,585 | | | | | | 1,463 | | | | | | (343) | | |
Deferred revenue
|
| | | | 2,244 | | | | | | 4,732 | | | | | | (8,032) | | |
Other noncurrent liabilities
|
| | | | 142 | | | | | | (76) | | | | | | 76 | | |
Net cash provided by (used in) operating activities
|
| | | | 37,181 | | | | | | (18,832) | | | | | | 23,610 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Purchases of investments
|
| | | | — | | | | | | (68,112) | | | | | | (85,374) | | |
Maturities of investments
|
| | | | — | | | | | | 87,016 | | | | | | 66,470 | | |
Sales of property and equipment
|
| | | | — | | | | | | — | | | | | | 6 | | |
Acquisition of property and equipment
|
| | | | (681) | | | | | | (1,875) | | | | | | (774) | | |
Acquisition of intangible assets
|
| | | | (3,375) | | | | | | (367) | | | | | | (6,434) | | |
Net cash (used in) provided by investing activities
|
| | | | (4,056) | | | | | | 16,662 | | | | | | (26,106) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from line of credit, net of debt issuance costs
|
| | | | 24,483 | | | | | | — | | | | | | 726 | | |
Repayment of line of credit
|
| | | | (26,375) | | | | | | — | | | | | | (5,000) | | |
Principal repayment of notes payable
|
| | | | — | | | | | | — | | | | | | (5,625) | | |
Payments on intangible asset obligations
|
| | | | (3,932) | | | | | | (7,306) | | | | | | (3,558) | | |
Proceeds from issuance of preferred stock, net of issuance costs
|
| | | | — | | | | | | — | | | | | | 5 | | |
Proceeds from issuance of common stock subject to exercise of options
|
| | | | 819 | | | | | | 21 | | | | | | 66 | | |
Net cash used in financing activities
|
| | | | (5,005) | | | | | | (7,285) | | | | | | (13,386) | | |
Effect of exchange rate changes
|
| | | | 1 | | | | | | (6) | | | | | | (1) | | |
Net increase (decrease) in cash, cash equivalents and restricted
cash |
| | | | 28,121 | | | | | | (9,461) | | | | | | (15,883) | | |
Cash, cash equivalents and restricted cash as of beginning of year
|
| | | | 15,436 | | | | | | 24,897 | | | | | | 40,780 | | |
Cash, cash equivalents and restricted cash as of end of year
|
| | | $ | 43,557 | | | | | $ | 15,436 | | | | | $ | 24,897 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
| | |
(in thousands)
|
| |||||||||||||||
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
|
| | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 38,546 | | | | | $ | 15,426 | | | | | $ | 24,869 | | |
Restricted cash
|
| | | | 5,011 | | | | | | 10 | | | | | | 28 | | |
Total cash, cash equivalents and restricted cash
|
| | | $ | 43,557 | | | | | $ | 15,436 | | | | | $ | 24,897 | | |
Supplementary cash flow information | | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 1,173 | | | | | $ | — | | | | | $ | 250 | | |
Cash paid for taxes
|
| | | $ | 101 | | | | | $ | 1,101 | | | | | $ | 169 | | |
Supplementary non-cash information | | | | | | | | | | | | | | | | | | | |
Cashless exercise of warrants of preferred stock
|
| | | $ | — | | | | | $ | — | | | | | $ | 5,111 | | |
Unpaid liabilities related to intangible asset purchases
|
| | | $ | 10,625 | | | | | $ | 982 | | | | | $ | 5,188 | | |
Unpaid liabilities related to property and equipment
|
| | | $ | 1,776 | | | | | $ | — | | | | | $ | — | | |
| | |
Useful Lives
|
|
Machinery and equipment | | | 3 Years | |
Furniture | | | 3 Years | |
Leasehold improvements | | | Shorter of the remaining lease term or useful life ranging from 3 to 5 years | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Malaysia
|
| | | | 99% | | | | | | —% | | | | | | 85% | | |
China
|
| | | | 1 | | | | | | 97 | | | | | | 15 | | |
Other
|
| | | | — | | | | | | 3 | | | | | | — | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Work in progress
|
| | | $ | 1,973 | | | | | $ | — | | |
Finished goods
|
| | | | 143 | | | | | | 815 | | |
| | | | $ | 2,116 | | | | | $ | 815 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Prepaid maintenance
|
| | | $ | 804 | | | | | $ | 981 | | |
Prepaid taxes
|
| | | | 472 | | | | | | 368 | | |
Deposits
|
| | | | 106 | | | | | | 256 | | |
Other prepaid expenses
|
| | | | 869 | | | | | | 358 | | |
| | | | $ | 2,251 | | | | | $ | 1,963 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Machinery and equipment
|
| | | $ | 7,254 | | | | | $ | 5,016 | | |
Furniture
|
| | | | 412 | | | | | | 380 | | |
Leasehold improvements
|
| | | | 287 | | | | | | 234 | | |
Total property and equipment
|
| | | | 7,953 | | | | | | 5,630 | | |
Less: accumulated depreciation and amortization
|
| | | | (4,230) | | | | | | (3,228) | | |
Property and equipment, net
|
| | | $ | 3,723 | | | | | $ | 2,402 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Deferred transaction costs
|
| | | $ | 647 | | | | | $ | — | | |
Security deposits
|
| | | | 600 | | | | | | — | | |
Other receivable
|
| | | | — | | | | | | 93 | | |
Total other assets
|
| | | $ | 1,247 | | | | | $ | 93 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Accrued compensation
|
| | | $ | 7,060 | | | | | $ | 3,203 | | |
Accrued technology and software licenses
|
| | | | 5,206 | | | | | | 4,780 | | |
Accrued income taxes
|
| | | | 172 | | | | | | 149 | | |
Other current liabilities
|
| | | | 976 | | | | | | 250 | | |
| | | | $ | 13,414 | | | | | $ | 8,382 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Technology and software licenses
|
| | | $ | 6,125 | | | | | $ | 615 | | |
| | | | $ | 6,125 | | | | | $ | 615 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Technology and software licenses
|
| | | $ | 25,637 | | | | | $ | 23,574 | | |
Less: accumulated amortization
|
| | | | (9,205) | | | | | | (12,358) | | |
Intangible assets, net
|
| | | | 16,432 | | | | | | 11,216 | | |
| Year ending December 31, | | | | | | | |
| | | | $ | 7,094 | | | |
|
2022
|
| | | | 6,553 | | |
|
2023
|
| | | | 2,785 | | |
|
Total
|
| | | $ | 16,432 | | |
| | |
Total
|
| |
Significant
Unobservable Input (Level 3) |
| ||||||
Balance as of December 31, 2017
|
| | | $ | 7,210 | | | | | $ | 7,210 | | |
Cashless exercise of warrants to purchase Series C preferred stock
|
| | | | (5,126) | | | | | | (5,126) | | |
Expiration of Series C warrants
|
| | | | (225) | | | | | | (225) | | |
Change in fair value
|
| | | | 248 | | | | | | 248 | | |
Balance as of December 31, 2018
|
| | | | 2,107 | | | | | | 2,107 | | |
Expiration of Series C warrants
|
| | | | (612) | | | | | | (612) | | |
Change in fair value
|
| | | | 478 | | | | | | 478 | | |
Balance as of December 31, 2019
|
| | | | 1,973 | | | | | | 1,973 | | |
Change in fair value
|
| | | | 2,338 | | | | | | 2,338 | | |
Balance as of December 31, 2020
|
| | | $ | 4,311 | | | | | $ | 4,311 | | |
| | | | ||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Unrestricted balances | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 30,003 | | | | | $ | — | | | | | $ | — | | | | | $ | 30,003 | | |
Total unrestricted cash equivalents
|
| | | | 30,003 | | | | | | — | | | | | | — | | | | | | 30,003 | | |
Restricted balances | | | | | | | | | | | | | | | | | | | | | | | | | |
Certificate of deposit
|
| | | | 11 | | | | | | — | | | | | | — | | | | | | 11 | | |
Total restricted cash equivalents
|
| | | | 11 | | | | | | — | | | | | | — | | | | | | 11 | | |
Total unrestricted and restricted cash equivalents
|
| | | $ | 30,014 | | | | | $ | — | | | | | $ | — | | | | | $ | 30,014 | | |
| | | | ||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Unrestricted balances | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 14,142 | | | | | $ | — | | | | | $ | — | | | | | $ | 14,142 | | |
Total unrestricted cash equivalents
|
| | | | 14,142 | | | | | | — | | | | | | — | | | | | | 14,142 | | |
Restricted balances | | | | | | | | | | | | | | | | | | | | | | | | | |
Certificate of deposit
|
| | | | 10 | | | | | | — | | | | | | — | | | | | | 10 | | |
Total restricted cash equivalents
|
| | | | 10 | | | | | | — | | | | | | — | | | | | | 10 | | |
Total unrestricted and restricted cash equivalents
|
| | | $ | 14,152 | | | | | $ | — | | | | | $ | — | | | | | $ | 14,152 | | |
| | |
Operating
Leases |
| |
Purchase
Commitments |
| |
Total Leases
and Purchase Commitments |
| |||||||||
Year ending December 31, | | | | | | | | | | | | | | | | | | | |
| | | $ | 1,165 | | | | | $ | 29,172 | | | | | $ | 30,337 | | | |
2022
|
| | | | 1,597 | | | | | | — | | | | | | 1,597 | | |
2023
|
| | | | 1,645 | | | | | | — | | | | | | 1,645 | | |
2024
|
| | | | 1,695 | | | | | | — | | | | | | 1,695 | | |
2025
|
| | | | 1,447 | | | | | | — | | | | | | 1,447 | | |
Total
|
| | | $ | 7,549 | | | | | $ | 29,172 | | | | | $ | 36,721 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Domestic
|
| | | $ | 32,253 | | | | | $ | (35,464) | | | | | $ | 6,563 | | |
Foreign
|
| | | | 61 | | | | | | 260 | | | | | | 127 | | |
Income (loss) before provision for income taxes
|
| | | $ | 32,314 | | | | | $ | (35,204) | | | | | $ | 6,690 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Current | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Foreign
|
| | | | 103 | | | | | | 1,122 | | | | | | 178 | | |
State
|
| | | | 11 | | | | | | 3 | | | | | | 3 | | |
| | | | | 114 | | | | | | 1,125 | | | | | | 181 | | |
Deferred | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | | — | | | | | | — | | | | | | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 114 | | | | | $ | 1,125 | | | | | $ | 181 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Deferred tax asset (liability), net | | | | | | | | | | | | | | | | | | | |
Net operating losses
|
| | | $ | 13,215 | | | | | $ | 22,254 | | | | | $ | 15,412 | | |
Research and development credits
|
| | | | 5,874 | | | | | | 5,151 | | | | | | 4,325 | | |
Accrued liabilities and reserves
|
| | | | 1,225 | | | | | | 563 | | | | | | 276 | | |
Fixed assets
|
| | | | 14 | | | | | | (8) | | | | | | (67) | | |
Other
|
| | | | 1,020 | | | | | | 4 | | | | | | — | | |
Valuation allowance
|
| | | | (21,348) | | | | | | (27,964) | | | | | | (19,946) | | |
Net deferred tax asset
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Income tax at the Federal statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | | | | | 21.0% | | |
State tax net of Federal benefit
|
| | | | 0.1 | | | | | | 0.2 | | | | | | — | | |
Foreign rate differential
|
| | | | 0.3 | | | | | | (3.3) | | | | | | 1.4 | | |
Nondeductible Items
|
| | | | 2.5 | | | | | | (0.3) | | | | | | 2.7 | | |
R&D tax credits
|
| | | | (2.2) | | | | | | 2.0 | | | | | | (6.5) | | |
Stock-based compensation
|
| | | | (0.8) | | | | | | — | | | | | | — | | |
Change in valuation allowance
|
| | | | (20.5) | | | | | | (22.8) | | | | | | (15.9) | | |
Effective tax rate
|
| | | | 0.4% | | | | | | (3.2)% | | | | | | 2.7% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Balance at beginning of period
|
| | | $ | 3,982 | | | | | $ | 3,492 | | | | | $ | 3,044 | | |
Additions related to current year
|
| | | | 539 | | | | | | 490 | | | | | | 448 | | |
Balance at end of period
|
| | | $ | 4,521 | | | | | $ | 3,982 | | | | | $ | 3,492 | | |
| | |
Shares
Authorized |
| |
Shares
Issued and Outstanding |
| |
Liquidation
Preference |
| |
Issue Price
per Share |
| |
Carrying
Value |
| |||||||||||||||
Series A
|
| | | | 10,841,041 | | | | | | 10,544,597 | | | | | $ | 4,486 | | | | | $ | 0.50 | | | | | $ | 34,271 | | |
Series B
|
| | | | 12,353,927 | | | | | | 12,353,927 | | | | | | 9,164 | | | | | | 0.50 | | | | | | 42,002 | | |
Series C
|
| | | | 36,455,504 | | | | | | 35,559,955 | | | | | | 35,560 | | | | | | 0.50 | | | | | | 34,075 | | |
Series D
|
| | | | 85,694,959 | | | | | | 85,694,959 | | | | | | 42,847 | | | | | | 0.50 | | | | | | 84,327 | | |
Series D1
|
| | | | 49,855,294 | | | | | | 46,713,294 | | | | | | 23,357 | | | | | | 0.50 | | | | | | 45,773 | | |
Series D2
|
| | | | 102,000,000 | | | | | | 81,368,741 | | | | | | 40,684 | | | | | | 0.50 | | | | | | 80,468 | | |
Total
|
| | | | 297,200,725 | | | | | | 272,235,473 | | | | | $ | 156,098 | | | | | | | | | | | $ | 320,916 | | |
| | | | ||||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Series C
|
| | | $ | 1,199 | | | | | $ | 526 | | | | | $ | 952 | | |
Series D2
|
| | | | 3,112 | | | | | | 1,447 | | | | | | 1,155 | | |
| | | | $ | 4,311 | | | | | $ | 1,973 | | | | | $ | 2,107 | | |
| | | | ||||||||||
| | | | |
2018
|
| |||||||
Volatility
|
| | | | 60% | | | | | | 60% | | |
Expected term (in years)
|
| | | | 2.0 | | | | | | 2.0 | | |
Risk-free rate
|
| | | | 1.58% | | | | | | 2.48% | | |
Dividend yield
|
| | | | 0% | | | | | | 0% | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Options and restricted stock units outstanding
|
| | | | 43,398,613 | | | | | | 42,525,128 | | |
Options to purchase common stock available for future grant
|
| | | | 731,809 | | | | | | 1,960,849 | | |
Redeemable convertible preferred stock Series A
|
| | | | 10,544,597 | | | | | | 10,544,597 | | |
Redeemable convertible preferred stock Series B
|
| | | | 12,353,927 | | | | | | 12,353,927 | | |
Redeemable convertible preferred stock Series C
|
| | | | 35,559,955 | | | | | | 35,559,955 | | |
Redeemable convertible preferred stock Series D
|
| | | | 85,694,959 | | | | | | 85,694,959 | | |
Redeemable convertible preferred stock Series D1
|
| | | | 46,713,294 | | | | | | 46,713,294 | | |
Redeemable convertible preferred stock Series D2
|
| | | | 81,368,741 | | | | | | 81,368,741 | | |
Warrants to purchase Series C convertible preferred stock
|
| | | | 360,000 | | | | | | 360,000 | | |
Warrants to purchase Series D2 convertible preferred stock
|
| | | | 750,011 | | | | | | 750,011 | | |
| | | | | 317,475,906 | | | | | | 317,831,461 | | |
| | |
Number of
Shares |
| |
Weighted
Average Exercise Price per Share |
| |
Weighted
Average Remaining Contractual Term (Years) |
| |
Aggregate
Intrinsic Value (in thousands) |
| ||||||||||||
Balance, December 31, 2018
|
| | | | 41,682,871 | | | | | $ | 0.24 | | | | | | 6.70 | | | | | $ | 28,538 | | |
Granted
|
| | | | 1,427,000 | | | | | $ | 0.82 | | | | | | | | | | | | | | |
Exercised
|
| | | | (44,166) | | | | | $ | 0.49 | | | | | | | | | | | $ | 10 | | |
Cancelled
|
| | | | (442,120) | | | | | $ | 0.56 | | | | | | | | | | | | | | |
Forfeited and Expired
|
| | | | (98,457) | | | | | $ | 0.13 | | | | | | | | | | | | | | |
Balance, December 31, 2019
|
| | | | 42,525,128 | | | | | $ | 0.25 | | | | | | 5.85 | | | | | $ | 32,716 | | |
Granted
|
| | | | 1,790,000 | | | | | $ | 0.91 | | | | | | | | | | | | | | |
Exercised
|
| | | | (3,155,555) | | | | | $ | 0.26 | | | | | | | | | | | $ | 2,490 | | |
Cancelled
|
| | | | (407,304) | | | | | $ | 0.68 | | | | | | | | | | | | | | |
Forfeited and Expired
|
| | | | (288,520) | | | | | $ | 0.17 | | | | | | | | | | | | | | |
Balance, December 31, 2020
|
| | | | 40,463,749 | | | | | $ | 0.28 | | | | | | 5.14 | | | | | $ | 137,981 | | |
Vested and exercisable – December 31, 2020
|
| | | | 36,670,136 | | | | | $ | 0.22 | | | | | | 4.82 | | | | | $ | 127,245 | | |
| | |
Options Outstanding
|
| |
Options Exercisable
and Vested |
| ||||||||||||||||||||||||
Range of Exercise Prices
|
| |
Number
of Shares Outstanding |
| |
Weighted
Average Remaining Life (in Years) |
| |
Weighted
Average Exercise Price per Share |
| |
Number
of Shares Outstanding |
| |
Weighted
Average Exercise Price per Share |
| |||||||||||||||
$0.06 – $1.02
|
| | | | 40,463,749 | | | | | | 5.14 | | | | | $ | 0.28 | | | | | | 36,670,136 | | | | | $ | 0.22 | | |
| | |
Number of Shares
|
| |
Weighted Average
Grant Date Fair Value |
| ||||||
Balance, December 31, 2019
|
| | | | — | | | | | $ | — | | |
Granted
|
| | | | 2,934,864 | | | | | $ | 2.75 | | |
Exercised
|
| | | | — | | | | | $ | — | | |
Cancelled or Expired
|
| | | | — | | | | | $ | — | | |
Balance, December 31, 2020
|
| | | | 2,934,864 | | | | | $ | 2.75 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Cost of revenue
|
| | | $ | 78 | | | | | $ | 83 | | | | | $ | 111 | | |
Research and development
|
| | | | 459 | | | | | | 470 | | | | | | 756 | | |
Selling and marketing
|
| | | | 480 | | | | | | 418 | | | | | | 430 | | |
General and administrative
|
| | | | 449 | | | | | | 529 | | | | | | 791 | | |
| | | | $ | 1,466 | | | | | $ | 1,500 | | | | | $ | 2,088 | | |
| | | | |||||||
| | | | |
2019
|
| |
2019
|
| |
Expected Volatility
|
| |
60%
|
| |
60%
|
| |
60%
|
|
Expected life (in years)
|
| |
6.0
|
| |
6.0
|
| |
6.0
|
|
Risk-free interest rate
|
| |
1.3% – 2.3%
|
| |
2.27% – 2.52%
|
| |
1.89% – 2.52%
|
|
Dividend yield
|
| |
0%
|
| |
0%
|
| |
0%
|
|
| | | | ||||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 32,200 | | | | | $ | (36,329) | | | | | $ | 6,509 | | |
Less: Undistributed earnings attributable to participating securities
|
| | | | (31,711) | | | | | | — | | | | | | (6,509) | | |
Net income (loss) attributable to common stockholders – basic
|
| | | | 489 | | | | | | (36,329) | | | | | | — | | |
Add: Undistributed earnings reallocated to participating securities
|
| | | | 2,028 | | | | | | — | | | | | | — | | |
Net income attributable to common stockholders – diluted
|
| | | | 2,517 | | | | | | (36,329) | | | | | | — | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted-average shares outstanding used in basic calculation
|
| | | | 6,414 | | | | | | 6,159 | | | | | | 5,740 | | |
Add: dilutive effective of assumed conversion of options
|
| | | | 30,198 | | | | | | — | | | | | | — | | |
Weighted average shares outstanding used in diluted calculation
|
| | | | 36,612 | | | | | | 6,159 | | | | | | 5,740 | | |
Net income (loss) per share attributable to common stockholders | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.08 | | | | | $ | (5.90) | | | | | $ | — | | |
Diluted
|
| | | $ | 0.07 | | | | | $ | (5.90) | | | | | $ | — | | |
| | | | ||||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Redeemable convertible preferred stock
|
| | | | 272,985 | | | | | | 273,168 | | | | | | 273,315 | | |
Common stock options and restricted stock units
|
| | | | 2,316 | | | | | | 42,447 | | | | | | 49,012 | | |
Common stock warrant equivalents
|
| | | | 360 | | | | | | 360 | | | | | | 425 | | |
| | | | | 275,661 | | | | | | 315,975 | | | | | | 322,752 | | |
| | |
Page
|
| |||
ARTICLE I
CERTAIN DEFINITIONS
|
| ||||||
| | | | A-3 | | | |
| | | | A-14 | | | |
| | | | A-15 | | | |
ARTICLE II
THE MERGER; CLOSING
|
| ||||||
| | | | A-15 | | | |
| | | | A-15 | | | |
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
ARTICLE III
EFFECTS OF THE MERGER ON THE COMPANY CAPITAL STOCK AND EQUITY AWARDS
|
| ||||||
| | | | A-18 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
|
| ||||||
| | | | A-21 | | | |
| | | | A-22 | | | |
| | | | A-22 | | | |
| | | | A-22 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-24 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-28 | | |
| | |
Page
|
| |||
| | | | A-29 | | | |
| | | | A-31 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF ACQUIROR AND MERGER SUB
|
| ||||||
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-45 | | |
| | |
Page
|
| |||
ARTICLE VI
COVENANTS OF THE COMPANY
|
| ||||||
| | | | A-46 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
ARTICLE VII
COVENANTS OF ACQUIROR
|
| ||||||
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
ARTICLE VIII
JOINT COVENANTS
|
| ||||||
| | | | A-54 | | | |
| | | | A-56 | | | |
| | | | A-58 | | | |
Section 8.4.
Tax Matters
|
| | | | | | |
| | | | A-58 | | | |
| | | | A-58 | | | |
ARTICLE IX
CONDITIONS TO OBLIGATIONS
|
| ||||||
| | | | A-59 | | | |
| | | | A-59 | | | |
| | | | A-60 | | | |
ARTICLE X
TERMINATION/EFFECTIVENESS
|
| ||||||
| | | | A-61 | | | |
| | | | A-61 | | |
| | |
Page
|
| |||
ARTICLE XI
MISCELLANEOUS
|
| ||||||
| | | | A-62 | | | |
| | | | A-62 | | | |
| | | | A-62 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-64 | | | |
| | | | A-64 | | | |
| | | | A-64 | | | |
| | | | A-64 | | | |
| | | | A-64 | | | |
| | | | A-64 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
Exhibits | | | | | | | |
Exhibit A
Form of Certificate of Incorporation of Acquiror upon Domestication
|
| | | | | | |
Exhibit B
Form of Bylaws of Acquiror upon Domestication
|
| | | | | | |
Exhibit C
Form of Registration Rights Agreement
|
| | | | | | |
Exhibit D
Form of Equity Incentive Plan
|
| | | | | | |
Exhibit E
Form of Employee Stock Purchase Plan
|
| | | | | | |
Exhibit F
Form of Lock-Up Agreement
|
| | | | | | |
| | | | SPONSORS: | | |||
| | | | ACE Convergence Acquisition LLC | | |||
| | | | By: | | |
/s/ Denis Tse
Name: Denis Tse
Title: President |
|
| | | | | | |
/s/ Behrooz Abdi
Name: Behrooz Abdi
|
|
| | | | | | |
/s/ Sunny Siu
Name: Sunny Siu
|
|
| | | | | | |
/s/ Denis Tse
Name: Denis Tse
|
|
| | | | | | |
/s/ Kenneth Klein
Name: Kenneth Klein
|
|
| | | | | | |
/s/ Ryan Benton
Name: Ryan Benton
|
|
| | | | | | |
Name: Raquel Chmielewski
|
|
| | | | | | |
/s/ Omid Tahernia
Name: Omid Tahernia
|
|
| | | | | | |
/s/ Minyoung Park
Name: Minyoung Park
|
|
| | | | ACQUIROR: | | |||
| | | | ACE Convergence Acquisition Corp. | | |||
| | | | By: | | |
/s/ Denis Tse
Name: Denis Tse
Title: Secretary |
|
| | | | COMPANY: | | |||
| | | | Achronix Semiconductor Corporation | | |||
| | | | By: | | |
/s/ Robert Blake
Name: Robert Blake
Title: President and Chief Executive Officer |
|
Sponsor
|
| |
Acquiror Common Stock
|
| |
Acquiror Warrants
|
| ||||||
ACE Convergence Acquisition LLC(1)
c/o ACE Convergence Acquisition Corp. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805 |
| | | | 5,595,000 | | | | | | 6,600,000 | | |
Behrooz Abdi(1)
c/o ACE Convergence Acquisition Corp. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805 |
| | | | 0 | | | | | | — | | |
Sunny Siu(1)
c/o ACE Convergence Acquisition Corp. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805 |
| | | | 0 | | | | | | — | | |
Denis Tse(1)
c/o ACE Convergence Acquisition Corp. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805 |
| | | | 0 | | | | | | — | | |
Kenneth Klein
c/o ACE Convergence Acquisition Corp. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805 |
| | | | 40,000 | | | | | | — | | |
Ryan Benton
c/o ACE Convergence Acquisition Corp. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805 |
| | | | 35,000 | | | | | | — | | |
Raquel Chmielewski
c/o ACE Convergence Acquisition Corp. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805 |
| | | | 35,000 | | | | | | — | | |
Omid Tahernia
c/o ACE Convergence Acquisition Corp. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805 |
| | | | 35,000 | | | | | | — | | |
Minyoung Park
c/o ACE Convergence Acquisition Corp. 1013 Centre Road, Suite 403S, Wilmington, Delaware 19805 |
| | | | 10,000 | | | | | | — | | |
| | | | COMPANY STOCKHOLDERS: | |
| | | |
/s/ Robert Blake
|
|
| | | | COMPANY STOCKHOLDERS: | |
| | | |
/s/ Mark Voll
|
|
| | | | COMPANY STOCKHOLDERS: | |
| | | |
|
|
| | | | COMPANY STOCKHOLDERS: | |
| | | |
/s/ John Lofton Holt
|
|
| | | | COMPANY STOCKHOLDERS: | |
| | | |
/s/ Homa Firouztash
|
|
| | | | COMPANY STOCKHOLDERS: | |
| | | |
/s/ Anil Khatod
|
|
| | | | COMPANY STOCKHOLDERS: | |
| | | |
/s/ Thomas A. Lavin
|
|
| | | | COMPANY STOCKHOLDERS: | |
| | | |
|
|
| | | | COMPANY STOCKHOLDERS: | |
| | | |
/s/ Somu Subramaniam
|
|
| | | | COMPANY STOCKHOLDERS: | |
| | | | NEW SCIENCE VENTURES FUN D 1 — EURO, L.P. | |
| | | | NEW SCIENCE VENTURES FUND 1, L.P. | |
| | | | NEW SCIENCE VENTURES FUND 1 — CROZET, L.P. | |
| | | | NEW SCIENCE VENTURES FUND 1 — EXTENSION, L.P. | |
| | | | NEW SCIENCE VENTURES FUND III (OFFSHORE), LP | |
| | | | NEW SCIENCE VENTURES FUND III, LP | |
| | | | NEW SCIENCE VENTURES FUND I — MADISON, L.P. | |
| | | | NSV MASTER LIMITED PARTNERSHIP II, LP | |
| | | | NSV 2016 OPPORTUNITIES FUND, L.P. | |
| | | | NSV EXTENSION FUND II OFFSHORE, LP | |
| | | | NSV EXTENSION FUND II, LP | |
| | | | NSV NEW OPPORTUNITIES FUND II (OFFSHORE), LP | |
| | | | NSV NEW OPPORTUNITIES FUND II, LP | |
| | | | NSV NEW OPPORTUNITIES FUND OFFSHORE, LP | |
| | | | NSV NEW OPPORTUNITIES FUND, LP | |
| | | | NSV PARTNERS INSTITUTIONAL, L.P. | |
| | | | NSV INVESTMENTS 1, LP | |
| | | | NSV 2016 OPPORTUNITIES FUND (OFFSHORE), LP | |
Holder
|
| |
Shares
of Common Stock |
| |
Shares
of Series A Preferred Stock |
| |
Shares
of Series B Preferred Stock |
| |
Shares
of Series C Preferred Stock |
| |
Shares
of Series D Preferred Stock |
| |
Shares
of Series D1 Preferred Stock |
| |
Shares
of Series D2 Preferred Stock |
| |
Stock
Options |
| |
Restricted
Stock Units |
| |
Warrants
|
| |
Notice
Information |
| |||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,716,833 | | | | | | 800,000 | | | | | | |
221 Caldwell Avenue
Los Gatos, CA 95032 robert.blake@achronix.com |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 320,000 | | | | | | |
719 Morningside Circle
Los Altos, CA 94022 markvoll@achronix.com |
| |
Virantha Ekanayake
|
| | | | 23,333 | | | | | | | | | | | | | | | | | | | | | | | | 2,497,893 | | | | | | 80,000 | | | | | | |
15 S. Chester St.
Baltimore, MD 21231 virantha@achronix.com |
|
| | | | 92,306 | | | | | | | | | | | | | | | | | | | | | | | | 260,977 | | | | | | 48,000 | | | | | | |
411 Walnut Street #16570
Green Cove Springs, FL 32043 john@achronix.com |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 100,000 | | | | | | 32,000 | | | | | | |
6172 N. Featherstone Circle
Reno, NV 89511 homaf7@gmail.com |
| |
Anil Khatod(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GKFF Ventures
7030 South Yale Avenue Suite 600 Tulsa, OK 74136 Attn: Anil Khatod akhatod@kfoc.net |
|
Thomas Lavin(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New Science Ventures
299 Park Avenue New York, NY 10171 Attn: Thomas Lavin tom@newscienceventures.com |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
767 Third Ave. 7th Floor
New York, NY 10017 Attn: Richard Schneider schneider@eastoncapital.com |
|
Holder
|
| |
Shares
of Common Stock |
| |
Shares
of Series A Preferred Stock |
| |
Shares
of Series B Preferred Stock |
| |
Shares
of Series C Preferred Stock |
| |
Shares
of Series D Preferred Stock |
| |
Shares
of Series D1 Preferred Stock |
| |
Shares
of Series D2 Preferred Stock |
| |
Stock
Options |
| |
Restricted
Stock Units |
| |
Warrants
|
| |
Notice
Information |
| |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New Science Ventures
299 Park Avenue New York, NY 10171 Attn: Somu Subramaniam somu@newscienceventures.com |
| |
New Science Ventures Funds(5)
|
| | | | | | | | | | 8,149,892 | | | | | | 4,901,448 | | | | | | 23,626,830 | | | | | | 65,595,123 | | | | | | 45,960,086 | | | | | | 80,694,210 | | | | | | | | | | | | | | | 11 | | | |
New Science Ventures
299 Park Avenue New York, NY 10171 Attn: Thomas Lavin tom@newscienceventures.com |
|
Easton Funds(6)
|
| | | | 2,901,355 | | | | | | 1,621,913 | | | | | | 965,041 | | | | | | 1,115,239 | | | | | | 2,082,271 | | | | | | 753,208 | | | | | | 674,531 | | | | | | | | | | | | | | | | | | |
767 Third Ave. 7th Floor
New York, NY 10017 Attn: Richard Schneider schneider@eastoncapital.com |
|
GKFF Funds(7)
|
| | | | | | | | | | | | | | | | 5,875,440 | | | | | | 2,548,616 | | | | | | 696,6563 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GKFF Ventures
7030 South Yale Avenue Suite 600 Tulsa, OK 74136 akhatod@kfoc.net |
|
Total: | | | | | 3,016,994 | | | | | | 9,771,805 | | | | | | 11,741,929 | | | | | | 27,290,685 | | | | | | 74,643,957 | | | | | | 46,713,294 | | | | | | 81,368,741 | | | | | | 18,665,250 | | | | | | | | | 11 | | | | | |
| Name of Investor: | | | State/Country of Formation or Domicile: | |
|
By:
|
| | | |
|
Name:
|
| | | |
|
Title:
|
| | | |
| Name in which Shares are to be registered (if different): | | | Date: , 2021 | |
| Investor’s EIN: | | | | |
| Business Address-Street: | | | Mailing Address-Street (if different): | |
|
City, State, Zip:
Attn:
|
| |
City, State, Zip:
Attn:
|
|
| Telephone No.: | | | Telephone No.: | |
| Facsimile No.: | | | Facsimile No.: | |
|
Number of Shares subscribed for:
|
| | | |
|
Aggregate Subscription Amount: $
|
| | Price Per Share: $10.00 | |
| Name of Backstop Investor: | | | State/Country of Formation or Domicile: | |
|
By:
|
| | | |
|
Name:
|
| | | |
|
Title:
|
| | | |
| Name in which Backstop Shares are to be registered (if different): | | | Date: , 2021 | |
| Backstop Investor’s EIN: | | | | |
| Business Address-Street: | | | Mailing Address-Street (if different): | |
| City, State, Zip: | | | City, State, Zip: | |
|
Attn:
|
| |
Attn:
|
|
| Telephone No.: | | | Telephone No.: | |
| Facsimile No.: | | | Facsimile No.: | |
| | | | ACE CONVERGENCE ACQUISITION CORP. | | ||||||
| | | | By: | | | | | |||
| | | | | | |
Name: Behrooz Abdi
Title: Chief Executive Officer |
|
| Sponsors | |
| ACE Convergence Acquisition LLC(1) | |
| Behrooz Abdi(1) | |
| Sunny Siu(1) | |
| Denis Tse(1) | |
| Kenneth Klein | |
| Ryan Benton | |
| Raquel Chmielewski | |
| Omid Tahernia | |
| Minyoung Park | |
Signature: |
|
Print Name: |
|
Name of Stockholder: |
|
Signature: |
|
Name: |
|
Title: |
|
| | | | | | | | | |
|
| |||
| | | | | | | | | | | | | ||
| | | |
www.verify.gov.ky File#: 361468
|
| | | | |
Filed: 27-Jul-2020 15:50 EST
Auth Code: F38346357246 |
|
CLAUSE
|
| |
PAGE
|
| |||
| | | | J-1 | | | |
| | | | J-1 | | | |
| | | | J-4 | | | |
| | | | J-5 | | | |
| | | | J-6 | | | |
| | | | J-8 | | | |
| | | | J-9 | | | |
| | | | J-9 | | | |
| | | | J-9 | | | |
| | | | J-10 | | | |
| | | | J-10 | | | |
| | | | J-11 | | | |
| | | | J-11 | | | |
| | | | J-12 | | | |
| | | | J-12 | | | |
| | | | J-13 | | | |
| | | | J-13 | | | |
| | | | J-14 | | | |
| | | | J-14 | | | |
| | | | J-15 | | | |
| | | | J-16 | | | |
| | | | J-16 | | | |
| | | | J-16 | | | |
| | | | J-17 | | | |
| | | | J-17 | | | |
| | | | J-17 | | | |
| | | | J-18 | | | |
| | | | J-19 | | | |
| | | | J-19 | | | |
| | | | J-19 | | | |
| | | | J-21 | | | |
| | | | J-22 | | | |
| | | | J-22 | | | |
| | | | J-23 | | | |
| | | | J-23 | | | |
| | | | J-24 | | | |
| | | | J-25 | | | |
| | | | J-25 | | | |
| | | | J-25 | | | |
| | | | J-25 | | | |
| | | | J-26 | | |
| | | | | L-1 | | | |
| | | | | L-1 | | | |
| | | | | L-1 | | | |
| | | | | L-1 | | | |
| | | | | L-1 | | | |
| | | | | L-1 | | | |
| | | | | L-1 | | | |
| | | | | L-1 | | | |
| | | | | L-4 | | | |
| | | | | L-4 | | | |
| | | | | L-5 | | | |
| | | | | L-5 | | | |
| | | | | L-5 | | | |
| | | | | L-5 | | | |
| | | | | L-6 | | | |
| | | | | L-6 | | | |
| | | | | L-6 | | | |
| | | | | L-6 | | | |
| | | | | L-6 | | | |
| | | | | L-7 | | | |
| | | | | L-7 | | | |
| | | | | L-7 | | | |
| | | | | L-7 | | | |
| | | | | L-8 | | | |
| | | | | L-8 | | | |
| | | | | L-8 | | | |
| | | | | L-9 | | | |
| | | | | L-9 | | | |
| | | | | L-9 | | | |
| | | | | L-10 | | | |
| | | | | L-10 | | | |
| | | | | L-10 | | | |
| | | | | L-10 | | | |
| | | | | L-10 | | | |
| | | | | L-11 | | | |
| | | | | L-11 | | | |
| | | | | L-12 | | | |
| | | | | L-12 | | | |
| | | | | L-12 | | | |
| | | |
|
| |
| | | | | L-12 | | | |
| | | | | L-12 | | | |
| | | | | L-12 | | | |
| | | | | L-13 | | | |
| | | | | L-13 | | | |
| | | | | L-13 | | | |
| | | | | L-13 | | | |
| | | | | L-13 | | | |
| | | | | L-14 | | | |
| | | | | L-14 | | | |
| | | | | L-14 | | | |
| | | | | L-14 | | | |
| | | | | L-14 | | | |
| | | | | L-14 | | | |
| | | |
|
| | ||
| | | | | L-16 | | | |
| | | | | L-16 | | | |
| | | | | L-17 | | | |
| | | | | L-17 | | | |
| | | | | L-17 | | | |
| | | |
|
| |
|
Exhibit
|
| |
Description
|
|
| 2.1+# | | | Agreement and Plan of Merger, dated as of January 7, 2021, by and among the Registrant, ACE Convergence Subsidiary Corp. and Achronix Semiconductor Corporation, as amended from time to time (included as Annex A to the proxy statement/prospectus). | |
| 2.2+ | | | | |
| 3.1# | | | Amended and Restated Memorandum and Articles of Association of the Registrant (included as Annex J to the proxy statement/prospectus). | |
| 3.2# | | | Form of Certificate of Incorporation of Achronix Semiconductor Corporation, to become effective upon completion of the Domestication (included as Annex K to the proxy statement/prospectus). | |
| 3.3# | | | Form of By-Laws of Achronix Semiconductor Corporation, to become effective upon completion of the Domestication (included as Annex L to the proxy statement/prospectus). | |
| 4.1(2) | | | | |
| 4.2(3) | | | | |
| 4.3(4) | | | | |
| 4.4(1) | | | | |
| 4.5 | | | | |
| 4.6# | | | | |
| 5.1 | | | |
|
Exhibit
|
| |
Description
|
|
| 8.1# | | | | |
| 10.1(5) | | | | |
| 10.2(1) | | | | |
| 10.3(1) | | | | |
| 10.4(1) | | | | |
| 10.5(1) | | | | |
| 10.6(1) | | | | |
| 10.7(1) | | | | |
| 10.8(1) | | | | |
| 10.9(1) | | | | |
| 10.10(1) | | | | |
| 10.11(1) | | | | |
| 10.12(1) | | | | |
| 10.13(1) | | | | |
| 10.14(1) | | | | |
| 10.15# | | | Sponsor Support Agreement, dated January 7, 2021, by and among ACE Convergence Acquisition LLC, the Registrant, each director and officer of the Registrant and Achronix Semiconductor Corporation (included as Annex B to the proxy statement/prospectus). | |
| 10.16# | | | Achronix Holders Support Agreement, dated January 7, 2021, by and among the Registrant, Achronix Semiconductor Corporation and certain stockholders of Achronix Semiconductor Corporation (included as Annex C to the proxy statement/prospectus). | |
| 10.17# | | | Form of Subscription Agreement, by and between the Registrant and the undersigned subscriber party thereto (included as Annex D to the proxy statement/prospectus). | |
| 10.18# | | | Form of Backstop Subscription Agreement, by and between the Registrant and the understigned subscriber party thereto (included as Annex E to the proxy statement/prospectus). | |
| 10.19# | | | Form of Amended and Restated Registration Rights Agreement by and among the Registrant, ACE Convergence Acquisition LLC, the Registrant’s directors and officers and certain stockholders of Achronix Semiconductor Corporation (included as Annex F to the proxy statement/prospectus). | |
| 10.20# | | | Form of Lock-Up Agreement by and between the Registrant and certain stockholders of the Registrant and Achronix Semiconductor Corporation party thereto (included as Annex G to the proxy statement/prospectus). | |
| 10.21#† | | | | |
| 10.22#† | | | | |
| 10.23#† | | | Forms of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement under 2016 Equity Incentive Plan. | |
|
Exhibit
|
| |
Description
|
|
| 10.24#† | | | Form of Achronix Semiconductor Corporation 2021 Equity Incentive Plan (included as Annex H to the proxy statement/prospectus). | |
| 10.25† | | | | |
| 10.26#† | | | Form of Achronix Semiconductor Corporation 2021 Employee Stock Purchase Plan (included as Annex I to the proxy statement/prospectus). | |
| 10.27# | | | Indenture of Lease, dated October 1, 2018, between the Achronix Semiconductor Corporation, as Lessee, and Information Technology Park Limited, as Lessor. | |
| 10.28 | | | | |
| 10.29#† | | | Employment Agreement, dated April 11, 2011, between Achronix Semiconductor Corporation and Robert Blake. | |
| 10.30#† | | | Employment Agreement, dated June 19, 2006, between Achronix Semiconductor Corporation and Virantha Ekanavake, as amended on March 2, 2011. | |
| 10.31#† | | | Offer Letter, dated November 24, 2020, between Achronix Semiconductor Corporation and Mark Voll. | |
| 10.32† | | | | |
| 10.33† | | | Form of Achronix Semiconductor Corporation Indemnification Agreement. | |
| 21.1 | | | | |
| 23.1 | | | | |
| 23.2 | | | | |
| 23.3 | | | | |
| 24.1# | | | Power of Attorney (included on the signature page to the original filing of this Registration Statement) | |
| 99.1# | | | | |
| 99.2 | | | | |
| 99.3 | | | | |
| 99.4 | | | | |
| 99.5 | | | | |
| 99.6 | | | | |
| 99.7 | | | | |
| 99.8 | | | | |
| 99.9 | | | | |
| 101.INS# | | | XBRL Instance Document | |
| 101.CAL# | | | XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.SCH# | | | XBRL Taxonomy Extension Schema Document | |
| 101.DEF# | | | XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB# | | | XBRL Taxonomy Extension Labels Linkbase Document | |
| 101.PRE# | | | XBRL Taxonomy Extension Presentation Linkbase Document | |
| | | | ACE CONVERGENCE ACQUISITION CORP. | | |||
| | | | By: | | |
/s/ Behrooz Abdi
|
|
| | | | | | | Name: Behrooz Abdi | |
| | | | | | | Title: Chief Executive Officer | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Behrooz Abdi
|
| | Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) | | | April 9, 2021 | |
|
/s/ Minyoung Park
|
| | Chief Financial Officer (Principal Financial and Accounting Officer) | | | April 9, 2021 | |
|
*
|
| | President and Director | | | April 9, 2021 | |
|
*
|
| | Secretary and Director | | | April 9, 2021 | |
|
*
|
| | Director | | | April 9, 2021 | |
|
*
|
| | Director | | | April 9, 2021 | |
|
*
|
| | Director | | | April 9, 2021 | |
|
*
|
| | Director | | | April 9, 2021 | |
This ‘S-4/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/1/31 | ||||
12/31/30 | ||||
1/18/28 | ||||
10/31/25 | ||||
1/1/23 | ||||
12/31/22 | ||||
1/30/22 | ||||
1/1/22 | ||||
12/31/21 | 10-K | |||
12/18/21 | ||||
7/30/21 | ||||
7/15/21 | ||||
6/30/21 | 10-Q | |||
Filed on: | 4/9/21 | |||
4/8/21 | ||||
3/31/21 | 10-Q, NT 10-Q | |||
3/18/21 | ||||
3/16/21 | 10-K, 425 | |||
2/5/21 | ||||
1/31/21 | ||||
1/29/21 | ||||
1/8/21 | 425, 8-K/A | |||
1/7/21 | 425, 8-K, 8-K/A | |||
1/6/21 | ||||
1/5/21 | ||||
1/4/21 | ||||
1/1/21 | ||||
12/31/20 | 10-K, 10-K/A | |||
12/28/20 | ||||
12/24/20 | ||||
12/23/20 | ||||
12/22/20 | ||||
12/21/20 | ||||
12/18/20 | ||||
12/17/20 | ||||
12/16/20 | ||||
12/14/20 | ||||
12/13/20 | ||||
12/11/20 | ||||
12/9/20 | ||||
12/8/20 | ||||
12/7/20 | ||||
12/4/20 | ||||
11/29/20 | ||||
11/28/20 | ||||
11/27/20 | ||||
11/24/20 | ||||
11/19/20 | ||||
11/16/20 | 10-Q | |||
11/15/20 | ||||
11/11/20 | ||||
11/9/20 | ||||
11/5/20 | ||||
11/2/20 | ||||
11/1/20 | ||||
10/30/20 | ||||
10/28/20 | ||||
10/25/20 | ||||
10/24/20 | ||||
10/23/20 | ||||
10/15/20 | ||||
10/14/20 | ||||
10/13/20 | ||||
9/30/20 | 10-Q | |||
9/4/20 | ||||
8/28/20 | ||||
8/12/20 | ||||
8/7/20 | ||||
8/3/20 | ||||
7/31/20 | 8-K | |||
7/30/20 | 8-K | |||
7/28/20 | 424B4, EFFECT | |||
7/27/20 | 3, EFFECT | |||
7/24/20 | 8-A12B, CERT | |||
7/10/20 | S-1/A | |||
7/6/20 | DRS, S-1 | |||
5/29/20 | ||||
5/28/20 | ||||
3/31/20 | ||||
3/27/20 | ||||
3/11/20 | ||||
2/13/20 | ||||
1/31/20 | ||||
1/30/20 | ||||
1/6/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/15/19 | ||||
9/30/19 | ||||
12/31/18 | ||||
12/15/18 | ||||
8/8/18 | ||||
7/1/18 | ||||
1/1/18 | ||||
12/31/17 | ||||
12/15/17 | ||||
6/30/17 | ||||
12/21/16 | ||||
1/6/16 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/06/21 Tempo Automation Holdings, Inc. S-4/A 53:12M Toppan Merrill/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/19/21 Tempo Automation Holdings, Inc. S-4/A 48:9.9M Toppan Merrill/FA 2/10/21 Tempo Automation Holdings, Inc. S-4 11:9.5M Toppan Merrill/FA 7/31/20 Tempo Automation Holdings, Inc. 8-K:8,9 7/30/20 18:2.2M Toppan Merrill/FA 7/10/20 Tempo Automation Holdings, Inc. S-1/A 16:2.8M Toppan Merrill/FA 7/06/20 Tempo Automation Holdings, Inc. S-1 13:2.1M Toppan Merrill/FA |