|
Delaware
(State or Other Jurisdiction of Incorporation or Organization) |
| |
6770
(Primary Standard Industrial Classification Code No.) |
| |
83-2533239
(I.R.S. Employer Identification No.) |
|
| 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 Share |
| |
Proposed Maximum
Aggregate Offering Price |
| |
Amount of
Registration Fee |
| |||||||||
Class A common stock, $0.0001 par value per share
|
| |
152,999,357(2)
|
| | | $ | 16.88(3) | | | | | $ | 2,582,629,146.16 | | | | | $ | 281,764.84 | | |
Private placement warrants to purchase Class A common stock
|
| |
5,066,667(4)
|
| | | | — | | | | | | — | | | | |
|
(5
)
|
| |
Total
|
| |
|
| | | | | | | | $ | 2,582,629,146.16 | | | | | $ | 281,764.84 | | |
| | |
Page
|
| |||
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| | | | 125 | | | |
| | | | F-1 | | |
| | |
Six Months Ended June 30,
|
| |
Years Ended December 31,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018(1)
|
| ||||||||||||
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
General and administrative expenses
|
| | | | (646,883) | | | | | | (242,061) | | | | | | (618,608) | | | | | | (1,650) | | |
Loss from operations
|
| | | $ | (646,883) | | | | | $ | (242,061) | | | | | $ | (618,608) | | | | | $ | (1,650) | | |
Other income – interest earned on marketable securities held in Trust Account
|
| | | | 1,033,199 | | | | | | 2,008,496 | | | | | | 4,547,860 | | | | | | — | | |
Income (loss) before provision for income taxes
|
| | | $ | 386,316 | | | | | $ | 1,766,435 | | | | | $ | 3,929,252 | | | | | $ | (1,650) | | |
Provision for income taxes
|
| | | | (195,977) | | | | | | (400,784) | | | | | | (913,051) | | | | | | — | | |
Net income (loss)
|
| | | $ | 190,339 | | | | | $ | 1,365,651 | | | | | $ | 3,016,201 | | | | | $ | (1,650) | | |
Weighted average shares outstanding of Class A redeemable common stock
|
| | | | 28,000,000 | | | | | | 27,644,068 | | | | | | 27,860,927 | | | | | | — | | |
Basic and diluted net income per share, Class A
|
| | | $ | 0.03 | | | | | $ | 0.05 | | | | | $ | 0.12 | | | | | $ | — | | |
Weighted average shares outstanding of Class B
non-redeemable common stock |
| | | | 7,000,000 | | | | | | 7,000,000 | | | | | | 7,000,000 | | | | | | 6,250,000 | | |
Basic and diluted net loss per share, Class B
|
| | | $ | (0.08) | | | | | $ | (0.02) | | | | | $ | (0.06) | | | | | $ | (0.00) | | |
| | |
As of June 30,
2020 |
| |
As of December 31,
|
| ||||||||||||
| | |
2019
|
| |
2018(1)
|
| ||||||||||||
Cash and cash equivalents
|
| | | $ | 857,071 | | | | | $ | 1,070,048 | | | | | $ | 20,000 | | |
Total assets
|
| | | | 285,275,830 | | | | | | 284,801,982 | | | | | | 120,000 | | |
Total liabilities
|
| | | | 10,373,276 | | | | | | 10,089,767 | | | | | | 96,650 | | |
Total stockholders’ equity and Class A common shares subject to possible redemptions
|
| | | | 274,902,554 | | | | | | 274,712,215 | | | | | | 23,350 | | |
| | |
For the Six
Months Ended June 30, 2020 |
| |
For the
Period from April 30, 2019 to June 30, 2019 |
| |
For the
Period from April 30, 2019 to December 31, 2019 |
| |||||||||
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Selling and administrative expenses
|
| | | | 8,677,026 | | | | | | — | | | | | | 4,525,745 | | |
Research and development expenses
|
| | | | 13,254,225 | | | | | | — | | | | | | 5,864,769 | | |
Total operating expenses
|
| | | | 21,931,251 | | | | | | — | | | | | | 10,390,514 | | |
Gain on sale of assets
|
| | | | 2,345,996 | | | | | | — | | | | | | — | | |
Loss from operations
|
| | | | (19,585,255) | | | | | | — | | | | | | (10,390,514) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Other income
|
| | | | 125,946 | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | (362,018) | | | | | | — | | | | | | — | | |
Net Loss
|
| | | $ | (19,821,327 ) | | | | | $ | — | | | | |
$
|
(10,390,514)
|
| |
Net loss attributable to common shareholders
|
| | | $ | (19,821,327 ) | | | | | $ | — | | | | |
$
|
(10,390,514)
|
| |
Weighted average number of common shares outstanding
|
| | | | 1,293,660 | | | | | | — | | | | | | 1,064,150 | | |
Loss per share attributable to common shareholders –
Basic and Diluted |
| | | $ | (15.32) | | | | | $ | — | | | | | $ | (9.76) | | |
| | |
June 30,
2020 |
| |
December 31,
2019 |
| ||||||
Total assets
|
| | | $ | 33,541,002 | | | | | $ | 33,546,046 | | |
Total liabilities
|
| | | | 37,095,240 | | | | | | 24,989,747 | | |
Total stockholders’ (deficit) equity
|
| | | | (3,554,238) | | | | | | 8,556,299 | | |
|
Total shares transferred, inclusive of rollover options
|
| | | | 78,867,815 | | |
|
Value per share(1)
|
| | | | 10.00 | | |
|
Total Share Consideration(2)
|
| | | $ | 788,678,150 | | |
| | |
Shares Outstanding
|
| |
%
|
| ||||||
Legacy Lordstown Stockholders
|
| | | | 75,918 | | | | | | 46.1% | | |
Convertible Promissory Notes
|
| | | | 4,032 | | | | | | 2.4% | | |
Total Lordstown Merger Shares
|
| | | | 79,950 | | | | | | 48.5% | | |
DiamondPeak Public Shares
|
| | | | 27,999 | | | | | | 17.0% | | |
DiamondPeak Founder Shares
|
| | | | 7,000 | | | | | | 4.2% | | |
Total DiamondPeak Shares
|
| | | | 34,999 | | | | | | 21.2% | | |
GM PIPE Investment
|
| | | | 7,500 | | | | | | 4.5% | | |
PIPE Investment
|
| | | | 42,500 | | | | | | 25.8% | | |
Total PIPE Investment
|
| | | | 50,000 | | | | | | 30.3% | | |
Pro Forma Class A Common Stock
|
| | | | 164,949 | | | | | | 100.0% | | |
| | |
As of June 30, 2020
|
| | | | | | | | | | | | | |
As of
June 30, 2020 |
| ||||||||||||
| | |
Legacy
Lordstown (Historical) |
| |
DiamondPeak
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 455 | | | | | $ | 857 | | | | |
$
|
20,045
|
| | | |
|
A
|
| | | |
$
|
714,300
|
| |
| | | | | | | | | | | | | | | | | 284,325 | | | | |
|
B
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | 425,000 | | | | |
|
C
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (9,800) | | | | |
|
D
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (40,238) | | | | |
|
E
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | 38,406 | | | | |
|
F
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (4,750) | | | | |
|
G
|
| | | | | | | |
Accounts receivable
|
| | | | 13 | | | | | | | | | | | | | | | | | | | | | | | | 13 | | |
Prepaid expenses and other current assets
|
| | | | 91 | | | | | | 84 | | | | | | 4,750 | | | | |
|
G
|
| | | | | 4,925 | | |
Total current assets
|
| | | | 559 | | | | | | 941 | | | | | | 717,738 | | | | | | | | | | | | 719,238 | | |
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and investments held in Trust Account
|
| | | | | | | | | | 284,335 | | | | | | (10) | | | | |
|
H
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (284,325) | | | | |
|
B
|
| | | | | | | |
Property, plant and equipment
|
| | | | 21,741 | | | | | | — | | | | | | 24,746 | | | | |
|
A
|
| | | | | 46,487 | | |
Intangible assets
|
| | | | 11,111 | | | | | | — | | | | | | — | | | | | | | | | | | | 11,111 | | |
Restricted cash
|
| | | | 130 | | | | | | | | | | | | | | | | | | | | | | | | 130 | | |
Total non-current assets
|
| | | | 32,982 | | | | | | 284,335 | | | | | | (259,589) | | | | | | | | | | | | 57,728 | | |
TOTAL ASSETS
|
| | | | 33,541 | | | | | | 285,276 | | | | | | 458,149 | | | | | | | | | | | | 776,966 | | |
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 5,616 | | | | | | 25 | | | | | | | | | | | | | | | | | | 5,641 | | |
Due to related party
|
| | | | 5,938 | | | | | | | | | | | | (5,938) | | | | |
|
A
|
| | | | | — | | |
Related party notes payable
|
| | | | 24,271 | | | | | | | | | | | | (24,271) | | | | |
|
A
|
| | | | | — | | |
Accrued and other current liabilities
|
| | | | 255 | | | | | | 405 | | | | | | (405) | | | | |
|
E
|
| | | | | 255 | | |
| | | | | | | | | | | | | | | | | 319 | | | | |
|
I
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (319) | | | | |
|
J
|
| | | | | | | |
Income taxes payable
|
| | | | | | | | | | 143 | | | | | | | | | | | | | | | | | | 143 | | |
Total current liabilities
|
| | | | 36,080 | | | | | | 573 | | | | | | (30,614) | | | | | | | | | | | | 6,039 | | |
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes payable
|
| | | | 1,015 | | | | | | | | | | | | | | | | | | | | | | | | 1,015 | | |
Convertible promissory notes
|
| | | | | | | | | | | | | | | | 40,000 | | | | |
|
F
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (40,000) | | | | |
|
J
|
| | | | | | | |
Deferred underwriting commissions
|
| | | | | | | | | | 9,800 | | | | | | (9,800) | | | | |
|
D
|
| | | | | — | | |
Total non-current liabilities
|
| | | | 1,015 | | | | | | 9,800 | | | | | | (9,800) | | | | | | | | | | | | 1,015 | | |
Total liabilities
|
| | | | 37,095 | | | | | | 10,373 | | | | | | (40,414) | | | | | | | | | | | | 7,054 | | |
|
| | |
As of June 30, 2020
|
| | | | | | | | | | | | | |
As of
June 30, 2020 |
| ||||||||||||
| | |
Legacy
Lordstown (Historical) |
| |
DiamondPeak
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Commitment and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Temporary equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A common stock subject to possible
redemption |
| | | | | | | | | | 269,903 | | | | | | (10) | | | | |
|
H
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (269,893) | | | | |
|
K
|
| | | | | | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Class A common stock
|
| | | | — | | | | | | — | | | | | | 4 | | | | |
|
C
|
| | | | | 16 | | |
| | | | | | | | | | | | | | | | | 3 | | | | |
|
K
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 8 | | | | |
|
L
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
M
|
| | | | | | | |
Class B common stock
|
| | | | — | | | | | | 1 | | | | | | (1) | | | | |
|
M
|
| | | | | | | |
Additional paid-in capital
|
| | | | 26,658 | | | | | | 1,794 | | | | | | 75,000 | | | | |
|
A
|
| | | | | 824,239 | | |
| | | | | | | | | | | | | | | | | 424,996 | | | | |
|
C
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (28,700) | | | | |
|
E
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 40,319 | | | | |
|
J
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 269,890 | | | | |
|
K
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (8) | | | | |
|
L
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 3,205 | | | | |
|
N
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 11,085 | | | | |
|
O
|
| | | | | | | |
Retained earnings (deficit)
|
| | | | (30,212) | | | | | | 3,205 | | | | | | (11,133) | | | | |
|
E
|
| | | | | (54,343) | | |
| | | | | | | | | | | | | | | | | (1,594) | | | | |
|
F
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (319) | | | | |
|
I
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (3,205) | | | | |
|
N
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (11,085) | | | | |
|
O
|
| | | | | | | |
Total stockholders’ equity (deficit)
|
| | | | (3,554) | | | | | | 5,000 | | | | | | 768,466 | | | | | | | | | | | | 769,912 | | |
TOTAL LIABILITIES, TEMPORARY EQUITY AND
STOCKHOLDERS’ DEFICIT |
| | | | 33,541 | | | | | | 285,276 | | | | | | 458,149 | | | | | | | | | | | | 776,966 | | |
|
| | |
For the Six Months Ended June 30, 2020
|
| | | | | | | | | | | | | |
For the
Six Months Ended June 30, 2020 |
| ||||||||||||
| | |
Legacy Lordstown
(Historical) |
| |
DiamondPeak
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, administrative and other
|
| | | | 8,677 | | | | | | 647 | | | | | | (60) | | | | |
|
AA
|
| | | | | 9,264 | | |
Research and development
|
| | | | 13,254 | | | | | | — | | | | | | — | | | | | | | | | | | | 13,254 | | |
Total operating costs and expenses
|
| | | | 21,931 | | | | | | 647 | | | | | | (60) | | | | | | | | | | | | 22,518 | | |
Gain on sale of assets
|
| | | | 2,346 | | | | | | | | | | | | | | | | | | | | | | | | 2,346 | | |
Loss from operations
|
| | | | (19,585) | | | | | | (647) | | | | | | 60 | | | | | | | | | | | | (20,172) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other income (expense)
|
| | | | 126 | | | | | | | | | | | | | | | | | | | | | | | | 126 | | |
Interest expense
|
| | | | (362) | | | | | | | | | | | | 362 | | | | |
|
BB
|
| | | | | — | | |
Other income – Interest income on Trust Account
|
| | | | | | | | | | 1,033 | | | | | | (1,033) | | | | |
|
CC
|
| | | | | — | | |
Total other income (expense)
|
| | | | (236) | | | | | | 1,033 | | | | | | (671) | | | | | | | | | | | | 126 | | |
Net income (loss) before income tax provision
|
| | | | (19,821) | | | | | | 386 | | | | | | (611) | | | | | | | | | | | | (20,046) | | |
Income tax provision
|
| | | | — | | | | | | 196 | | | | | | (196) | | | | |
|
DD
|
| | | | | — | | |
Net income (loss)
|
| | | | (19,821) | | | | | | 190 | | | | | | (415) | | | | | | | | | | | | (20,046) | | |
Weighted Common shares outstanding – Class A
|
| | | | | | | | | | 28,000,000 | | | | | | | | | | | | | | | | | | 164,948,923 | | |
Basic and diluted net income (loss) per share – Class A
|
| | | | | | | | | $ | 0.03 | | | | | $ | | | | | | | | | | | $ | (0.12) | | | |
Weighted Common shares outstanding – Class B
|
| | | | | | | | | | 7,000,000 | | | | | | | | | | | | | | | | | | — | | |
Basic and diluted net income (loss) per share – Class B
|
| | | | | | | | | $ | (0.08) | | | | | $ | | | | | | | | | | | $ | — | | |
| | |
For the Year ended December 31, 2019
|
| | | | | | | | | | | | | |
For the Year
ended December 31, 2019 |
| ||||||||||||
| | |
Legacy
Lordstown (Historical) |
| |
DiamondPeak
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 4,526 | | | | | | 619 | | | | | | (100) | | | | |
|
AA
|
| | | | | 5,045 | | |
Research and development
|
| | | | 5,865 | | | | | | — | | | | | | — | | | | | | | | | | | | 5,865 | | |
Total operating costs and expenses
|
| | | | 10,391 | | | | | | 619 | | | | | | (100) | | | | | | | | | | | | 10,910 | | |
Loss from operations
|
| | | | (10,391) | | | | | | (619) | | | | | | 100 | | | | | | | | | | | | (10,910) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Other income – Interest income on Trust Account
|
| | | | | | | | | | 4,548 | | | | | | (4,548) | | | | |
|
CC
|
| | | | | — | | |
Total other income (expense)
|
| | | | — | | | | | | 4,548 | | | | | | (4,548) | | | | | | | | | | | | — | | |
Net income (loss) before income tax provision
|
| | | | (10,391) | | | | | | 3,929 | | | | | | (4,448) | | | | | | | | | | | | (10,910) | | |
Income tax provision
|
| | | | — | | | | | | 913 | | | | | | (913) | | | | |
|
DD
|
| | | | | — | | |
Net income (loss)
|
| | | | (10,391) | | | | | | 3,016 | | | | | | (3,535) | | | | | | | | | | | | (10,910) | | |
Weighted Common shares outstanding – Class A
|
| | | | | | | | | | 27,860,927 | | | | | | | | | | | | | | | | | | 164,948,923 | | |
Basic and diluted net income (loss) per share – Class A
|
| | | | | | | | | $ | 0.12 | | | | | | | | | | | | | | | | | $ | (0.07) | | |
Weighted Common shares outstanding – Class B
|
| | | | | | | | | | 7,000,000 | | | | | | | | | | | | | | | | | | — | | |
Basic and diluted net loss per share – Class B
|
| | | | | | | | | $ | (0.06) | | | | | | | | | | | | | | | | | $ | — | | |
(in thousands, except per share data)
|
| |
For the Six Months
Ended June 30, 2020 |
| |
For the Year
Ended December 31, 2019 |
| ||||||
Pro forma net loss
|
| | | | (20,046) | | | | | | (10,910) | | |
Weighted average shares outstanding of Class A common stock
|
| | | | 164,948,923 | | | | | | 164,948,923 | | |
Net loss per share (Basic and Diluted) attributable to Class A common
stockholders(1) |
| | | $ | (0.12) | | | | | $ | (0.07) | | |
| | |
Six Months Ended
June 30, 2020 |
| |||
Net sales
|
| | | $ | — | | |
Operating expenses | | | | | | | |
Selling and administrative expenses
|
| | | | 8,677,026 | | |
Research and development expenses
|
| | | | 13,254,225 | | |
Total operating expenses
|
| | | | 21,931,251 | | |
Gain on sale of assets
|
| | | | 2,345,996 | | |
Loss from operations
|
| | | | (19,585,255) | | |
Other income
|
| | | | 125,946 | | |
Interest expense
|
| | | | (362,018) | | |
Loss before income taxes
|
| | | | (19,821,327) | | |
Income tax expense
|
| | | | — | | |
Net loss
|
| | | $ | (19,821,327) | | |
| | |
For the Period April 30, 2019
(Inception) to December 31, 2019 |
| |||
Net sales
|
| | | $ | — | | |
Operating expenses: | | | | | | | |
Selling and administrative expenses
|
| | | | 4,525,745 | | |
Research and development expenses
|
| | | | 5,864,769 | | |
Total operating expenses
|
| | | | 10,390,514 | | |
Loss from operations
|
| | | | (10,390,514) | | |
Loss before income taxes
|
| | | | (10,390,514) | | |
Income tax expense
|
| | | | — | | |
Net loss
|
| | | | (10,390,514) | | |
|
| | |
Six Months Ended
June 30, 2020 |
| |
For the Period April 30,
2019 to December 31, 2019 |
| ||||||
Net cash used by operating activities
|
| | | $ | (13,644,708) | | | | | $ | (5,201,521) | | |
Net cash provided by (used by) investing activities
|
| | | $ | 1,193,175 | | | | | $ | (133,263) | | |
Net cash provided by financing activities
|
| | | $ | 10,877,152 | | | | | $ | 7,494,001 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than
5 Years |
| |||||||||||||||
Contractual Obligations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Related party notes payable
|
| | | $ | 24,271,244 | | | | | $ | 24,271,244 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Operating leases
|
| | | $ | 7,000 | | | | | $ | 7,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Total
|
| | | $ | 24,278,244 | | | | | $ | 24,278,244 | | | | | $ | — | | | | | $ | — | | | | |