XML 32 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Events
9 Months Ended
Oct. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

 

On November 5, 2021, the Company completed the 100% voting rights acquisition of Oculii Corporation, a privately-held Ohio-based company that develops adaptive radar perception algorithms for automotive, including advanced driver assistance systems and autonomous vehicle driving systems, and other commercial applications, for an aggregate consideration of $307.5 million in cash, subject to customary adjustments for cash, indebtedness, transaction expenses and working capital. In addition, the Company assumed all unvested options to purchase Oculii capital stock that were held by continuing Oculii service providers, subject to customary adjustments with respect to the exercise price and number of shares underlying such options. The incurred acquisition related costs of $1.6 million were recorded in the operating expenses in the condensed consolidated statements of operations in the third quarter of fiscal 2022. Due to the limited time since the acquisition date, and the size and complexity of the transaction, the accounting for the business combination and the assumed unvested options are not yet complete. Accordingly, the Company is not able to provide the allocation of consideration paid to the assets acquired or liabilities assumed and the fair value of the assumed unvested options as of the filing of the condensed consolidated financial statements, but it is expected that the transaction will result in an increase to the Company’s net assets and goodwill.