8-K 1 f8k090619_switchbackenergy.htm CURRENT REPORT

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

 

FORM 8-K

CURRENT REPORT

 

 

 

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): September 6, 2019

 

Switchback Energy Acquisition Corporation

(Exact name of registrant as specified in its charter)

 

Delaware   001-39004   84-1747686
(State or other jurisdiction of   (Commission File Number)   (I.R.S. Employer Identification No.)
incorporation)        

 

5949 Sherry Lane, Suite 1010    
Dallas, TX   75225
(Address of principal executive offices)   (Zip Code)

 

(214) 368-0821
(Registrant’s telephone number, including area code)

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on 
which registered
Units, each consisting of one share of Class A common stock and one-third of one warrant   SBE.U   The New York Stock Exchange
Class A common stock, par value $0.0001 per share   SBE   The New York Stock Exchange
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share   SBE WS   The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company    ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

 

 

Item 8.01 Other Events.

As previously reported in the Current Report on Form 8-K filed by Switchback Energy Acquisition Corporation (the “Company”) on August 5, 2019 (the “Initial Form 8-K”), the Company consummated its initial public offering (the “IPO”) of 30,000,000 units (the “Units”) on July 30, 2019. Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (the “Class A Common Stock”), and one-third of one redeemable warrant of the Company, each whole warrant entitling the holder thereof to purchase one whole share of Class A Common Stock at an exercise price of $11.50 per share. The Units were sold at a price of $10.00 per unit, generating gross proceeds to the Company of $300,000,000.

 

In connection with the IPO, the underwriters were granted an option to purchase up to an additional 4,500,000 Units to cover overallotments, if any. On September 4, 2019, the underwriters partially exercised their over-allotment option and, on September 6, 2019, the underwriters purchased 1,411,763 Units (the “Over-allotment Units”) at an offering price of $10.00 per unit, generating gross proceeds of approximately $14.1 million.

 

As previously reported in the Initial Form 8-K, simultaneously with the consummation of the IPO on July 30, 2019, the Company completed the private sale (the “Private Placement”) of 5,333,333 warrants (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant, to the Company’s sponsor, NGP Switchback, LLC (the “Sponsor”), generating gross proceeds to the Company of approximately $8,000,000. On September 6, 2019, simultaneously with the sale of the Over-allotment Units, the Company completed a private placement with the Sponsor for an additional 188,235 warrants at a price of $1.50 per warrant (the “Additional Private Placement Warrants”), generating gross proceeds of approximately $282,000.

 

Approximately $314.1 million of the net proceeds from the IPO (including the Over-allotment Units) and the private placements with the Sponsor (including the Additional Private Placement Warrants) has been deposited in a trust account established for the benefit of the Company’s public stockholders. An audited balance sheet as of July 30, 2019 reflecting receipt of the net proceeds from the IPO and the Private Placement (excluding the proceeds from the sale of the Over-allotment Units and the Additional Private Placement Warrants) was previously filed by the Company as an exhibit to the Initial Form 8-K. The Company’s unaudited pro forma balance sheet as of July 30, 2019, reflecting receipt of the proceeds from the sale of the Over-allotment Units and the Additional Private Placement Warrants, is included as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)           Exhibits. The following exhibits are filed with this Form 8-K:

 

Exhibit No.   Description of Exhibits
99.1   Pro Forma Balance Sheet

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Switchback Energy Acquisition Corporation
     
Date: September 12, 2019 By: /s/ Jim Mutrie
  Name: Jim Mutrie
  Title: Chief Commercial Officer, General Counsel and Secretary