false0001794621 0001794621 2021-01-01 2021-12-31 0001794621 2020-01-01 2020-12-31 0001794621 2021-12-31 0001794621 2020-12-31 0001794621 2022-08-29 2022-08-29 0001794621 2019-11-30 0001794621 2022-01-01 2022-03-31 0001794621 2019-11-01 2019-11-30 0001794621 2019-12-31 0001794621 us-gaap:MachineryAndEquipmentMember 2021-12-31 0001794621 us-gaap:FurnitureAndFixturesMember 2021-12-31 0001794621 us-gaap:ComputerEquipmentMember 2021-12-31 0001794621 qngy:ComputerSoftwareMember 2021-12-31 0001794621 us-gaap:LeaseholdImprovementsMember 2021-12-31 0001794621 qngy:CommonStockWarrantsFebruary2021Member 2021-12-31 0001794621 qngy:CommonStockWarrantsMarchAugustAndOctober2020Member 2021-12-31 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember 2021-12-31 0001794621 us-gaap:MeasurementInputExpectedDividendRateMember qngy:CommonStockWarrantsMember 2021-12-31 0001794621 us-gaap:MeasurementInputRiskFreeInterestRateMember srt:MaximumMember qngy:CommonStockWarrantsMember 2021-12-31 0001794621 qngy:CommonStockWarrantsMember srt:MinimumMember us-gaap:MeasurementInputRiskFreeInterestRateMember 2021-12-31 0001794621 us-gaap:MeasurementInputOptionVolatilityMember qngy:CommonStockWarrantsMember 2021-12-31 0001794621 us-gaap:MeasurementInputExpectedTermMember qngy:CommonStockWarrantsMember 2021-12-31 0001794621 qngy:SensataTechnologyIncMember qngy:CollaborativeAgreementMember 2021-12-31 0001794621 qngy:CollaborativeArrangementOneMember qngy:SensataTechnologyIncMember 2021-12-31 0001794621 qngy:TwoThousandTwentyThreeNotesMember 2021-12-31 0001794621 qngy:LeaseTerminationAgreementMember 2021-12-31 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember qngy:OctoberTwoThousandAndFourteenToDecemberTwoThousandAndTwentyOneMember 2021-12-31 0001794621 us-gaap:EmployeeStockOptionMember 2021-12-31 0001794621 qngy:ExceptSeriesBAndSeriesCConvertiblePreferredStockLegacyQuanergyMember 2021-12-31 0001794621 qngy:SeriesBConvertiblePreferredStockLegacyQuanergyMember 2021-12-31 0001794621 qngy:SeriesCConvertiblePreferredStockLegacyQuanergyMember 2021-12-31 0001794621 qngy:GemAgreementMember 2021-12-31 0001794621 qngy:SensataWarrantsMember 2021-12-31 0001794621 us-gaap:CommonStockMember 2021-12-31 0001794621 qngy:StockoptionsandrestrictedstockunitsMember 2021-12-31 0001794621 qngy:CommonStockWarrantsMember 2021-12-31 0001794621 us-gaap:RestrictedStockUnitsRSUMember qngy:TwoThousandAndTwentyThreeNotesWarrantsMember 2021-12-31 0001794621 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2021-12-31 0001794621 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MoneyMarketFundsMember 2021-12-31 0001794621 us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001794621 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0001794621 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001794621 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2021-12-31 0001794621 qngy:DebtDerivativeLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0001794621 qngy:DebtDerivativeLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0001794621 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember qngy:DebtDerivativeLiabilitiesMember 2021-12-31 0001794621 qngy:TwoThousandTwentyTwoNotesMember 2021-12-31 0001794621 qngy:TwoThousandAndTwentyThreeNotesMember 2021-12-31 0001794621 qngy:PppLoanMember 2021-12-31 0001794621 us-gaap:DomesticCountryMember 2021-12-31 0001794621 us-gaap:StateAndLocalJurisdictionMember 2021-12-31 0001794621 us-gaap:DomesticCountryMember qngy:TaxYear2017AndPriorMember 2021-12-31 0001794621 us-gaap:DomesticCountryMember qngy:TaxYear2017AndSubsequentMember 2021-12-31 0001794621 us-gaap:DomesticCountryMember us-gaap:ResearchMember 2021-12-31 0001794621 us-gaap:StateAndLocalJurisdictionMember us-gaap:ResearchMember 2021-12-31 0001794621 country:CA us-gaap:InvestmentCreditMember 2021-12-31 0001794621 us-gaap:InvestmentCreditMember 2021-12-31 0001794621 us-gaap:RestrictedStockUnitsRSUMember qngy:AmendmentToOutstandingRsusIssuedPriorToMarchTwoThousandAndTwentyOneMember 2021-12-31 0001794621 us-gaap:RestrictedStockUnitsRSUMember 2021-12-31 0001794621 qngy:ConvertibleNotesMember 2021-12-31 0001794621 us-gaap:MachineryAndEquipmentMember 2020-12-31 0001794621 us-gaap:FurnitureAndFixturesMember 2020-12-31 0001794621 us-gaap:ComputerEquipmentMember 2020-12-31 0001794621 qngy:ComputerSoftwareMember 2020-12-31 0001794621 us-gaap:LeaseholdImprovementsMember 2020-12-31 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember 2020-12-31 0001794621 qngy:ConvertiblePromissoryNotesMember us-gaap:InvestorMember 2020-12-31 0001794621 qngy:ConvertiblePromissoryNotesIssuedToFourRelatedPartiesMember qngy:ConvertiblePromissoryNotesMember 2020-12-31 0001794621 qngy:TwoThousandTwentyThreeNotesMember 2020-12-31 0001794621 us-gaap:EmployeeStockOptionMember 2020-12-31 0001794621 us-gaap:CommonStockMember 2020-12-31 0001794621 qngy:StockoptionsandrestrictedstockunitsMember 2020-12-31 0001794621 qngy:CommonStockWarrantsMember 2020-12-31 0001794621 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2020-12-31 0001794621 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001794621 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001794621 us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001794621 qngy:DebtDerivativeLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0001794621 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember qngy:DebtDerivativeLiabilitiesMember 2020-12-31 0001794621 qngy:DebtDerivativeLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001794621 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001794621 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2020-12-31 0001794621 qngy:TwoThousandTwentyTwoNotesMember 2020-12-31 0001794621 qngy:TwoThousandAndTwentyThreeNotesMember 2020-12-31 0001794621 qngy:PppLoanMember 2020-12-31 0001794621 qngy:ConvertibleNotesMember 2020-12-31 0001794621 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0001794621 us-gaap:CommonStockMember 2021-01-01 2021-12-31 0001794621 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0001794621 srt:AmericasMember 2021-01-01 2021-12-31 0001794621 srt:AsiaMember 2021-01-01 2021-12-31 0001794621 qngy:EuropeMiddleEastAndAfricaMember 2021-01-01 2021-12-31 0001794621 qngy:StockOptionsAndRsusIssuedAndOutstandingMember 2021-01-01 2021-12-31 0001794621 qngy:ConvertibleNotesMember 2021-01-01 2021-12-31 0001794621 qngy:PotentialCommonSharesExcludedFromDilutedNetLossPerShareMember 2021-01-01 2021-12-31 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember 2021-01-01 2021-12-31 0001794621 qngy:February2016CollaborativeAgreementMember 2021-01-01 2021-12-31 0001794621 qngy:SensataTechnologyIncMember qngy:CollaborativeArrangementOneMember 2021-01-01 2021-12-31 0001794621 qngy:SensataTechnologyIncMember qngy:CollaborativeAgreementMember 2021-01-01 2021-12-31 0001794621 qngy:ConvertiblePromissoryNotesMember 2021-01-01 2021-12-31 0001794621 qngy:TwentyTwentyThreeInitialNotesMember qngy:CommonStockWarrantsMember 2021-01-01 2021-12-31 0001794621 qngy:ThousandAndTwentyThreeNotesEmbeddedDerivativeMember 2021-01-01 2021-12-31 0001794621 qngy:ThousandAndTwentyTwoNotesEmbeddedDerivativeMember 2021-01-01 2021-12-31 0001794621 qngy:TwoThousandAndTwentyThreeNotesMember 2021-01-01 2021-12-31 0001794621 qngy:TwoThousandTwentyTwoNotesMember 2021-01-01 2021-12-31 0001794621 qngy:PayCheckProtectionProgramLoanMember 2021-01-01 2021-12-31 0001794621 qngy:TwoThousandTwentyThreeNotesMember 2021-01-01 2021-12-31 0001794621 us-gaap:CostOfSalesMember 2021-01-01 2021-12-31 0001794621 us-gaap:ResearchAndDevelopmentExpenseMember 2021-01-01 2021-12-31 0001794621 us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-12-31 0001794621 us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-12-31 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember us-gaap:EmployeeStockOptionMember 2021-01-01 2021-12-31 0001794621 us-gaap:RestrictedStockMember 2021-01-01 2021-12-31 0001794621 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-12-31 0001794621 qngy:SubscriptionAgreementMember qngy:PipeSharesMember 2021-01-01 2021-12-31 0001794621 qngy:GemAgreementMember 2021-01-01 2021-12-31 0001794621 qngy:RelatedPartyRestrictedStockUnitsMember 2021-01-01 2021-12-31 0001794621 qngy:RelatedPartyRestrictedStockUnitsMember qngy:FiveRelatedPartiesAndOfficersMember 2021-01-01 2021-12-31 0001794621 qngy:DirectorsAndOfficersMember qngy:RelatedPartyRestrictedStockUnitsMember 2021-01-01 2021-12-31 0001794621 qngy:TheExtensionNotesMember 2021-01-01 2021-12-31 0001794621 srt:MaximumMember 2021-01-01 2021-12-31 0001794621 srt:MinimumMember 2021-01-01 2021-12-31 0001794621 us-gaap:TransferredOverTimeMember 2021-01-01 2021-12-31 0001794621 us-gaap:TransferredAtPointInTimeMember 2021-01-01 2021-12-31 0001794621 us-gaap:ComputerSoftwareIntangibleAssetMember 2021-01-01 2021-12-31 0001794621 srt:MaximumMember us-gaap:ComputerEquipmentMember 2021-01-01 2021-12-31 0001794621 srt:MinimumMember us-gaap:ComputerEquipmentMember 2021-01-01 2021-12-31 0001794621 srt:MaximumMember us-gaap:FurnitureAndFixturesMember 2021-01-01 2021-12-31 0001794621 srt:MinimumMember us-gaap:FurnitureAndFixturesMember 2021-01-01 2021-12-31 0001794621 srt:MaximumMember us-gaap:MachineryAndEquipmentMember 2021-01-01 2021-12-31 0001794621 us-gaap:MachineryAndEquipmentMember srt:MinimumMember 2021-01-01 2021-12-31 0001794621 us-gaap:LeaseholdImprovementsMember 2021-01-01 2021-12-31 0001794621 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-12-31 0001794621 qngy:NonEmployeesMember us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-12-31 0001794621 qngy:NonEmployeesMember us-gaap:RestrictedStockMember 2021-01-01 2021-12-31 0001794621 us-gaap:ShareBasedPaymentArrangementNonemployeeMember us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-12-31 0001794621 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2021-01-01 2021-12-31 0001794621 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2021-01-01 2021-12-31 0001794621 us-gaap:SupplierConcentrationRiskMember qngy:InventoryPurchasesMember 2021-01-01 2021-12-31 0001794621 qngy:CustomerOneMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2021-01-01 2021-12-31 0001794621 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember qngy:CustomerTwoMember 2021-01-01 2021-12-31 0001794621 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember qngy:MajorCustomerMember 2021-01-01 2021-12-31 0001794621 us-gaap:SupplierConcentrationRiskMember us-gaap:CostOfGoodsTotalMember qngy:SupplierOneMember 2021-01-01 2021-12-31 0001794621 us-gaap:SupplierConcentrationRiskMember us-gaap:CostOfGoodsTotalMember qngy:SupplierTwoMember 2021-01-01 2021-12-31 0001794621 qngy:CommonStockWarrantsMarchAugustAndOctober2020Member 2021-01-01 2021-12-31 0001794621 qngy:CommonStockWarrantsFebruary2021Member 2021-01-01 2021-12-31 0001794621 us-gaap:RestrictedStockMember us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-12-31 0001794621 us-gaap:ResearchMember 2021-01-01 2021-12-31 0001794621 country:CA us-gaap:InvestmentCreditMember 2021-01-01 2021-12-31 0001794621 srt:MaximumMember us-gaap:TaxYear2017Member country:CA 2021-01-01 2021-12-31 0001794621 srt:MinimumMember us-gaap:TaxYear2021Member country:CA 2021-01-01 2021-12-31 0001794621 us-gaap:TaxYear2015Member country:CA 2021-01-01 2021-12-31 0001794621 qngy:ConvertibleNotesMember 2021-01-01 2021-12-31 0001794621 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001794621 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001794621 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0001794621 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001794621 srt:AmericasMember 2020-01-01 2020-12-31 0001794621 srt:AsiaMember 2020-01-01 2020-12-31 0001794621 qngy:EuropeMiddleEastAndAfricaMember 2020-01-01 2020-12-31 0001794621 qngy:StockOptionsAndRsusIssuedAndOutstandingMember 2020-01-01 2020-12-31 0001794621 qngy:ConvertibleNotesMember 2020-01-01 2020-12-31 0001794621 qngy:PotentialCommonSharesExcludedFromDilutedNetLossPerShareMember 2020-01-01 2020-12-31 0001794621 qngy:TwoThousandAndTwentyThreeNotesWarrantsMember 2020-01-01 2020-12-31 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember 2020-01-01 2020-12-31 0001794621 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-12-31 0001794621 qngy:February2016CollaborativeAgreementMember 2020-01-01 2020-12-31 0001794621 qngy:ThousandAndTwentyThreeNotesEmbeddedDerivativeMember 2020-01-01 2020-12-31 0001794621 qngy:ThousandAndTwentyTwoNotesEmbeddedDerivativeMember 2020-01-01 2020-12-31 0001794621 qngy:TwoThousandAndTwentyThreeNotesMember 2020-01-01 2020-12-31 0001794621 qngy:TwoThousandTwentyTwoNotesMember 2020-01-01 2020-12-31 0001794621 qngy:TwoThousandTwentyThreeNotesMember 2020-01-01 2020-12-31 0001794621 us-gaap:CostOfSalesMember 2020-01-01 2020-12-31 0001794621 us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-01 2020-12-31 0001794621 us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-12-31 0001794621 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-12-31 0001794621 srt:MaximumMember 2020-01-01 2020-12-31 0001794621 srt:MinimumMember 2020-01-01 2020-12-31 0001794621 us-gaap:TransferredOverTimeMember 2020-01-01 2020-12-31 0001794621 us-gaap:TransferredAtPointInTimeMember 2020-01-01 2020-12-31 0001794621 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-12-31 0001794621 qngy:TwoThousandAndTwentyModificationMember us-gaap:EmployeeStockOptionMember 2020-01-01 2020-12-31 0001794621 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2020-01-01 2020-12-31 0001794621 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2020-01-01 2020-12-31 0001794621 us-gaap:SupplierConcentrationRiskMember qngy:InventoryPurchasesMember 2020-01-01 2020-12-31 0001794621 qngy:CustomerOneMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2020-01-01 2020-12-31 0001794621 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember qngy:CustomerTwoMember 2020-01-01 2020-12-31 0001794621 qngy:CustomerThreeMember us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember 2020-01-01 2020-12-31 0001794621 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember qngy:MajorCustomerMember 2020-01-01 2020-12-31 0001794621 us-gaap:SupplierConcentrationRiskMember us-gaap:CostOfGoodsTotalMember qngy:SupplierOneMember 2020-01-01 2020-12-31 0001794621 us-gaap:SupplierConcentrationRiskMember us-gaap:CostOfGoodsTotalMember qngy:SupplierTwoMember 2020-01-01 2020-12-31 0001794621 qngy:ConvertibleNotesMember 2020-01-01 2020-12-31 0001794621 qngy:TwoThousandTwentyTwoNotesMember 2018-01-01 2018-12-31 0001794621 qngy:TwoThousandTwentyTwoNotesMember 2018-12-31 0001794621 us-gaap:InventoryValuationAndObsolescenceMember 2018-12-31 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember 2019-01-01 2019-12-31 0001794621 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-03-31 0001794621 us-gaap:RestrictedStockMember 2021-01-01 2021-03-31 0001794621 qngy:SensataTechnologyIncMember qngy:CollaborativeArrangementOneMember 2021-01-01 2021-03-31 0001794621 qngy:ConvertiblePromissoryNotesMember 2022-01-01 2022-03-31 0001794621 qngy:TwoThousandTwentyTwoEquityIncentiveStockPlanMember 2022-01-28 0001794621 qngy:TwoThousandThirteenIncentiveStockPlanMember 2022-01-28 0001794621 qngy:TwoThousandTwentyTwoNotesMember 2018-06-30 0001794621 qngy:TwoThousandTwentyTwoNotesMember 2018-03-31 0001794621 qngy:TwoThousandTwentyTwoEmployeeStockPurchasePlanMember 2022-02-08 0001794621 qngy:TwoThousandTwentyTwoEquityIncentiveStockPlanMember 2022-02-08 0001794621 us-gaap:RestrictedStockUnitsRSUMember qngy:TwoThousandTwentyTwoEquityIncentiveStockPlanMember 2022-02-25 2022-02-25 0001794621 qngy:FiveRelatedPartiesAndOfficersMember qngy:TwoThousandTwentyTwoEquityIncentiveStockPlanMember us-gaap:RestrictedStockUnitsRSUMember 2022-02-25 2022-02-25 0001794621 qngy:QngyseriesBConvertiblePreferredStockLegacyQuanergyMember 2022-02-08 2022-02-08 0001794621 qngy:QngyseriesCConvertiblePreferredStockLegacyQuanergyMember 2022-02-08 2022-02-08 0001794621 qngy:QngyallOtherConvertiblePreferredStockLegacyQuanergyMember 2022-02-08 2022-02-08 0001794621 qngy:GemAgreementMember 2022-08-18 2022-08-18 0001794621 qngy:TwoThousandTwentyThreeInitialNotesMember 2020-03-31 0001794621 qngy:TwoThousandTwentyThreeInitialNotesMember 2020-08-31 0001794621 qngy:TwoThousandTwentyThreeInitialNotesMember 2020-10-31 0001794621 qngy:ConvertiblePromissoryNotesIssuedToFourRelatedPartiesMember qngy:ConvertiblePromissoryNotesMember 2021-02-28 0001794621 qngy:ConvertiblePromissoryNotesMember us-gaap:InvestorMember 2021-02-28 0001794621 qngy:TwoThousandTwentyThreeExtensionNotesMember 2021-02-28 0001794621 qngy:TheExtensionNotesMember 2021-02-28 0001794621 qngy:TheExtensionNotesMember us-gaap:RestrictedStockUnitsRSUMember 2021-02-28 0001794621 qngy:CollaborativeArrangementOneMember qngy:SensataTechnologyIncMember 2021-06-21 2021-06-21 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember 2019-12-31 0001794621 us-gaap:InventoryValuationAndObsolescenceMember 2019-12-31 0001794621 qngy:GemAgreementMember 2021-12-01 2021-12-31 0001794621 qngy:TwoThousandAndTwentyThreeNotesWarrantsMember 2021-02-01 2021-02-28 0001794621 qngy:TheExtensionNotesMember 2021-02-01 2021-02-28 0001794621 qngy:GemAgreementMember 2022-05-01 2022-05-31 0001794621 qngy:SensataWarrantsMember 2021-06-30 0001794621 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember qngy:SensataWarrantsMember 2021-06-30 0001794621 qngy:SensataWarrantsMember us-gaap:OtherNoncurrentAssetsMember 2021-06-30 0001794621 qngy:SensataWarrantsMember 2021-06-01 2021-06-30 0001794621 qngy:GemAgreementMember 2022-07-31 0001794621 qngy:GemAgreementMember 2021-06-01 2022-06-30 0001794621 qngy:GemAgreementMember 2022-03-31 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember qngy:JanuaryTwoThousandAndThirteenToSeptemberTwoThousandAndFourteenMember 2014-09-30 0001794621 qngy:RelatedPartyRestrictedStockUnitsMember 2022-04-01 2022-06-30 0001794621 qngy:RelatedPartyRestrictedStockUnitsMember 2022-01-01 2022-06-30 0001794621 qngy:TwoThousandAndTwentyModificationMember 2020-04-02 2020-04-02 0001794621 qngy:TwoThousandAndThirteenEquityIncentivePlanMember qngy:AprilTwoThousandAndEighteenThroughAugustTwoThousandAndNineteenMember us-gaap:EmployeeStockOptionMember qngy:TwoThousandAndTwentyModificationMember 2020-04-02 0001794621 us-gaap:EmployeeStockOptionMember qngy:TwoThousandAndTwentyModificationMember 2020-04-02 0001794621 qngy:TwoThousandAndTwentyModificationMember qngy:TwoThousandAndThirteenEquityIncentivePlanMember qngy:AprilTwoThousandAndEighteenThroughAugustTwoThousandAndNineteenMember 2020-04-02 0001794621 qngy:PayCheckProtectionProgramLoanMember 2020-05-31 0001794621 qngy:PayCheckProtectionProgramLoanMember 2020-05-31 2020-05-31 0001794621 qngy:PayCheckProtectionProgramLoanMember 2021-06-14 2021-06-14 0001794621 us-gaap:CommonStockMember 2022-08-29 2022-08-29 0001794621 us-gaap:WarrantMember 2022-08-29 2022-08-29 0001794621 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001794621 us-gaap:RetainedEarningsMember 2021-12-31 0001794621 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001794621 qngy:ThousandAndTwentyTwoNotesEmbeddedDerivativeMember 2021-12-31 0001794621 qngy:ThousandAndTwentyThreeNotesEmbeddedDerivativeMember 2021-12-31 0001794621 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember srt:ScenarioPreviouslyReportedMember 2019-12-31 0001794621 us-gaap:CommonStockMember srt:ScenarioPreviouslyReportedMember 2019-12-31 0001794621 us-gaap:AdditionalPaidInCapitalMember srt:ScenarioPreviouslyReportedMember 2019-12-31 0001794621 srt:ScenarioPreviouslyReportedMember us-gaap:RetainedEarningsMember 2019-12-31 0001794621 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:ScenarioPreviouslyReportedMember 2019-12-31 0001794621 srt:ScenarioPreviouslyReportedMember 2019-12-31 0001794621 us-gaap:PreferredStockMember us-gaap:ConvertiblePreferredStockMember srt:RestatementAdjustmentMember 2019-12-31 0001794621 srt:RestatementAdjustmentMember us-gaap:CommonStockMember 2019-12-31 0001794621 us-gaap:AdditionalPaidInCapitalMember srt:RestatementAdjustmentMember 2019-12-31 0001794621 srt:RestatementAdjustmentMember 2019-12-31 0001794621 us-gaap:CommonStockMember 2019-12-31 0001794621 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001794621 us-gaap:RetainedEarningsMember 2019-12-31 0001794621 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001794621 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001794621 us-gaap:RetainedEarningsMember 2020-12-31 0001794621 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001794621 us-gaap:RestrictedStockUnitsRSUMember 2019-12-31 0001794621 us-gaap:RestrictedStockUnitsRSUMember 2020-12-31 0001794621 qngy:ThousandAndTwentyTwoNotesEmbeddedDerivativeMember 2019-12-31 0001794621 qngy:ThousandAndTwentyThreeNotesEmbeddedDerivativeMember 2019-12-31 0001794621 qngy:ThousandAndTwentyTwoNotesEmbeddedDerivativeMember 2020-12-31 0001794621 qngy:ThousandAndTwentyThreeNotesEmbeddedDerivativeMember 2020-12-31 0001794621 us-gaap:RestrictedStockMember 2020-12-31 0001794621 us-gaap:RestrictedStockUnitsRSUMember 2021-03-31 0001794621 us-gaap:RestrictedStockMember 2021-03-31 iso4217:USD xbrli:shares utr:Year xbrli:pure utr:Day utr:Month iso4217:USD xbrli:shares qngy:Customer qngy:Supplier utr:Y
 
 
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): August 29, 2022
 
 
Quanergy Systems, Inc.
(Exact name of Registrant as Specified in Its Charter)
 
 
 
Delaware
  
001-39222
  
88-0535845
(State or Other Jurisdiction
of Incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
 
433 LAKESIDE DRIVE
SUNNYVALE, California
      
94085
(Address of Principal Executive Offices)
      
(Zip Code)
Registrant’s Telephone Number, Including Area Code: 408 245-9500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
 
Check the appropriate box below if the Form 8-K filing 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
Common Stock, $0.0001 par value per share
  
QNGY
  
New York Stock Exchange
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
  
QNGY WS
  
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 disclosed, on February 8, 2022 (the “Closing Date
”
or “Closing”), Quanergy Systems, Inc., a Delaware corporation (the “Company” or “Quanergy”) consummated the business combination (the “Business Combination”) pursuant to that certain Agreement and Plan of Merger, dated as of June 21, 2021 (as amended, the “Merger Agreement”), by and among CITIC Capital Acquisition Corp. (“CCAC”), CITIC Capital Merger Sub Inc. (“Merger Sub”), and Quanergy Systems, Inc., (“Legacy Quanergy”). Pursuant to the terms of the Merger Agreement, the Business Combination between the Company and Legacy Quanergy was effected through the merger of Merger Sub with and into Legacy Quanergy, with Legacy Quanergy continuing as the surviving corporation and a wholly-owned subsidiary of the Company. On the Closing Date, the registrant changed its name from CITIC Capital Acquisition Corp. to Quanergy Systems, Inc. On January 28, 2022, Legacy Quanergy changed its corporate name to Quanergy Perception Technologies, Inc. On January 31, 2022, the Company’s shareholders approved the change of CCAC’s jurisdiction of incorporation from the Cayman Islands to the State of Delaware by deregistering as an exempted company in the Cayman Islands and domesticating and continuing as a corporation formed under the laws of the State of Delaware.
The Company is filing the attached Exhibit 99.1 to recast Quanergy Systems, Inc. consolidated financial statements as of December 31, 2021 and 2020 and for each of the two years in the period ended December 31, 2021 to retrospectively reflect the effects of the reverse recapitalization that occurred in connection with the Merger, as described below. Exhibit 99.1 is incorporated by reference into this Item 8.01.
The Merger was accounted for as a reverse recapitalization under U.S. GAAP with CCAC treated as the “acquired” company for financial reporting purposes. Accordingly, the financial statements of the Company represent the combined entities, post Business Combination, with the Merger being treated as the equivalent of the Company issuing stock for the net assets of CCAC, accompanied by a recapitalization. All periods prior to the Merger have been retrospectively adjusted using the exchange ratio of approximately 3.8799 for the equivalent number of common and preferred shares outstanding (except Series B and Series C preferred stock) immediately after the Merger to effect the reverse recapitalization. Series B and Series C preferred shares were adjusted using an exchange ratio of 11.5423 and 14.3118, respectively.
The audited consolidated financial statements of Quanergy Systems, Inc. as of December 31, 2021 and 2020 included herein as Exhibit 99.1 update the audited consolidated financial statements of Quanergy Systems, Inc. included in Item 9.01 of the Company’s Current Report on Form
8-K/A
filed with the Securities and Exchange Commission on March 31, 2022.
 
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits:
 
Exhibit

Number
  
Description
99.1
  
 104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
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 thereunto duly authorized.
 
 
 
 
QUANERGY SYSTEMS, INC.
Dated: August 29, 2022
 
 
By:
 
/s/ Patrick Archambault
 
 
 
Patrick Archambault
 
 
 
Chief Financial Officer