Reverse Recapitalization (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Business Acquisition Elements Reconciled To Consolidated Financial Statements

The following table reconciles the elements of the Business Combination to the condensed consolidated statements of cash flows and the condensed consolidated statements of stockholders’ equity for the six months ended June 30, 2022 (in thousands):


Cash - CCAC’s trust and cash (net of redemption)	$	13,414
Cash - PIPE		36,950
Less: transaction costs and advisory fees paid		(6,609	)

Net cash from Business Combination and PIPE Financing		43,755
Less non-cash net liabilities assumed from CCAC		(15,955	)

Net contributions from Business Combination and PIPE Financing	$	27,800

Summary of Number of Shares of Common Stock Issued Immediately Following The Consummation of The Business Combination

The number of shares of common stock issued immediately following the consummation of the Business Combination were:


CCAC Class A Ordinary Shares, outstanding prior to Business Combination	27,600,000
CCAC Class B Ordinary Shares, outstanding prior to Business Combination	6,900,000
Less: redemption of CCAC Class A Ordinary Shares	(26,267,796	)
Shares issued from PIPE Financing	3,695,000

Total Shares from Business Combination and PIPE Financing	11,927,204
Legacy Quanergy shares (1)	71,485,143

Total shares of common stock immediately after Business Combination	83,412,347

Summary of Number of Legacy Quanergy Shares

The number of Legacy Quanergy shares was determined as follows:


	Quanergy shares		Quanergy shares, effected for Exchange Ratio
Balance at December 31, 2020		4,696,352		18,221,534
Recapitalization applied to Convertible Preferred Stock outstanding at December 31, 2020		7,695,112		37,548,022
Shares issued upon exercise of options - 2021		20,000		77,595
Shares issued upon exercise of common stock warrants - 2021		2,324		9,016
Issuance of restricted stock awards		300,000		1,163,984
Conversion of 2023 Notes (2)		3,728,147		14,464,992

Total				71,485,143