0001104659-20-109034.txt : 20200928 0001104659-20-109034.hdr.sgml : 20200928 20200925215715 ACCESSION NUMBER: 0001104659-20-109034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200923 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200928 DATE AS OF CHANGE: 20200925 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STARBOARD VALUE ACQUISITION CORP. CENTRAL INDEX KEY: 0001794905 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39496 FILM NUMBER: 201201876 BUSINESS ADDRESS: STREET 1: 777 THIRD AVENUE 18TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128457977 MAIL ADDRESS: STREET 1: 777 THIRD AVENUE 18TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 8-K 1 tm2031621d1_8k.htm FORM 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 23, 2020

 

STARBOARD VALUE ACQUISITION CORP.

(Exact name of registrant as specified in its charter)

 

Delaware   001- 39496   84-3743013

(State or other jurisdiction of

incorporation or organization)

  (Commission File Number)  

(I.R.S. Employer

Identification Number)

 

777 Third Avenue, 18th Floor

New York, NY

  10017
(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (212) 845-7977

 

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   Name of Each Exchange on Which Registered
Units, each consisting of one share of Class A Common Stock and one-sixth of one Warrant to purchase one share of Class A Common Stock   SVACU   The Nasdaq Stock Market LLC
Class A Common Stock, par value $0.0001 per share   SVAC   The Nasdaq Stock Market LLC
Redeemable Warrants, exercisable for one share of Class A Common Stock for $11.50 per share   SVACW   The Nasdaq Stock Market LLC

 

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

 

Emerging growth company x

 

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 on a Current Report on Form 8-K of Starboard Value Acquisition Corp., a Delaware corporation (the “Company”), on September 14, 2020, the Company consummated its initial public offering (the “IPO”) of 36,000,000 units (the “Units”). Each Unit consists of one share of Class A common stock, $0.0001 par value per share (the “Class A Common Stock”), and one-sixth of one redeemable warrant of the Company (the “Detachable Redeemable Warrants”). In addition, each share of Class A Common Stock issued in the IPO carries a contingent right to receive at least one-sixth of one redeemable warrant following the initial business combination redemption time under certain circumstances and subject to adjustment (the “Distributable Redeemable Warrants”, and with the Detachable Redeemable Warrants, the “Redeemable Warrants”). Each whole Redeemable Warrant entitles the holder thereof to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $360,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 5,400,000 additional Units to cover over-allotments, if any. On September 18, 2020, the Underwriters partially exercised the over-allotment option and on September 23, 2020, purchased an additional 4,423,453 Units (the “Over-Allotment Units”), generating gross proceeds of $44,234,530.

 

As previously reported on a Current Report on Form 8-K of the Company, simultaneously with the closing of the IPO, the Company completed the private sale (the “Private Placement”) of an aggregate of 6,133,333 warrants (the “Private Placement Warrants”) to SVAC Sponsor LLC, a Delaware limited liability company (the “Sponsor”), at a purchase price of $1.50 per Private Placement Warrant, generating gross proceeds to the Company of $9,200,000. In connection with the Underwriters’ partial exercise of their over-allotment option, the Sponsor purchased an additional 589,794 Private Placement Warrants, generating gross proceeds to the Company of $884,691.

 

In connection with the closing and sale of the Over-Allotment Units and 589,794 additional Private Placement Warrants (together, the “Over-Allotment Closing”), a total of $44,234,530 comprised of $43,571,012 of the proceeds from the closing and sale of the Over-Allotment Units and the reimbursement of expenses to the Company pursuant to the underwriting agreement related to the IPO (which amount includes $1,990,554 of the Underwriters’ deferred discount) and $663,518 of the proceeds of the sale of the additional 589,794 Private Placement Warrants, was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.

 

An audited balance sheet as of September 14, 2020 reflecting receipt of the proceeds upon consummation of the IPO and the Private Placement has been issued by the Company and previously filed as Exhibit 99.1 to a Current Report on Form 8-K on September 18, 2020. The Company’s unaudited pro forma balance sheet as of September 14, 2020, adjusted for the Over-Allotment Closing on September 23, 2020 is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01   Financial Statements and Exhibits.

 

(d) Exhibits.
   
99.1 Unaudited Pro Forma Balance Sheet as of September 14, 2020


 

 

 

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 hereunto duly authorized.

 

 

Dated: September 25, 2020

  Starboard Value Acquisition Corp.
   
  By: /s/ Martin D. McNulty, Jr.
  Name:   Martin D. McNulty, Jr.
  Title: Chief Executive Officer

 

 

EX-99.1 2 tm2031621d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

STARBOARD VALUE ACQUISITION CORP.

PRO FORMA BALANCE SHEET

 

   September 14, 2020   Pro Forma Adjustments   As Adjusted 
       (Unaudited)   (Unaudited) 
Assets:               
Current assets:               
Cash  $3,023,523   $884,691(b)  $3,244,696 
         (663,518)(c)     
Prepaid expenses   276,800    -    276,800 
Total current assets   3,300,323    221,173    3,521,496 
Cash held in Trust Account   360,000,000    44,234,530(a)   404,234,530 
Total Assets  $363,300,323   $44,455,703   $407,756,026 
                
Liabilities and Stockholders' Equity:               
Current liabilities:               
Accounts payable  $587,316   $-   $587,316 
Accrued expenses   70,000    -    70,000 
Franchise tax payable   141,387    -    141,387 
Total current liabilities   798,703    -    798,703 
Deferred legal fees   250,000    -    250,000 
Deferred underwriting commissions in connection with the initial public offering   16,200,000    1,990,554(d)   18,190,554 
Total liabilities   17,248,703    1,990,554    19,239,257 
                
Commitments and Contingencies               
Class A common stock; 34,105,161 and 38,351,676 shares subject to possible redemption at $10.00 per share, actual and as adjusted, respectively   341,051,610    42,465,150(e)   383,516,760 
                
Stockholders' Equity:               
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding   -    -    - 
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 1,894,839 and 2,071,777 shares issued and outstanding (excluding 34,105,161 and 38,351,676 shares subject to possible redemption), actual and as adjusted, respectively   190    442(a)   207 
         (425)(e)     
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 10,350,000 and 10,105,863 shares issued and outstanding, actual and as adjusted, respectively   1,035    (24)(f)   1,011 
Additional paid-in capital   5,152,862    44,234,088(a)   5,152,868 
         884,691(b)     
         (663,518)(c)     
         (1,990,554)(d)     
         (42,464,725)(e)     
         24(f)     
Accumulated deficit   (154,077)   -    (154,077)
Total stockholders' equity   5,000,010    (1)   5,000,009 
Total Liabilities and Stockholders' Equity  $363,300,323   $44,455,703   $407,756,026 

 

The accompanying notes are an integral part of these financial statement.

 

 

 

 

NOTE 1- CLOSING OF OVER-ALLOTMENT OPTION AND ADDITIONAL PRIVATE PLACEMENT

 

The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Starboard Value Acquisition Corp. (the “Company”) as of September 14, 2020, adjusted for the closing of the underwriters’ over-allotment option and related transactions which occurred on September 23, 2020 as described below.

 

The Company consummated its initial public offering (the “IPO”) of 36,000,000 units (the “Units”). Each Unit consists of one share of Class A common stock, $0.0001 par value per share (the “Class A Common Stock”), and one-sixth of one redeemable warrant of the Company (the “Detachable Redeemable Warrants”). In addition, each share of Class A Common Stock carries a contingent right to receive at least one-sixth of one redeemable warrant following the initial business combination redemption time under certain circumstances and subject to adjustment (the “Distributable Redeemable Warrants”, and with the Detachable Redeemable Warrants, the “Redeemable Warrants”). Each whole Redeemable Warrant entitles the holder thereof to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $360.0 million. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 5,400,000 additional Units to cover over-allotments, if any. On September 18, 2020, the Underwriters partially exercised the over-allotment option and on September 23, 2020, purchased an additional 4,423,453 Units (the “Over-Allotment Units”), generating gross proceeds of approximately $44.2 million, and incurred additional offering costs of approximately $2.7 million (net of approximately $221,000 in reimbursement for certain expenses from the Underwriters), including approximately $2.0 million in deferred underwriting fees.

 

Simultaneously with the closing of the IPO, the Company completed the private sale (the “Private Placement”) of an aggregate of 6,133,333 warrants (the “Private Placement Warrants”) to SVAC Sponsor LLC, a Delaware limited liability company (the “Sponsor”), at a purchase price of $1.50 per Private Placement Warrant, generating gross proceeds to the Company of $9.2 million. In connection with the Underwriters’ partial exercise of their over-allotment option, the Sponsor purchased an additional 589,794 Private Placement Warrants, generating gross proceeds to the Company of approximately $0.9 million.

 

Upon closing of the IPO, the Private Placement, the sale of the Over-Allotment Units and 589,794 additional Private Placement Warrants, a total of approximately $44.2 million was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.

 

In addition, the Sponsor and the Company’s Chief Executive Officer had agreed to forfeit an aggregate of up to 1,350,000 shares of Class B common stock, par value $0.0001 per share (the “Founder Shares”), to the extent that the over-allotment option is not exercised in full by the Underwriters. As a result of the Underwriters' exercise of the over-allotment option, an aggregate of 244,137 Founder Shares were forfeited accordingly.

 

 

 

  

Pro forma adjustments to reflect the exercise of the Underwriters’ over-allotment option and the sale of the Private Placement Warrants described above are as follows:

 

  Pro Forma Entries  Debit   Credit 
(a) Trust account  $44,234,530      
  Class A common stock       $442 
  Additional paid-in capital       $44,234,088 
  To record sale of 4,423,453 Overallotment Units at $10.00 per Unit          
             
(b) Cash  $884,691      
  Additional paid-in capital       $884,691 
  To record sale of 589,794 Private Placement Warrants at $1.50 per warrants          
             
(c) Additional paid-in capital  $663,518      
  Cash       $663,518 
  To record payment of cash underwriting fee, less reimbursement on overallotment option          
             
(d) Additional paid-in capital  $1,990,554      
  Deferred underwriting commissions       $1,990,554 
  To record additional deferred underwriting fee on overallotment option          
             
(e) Class A common stock  $425      
  Additional paid-in capital  $42,464,725      
  Class A common stock subject to possible redemption       $42,465,150 
  To reclassify Class A common stock out of permanent equity into mezzanine redeemable stock          
             
(f) Class B common stock  $24      
  Additional paid-in capital       $24 
  To record the forfeiture of 244,137 Founder Shares