(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The Nasdaq Global Market | ||||||||||||||
The Nasdaq Global Market |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). |
Embark Technology, Inc. | ||||||||
Date: November 8, 2022 | By: | /s/ Richard Hawwa | ||||||
Name: | Richard Hawwa | |||||||
Title: | Chief Financial Officer |
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 191,040 | $ | 264,615 | |||||||
Restricted cash, short-term | 65 | 130 | |||||||||
Prepaid expenses and other current assets | 9,416 | 12,746 | |||||||||
Total current assets | 200,521 | 277,491 | |||||||||
Restricted cash, long-term | 812 | 275 | |||||||||
Property, equipment and software, net | 17,686 | 9,637 | |||||||||
Operating lease right-of-use assets | 22,941 | — | |||||||||
Other assets | 6,365 | 3,596 | |||||||||
Total assets | $ | 248,325 | $ | 290,999 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 2,758 | $ | 2,497 | |||||||
Accrued expenses and other current liabilities | 9,226 | 3,142 | |||||||||
Current portion of operating lease liabilities | 3,251 | — | |||||||||
Short-term notes payable | 492 | 358 | |||||||||
Total current liabilities | 15,727 | 5,997 | |||||||||
Long-term notes payable | 1,421 | 722 | |||||||||
Warrant liability | 1,621 | 49,419 | |||||||||
Non-current portion of operating lease liabilities | 20,090 | — | |||||||||
Other long-term liability | 110 | 50 | |||||||||
Long-term deferred rent | — | 177 | |||||||||
Total liabilities | $ | 38,969 | $ | 56,365 | |||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Class A common stock | 2 | 36 | |||||||||
Class B common stock | — | 9 | |||||||||
Additional paid-in capital | 460,440 | 417,492 | |||||||||
Accumulated deficit | (251,086) | (182,903) | |||||||||
Total stockholders’ equity | 209,356 | 234,634 | |||||||||
Total liabilities and stockholders’ equity | $ | 248,325 | $ | 290,999 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | $ | 21,691 | $ | 11,481 | $ | 59,427 | $ | 26,823 | |||||||||||||||
General and administrative | 16,050 | 4,593 | 56,741 | 11,585 | |||||||||||||||||||
Total operating expenses | 37,741 | 16,074 | 116,168 | 38,408 | |||||||||||||||||||
Loss from operations | (37,741) | (16,074) | (116,168) | (38,408) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Change in the fair value of derivative liability | — | (1,010) | — | (5,783) | |||||||||||||||||||
Change in fair value of warrant liability | 1,390 | — | 47,799 | — | |||||||||||||||||||
Other income (expense) | 181 | 12 | (413) | 18 | |||||||||||||||||||
Interest income | 758 | 13 | 931 | 83 | |||||||||||||||||||
Interest expense | — | (2,058) | (332) | (3,735) | |||||||||||||||||||
Loss before provision for income taxes | (35,412) | (19,117) | (68,183) | (47,825) | |||||||||||||||||||
Net loss | $ | (35,412) | $ | (19,117) | $ | (68,183) | $ | (47,825) | |||||||||||||||
Net loss attributable to common stockholders, basic and diluted | $ | (35,412) | $ | (19,117) | $ | (68,183) | $ | (47,825) | |||||||||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||||||
Basic and diluted, Class A and Class B | $ | (1.53) | $ | (2.69) | $ | (2.98) | $ | (6.73) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders: | |||||||||||||||||||||||
Basic and diluted | 23,145,180 | 7,111,106 | 22,880,503 | 7,111,106 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (68,183) | $ | (47,825) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 1,438 | 756 | |||||||||
Amortization expense - right-of-use assets - operating leases | 1,841 | — | |||||||||
Stock-based compensation, net of amounts capitalized | 39,942 | 1,661 | |||||||||
Issuance of warrants for services | — | 1,775 | |||||||||
Change in fair value of warrants | (47,799) | — | |||||||||
Net amortization of premiums and accretion of discounts on investments | — | 265 | |||||||||
Loss on sale of property, equipment and software | (147) | — | |||||||||
Amortization of debt discount | — | 3,735 | |||||||||
Change in the fair value of derivative liability | — | 5,783 | |||||||||
Issuance of common stock for services | 666 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses and other current assets | 3,144 | (911) | |||||||||
Other assets | (2,769) | (3,229) | |||||||||
Accounts payable | 1,055 | 2,759 | |||||||||
Other long-term liabilities | 60 | 49 | |||||||||
Accrued expenses and other current liabilities | 4,482 | 2,324 | |||||||||
Net cash used in operating activities | (66,270) | (32,858) | |||||||||
Cash flows from investing activities | |||||||||||
Maturities of investments | — | 48,239 | |||||||||
Purchase of property, equipment and software | (8,201) | (2,380) | |||||||||
Proceeds from sale of property, equipment and software | 399 | — | |||||||||
Deposit for purchase of trucks | — | (400) | |||||||||
Refund of deposit for trucks | — | 47 | |||||||||
Net cash provided by (used in) investing activities | (7,802) | 45,506 | |||||||||
Cash flows from financing activities | |||||||||||
Cash proceeds received from convertible note payable | — | 25,001 | |||||||||
Payment towards notes payable | (346) | (140) | |||||||||
Proceeds from exercise of stock options | 1,319 | 149 | |||||||||
Repurchase of early exercised stock options | (4) | — | |||||||||
Deferred offering costs | — | (827) | |||||||||
Net cash provided by financing activities | 969 | 24,183 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (73,103) | 36,831 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 265,020 | 11,460 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 191,917 | $ | 48,291 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the year for interest | $ | 18 | $ | — | |||||||
Supplemental schedule of noncash investing and financing activities | |||||||||||
Acquisition of property, equipment and software in accounts payable | $ | 1,038 | $ | 71 | |||||||
Acquisition of trucks by assuming notes payable | $ | 1,420 | $ | 278 | |||||||
Right-of-use assets obtained in exchange for lease obligations | $ | 24,782 | $ | — | |||||||
Deferred offering costs in accrued liability | $ | — | $ | 3,275 | |||||||
Stock-based compensation capitalized into internally developed software | $ | 1,144 | $ | 160 | |||||||
Vesting of early exercised stock options | $ | 43 | $ | 39 | |||||||
Issuance of common stock for services | $ | 666 | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net loss | $ | (35,412) | $ | (19,117) | $ | (68,183) | $ | (47,825) | ||||||||||||||||||
Interest income and expense, net | (758) | 2,045 | (599) | 3,652 | ||||||||||||||||||||||
Depreciation and amortization | 604 | 282 | 1,438 | 756 | ||||||||||||||||||||||
Amortization on right-of-use assets -operating leases | 837 | — | 1,841 | — | ||||||||||||||||||||||
EBITDA | $ | (34,729) | $ | (16,790) | $ | (65,503) | $ | (43,417) | ||||||||||||||||||
Stock-based compensation expense(1) | 10,919 | 562 | 39,942 | 1,661 | ||||||||||||||||||||||
Change in fair value of warrant liabilities(2) | (1,390) | — | (47,799) | — | ||||||||||||||||||||||
Change in the fair value of derivative liability | — | 1,010 | — | 5,783 | ||||||||||||||||||||||
One-time adjustment(3) | 480 | 1,000 | 914 | 1,000 | ||||||||||||||||||||||
Upfront CEF commitment fee (noncash)(4) | — | — | 666 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | (24,720) | $ | (14,218) | $ | (71,780) | $ | (34,973) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net cash used in operating activities (GAAP) | $ | (26,004) | $ | (12,773) | $ | (66,270) | $ | (32,857) | |||||||||||||||
Capital expenditures including truck deposits, net of returns | (3,399) | (833) | (7,802) | (2,733) | |||||||||||||||||||
Free cash flow (Non GAAP) | $ | (29,403) | $ | (13,606) | $ | (74,072) | $ | (35,590) |
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