Filed pursuant to Rule 424(b)(3)
SEC File No. 333-258203
 
PROSPECTUS SUPPLEMENT NO. 1
(to Prospectus dated October 7, 2021)
 
INNOVIZ TECHNOLOGIES LTD.
 

 
PRIMARY OFFERING OF
16,231,241 ORDINARY SHARES

SECONDARY OFFERING OF
120,898,676 ORDINARY SHARES,
7,237,209 WARRANTS TO PURCHASE ORDINARY SHARES AND
7,137,209 ORDINARY SHARES UNDERLYING WARRANTS
 
OF
INNOVIZ TECHNOLOGIES LTD.

 
This prospectus supplement updates, amends and supplements the prospectus dated October 7, 2021 (as supplemented or amended from time to time, the “Prospectus”), which forms a part of our Registration Statement on Form F-1 (Registration No. 333-258203). Capitalized terms used in this prospectus supplement and not otherwise defined herein have the meanings specified in the Prospectus.
 
This prospectus supplement is being filed to update, amend and supplement the information included in the Prospectus with information on Innoviz’s third quarter 2021 financial results, which is set forth below.
 
This prospectus supplement is not complete without the Prospectus. This prospectus supplement should be read in conjunction with the Prospectus, which is to be delivered with this prospectus supplement, and is qualified by reference thereto, except to the extent that the information in this prospectus supplement updates or supersedes the information contained in the Prospectus. Please keep this prospectus supplement with your Prospectus for future reference.
 
Our ordinary shares and warrants are listed on the Nasdaq Stock Market LLC under the trading symbols “INVZ” and “INVZW,” respectively. On November 9, 2021, the closing prices for our ordinary shares and warrants on the Nasdaq Stock Market LLC were $5.36 per ordinary share and $1.57 per warrant.
 

Investing in our securities involves a high degree of risk. See “Risk Factors” beginning on page 7 of this Prospectus and other risk factors contained in the documents incorporated by reference therein for a discussion of information that should be considered in connection with an investment in our securities.
 
Neither the Securities and Exchange Commission, the Israeli Securities Authority nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.


The date of this prospectus supplement is November 10, 2021.


INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2020
    
2021
    
2020
    
2021
  
   
(Unaudited)
    
(Unaudited)
  
                         
Revenues
  
$
1,831
    
$
2,076
    
$
3,680
    
$
3,811
  
Cost of revenues
    
(1,318
)
    
(2,201
)
    
(5,097
)
    
(5,737
)
Gross profit (loss)
    
513
      
(125
)
    
(1,417
)
    
(1,926
)
Operating expenses:
                                
Research and development
  
$
14,677
    
$
20,576
    
$
41,894
    
$
69,397
  
Selling and marketing
    
1,243
      
3,652
      
3,941
      
20,834
  
General and administrative
    
844
      
5,753
      
2,508
      
30,179
  
Total operating expenses
    
16,764
      
29,981
      
48,343
      
120,410
  
Operating loss
    
(16,251
)
    
(30,106
)
    
(49,760
)
    
(122,336
)
Financial income, net
    
536
      
3,735
      
626
      
2,827
  
Loss before taxes on income
    
(15,715
)
    
(26,371
)
    
(49,134
)
    
(119,509
)
Taxes on income
    
63
      
(60
)
    
(29
)
    
(132
)
Net loss
  
$
(15,652
)
  
$
(26,431
)
  
$
(49,163
)
  
$
(119,641
)
Basic and diluted net loss per ordinary share
  
$
(1.06
)
  
$
(0.20
)
  
$
(3.31
)
  
$
(1.35
)
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share
    
18,861,241
      
133,430,689
      
18,697,015
      
92,115,826
  


2

INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands

   
December 31,
    
September 30,
  
   
2020
    
2021
  
         
(Unaudited)
  
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
49,950
    
$
139,569
  
Short term deposits
    
–
      
185,000
  
Short-term Restricted Cash
    
8
      
868
  
Trade receivables
    
2,506
      
554
  
Inventory
    
2,164
      
4,611
  
Prepaid expenses and other current assets
    
3,287
      
5,159
  
Total current assets
    
57,915
      
335,761
  
LONG-TERM ASSETS:
                
Restricted deposits
    
864
      
–
  
Other long-term assets
    
537
      
163
  
Property and equipment, net
    
13,245
      
14,219
  
Total long-term assets
    
14,646
      
14,382
  
Total assets
  
$
72,561
    
$
350,143
  
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
                
CURRENT LIABILITIES:
                
Trade payables
  
$
7,751
    
$
3,830
  
Advances from customers and deferred revenues
    
1,661
      
1,536
  
Employees and payroll accruals
    
5,528
      
7,671
  
Accrued expenses and other current liabilities
    
2,579
      
4,140
  
Short term loan and current maturities
    
275
      
2,400
  
Total current liabilities
    
17,794
      
19,577
  
LONG-TERM LIABILITIES:
                
Loan, net of current maturities
    
2,224
      
–
  
Long-term advances from customers and deferred revenues
    
3,473
      
3,588
  
Warrant liability
    
–
      
4,547
  
Total long-term liabilities
    
5,697
      
8,135
  
Convertible preferred shares
    
272,815
      
–
  
SHAREHOLDERS' EQUITY (DEFICIT):
                
Ordinary shares of no-par value
    
*–
      
*-
  
Additional paid–in capital
    
7,658
      
673,475
  
Accumulated deficit
    
(231,403
)
    
(351,044
)
Total shareholders' equity (deficit)
    
(223,745
)
    
322,431
  
Total liabilities, convertible preferred shares and shareholders' equity (deficit)
  
$
72,561
    
$
350,143
  

________________

*          Represents amount lower than $1

3

INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands

   
Three Months Ended
September 30,
    
Nine Months Ended September 30,
  
   
2020
    
2021
    
2020
    
2021
  
   
(Unaudited)
    
(Unaudited)
  
Cash flows from operating activities:
                        
Net loss
  
$
(15,652
)
  
$
(26,431
)
  
$
(49,163
)
  
$
(119,641
)
Adjustments required to reconcile net loss to net cash used in operating activities:
                                
Depreciation and amortization
    
539
      
699
      
2,072
      
2,024
  
Revaluation of Private Warrants
    
–
      
(3,589
)
    
–
      
(2,744
)
Stock Based Compensation
    
798
      
8,165
      
2,383
      
59,826
  
Capital gain
    
–
      
–
      
(6
)
    
–
  
Interest income
    
(112
)
    
(80
)
    
(327
)
    
(136
)
Decrease (increase) in prepaid expenses and current assets
    
842
      
4,612
      
108
      
(1,136
)
Decrease (increase) in accounts receivable
    
(1,355
)
    
866
      
(932
)
    
1,373
  
Decrease (increase) in inventory
    
(99
)
    
(947
)
    
455
      
(2,447
)
Decrease in trade payables
    
(924
)
    
(7,131
)
    
(3,384
)
    
(4,361
)
Increase in accrued expenses and other liabilities
    
2,391
      
474
      
1,238
      
1,344
  
Increase (decrease) in employees and payroll accruals
    
83
      
(2,019
)
    
1,088
      
2,143
  
Increase (decrease) in advances from customers and deferred revenues
    
(69
)
    
(968
)
    
(130
)
    
570
  
Net cash used in operating activities
    
(13,558
)
    
(26,349
)
    
(46,598
)
    
(63,185
)
Cash flows from investing activities:
                                
Purchase of property and equipment
    
(928
)
    
(864
)
    
(3,134
)
    
(2,998
)
Withdrawal of (investment in) short term deposits
    
(22
)
    
10,000
      
34,720
      
(185,000
)
Decrease in restricted deposits
    
–
      
55
      
–
      
56
  
Net cash provided (used) in investing activities
    
(950
)
    
9,191
      
31,586
      
(187,942
)
Cash flows from financing activities:
                                
Cash received in connection with reverse merger, net of issuance cost
    
–
      
–
      
–
      
122,728
  
Issuance of common stock in connection with PIPE offering, net of issuance cost
    
–
      
–
      
–
      
217,343
  
Proceeds from exercise of options
    
41
      
222
      
219
      
690
  
Repayment of loan
    
(71
)
    
(46
)
    
(192
)
    
(179
)
Net cash provided (used) by financing activities
    
(30
)
    
176
      
27
      
340,582
  
Effect of exchange rate changes on cash, cash equivalents and restricted cash
    
118
      
196
      
325
      
216
  
Increase (decrease) in cash, cash equivalents and restricted cash
    
(14,420
)
    
(16,786
)
    
(14,660
)
    
89,671
  
Cash, cash equivalents and restricted cash at beginning of the period
    
73,187
      
157,223
      
73,427
      
50,766
  
Cash, cash equivalents and restricted cash at end of the period
  
$
58,767
    
$
140,437
    
$
58,767
    
$
140,437
  

4
 
INNOVIZ TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands

   
Three Months Ended
September 30,
    
Nine Months Ended September 30,
  
   
2020
    
2021
    
2020
    
2021
  
   
(Unaudited)
    
(Unaudited)
  
Supplementary disclosure of cash flows activities:
                        
(1)     Cash received during the period for:
                        
Interest
  
$
(946
)
  
$
(119
)
  
$
(947
)
  
$
(125
)
(2)      Cash paid during the period for:
                                
Interest
  
$
22
    
$
42
    
$
67
    
$
87
  
Income taxes
  
$
–
    
$
59
    
$
29
    
$
128
  
(3)      Non-cash transactions:
                                
Non-marketable securities in consideration for property and equipment
  
$
–
    
$
–
    
$
54
    
$
–
  
Conversion of preferred shares to ordinary shares
    
–
      
–
      
–
      
272,815
  
Issuance cost paid in Equity
    
–
      
–
      
–
      
77,309
  
(4)      Cash, cash equivalents and restricted cash at end of the period:
                                
Cash and cash equivalents
  
$
57,952
    
$
139,569
    
$
57,952
    
$
139,569
  
Short-term restricted deposits
    
8
      
868
      
8
      
868
  
Restricted deposits
    
807
      
–
      
807
      
–
  
   
$
58,767
    
$
140,437
    
$
58,767
    
$
140,437
  

 5