Filed pursuant to Rule 424(b)(3)
SEC File No. 333-258203

 

PROSPECTUS SUPPLEMENT NO. 1

(to Prospectus dated August 5, 2021)

INNOVIZ TECHNOLOGIES LTD.

 

LOGO

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 August 5, 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 second 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 August 19, 2021, the closing prices for our ordinary shares and warrants on the Nasdaq Stock Market LLC were $6.55 per ordinary share and $1.48 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 August 20, 2021.

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2020     2021     2020     2021  
     (Unaudited)     (Unaudited)  

Revenues

    $ 1,011     $ 1,008       1,849     $ 1,735  

Cost of revenues

      (1,678 )      (2,078 )      (3,779 )      (3,536 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross loss

      (667 )      (1,070 )      (1,930 )      (1,801 ) 

Operating expenses:

         

Research and development

    $ 11,479     $ 32,088     $ 27,217     $ 48,822  

Selling and marketing

      1,200       15,629       2,698       17,181  

General and administrative

      836       23,006       1,664       24,427  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      13,515       70,723       31,579       90,430  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating loss

      (14,182 )      (71,793 )      (33,509 )      (92,231 ) 

Financial income (expenses), net

      462       (709 )      90       (907 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss before taxes on income

      (13,720 )      (72,502 )      (33,419 )      (93,138 ) 

Taxes on income

      (22 )      (32 )      (92 )      (72 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net loss

    $ (13,742 )    $ (72,534 )      (33,511 )    $ (93,210 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic and diluted net loss per ordinary share

    $ (0.73 )    $ (0.58 )      (1.80 )    $ (1.30 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share

      18,701,229       125,188,537       18,614,903       71,458,394  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

1

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

 

     December 31,
2020		     June 30,
2021		  
           (Unaudited)  

ASSETS

     

CURRENT ASSETS:

     

Cash and cash equivalents

    $ 49,950     $ 156,418  

Short term deposits

      —         195,000  

Restricted deposits

      8       8  

Trade receivables

      2,506       604  

Inventories

      2,164       3,664  

Prepaid expenses and other current assets

      3,287       9,771  
  

 

 

    

 

 

  

Total current assets

      57,915       365,465  
  

 

 

    

 

 

  

LONG-TERM ASSETS:

     

Restricted deposits

      864       852  

Other long-term assets

      537       163  

Property and equipment, net

      13,245       14,053  
  

 

 

    

 

 

  

Total long-term assets

      14,646       15,068  
  

 

 

    

 

 

  

Total assets

    $ 72,561     $ 380,533  
  

 

 

    

 

 

  

LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT)

     

CURRENT LIABILITIES:

     

Trade payables

    $ 7,751     $ 10,961  

Advances from customers and deferred revenues

      1,661       1,803  

Employees and payroll accruals

      5,528       9,690  

Accrued expenses and other current liabilities

      2,854       3,941  
  

 

 

    

 

 

  

Total current liabilities

      17,794       26,395  
  

 

 

    

 

 

  

LONG-TERM LIABILITIES:

     

Loan, net of current maturities

      2,224       2,054  

Long-term advances from customers and deferred revenues

      3,473       3,473  

Warrants

      —         8,136  
  

 

 

    

 

 

  

Total long-term liabilities

      5,697       13,663  
  

 

 

    

 

 

  

Convertible preferred shares

      272,815       —    
  

 

 

    

 

 

  

SHAREHOLDERS’ EQUITY (DEFICIT):

     

Ordinary Shares of no-par value

      *—         *—    

Additional paid-in capital

      7,658       665,088  

Accumulated deficit

      (231,403 )      (324,613 ) 
  

 

 

    

 

 

  

Total shareholders’ equity (deficit)

      (223,745 )      340,475  
  

 

 

    

 

 

  

Total liabilities, convertible preferred shares and shareholders’ equity (deficit)

    $ 72,561     $ 380,533  
  

 

 

    

 

 

  
              

 

*

Represents amount lower than $1

 

2

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

U.S. dollars in thousands

 

     Three Months Ended
June 30,		     Six Months Ended
June 30,		  
     2020     2021     2020     2021  
     (Unaudited)     (Unaudited)  

Cash flows from operating activities:

         

Net loss

    $ (13,742 )    $ (72,534 )      (33,511 )    $ (93,210 ) 

Adjustments required to reconcile net loss to net cash used in operating activities:

         

Depreciation and amortization

      1,022       673       1,533       1,325  

Revaluation of Private Warrants

      —         845       —         845  

Share-based compensation

      652       49,887       1,585       51,662  

Capital gain

      —         —         (6 )      —    

Foreign exchange loss

      (659 )      (244 )      (215 )      (56 ) 

Increase in prepaid expenses and other assets

      (1,505 )      (5,283 )      (734 )      (5,748 ) 

Decrease (increase) in trade receivable

      (1 )      813       423       507  

Decrease (increase) in inventories

      (262 )      (552 )      554       (1,500 ) 

Increase (decrease) in trade payables

      (1,065 )      6,003       (2,460 )      2,770  

Increase (decrease) in accrued expenses and other liabilities

      (2,025 )      298       (1,153 )      870  

Increase in employees and payroll accruals

      466       3,430       1,005       4,162  

Increase (decrease) in advances from customers and deferred revenues

      (118 )      186       (61 )      1,537  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net cash used in operating activities

      (17,237 )      (16,478 )      (33,040 )      (36,836 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash flows from investing activities:

         

Purchase of property and equipment

      (629 )      (1,417 )      (2,206 )      (2,133 ) 

Investment in bank deposits, net

      35,023       (195,000 )      34,742       (195,000 ) 

Decrease (Increase) in restricted deposits

      —         (1 )      —         1  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net cash provided (used) in investing activities

      34,394       (196,418 )      32,536       (197,132 ) 

Cash flows from financing activities:

         

Cash received from reverse capitalization, net of Issuance cost

      —         122,728       —         122,728  

Issue of Ordinary shares, net of Issuance cost

      —         46,843       —         217,343  

Proceeds from exercise of options

      114       448       178       468  

Repayment of loan

      (81 )      (76 )      (121 )      (134 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net cash provided by financing activities

      33       169,943       57       340,405  

Effect of exchange rate changes on cash, cash equivalents and restricted cash

      641       297       207       20  
  

 

 

    

 

 

    

 

 

    

 

 

  

Increase (decrease) in cash, cash equivalents and restricted cash

      17,831       (42,656 )      (240 )      106,457  
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash, cash equivalents and restricted cash at beginning of the period

      55,356       199,879       73,427       50,766  
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash, cash equivalents and restricted cash at end of the period

    $ 73,187     $ 157,223       73,187     $ 157,223  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

3

INNOVIZ TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

U.S. dollars in thousands

 

          Three Months Ended
June 30,		     Six Months Ended
June 30,		  
          2020     2021     2020     2021  
          (Unaudited)     (Unaudited)  

Supplementary disclosure of cash flows activities:

         

(1)

   

Cash received during the period for:

         
  

Interest

    $ (79 )    $ (6 )      (1 )    $ (6 ) 
     

 

 

    

 

 

    

 

 

    

 

 

  

(2)

   

Cash paid during the period for:

         
  

Interest

    $ 22     $ 21       45     $ 43  
     

 

 

    

 

 

    

 

 

    

 

 

  
  

Income taxes

    $ 19     $ 32       89     $ 69  
     

 

 

    

 

 

    

 

 

    

 

 

  

(3)

   

Non-cash transactions:

         
  

Non-marketable securities in consideration for property and equipment

    $ 33     $ —         54     $ —    
     

 

 

    

 

 

    

 

 

    

 

 

  
  

Conversion of preferred shares to ordinary shares

      —         272,815       —         272,815  
     

 

 

    

 

 

    

 

 

    

 

 

  
  

Issuance of shares from Receipts on Ordinary shares account

      —         170,500       —         —    
     

 

 

    

 

 

    

 

 

    

 

 

  
  

Issuance cost paid in Equity

      —         47,603       —         77,309  
     

 

 

    

 

 

    

 

 

    

 

 

  
  

Deferred revenue reclassification

        1,395         1,395  
     

 

 

    

 

 

    

 

 

    

 

 

  
  

Deferred issuance costs

    $ —       $ 26,206       —       $ —    
     

 

 

    

 

 

    

 

 

    

 

 

  

(4)

   

Cash, cash equivalents and restricted cash at end of the period

         
  

Cash and cash equivalents

    $ 72,429     $ 156,418       72,429     $ 156,418  
  

Short-term restricted deposits

      8       8       8       8  
  

Restricted deposits

      750       797       750       797  
     

 

 

    

 

 

    

 

 

    

 

 

  
      $ 73,187     $ 157,223       73,187     $ 157,223  
     

 

 

    

 

 

    

 

 

    

 

 

  

 

4