Innoviz Technologies Ltd. Registration statement for securities of certain foreign private issuers

Registration statement for securities of certain foreign private issuers

Restatement Of Previously Issued Financial Statements (Tables)

Restatement Of Previously Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of Restatement of Financial Statements

The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported cash or investments held in the trust account.


	As Previously Reported			Adjustments			As Restated
Balance sheet as of May 5, 2020 (audited)
Warrant Liability	$	—		$	15,521,438		$	15,521,438
Class A Common Stock Subject to Possible Redemption		140,786,390			(15,521,438	)		125,264,952
Class A Common Stock		118			155			273
Additional Paid-in Capital		5,000,764			2,365,738			7,366,502
Accumulated Deficit		(1,310	)		(2,365,893	)		(2,367,203	)
Stockholders’ Equity		5,000,003			—			5,000,003
Common Stock Subject to Possible Redemption		14,078,639			(1,552,144	)		12,526,495
Balance sheet as of June 30, 2020
Warrant Liability	$	—		$	8,609,063		$	8,609,063
Class A Common Stock Subject to Possible Redemption		140,523,230			(8,609,063	)		131,914,167
Class A Common Stock		121			86			207
Additional Paid-in Capital		5,263,977			(4,546,568	)		717,409
(Accumulated Deficit) Retained Earnings		(264,465	)		4,546,482			4,282,017
Stockholders’ Equity		5,000,008			—			5,000,008
Common Stock Subject to Possible Redemption		14,052,323			(860,906	)		13,191,417

Balance sheet as of September 30, 2020
Warrant Liability	$	—		$	7,363,688		$	7,363,688
Class A Common Stock Subject to Possible Redemption		140,191,390			(7,363,688	)		132,827,702
Class A Common Stock		124			74			198
Additional Paid-in Capital		5,595,814			(5,595,814	)		—
(Accumulated Deficit) Retained Earnings		(596,312	)		5,595,740			4,999,428
Stockholders’ Equity		5,000,001			—			5,000,001
Common Stock Subject to Possible Redemption		14,019,139			(736,369	)		13,282,770

Balance sheet as of December 31, 2020 (audited)
Warrant Liability	$	—		$	41,975,813		$	41,975,813
Class A Common Stock Subject to Possible Redemption		139,752,810			(41,975,810	)		97,777,000
Class A Common Stock		129			420			549
Additional Paid-in Capital		6,034,389			28,819,845			34,854,235
Accumulated Deficit		(1,034,883	)		(28,820,268	)		(29,855,151	)
Stockholders’ Equity		5,000,010			(3	)		5,000,007
Common Stock Subject to Possible Redemption		13,975,281			(4,197,581	)		9,777,700

Statement of Operations for the Six Months Ended June 30, 2020 (audited)
Change in fair value of warrant liability	$	—		$	6,912,375		$	6,912,375
Transaction costs associated with Initial Public Offering		—			(700,705	)		(700,705	)
Compensation expense related to warrant liabilities		—			(1,665,188	)		(1,665,188	)
Net (loss) income		(264,117	)		4,546,482			4,282,365
Weighted average shares outstanding, Common Stock		4,114,265			292,500			4,406,765
Basic and diluted net loss per share, Common Stock		(0.06	)		1.03			0.97

Statement of Operations for the Nine Months Ended September 30, 2020 (audited)
Change in fair value of warrant liability	$	—		$	8,157,750		$	8,157,750
Transaction costs associated with Initial Public Offering		—			(700,705	)		(700,705	)
Compensation expense related to warrant liabilities		—			(1,665,188	)		(1,665,188	)
Net (loss) income		(595,964	)		5,791,857			5,195,893
Weighted average shares outstanding, Common Stock		4,398,294			483,351			4,881,645
Basic and diluted net loss per share, Common Stock		(0.14	)		1.20			1.06
Statement of Operations for the Year Ended December 31, 2020 (audited)
Change in fair value of warrant liability	$	—		$	(26,454,375	)	$	(26,454,375	)
Transaction costs associated with Initial Public Offering		—			(700,705	)		(700,705	)
Compensation expense related to warrant liabilities		—			(1,665,188	)		(1,665,188	)
Net loss		(1,034,535	)		(28,820,268	)		(29,854,803	)
Weighted average shares outstanding, Class A Common Stock subject to possible redemption		14,045,743			(834,101	)		13,211,642
Basic and diluted net income per share, Class A Common Stock subject to possible redemption		0.00			—			0.00
Weighted average shares outstanding, Common Stock		4,547,874			546,951			5,094,825
Basic and diluted net loss per share, Common Stock		(0.23	)		(5.63	)		(5.86	)

Cash Flow Statement for the Six Months Ended June 30, 2020 (audited)
Net (loss) income	$	(264,117	)	$	4,546,482		$	4,282,365
Change in fair value of warrant liability		—			(6,912,375	)		(6,912,375	)
Transaction costs associated with Initial Public Offering		—			700,705			700,705
Compensation expense related to warrant liabilities		—			1,665,188			1,665,188
Initial classification of Class A Common Stock subject to possible redemption		140,786,390			(9,506,250	)		131,280,140
Change in value of Class A Common Stock subject to possible redemption		(263,160	)		897,187			634,027

Cash Flow Statement for the Nine Months Ended September 30, 2020 (audited)
Net (loss) income	$	(595,964	)	$	5,791,857		$	5,195,893
Change in fair value of warrant liability		—			(8,157,750	)		(8,157,750	)
Transaction costs associated with Initial Public Offering		—			700,705			700,705
Compensation expense related to warrant liabilities		—			1,665,188			1,665,188
Initial classification of Class A Common Stock subject to possible redemption		140,786,390			(9,506,250	)		131,280,140
Change in value of Class A Common Stock subject to possible redemption		(595,000	)		2,142,562			1,547,562

Cash Flow Statement for the Year Ended December 31, 2020 (audited)
Net loss	$	(1,034,535	)	$	(28,820,268	)	$	(29,854,803	)
Change in fair value of warrant liability		—			26,454,375			26,454,375
Transaction costs associated with Initial Public Offering		—			700,705			700,705
Compensation expense related to warrant liabilities		—			1,665,188			1,665,188
Initial classification of Class A Common Stock subject to possible redemption		140,786,390			(9,506,250	)		131,280,140
Change in value of Class A Common Stock subject to possible redemption		(1,033,580	)		(32,469,560	)		(33,503,140	)