AMCI |
(Exact name of registrant as specified in its charter) |
Delaware | 83-0982969 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, including zip code) |
(724) 672-4319 |
(Registrant’s telephone number, including area code) |
(Former name, former address and former fiscal year, if changed since last report) |
☐ | Large accelerated filer | ☒Accelerated filer | ||
☐Non-accelerated filer | ☒ | Smaller reporting company | ||
☒ | Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant | AMCIU | The NASDAQ Stock Market LLC | ||
Common Stock, par value | AMCI | The NASDAQ Stock Market LLC | ||
Warrants, each exercisable for one share of Class A Common Stock at $11.50 per share | AMCIW | The NASDAQ Stock Market LLC |
Page | ||
PART I – FINANCIAL INFORMATION | ||
Item 1. | Financial | |
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II – OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Item 1. Financial Statements. |
March 31, 2019 | December 31, 2018 | |||||||
Unaudited | Audited | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 735,578 | $ | 886,279 | ||||
Prepaid expenses and other current assets | 139,896 | 129,825 | ||||||
Total Currents Assets | 875,474 | 1,016,104 | ||||||
Cash and cash equivalents held in Trust Account | 222,320,436 | 221,060,045 | ||||||
Total Assets | $ | 223,195,910 | $ | 222,076,149 | ||||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 48,382 | $ | 55,364 | ||||
Accrued offering costs | 25,000 | 25,000 | ||||||
Franchise tax payable | 161,489 | 54,000 | ||||||
Income tax payable | 342,000 | 113,000 | ||||||
Total Current Liabilities | 576,871 | 247,364 | ||||||
Deferred underwriting fees | 7,718,227 | 7,718,227 | ||||||
Total Liabilities | 8,295,098 | 7,965,591 | ||||||
Commitments | ||||||||
Common stock subject to possible redemption, 20,864,892 and 20,869,316 shares at redemption value at March 31, 2019 and December 31, 2018, respectively | 209,900,810 | 209,110,550 | ||||||
Stockholders’ Equity | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding | - | - | ||||||
Class A Common stock, $0.0001 par value; 100,000,000 shares authorized; 1,187,185 and 1,182,761 issued and outstanding (excluding 20,864,892 and 20,869,316 shares subject to possible redemption at March 31, 2019 and December 31, 2018, respectively) | 119 | 118 | ||||||
Class B Common stock, $0.0001 par value; 10,000,000 shares authorized; 5,513,019 shares issued and outstanding at March 31, 2019 and December 31, 2018 | 551 | 551 | ||||||
Additional paid-in capital | 3,901,440 | 4,691,701 | ||||||
Retained earnings | 1,097,892 | 307,638 | ||||||
Total Stockholder’s Equity | 5,000,002 | 5,000,008 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 223,195,910 | $ | 222,076,149 |
June 30, 2020 | December 31, 2019 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 118,170 | $ | 520,422 | ||||
Prepaid income tax | 17,119 | - | ||||||
Prepaid expenses and other current assets | 54,097 | 57,109 | ||||||
Total Currents Assets | 189,386 | 577,531 | ||||||
Cash and cash equivalents held in Trust Account | 152,790,533 | 225,433,349 | ||||||
Total Assets | $ | 152,979,919 | $ | 226,010,880 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 79,025 | $ | 25,496 | ||||
Accrued expenses | 17,770 | 25,000 | ||||||
Franchise tax payable | 20,050 | 200,050 | ||||||
Income tax payable | 29,272 | 1,033,660 | ||||||
Promissory note | 746,259 | - | ||||||
Total Current Liabilities | 892,376 | 1,284,206 | ||||||
Deferred underwriting fees | 7,718,227 | 7,718,227 | ||||||
Total Liabilities | 8,610,603 | 9,002,433 | ||||||
Commitments | ||||||||
Common stock subject to possible redemption, 13,623,588 and 20,846,454 shares at redemption value at June 30, 2020 and December 31, 2019, respectively | 139,369,310 | 212,008,440 | ||||||
Stockholders’ Equity | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 authorized; NaN issued and outstanding | - | - | ||||||
Class A Common stock, $0.0001 par value; 100,000,000 shares authorized; 1,301,601 and 1,205,623 issued and outstanding (excluding 13,623,588 and 20,846,454 shares subject to possible redemption at June 30, 2020 and December 31, 2019, respectively) | 131 | 121 | ||||||
Class B Common stock, $0.0001 par value; 10,000,000 shares authorized; 5,513,019 shares issued and outstanding at June 30, 2020 and December 31, 2019 | 551 | 551 | ||||||
Additional paid-in capital | 1,872,487 | 1,818,808 | ||||||
Retained earnings | 3,126,837 | 3,180,527 | ||||||
Total Stockholders’ Equity | 5,000,006 | 5,000,007 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 152,979,919 | $ | 226,010,880 |
For the Three Months Ended June 30, 2020 | For the Six Months Ended June 30, 2020 | For the Three Months Ended June 30, 2019 | For the Six Months Ended June 30, 2019 | |||||||||||||||||
Operating expenses | ||||||||||||||||||||
General and administrative | $ | 133,847 | ||||||||||||||||||
Operating costs | $ | 393,205 | $ | 510,130 | $ | 103,370 | $ | 237,217 | ||||||||||||
Franchise tax expense | 107,290 | 50,000 | 108,794 | 50,250 | 157,540 | |||||||||||||||
Loss from operations | (241,137 | ) | (443,205 | ) | (618,924 | ) | (153,620 | ) | (394,757 | ) | ||||||||||
Other Income – dividends and interest | 1,260,391 | 97,645 | 793,375 | 1,270,690 | 2,531,081 | |||||||||||||||
Income before provision for income tax | 1,019,254 | |||||||||||||||||||
(Loss) income before provision for income tax | (345,560 | ) | 174,451 | 1,117,070 | 2,136,324 | |||||||||||||||
Provision for income tax | (229,000 | ) | 73,365 | 228,141 | 274,139 | 503,139 | ||||||||||||||
Net income | $ | 790,254 | ||||||||||||||||||
Net (loss) income | $ | (418,925 | ) | $ | (53,690 | ) | $ | 842,931 | $ | 1,633,185 | ||||||||||
Weighted average number of common shares outstanding, basic and diluted (1) | 6,695,829 | 6,724,713 | 6,719,169 | 6,700,195 | 6,695,800 | |||||||||||||||
Basic and diluted net loss per share (2) | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.03 | ) |
(1) | Excludes an aggregate of |
(2) | Excludes income of |
Shares of Class A Common Stock | Shares of Class B Common stock | Additional paid-in capital | Retained Earnings | Total Stockholders’ Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance at January 1, 2019 | 1,182,761 | $ | 118 | 5,513,019 | $ | 551 | $ | 4,691,701 | $ | 307,638 | $ | 5,000,008 | ||||||||||||||||
Change in common stock subject to possible redemption | 4,424 | 1 | - | - | (790,261 | ) | - | (790,260 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | 790,254 | 790,254 | |||||||||||||||||||||
Balance at March 31, 2019 (Unaudited) | 1,187,185 | $ | 119 | 5,513,019 | $ | 551 | $ | 3,901,440 | $ | 1,097,892 | $ | 5,000,002 |
Shares of Class A Common Stock | Shares of Class B Common stock | Additional paid-in | Retained | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | capital | Earnings | Equity | ||||||||||||||||||||||
Balance at January 1, 2020 | 1,205,623 | $ | 121 | 5,513,019 | $ | 551 | $ | 1,818,808 | $ | 3,180,527 | $ | 5,000,007 | ||||||||||||||||
Change in common stock subject to possible redemption | 5,072 | - | - | - | (365,240 | ) | - | (365,240 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | 365,235 | 365,235 | |||||||||||||||||||||
Balance at March 31, 2020 | 1,210,695 | $ | 121 | 5,513,019 | $ | 551 | $ | 1,453,568 | $ | 3,545,762 | $ | 5,000,002 | ||||||||||||||||
Change in common stock subject to possible redemption | 90,906 | 10 | - | - | 418,919 | - | 418,929 | |||||||||||||||||||||
Net loss | - | - | - | - | - | (418,925 | ) | (418,925 | ) | |||||||||||||||||||
Balance at June 30, 2020 | 1,301,601 | $ | 131 | 5,513,019 | $ | 551 | $ | 1,872,487 | $ | 3,126,837 | $ | 5,000,006 |
Shares of Class A Common Stock | Shares of Class B Common stock | Additional paid-in | Retained | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | capital | Earnings | Equity | ||||||||||||||||||||||
Balance at January 1, 2019 | 1,182,761 | $ | 118 | 5,513,019 | $ | 551 | $ | 4,691,701 | $ | 307,638 | $ | 5,000,008 | ||||||||||||||||
Change in common stock subject to possible redemption | 4,424 | 1 | - | - | (790,261 | ) | - | (790,260 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | 790,254 | 790,254 | |||||||||||||||||||||
Balance at March 31, 2019 | 1,187,185 | $ | 119 | 5,513,019 | $ | 551 | $ | 3,901,440 | $ | 1,097,892 | $ | 5,000,002 | ||||||||||||||||
Change in common stock subject to possible redemption | (825 | ) | - | - | - | (842,930 | ) | - | (842,930 | ) | ||||||||||||||||||
Net income | - | - | - | - | - | 842,931 | 842,931 | |||||||||||||||||||||
Balance at June 30, 2019 | 1,186,360 | $ | 119 | 5,513,019 | $ | 551 | $ | 3,058,510 | $ | 1,940,823 | $ | 5,000,003 |
Six Months Ended June 30, | ||||||||||||
2020 | 2019 | |||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net income | $ | 790,254 | ||||||||||
Net (loss) income | $ | (53,690 | ) | $ | 1,633,185 | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Other income – dividends and interest on Trust Account | (1,260,391 | ) | ||||||||||
Dividends and interest on Trust Account | (793,375 | ) | (2,531,081 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid income tax | (17,119 | ) | - | |||||||||
Prepaid expenses and other current assets | (10,071 | ) | 3,012 | 39,742 | ||||||||
Accounts payable | (6,982 | ) | 53,529 | (49,467 | ) | |||||||
Accrued expenses | (7,230 | ) | - | |||||||||
Franchise tax payable | 107,489 | (180,000 | ) | 46,050 | ||||||||
Income tax payable | 229,000 | (1,004,388 | ) | 360,000 | ||||||||
Net cash used in operating activities | (150,701 | ) | (1,999,261 | ) | (501,571 | ) | ||||||
Cash Flows from Investing Activities: | ||||||||||||
Investment of cash in Trust Account | (746,259 | ) | - | |||||||||
Trust Account withdrawal for redemption of common stock | 72,585,441 | - | ||||||||||
Trust Account withdrawals for the payment of franchise taxes | 1,597,009 | 254,579 | ||||||||||
Net cash provided by investing activities | 73,436,191 | 254,579 | ||||||||||
Cash Flows from Financing Activities: | ||||||||||||
Payment for redemption of common stock | (72,585,441 | ) | - | |||||||||
Proceeds from promissory note | 746,259 | - | ||||||||||
Net cash used by financing activities | (71,839,182 | ) | - | |||||||||
Net Change in Cash | (150,701 | ) | (402,252 | ) | (246,992 | ) | ||||||
Cash – Beginning | 886,279 | 520,422 | 886,279 | |||||||||
Cash – Ending | $ | 735,578 | $ | 118,170 | $ | 639,287 | ||||||
Supplemental Disclosure for Cash Flow activities: | ||||||||||||
Cash paid for income taxes | $ | 1,249,648 | $ | 143,149 | ||||||||
Non-Cash investing and financing activities: | ||||||||||||
Change in value of common stock subject to possible redemption | $ | 790,260 | $ | (53,689 | ) | $ | 1,633,190 |
For the Three Months Ended March 31, 2019 | For the Three Months Ended June 30, 2020 | For the Six Months Ended June 30, 2020 | For the Three Months Ended June 30, 2019 | For the Six Months Ended June 30, 2019 | ||||||||||||||||
Net income | 790,254 | |||||||||||||||||||
Net (loss) income | $ | (418,925 | ) | $ | (53,690 | ) | $ | 842,931 | $ | 1,633,185 | ||||||||||
Less: Income attributable to common stock subject to possible redemption | (874,163 | ) | - | (416,635 | ) | (949,978 | ) | (1,824,175 | ) | |||||||||||
Adjusted net loss | $ | (83,909 | ) | $ | (418,925 | ) | $ | (470,325 | ) | $ | (107,047 | ) | $ | (190,990 | ) | |||||
Weighted average shares outstanding, basic and diluted | 6,695,829 | 6,724,713 | 6,719,169 | 6,700,195 | 6,695,800 | |||||||||||||||
Basic and diluted net loss per common share | $ | (0.01 | ) | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.03 | ) |
– | in whole and not in part; |
– | at a price of $0.01 per warrant; |
– | upon not less than 30 |
– | if, and only if, the reported last sale price of the |
– | if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants. |
● | Level 1 : Observable inputs such as quoted prices in active markets; |
● | Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and |
● | Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Cash and cash equivalents held in Trust Account | $ | 152,790,533 | - | - |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Cash and cash equivalents held in Trust Account | $ | 222,320,436 | $ | 225,433,349 | - | - |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||
Cash and cash equivalents held in Trust Account | $ | 221,060,045 |
ITEM 2. |
● | may significantly dilute the equity interest of investors, which dilution would increase if the anti-dilution provisions in the Class B common stock resulted in the issuance of Class A shares on a greater than one-to-one basis upon conversion of the Class B common stock; |
● | may subordinate the rights of holders of our common stock if preferred stock is issued with rights senior to those afforded our common stock; |
● | could cause a change in control if a substantial number of shares of our common stock is issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; |
● | may have the effect of delaying or preventing a change of control of us by diluting the stock ownership or voting rights of a person seeking to obtain control of us; and |
may adversely affect prevailing market prices for our Class A common stock and/or warrants. |
● | default and foreclosure on our assets if our operating revenues after our initial business combination are insufficient to repay our debt obligations; |
● | acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
● | our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; |
● | our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding; |
● | our inability to pay dividends on our common stock; |
● | using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes; |
● | limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
● | increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; |
● | limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and |
● | other purposes and other disadvantages compared to our competitors who have less debt. |
ITEM 4. |
ITEM 2. |
ITEM 3. |
ITEM 5. |
No. | Description of Exhibit | |
Amendment to Amended and Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K as filed on May 21, 2020) | ||
Promissory Note, dated May 20, 2020 (incorporated herein by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K as filed on May 21, 2020) | ||
Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
101.INS | Inline XBRL Instance Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File |
AMCI ACQUISITION CORP. | ||
Date: | /s/ William Hunter | |
Name: | William Hunter | |
Title: | Chief Executive Officer, Chief Financial Officer | |
President and Director | ||
(Principal Executive Officer and Principal Financial and Accounting Officer) |