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| | | | | F-1 | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| Annex D Management Equity Incentive Plan | | | | | D-1 | | |
| Annex E Employee Stock Purchase Plan of QualTek HoldCo, LLC | | | | | E-1 | | |
| | | | | F-1 | | | |
| | | | | G-1 | | | |
| | | | | H-1 | | |
| Assuming No Redemptions | | | Assuming Maximum Redemptions | | ||||||
| (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | | (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | |
| 11,500,000 | | | 3.50% | | | 0 | | | 100% | |
| Assuming No Redemptions | | | Assuming Maximum Redemptions | | |||||||||||||||
| (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | | (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | |||||||||
| 11,500,000 | | | | | 3.50% | | | | | | 0 | | | | | | 100% | | |
| | | No Redemptions | | | % Ownership | | | Maximum Redemptions | | | % Ownership | | ||||||||||||
Current Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Shares issued in IPO | | | | | 11,500,000 | | | | | | 19.02% | | | | | | 11,500,000 | | | | | | 23.77% | | |
Redemptions in connection with the Business Combination | | | | | — | | | | | | — | | | | | | 11,500,000 | | | | | | 23.77% | | |
Shares held by Public Stockholders post-redemptions | | | | | 11,500,000 | | | | | | 19.02% | | | | | | — | | | | | | — | | |
Founder Shares issued to Initial Stockholders pre-IPO | | | | | 2,875,000 | | | | | | 4.76% | | | | | | 2,300,000 | | | | | | 4.75% | | |
Private Shares issued to Initial Stockholders at close of IPO | | | | | 408,000 | | | | | | 0.67% | | | | | | 408,000 | | | | | | 0.84% | | |
Shares issued in connection with the Business Combination and assumed exercise of warrants | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A Common Stock issued to current QualTek equityholders | | | | | 11,879,367 | | | | | | 19.65% | | | | | | 11,879,367 | | | | | | 24.55% | | |
Class B Common Stock issued to current QualTek equityholders | | | | | 18,655,866 | | | | | | 30.86% | | | | | | 18,655,866 | | | | | | 38.56% | | |
Pre-PIPE Shares | | | | | 5,550,000 | | | | | | 9.18% | | | | | | 5,550,000 | | | | | | 11.47% | | |
PIPE Shares | | | | | 6,610,000 | | | | | | 10.93% | | | | | | 6,610,000 | | | | | | 13.66% | | |
Shares underlying Public Warrants | | | | | 2,875,000 | | | | | | 4.76% | | | | | | 2,875,000 | | | | | | 5.94% | | |
Shares underlying Private Warrants | | | | | 102,000 | | | | | | 0.17% | | | | | | 102,000 | | | | | | 0.21% | | |
Total | | | | | 60,455,233 | | | | | | 100% | | | | | | 48,380,233 | | | | | | 100% | | |
| Assuming No Redemptions | | | Assuming Maximum Redemptions | | |||||||||||||||
| (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | | (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | |||||||||
| 11,500,000 | | | | | 3.50% | | | | | | 0 | | | | | | 100% | | |
| | | Per Share Value | | |||
Trust Account fair value as of September 30,2021 | | | | | 115,007,452 | | |
Total Public Shares | | | | | 11,500,000 | | |
Trust Account value per Public Share | | | | $ | 10.00 | | |
| | | No Redemptions | | | 50% Redemptions | | | Maximum Redemptions | | |||||||||
Total Held in Trust | | | | $ | 115,007,452 | | | | | $ | 115,007,452 | | | | | $ | 115,007,452 | | |
Redemptions | | | | $ | — | | | | | $ | 57,503,726 | | | | | $ | 115,007,452 | | |
Cash left in Trust Account Post Redemptions | | | | $ | 115,007,452 | | | | | $ | 57,503,726 | | | | | $ | — | | |
Proceeds from Pre-PIPE Investment | | | | $ | 44,400,000 | | | | | $ | 44,400,000 | | | | | $ | 44,400,000 | | |
Proceeds from PIPE Investment | | | | $ | 66,100,000 | | | | | $ | 66,100,000 | | | | | $ | 66,100,000 | | |
Expenses from Pre-PIPE Investment and PIPE Investment | | | | $ | 5,150,000 | | | | | $ | 5,150,000 | | | | | $ | 5,150,000 | | |
Net Poceeds from Pre-PIPE and PIPE Investments | | | | $ | 105,350,000 | | | | | $ | 105,350,000 | | | | | $ | 105,350,000 | | |
Cash left in Trust Account post redemptions plus Net Pre-PIPE and PIPE Investment proceeds | | | | $ | 220,357,452 | | | | | $ | 162,853,726 | | | | | $ | 105,350,000 | | |
Public Shares | | | | | 11,500,000 | | | | | | 11,500,000 | | | | | | 11,500,000 | | |
Redemptions | | | | | — | | | | | | 5,750,000 | | | | | | 11,500,000 | | |
Public Shares Post Redemptions | | | | | 11,500,000 | | | | | | 5,750,000 | | | | | | — | | |
Pre-PIPE and PIPE Shares | | | | | 12,160,000 | | | | | | 12,160,000 | | | | | | 12,160,000 | | |
Public Shares post redemptions plus Pre-PIPE and PIPE Shares | | | | | 23,660,000 | | | | | | 17,910,000 | | | | | | 12,160,000 | | |
Per share value(1) | | | | $ | 9.31 | | | | | $ | 9.09 | | | | | $ | 8.66 | | |
| | | Value of Non-Redeemed Shares | | |||||||||||||||
Per share value | | | | $ | 9.31 | | | | | $ | 9.09 | | | | | $ | 8.66 | | |
Value of one-quarter of one redeemable warrant held by Public Stockholders(2) | | | | $ | 1.33 | | | | | $ | 1.33 | | | | | $ | 1.33 | | |
Total value of non-redeemed share | | | | $ | 10.64 | | | | | $ | 10.42 | | | | | $ | 9.99 | | |
| | | Value of Redeemed Shares | | |||||||||||||||
Per share value | | | | $ | 10.00 | | | | | $ | 10.00 | | | | | $ | 10.00 | | |
Value of one-quarter of one redeemable warrant held by Public Stockholders(2) | | | | $ | 1.33 | | | | | $ | 1.33 | | | | | $ | 1.33 | | |
Total value of redeemed share | | | | $ | 11.33 | | | | | $ | 11.33 | | | | | $ | 11.33 | | |
| | | No Redemptions | | | % Ownership | | | 50% Redemptions | | | % Ownership | | | Maximum Redemptions | | | % Ownership | | ||||||||||||||||||
Current Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Shares issued in IPO | | | | | 11,500,000 | | | | | | 19.02% | | | | | | 11,500,000 | | | | | | 23.77% | | | | | | 11,500,000 | | | | | | 23.77% | | |
Redemptions in connection with the Business Combination | | | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 10.55% | | | | | | 11,500,000 | | | | | | 23.77% | | |
Shares held by Public Stockholders post-redemptions | | | | | 11,500,000 | | | | | | 19.02% | | | | | | 5,750,000 | | | | | | 11.89% | | | | | | 0 | | | | | | 0.00% | | |
Founder Shares issued to Initial Stockholders pre-IPO | | | | | 2,875,000 | | | | | | 4.76% | | | | | | 2,667,361 | | | | | | 5.51% | | | | | | 2,300,000 | | | | | | 4.75% | | |
Private Shares issued to Initial Stockholders at close of IPO | | | | | 408,000 | | | | | | 0.67% | | | | | | 408,000 | | | | | | 0.84% | | | | | | 408,000 | | | | | | 0.84% | | |
Shares issued in connection with the Business Combination and assumed exercise of warrants | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A Common Stock issued to current QualTek equityholders | | | | | 11,879,367 | | | | | | 19.65% | | | | | | 11,879,367 | | | | | | 24.55% | | | | | | 11,879,367 | | | | | | 24.55% | | |
Class B Common Stock issued to current QualTek equityholders | | | | | 18,655,866 | | | | | | 30.86% | | | | | | 18,655,866 | | | | | | 38.56% | | | | | | 18,655,866 | | | | | | 38.56% | | |
Pre-PIPE Shares | | | | | 5,550,000 | | | | | | 9.18% | | | | | | 5,550,000 | | | | | | 11.47% | | | | | | 5,550,000 | | | | | | 11.47% | | |
PIPE Shares | | | | | 6,610,000 | | | | | | 10.93% | | | | | | 6,610,000 | | | | | | 13.66% | | | | | | 6,610,000 | | | | | | 13.66% | | |
Shares Underlying Public Warrants | | | | | 2,875,000 | | | | | | 4.76% | | | | | | 2,875,000 | | | | | | 5.94% | | | | | | 2,875,000 | | | | | | 5.94% | | |
Shares Underlying Private Warrants | | | | | 102,000 | | | | | | 0.17% | | | | | | 102,000 | | | | | | 0.21% | | | | | | 102,000 | | | | | | 0.21% | | |
Total | | | | | 60,455,233 | | | | | | 100.00% | | | | | | 54,497,594 | | | | | | 100.00% | | | | | | 48,380,233 | | | | | | 100.00% | | |
| Assuming No Redemptions | | | Assuming Maximum Redemptions | | |||||||||||||||
| (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | | (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | |||||||||
| 11,500,000 | | | | | 3.50% | | | | | | 0 | | | | | | 100% | | |
| | | Assuming No Redemptions | | | | | Assuming Maximum Redemptions | | | | | |||||||||||||
| | | (Shares) | | | % | | | (Shares) | | | % | | ||||||||||||
Existing QualTek | | | | | | | | ||||||||||||||||||
| | | | ||||||||||||||||||||||
ROCR Public Shares | | | | | | | | | | | | | | ||||||||||||
Founder Shares | | | | | | | | | | | | | | ||||||||||||
| | | | | | | | | | | | | |||||||||||||
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PIPE | | | | | | | | | | | | | | ||||||||||||
| | | | | | | | | | | | |
| | As of July 3, 2021 | | As of June 30, 2021 | | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | | | As of July 3, 2021 | | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | | | | | | As of July 3, 2021 | | | As of October 2, 2021 | | As of September 30, 2021 | | | | | | | | | | | | As of October 2, 2021 | | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | | | | | | As of October 2, 2021 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | QualTek Historical | | QualTek Adjustments | | | | | | | QualTek As Adjusted | | ROCR Historical | | | | | | | Pro Forma Combined (Assuming No Redemption) | | | | | | | Pro Forma Combined (Assuming Maximum Redemption) | | | QualTek Historical | | QualTek Adjustments | | | | | | | QualTek As Adjusted | | ROCR Historical | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | | Pro Forma Combined (Assuming No Redemption) | | | | | | | Pro Forma Combined (Assuming Maximum Redemption) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Cash | | | $ | 37,797 | | | | $ | — | | | | | | | | | $ | 37,797 | | | | $ | 685 | | | | $ | 115,006 | | | | | B | | | | $ | 203,815 | | | | | (115,000) | | | | | J | | | | $ | 88,815 | | | | | $ | 5,405 | | | | $ | — | | | | | | | | | $ | 5,405 | | | | $ | 94 | | | | $ | 115,007 | | | | | B | | | | $ | 171,587 | | | | | (115,000) | | | | | J | | | | $ | 56,587 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 66,100 | | | | | C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 66,100 | | | | | C | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1) | | | | | E | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1) | | | | | E | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (15,772) | | | | | F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (15,018) | | | | | F | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Accounts receivable, net of allowance | | | | 162,103 | | | | | — | | | | | | | | | | 162,103 | | | | | — | | | | | — | | | | | | | | | | 162,103 | | | | | — | | | | | | | | | | 162,103 | | | | | | 249,264 | | | | | — | | | | | | | | | | 249,264 | | | | | — | | | | | — | | | | | | | | | | 249,264 | | | | | — | | | | | | | | | | 249,264 | | | ||||||||||||||||||||||
Inventories, net | | | | 5,442 | | | | | — | | | | | | | | | | 5,442 | | | | | — | | | | | — | | | | | | | | | | 5,442 | | | | | — | | | | | | | | | | 5,442 | | | | | | 5,633 | | | | | — | | | | | | | | | | 5,633 | | | | | — | | | | | — | | | | | | | | | | 5,633 | | | | | — | | | | | | | | | | 5,633 | | | ||||||||||||||||||||||
Prepaid expenses | | | | 6,873 | | | | | — | | | | | | | | | | 6,873 | | | | | 298 | | | | | — | | | | | | | | | | 7,171 | | | | | — | | | | | | | | | | 7,171 | | | | | | 7,446 | | | | | — | | | | | | | | | | 7,446 | | | | | 287 | | | | | — | | | | | | | | | | 7,733 | | | | | — | | | | | | | | | | 7,733 | | | ||||||||||||||||||||||
Other current assets | | | | 1,404 | | | | | — | | | | | | | | | | 1,404 | | | | | — | | | | | — | | | | | | | | | | 1,404 | | | | | — | | | | | | | | | | 1,404 | | | | | | 1,952 | | | | | — | | | | | | | | | | 1,952 | | | | | — | | | | | — | | | | | | | | | | 1,952 | | | | | — | | | | | | | | | | 1,952 | | | ||||||||||||||||||||||
Current assets of discontinued operations | | | | 8,157 | | | | | — | | | | | | | | | | 8,157 | | | | | — | | | | | — | | | | | | | | | | 8,157 | | | | | — | | | | | | | | | | 8,157 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | | | | 213,619 | | | | | — | | | | | | | | | | 213,619 | | | | | 983 | | | | | 165,333 | | | | | | | | | | 379,935 | | | | | (115,000) | | | | | | | | | | 264,935 | | | | | | 277,857 | | | | | — | | | | | | | | | | 277,857 | | | | | 381 | | | | | 166,088 | | | | | | | | | | 444,326 | | | | | (115,000) | | | | | | | | | | 329,326 | | | ||||||||||||||||||||||
Property and equipment, net | | | | 42,477 | | | | | — | | | | | | | | | | 42,477 | | | | | — | | | | | — | | | | | | | | | | 42,477 | | | | | — | | | | | | | | | | 42,477 | | | | | | 42,187 | | | | | — | | | | | | | | | | 42,187 | | | | | — | | | | | — | | | | | | | | | | 42,187 | | | | | — | | | | | | | | | | 42,187 | | | ||||||||||||||||||||||
Intangible assets, net | | | | 349,962 | | | | | — | | | | | | | | | | 349,962 | | | | | — | | | | | — | | | | | | | | | | 349,962 | | | | | — | | | | | | | | | | 349,962 | | | | | | 364,722 | | | | | — | | | | | | | | | | 364,722 | | | | | — | | | | | — | | | | | | | | | | 364,722 | | | | | — | | | | | | | | | | 364,722 | | | ||||||||||||||||||||||
Goodwill | | | | 66,604 | | | | | — | | | | | | | | | | 66,604 | | | | | — | | | | | — | | | | | | | | | | 66,604 | | | | | — | | | | | | | | | | 66,604 | | | | | | 81,775 | | | | | — | | | | | | | | | | 81,775 | | | | | — | | | | | — | | | | | | | | | | 81,775 | | | | | — | | | | | | | | | | 81,775 | | | ||||||||||||||||||||||
Other long-term assets | | | | 1,852 | | | | | — | | | | | | | | | | 1,852 | | | | | — | | | | | — | | | | | | | | | | 1,852 | | | | | — | | | | | | | | | | 1,852 | | | | | | 1,676 | | | | | — | | | | | | | | | | 1,676 | | | | | — | | | | | — | | | | | | | | | | 1,676 | | | | | — | | | | | | | | | | 1,676 | | | ||||||||||||||||||||||
Marketable securities held in Trust Account . . | | | | — | | | | | — | | | | | | | | | | — | | | | | 115,006 | | | | | (115,006) | | | | | B | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | K | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities held in Trust Account | | | | — | | | | | — | | | | | | | | | | — | | | | | 115,007 | | | | | (115,007) | | | | | B | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset (liability) | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | K | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets of discontinued operations | | | | 1,348 | | | | | — | | | | | | | | | | 1,348 | | | | | — | | | | | — | | | | | | | | | | 1,348 | | | | | — | | | | | | | | | | 1,348 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | | | $ | 674,514 | | | | $ | — | | | | | | | | | $ | 674,514 | | | | $ | 115,989 | | | | $ | 50,327 | | | | | | | | | $ | 840,830 | | | | $ | (115,000) | | | | | | | | | $ | 725,830 | | | | | | 769,565 | | | | | — | | | | | | | | | | 769,565 | | | | | 115,388 | | | | | 51,081 | | | | | | | | | | 936,034 | | | | | (115,000) | | | | | | | | | | 821,034 | | | ||||||||||||||||||||||
Liabilities and Equity (Deficit) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Current portion of long-term debt and capital lease obligations | | | $ | 100,529 | | | | $ | (30,568) | | | | | A | | | | $ | 37,148 | | | | $ | — | | | | $ | — | | | | | | | | | $ | 37,148 | | | | $ | — | | | | | | | | | $ | 37,148 | | | | | $ | 119,545 | | | | $ | (30,568) | | | | | A | | | | $ | 52,075 | | | | $ | — | | | | $ | — | | | | | | | | | $ | 52,075 | | | | $ | — | | | | | | | | | $ | 52,075 | | | ||||||||||||||||||||||
| | | | | | | | | (32,813) | | | | | D | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (36,902) | | | | | D | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Current portion of contingent consideration | | | | 4,455 | | | | | — | | | | | | | | | | 4,455 | | | | | — | | | | | — | | | | | | | | | | 4,455 | | | | | — | | | | | | | | | | 4,455 | | | | | | 4,292 | | | | | — | | | | | | | | | | 4,292 | | | | | — | | | | | — | | | | | | | | | | 4,292 | | | | | — | | | | | | | | | | 4,292 | | | ||||||||||||||||||||||
Accounts payable | | | | 57,941 | | | | | — | | | | | | | | | | 57,941 | | | | | — | | | | | — | | | | | | | | | | 57,941 | | | | | — | | | | | | | | | | 57,941 | | | | | | 74,217 | | | | | — | | | | | | | | | | 74,217 | | | | | — | | | | | — | | | | | | | | | | 74,217 | | | | | — | | | | | | | | | | 74,217 | | | ||||||||||||||||||||||
Accrued expenses | | | | 48,219 | | | | | — | | | | | | | | | | 48,219 | | | | | — | | | | | — | | | | | | | | | | 48,219 | | | | | — | | | | | | | | | | 48,219 | | | | | | 60,713 | | | | | — | | | | | | | | | | 60,713 | | | | | — | | | | | — | | | | | | | | | | 60,713 | | | | | — | | | | | | | | | | 60,713 | | | ||||||||||||||||||||||
Accounts payable and accrued expenses | | | | — | | | | | — | | | | | | | | | | — | | | | | 87 | | | | | — | | | | | | | | | | 87 | | | | | — | | | | | | | | | | 87 | | | | | | — | | | | | — | | | | | | | | | | — | | | | | 393 | | | | | — | | | | | | | | | | 393 | | | | | — | | | | | | | | | | 393 | | | ||||||||||||||||||||||
Accrued offering costs | | | | — | | | | | — | | | | | | | | | | — | | | | | 1 | | | | | (1) | | | | | E | | | | | — | | | | | — | | | | | | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | 1 | | | | | (1) | | | | | E | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
Convertible promissory note | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract liabilities | | | | 12,419 | | | | | — | | | | | | | | | | 12,419 | | | | | — | | | | | — | | | | | | | | | | 12,419 | | | | | — | | | | | | | | | | 12,419 | | | | | | 14,950 | | | | | — | | | | | | | | | | 14,950 | | | | | — | | | | | — | | | | | | | | | | 14,950 | | | | | — | | | | | | | | | | 14,950 | | | ||||||||||||||||||||||
Current liabilities of discontinued operations | | | | 3,941 | | | | | — | | | | | | | | | | 3,941 | | | | | — | | | | | — | | | | | | | | | | 3,941 | | | | | — | | | | | | | | | | 3,941 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | | | | 223,563 | | | | | (63,381) | | | | | | | | | | 160,182 | | | | | 88 | | | | | (1) | | | | | | | | | | 160,269 | | | | | — | | | | | | | | | | 160,269 | | | | | | 277,658 | | | | | (67,470) | | | | | | | | | | 210,188 | | | | | 394 | | | | | (1) | | | | | | | | | | 210,581 | | | | | — | | | | | | | | | | 210,581 | | | ||||||||||||||||||||||
Capital lease obligations, net of current portion | | | | 17,269 | | | | | — | | | | | | | | | | 17,269 | | | | | — | | | | | — | | | | | | | | | | 17,269 | | | | | — | | | | | | | | | | 17,269 | | | | | | 16,471 | | | | | — | | | | | | | | | | 16,471 | | | | | — | | | | | — | | | | | | | | | | 16,471 | | | | | — | | | | | | | | | | 16,471 | | | ||||||||||||||||||||||
Long-term debt, net of current portion and deferred financing fees | | | | 429,033 | | | | | — | | | | | | | | | | 429,033 | | | | | | | | | | — | | | | | | | | | | 429,033 | | | | | — | | | | | | | | | | 429,033 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration, net of current portion | | | | 24,137 | | | | | — | | | | | | | | | | 24,137 | | | | | | | | | | — | | | | | | | | | | 24,137 | | | | | — | | | | | | | | | | 24,137 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions payable | | | | 11,409 | | | | | — | | | | | | | | | | 11,409 | | | | | — | | | | | — | | | | | | | | | | 11,409 | | | | | — | | | | | | | | | | 11,409 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant liability | | | | — | | | | | — | | | | | | | | | | — | | | | | 217 | | | | | — | | | | | | | | | | 217 | | | | | — | | | | | | | | | | 217 | | |
| | As of July 3, 2021 | | As of June 30, 2021 | | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | | | As of July 3, 2021 | | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | | | | | | As of July 3, 2021 | | | As of October 2, 2021 | | As of September 30, 2021 | | | | | | | | | | | | As of October 2, 2021 | | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | | | | | | As of October 2, 2021 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | QualTek Historical | | QualTek Adjustments | | | | | | | QualTek As Adjusted | | ROCR Historical | | | | | | | Pro Forma Combined (Assuming No Redemption) | | | | | | | Pro Forma Combined (Assuming Maximum Redemption) | | | QualTek Historical | | QualTek Adjustments | | | | | | | QualTek As Adjusted | | ROCR Historical | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | | Pro Forma Combined (Assuming No Redemption) | | | | | | | Pro Forma Combined (Assuming Maximum Redemption) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net of current portion and deferred financing fees | | | | 419,349 | | | | | — | | | | | | | | | | 419,349 | | | | | | | | | | — | | | | | | | | | | 419,349 | | | | | — | | | | | | | | | | 419,349 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration, net of current portion | | | | 12,314 | | | | | — | | | | | | | | | | 12,314 | | | | | | | | | | — | | | | | | | | | | 12,314 | | | | | — | | | | | | | | | | 12,314 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions payable | | | | 11,409 | | | | | — | | | | | | | | | | 11,409 | | | | | — | | | | | — | | | | | | | | | | 11,409 | | | | | — | | | | | | | | | | 11,409 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant liability | | | | — | | | | | — | | | | | | | | | | — | | | | | 315 | | | | | — | | | | | | | | | | 315 | | | | | — | | | | | | | | | | 315 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payable to related parties pursuant to tax receivable agreement | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | L | | | | | — | | | | | — | | | | | | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | L | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
Non-current liabilities of discontinued operations | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | | | | 683,904 | | | | | (63,381) | | | | | | | | | | 620,523 | | | | | 403 | | | | | (1) | | | | | | | | | | 620,925 | | | | | — | | | | | | | | | | 620,925 | | | | | | 758,708 | | | | | (67,470) | | | | | | | | | | 691,238 | | | | | 612 | | | | | (1) | | | | | | | | | | 691,849 | | | | | — | | | | | | | | | | 691,849 | | | ||||||||||||||||||||||
Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock subject to possible redemption | | | | — | | | | | — | | | | | | | | | | — | | | | | 110,586 | | | | | (110,586) | | | | | G | | | | | — | | | | | — | | | | | | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | 115,000 | | | | | (115,000) | | | | | G | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Preferred units | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
Class A units | | | | 242,595 | | | | | 30,568 | | | | | A | | | | | 273,163 | | | | | — | | | | | (242,595) | | | | | H | | | | | 30,568 | | | | | — | | | | | | | | | | 30,568 | | | | | | 248,595 | | | | | 30,568 | | | | | A | | | | | 279,163 | | | | | — | | | | | (279,163) | | | | | H | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
| | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income | | | | 705 | | | | | — | | | | | | | | | | 705 | | | | | — | | | | | — | | | | | | | | | | 705 | | | | | — | | | | | | | | | | 705 | | | | | | 471 | | | | | — | | | | | | | | | | 471 | | | | | — | | | | | — | | | | | | | | | | 471 | | | | | — | | | | | | | | | | 471 | | | ||||||||||||||||||||||
Class A Common stock | | | | — | | | | | 1 | | | | | D | | | | | 1 | | | | | 0 | | | | | 1 | | | | | C | | | | | 6 | | | | | (1) | | | | | J | | | | | 5 | | | | | | — | | | | | 1 | | | | | D | | | | | 1 | | | | | 0 | | | | | 1 | | | | | C | | | | | 3 | | | | | (1) | | | | | J | | | | | 2 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1 | | | | | G | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1 | | | | | G | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3 | | | | | H | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | H | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Additional paid-in- capital | | | | — | | | | | 44,399 | | | | | D | | | | | 32,812 | | | | | 5,615 | | | | | 66,099 | | | | | C | | | | | 449,754 | | | | | (114,999) | | | | | J | | | | | 334,755 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | | N | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Stock | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | H | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | | N | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in-capital | | | | — | | | | | 36,901 | | | | | D | | | | | 36,901 | | | | | 1,201 | | | | | 66,099 | | | | | C | | | | | 541,703 | | | | | (114,999) | | | | | J | | | | | 426,704 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (7,334) | | | | | F | | | | | | | | | | — | | | | | M | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 114,999 | | | | | G | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | (11,587) | | | | | D | | | | | | | | | | | | | | | (7,334) | | | | | F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 279,163 | | | | | H | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 110,585 | | | | | G | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,425) | | | | | I | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 242,592 | | | | | H | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | K | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (615) | | | | | I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 52,099 | | | | | N | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | K | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | M | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Accumulated deficit | | | | (252,690) | | | | | — | | | | | | | | | | (252,690) | | | | | (615) | | | | | (8,438) | | | | | F | | | | | (261,128) | | | | | — | | | | | | | | | | (261,128) | | | | | | (238,209) | | | | | | | | | | | | | | | (238,209) | | | | | (1,425) | | | | | (7,684) | | | | | F | | | | | (297,992) | | | | | — | | | | | | | | | | (297,992) | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 615 | | | | | I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,425 | | | | | I | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (52,099) | | | | | N | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | M | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | M | | | | | — | | | | | — | | | | | M | | | | | — | | | ||||||||||||||||||||||
Total equity (deficit) | | | | (9,390) | | | | | 63,381 | | | | | | | | | | 53,991 | | | | | 115,586 | | | | | 50,328 | | | | | | | | | | 219,905 | | | | | (115,000) | | | | | | | | | | 104,905 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity (deficit) | | | $ | 674,514 | | | | $ | — | | | | | | | | | $ | 674,514 | | | | $ | 115,989 | | | | $ | 50,327 | | | | | | | | | $ | 840,830 | | | | $ | (115,000) | | | | | | | | | $ | 725,830 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | | | | 10,857 | | | | | 67,470 | | | | | | | | | | 78,327 | | | | | 114,776 | | | | | 51,082 | | | | | | | | | | 244,185 | | | | | (115,000) | | | | | | | | | | 129,185 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | | | $ | 769,565 | | | | $ | — | | | | | | | | | $ | 769,565 | | | | $ | 115,388 | | | | $ | 51,081 | | | | | | | | | $ | 936,034 | | | | $ | (115,000) | | | | | | | | | $ | 821,034 | | | |
| | For the Six Months Ended July 3, 2021 | | For the Six Months Ended June 30, 2021 | | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | | | For the Six Months Ended July 3, 2021 | | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | | | For the Six Months Ended July 3, 2021 | | | For the Nine Months Ended October 2, 2021 | | For the Nine Months Ended September 30, 2021 | | | | | | | | | | | | For the Nine Months Ended October 2, 2021 | | | | | | | | | | | | For the Nine Months Ended October 2, 2021 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | QualTek Historical | | QualTek Adjustments | | | | | | | QualTek As Adjusted | | ROCR Historical | | | | | | | Pro Forma Combined (Assuming No Redemption) | | | | Pro Forma Combined (Assuming Maximum Redemption) | | | QualTek Historical | | QualTek Adjustments | | | | | | | QualTek As Adjusted | | ROCR Historical | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | | Pro Forma Combined (Assuming No Redemption) | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | | | | | Pro Forma Combined (Assuming Maximum Redemption) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | | | $ | 255,118 | | | | $ | — | | | | | | | | | $ | 255,118 | | | | $ | | | | $ | | | | | | | | | $ | 255,118 | | | | $ | — | | | | | | $ | 255,118 | | | | | $ | 465,184 | | | | $ | — | | | | | | | | | $ | 465,184 | | | | $ | — | | | | $ | — | | | | | | | | | $ | 465,184 | | | | $ | — | | | | | | | | | $ | 465,184 | | | ||||||||||||||||||||||||
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Cost of revenues | | | | 222,668 | | | | | — | | | | | | | | | | 222,668 | | | | | — | | | | | — | | | | | | | | | | 222,668 | | | | | — | | | | | | | 222,668 | | | | | | 372,496 | | | | | — | | | | | | | | | | 372,496 | | | | | — | | | | | — | | | | | | | | | | 372,496 | | | | | — | | | | | | | | | | 372,496 | | | ||||||||||||||||||||||
General and administrative | | | | 24,065 | | | | | — | | | | | | | | | | 24,065 | | | | | — | | | | | 395 | | | | | EE | | | | | 24,460 | | | | | | | | | | | | 24,460 | | | | | | 37,962 | | | | | — | | | | | | | | | | 37,962 | | | | | — | | | | | 1,304 | | | | | EE | | | | | 39,266 | | | | | — | | | | | | | | | | 39,266 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction expenses | | | | 1,452 | | | | | — | | | | | | | | | | 1,452 | | | | | — | | | | $ | (805) | | | | | BB | | | | $ | 647 | | | | | — | | | | | | $ | 647 | | | | | | 2,875 | | | | | — | | | | | | | | | | 2,875 | | | | | — | | | | | (1,559) | | | | | BB | | | | | 1,316 | | | | | — | | | | | | | | | | 1,316 | | | ||||||||||||||||||||||
Change in fair value of contingent consideration | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | — | | | | | | (4,544) | | | | | — | | | | | | | | | | (4,544) | | | | | — | | | | | — | | | | | | | | | | (4,544) | | | | | — | | | | | | | | | | (4,544) | | | ||||||||||||||||||||||
Impairment of long-lived assets | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
Impairment of goodwill | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
Depreciation and amortization . | | | | 26,622 | | | | | — | | | | | | | | | | 26,622 | | | | | — | | | | | — | | | | | | | | | | 26,622 | | | | | — | | | | | | | 26,622 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | | | | 39,136 | | | | | — | | | | | | | | | | 39,136 | | | | | — | | | | | — | | | | | | | | | | 39,136 | | | | | — | | | | | | | | | | 39,136 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating and formation costs | | | | — | | | | | — | | | | | | | | | | — | | | | | 395 | | | | | (395) | | | | | EE | | | | | — | | | | | — | | | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | 1,304 | | | | | (1,304) | | | | | EE | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
Total costs and expenses | | | | 274,807 | | | | | — | | | | | | | | | | 274,807 | | | | | 395 | | | | $ | (805) | | | | | | | | | $ | 274,397 | | | | | — | | | | | | $ | 274,397 | | | | | | 447,925 | | | | | — | | | | | | | | | | 447,925 | | | | | 1,304 | | | | | (1,559) | | | | | | | | | | 447,670 | | | | | — | | | | | | | | | | 447,670 | | | ||||||||||||||||||||||
Loss from operations | | | | (19,689) | | | | | — | | | | | | | | | | (19,689) | | | | | (395) | | | | $ | 805 | | | | | | | | | $ | (19,279) | | | | | — | | | | | | $ | (19,279) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from operations | | | | 17,259 | | | | | — | | | | | | | | | | 17,259 | | | | | (1,304) | | | | | 1,559 | | | | | | | | | | 17,514 | | | | | — | | | | | | | | | | 17,514 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Gain on sale/disposal of property and equipment | | | | 304 | | | | | — | | | | | | | | | | 304 | | | | | — | | | | | — | | | | | | | | | | 304 | | | | | — | | | | | | | 304 | | | | | | 514 | | | | | — | | | | | | | | | | 514 | | | | | — | | | | | — | | | | | | | | | | 514 | | | | | — | | | | | | | | | | 514 | | | ||||||||||||||||||||||
Interest expense | | | | (21,215) | | | | | 978 | | | | | AA | | | | | (20,237) | | | | | — | | | | | — | | | | | | | | | | (20,237) | | | | | — | | | | | | | (20,237) | | | | | | (35,778) | | | | | 6,740 | | | | | AA | | | | | (29,038) | | | | | — | | | | | — | | | | | | | | | | (29,038) | | | | | — | | | | | | | | | | (29,038) | | | ||||||||||||||||||||||
Loss on Extinguishment of convertible notes | | | | (2,436) | | | | | — | | | | | | | �� | | | | (2,436) | | | | | — | | | | | — | | | | | | | | | | (2,436) | | | | | — | | | | | | | (2,436) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of convertible notes | | | | (2,436) | | | | | — | | | | | | | | | | (2,436) | | | | | — | | | | | — | | | | | | | | | | (2,436) | | | | | — | | | | | | | | | | (2,436) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of warrants | | | | — | | | | | — | | | | | | | | | | — | | | | | (223) | | | | | — | | | | | | | | | | (223) | | | | | — | | | | | | | (223) | | | | | | | | | | | — | | | | | | | | | | | | | | | (125) | | | | | — | | | | | | | | | | (125) | | | | | — | | | | | | | | | | (125) | | | ||||||||||||||||||||||
Interest earned on marketable securities held in Trust Account | | | | — | | | | | — | | | | | | | | | | — | | | | | 6 | | | | | (6) | | | | | CC | | | | | — | | | | | — | | | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | 7 | | | | | (7) | | | | | CC | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
Total other income (expense) | | | | (23,347) | | | | | 978 | | | | | | | | | | (22,369) | | | | | (217) | | | | | (6) | | | | | | | | | | (22,592) | | | | | — | | | | | | | (22,592). | | | | | | (37,700) | | | | | 6,740 | | | | | | | | | | (30,960) | | | | | (118) | | | | | (7) | | | | | | | | | | (31,085) | | | | | — | | | | | | | | | | (31,085) | | | ||||||||||||||||||||||
Income tax provision | | | | — | | | | | — | | | | | | | | | | | | | | | | | | | | — | | | | | DD | | | | | | | | | | | | | | | | | | | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | DD | | | | | — | | | | | — | | | | | | | | | | — | | | ||||||||||||||||||||||
Loss from continuing operations | | | | (20,441) | | | | | 6,740 | | | | | | | | | | (13,701) | | | | | (1,422) | | | | | 1,552 | | | | | | | | | | (13,571) | | | | | — | | | | | | | | | | (13,571) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | | | | (8,114) | | | | | — | | | | | | | | | | (8,114) | | | | | — | | | | | — | | | | | | | | | | (8,114) | | | | | — | | | | | | | | | | (8,114) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | | | | (28,555) | | | | | 6,740 | | | | | | | | | | (21,815) | | | | | (1,422) | | | | | 1,552 | | | | | | | | | | (21,685) | | | | | — | | | | | | | | | | (21,685) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | | | | 75 | | | | | — | | | | | | | | | | 75 | | | | | — | | | | | — | | | | | | | | | | 75 | | | | | — | | | | | | | | | | 75 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | | | $ | (28,480) | | | | $ | 6,740 | | | | | | | | | $ | (21,740) | | | | $ | (1,422) | | | | $ | 1,552 | | | | | | | | | $ | (21,610) | | | | $ | — | | | | | | | | | $ | (21,610) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | FF | | | | | — | | | | | — | | | | | FF | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to controlling interest | | | $ | | | | | | | | | | | | | | $ | | | | | | | | | $ | 1,552 | | | | | | | | | $ | (21,610) | | | | $ | — | | | | | | | | | $ | (21,610) | | |
| | | For the Six Months Ended July 3, 2021 | | | For the Six Months Ended June 30, 2021 | | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | | | | For the Six Months Ended July 3, 2021 | | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | | | | | | | For the Six Months Ended July 3, 2021 | | |||||||||||||||||||||||||||||||||
| | | QualTek Historical | | | QualTek Adjustments | | | | | | QualTek As Adjusted | | | ROCR Historical | | | | | | | | | Pro Forma Combined (Assuming No Redemption) | | | | | | | | | Pro Forma Combined (Assuming Maximum Redemption) | | ||||||||||||||||||||||||||||||
Net loss | | | | | (43,036) | | | | | | 978 | | | | | | | | | (42,058) | | | | | | (612) | | | | | $ | 799 | | | | | | | | | | | $ | (41,871) | | | | | | — | | | | | | | | | | | $ | (41,871) | | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | | | 309 | | | | | | — | | | | | | | | | 309 | | | | | | — | | | | | | — | | | | | | | | | | | | 309 | | | | | | — | | | | | | | | | | | | 309 | | |
Comprehensive loss | | | | $ | (42,727) | | | | | $ | 978 | | | | | | | | $ | (41,749) | | | | | $ | (612) | | | | | $ | 799 | | | | | | | | | | | $ | (41,562) | | | | | $ | — | | | | | | | | | | | $ | (41,562) | | |
Net loss attributable to noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | FF | | | | | | — | | | | | | — | | | | | | FF | | | | | | — | | |
Net income (loss) attributable to controlling interest | | | | $ | (42,727) | | | | | | | | | | | | | | $ | (41,749) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (41,562) | | |
Earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings Per unit: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings per unit | | | | $ | (20.78) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average common units outstanding | | | | | 2,149,441 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, common stock subject to redemption | | | | | — | | | | | | | | | | | | | | | | | | | | | 11,117,625 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net income per share, common stock subject to redemption | | | | | — | | | | | | | | | | | | | | | | | | | | $ | 0.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | | | | | — | | | | | | | | | | | | | | | | | | | | | 3,253,309 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share, Non-redeemable common stock | | | | | — | | | | | | | | | | | | | | | | | | | | $ | (0.19) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Nine Months Ended October 2, 2021 | | | For the Nine Months Ended September 30, 2021 | | | | | | | | | For the Nine Months Ended October 2, 2021 | | | | | | | | | For the Nine Months Ended October 2, 2021 | | |||||||||||||||||||||
| | | QualTek Historical | | | QualTek Adjustments | | | | | | QualTek As Adjusted | | | ROCR Historical | | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | Pro Forma Combined (Assuming No Redemption) | | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | | | | Pro Forma Combined (Assuming Maximum Redemption) | | ||||||||||||
Earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per unit from continuing operations | | | | $ | (10.21) | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Basic and diluted net loss per unit from discontinued operations | | | | | (3.75) | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Basic and diluted net loss per unit | | | | $ | (13.96) | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Basic and diluted weighted average common units outstanding | | | | | 2,161,951 | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Basic and diluted net loss per share, redeemable common stock | | | | | | | | | | | | | | | | | | | $ | (0.12) | | | | | | | | | ||||||||||||||||||
Basic and diluted weighted average shares outstanding, redeemable common stock | | | | | | | | | | | | | | | | | | | | 8,804,029 | | | | | | | | | ||||||||||||||||||
Basic and diluted net loss per share, non-redeemable common stock | | | | | | | | | | | | | | | | | | | $ | (0.12) | | | | | | | | | ||||||||||||||||||
Basic and diluted weighted average shares outstanding, non-redeemable common stock | | | | | | | | | | | | | | | | | | | | 3,099,440 | | | | | | | | | ||||||||||||||||||
Basic and diluted net loss per share from continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Basic and diluted weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
| | For the Year Ended December 31, 2020 | | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | | | For the Year Ended December 31, 2020 | | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | For the Year Ended December 31, 2020 | | | For the Year Ended December 31, 2020 | | | Transaction Accounting adjustments (Assuming No Redemption) | | | | | | | | For the Year Ended December 31, 2020 | | | Transaction Accounting adjustments (Assuming Maximum Redemption) | | | For the Year Ended December 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | QualTek Historical | | QualTek Adjustments | | | | | | | QualTek As Adjusted | | ROCR Historical | | | | | | | Pro Forma Combined (Assuming No Redemption) | | Pro Forma Combined (Assuming Maximum Redemption) | | | QualTek Historical | | QualTek Adjustments | | | | | | | QualTek As Adjusted | | ROCR Historical | | | | | | | Pro Forma Combined (Assuming No Redemption) | | Pro Forma Combined (Assuming Maximum Redemption) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | | | $ | 674,005 | | | | $ | — | | | | | | | | | $ | 674,005 | | | | $ | — | | | | $ | — | | | | | | | | | $ | 674,005 | | | | $ | — | | | | $ | 674,005 | | | | | $ | 656,524 | | | | $ | — | | | | | | | | | $ | 656,524 | | | | $ | — | | | | $ | — | | | | | | | | | $ | 656,524 | | | | $ | — | | | | $ | 656,524 | | | ||||||||||||||||||||
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Cost of revenues | | | | 615,914 | | | | | — | | | | | | | | | | 615,914 | | | | | — | | | | | — | | | | | | | | | | 615,914 | | | | | — | | | | | 615,914 | | | | | | 597,583 | | | | | — | | | | | | | | | | 597,583 | | | | | — | | | | | — | | | | | | | | | | 597,583 | | | | | — | | | | | 597,583 | | | ||||||||||||||||||||
General and administrative | | | | 47,853 | | | | | — | | | | | | | | | | 47,853 | | | | | — | | | | | 1 | | | | | EE | | | | | 47,854 | | | | | — | | | | | 47,854 | | | | | | 47,049 | | | | | — | | | | | | | | | | 47,049 | | | | | — | | | | | 1 | | | | | EE | | | | | 47,050 | | | | | — | | | | | 47,050 | | | ||||||||||||||||||||
Transaction expenses | | | | 988 | | | | | — | | | | | | | | | | 988 | | | | | — | | | | | 9,243 | | | | | BB | | | | | 10,231 | | | | | — | | | | | 10,231 | | | | | | 988 | | | | | — | | | | | | | | | | 988 | | | | | — | | | | | 9,243 | | | | | BB | | | | | 10,231 | | | | | — | | | | | 10,231 | | | ||||||||||||||||||||
Change in fair value of contingent consideration | | | | (7,081) | | | | | — | | | | | | | | | | (7,081) | | | | | — | | | | | — | | | | | | | | | | (7,081) | | | | | — | | | | | (7,081) | | | | | | (7,081) | | | | | — | | | | | | | | | | (7,081) | | | | | — | | | | | — | | | | | | | | | | (7,081) | | | | | — | | | | | (7,081) | | | ||||||||||||||||||||
Impairment of long-lived assets | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Impairment of goodwill | | | | 28,802 | | | | | — | | | | | | | | | | 28,802 | | | | | — | | | | | — | | | | | | | | | | 28,802 | | | | | — | | | | | 28,802 | | | | | | 28,802 | | | | | — | | | | | | | | | | 28,802 | | | | | — | | | | | — | | | | | | | | | | 28,802 | | | | | — | | | | | 28,802 | | | ||||||||||||||||||||
Depreciation and amortization | | | | 48,497 | | | | | — | | | | | | | | | | 48,497 | | | | | — | | | | | — | | | | | | | | | | 48,497 | | | | | — | | | | | 48,497 | | | | | | 46,475 | | | | | — | | | | | | | | | | 46,475 | | | | | — | | | | | — | | | | | | | | | | 46,475 | | | | | — | | | | | 46,475 | | | ||||||||||||||||||||
Operating and formation costs | | | | — | | | | | — | | | | | | | | | | — | | | | | 1 | | | | | (1) | | | | | EE | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | 1 | | | | | (1) | | | | | EE | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Total costs and expenses | | | | 734,973 | | | | | — | | | | | | | | | | 734,973 | | | | | 1 | | | | | 9,243 | | | | | | | | | | 744,217 | | | | | — | | | | | 744,217 | | | | | | 713,816 | | | | | — | | | | | | | | | | 713,816 | | | | | 1 | | | | | 9,243 | | | | | | | | | | 723,060 | | | | | — | | | | | 723,060 | | | ||||||||||||||||||||
Loss from operations | | | | (60,968) | | | | | — | | | | | | | | | | (60,968) | | | | | (1) | | | | | (9,243) | | | | | | | | | | (70,212) | | | | | — | | | | | (70,212) | | | | | | (57,292) | | | | | — | | | | | | | | | | (57,292) | | | | | (1) | | | | | (9,243) | | | | | | | | | | (66,536) | | | | | — | | | | | (66,536) | | | ||||||||||||||||||||
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Gain on sale/disposal of property and equipment | | | | 729 | | | | | — | | | | | | | | | | 729 | | | | | — | | | | | — | | | | | | | | | | 729 | | | | | — | | | | | 729 | | | | | | 729 | | | | | — | | | | | | | | | | 729 | | | | | — | | | | | — | | | | | | | | | | 729 | | | | | — | | | | | 729 | | | ||||||||||||||||||||
Interest expense | | | | (37,848) | | | | | — | | | | | | | | | | (37,848) | | | | | — | | | | | — | | | | | | | | | | (37,848) | | | | | — | | | | | (37,848) | | | | | | (37,659) | | | | | — | | | | | | | | | | (37,659) | | | | | — | | | | | — | | | | | | | | | | (37,659) | | | | | — | | | | | (37,659) | | | ||||||||||||||||||||
Loss on extinguishment of debt | | | | — | | | | | (4,054) | | | | | GG | | | | | (4,054) | | | | | — | | | | | — | | | | | | | | | | (4,054) | | | | | — | | | | | (4,054) | | | | | | | | | | | (7,498) | | | | | GG | | | | | (7,498) | | | | | — | | | | | — | | | | | | | | | | (7,498) | | | | | — | | | | | (7,498) | | | ||||||||||||||||||||
Change in fair value of warrants | | | | | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Interest earned on marketable securities held in Trust Account | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Total other income (expense) | | | | (37,119) | | | | | (4,054) | | | | | | | | | | (41,173) | | | | | — | | | | | — | | | | | | | | | | (41,173) | | | | | — | | | | | (41,173) | | | | | | (36,930) | | | | | (7,498) | | | | | | | | | | (44,428) | | | | | — | | | | | — | | | | | | | | | | (44,428) | | | | | — | | | | | (44,428) | | | ||||||||||||||||||||
Income tax provision | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | DD | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | — | | | | | DD | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||
Loss from continuing operations | | | | (94,222) | | | | | (7,498) | | | | | | | | | | (101,720) | | | | | (1) | | | | | (9,243) | | | | | | | | | | (110,964) | | | | | — | | | | | (110,964) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | | | | (3,865) | | | | | — | | | | | | | | | | (3,865) | | | | | | | | | | — | | | | | | | | | | (3,865) | | | | | | | | | | (3,865) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | | | | (98,087) | | | | | (4,054) | | | | | | | | | | (102,141) | | | | | (1) | | | | | (9,243) | | | | | | | | | | (111,385) | | | | | — | | | | | (111,385) | | | | | | (98,087) | | | | | (7,498) | | | | | | | | | | (105,585) | | | | | (1) | | | | | (9,243) | | | | | | | | | | (114,829) | | | | | — | | | | | (114,829) | | | ||||||||||||||||||||
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Foreign currency translation adjustment . | | | | 239 | | | | | — | | | | | | | | | | 239 | | | | | — | | | | | — | | | | | | | | | | 239 | | | | | — | | | | | 239 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | | | | 239 | | | | | — | | | | | | | | | | 239 | | | | | — | | | | | — | | | | | | | | | | 239 | | | | | — | | | | | 239 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | | | $ | (97,848) | | | | $ | (4,054) | | | | | | | | | $ | (101,902) | | | | $ | (1) | | | | $ | (9,243) | | | | | | | | | $ | (111.146) | | | | $ | — | | | | $ | (111,146) | | | | | $ | (97,848) | | | | $ | (7,498) | | | | | | | | | $ | (105,346) | | | | $ | (1) | | | | $ | (9,243) | | | | | | | | | $ | (114,590) | | | | $ | — | | | | $ | (114,590) | | | ||||||||||||||||||||
Net loss attributable to noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | FF | | | | | — | | | | | FF | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | FF | | | | | — | | | | | FF | | | | | — | | | ||||||||||||||||||||
Net income (loss) attributable to controlling interest | | | $ | (97,848) | | | | $ | — | | | | | | | | | $ | (101,902) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (111,146) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to controlling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (9,243) | | | | | | | | | $ | (114,590) | | | | $ | — | | | | $ | (114,590) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Basic and diluted earnings per unit | | | | (50.54) | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted net loss per unit from continuing operations | | | $ | (48.61) | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted net loss per unit from discontinued operations | | | | (1.93) | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted net loss per unit | | | $ | (50.54) | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted weighted average common units outstanding | | | | 2,005,824 | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,005,824 | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding basic and diluted | | | | — | | | | | — | | | | | | | | | | — | | | | | 2,500,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted net loss per common share | | | | — | | | | | — | | | | | | | | | | — | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.00) | | | | ||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | 2,500,000 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted net loss per share from continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | — | | |
| | | As of October 2, 2021 | | ||||||||||||
(in thousands) | | | Pro Forma Combined (Assuming No Redemption) | | | Pro Forma Combined (Assuming Maximum Redemption) | | | Adjustment Tickmark | | ||||||
Total equity (deficit) | | | | $ | | | | | $ | | | | | | ||
Adjustments to equity excluded from the calculation of noncontrolling interest: | | | | | | | | | | | | | | | | |
| | | | $ | | | | | $ | | | | | | ||
Adjusted total equity (deficit) | | | | $ | | | | | $ | | | | | | ||
Retained interest of QualTek equityholders | | | | | % | | | | | | % | | | | | |
Noncontrolling interest | | | | $ | | | | | $ | | | | | |
| | | For the | | |||||||||
(in thousands) | | | Pro Forma Combined | | | | |||||||
| | | $ | | | | | $ | | | |||
Retained interest of QualTek equityholders | | | | | | | | | | | | | |
Total income/(loss) related to noncontrolling interest | | | | $ | | | | | $ | | | |
| | | For the year ended December 31, 2021 | | |||||||||
(in thousands) | | | Pro Forma Combined (Assuming | | | Pro Forma Combined (Assuming Maximum Redemption) | | ||||||
Pre-tax income/(loss) | | | | $ | | | | | $ | | | ||
Retained interest of QualTek equityholders | | | | | | | | | | | | | |
| | | |||||||||||
| | | | ||||||||||
| | |
| | | For the | | | For the year ended December 31, 2020 | | ||||||||||||||||||
(in thousands except share and per share data) | | | Pro Forma Combined (Assuming No | | | Pro Forma Combined (Assuming Maximum | | | Pro Forma Combined (Assuming No | | | Pro Forma Combined (Assuming Maximum | | ||||||||||||
Pro forma net loss | |||||||||||||||||||||||||
| | | | | | | | | | | | | |||||||||||||
| | | | | | | | | | | |||||||||||||||
Pro forma net loss from continuing operations attributable to common shareholders – basic and diluted | | | | | | | | | | | | | |||||||||||||
Basic and diluted weighted average common shares outstanding | | | | | | | | | | | | | | ||||||||||||
Basic and diluted pro forma net loss per share from continuing operations attributable to the controlling interest | | | | | | | | | | | | | | ||||||||||||
Weighted average common shares calculation | | | | | | | | | | | | | | ||||||||||||
Existing QualTek equityholders | | | | | | | | | | | | | | ||||||||||||
ROCR Public Shareholders | | | | | | | | | | | | | | ||||||||||||
Founder Shares issued to Initial Stockholders pre-IPO | | | | | | | | | | | | | | ||||||||||||
Private Shares issued to Initial Stockholders at close of IPO | | | | | | | | | | | | | | ||||||||||||
Pre-PIPE Investors | | | | | | | | | | | | | | ||||||||||||
PIPE Investors | | | | | | | | | | | | | | ||||||||||||
Basic and diluted weighted average common shares outstanding | | | | | | | | | | | | | |
| Class B Common Stock | | | | | 18,655,866 | | |
| Private Warrants | | | | | 102,000 | | |
| Public Warrants | | | | | 2,875,000 | | |
| | | | | | | | | | | | | | Combined Pro Forma | | |||||||||||
| | | QualTek (Historical) | | | ROCR (Historical) | | |||||||||||||||||||
| Assuming No Redemption | | | Assuming Maximum Redemption | | |||||||||||||||||||||
(in thousands except unit and per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of and for the | | | | | | | | | | | | | | | | | | | | | | | | | | |
Book value per share(1) | | | | | | | | $ | | | | | | $ | | | | | $ | | | |||||
Weighted average share outstanding of common stock – basic and diluted | | | | | | | | | | | | | | | | | | | | |||||||
Net loss per share of common stock – basic and diluted | | | | | | | | $ | | | | | | $ | | | | | $ | | | |||||
As of and for the year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Book value per share(1) | | | | | | | | $ | | | | | | | N/A | | | | | | N/A | | | |||
Weighted average share outstanding of basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net loss per share of common stock – basic and diluted | | | | | | | | $ | | | | | | $ | | | | | $ | | | |
(in millions, except percentages and leverage) | | | FY2019A | | | FY2020A(1) | | | FY2021E | | | FY2022E | | | FY2023E | | |||||||||||||||
Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecommunications | | | | $ | 590 | | | | | $ | 605 | | | | | $ | 650 | | | | | $ | 791 | | | | | $ | 932 | | |
% Growth | | | | | | | | | | | 3% | | | | | | 7% | | | | | | 22% | | | | | | 18% | | |
% Total revenues | | | | | 95% | | | | | | 90% | | | | | | 80% | | | | | | 81% | | | | | | 82% | | |
Renewables & Recovery Logistics | | | | $ | 31 | | | | | $ | 69 | | | | | $ | 167 | | | | | $ | 184 | | | | | $ | 202 | | |
% Growth | | | | | | | | | | | 123% | | | | | | 143% | | | | | | 10% | | | | | | 10% | | |
% Total revenues | | | | | 5% | | | | | | 10% | | | | | | 20% | | | | | | 19% | | | | | | 18% | | |
Total revenues | | | | $ | 621 | | | | | $ | 674 | | | | | $ | 818 | | | | | $ | 975 | | | | | $ | 1,135 | | |
% Growth | | | | | | | | | | | 9% | | | | | | 21% | | | | | | 19% | | | | | | 16% | | |
EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecommunications | | | | $ | 38 | | | | | $ | 48 | | | | | $ | 67 | | | | | $ | 81 | | | | | $ | 97 | | |
% Growth | | | | | | | | | | | 28% | | | | | | 39% | | | | | | 21% | | | | | | 19% | | |
% Margin | | | | | 6% | | | | | | 8% | | | | | | 10% | | | | | | 10% | | | | | | 10% | | |
Renewables & Recovery Logistics | | | | $ | 11 | | | | | $ | 29 | | | | | $ | 59 | | | | | $ | 65 | | | | | $ | 71 | | |
% Growth | | | | | | | | | | | 153% | | | | | | 104% | | | | | | 10% | | | | | | 10% | | |
% Margin | | | | | 37% | | | | | | 42% | | | | | | 35% | | | | | | 35% | | | | | | 35% | | |
Corporate SG&A | | | | | (16) | | | | | | (16) | | | | | | (21) | | | | | | (26) | | | | | | (32) | | |
Total EBITDA | | | | $ | 33 | | | | | $ | 61 | | | | | $ | 106 | | | | | $ | 120 | | | | | $ | 136 | | |
(in millions, except percentages and leverage) | | FY2019A | | FY2020A(1) | | FY2021E | | FY2022E | | FY2023E | | | FY2019A | | FY2020A(1) | | FY2021E | | FY2022E | | FY2023E | | ||||||||||||||||||||||||||||||||||||||||
Income Statement Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Telecommunications | | | $ | 590 | | | | $ | 605 | | | | $ | 650 | | | | $ | 791 | | | | $ | 932 | | | ||||||||||||||||||||||||||||||||||||
% Growth | | | | | | | | | 3% | | | | | 7% | | | | | 22% | | | | | 18% | | | ||||||||||||||||||||||||||||||||||||
% Total revenues | | | | 95% | | | | | 90% | | | | | 80% | | | | | 81% | | | | | 82% | | | ||||||||||||||||||||||||||||||||||||
Renewables & Recovery Logistics | | | $ | 31 | | | | $ | 69 | | | | $ | 167 | | | | $ | 184 | | | | $ | 202 | | | ||||||||||||||||||||||||||||||||||||
% Growth | | | | | | | | | 123% | | | | | 143% | | | | | 10% | | | | | 10% | | | ||||||||||||||||||||||||||||||||||||
% Total revenues | | | | 5% | | | | | 10% | | | | | 20% | | | | | 19% | | | | | 18% | | | ||||||||||||||||||||||||||||||||||||
Total revenues | | | $ | 621 | | | | $ | 674 | | | | $ | 818 | | | | $ | 975 | | | | $ | 1,135 | | | ||||||||||||||||||||||||||||||||||||
% Growth | | | | | | | | | 9% | | | | | 21% | | | | | 19% | | | | | 16% | | | ||||||||||||||||||||||||||||||||||||
EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Telecommunications | | | $ | 38 | | | | $ | 48 | | | | $ | 67 | | | | $ | 81 | | | | $ | 97 | | | ||||||||||||||||||||||||||||||||||||
% Growth | | | | | | | | | 28% | | | | | 39% | | | | | 21% | | | | | 19% | | | ||||||||||||||||||||||||||||||||||||
% Margin | | | | 6% | | | | | 8% | | | | | 10% | | | | | 10% | | | | | 10% | | | ||||||||||||||||||||||||||||||||||||
Renewables & Recovery Logistics | | | $ | 11 | | | | $ | 29 | | | | $ | 59 | | | | $ | 65 | | | | $ | 71 | | | ||||||||||||||||||||||||||||||||||||
% Growth | | | | | | | | | 153% | | | | | 104% | | | | | 10% | | | | | 10% | | | ||||||||||||||||||||||||||||||||||||
% Margin | | | | 37% | | | | | 42% | | | | | 35% | | | | | 35% | | | | | 35% | | | ||||||||||||||||||||||||||||||||||||
Corporate SG&A | | | | (16) | | | | | (16) | | | | | (21) | | | | | (26) | | | | | (32) | | | ||||||||||||||||||||||||||||||||||||
Total EBITDA | | | $ | 33 | | | | $ | 61 | | | | $ | 106 | | | | $ | 120 | | | | $ | 136 | | | ||||||||||||||||||||||||||||||||||||
% Growth | | | | | | | | | 84% | | | | | 72% | | | | | 14% | | | | | 13% | | | | | | | | | | | 84% | | | | | 72% | | | | | 14% | | | | | 13% | | | ||||||||||
% Margin | | | | 5% | | | | | 9% | | | | | 13% | | | | | 12% | | | | | 12% | | | | | | 5% | | | | | 9% | | | | | 13% | | | | | 12% | | | | | 12% | | | ||||||||||
Balance Sheet and Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Reported EBITDA | | | $ | 33 | | | | $ | 11 | | | | $ | 106 | | | | $ | 120 | | | | $ | 136 | | | | | $ | 33 | | | | $ | 11 | | | | $ | 106 | | | | $ | 120 | | | | $ | 136 | | | ||||||||||
Cash Capex | | | | (8) | | | | | (10) | | | | | (14) | | | | | (18) | | | | | (23) | | | | | | (8) | | | | | (10) | | | | | (14) | | | | | (18) | | | | | (23) | | | ||||||||||
Cash Interest Expense | | | | (30) | | | | | (35) | | | | | (25) | | | | | (11) | | | | | (9) | | | | | | (30) | | | | | (35) | | | | | (25) | | | | | (11) | | | | | (9) | | | ||||||||||
Cash Taxes(2) | | | | (1) | | | | | (1) | | | | | (14) | | | | | (19) | | | | | (22) | | | | | | (1) | | | | | (1) | | | | | (14) | | | | | (19) | | | | | (22) | | | ||||||||||
Change in Net Working Capital | | | | (1) | | | | | 41 | | | | | 1 | | | | | (31) | | | | | (32) | | | | | | (1) | | | | | 41 | | | | | 1 | | | | | (31) | | | | | (32) | | | ||||||||||
Earnouts(3) | | | | (13) | | | | | (6) | | | | | — | | | | | (10) | | | | | (5) | | | | | | (13) | | | | | (6) | | | | | — | | | | | (10) | | | | | (5) | | | ||||||||||
Levered Free Cash Flow | | | $ | (20) | | | | $ | (0) | | | | $ | 54 | | | | $ | 31 | | | | $ | 45 | | | | | $ | (20) | | | | $ | (0) | | | | $ | 54 | | | | $ | 31 | | | | $ | 45 | | | ||||||||||
% Margin | | | | * | | | | | * | | | | | 51% | | | | | 26% | | | | | 33% | | | | | | * | | | | | * | | | | | 51% | | | | | 26% | | | | | 33% | | | ||||||||||
Memo: Unlevered free cash flow | | | $ | 11 | | | | $ | 35 | | | | $ | 79 | | | | $ | 42 | | | | $ | 54 | | | | | $ | 11 | | | | $ | 35 | | | | $ | 79 | | | | $ | 42 | | | | $ | 54 | | | ||||||||||
% Margin | | | | 32% | | | | | * | | | | | 75% | | | | | 35% | | | | | 40% | | | | | | 32% | | | | | * | | | | | 75% | | | | | 35% | | | | | 40% | | | ||||||||||
Cash as of Period End | | | $ | 0.3 | | | | $ | 0.1 | | | | $ | 38 | | | | $ | 34 | | | | $ | 33 | | | | | $ | 0.3 | | | | $ | 0.1 | | | | $ | 38 | | | | $ | 34 | | | | $ | 33 | | | ||||||||||
Debt as of Period End | | | $ | 431 | | | | $ | 463 | | | | $ | 240 | | | | $ | 207 | | | | $ | 160 | | | | | $ | 431 | | | | $ | 463 | | | | $ | 240 | | | | $ | 207 | | | | $ | 160 | | | ||||||||||
Net Debt | | | $ | 431 | | | | $ | 463 | | | | $ | 202 | | | | $ | 173 | | | | $ | 126 | | | | | $ | 431 | | | | $ | 463 | | | | $ | 202 | | | | $ | 173 | | | | $ | 126 | | | ||||||||||
Net Leverage(4) | | | | 5.0x | | | | | 5.7x | | | | | 1.9x | | | | | 1.4x | | | | | 0.9x | | | | | | 5.0x | | | | | 5.7x | | | | | 1.9x | | | | | 1.4x | | | | | 0.9x | | |
| Assuming No Redemptions | | | Assuming Maximum Redemptions | | |||||||||||||||
| (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | | (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | |||||||||
| 11,500,000 | | | | | 3.50% | | | | | | 0 | | | | | | 100% | | |
| Assuming No Redemptions | | | Assuming Maximum Redemptions | | |||||||||||||||
| (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | | (Shares) | | | Fee as a % of IPO Proceeds (net of Redemptions) | | |||||||||
| 11,500,000 | | | | | 3.50% | | | | | | 0 | | | | | | 100% | | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
Name | | | “Roth CH Acquisition III Co.” | | | “QualTek Services Inc.” | | | The change in name will reflect the identity of ROCR’s business following the consummation of the Business Combination. | |
Provisions Specific to Special Purpose Acquisition Companies | | | The Current Charter sets forth various provisions related to its operations as a special purpose acquisition company prior to the consummation of an initial business combination. | | | The Proposed Certificate of Incorporation does not include these special purpose acquisition company provisions because, upon consummation of the Business Combination, ROCR will not be a special purpose acquisition | | | The provisions of the ROCR charter that relate to the operation of ROCR as a special purpose acquisition company prior to the consummation of the Business Combination would not be applicable to ROCR following the Business Combination | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
| | | | | | company. In addition, the provisions requiring that the proceeds from ROCR’s initial public offering be held in a trust account until a business combination or liquidation of the ROCR and the terms governing the ROCR’s consummation of a proposed business combination will not be applicable to ROCR following consummation of the Business Combination. | | | (such as the obligation to dissolve and liquidate if a business combination is not consummated in a certain period of time). | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
Common stock | | | ROCR has 50,000,000 authorized shares of common stock. | | | ROCR will have [•] authorized [•] shares of Class A common stock, par value $0.0001 per share; and (c) [•] shares of Class B common stock, par value $0.0001 per share | | | The Board believes that the greater number of authorized shares of capital stock is desirable for ROCR to have sufficient shares to issue to holders of [•] and to [•] in order to complete the Business Combination and have additional authorized shares for financing its business, for acquiring other businesses, for forming strategic partnerships and alliances and for stock dividends and stock splits. | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
Preferred stock | | | ROCR has no authorized shares of preferred stock. | | | ROCR will have [•] authorized shares of preferred stock, par value $0.0001 per share, which may be issued by the ROCR Board of Directors by resolution. | | | The Board believes that the flexibility afforded by authorization of a class of “blank check” preferred stock to public companies includes the ability to quickly access the capital markets when investors seek | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
| | | | | | | | | dividend-paying instruments such as straight or convertible preferred stock, and may in addition be used in connection with an undesirable takeover transaction, as more fully described below. | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
Stockholder Ability to Call Special Meetings | | | ROCR’s Current Charter contains no limitations on the ability to call special meetings of stockholders. | | | ROCR’s Proposed Certificate of Incorporation will provide that special meetings of stockholders may be called at any time only by the Chairman of the Board, or a majority of the directors. | | | The Board believes that eliminating the ability of ROCR’s stockholders to call a special meeting is a prudent corporate governance measure to reduce the possibility that a block of ROCR stockholders could take corporate actions that the Board deems undesirable, including for purposes of seeking to implement an opportunistic change in control of ROCR without the support of the then incumbent Board. | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
Classified Board | | | The directors of the Board are elected each year and serve a one-year term. | | | The Proposed Certificate of Incorporation states that the Board will consist of three classes of directors, with only one class of directors being elected in each year and each class serving a three-year term. | | | The amendments to the classified Board are desirable for ROCR to enhance the likelihood of continuity and stability in the composition of the Board, avoid costly takeover battles, reduce ROCR’s vulnerability to a hostile change of control and enhance the ability of the Board to maximize shareholder value in connection with any unsolicited offer to acquire ROCR. | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
Removal of Directors | | | ROCR’s Current Charter provides that any or all of the directors may be removed from office at any time, but only for cause and only by the affirmative vote of holders of 60% of the then outstanding shares of capital stock of ROCR entitled to vote generally in the election of directors, voting together as a single class. | | | Under the Proposed Certificate of Incorporation, ROCR’s directors may be removed only for cause and only upon the affirmative vote of the holders of a majority of the voting power of all the then outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class. | | | The Board believes that permitting stockholders to remove directors only for cause is a prudent corporate governance measure to reduce the possibility that a relatively small number of stockholders could seek to implement a sudden and opportunistic change in control of the Board without the support of the then incumbent Board. These changes will enhance the likelihood of continuity and stability in the composition of the Board, avoid costly takeover battles, reduce ROCR’s vulnerability to a hostile change of control and enhance the ability of the Board to maximize shareholder value in connection with any unsolicited offer to acquire ROCR. | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
Absolve Certain Stockholders from Certain Competition and Corporate Opportunities Obligations | | | | | | Under the Proposed Certificate of Incorporation, none of the Sellers (as defined in the Investor Rights Agreement), the Sponsors (as defined in the Investor Rights Agreement), members of the Board who are not employees of the ROCR (“Non-Employee Directors”) or any of their Affiliates or Affiliated Entities (each as defined in the Proposed Certificate of Incorporation) (collectively, the “Identified Persons”) shall have any duty to refrain from directly or indirectly (1) engaging in or possessing interests in other business ventures of every type and description, including those engaged in the same or similar business activities or lines of business in which ROCR or any of its subsidiaries now engages or proposes to engage or (2) competing with ROCR or any of its subsidiaries, on its own account, or in partnership with, or as an employee, officer, director or shareholder of any other person, and, provide that no Identified Person shall be liable to ROCR or its stockholders or to any affiliate of ROCR for breach of any fiduciary duty solely by reason of the fact that such Identified Person engages in any such activities, and to provide that ROCR renounces any such business opportunity which may be a corporate opportunity for an | | | The Board believes that revising the existing waiver of the corporate opportunity doctrine so that such waiver is limited to the Identified Persons reflects a desirable and appropriate change in corporate governance for ROCR as it will no longer be a special purpose acquisition company and, as a result, a reasonable limitation on the advance waiver of business opportunities reflecting the changed circumstances of ROCR following the Business Combination is in the best interests of ROCR and its stockholders. | |
| | | Current Charter | | | Proposed Certificate of Incorporation | | | Reason for the Proposed Change | |
| | | | | | Identified Person other than any corporate opportunity offered to any Non-Employee Director if such opportunity is expressly offered to such person solely and expressly in his or her capacity as a director or officer of ROCR, such opportunity is one the Board is legally permitted to undertake and would otherwise be reasonable for ROCR to pursue. | | | | |
Name | | | Age | | | Position | |
Andrew Weinberg | | | 47 | | | Chairman | |
Christopher S. Hisey | | | 56 | | | Chief Executive Officer and Director | |
Matthew Allard | | | 49 | | | Director | |
Sam Chawla | | | | | Director | | |
Raul Deju | | | | | Director | | |
Roger Bulloch | | | 48 | | | Director | |
Name | | | Age | | | Position | |
Byron Roth | | | | | Co-Chief Executive Officer and Chairman of the Board | | |
Gordon Roth | | | 67 | | | Chief Financial Officer | |
Rick Hartfiel | | | 57 | | | Co-President | |
John Lipman | | | 44 | | | Co-Chief Executive Officer and Director | |
Aaron Gurewitz | | | | | Co-President | | |
Molly Montgomery | | | 54 | | | Director | |
Daniel M. Friedberg | | | | | Director | | |
Adam Rothstein | | | | | Director | | |
James Gold | | | 57 | | | Director | |
Sam Chawla | | | | | Director | |
| | | Six Months Ended June 30, 2021 | | | Six Months Ended June 30, 2020 | | ||||||
| | | (Unaudited) | | | (Unaudited) | | ||||||
General and administrative expenses | | | | $ | 395,301 | | | | | $ | 85 | | |
Loss from operations | | | | | (395,301) | | | | | | (85) | | |
Net loss | | | | $ | (612,708) | | | | | $ | (85) | | |
Weighted average shares outstanding – basic and diluted | | | | | 3,253,309 | | | | | | 2,500,000 | | |
Basic and diluted net loss per share common share | | | | $ | (0.19) | | | | | $ | (0.00) | | |
Balance Sheet Data: | | | June 30, 2021 (Unaudited) | | | December 31, 2020 (Audited) | | ||||||
Cash | | | | $ | 685,402 | | | | | $ | 195,758 | | |
Prepaid expenses | | | | $ | 297,961 | | | | | $ | 1,500 | | |
Marketable securities held in Trust Account | | | | $ | 115,005,972 | | | | | | — | | |
Deferred offering costs | | | | | — | | | | | $ | 31,542 | | |
Total assets | | | | $ | 115,989,335 | | | | | $ | 228,800 | | |
Total liabilities | | | | $ | 403,255 | | | | | $ | 206,000 | | |
Total Stockholders’ Equity | | | | $ | 5,000,011 | | | | | $ | 22,800 | | |
| | | Nine Months Ended September 30, 2021 | | | Nine Months Ended September 30, 2020 | | ||||||
| | | (Unaudited) | | | (Unaudited) | | ||||||
General and administrative expenses | | | | $ | 1,304,440 | | | | | $ | 885 | | |
Loss from operations | | | | | (1,304,440) | | | | | | (885) | | |
Net loss | | | | $ | (1,422,448) | | | | | $ | (885) | | |
Basic and diluted weighted average shares outstanding, redeemable common stock | | | | | 8,804,029 | | | | | | — | | |
Basic and diluted weighted average shares outstanding, non-redeemable common stock | | | | | 3,099,440 | | | | | | 2,500,000 | | |
Basic and diluted net loss per share, redeemable common stock | | | | $ | (0.12) | | | | | $ | (0.00) | | |
Basic and diluted net loss per share, non-redeemable common stock | | | | $ | (0.12) | | | | | $ | (0.00) | | |
Balance Sheet Data: | | | September 30, 2021 (Unaudited) | | | December 31, 2020 (Audited) | | ||||||
Cash | | | | $ | 93,594 | | | | | $ | 195,758 | | |
Prepaid expenses | | | | $ | 286,946 | | | | | $ | 1,500 | | |
Marketable securities held in Trust Account | | | | $ | 115,007,452 | | | | | | — | | |
Deferred offering costs | | | | | — | | | | | $ | 31,542 | | |
Total assets | | | | $ | 115,387,992 | | | | | $ | 228,800 | | |
Total liabilities | | | | $ | 611,652 | | | | | $ | 206,000 | | |
Total Stockholders’ (Deficit) Equity | | | | $ | (223,660) | | | | | $ | 22,800 | | |
Name | | | Age | | | Position | |
Christopher S. Hisey | | | 56 | | | Chief Executive Officer (QualTek LLC) and Member of the Board of Managers of BCP QualTek HoldCo, LLC | |
Kevin Doran | | | | | Chief Executive Officer and President (QualTek Wireless LLC) | | |
Elizabeth Downey | | | | | Chief Administrative Officer (QualTek LLC) | | |
Michael B. Williams | | | 44 | | | Chief Business Officer (QualTek LLC) | |
Adam Spittler | | | | | Chief Financial Officer (QualTek LLC) | | |
Matthew Allard | | | 49 | | | Member of the Board of Managers | |
Andrew Weinberg | | | 47 | | | Member of the Board of Managers | |
Raul Deju | | | | | Member of the Board of Managers | |
Name | | | Principal Position | |
Christopher S. Hisey | | | Chief Executive Officer, QualTek LLC | |
Elizabeth Downey | | | Chief Administrative Officer, QualTek LLC | |
Kevin Doran | | | Chief Executive Officer, QualTek Wireless LLC | |
Name and Principal Position (a) | | | Year | | | Salary ($)(2)(3) | | | Total ($)(4) | | |||||||||
Christopher S. Hisey, Chief Executive Officer, QualTek LLC(1) | | | | | 2020 | | | | | $ | 501,154 | | | | | $ | 501,154 | | |
Elizabeth Downey, Chief Administrative Officer, QualTek LLC | | | | | 2020 | | | | | $ | 375,433 | | | | | $ | 375,433 | | |
Kevin Doran, Chief Executive Officer, QualTek Wireless LLC | | | | | 2020 | | | | | $ | 450,520 | | | | | $ | 450,520 | | |
| | | | | | Option Awards(1) | | |||||||||||||||||||||
| | | Grant Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Option Exercise Price ($)(2) | | | Option Expiration Date(2) | | ||||||||||||
Christopher S. Hisey | | | April 15, 2019 | | | | | 12,305 | | | | | | 18,457(3) | | | | | | — | | | | | | — | | |
| | | April 15, 2019 | | | | | 13,672 | | | | | | 20,508(4) | | | | | | — | | | | | | — | | |
| | | April 15, 2019 | | | | | 15,280 | | | | | | 22,921(5) | | | | | | — | | | | | | — | | |
Elizabeth Downey | | | April 15, 2019 | | | | | 2,256 | | | | | | 3,384(3) | | | | | | — | | | | | | — | | |
| | | April 15, 2019 | | | | | 2,506 | | | | | | 3,760(4) | | | | | | — | | | | | | — | | |
| | | April 15, 2019 | | | | | 2,801 | | | | | | 4,202(5) | | | | | | — | | | | | | — | | |
Kevin Doran | | | April 15, 2019 | | | | | 2,871 | | | | | | 4,307(3) | | | | | | — | | | | | | — | | |
| | | April 15, 2019 | | | | | 3,190 | | | | | | 4,785(4) | | | | | | — | | | | | | — | | |
| | | April 15, 2019 | | | | | 3,566 | | | | | | 5,348(5) | | | | | | — | | | | | | — | | |
| | For the Six Months Ended, December 31, | | For the Years Ended | | | For the Nine Months Ended | | For the Years Ended | | ||||||||||||||||||||||||||||||||||||||||
(in thousands except unit and per unit data) | | July 3, 2021 | | July 4, 2020 | | 2020 | | 2019 | | |||||||||||||||||||||||||||||||||||||||||
Statements of Operations and Comprehensive Loss Data | | | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except per unit data) | | October 2, 2021 | | October 3, 2020 | | 2020 | | 2019 | | |||||||||||||||||||||||||||||||||||||||||
Statement of Operations and Comprehensive Loss Data | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Revenue | | | $ | 255,118 | | | | $ | 347,448 | | | | $ | 674,005 | | | | $ | 620,829 | | | | | | 465,184 | | | | | 524,080 | | | | | 656,524 | | | | | 599,268 | | | ||||||||
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Cost of revenues | | | | 222,668 | | | | | 316,734 | | | | | 615,914 | | | | | 545,208 | | | | | | 372,496 | | | | | 462,760 | | | | | 597,583 | | | | | 525,403 | | | ||||||||
General and administrative | | | | 24,065 | | | | | 23,004 | | | | | 47,853 | | | | | 43,606 | | | | | | 37,962 | | | | | 35,660 | | | | | 47,049 | | | | | 42,665 | | | ||||||||
Transaction expense | | | | 1,452 | | | | | 170 | | | | | 988 | | | | | 4,257 | | | |||||||||||||||||||||||||||||
Transaction expenses | | | | 2,875 | | | | | 567 | | | | | 988 | | | | | 4,257 | | | |||||||||||||||||||||||||||||
Change in fair value of contingent consideration | | | | — | | | | | — | | | | | (7,081) | | | | | 5,883 | | | | | | (4,544) | | | | | — | | | | | (7,081) | | | | | 6,149 | | | ||||||||
Impairment of long-lived assets | | | | — | | | | | — | | | | | — | | | | | 840 | | | | | | — | | | | | — | | | | | — | | | | | 840 | | | ||||||||
Impairment of goodwill | | | | — | | | | | — | | | | | 28,802 | | | | | 13,251 | | | | | | — | | | | | — | | | | | 28,802 | | | | | 8,132 | | | ||||||||
Depreciation and amortization | | | | 26,622 | | | | | 24,037 | | | | | 48,497 | | | | | 42,115 | | | | | | 39,136 | | | | | 34,761 | | | | | 46,475 | | | | | 40,103 | | | ||||||||
Total costs and expenses | | | | 274,807 | | | | | 363,945 | | | | | 734,973 | | | | | 655,160 | | | | | | 447,925 | | | | | 533,748 | | | | | 713,816 | | | | | 627,549 | | | ||||||||
Loss from operations | | | | (19,689) | | | | | (16,497) | | | | | (60,968) | | | | | (34,331) | | | |||||||||||||||||||||||||||||
Income (loss) from operations | | | | 17,259 | | | | | (9,668) | | | | | (57,292) | | | | | (28,281) | | | |||||||||||||||||||||||||||||
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Gain on sales/disposal of property and equipment | | | | 304 | | | | | 46 | | | | | 729 | | | | | 130 | | | |||||||||||||||||||||||||||||
Gain on sale/disposal of property and equipment | | | | 514 | | | | | 576 | | | | | 729 | | | | | 129 | | | |||||||||||||||||||||||||||||
Interest expense | | | | (21,215) | | | | | (19,208) | | | | | (37,848) | | | | | (33,593) | | | | | | (35,778) | | | | | (28,824) | | | | | (37,659) | | | | | (33,380) | | | ||||||||
Loss on extinguishment of convertible notes. | | | | (2,436) | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Loss on extinguishment of convertible notes | | | | (2,436) | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Total other expense | | | | (23,347) | | | | | (19,162) | | | | | (37,119) | | | | | (33,463) | | | | | | (37,700) | | | | | (28,248) | | | | | (36,930) | | | | | (33,251) | | | ||||||||
Loss from continuing operations | | | | (20,441) | | | | | (37,916) | | | | | (94,222) | | | | | (61,532) | | | |||||||||||||||||||||||||||||
Loss from discontinued operations | | | | (8,114) | | | | | (1,708) | | | | | (3,865) | | | | | (6,262) | | | |||||||||||||||||||||||||||||
Net loss | | | $ | (43,036) | | | | $ | (35,659) | | | | $ | (98,087) | | | | $ | (67,794) | | | | | | (28,555) | | | | | (39,624) | | | | | (98,087) | | | | | (67,794) | | | ||||||||
Accrued preferred return | | | $ | — | | | | $ | 1,621 | | | | $ | 3,287 | | | | $ | 742 | | | | | | 1,638 | | | | | 2,508 | | | | | 3,287 | | | | | 742 | | | ||||||||
Net loss attributable to Class A units | | | $ | (43,036) | | | | $ | (37,280) | | | | $ | (101,374) | | | | $ | (68,536) | | | | | | (30,193) | | | | | (42,132) | | | | | (101,374) | | | | | (68,536) | | | ||||||||
Net loss per unit: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Basic | | | $ | (20.78) | | | | $ | (18.59) | | | | $ | (50.54) | | | | $ | (34.93) | | | |||||||||||||||||||||||||||||
Basic and diluted net loss per unit from continuing operations | | | $ | (10.21) | | | | $ | (20.15) | | | | $ | (48.61) | | | | $ | (31.74) | | | |||||||||||||||||||||||||||||
Basic and diluted net loss per unit from discontinued operations | | | | (3.75) | | | | | (0.85) | | | | | (1.93) | | | | | (3.19) | | | |||||||||||||||||||||||||||||
Basic and diluted net loss per unit | | | $ | (13.96) | | | | $ | (21.00) | | | | $ | (50.54) | | | | $ | (34.93) | | | |||||||||||||||||||||||||||||
Basic and diluted weighted average common units outstanding | | | | 2,161,951 | | | | | 2,005,824 | | | | | 2,005,824 | | | | | 1,962,115 | | | |||||||||||||||||||||||||||||
Non-GAAP financial data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Adjusted EBITDA(1) | | | $ | 9,311 | | | | $ | 8,018 | | | | $ | 11,485 | | | | $ | 32,686 | | | | | | 55,991 | | | | | 26,627 | | | | | 13,139 | | | | | 31,870 | | |
| | As of July 3, | | As of December 31, | | | As of October 2, | | As of December 31, | | ||||||||||||||||||||||||||||
(in thousands) | | 2021 | | 2020 | | 2019 | | | 2021 | | 2020 | | 2019 | | ||||||||||||||||||||||||
Balance Sheet Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Cash | | | $ | 37,797 | | | | $ | 169 | | | | $ | 328 | | | | | $ | 5,405 | | | | $ | 76 | | | | $ | 91 | | | ||||||
Working capital(2) | | | | (9,944) | | | | | 15,775 | | | | | 71,316 | | | | | | 199 | | | | | 15,775 | | | | | 71,316 | | | ||||||
Total assets | | | | 674,514 | | | | | 640,868 | | | | | 747,230 | | | | | | 769,565 | | | | | 640,868 | | | | | 747,230 | | | ||||||
Total liabilities | | | | 683,904 | | | | | 611,234 | | | | | 613,072 | | | | | | 758,708 | | | | | 611,234 | | | | | 613,072 | | | ||||||
Total (deficit) equity | | | | (9,390) | | | | | 29,634 | | | | | 134,158 | | | ||||||||||||||||||||||
Total equity | | | | 10,857 | | | | | 29,634 | | | | | 134,158 | | |
| | For the Six Months Ended | | | For the Nine Months Ended | | ||||||||||||||||||||
(in thousands) | | July 3, 2021 | | July 4, 2020 | | | October 2, 2021 | | October 3, 2020 | | ||||||||||||||||
Revenue | | | $ | 255,118 | | �� | | | $ | 347,448 | | | | | $ | 465,184 | | | | $ | 524,080 | | | |||
Net loss | | | $ | (43,036) | | | | $ | (35,659) | | | | | $ | (28,555) | | | | $ | (39,624) | | | ||||
Adjusted EBITDA(1) | | | $ | 9,311 | | | | $ | 8,018 | | | | | $ | 55,991 | | | | $ | 26,627 | | |
| | For the Six Months Ended | | | For the Nine Months Ended | | ||||||||||||||||||||
(in thousands) | | July 3, 2021 | | July 4, 2020 | | | October 2, 2021 | | October 3, 2020 | | ||||||||||||||||
Net loss | | | $ | (43,036) | | | | $ | (35,659) | | | | | $ | (28,555) | | | | $ | (39,624) | | | ||||
Management fees | | | | 622 | | | | | 262 | | | | | | 751 | | | | | 391 | | | ||||
Transaction expenses | | | | 1,452 | | | | | 170 | | | | | | 2,875 | | | | | 567 | | | ||||
Change in fair value of contingent consideration | | | | (4,544) | | | | | — | | | |||||||||||||||
Depreciation and amortization | | | | 26,622 | | | | | 24,037 | | | | | | 39,136 | | | | | 34,761 | | | ||||
Interest expense | | | | 21,215 | | | | | 19,208 | | | | | | 35,778 | | | | | 28,824 | | | ||||
Loss on extinguishment of convertible notes | | | | 2,436 | | | | | — | | | | | | 2,436 | | | | | — | | | ||||
Loss from discontinued operations | | | | 8,114 | | | | | 1,708 | | | |||||||||||||||
Adjusted EBITDA | | | $ | 9,311 | | | | $ | 8,018 | | | | | $ | 55,991 | | | | $ | 26,627 | | |
| | | For the Six Months Ended | | |||||||||||||||||||||
(in thousands) | | | July 3, 2021 | | | July 4, 2020 | | | ($) Change | | | (%) Change | | ||||||||||||
Revenue | | | | $ | 255,118 | | | | | $ | 347,448 | | | | | $ | (92,330) | | | | | | (26.6)% | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues | | | | | 222,668 | | | | | | 316,734 | | | | | | (94,066) | | | | | | (29.7)% | | |
General and administrative | | | | | 24,065 | | | | | | 23,004 | | | | | | 1,061 | | | | | | 4.6% | | |
Transaction expense | | | | | 1,452 | | | | | | 170 | | | | | | 1,282 | | | | | | 754.1% | | |
Depreciation and amortization | | | | | 26,622 | | | | | | 24,037 | | | | | | 2,585 | | | | | | 10.8% | | |
Total costs and expenses | | | | | 274,807 | | | | | | 363,945 | | | | | | (89,138) | | | | | | (24.5)% | | |
Loss from operations | | | | | (19,689) | | | | | | (16,497) | | | | | | (3,192) | | | | | | (19.3)% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sales/disposal of property and equipment | | | | | 304 | | | | | | 46 | | | | | | 258 | | | | | | 560.9% | | |
Interest expense | | | | | (21,215) | | | | | | (19,208) | | | | | | (2,007) | | | | | | 10.4% | | |
Loss on extinguishment of convertible notes | | | | | (2,436) | | | | | | — | | | | | | (2,436) | | | | | | 100.0% | | |
Total other expense | | | | | (23,347) | | | | | | (19,162) | | | | | | (4,185) | | | | | | 21.8% | | |
Net loss | | | | $ | (43,036) | | | | | $ | (35,659) | | | | | $ | (7,377) | | | | | | 20.7% | | |
| | | For the Nine Months Ended | | |||||||||||||||||||||
(in thousands) | | | October 2, 2021 | | | October 3, 2020 | | | ($) Change | | | (%) Change | | ||||||||||||
Revenue | | | | $ | 465,184 | | | | | $ | 524,080 | | | | | ($ | 58,896) | | | | | | (11.2)% | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues | | | | | 372,496 | | | | | | 462,760 | | | | | | (90,264) | | | | | | (19.5)% | | |
General and administrative | | | | | 37,962 | | | | | | 35,660 | | | | | | 2,302 | | | | | | 6.5% | | |
Transaction expense | | | | | 2,875 | | | | | | 567 | | | | | | 2,308 | | | | | | 407.1% | | |
Change in fair value of contingent consideration | | | | | (4,544) | | | | | | — | | | | | | (4,544) | | | | | | (100)% | | |
Depreciation and amortization | | | | | 39,136 | | | | | | 34,761 | | | | | | 4,375 | | | | | | 12.6% | | |
Total costs and expenses | | | | | 447,925 | | | | | | 533,748 | | | | | | (85,823) | | | | | | (16.1)% | | |
Income / (loss) from operations | | | | | 17,259 | | | | | | (9,668) | | | | | | 26,927 | | | | | | 278.5% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sales/disposal of property and equipment | | | | | 514 | | | | | | 576 | | | | | | (62) | | | | | | (10.8)% | | |
Interest expense | | | | | (35,778) | | | | | | (28,824) | | | | | | (6,954) | | | | | | 24.1% | | |
Loss on extinguishment of convertible notes | | | | | (2,436) | | | | | | — | | | | | | (2,436) | | | | | | (100.0)% | | |
Total other expense | | | | $ | (37,700) | | | | | $ | (28,248) | | | | | $ | (9,452) | | | | | | (33.5)% | | |
Net loss from continuing operations | | | | | (20,441) | | | | | | (37,916) | | | | | | 17,475 | | | | | | 46.1% | | |
Net loss from discontinued operations | | | | | (8,114) | | | | | | (1,708) | | | | | | (6,406) | | | | | | (375)% | | |
Net loss | | | | $ | (28,555) | | | | | $ | (39,624) | | | | | $ | 11,069 | | | | | | 27.9% | | |
| | For the Years Ended December 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | | 2020 | | 2019 | | ($) Change | | (%) Change | | | 2020 | | 2019 | | ($) Change | | (%) Change | | ||||||||||||||||||||||||||||||||
Revenue | | | $ | 674,005 | | | | $ | 620,829 | | | | $ | 53,176 | | | | | 8.6% | | | | | $ | 656,524 | | | | $ | 599,268 | | | | | 57,256 | | | | | 9.6% | | | ||||||||
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Cost of revenues | | | | 615,914 | | | | | 545,208 | | | | | 70,706 | | | | | 13.0% | | | | | | 597,583 | | | | | 525,403 | | | | | 72,180 | | | | | 13.7% | | | ||||||||
General and administrative | | | | 47,853 | | | | | 43,606 | | | | | 4,247 | | | | | 9.7% | | | | | | 47,049 | | | | | 42,665 | | | | | 4,384 | | | | | 10.3% | | | ||||||||
Transaction expense | | | | 988 | | | | | 4,257 | | | | | (3,269) | | | | | (76.8)% | | | | | | 988 | | | | | 4,257 | | | | | (3,269) | | | | | (76.8)% | | | ||||||||
Change in fair value of contingent consideration | | | | (7,081) | | | | | 5,883 | | | | | (12,964) | | | | | (220.4)% | | | | | | (7,081) | | | | | 6,149 | | | | | (13,230) | | | | | (215.2)% | | | ||||||||
Impairment of long-lived assets | | | | — | | | | | 840 | | | | | (840) | | | | | (100.0)% | | | | | | — | | | | | 840 | | | | | (840) | | | | | (100.0)% | | | ||||||||
Impairment of goodwill | | | | 28,802 | | | | | 13,251 | | | | | 15,551 | | | | | 117.4% | | | | | | 28,802 | | | | | 8,132 | | | | | 20,670 | | | | | 254.2% | | | ||||||||
Depreciation and amortization | | | | 48,497 | | | | | 42,115 | | | | | 6,382 | | | | | 15.2% | | | | | | 46,475 | | | | | 40,103 | | | | | 6,372 | | | | | 15.9% | | | ||||||||
Total costs and expenses | | | | 734,973 | | | | | 655,160 | | | | | 79,813 | | | | | 12.2% | | | | | | 713,816 | | | | | 627,549 | | | | | 86,267 | | | | | 13.7% | | | ||||||||
Loss from operations | | | | (60,968) | | | | | (34,331) | | | | | (26,637) | | | | | 77.6% | | | | | | (57,292) | | | | | (28,281) | | | | | (29,011) | | | | | (102.6)% | | | ||||||||
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Gain on sales/disposal of property and equipment | | | | 729 | | | | | 130 | | | | | 599 | | | | | 460.8% | | | | | | 729 | | | | | 129 | | | | | 600 | | | | | 465.1% | | | ||||||||
Interest expense | | | | (37,848) | | | | | (33,593) | | | | | (4,255) | | | | | 12.7% | | | | | | (37,659) | | | | | (33,380) | | | | | (4,279) | | | | | 12.8% | | | ||||||||
Total other expense | | | | (37,119) | | | | | (33,463) | | | | | (3,656) | | | | | 10.9% | | | | | | (36,930) | | | | | (33,251) | | | | | (3,679) | | | | | 11.1% | | | ||||||||
Net loss from continuing operations | | | $ | (94,222) | | | | $ | (61,532) | | | | $ | (32,690) | | | | | (53.1)% | | | |||||||||||||||||||||||||||||
Net loss from discontinued operations | | | $ | (3,865) | | | | $ | (6,262) | | | | $ | 2,397 | | | | | 38.3% | | | |||||||||||||||||||||||||||||
Net loss | | | $ | (98,087) | | | | $ | (67,794) | | | | $ | (30,293) | | | | | 44.7% | | | | | $ | (98,087) | | | | $ | (67,794) | | | | $ | (30,293) | | | | | 44.7% | | |
| | | For the Six Months Ended | | |||||||||||||||||||||
(in thousands) | | | July 3, 2021 | | | July 4, 2020 | | | ($) Change | | | (%) Change | | ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecom | | | | $ | 229,835 | | | | | $ | 339,475 | | | | | $ | (109,640) | | | | | | (32.3)% | | |
Renewables and Recovery Logistics | | | | | 25,283 | | | | | | 7,973 | | | | | | 17,310 | | | | | | 217.1% | | |
Total revenue | | | | $ | 255,118 | | | | | $ | 347,448 | | | | | $ | (92,330) | | | | | | (26.6)% | | |
Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecom | | | | | 13,941 | | | | | | 17,200 | | | | | | (3,259) | | | | | | (18.9)% | | |
Renewables and Recovery Logistics | | | | | 4,019 | | | | | | (7) | | | | | | 4,026 | | | | | | 57,514.3% | | |
Corporate & Eliminations | | | | | (8,649) | | | | | | (9,175) | | | | | | 526 | | | | | | (5.7)% | | |
Total Adjusted EBITDA | | | | $ | 9,311 | | | | | $ | 8,018 | | | | | $ | 1,293 | | | | | | 16.1% | | |
| | | For the Nine Months Ended | | |||||||||||||||||||||
(in thousands) | | | October 2, 2021 | | | October 3, 2020 | | | ($) Change | | | (%) Change | | ||||||||||||
Telecom | | | | $ | 360,020 | | | | | $ | 468,729 | | | | | | (108,709) | | | | | | -23.2% | | |
Renewables and Recovery Logistics | | | | | 105,164 | | | | | | 55,351 | | | | | | 49,813 | | | | | | 90.0% | | |
Total revenue | | | | $ | 465,184 | | | | | $ | 524,080 | | | | | | (58,896) | | | | | | -11.2% | | |
Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecom | | | | | 26,907 | | | | | | 16,028 | | | | | | 10,879 | | | | | | 67.9% | | |
Renewables and Recovery Logistics | | | | | 42,181 | | | | | | 24,227 | | | | | | 17,954 | | | | | | 74.1% | | |
Corporate & Eliminations | | | | | (13,097) | | | | | | (13,628) | | | | | | 531 | | | | | | -3.9% | | |
Total Adjusted EBITDA | | | | $ | 55,991 | | | | | $ | 26,627 | | | | | | 29,364 | | | | | | 110.3% | | |
| | For the Years Ended December 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | | 2020 | | 2019 | | ($) Change | | (%) Change | | | 2020 | | 2019 | | ($) Change | | (%) Change | | ||||||||||||||||||||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Telecom | | | $ | 605,095 | | | | $ | 589,903 | | | | $ | 15,192 | | | | | 2.6% | | | | | $ | 587,614 | | | | $ | 568,342 | | | | $ | 19,272 | | | | | 3.4% | | | ||||||||
Renewables and Recovery Logistics | | | | 68,910 | | | | | 30,926 | | | | | 37,984 | | | | | 122.8% | | | | | | 68,910 | | | | | 30,926 | | | | $ | 37,984 | | | | | 122.8% | | | ||||||||
Total revenue | | | $ | 674,005 | | | | $ | 620,829 | | | | $ | 53,176 | | | | | 8.6% | | | | | $ | 656,524 | | | | $ | 599,268 | | | | $ | 57,256 | | | | | 9.6% | | | ||||||||
Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Telecom | | | | 755 | | | | | 37,879 | | | | | (37,124) | | | | | (98.0)% | | | | | $ | 2,409 | | | | $ | 37,063 | | | | $ | (34,654) | | | | | (93.5)% | | | ||||||||
Renewables and Recovery Logistics | | | | 28,943 | | | | | 11,442 | | | | | 17,501 | | | | | 153.0% | | | | | | 28,943 | | | | | 11,442 | | | | $ | 17,501 | | | | | 153.0% | | | ||||||||
Corporate & Eliminations | | | | (18,213) | | | | | (16,635) | | | | | (1,578) | | | | | 9.5% | | | | | | (18,213) | | | | | (16,635) | | | | $ | (1,578) | | | | | 9.5% | | | ||||||||
Total Adjusted EBITDA | | | $ | 11,485 | | | | $ | 32,686 | | | | $ | (21,201) | | | | | (64.9)% | | | | | | 13,139 | | | | | 31,870 | | | | $ | (18,731) | | | | | (58.8)% | | |
| | | For the Six Months Ended | | | For the Years Ended December 31, | | ||||||||||||||||||
(in thousands) | | | July 3, 2021 | | | July 4, 2020 | | | 2020 | | | 2019 | | ||||||||||||
Net cash (used in) provided by operating activities | | | | $ | (13,933) | | | | | $ | (1,587) | | | | | $ | 13,457 | | | | | $ | (3,002) | | |
Net cash used in investing activities | | | | | (21,208) | | | | | | (2,347) | | | | | | (3,963) | | | | | | (79,609) | | |
Net cash provided by (used in) financing activities | | | | | 72,782 | | | | | | 4,042 | | | | | | (9,712) | | | | | | 81,955 | | |
Effect of foreign currency exchange rate (translation) on cash | | | | | (13) | | | | | | (3) | | | | | | 59 | | | | | | 23 | | |
Net increase/(decrease) in cash | | | | $ | 37,628 | | | | | $ | 105 | | | | | $ | (159) | | | | | $ | (633) | | |
| | | For the Nine Months Ended | | | For the Years Ended December 31, | | | ||||||||||||||||||||
(in thousands) | | | October 2, 2021 | | | October 3, 2020 | | | 2020 | | | 2019 | | | ||||||||||||||
Net cash (used in) provided by operating Activities from continuing operations | | | | $ | (32,959) | | | | | $ | (7,576) | | | | | $ | 14,557 | | | | | $ | (2.541) | | | | ||
Net cash used in investing activities from continuing operations | | | | | (38,533) | | | | | | (3,218) | | | | | | (3,927) | | | | | | (79,117) | | | | ||
Net cash provided by (used in) financing Activities from continuing operations | | | | | 79,779 | | | | | | 14,495 | | | | | | (8,751) | | | | | | 83,112 | | | | ||
Effect of foreign currency exchange rate (translation) on cash . | | | | | (35) | | | | | | 21 | | | | | | 59 | | | | | | 23 | | | | | |
Net increase/(decrease) in cash | | | | $ | 6,508 | | | | | $ | 2,034 | | | | | $ | (159) | | | | | $ | (633) | | | |
| | Payments Due by Period | | | Payments Due by Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | | Total | | Less than 1 Year | | 1 – 3 Years | | 3 – 5 Years | | More than 5 Years | | | Total | | Less than 1 Year | | 1 – 3 Years | | 3 – 5 Years | | More than 5 Years | | ||||||||||||||||||||||||||||||||||||||||
Line of credit | | | $ | 59,837 | | | | | — | | | | | 59,837 | | | | | — | | | | | — | | | | | $ | 59,837 | | | | | — | | | | | 59,837 | | | | | — | | | | | — | | | ||||||||||
Term loan | | | | 361,045 | | | | | 9,564 | | | | | 19,128 | | | | | 332,353 | | | | | — | | | | | | 361,045 | | | | | 9,564 | | | | | 19,128 | | | | | 332,353 | | | | | — | | | ||||||||||
Capital lease obligations | | | | 29,008 | | | | | 9,437 | | | | | 15,507 | | | | | 4,064 | | | | | — | | | | | | 25,751 | | | | | 8,287 | | | | | 13,715 | | | | | 3,749 | | | | | — | | | ||||||||||
Operating leases | | | | 38,420 | | | | | 10,017 | | | | | 14,561 | | | | | 5,970 | | | | | 7,872 | | | | | | 35,219 | | | | | 9,673 | | | | | 13,855 | | | | | 5,223 | | | | | 6,468 | | | ||||||||||
Acquisition debt | | | | 10,575 | | | | | 10,575 | | | | | — | | | | | — | | | | | — | | | | | | 10,575 | | | | | 10,575 | | | | | — | | | | | — | | | | | — | | | ||||||||||
Total | | | $ | 498,885 | | | | | 39,593 | | | | | 109,033 | | | | | 342,387 | | | | | 7,872 | | | | | $ | 492,427 | | | | | 38,099 | | | | | 106,535 | | | | | 341,325 | | | | | 6,468 | | |
Name | | | Age | | | Position | |
Christopher S. Hisey(1) | | | 56 | | | Chief Executive Officer and Director | |
Elizabeth Downey | | | | | Chief Administrative Officer | | |
Michael B. Williams | | | 44 | | | Chief Business Officer | |
Adam Spittler | | | | | Chief Financial Officer | | |
Andrew Weinberg(1) | | | 47 | | | Chairman | |
Matthew Allard(1) | | | 49 | | | Director | |
Sam Chawla(2) | | | | | Director | | |
Raul Deju(1) | | | 75 | | | Director | |
Roger Bulloch(1) | | | 48 | | | Director | |
| | | Pre-Business Combination | | | Post-Business Combination | | |||||||||||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemption | | | Assuming 100% Redemption | | | | | |||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares of Class A Common Stock | | | Number of Shares of Class B Common Stock | | | % of Total Voting Power | | | Number of Shares of Class A Common Stock | | | Number of Shares of Class B Common Stock | | | % of Total Voting Power | | |||||||||||||||
Directors and Executive Officers of ROCR: | | | | | | | | | | | | | | | | | | | | | | | | | | % | | | | | | | | | | | | | | |
Byron Roth(2) | | | | | 1,028,876 | | | | | | 7.0% | | | | | | 1,654,626 | | | | | | | | | | | | | | | 1,654,626 | | | | | | | | |
Aaron Gurewitz(3) | | | | | 119,540 | | | | | | 0.8% | | | | | | 119,540 | | | | | | | | | | | | | | | 119,540 | | | | | | | | |
Gordon Roth(2) | | | | | 672,956 | | | | | | 4.6% | | | | | | 1,298,706 | | | | | | | | | | | | | | | 1,298,706 | | | | | | | | |
John Lipman | | | | | 699,381 | | | | | | 4.7% | | | | | | 796,862 | | | | | | | | | | | | | | | 796,862 | | | | | | | | |
Rick Hartfiel | | | | | 89,577 | | | | | | * | | | | | | 102,062 | | | | | | | | | | | | | | | 102,062 | | | | | | | | |
Molly Montgomery | | | | | 40,233 | | | | | | * | | | | | | 40,233 | | | | | | | | | | | | | | | 40,233 | | | | | | | | |
David M. Friedberg(4) | | | | | 40,233 | | | | | | * | | | | | | 40,233 | | | | | | | | | | | | | | | 40,233 | | | | | | | | |
Adam Rothstein | | | | | 40,233 | | | | | | * | | | | | | 40,233 | | | | | | | | | | | | | | | 40,233 | | | | | | | | |
Sam Chawla | | | | | 91,194 | | | | | | * | | | | | | 91,194 | | | | | | | | | | | | | | | 91,194 | | | | | | | | |
James Gold | | | | | 91,194 | | | | | | * | | | | | | 91,194 | | | | | | | | | | | | | | | 91,194 | | | | | | | | |
All Directors and Executive Officers of ROCR as a Group (8 Individuals) | | | | | 2,332,813 | | | | | | 15.8% | | | | | | 3,068,529 | | | | | | | | | | | | | | | 3,068,529 | | | | | | | | |
Five Percent Holders ROCR: | | | | | | | | | | | | | | | | | | | | | | | | | | % | | | | | | | | | | | | | | |
Byron Roth (5) | | | | | 1,028,876 | | | | | | 7.0% | | | | | | 1,654,626 | | | | | | | | | | | | | | | 1,654,626 | | | | | | | | |
Sanders Morris Harris LLC(6) | | | | | 873,035 | | | | | | 5.9% | | | | | | 1,991,535 | | | | | | | | | | | | | | | 1,991,535 | | | | | | | | |
Glazer Capital, LLC(7) | | | | | 740,954 | | | | | | 5.0% | | | | | | 740,954 | | | | | | | | | | | | | | | 740,954 | | | | | | | | |
Directors and Executive Officers of Combined Company After Consummation of the Business Combination: | | | | | | | | | | | % | | | | | | | | | | | | | | | % | | | | | | | | | | | | | | |
Christopher S. Hisey | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elizabeth Downey | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Michael B. Williams | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adam Spittler | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Andrew Weinberg | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Matthew Allard | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
All Directors and Executive Officers of Combined Company as a Group ([•] Individuals) | | | | | | | | | | | | | | | | | | | | | | | | | | % | | | | | | | | | | | | | | |
Five Percent Holders of Combined Company After Consummation of the Business Combination: | | | | | | | | | | | | | | | | | | | | | | | | | | % | | | | | | | | | | | | | | |
| | | Pre-Business Combination | | | Post-Business Combination | | ||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemption | | | Assuming 100% Redemption | | | | | ||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares of Class A Common Stock | | | Number of Shares of Class B Common Stock | | | % of Total Voting Power | | | Number of Shares of Class A Common Stock | | | Number of Shares of Class B Common Stock | | | % of Total Voting Power | | ||||||
Brightstar(8) | | | | | [•] | | | | | | [•]% | | | | | | | | | | | | | | | | | | | | |
| | | Current Charter | | | Proposed Certificate of Incorporation | |
Number of Authorized Shares | | | | | | | |
a) Common Stock | | | 50,000,000 | | | Class A Common Stock [•] | |
b) Preferred Stock | | | 0 | | | Class B Common Stock [•] Preferred Stock [•] | |
Voting Power | | | | | | | |
a) Director Removal | | | 60% of the voting power of the outstanding shares of capital stock | | | Majority of the voting power of the outstanding shares of capital stock | |
b) Amend/Repeal Bylaws | | | Board of Directors, acting alone, without consent of the stockholders | | | Board of Directors, acting alone, without consent of the stockholders | |
c) Amend/Repeal Certificate of Incorporation | | | Not specified | | | Majority of the voting power of the outstanding shares of capital stock | |
Liquidation, Dissolution and Winding Up | | | Redemption of the IPO Shares for cash and distribution of remaining assets to stockholders in accordance with DGCL | | | Assets to be distributed pro-rata to the holders of Class A Common Stock, after payment or provision for payment of the debts and other liabilities of the Company and of the preferential and other amounts, amounts, if any, to which the holders of Preferred Stock are entitled | |
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Roth CH Acquisition III Co. Audited Financial Statements | | | ||
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Roth CH Acquisition III Co. Unaudited Financial Statements | | | ||
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BCP QualTek Holdco, LLC and Subsidiary Audited Consolidated Financial Statements | | | ||
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BCP QualTek Holdco, LLC and Subsidiary Unaudited Consolidated Financial Statements | | | ||
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| | | December 31, 2020 | | | December 31, 2019 | | ||||||
ASSETS | | | | | | | | | | | | | |
Cash | | | | $ | 195,758 | | | | | $ | 25,000 | | |
Other current asset | | | | | 1,500 | | | | | | — | | |
Total Current Assets | | | | | 197,258 | | | | | | 25,000 | | |
Deferred offering costs | | | | | 31,542 | | | | | | — | | |
TOTAL ASSETS | | | | $ | 228,800 | | | | | $ | 25,000 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accrued expenses | | | | $ | 1,000 | | | | | $ | 1,225 | | |
Accrued offering costs | | | | | 5,000 | | | | | | — | | |
Promissory note – related party | | | | | 200,000 | | | | | | — | | |
Total Current Liabilities | | | | | 206,000 | | | | | | 1,225 | | |
Commitments | | | | | | | | | | | | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 50,000,000 shares authorized; 2,875,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019(1) | | | | | 288 | | | | | | 288 | | |
Additional paid-in capital | | | | | 24,712 | | | | | | 24,712 | | |
Accumulated deficit | | | | | (2,200) | | | | | | (1,225) | | |
Total Stockholders’ Equity | | | | | 22,800 | | | | | | 23,775 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 228,800 | | | | | $ | 25,000 | | |
| | | For the Year Ended December 31, 2020 | | | For the Period from February 13, 2019 (Inception) Through December 31, 2019 | | ||||||
Formation and operating costs | | | | $ | 975 | | | | | $ | 1,225 | | |
Net Loss | | | | $ | (975) | | | | | $ | (1,225) | | |
Weighted average shares outstanding, basic and diluted(1) | | | | | 2,500,000 | | | | | | 2,500,000 | | |
Basic and diluted net loss per common share | | | | $ | (0.00) | | | | | $ | (0.00) | | |
| | | Common Stock | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Total Stockholders’ Equity | | ||||||||||||||||||
| | | Shares | | | Amount | | | | | | | | | | | | | | | | | | | | ||||||
Balance – February 13, 2019 (inception) | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of common stock to Initial Stockholders(1) | | | | | 2,875,000 | | | | | | 288 | | | | | | 24,712 | | | | | | — | | | | | | 25,000 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (1,225) | | | | | | (1,225) | | |
Balance – December 31, 2019 | | | | | 2,875,000 | | | | | | 288 | | | | | | 24,712 | | | | | | (1,225) | | | | | | 23,775 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (975) | | | | | | (975) | | |
Balance – December 31, 2020 | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,712 | | | | | $ | (2,200) | | | | | $ | 22,800 | | |
| | | For the Year ended December 31, 2020 | | | For the Period from February 13, 2019 (Inception) Through December 31, 2019 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (975) | | | | | $ | (1,225) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Other current asset | | | | | (1,500) | | | | | | — | | |
Accrued expenses | | | | | (225) | | | | | | 1,225 | | |
Net cash used in operating activities | | | | | (2,700) | | | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from sale of common stock to Initial Stockholders | | | | | — | | | | | | 25,000 | | |
Proceeds from promissory note – related party | | | | | 200,000 | | | | | | — | | |
Payments of offering costs | | | | | (26,542) | | | | | | — | | |
Net cash provided by operating activities | | | | | 173,458 | | | | | | 25,000 | | |
Net Change in Cash | | | | | 170,758 | | | | | | 25,000 | | |
Cash – Beginning | | | | | 25,000 | | | | | | — | | |
Cash – Ending | | | | $ | 195,758 | | | | | $ | 25,000 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Deferred offering costs included in accrued offering costs | | | | $ | 5,000 | | | | | $ | — | | |
| | | June 30, 2021 | | | December 31, 2020 | | ||||||
| | | (Unaudited) | | | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash | | | | $ | 685,402 | | | | | $ | 195,758 | | |
Prepaid expenses | | | | | 297,961 | | | | | | 1,500 | | |
Total Current Assets | | | | | 983,363 | | | | | | 197,258 | | |
Deferred offering costs | | | | | — | | | | | | 31,542 | | |
Marketable securities held in Trust Account | | | | | 115,005,972 | | | | | | — | | |
TOTAL ASSETS | | | | $ | 115,989,335 | | | | | $ | 228,800 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses | | | | $ | 86,970 | | | | | $ | 1,000 | | |
Accrued offering costs | | | | | 1,105 | | | | | | 5,000 | | |
Promissory note – related party | | | | | — | | | | | | 200,000 | | |
Total Current Liabilities | | | | | 88,075 | | | | | | 206,000 | | |
Warrant liability | | | | | 315,180 | | | | | | — | | |
Total Liabilities | | | | | 403,255 | | | | | | 206,000 | | |
Commitments | | | | | | | | | | | | | |
Common stock subject to possible redemption 11,058,607 and no shares at redemption value at June 30, 2021 and December 31, 2020, respectively | | | | | 110,586,069 | | | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 50,000,000 shares authorized; 3,724,393 and 2,875,000 shares issued and outstanding (excluding 11,058,607 and no shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively | | | | | 372 | | | | | | 288 | | |
Additional paid-in capital | | | | | 5,614,547 | | | | | | 24,712 | | |
Accumulated deficit | | | | | (614,908) | | | | | | (2,200) | | |
Total Stockholders’ Equity | | | | | 5,000,011 | | | | | | 22,800 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | $ | 115,989,335 | | | | | $ | 228,800 | | |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | ||||||||||||
General and administrative expenses | | | | $ | 355,550 | | | | | $ | — | | | | | $ | 395,301 | | | | | $ | 85 | | |
Loss from operations | | | | | (355,550) | | | | | | — | | | | | | (395,301) | | | | | | (85) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrants | | | | | (232,560) | | | | | | — | | | | | | (223,380) | | | | | | — | | |
Interest earned on marketable securities held in Trust Account | | | | | 4,142 | | | | | | — | | | | | | 5,973 | | | | | | — | | |
Other expense, net | | | | | (228,418) | | | | | | — | | | | | | (217,407) | | | | | | — | | |
Loss before income taxes | | | | | (583,968) | | | | | | — | | | | | | (612,708) | | | | | | (85) | | |
Net loss | | | | $ | (583,968) | | | | | $ | — | | | | | $ | (612,708) | | | | | $ | (85) | | |
Basic and diluted weighted average shares outstanding, Common stock subject to redemption | | | | | 11,117,004 | | | | | | — | | | | | | 11,117,625 | | | | | | — | | |
Basic and diluted net income per share, Common stock subject to redemption | | | | $ | 0.00 | | | | | $ | 0.00 | | | | | $ | 0.00 | | | | | $ | 0.00 | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | | | | ��� | 3,665,996 | | | | | | — | | | | | | 3,253,309 | | | | | | 2,500,000 | | |
Basic and diluted net loss per share, Non-redeemable common stock | | | | $ | (0.16) | | | | | $ | 0.00 | | | | | $ | (0.19) | | | | | $ | 0.00 | | |
| | | Common Stock | | | Additional Paid in Capital | | | Accumulated Deficit | | | Total Stockholders’ Equity | | | | | ||||||||||||||||||||||||
| | | Shares | | | Amount | | | | | | | | | | | ||||||||||||||||||||||||
Balance – January 1, 2021 | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,712 | | | | | $ | (2,200) | | | | | $ | 22,800 | | | | | | ||||||
Sale of 11,500,000 Units, net of underwriting discount and offering expenses | | | | | 11,500,000 | | | | | | 1,150 | | | | | | 112,186,638 | | | | | | — | | | | | | 112,187,788 | | | | | | ||||||
Sale of 408,000 Private Placement Units Private Placement Shares | | | | | 408,000 | | | | | | 41 | | | | | | 3,988,159 | | | | | | — | | | | | | 3,988,200 | | | | | | ||||||
Common stock subject to possible redemption | | | | | (11,117,004) | | | | | | (1,113) | | | | | | (111,168,926) | | | | | | — | | | | | | (111,170,039) | | | | | | ||||||
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (28,740) | | | | | | (28,740) | | | | | | ||||||
Balance – March 31, 2021 | | | | | 3,665,996 | | | | | | 366 | | | | | | 5,030,583 | | | | | | (30,940) | | | | | | 5,000,009 | | | | | | ||||||
Common stock subject to possible redemption | | | | | 58,397 | | | | | | 6 | | | | | | 583,964 | | | | | | — | | | | | | 583,970 | | | | | | ||||||
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (583,968) | | | | | | (583,968) | | | | | | ||||||
Balance – June 30, 2021 | | | | | 3,724,393 | | | | | $ | 372 | | | | | $ | 5,614,547 | | | | | $ | (614,908) | | | | | $ | 5,000,011 | | | | | |
| | | Common Stock | | | Additional Paid in Capital | | | Accumulated Deficit | | | Total Stockholders’ Equity | | | | | ||||||||||||||||||||||||
| | | Shares | | | Amount | | | | | | | | | | | ||||||||||||||||||||||||
Balance – January 1, 2020 | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,712 | | | | | $ | (1,225) | | | | | $ | 23,775 | | | | | | ||||||
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (85) | | | | | | (85) | | | | | | ||||||
Balance – March 31, 2020 | | �� | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,712 | | | | | $ | (1,310) | | | | | $ | 23,690 | | | | | | ||||||
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | ||||||
Balance – June 30, 2020 | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,712 | | | | | $ | (1,310) | | | | | $ | 23,690 | | | | | |
| | | Six Months Ended | | |||||||||
| | | June 30, 2021 | | | June 30, 2020 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (612,708) | | | | | $ | (85) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Change in fair value of warrants | | | | | 223,380 | | | | | | — | | |
Interest earned on marketable securities held in Trust Account | | | | | (5,973) | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses | | | | | (296,461) | | | | | | — | | |
Accounts payable and accrued expenses | | | | | 85,970 | | | | | | 85 | | |
Net cash used in operating activities | | | | | (605,792) | | | | | | — | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash in Trust Account | | | | $ | (115,000,000) | | | | | | — | | |
Net cash used in investing activities | | | | | (115,000,000) | | | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from sale of Units, net of underwriting discounts paid | | | | $ | 112,700,000 | | | | | | — | | |
Proceeds from sale of Private Units | | | | | 4,080,000 | | | | | | — | | |
Repayment of promissory note – related party | | | | | (200,000) | | | | | | — | | |
Payment of offering costs | | | | | (484,565) | | | | | | — | | |
Net cash provided by financing activities | | | | | 116,095,435 | | | | | | — | | |
Net Change in Cash | | | | | 489,643 | | | | | | — | | |
Cash – Beginning of period | | | | | 195,758 | | | | | | — | | |
Cash – End of period | | | | $ | 685,402 | | | | | | — | | |
Non-Cash investing and financing activities: | | | | | | | | | | | | | |
Offering costs included in accrued offering costs | | | | $ | 1,105 | | | | | | — | | |
Initial classification of common stock subject to possible redemption | | | | $ | 111,197,990 | | | | | | — | | |
Change in value of common stock subject to possible redemption | | | | $ | (611,921) | | | | | | — | | |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | ||||||||||||
Common stock subject to possible redemption | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: Earnings allocable to Common stock subject to possible redemption | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account | | | | $ | 3,983 | | | | | $ | — | | | | | $ | 5,744 | | | | | $ | — | | |
Less: interest available to be withdrawn for payment of taxes | | | | | (3,983) | | | | | | — | | | | | | (5,744) | | | | | | — | | |
Net income allocable to Common Stock subject to possible redemption | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Denominator: Weighted Average Common stock subject to possible redemption | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption | | | | | 11,117,004 | | | | | | — | | | | | | 11,117,625 | | | | | | — | | |
Basic and diluted net income per share, Common stock subject to possible redemption | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Non-Redeemable Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: Net Loss minus Net income allocable to Common stock subject to possible redemption | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | | | $ | (583,968) | | | | | $ | — | | | | | $ | (612,708) | | | | | $ | (85) | | |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | ||||||||||||
Less: Net income allocable to Common stock subject to possible redemption | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-Redeemable Net Loss | | | | $ | (583,968) | | | | | $ | — | | | | | $ | (612,708) | | | | | $ | (85) | | |
Denominator: Weighted Average Non-redeemable Common stock | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | | | | | 3,665,996 | | | | | | — | | | | | | 3,253,309 | | | | | | — | | |
Basic and diluted net loss per share, Non-redeemable common stock | | | | $ | (0.16) | | | | | $ | (0.00) | | | | | $ | (0.19) | | | | | $ | (0.00) | | |
|
| | | September 30, 2021 | | | December 31, 2020 | | ||||||
| | | (Unaudited) | | | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash | | | | $ | 93,594 | | | | | $ | 195,758 | | |
Prepaid expenses | | | | | 286,946 | | | | | | 1,500 | | |
Total Current Assets | | | | | 380,540 | | | | | | 197,258 | | |
Deferred offering costs | | | | | — | | | | | | 31,542 | | |
Marketable securities held in Trust Account | | | | | 115,007,452 | | | | | | — | | |
TOTAL ASSETS | | | | $ | 115,387,992 | | | | | $ | 228,800 | | |
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses | | | | $ | 393,287 | | | | | $ | 1,000 | | |
Accrued offering costs | | | | | 1,105 | | | | | | 5,000 | | |
Promissory note – related party | | | | | — | | | | | | 200,000 | | |
Total Current Liabilities | | | | | 394,392 | | | | | | 206,000 | | |
Warrant liability | | | | | 217,260 | | | | | | — | | |
Total Liabilities | | | | | 611,652 | | | | | | 206,000 | | |
Commitments | | | | | | | | | | | | | |
Common stock subject to possible redemption 11,500,000 and no shares at redemption value at September 30, 2021 and December 31, 2020, respectively | | | | | 115,000,000 | | | | | | — | | |
Stockholders’ (Deficit) Equity | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 50,000,000 shares authorized; 3,283,000 and 2,875,000 shares issued and outstanding (excluding 11,500,000 and no shares subject to possible redemption) as of September 30, 2021 and December 31, 2020, respectively | | | | | 328 | | | | | | 288 | | |
Additional paid-in capital | | | | | 1,200,660 | | | | | | 24,712 | | |
Accumulated deficit | | | | | (1,424,648) | | | | | | (2,200) | | |
Total Stockholders’ (Deficit) Equity | | | | | (223,660) | | | | | | 22,800 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | | | | $ | 115,387,992 | | | | | $ | 228,800 | | |
| | | Three Months Ended September 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | ||||||||||||
General and administrative expenses | | | | $ | 909,139 | | | | | $ | 800 | | | | | $ | 1,304,440 | | | | | $ | 885 | | |
Loss from operations | | | | | (909,139) | | | | | | (800) | | | | | | (1,304,440) | | | | | | (885) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability | | | | | 97,920 | | | | | | — | | | | | | (125,460) | | | | | | — | | |
Interest earned on marketable securities held in Trust Account | | | | | 1,479 | | | | | | — | | | | | | 7,452 | | | | | | — | | |
Other income (expense), net | | | | | 99,399 | | | | | | — | | | | | | (118,008) | | | | | | — | | |
Net loss | | | | $ | (809,740) | | | | | $ | (800) | | | | | $ | (1,422,448) | | | | | $ | (885) | | |
Basic and diluted weighted average shares outstanding, redeemable common stock | | | | | 11,500,000 | | | | | | — | | | | | | 8,804,029 | | | | | | — | | |
Basic and diluted net loss per share, redeemable common stock | | | | $ | (0.05) | | | | | $ | (0.00) | | | | | $ | (0.12) | | | | | $ | (0.00) | | |
Basic and diluted weighted average shares outstanding, non-redeemable common stock | | | | | 3,283,000 | | | | | | 2,500,000 | | | | | | 3,099,440 | | | | | | 2,500,000 | | |
Basic and diluted net loss per share, non-redeemable common stock | | | | $ | (0.05) | | | | | $ | (0.00) | | | | | $ | (0.12) | | | | | $ | (0.00) | | |
| | | Common Stock | | | Additional Paid in Capital | | | Accumulated Deficit | | | Total Stockholders’ Equity | | ||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||
Balance – January 1, 2021 | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,712 | | | | | $ | (2,200) | | | | | $ | 22,800 | | |
Accretion for common stock to redemption amount | | | | | — | | | | | | — | | | | | | (2,812,212) | | | | | | — | | | | | | (2,812,212) | | |
Sale of 408,000 Private Units | | | | | 408,000 | | | | | | 40 | | | | | | 3,988,160 | | | | | | — | | | | | | 3,988,200 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (28,740) | | | | | | (28,740) | | |
Balance – March 31, 2021 (Restated) | | | | | 3,283,000 | | | | | | 328 | | | | | | 1,200,660 | | | | | | (30,940) | | | | | | 1,170,048 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (583,968) | | | | | | (583,968) | | |
Balance – June 30, 2021 (Restated) | | | | | 3,283,000 | | | | | | 328 | | | | | | 1,200,660 | | | | | | (614,908) | | | | | | 586,080 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (809,740) | | | | | | (809,740) | | |
Balance – September 30, 2021 | | | | | 3,283,000 | | | | | $ | 328 | | | | | $ | 1,200,660 | | | | | $ | (1,424,648) | | | | | $ | (223,660) | | |
| | | Common Stock | | | Additional Paid in Capital | | | Accumulated Deficit | | | Total Stockholders’ Equity | | ||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||
Balance – January 1, 2020 | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,712 | | | | | $ | (1,225) | | | | | $ | 23,775 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (85) | | | | | | (85) | | |
Balance – March 31, 2020 | | | | | 2,875,000 | | | | | | 288 | | | | | | 24,712 | | | | | | (1,310) | | | | | | 23,690 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance – June 30, 2020 | | | | | 2,875,000 | | | | | | 288 | | | | | | 24,712 | | | | | | (1,310) | | | | | | 23,690 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (800) | | | | | | (800) | | |
Balance – September 30, 2020 | | | | | 2,875,000 | | | | | $ | 288 | | | | | $ | 24,712 | | | | | $ | (2,110) | | | | | $ | 22,890 | | |
| | | Nine Months Ended | | |||||||||
| | | September 30, 2021 | | | September 30, 2020 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (1,422,448) | | | | | $ | (885) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Change in fair value of warrants | | | | | 125,460 | | | | | | — | | |
Interest earned on marketable securities held in Trust Account | | | | | (7,452) | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses | | | | | (285,446) | | | | | | — | | |
Accounts payable and accrued expenses | | | | | 392,287 | | | | | | (225) | | |
Net cash used in operating activities | | | | | (1,197,599) | | | | | | (1,110) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash in Trust Account | | | | $ | (115,000,000) | | | | | $ | — | | |
Net cash used in investing activities | | | | | (115,000,000) | | | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from sale of Units, net of underwriting discounts paid | | | | $ | 112,700,000 | | | | | $ | — | | |
Proceeds from sale of Private Placement Units | | | | | 4,080,000 | | | | | | — | | |
Repayment of promissory note – related party | | | | | (200,000) | | | | | | — | | |
Payment of offering costs | | | | | (484,565) | | | | | | (723) | | |
Net cash provided by (used in) financing activities | | | | | 116,095,435 | | | | | | (723) | | |
Net Change in Cash | | | | | (102,164) | | | | | | (1,833) | | |
Cash – Beginning of period | | | | | 195,758 | | | | | | 25,000 | | |
Cash – End of period | | | | $ | 93,594 | | | | | $ | 23,167 | | |
Non-Cash investing and financing activities: | | | | | | | | | | | | | |
Offering costs included in accrued offering costs | | | | $ | 1,105 | | | | | $ | — | | |
Initial classification of common stock subject to possible redemption | | | | $ | 115,000,000 | | | | | $ | — | | |
Balance Sheet as of March 05, 2021 (unaudited) | | | As Previously Reported | | | Adjustment | | | As Restated | | |||||||||
Common stock subject to possible redemption | | | | $ | 111,197,990 | | | | | $ | 3,802,010 | | | | | $ | 115,000,000 | | |
Common stock | | | | $ | 366 | | | | | $ | (38) | | | | | $ | 328 | | |
Additional paid-in capital | | | | $ | 5,002,631 | | | | | $ | (3,801,972) | | | | | $ | 1,200,659 | | |
Balance Sheet as of March 05, 2021 (unaudited) | | | As Previously Reported | | | Adjustment | | | As Restated | | |||||||||
Total Stockholders’ Equity | | | | $ | 5,000,008 | | | | | $ | (3,802,010) | | | | | $ | 1,197,998 | | |
Number of shares subject to redemption | | | | | 11,119,799 | | | | | | 380,201 | | | | | | 11,500,000 | | |
Number of shares, non-redeemable common stock | | | | | 3,663,201 | | | | | | (380,201) | | | | | | 3,283,000 | | |
Balance Sheet as of March 31, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
Common stock subject to possible redemption | | | | $ | 111,170,039 | | | | | $ | 3,829,961 | | | | | $ | 115,000,000 | | |
Common stock | | | | $ | 366 | | | | | $ | (38) | | | | | $ | 328 | | |
Additional paid-in capital | | | | $ | 5,030,583 | | | | | $ | (3,829,923) | | | | | $ | 1,200,660 | | |
Total Stockholders’ Equity | | | | $ | 5,000,009 | | | | | $ | (3,829,961) | | | | | $ | 1,170,048 | | |
Number of shares subject to redemption | | | | | 11,117,004 | | | | | | 382,996 | | | | | | 11,500,000 | | |
Number of shares, non-redeemable common stock | | | | | 3,665,996 | | | | | | (382,996) | | | | | | 3,283,000 | | |
Balance Sheet as of June 30, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
Common stock subject to possible redemption | | | | $ | 110,586,069 | | | | | $ | 4,413,931 | | | | | $ | 115,000,000 | | |
Common stock | | | | $ | 372 | | | | | $ | (44) | | | | | $ | 328 | | |
Additional paid-in capital | | | | $ | 5,614,547 | | | | | $ | (4,413,887) | | | | | $ | 1,200,660 | | |
Total Stockholders’ Equity | | | | $ | 5,000,011 | | | | | $ | (4,413,931) | | | | | $ | 586,080 | | |
Number of shares subject to redemption | | | | | 11,058,607 | | | | | | 441,393 | | | | | | 11,500,000 | | |
Number of shares, non-redeemable common stock | | | | | 3,724,393 | | | | | | (441,393) | | | | | | 3,283,000 | | |
Statement of Operations for the Three Months Ended March 31, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption | | | | | 3,212,386 | | | | | | 109,836 | | | | | | 3,322,222 | | |
Basic and diluted net loss per share, Common stock subject to possible redemption | | | | $ | (0.00) | | | | | $ | — | | | | | $ | (0.00) | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | | | | | 2,836,036 | | | | | | (109,836) | | | | | $ | 2,726,200 | | |
Basic and diluted net loss per share, Non-redeemable common stock | | | | $ | (0.01) | | | | | $ | 0.01 | | | | | $ | (0.00) | | |
Statement of Operations for the Three Months Ended June 30, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption | | | | | 11,117,004 | | | | | | 382,996 | | | | | | 11,500,000 | | |
Basic and diluted net loss per share, Common stock subject to possible redemption | | | | $ | 0.00 | | | | | $ | (0.04) | | | | | $ | (0.04) | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | | | | | 3,665,996 | | | | | | (382,996) | | | | | | 3,283,000 | | |
Basic and diluted net loss per share, Non-redeemable common stock | | | | $ | (0.16) | | | | | $ | 0.12 | | | | | $ | (0.04) | | |
Statement of Operations for the Six Months Ended June 30, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption | | | | | 11,117,625 | | | | | | (3,683,923) | | | | | | 7,433,702 | | |
Balance Sheet as of March 05, 2021 (unaudited) | | | As Previously Reported | | | Adjustment | | | As Restated | | |||||||||
Basic and diluted net loss per share, Common stock subject to possible redemption | | | | $ | 0.00 | | | | | $ | (0.06) | | | | | $ | (0.06) | | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | | | | | 3,253,309 | | | | | | (247,171) | | | | | | 3,006,138 | | |
Basic and diluted net loss per share, Non-redeemable common stock | | | | $ | (0.19) | | | | | $ | 0.13 | | | | | $ | (0.06) | | |
Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
Initial classification of common stock subject to possible redemption | | | | $ | 111,197,990 | | | | | $ | 3,802,010 | | | | | $ | 115,000,000 | | |
Change in value of common stock subject to possible redemption | | | | $ | (27,591) | | | | | $ | 27,591 | | | | | $ | — | | |
Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
Initial classification of common stock subject to possible redemption | | | | $ | 111,197,990 | | | | | $ | 3,802,010 | | | | | $ | 115,000,000 | | |
Change in value of common stock subject to possible redemption | | | | $ | (611,921) | | | | | $ | 611,921 | | | | | $ | — | | |
Statement of Changes in Stockholders’ (Deficit) Equity for the Three Months Ended March 31, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
Sale of 11,500,000 Units, net of underwriting discounts and offering expenses | | | | $ | 112,187,788 | | | | | $ | (112,187,788) | | | | | $ | — | | |
Common stock subject to redemption | | | | $ | (111,170,139) | | | | | $ | 111,170,039 | | | | | $ | — | | |
Accretion for common stock subject to redemption | | | | $ | — | | | | | $ | (2,812,212) | | | | | $ | (2,812,212) | | |
Total shareholders’ equity | | | | $ | 5,000,009 | | | | | $ | (3,829,961) | | | | | $ | 1,170,048 | | |
Shares of common stock | | | | | 3,665,996 | | | | | | 382,996 | | | | | | 3,283,000 | | |
Common stock | | | | $ | 366 | | | | | $ | (38) | | | | | $ | 328 | | |
Statement of Changes in Stockholders’ (Deficit) Equity for the Three Months Ended June 30, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
Change in value of common stock subject to redemption | | | | $ | 583,970 | | | | | $ | (583,970) | | | | | $ | — | | |
Total shareholders’ equity | | | | $ | 5,000,011 | | | | | $ | (4,413,931) | | | | | $ | 586,080 | | |
Shares of common stock | | | | | 3,724,393 | | | | | | 441,393 | | | | | | 3,283,000 | | |
Common stock | | | | $ | 372 | | | | | $ | (44) | | | | | $ | 328 | | |
| Gross proceeds | | | | $ | 115,000,000 | | |
| Less: | | | | | | | |
| Common stock issuance costs | | | | | (2,812,212) | | |
| Plus: | | | | | | | |
| Accretion of carrying value to redemption value | | | | | 2,812,212 | | |
| Common stock subject to possible redemption | | | | $ | 115,000,000 | | |
| | | Three Months Ended September 30, 2021 | | | Nine Months Ended September 30, 2021 | | | For the Period from 2/13/19 (Inception) Through September 30, 2020 | | |||||||||||||||||||||
| | | Redeemable common stock | | | Non-redeemable common stock | | | Redeemable common stock | | | Non-redeemable common stock | | | Non-redeemable common stock | | |||||||||||||||
Basic and diluted net loss per common share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net loss, as adjusted | | | | $ | (629,913) | | | | | $ | (179,827) | | | | | $ | (1,052,069) | | | | | $ | (370,379) | | | | | $ | (800) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding | | | | | 11,500,000 | | | | | | 3,283,000 | | | | | | 8,804,029 | | | | | | 3,099,440 | | | | | | 2,500,000 | | |
Basic and diluted net loss per common share | | | | $ | (0.05) | | | | | $ | (0.05) | | | | | $ | (0.12) | | | | | $ | (0.12) | | | | | $ | (0.00) | | |
| | | Three Months Ended September 30, 2020 | | | Nine Months Ended September 30, 2020 | | ||||||
| | | Non-redeemable common stock | | | Non-redeemable common stock | | ||||||
Basic and diluted net loss per common share | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Allocation of net loss, as adjusted | | | | $ | (800) | | | | | $ | (885) | | |
Denominator: | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding | | | | | 2,500,000 | | | | | | 2,500,000 | | |
Basic and diluted net loss per common share | | | | $ | (0.00) | | | | | $ | (0.00) | | |
| | Description | | June 30, 2021 | | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Other Unobservable Inputs (Level 3) | | | Description | | September 30, 2021 | | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Other Unobservable Inputs (Level 3) | | ||||||||||||||||||||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Cash and marketable securities held in Trust Account | | | | | $ | 115,005,972 | | | | $ | 115,005,972 | | | | $ | — | | | | $ | — | | | | | | | $ | 115,007,452 | | | | $ | 115,007,452 | | | | $ | — | | | | $ | — | | | ||||||||||
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Warrant Liability – Private Placement Warrants | | | | | $ | 315,180 | | | | $ | — | | | | $ | — | | | | $ | 315,180 | | | | | | | $ | 217,260 | | | | $ | — | | | | $ | — | | | | $ | 217,260 | | |
| | | At March 5, 2021 (Initial Measurement) | | | At September 30, 2021 | | ||||||
Stock price | | | | $ | 9.78 | | | | | $ | 9.94 | | |
Strike price | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Volatility | | | | | 14.9% | | | | | | 19.8% | | |
Risk-free rate | | | | | 0.87% | | | | | | 0.95% | | |
Probability of Business Combination occurring | | | | | 75% | | | | | | 90.0% | | |
Dividend yield | | | | | 0.0% | | | | | | 0.0% | | |
Fair value of Private Placement Warrants | | | | $ | 0.90 | | | | | $ | 2.13 | | |
| | | Warrant Liabilities | | |||
Fair value as of March 5, 2021 (Initial Measurement) | | | | $ | 91,800 | | |
Change in fair value | | | | | (9,180) | | |
Fair value as of March 31, 2021 | | | | | 82,620 | | |
Change in fair value | | | | | 232,560 | | |
Fair value as of June 30, 2021 | | | | $ | 315,180 | | |
Change in fair value | | | | | (97,920) | | |
Fair value as of September 30, 2021 | | | | $ | 217,260 | | |
| | | At March 5, 2021 (Initial Measurement) | | | At June 30, 2021 | | ||||||
Stock price | | | | $ | 9.78 | | | | | $ | 9.90 | | |
Strike price | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Volatility | | | | | 14.9% | | | | | | 25.2% | | |
Risk-free rate | | | | | 0.87% | | | | | | 0.84% | | |
Probability of Business Combination occurring | | | | | 75% | | | | | | 75% | | |
Dividend yield | | | | | 0.0% | | | | | | 0.0% | | |
Fair value of private warrants | | | | $ | 0.90 | | | | | $ | 1.64 | | |
Fair Value of public warrants | | | | | 1.64 | | | | | | 3.09 | | |
| | | Warrant Liabilities | | |||
Fair value as of March 5, 2021 (Initial Measurement) | | | | $ | 91,800 | | |
Change in valuation inputs or other assumptions | | | | | 9,180 | | |
Fair value as of March 31, 2021 | | | | | 82,620 | | |
Change in valuation inputs or other assumptions | | | | | 232,560 | | |
Fair value as of June 30, 2021 | | | | $ | 315,180 | | |
| | | December 31, | | | | | |||||||||
| | | 2020 | | | 2019 | | | ||||||||
Assets | | | | | | | | | | | | | | | ||
Current assets: | | | | | | | | | | | | | | | ||
Cash | | | | $ | 169 | | | | | $ | 328 | | | | ||
Accounts receivable, net of allowance | | | | | 180,540 | | | | | | 234,882 | | | | ||
Inventories, net | | | | | 5,793 | | | | | | 7,820 | | | | ||
Prepaid expenses | | | | | 3,530 | | | | | | 4,353 | | | | ||
Other current assets | | | | | 2,191 | | | | | | 1,631 | | | | ||
Total current assets | | | | | 192,223 | | | | | | 249,014 | | | | ||
Property and equipment, net | | | | | 37,074 | | | | | | 22,758 | | | | ||
Intangible assets, net | | | | | 351,528 | | | | | | 387,848 | | | | ||
Goodwill | | | | | 58,522 | | | | | | 86,503 | | | | ||
Other long-term assets | | | | | 1,521 | | | | | | 1,107 | | | | ||
Total assets | | | | $ | 640,868 | | | | | $ | 747,230 | | | | ||
Liabilities and Equity | | | | | ||||||||||||
Current liabilities: | | | | | | | | | | | | | | | ||
Current portion of long-term debt and capital lease obligations | | | | $ | 28,169 | | | | | $ | 14,525 | | | | ||
Current portion of contingent consideration | | | | | 9,968 | | | | | | 10,808 | | | | ||
Accounts payable | | | | | 56,558 | | | | | | 72,144 | | | | ||
Accrued expenses | | | | | 66,808 | | | | | | 61,751 | | | | ||
Contract liabilities | | | | | 14,945 | | | | | | 18,470 | | | | ||
Total current liabilities | | | | | 176,448 | | | | | | 177,698 | | | | ||
Capital lease obligations, net of current portion | | | | | 17,752 | | | | | | 9,364 | | | | ||
Long-term debt, net of current portion and deferred financing fees | | | | | 397,464 | | | | | | 390,769 | | | | ||
Contingent consideration, net of current portion | | | | | 8,161 | | | | | | 29,311 | | | | ||
Distributions payable | | | | | 11,409 | | | | | | 5,930 | | | | ||
Total liabilities | | | | | 611,234 | | | | | | 613,072 | | | | ||
Commitments and contingencies (Notes 7 and 11) | | | | | | | | | | | | | | | ||
Equity: | | | | | | | | | | | | | | | ||
Preferred units, 25,000 units authorized, issued and outstanding (liquidation preference $29,029 as of December 31, 2020) | | | | | 25,000 | | | | | | 25,000 | | | | ||
Class A units, 2,005,824 units authorized, issued and outstanding | | | | | 208,324 | | | | | | 208,324 | | | | ||
Members’ deficit | | | | | (204,086) | | | | | | (99,323) | | | | ||
Accumulated other comprehensive income | | | | | 396 | | | | | | 157 | | | | ||
Total equity | | | | | 29,634 | | | | | | 134,158 | | | | ||
Total liabilities and equity | | | | $ | 640,868 | | | | | $ | 747,230 | | | |
| | | December 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash | | | | $ | 76 | | | | | $ | 91 | | |
Accounts receivable, net of allowance | | | | | 174,797 | | | | | | 228,659 | | |
Inventories, net | | | | | 5,765 | | | | | | 7,790 | | |
Prepaid expenses | | | | | 3,459 | | | | | | 4,130 | | |
Other current assets | | | | | 1,592 | | | | | | 1,608 | | |
Current assets of discontinued operations | | | | | 6,534 | | | | | | 6,736 | | |
Total current assets | | | | | 192,223 | | | | | | 249,014 | | |
Property and equipment, net | | | | | 33,794 | | | | | | 18,173 | | |
Intangible assets, net | | | | | 345,816 | | | | | | 381,573 | | |
Goodwill | | | | | 58,522 | | | | | | 86,503 | | |
Other long-term assets | | | | | 1,241 | | | | | | 842 | | |
Non-current assets of discontinued operations | | | | | 9,272 | | | | | | 11,125 | | |
Total assets | | | | $ | 640,868 | | | | | $ | 747,230 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Current portion of long-term debt and capital lease obligations | | | | $ | 27,249 | | | | | $ | 13,466 | | |
Current portion of contingent consideration | | | | | 9,968 | | | | | | 10,808 | | |
Accounts payable | | | | | 55,749 | | | | | | 70,964 | | |
Accrued expenses | | | | | 65,172 | | | | | | 61,144 | | |
Contract liabilities | | | | | 14,945 | | | | | | 18,470 | | |
Current liabilities of discontinued operations | | | | | 3,365 | | | | | | 2,846 | | |
Total current liabilities | | | | | 176,448 | | | | | | 177,698 | | |
Capital lease obligations, net of current portion | | | | | 15,959 | | | | | | 6,730 | | |
Long-term debt, net of current portion and deferred financing fees | | | | | 397,464 | | | | | | 390,769 | | |
Contingent consideration, net of current portion | | | | | 8,161 | | | | | | 29,311 | | |
Distributions payable | | | | | 11,409 | | | | | | 5,930 | | |
Non-current liabilities of discontinued operations | | | | | 1,793 | | | | | | 2,634 | | |
Total liabilities | | | | | 611,234 | | | | | | 613,072 | | |
Commitments and contingencies (Notes 7 and 11) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Preferred units, 25,000 units authorized, issued and outstanding (liquidation preference $29,029 as of December 31, 2020) | | | | | 25,000 | | | | | | 25,000 | | |
Class A units, 2,005,824 units authorized, issued and outstanding | | | | | 208,324 | | | | | | 208,324 | | |
Members’ deficit | | | | | (204,086) | | | | | | (99,323) | | |
Accumulated other comprehensive income | | | | | 396 | | | | | | 157 | | |
Total equity | | | | | 29,634 | | | | | | 134,158 | | |
Total liabilities and equity | | | | $ | 640,868 | | | | | $ | 747,230 | | |
| | For the Years Ended December 31, | | | | | For the Years Ended December 31, | | |||||||||||||||||||||
| | 2020 | | 2019 | | | | 2020 | | 2019 | | ||||||||||||||||||
Revenue | | | $ | 674,005 | | | | $ | 620,829 | | | | | | $ | 656,524 | | | | $ | 599,268 | | | ||||||
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Cost of revenues | | | | 615,914 | | | | | 545,208 | | | | | | | 597,583 | | | | | 525,403 | | | ||||||
General and administrative | | | | 47,853 | | | | | 43,606 | | | | | | | 47,049 | | | | | 42,665 | | | ||||||
Transaction expenses | | | | 988 | | | | | 4,257 | | | | | | | 988 | | | | | 4,257 | | | ||||||
Change in fair value of contingent consideration | | | | (7,081) | | | | | 5,883 | | | | | | | (7,081) | | | | | 6,149 | | | ||||||
Impairment of long-lived assets | | | | — | | | | | 840 | | | | | | | — | | | | | 840 | | | ||||||
Impairment of goodwill | | | | 28,802 | | | | | 13,251 | | | | | | | 28,802 | | | | | 8,132 | | | ||||||
Depreciation and amortization | | | | 48,497 | | | | | 42,115 | | | | | | | 46,475 | | | | | 40,103 | | | ||||||
Total costs and expenses | | | | 734,973 | | | | | 655,160 | | | | | | | 713,816 | | | | | 627,549 | | | ||||||
Loss from operations | | | | (60,968) | | | | | (34,331) | | | | | | | (57,292) | | | | | (28,281) | | | ||||||
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Gain on sale/ disposal of property and equipment | | | | 729 | | | | | 130 | | | | | | | 729 | | | | | 129 | | | ||||||
Interest expense | | | | (37,848) | | | | | (33,593) | | | | | | | (37,659) | | | | | (33,380) | | | ||||||
Total other expense | | | | (37,119) | | | | | (33,463) | | | | | | | (36,930) | | | | | (33,251) | | | ||||||
Loss from continuing operations | | | | (94,222) | | | | | (61,532) | | | ||||||||||||||||||
Loss from discontinued operations | | | | (3,865) | | | | | (6,262) | | | ||||||||||||||||||
Net loss | | | | (98,087) | | | | | (67,794) | | | | | | | (98,087) | | | | | (67,794) | | | ||||||
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Foreign currency translation adjustments | | | | 239 | | | | | 685 | | | | | | | 239 | | | | | 685 | | | ||||||
Comprehensive loss | | | $ | (97,848) | | | | $ | (67,109) | | | | | | $ | (97,848) | | | | $ | (67,109) | | | ||||||
Earnings per unit: | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Basic and diluted earnings per unit | | | $ | (50.54) | | | | $ | (34.93) | | | | |||||||||||||||||
Basic and diluted weighted average common units outstanding | | | | 2,005,824 | | | | | 1,962,115 | | | | |||||||||||||||||
Basic and diluted net loss per unit from continuing operations | | | $ | (48.61) | | | | $ | (31.74) | | | ||||||||||||||||||
Basic and diluted net loss per unit from discontinued operations | | | | (1.93) | | | | | (3.19) | | | ||||||||||||||||||
Basic and diluted net loss per unit | | | $ | (50.54) | | | | $ | (34.93) | | | ||||||||||||||||||
Basic and diluted weighted average common units outstanding…………… | | | | 2,005,824 | | | | | 1,962,115 | | |
| | | Preferred Units | | | Class A Units | | | Members’ Deficit | | | Accumulated Other Comprehensive Income (Loss) | | | | | |||||||||||||||||||||||||||||||||
| | | Units | | | Amount | | | Units | | | Amount | | | Total Equity | | | | | | | | |||||||||||||||||||||||||||
Balance, January 1, 2019 | | | | | — | | | | | $ | — | | | | | $ | 1,948,237 | | | | | $ | 194,824 | | | | | $ | (14,925) | | | | | $ | (528) | | | | | $ | 179,371 | | | | | ||||
Adoption of Accounting Standards Codification Topic 606 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,831) | | | | | | — | | | | | | (9,831) | | | | | ||||
Acquisitions (Note 3) | | | | | — | | | | | | — | | | | | | 57,587 | | | | | | 13,500 | | | | | | — | | | | | | — | | | | | | 13,500 | | | | | ||||
Issuance of preferred equity | | | | | 25,000 | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,000 | | | | | ||||
Tax distributions | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,773) | | | | | | — | | | | | | (6,773) | | | | | ||||
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 685 | | | | | | 685 | | | | | ||||
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (67,794) | | | | | | — | | | | | | (67,794) | | | | | ||||
Balance, December 31, 2019 | | | | | 25,000 | | | | | | 25,000 | | | | | | 2,005,824 | | | | | | 208,324 | | | | | | (99,323) | | | | | | 157 | | | | | | 134,158 | | | | | ||||
Tax distributions | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,676) | | | | | | — | | | | | | (6,676) | | | | | ||||
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 239 | | | | | | 239 | | | | | ||||
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (98,087) | | | | | | — | | | | | | (98,087) | | | | | ||||
Balance, December 31, 2020 | | | | | 25,000 | | | | | $ | 25,000 | | | | | | 2,005,824 | | | | | $ | 208,324 | | | | | $ | (204,086) | | | | | $ | 396 | | | | | $ | 29,634 | | | | |
| | | Preferred Units | | | Class A Units | | | Members’ Deficit | | | Accumulated Other Comprehensive Income (Loss) | | | Total Equity | | |||||||||||||||||||||||||||
| | | Units | | | Amount | | | Units | | | Amount | | ||||||||||||||||||||||||||||||
Balance, January 1, 2019 | | | | | — | | | | | $ | — | | | | | | 1,948,237 | | | | | $ | 194,824 | | | | | $ | (14,925) | | | | | $ | (528) | | | | | $ | 179,371 | | |
Adoption of Accounting Standards Codification Topic 606 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,831) | | | | | | — | | | | | | (9,831) | | |
Acquisitions (Note 3) | | | | | — | | | | | | — | | | | | | 57,587 | | | | | | 13,500 | | | | | | — | | | | | | — | | | | | | 13,500 | | |
Issuance of preferred equity | | | | | 25,000 | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,000 | | |
Tax distributions | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,773) | | | | | | — | | | | | | (6,773) | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 685 | | | | | | 685 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (67,794) | | | | | | — | | | | | | (67,794) | | |
Balance, December 31, 2019 | | | | | 25,000 | | | | | | 25,000 | | | | | | 2,005,824 | | | | | | 208,324 | | | | | | (99,323) | | | | | | 157 | | | | | | 134,158 | | |
Tax distributions | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,676) | | | | | | — | | | | | | (6,676) | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 239 | | | | | | 239 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (98,087) | | | | | | — | | | | | | (98,087) | | |
Balance, December 31, 2020 | | | | | 25,000 | | | | | $ | 25,000 | | | | | | 2,005,824 | | | | | $ | 208,324 | | | | | $ | (204,086) | | | | | $ | 396 | | | | | $ | 29,634 | | |
| | For the Years Ended December 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||
| | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net loss | | | $ | (98,087) | | | | $ | (67,794) | | | | | $ | (98,087) | | | | $ | (67,794) | | | ||||
Loss from discontinued operations | | | | 3,865 | | | | | 6,262 | | | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Depreciation, amortization and accretion of debt discount | | | | 48,497 | | | | | 42,115 | | | | | | 46,474 | | | | | 40,103 | | | ||||
Impairment of intangible assets, including goodwill | | | | 28,802 | | | | | 14,091 | | | | | | 28,802 | | | | | 8,972 | | | ||||
Amortization of debt issuance costs | | | | 3,090 | | | | | 2,269 | | | | | | 3,090 | | | | | 2,269 | | | ||||
Change in fair value of contingent consideration | | | | (7,081) | | | | | 5,883 | | | | | | (7,081) | | | | | 6,148 | | | ||||
Payments of acquisition related contingent consideration | | | | — | | | | | (5,238) | | | | | | — | | | | | (5,238) | | | ||||
Provision for bad debt expense | | | | 4,104 | | | | | (741) | | | | | | 3,619 | | | | | (1,139) | | | ||||
Gain on disposal of property and equipment | | | | (729) | | | | | (130) | | | | | | (729) | | | | | (130) | | | ||||
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Accounts receivable | | | | 52,592 | | | | | (18,026) | | | | | | 52,524 | | | | | (17,897) | | | ||||
Inventories | | | | 2,113 | | | | | (265) | | | | | | 2,111 | | | | | (296) | | | ||||
Prepaid expenses and other assets | | | | (686) | | | | | (1,363) | | | | | | (262) | | | | | (1,043) | | | ||||
Accounts payable and accrued liabilities | | | | (15,633) | | | | | 14,501 | | | | | | (16,244) | | | | | 15,546 | | | ||||
Contract liabilities | | | | (3,525) | | | | | 11,696 | | | | | | (3,525) | | | | | 11,696 | | | ||||
Net cash provided by (used in) operating activities from continuing operations | | | | 14,557 | | | | | (2,541) | | | |||||||||||||||
Net cash used in operating activities from discontinued operations | | | | (1,100) | | | | | (461) | | | |||||||||||||||
Net cash provided by (used in) operating activities | | | | 13,457 | | | | | (3,002) | | | | | | 13,457 | | | | | (3,002) | | | ||||
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Purchases of property and equipment | | | | (4,844) | | | | | (3,646) | | | | | | (4,808) | | | | | (3,153) | | | ||||
Proceeds from sale of property and equipment | | | | 881 | | | | | 379 | | | | | | 881 | | | | | 378 | | | ||||
Acquisitions of businesses, see Note 3 | | | | — | | | | | (76,342) | | | | | | — | | | | | (76,342) | | | ||||
Net cash used in investing activities from continuing operations | | | | (3,927) | | | | | (79,117) | | | |||||||||||||||
Net cash used in investing activities from discontinued operations | | | | (36) | | | | | (492) | | | |||||||||||||||
Net cash used in investing activities | | | | (3,963) | | | | | (79,609) | | | | | | (3,963) | | | | �� | (79,609) | | | ||||
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Proceeds from line of credit, net of repayments | | | | 13,283 | | | | | (14,844) | | | | | | 13,283 | | | | | (14,844) | | | ||||
Proceeds from long-term debt | | | | — | | | | | 100,000 | | | | | | — | | | | | 100,000 | | | ||||
Payments for financing fees | | | | (113) | | | | | (6,215) | | | | | | (113) | | | | | (6,215) | | | ||||
Repayment of long-term debt | | | | (9,564) | | | | | (8,691) | | | | | | (9,564) | | | | | (8,691) | | | ||||
Proceeds from subordinated related party note | | | | — | | | | | 25,100 | | | | | | — | | | | | 25,100 | | | ||||
Repayment of subordinated related party note | | | | — | | | | | (25,100) | | | | | | — | | | | | (25,100) | | | ||||
Payments of acquisition related contingent consideration | | | | (6,000) | | | | | (7,870) | | | | | | (6,000) | | | | | (7,870) | | | ||||
Repayment of capital leases | | | | (6,121) | | | | | (4,582) | | | | | | (5,160) | | | | | (3,425) | | | ||||
Proceeds from issuance of preferred equity | | | | — | | | | | 25,000 | | | |||||||||||||||
Tax distributions to members | | | | (1,197) | | | | | (843) | | | |||||||||||||||
Net cash (used in) provided by financing activities | | | | (9,712) | | | | | 81,955 | | | |||||||||||||||
Effect of foreign currency exchange rate (translation) on cash | | | | 59 | | | | | 23 | | | |||||||||||||||
Net decrease in cash | | | | (159) | | | | | (633) | | | |||||||||||||||
Cash: | | | | | | | | | | | | |||||||||||||||
Beginning of year | | | | 328 | | | | | 961 | | | |||||||||||||||
End of year | | | $ | 169 | | | | $ | 328 | | | |||||||||||||||
Supplemental disclosure of cash flow information: | | | | | | | | | | | | |||||||||||||||
Interest paid | | | $ | 35,097 | | | | $ | 30,398 | | | |||||||||||||||
Supplemental disclosure of non-cash investing and financing activities: | | | | | | | | | | | | |||||||||||||||
Assets acquired under capital leases | | | $ | 18,289 | | | | $ | 9,587 | | |
| | | For the Years Ended December 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Proceeds from issuance of preferred equity | | | | | — | | | | | | 25,000 | | |
Tax distributions to members | | | | | (1,197) | | | | | | (843) | | |
Net cash (used in) provided by financing activities from continuing operations | | | | | (8,751) | | | | | | 83,112 | | |
Net cash used in financing activities from discontinued operations | | | | | (961) | | | | | | (1,157) | | |
Net cash (used in) provided by financing activities | | | | | (9,712) | | | | | | 81,955 | | |
Effect of foreign currency exchange rate (translation) on cash | | | | | 59 | | | | | | 23 | | |
Net decrease in cash | | | | | (159) | | | | | | (633) | | |
Cash: | | | | | | | | | | | | | |
Beginning of year | | | | | 328 | | | | | | 961 | | |
End of year | | | | $ | 169 | | | | | $ | 328 | | |
Balances included in the Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | |
Cash | | | | | 76 | | | | | | 91 | | |
Cash included in current assets of discontinued operations | | | | | 93 | | | | | | 237 | | |
Cash at end of period | | | | $ | 169 | | | | | $ | 328 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Interest paid – continuing operations | | | | $ | 34,908 | | | | | $ | 30,185 | | |
Interest paid – discontinued operations | | | | $ | 189 | | | | | $ | 213 | | |
Supplemental disclosure of non-cash investing and financing activities: | | | | | | | | | | | | | |
Assets acquired under capital leases from continuing operations | | | | $ | 18,289 | | | | | $ | 9,587 | | |
|
| | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Loss from continuing operations | | | $ | (94,222) | | | | $ | (61,532) | | | |||||||||||||||
Loss from discontinued operations | | | | (3,865) | | | | | (6,262) | | | |||||||||||||||
Net loss | | | $ | (98,087) | | | | $ | (67,794) | | | | | | | | | | | | | | ||||
Less: accrued preferred return | | | | (3,287) | | | | | (742) | | | | | | (3,287) | | | | | (742) | | | ||||
Net loss attributable to Class A Units | | | | (101,374) | | | | | (68,536) | | | | | | (101,374) | | | | | (68,536) | | | ||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Weighted-average number of units outstanding, basic and diluted | | | | 2,005,824 | | | | | 1,962,115 | | | | | | 2,005,824 | | | | | 1,962,115 | | | ||||
Continuing operations, basic and diluted | | | $ | (48.61) | | | | $ | (31.74) | | | |||||||||||||||
Discontinued operations, basic and diluted | | | | (1.93) | | | | | (3.19) | | | |||||||||||||||
Net loss per unit, basic and diluted | | | $ | (50.54) | | | | $ | (34.93) | | | | | $ | (50.54) | | | | $ | (34.93) | | |
| Purchase consideration: | | | | | | | Purchase consideration: | | | | | | | ||
| Cash paid | | | $ | 16,250 | | | Cash paid | | | $ | 16,250 | | | ||
| Contingent consideration | | | | 7,677 | | | Contingent consideration | | | | 7,677 | | | ||
| | | | $ | 23,927 | | | | | | $ | 23,927 | | | ||
| Purchase price allocations: | | | | | | | Purchase price allocations: | | | | | | | ||
| Accounts receivable | | | $ | 14,815 | | | Accounts receivable | | | $ | 14,815 | | | ||
| Inventories | | | | 65 | | | Inventories | | | | 65 | | | ||
| Property and equipment | | | | 1,195 | | | Property and equipment | | | | 1,195 | | | ||
| Prepaid expenses | | | | 72 | | | Prepaid expenses | | | | 72 | | | ||
| Trademarks and tradenames | | | | 1,900 | | | Trademarks and trade names | | | | 1,900 | | | ||
| Customer relationships | | | | 6,100 | | | Customer relationships | | | | 6,100 | | | ||
| Goodwill | | | | 7,093 | | | Goodwill | | | | 7,093 | | | ||
| Other long-term assets | | | | 46 | | | Other long-term assets | | | | 46 | | | ||
| | | | | 31,286 | | | | | | | 31,286 | | | ||
| Accounts payable | | | | (5,621) | | | Accounts payable | | | | (5,621) | | | ||
| Accrued expenses | | | | (1,688) | | | Accrued expenses | | | | (1,688) | | | ||
| Capital lease obligations | | | | (50) | | | Capital lease obligations | | | | (50) | | | ||
| | | | $ | 23,927 | | | | | | $ | 23,927 | | |
| Purchase consideration: | | | | | | | Purchase consideration: | | | | | | | ||
| Cash paid | | | $ | 43,595 | | | Cash paid | | | $ | 43,595 | | | ||
| Rollover equity | | | | 12,500 | | | Rollover equity | | | | 12,500 | | | ||
| Contingent consideration | | | | 22,615 | | | Contingent consideration | | | | 22,615 | | | ||
| | | | $ | 78,710 | | | | | | $ | 78,710 | | | ||
| Purchase price allocations: | | | | | | | Purchase price allocations: | | | | | | | ||
| Accounts receivable | | | $ | 37,574 | | | Accounts receivable | | | $ | 37,574 | | | ||
| Inventories | | | | 1,668 | | | Inventories | | | | 1,668 | | | ||
| Prepaid expenses | | | | 318 | | | Prepaid expenses | | | | 318 | | | ||
| Property and equipment | | | | 990 | | | Property and equipment | | | | 990 | | | ||
| Trademarks and tradenames | | | | 4,500 | | | Trademarks and trade names | | | | 4,500 | | | ||
| Customer relationships | | | | 35,100 | | | Customer relationships | | | | 35,100 | | | ||
| Goodwill | | | | 32,581 | | | Goodwill | | | | 32,581 | | | ||
| Other long-term assets | | | | 79 | | | Other long-term assets | | | | 79 | | | ||
| | | | | 112,810 | | | | | | | 112,810 | | | ||
| Accounts payable | | | | (14,830) | | | Accounts payable | | | | (14,830) | | | ||
| Accrued expenses | | | | (12,706) | | | Accrued expenses | | | | (12,706) | | | ||
| Contract liabilities | | | | (6,190) | | | Contract liabilities | | | | (6,190) | | | ||
| Capital lease obligations | | | | (374) | | | Capital lease obligations | | | | (374) | | | ||
| | | | $ | 78,710 | | | | | | $ | 78,710 | | |
| Purchase consideration: | | | | | | | |
| Cash paid | | | | $ | 16,497 | | |
| Rollover equity | | | | | 1,000 | | |
| Contingent consideration | | | | | 5,825 | | |
| Timing payments | | | | | 1,447 | | |
| | | | | $ | 24,769 | | |
| Purchase price allocations: | | | | | | | |
| Accounts receivable | | | | $ | 8,847 | | |
| Inventories | | | | | 150 | | |
| Prepaid expenses | | | | | 167 | | |
| Property and equipment | | | | | 1,446 | | |
| Trademarks and tradenames | | | | | 340 | | |
| Customer relationships | | | | | 3,800 | | |
| Goodwill | | | | | 14,698 | | |
| Other long-term assets | | | | | 28 | | |
| | | | | | 29,476 | | |
| Accounts payable | | | | | (2,254) | | |
| Accrued expenses | | | | | (789) | | |
| Contract liabilities | | | | | (648) | | |
| Capital lease obligations | | | | | (1,016) | | |
| | | | | $ | 24,769 | | |
| Purchase consideration: | | | | | | | |
| Cash paid | | | | $ | 16,497 | | |
| Rollover equity | | | | | 1,000 | | |
| Contingent consideration | | | | | 5,825 | | |
| Timing payments | | | | | 1,447 | | |
| | | | | $ | 24,769 | | |
| Purchase price allocations: | | | | | | | |
| Accounts receivable | | | | $ | 8,847 | | |
| Inventories | | | | | 150 | | |
| Prepaid expenses | | | | | 167 | | |
| Property and equipment | | | | | 1,446 | | |
| Trademarks and trade names | | | | | 340 | | |
| Customer relationships | | | | | 3,800 | | |
| Goodwill | | | | | 14,698 | | |
| Other long-term assets | | | | | 28 | | |
| | | | | | 29,476 | | |
| Accounts payable | | | | | (2,254) | | |
| Accrued expenses | | | | | (789) | | |
| Contract liabilities | | | | | (648) | | |
| Capital lease obligations | | | | | (1,016) | | |
| | | | | $ | 24,769 | | |
| | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||
Office furniture | | | $ | 1,257 | | | | $ | 906 | | | | | $ | 1,249 | | | | $ | 898 | | | ||||
Computers | | | | 1,280 | | | | | 1,109 | | | | | | 1,217 | | | | | 1,051 | | | ||||
Machinery, equipment and vehicles | | | | 11,025 | | | | | 7,231 | | | | | | 10,275 | | | | | 6,532 | | | ||||
Leasehold improvements | | | | 3,643 | | | | | 1,075 | | | | | | 3,354 | | | | | 792 | | | ||||
Software | | | | 2,215 | | | | | 1,918 | | | | | | 2,199 | | | | | 1,903 | | | ||||
Assets under capital lease | | | | 37,688 | | | | | 20,641 | | | | | | 32,153 | | | | | 15,226 | | | ||||
Construction in process | | | | 605 | | | | | 246 | | | | | | 605 | | | | | 246 | | | ||||
| | | | 57,713 | | | | | 33,126 | | | | | | 51,052 | | | | | 26,648 | | | ||||
Less: accumulated depreciation | | | | (20,639) | | | | | (10,368) | | | | | | (17,258) | | | | | (8,475) | | | ||||
Property and equipment, net | | | $ | 37,074 | | | | $ | 22,758 | | | | | $ | 33,794 | | | | $ | 18,173 | | |
| | | 2020 | | | 2019 | | ||||||
Trade accounts receivable | | | | $ | 45,724 | | | | | $ | 63,040 | | |
Contract assets | | | | | 139,367 | | | | | | 178,879 | | |
| | | | | 185,091 | | | | | | 241,919 | | |
Less: allowance for doubtful accounts | | | | | (4,551) | | | | | | (7,037) | | |
Accounts receivable, net | | | | $ | 180,540 | | | | | $ | 234,882 | | |
| | | 2020 | | | 2019 | | ||||||
Trade accounts receivable | | | | $ | 44,419 | | | | | $ | 61,365 | | |
Contract assets | | | | | 134,311 | | | | | | 173,734 | | |
| | | | | 178,730 | | | | | | 235,099 | | |
Less: allowance for doubtful accounts | | | | | (3,933) | | | | | | (6,440) | | |
Accounts receivable, net | | | | $ | 174,797 | | | | | $ | 228,659 | | |
| | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||
Contract assets | | | $ | 139,367 | | | | $ | 178,879 | | | | | $ | 134,311 | | | | $ | 173,734 | | | ||||
Contract liabilities | | | | (14,945) | | | | | (18,470) | | | | | | (14,945) | | | | | (18,470) | | | ||||
Contract assets, net | | | $ | 124,422 | | | | $ | 160,409 | | | | | $ | 119,366 | | | | $ | 155,264 | | |
| | | 2020 | | | 2019 | | | ||||||||||||||||||||
| | | Amount | | | % of Total | | | Amounts | | | % of Total | | | ||||||||||||||
AT&T | | | | $ | 81,796 | | | | | | 44.2% | | | | | $ | 120,145 | | | | | | 49.7% | | | | ||
Verizon | | | | | 65,346 | | | | | | 35.3% | | | | | | 69,552 | | | | | | 28.8% | | | | ||
Total | | | | $ | 147,142 | | | | | | 79.5% | | | | | $ | 189,697 | | | | | | 78.5% | | | | | |
| | | 2020 | | | 2019 | | ||||||||||||||||||
| | | Amount | | | % of Total | | | Amounts | | | % of Total | | ||||||||||||
AT&T | | | | $ | 81,796 | | | | | | 45.8% | | | | | $ | 120,145 | | | | | | 51.1% | | |
Verizon | | | | | 65,346 | | | | | | 36.6% | | | | | | 69,552 | | | | | | 29.6% | | |
Total | | | | $ | 147,142 | | | | | | 82.3% | | | | | $ | 189,697 | | | | | | 80.8% | | |
| | Renewables and Recovery Logistics | | Telecom | | Total | | | Renewables and Recovery Logistics | | Telecom | | Total | | ||||||||||||||||||||||||
Goodwill as of January 1, 2019 | | | $ | 13,598 | | | | $ | 32,442 | | | | $ | 46,040 | | | | | $ | 13,598 | | | | $ | 27,485 | | | | $ | 41,083 | | | ||||||
Additions from acquisitions | | | | — | | | | | 53,552 | | | | | 53,552 | | | ||||||||||||||||||||||
Additions from acquistions | | | | — | | | | | 53,552 | | | | | 53,552 | | | ||||||||||||||||||||||
Impairment loss | | | | — | | | | | (13,089) | | | | | (13,089) | | | | | | — | | | | | (8,132) | | | | | (8,132) | | | ||||||
Goodwill as of December 31, 2019 | | | $ | 13,598 | | | | $ | 72,905 | | | | $ | 86,503 | | | | | $ | 13,598 | | | | $ | 72,905 | | | | $ | 86,503 | | | ||||||
Measurement period adjustments, net | | | | — | | | | | 821 | | | | | 821 | | | | | | — | | | | | 821 | | | | | 821 | | | ||||||
Impairment loss | | | | — | | | | | (28,802) | | | | | (28,802) | | | | | | — | | | | | (28,802) | | | | | (28,802) | | | ||||||
Goodwill as of December 31, 2020 | | | $ | 13,598 | | | | $ | 44,924 | | | | $ | 58,522 | | | | | $ | 13,598 | | | ��� | $ | 44,924 | | | | $ | 58,522 | | |
| | | 2020 | | |||||||||||||||||||||
| | | Weighted Average Remaining Useful Life | | | Gross carrying amount | | | Accumulated amortization | | | Net carrying amount | | ||||||||||||
Customer relationships | | | | | 10.7 | | | | | $ | 374,399 | | | | | $ | (67,392) | | | | | $ | 307,007 | | |
Trade names | | | | | 10.0 | | | | | | 59,759 | | | | | | (15,238) | | | | | | 44,521 | | |
| | | | | | | | | | $ | 434,158 | | | | | $ | (82,630) | | | | | $ | 351,528 | | |
| | | 2019 | | |||||||||||||||||||||
| | | Weighted Average Remaining Useful Life | | | Gross carrying amount | | | Accumulated amortization | | | Net carrying amount | | ||||||||||||
Customer relationships | | | | | 11.7 | | | | | $ | 374,264 | | | | | $ | (37,667) | | | | | $ | 336,597 | | |
Trade names | | | | | 10.5 | | | | | | 59,732 | | | | | | (8,481) | | | | | | 51,251 | | |
| | | | | | | | | | $ | 433,996 | | | | | $ | (46,148) | | | | | $ | 387,848 | | |
| | | 2020 | | |||||||||||||||||||||
| | | Weighted Average Remaining Useful Life | | | Gross carrying amount | | | Accumulated amortization | | | Net carrying amount | | ||||||||||||
Customer relationships | | | | | 10.8 | | | | | $ | 368,200 | | | | | $ | (65,868) | | | | | $ | 302,332 | | |
Trade names | | | | | 9.9 | | | | | | 58,519 | | | | | | (15,035) | | | | | | 43,484 | | |
| | | | | | | | | | $ | 426,719 | | | | | $ | (80,903) | | | | | $ | 345,816 | | |
| | | 2019 | | |||||||||||||||||||||
| | | Weighted Average Remaining Useful Life | | | Gross carrying amount | | | Accumulated amortization | | | Net carrying amount | | ||||||||||||
Customer relationships | | | | | 11.8 | | | | | $ | 368,200 | | | | | $ | (36,782) | | | | | $ | 331,418 | | |
Trade names | | | | | 10.5 | | | | | | 58,519 | | | | | | (8,364) | | | | | | 50,155 | | |
| | | | | | | | | | $ | 426,719 | | | | | $ | (45,146) | | | | | $ | 381,573 | | |
| Years ending December 31: | | | | | | | Years ending December 31: | | | | | | | ||
| 2021 | | | $ | 36,284 | | | 2021 | | | $ | 35,585 | | | ||
| 2022 | | | | 36,284 | | | 2022 | | | | 35,585 | | | ||
| 2023 | | | | 34,993 | | | 2023 | | | | 34,294 | | | ||
| 2024 | | | | 32,944 | | | 2024 | | | | 32,245 | | | ||
| 2025 | | | | 31,988 | | | 2025 | | | | 31,289 | | | ||
| Thereafter | | | | 179,035 | | | Thereafter | | | | 176,818 | | | ||
| | | | $ | 351,528 | | | | | | $ | 345,816 | | |
| | | 2020 | | | 2019 | | ||||||
Line of credit | | | | $ | 59,837 | | | | | $ | 46,554 | | |
Term loan | | | | | 361,045 | | | | | | 370,609 | | |
Acquisition debt | | | | | 10,575 | | | | | | — | | |
Capital lease obligations | | | | | 29,008 | | | | | | 16,161 | | |
Less: amounts representing interest | | | | | (3,226) | | | | | | (1,836) | | |
Less: unamortized financing fees | | | | | (13,854) | | | | | | (16,830) | | |
| | | | | 443,385 | | | | | | 414,658 | | |
Less: current portion of long-term debt | | | | | (20,139) | | | | | | (9,564) | | |
Less: current portion of capital lease obligations, net of capital lease interest | | | | | (8,030) | | | | | | (4,961) | | |
| | | | $ | 415,216 | | | | | $ | 400,133 | | |
| | | 2020 | | | 2019 | | ||||||
Line of credit | | | | $ | 59,837 | | | | | $ | 46,554 | | |
Term loan | | | | | 361,045 | | | | | | 370,609 | | |
Acquistion debt | | | | | 10,575 | | | | | | — | | |
Capital lease obligations | | | | | 25,751 | | | | | | 11,959 | | |
Less: amounts representing interest | | | | | (2,682) | | | | | | (1,327) | | |
Less: unamortized financing fees | | | | | (13,854) | | | | | | (16,830) | | |
| | | | | 440,672 | | | | | | 410,965 | | |
Less: current portion of long-term debt | | | | | (20,139) | | | | | | (9,564) | | |
Less: current portion of capital lease obliations, net of capital lease interest | | | | | (7,110) | | | | | | (3,902) | | |
| | | | $ | 413,423 | | | | | $ | 397,499 | | |
| | Line of credit | | Term loan | | Acquisition debt | | Capital lease obligations | | Total | | | Line of credit | | Term loan | | Acquistion debt | | Capital lease obligations | | Total | | ||||||||||||||||||||||||||||||||||||||||
2021 | | | $ | — | | | | $ | 9,564 | | | | $ | 10,575 | | | | $ | 9,437 | | | | $ | 29,576 | | | | | $ | — | | | | $ | 9,564 | | | | $ | 10,575 | | | | $ | 8,287 | | | | $ | 28,426 | | | ||||||||||
2022 | | | | — | | | | | 9,564 | | | | | — | | | | | 8,324 | | | | | 17,888 | | | | | | — | | | | | 9,564 | | | | | — | | | | | 7,318 | | | | | 16,882 | | | ||||||||||
2023 | | | | 59,837 | | | | | 9,564 | | | | | — | | | | | 7,183 | | | | | 76,584 | | | | | | 59,837 | | | | | 9,564 | | | | | — | | | | | 6,397 | | | | | 75,798 | | | ||||||||||
2024 | | | | — | | | | | 9,564 | | | | | — | | | | | 3,420 | | | | | 12,984 | | | | | | — | | | | | 9,564 | | | | | — | | | | | 3,105 | | | | | 12,669 | | | ||||||||||
2025 | | | | — | | | | | 9,564 | | | | | — | | | | | 645 | | | | | 10,209 | | | | | | — | | | | | 9,564 | | | | | — | | | | | 644 | | | | | 10,208 | | | ||||||||||
Thereafter | | | | — | | | | | 313,225 | | | | | — | | | | | — | | | | | 313,225 | | | | | | — | | | | | 313,225 | | | | | — | | | | | — | | | | | 313,225 | | | ||||||||||
Total | | | $ | 59,837 | | | | $ | 361,045 | | | | $ | 10,575 | | | | $ | 29,008 | | | | $ | 460,465 | | | | | $ | 59,837 | | | | $ | 361,045 | | | | $ | 10,575 | | | | $ | 25,751 | | | | $ | 457,208 | | |
| | | Fair Value at December 31, 2020 | | |||||||||||||||||||||
(in thousands) | | | Carrying Value | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Contingent consideration – Vertical Limit | | | | $ | 4,711 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,711 | | |
Contingent consideration – Vinculums | | | | | 13,418 | | | | | | | | | | | | — | | | | | | 13,418 | | |
| | | | $ | 18,129 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,129 | | |
| | | Fair Value at December 31, 2020 | | |||||||||||||||||||||
(in thousands) | | | Carrying Value | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Contingent consideration – Vertical Limit | | | | $ | 4,711 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,711 | | |
Contingent consideration – Vinculums | | | | | 13,418 | | | | | | — | | | | | | — | | | | | | 13,418 | | |
| | | | $ | 18,129 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,129 | | |
| | | Fair Value at December 31, 2019 | | |||||||||||||||||||||
(in thousands) | | | Carrying Value | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Contingent consideration – RLI | | | | $ | 2,075 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,075 | | |
Contingent consideration – Vertical Limit | | | | | 9,195 | | | | | | — | | | | | | — | | | | | | 9,195 | | |
Contingent consideration – Vinculums | | | | | 22,973 | | | | | | — | | | | | | — | | | | | | 22,973 | | |
Contingent consideration – Aerial | | | | | 5,876 | | | | | | — | | | | | | — | | | | | | 5,876 | | |
| | | | $ | 40,119 | | | | | $ | — | | | | | $ | — | | | | | $ | 40,119 | | |
| | | Fair Value at December 31, 2019 | | |||||||||||||||||||||
(in thousands) | | | Carrying Value | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Contingent consideration – RLI | | | | $ | 2,075 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,075 | | |
Contingent consideration – Vertical Limit | | | | | 9,195 | | | | | | — | | | | | | — | | | | | | 9,195 | | |
Contingent consideration – Vinculums | | | | | 22,973 | | | | | | — | | | | | | — | | | | | | 22,973 | | |
Contingent consideration – Aerial | | | | | 5,876 | | | | | | — | | | | | | — | | | | | | 5,876 | | |
| | | | $ | 40,119 | | | | | $ | — | | | | | $ | — | | | | | $ | 40,119 | | |
| January 1, 2019 | | | $ | 10,386 | | | January 1, 2019 | | | $ | 10,130 | | | ||
| Acquisitions (see Note 3) | | | | 36,117 | | | Acquisitions (see Note 3) | | | | 36,117 | | | ||
| Payment of contingent consideration | | | | (13,108) | | | Payment of contingent consideration | | | | (13,108) | | | ||
| Accretion | | | | 832 | | | Accretion | | | | 832 | | | ||
| Change in fair value | | | | 5,883 | | | Change in fair value | | | | 6,148 | | | ||
| Foreign currency translation adjustments | | | | 9 | | | December 31, 2019 | | | | 40,119 | | | ||
| December 31, 2019 | | | | 40,119 | | | Payment of contingent consideration | | | | (6,000) | | | ||
| Payment of contingent consideration | | | | (6,000) | | | Accretion | | | | 1,666 | | | ||
| Accretion | | | | 1,666 | | | Reclassification to acquisition debt | | | | (10,575) | | | ||
| Reclassification to acquisition debt | | | | (10,575) | | | Change in fair value | | | | (7,081) | | | ||
| Change in fair value | | | | (7,081) | | | December 31, 2020 | | | $ | 18,129 | | | ||
| December 31, 2020 | | | $ | 18,129 | | |
| | | 2020 | | | 2019 | | ||||||
Revenue: | | | | ||||||||||
Telecom | | | | $ | 605,095 | | | | | $ | 589,903 | | |
Renewables and Recovery Logistics | | | | | 68,910 | | | | | | 30,926 | | |
Total consolidated revenue | | | | $ | 674,005 | | | | | $ | 620,829 | | |
| | | 2020 | | | 2019 | | ||||||
Total Assets: | | | | ||||||||||
Telecom | | | | $ | 579,147 | | | | | $ | 697,991 | | |
Renewables and Recovery Logistics | | | | | 55,370 | | | | | | 45,642 | | |
Corporate | | | | | 6,351 | | | | | | 3,597 | | |
Total consolidated assets | | | | $ | 640,868 | | | | | $ | 747,230 | | |
| | | 2020 | | | 2019 | | ||||||
Revenue: | | | | ||||||||||
Telecom | | | | $ | 587,614 | | | | | $ | 568,342 | | |
Renewables and Recovery Logistics | | | | | 68,910 | | | | | | 30,926 | | |
Total consolidated revenue | | | | $ | 656,524 | | | | | $ | 599,268 | | |
| | | 2020 | | | 2019 | | ||||||
Total Assets: | | | | | | | | | | | | | |
Telecom | | | | $ | 579,147 | | | | | $ | 697,991 | | |
Renewables and Recovery Logistics | | | | | 55,370 | | | | | | 45,642 | | |
Corporate | | | | | 6,351 | | | | | | 3,597 | | |
Total consolidated assets | | | | $ | 640,868 | | | | | $ | 747,230 | | |
| | | 2020 | | | 2019 | | ||||||
Capital Expenditures: | | | | | | | | | | | | | |
Telecom | | | | $ | 8,831 | | | | | $ | 10,693 | | |
Renewables and Recovery Logistics | | | | | 12,251 | | | | | | 1,090 | | |
Corporate | | | | | 2,015 | | | | | | 957 | | |
Total consolidated capital expenditures | | | | $ | 23,097 | | | | | $ | 12,740 | | |
| | | 2020 | | | 2019 | | ||||||
Capital Expenditures: | | | | ||||||||||
Telecom | | | | $ | 8,867 | | | | | $ | 11,186 | | |
Renewables and Recovery Logistics | | | | | 12,251 | | | | | | 1,090 | | |
Corporate | | | | | 2,015 | | | | | | 957 | | |
Total consolidated capital expenditures | | | | $ | 23,133 | | | | | $ | 13,233 | | |
| | | 2020 | | | 2019 | | ||||||
Amortization and Depreciation: | | | | ||||||||||
Amortization and depreciation | | | | | | | | | | | | | |
Telecom | | | | $ | 42,610 | | | | | $ | 37,423 | | |
Renewables and Recovery Logistics | | | | | 5,259 | | | | | | 4,250 | | |
Corporate | | | | | 628 | | | | | | 442 | | |
Total consolidated amortization and depreciation | | | | $ | 48,497 | | | | | $ | 42,115 | | |
| | | 2020 | | | 2019 | | ||||||
EBITDA Reconciliation: | | | | ||||||||||
Telecom adjusted EBITDA | | | | $ | 755 | | | | | $ | 37,879 | | |
Renewables and Recovery Logistics adjusted EBITDA | | | | | 28,943 | | | | | | 11,442 | | |
Corporate adjusted EBITDA | | | | | (18,213) | | | | | | (16,635) | | |
Total adjusted EBITDA | | | | | 11,485 | | | | | | 32,686 | | |
Less: | | | | | | | | | | | | | |
Management fees | | | | | (518) | | | | | | (541) | | |
Transaction expenses | | | | | (988) | | | | | | (4,257) | | |
Change in fair value of contingent consideration | | | | | 7,081 | | | | | | (5,883) | | |
Impairment of goodwill | | | | | (28,802) | | | | | | (13,251) | | |
Impairment of long-lived assets | | | | | — | | | | | | (840) | | |
Depreciation and amortization | | | | | (48,497) | | | | | | (42,115) | | |
Interest expense | | | | | (37,848) | | | | | | (33,593) | | |
Net loss | | | | $ | (98,087) | | | | | $ | (67,794) | | |
| | | 2020 | | | 2019 | | ||||||
Amortization and Depreciation: | | | | | | | | | | | | | |
Amortization and depreciation | | | | | | | | | | | | | |
Telecom | | | | $ | 40,588 | | | | | $ | 35,411 | | |
Renewables and Recovery Logistics | | | | | 5,259 | | | | | | 4,250 | | |
Corporate | | | | | 628 | | | | | | 442 | | |
Total consolidated amortization and depreciation | | | | $ | 46,475 | | | | | $ | 40,103 | | |
| | | 2020 | | | 2019 | | ||||||
EBITDA Reconciliation: | | | | | | | | | | | | | |
Telecom adjusted EBITDA | | | | $ | 2,409 | | | | | $ | 37,063 | | |
Renewables and Recovery Logistics adjusted EBITDA | | | | | 28,943 | | | | | | 11,442 | | |
Corporate adjusted EBITDA | | | | | (18,213) | | | | | | (16,635) | | |
Total adjusted EBITDA | | | | | 13,139 | | | | | | 31,870 | | |
Less: | | | | | | | | | | | | | |
Management fees | | | | | (518) | | | | | | (541) | | |
Transaction expenses | | | | | (988) | | | | | | (4,257) | | |
Change in fair value of contingent consideration | | | | | 7,081 | | | | | | (6,149) | | |
Impairment of goodwill | | | | | (28,802) | | | | | | (8,132) | | |
Impairment of long-lived assets | | | | | — | | | | | | (840) | | |
Depreciation and amortization | | | | | (46,475) | | | | | | (40,103) | | |
Interest expense | | | | | (37,659) | | | | | | (33,380) | | |
Net loss | | | | $ | (94,222) | | | | | $ | (61,532) | | |
| | | 2020 | | | 2019 | | ||||||
Revenue by Geography: | | | | ||||||||||
United States | | | | $ | 656,524 | | | | | $ | 599,268 | | |
Canada | | | | | 17,481 | | | | | | 21,561 | | |
Total | | | | $ | 674,005 | | | | | $ | 620,829 | | |
| | | 2020 | | | 2019 | | ||||||
Revenue by Service Offerings: | | | | | | | | | | | | | |
Telecom Wireless | | | | $ | 458,155 | | | | | $ | 397,203 | | |
Welecom Wireline | | | | | 129,459 | | | | | | 171,139 | | |
Recovery Logistics | | | | | 68,910 | | | | | | 30,926 | | |
Total | | | | $ | 656,524 | | | | | $ | 599,268 | | |
| | | 2020 | | | 2019 | | ||||||
Long-lived assets by Geography (excluding intangible assets with definite lives): | | | | ||||||||||
United States | | | | $ | 35,035 | | | | | $ | 19,014 | | |
Canada | | | | | 3,560 | | | | | | 4,851 | | |
Total | | | | $ | 38,595 | | | | | $ | 23,865 | | |
| | | 2020 | | | 2019 | | ||||||
Revenue by Service Offerings: | | | | ||||||||||
Telecom Wireless | | | | $ | 458,155 | | | | | $ | 397,203 | | |
Telecom Wireline | | | | | 146,940 | | | | | | 192,700 | | |
Recovery Logistics | | | | | 68,910 | | | | | | 30,926 | | |
Total | | | | $ | 674,005 | | | | | $ | 620,829 | | |
| | 2020 | | 2019 | | | 2020 | | 2019 | | ||||||||||||||||||||||||||||||||||||||||
| | Amount | | % of Total | | Amount | | % of Total | | | Amount | | % of Total | | Amount | | % of Total | | ||||||||||||||||||||||||||||||||
Customers: | | | | | ||||||||||||||||||||||||||||||||||||||||||||||
AT&T | | | $ | 356,026 | | | | | 53% | | | | $ | 318,913 | | | | | 51% | | | | | $ | 356,026 | | | | | 54% | | | | $ | 318,913 | | | | | 53% | | | ||||||||
Verizon | | | | 116,444 | | | | | 17% | | | | | 117,927 | | | | | 19% | | | | | | 116,444 | | | | | 18% | | | | | 117,927 | | | | | 20% | | | ||||||||
Total | | | $ | 472,470 | | | | | 70% | | | | $ | 436,840 | | | | | 70% | | | | | $ | 472,470 | | | | | 72% | | | | $ | 436,840 | | | | | 73% | | |
| Years ending December 31: | | | | | | | Years ending December 31: | | | | | | | ||
| 2021 | | | $ | 10,017 | | | 2021 | | | $ | 9,673 | | | ||
| 2022 | | | | 8,396 | | | 2022 | | | | 8,048 | | | ||
| 2023 | | | | 6,165 | | | 2023 | | | | 5,807 | | | ||
| 2024 | | | | 3,903 | | | 2024 | | | | 3,534 | | | ||
| 2025 | | | | 2,067 | | | 2025 | | | | 1,689 | | | ||
| Thereafter | | | | 7,872 | | | Thereafter | | | | 6,468 | | | ||
| | | | $ | 38,420 | | | | | | $ | 35,219 | | |
| | | 2020 | | | 2019 | | ||||||
Carrying amounts of assets included as part of discontinued operations: | | | | | | | | | | | | | |
Cash | | | | $ | 93 | | | | | $ | 237 | | |
Accounts receivable, net of allowance | | | | | 5,743 | | | | | | 6,223 | | |
Inventories, net | | | | | 28 | | | | | | 30 | | |
Prepaid expenses | | | | | 71 | | | | | | 223 | | |
Other current assets | | | | | 599 | | | | | | 23 | | |
Total current assets of discontinued operations | | | | $ | 6,534 | | | | | $ | 6,736 | | |
Property and equipment, net | | | | | 3,280 | | | | | | 4,585 | | |
Intangible assets, net | | | | | 5,712 | | | | | | 6,275 | | |
Other long-term assets | | | | | 280 | | | | | | 265 | | |
Total non-current assets of discontinued operations | | | | $ | 9,272 | | | | | $ | 11,125 | | |
Carrying amounts of liabilities included as part of discontinued operations: | | | | | | | | | | | | | |
Current portion of long-term debt and capital lease obligations | | | | $ | 920 | | | | | $ | 1,059 | | |
Accounts payable | | | | | 809 | | | | | | 1,180 | | |
Accrued expenses | | | | | 1,636 | | | | | | 607 | | |
Total current liabilities of discontinued operations | | | | $ | 3,365 | | | | | $ | 2,846 | | |
Capital lease obligations, net of current portion | | | | | 1,793 | | | | | | 2,634 | | |
Total non-current liabilities of discontinued operations | | | | $ | 1,793 | | | | | $ | 2,634 | | |
| | | 2020 | | | 2019 | | ||||||
Revenue | | | | $ | 17,481 | | | | | $ | 21,561 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenues | | | | | 18,331 | | | | | | 19,807 | | |
General and administrative | | | | | 804 | | | | | | 939 | | |
Change in fair value of contingent consideration | | | | | — | | | | | | (266) | | |
Impairment of goodwill | | | | | — | | | | | | 5,119 | | |
Depreciation and amortization | | | | | 2,022 | | | | | | 2,012 | | |
Total costs and expenses | | | | | 21,157 | | | | | | 27,611 | | |
Loss from operations of discontinued operations | | | | | (3,676) | | | | | | (6,050) | | |
Other income (expense): | | | | | | | | | | | | | |
Gain on sale/ disposal of property and equipment | | | | | — | | | | | | 1 | | |
Interest expense | | | | | (189) | | | | | | (213) | | |
Loss from discontinued operations | | | | $ | (3,865) | | | | | $ | (6,262) | | |
| | July 3, 2021 | | December 31, 2020 | | | October 2, 2021 | | December 31, 2020 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash | | | $ | 37,797 | | | | $ | 169 | | | | | $ | 5,405 | | | | $ | 76 | | | ||||
Accounts receivable, net of allowance | | | | 162,103 | | | | | 180,540 | | | | | | 249,264 | | | | | 174,797 | | | ||||
Inventories, net | | | | 5,442 | | | | | 5,793 | | | | | | 5,633 | | | | | 5,765 | | | ||||
Prepaid expenses | | | | 6,873 | | | | | 3,530 | | | | | | 7,446 | | | | | 3,459 | | | ||||
Other current assets | | | | 1,404 | | | | | 2,191 | | | | | | 1,952 | | | | | 1,592 | | | ||||
Current assets of discontinued operations | | | | 8,157 | | | | | 6,534 | | | |||||||||||||||
Total current assets | | | | 213,619 | | | | | 192,223 | | | | | | 277,857 | | | | | 192,223 | | | ||||
Property and equipment, net | | | | 42,477 | | | | | 37,074 | | | | | | 42,187 | | | | | 33,794 | | | ||||
Intangible assets, net | | | | 349,962 | | | | | 351,528 | | | | | | 364,722 | | | | | 345,816 | | | ||||
Goodwill | | | | 66,604 | | | | | 58,522 | | | | | | 81,775 | | | | | 58,522 | | | ||||
Other long-term assets | | | | 1,852 | | | | | 1,521 | | | | | | 1,676 | | | | | 1,241 | | | ||||
Non-current assets of discontinued operations | | | | 1,348 | | | | | 9,272 | | | |||||||||||||||
Total assets | | | $ | 674,514 | | | | $ | 640,868 | | | | | $ | 769,565 | | | | $ | 640,868 | | | ||||
Liabilities and (Deficit) / Equity | | | | | | | | | | | | |||||||||||||||
Liabilities and Equity | | | | | | | | | | | | |||||||||||||||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Current portion of long-term debt and capital lease obligations | | | $ | 100,529 | | | | $ | 28,169 | | | | | $ | 119,545 | | | | $ | 27,249 | | | ||||
Current portion of contingent consideration | | | | 4,455 | | | | | 9,968 | | | | | | 4,292 | | | | | 9,968 | | | ||||
Accounts payable | | | | 57,941 | | | | | 56,558 | | | | | | 74,217 | | | | | 55,749 | | | ||||
Accrued expenses | | | | 48,219 | | | | | 66,808 | | | | | | 60,713 | | | | | 65,172 | | | ||||
Contract liabilities | | | | 12,419 | | | | | 14,945 | | | | | | 14,950 | | | | | 14,945 | | | ||||
Current liabilities of discontinued operations | | | | 3,941 | | | | | 3,365 | | | |||||||||||||||
Total current liabilities | | | | 223,563 | | | | | 176,448 | | | | | | 277,658 | | | | | 176,448 | | | ||||
Capital lease obligations, net of current portion | | | | 17,269 | | | | | 17,752 | | | | | | 16,471 | | | | | 15,959 | | | ||||
Long-term debt, net of current portion and deferred financing fees | | | | 419,349 | | | | | 397,464 | | | | | | 429,033 | | | | | 397,464 | | | ||||
Contingent consideration, net of current portion | | | | 12,314 | | | | | 8,161 | | | | | | 24,137 | | | | | 8,161 | | | ||||
Distributions payable | | | | 11,409 | | | | | 11,409 | | | | | | 11,409 | | | | | 11,409 | | | ||||
Non-current liabilities of discontinued operations | | | | — | | | | | 1,793 | | | |||||||||||||||
Total liabilities | | | | 683,904 | | | | | 611,234 | | | | | | 758,708 | | | | | 611,234 | | | ||||
Commitments and contingencies (Notes 7 and 11) | | | | | | | | | | | | |||||||||||||||
(Deficit) / Equity: | | | | | | | | | | | | |||||||||||||||
Commitments and contingencies (Notes 8 and 12) | | | | | | | | | | | | |||||||||||||||
Equity: | | | | | | | | | | | | |||||||||||||||
Preferred units, 25,000 units authorized, issued and outstanding as of December 31, 2020 | | | | — | | | | | 25,000 | | | | | | — | | | | | 25,000 | | | ||||
Class A units, 2,165,879 and 2,005,824 units authorized, issued and outstanding as of July 3, 2021 and December 31, 2020, respectively | | | | 242,595 | | | | | 208,324 | | | |||||||||||||||
Class A units, 2,223,555 and 2,005,824 units authorized, issued and outstanding as of October 2, 2021 and December 31, 2020, respectively | | | | 248,595 | | | | | 208,324 | | | |||||||||||||||
Members’ deficit | | | | (252,690) | | | | | (204,086) | | | | | | (238,209) | | | | | (204,086) | | | ||||
Accumulated other comprehensive income | | | | 705 | | | | | 396 | | | | | | 471 | | | | | 396 | | | ||||
Total (deficit) / equity | | | | (9,390) | | | | | 29,634 | | | |||||||||||||||
Total liabilities and (deficit) / equity | | | $ | 674,514 | | | | $ | 640,868 | | | |||||||||||||||
Total equity | | | | 10,857 | | | | | 29,634 | | | |||||||||||||||
Total liabilities and equity | | | $ | 769,565 | | | | $ | 640,868 | | |
| | For the Six Months Ended | | | For the Nine Months Ended | | ||||||||||||||||||||
| | July 3, 2021 | | July 4, 2020 | | | October 2, 2021 | | October 3, 2020 | | ||||||||||||||||
Revenue | | | $ | 255,118 | | | | $ | 347,448 | | | | | $ | 465,184 | | | | $ | 524,080 | | | ||||
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | ||||
Cost of revenues | | | | 222,668 | | | | | 316,734 | | | | | | 372,496 | | | | | 462,760 | | | ||||
General and administrative | | | | 24,065 | | | | | 23,004 | | | | | | 37,962 | | | | | 35,660 | | | ||||
Transaction expenses | | | | 1,452 | | | | | 170 | | | | | | 2,875 | | | | | 567 | | | ||||
Change in fair value of contingent consideration | | | | (4,544) | | | | | — | | | |||||||||||||||
Depreciation and amortization | | | | 26,622 | | | | | 24,037 | | | | | | 39,136 | | | | | 34,761 | | | ||||
Total costs and expenses | | | | 274,807 | | | | | 363,945 | | | | | | 447,925 | | | | | 533,748 | | | ||||
Loss from operations | | | | (19,689) | | | | | (16,497) | | | |||||||||||||||
Income / (loss) from operations | | | | 17,259 | | | | | (9,668) | | | |||||||||||||||
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | ||||
Gain on sale/ disposal of property and equipment | | | | 304 | | | | | 46 | | | | | | 514 | | | | | 576 | | | ||||
Interest expense | | | | (21,215) | | | | | (19,208) | | | | | | (35,778) | | | | | (28,824) | | | ||||
Loss on extinguishment of convertible notes | | | | (2,436) | | | | | — | | | | | | (2,436) | | | | | — | | | ||||
Total other expense | | | | (23,347) | | | | | (19,162) | | | | | | (37,700) | | | | | (28,248) | | | ||||
Loss from continuing operations | | | | (20,441) | | | | | (37,916) | | | |||||||||||||||
Loss from discontinued operations | | | | (8,114) | | | | | (1,708) | | | |||||||||||||||
Net loss | | | | (43,036) | | | | | (35,659) | | | | | | (28,555) | | | | | (39,624) | | | ||||
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | ||||
Foreign currency translation adjustments | | | | 309 | | | | | (540) | | | | | | 75 | | | | | (244) | | | ||||
Comprehensive loss | | | $ | (42,727) | | | | $ | (36,199) | | | | | $ | (28,480) | | | | $ | (39,868) | | | ||||
Earnings per unit: | | | | | | | | | | | | | | | | | | | | | | | ||||
Basic earnings per unit | | | $ | (20.78) | | | | $ | (18.59) | | | |||||||||||||||
Basic weighted average common units outstanding | | | | 2,149,441 | | | | | 2,005,824 | | | |||||||||||||||
Basic and diluted net loss per unit from continuing operations | | | $ | (10.21) | | | | $ | (20.15) | | | |||||||||||||||
Basic and diluted net loss per unit from discontinued operations | | | | (3.75) | | | | | (0.85) | | | |||||||||||||||
Basic earnings net loss per unit | | | $ | (13.96) | | | | $ | (21.00) | | | |||||||||||||||
Basic and diluted weighted average common units outstanding | | | | 2,161,951 | | | | | 2,005,824 | | |
| | Preferred Units | | Class A Units | | | Members’ Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total (Deficit) / Equity | | | Preferred Units | | Class A Units | | | Members’ Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total Equity | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Units | | Amount | | Units | | Amount | | | Units | | Amount | | Units | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended July 3, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended October 2, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | | | | 25,000 | | | | $ | 25,000 | | | | | 2,005,824 | | | | $ | 208,324 | | | | $ | (204,086) | | | | $ | 396 | | | | $ | 29,634 | | | | | | 25,000 | | | | $ | 25,000 | | | | | 2,005,824 | | | | $ | 208,324 | | | | $ | (204,086) | | | | $ | 396 | | | | $ | 29,634 | | | ||||||||||||||
Issuance of class A units | | | | — | | | | | — | | | | | 150,000 | | | | | 15,000 | | | | | — | | | | | — | | | | | 15,000 | | | | | | — | | | | | — | | | | | 150,000 | | | | | 15,000 | | | | | — | | | | | — | | | | | 15,000 | | | ||||||||||||||
Issuance of class A units – non-return | | | | — | | | | | — | | | | | — | | | | | 367 | | | | | — | | | | | — | | | | | 367 | | | | | | — | | | | | — | | | | | — | | | | | 367 | | | | | — | | | | | — | | | | | 367 | | | ||||||||||||||
Beneficial conversion feature on convertible notes | | | | — | | | | | — | | | | | — | | | | | 16,904 | | | | | — | | | | | — | | | | | 16,904 | | | | | | — | | | | | — | | | | | — | | | | | 16,904 | | | | | — | | | | | — | | | | | 16,904 | | | ||||||||||||||
Acquisition (see Note 3) | | | | — | | | | | — | | | | | 10,055 | | | | | 2,000 | | | | | — | | | | | — | | | | | 2,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions (see Note 4) | | | | — | | | | | — | | | | | 67,731 | | | | | 8,000 | | | | | — | | | | | — | | | | | 8,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Paid in kind preferred unit distribution | | | | — | | | | | 5,568 | | | | | — | | | | | — | | | | | (5,568) | | | | | — | | | | | — | | | | | | — | | | | | 5,568 | | | | | — | | | | | — | | | | | (5,568) | | | | | — | | | | | — | | | ||||||||||||||
Preferred units exchanged for convertible notes | | | | (25,000) | | | | | (30,568) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (30,568) | | | | | | (25,000) | | | | | (30,568) | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (30,568) | | | ||||||||||||||
Other comprehensive income | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 309 | | | | | 309 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 75 | | | | | 75 | | | ||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | — | | | | | (43,036) | | | | | — | | | | | (43,036) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (28,555) | | | | | — | | | | | (28,555) | | | ||||||||||||||
Balance, July 3, 2021 | | | | — | | | | $ | — | | | | | 2,165,879 | | | | $ | 242,595 | | | | $ | (252,690) | | | | $ | 705 | | | | $ | (9,390) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended July 4, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, October 2, 2021 | | | | — | | | | $ | — | | | | | 2,223,555 | | | | $ | 248,595 | | | | $ | (238,209) | | | | $ | 471 | | | | $ | 10,857 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended October 3, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | | | | 25,000 | | | | $ | 25,000 | | | | | 2,005,824 | | | | $ | 208,324 | | | | $ | (99,323) | | | | $ | 157 | | | | $ | 134,158 | | | | | | 25,000 | | | | $ | 25,000 | | | | | 2,005,824 | | | | $ | 208,324 | | | | $ | (99,323) | | | | $ | 157 | | | | $ | 134,158 | | | ||||||||||||||
Tax distributions | | | | — | | | | | — | | | | | — | | | | | — | | | | | (6,759) | | | | | — | | | | | (6,759) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (6,694) | | | | | — | | | | | (6,694) | | | ||||||||||||||
Other comprehensive loss | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (540) | | | | | (540) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (244) | | | | | (244) | | | ||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | — | | | | | (35,659) | | | | | — | | | | | (35,659) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (39,624) | | | | | — | | | | | (39,624) | | | ||||||||||||||
Balance, July 4, 2020 | | | | 25,000 | | | | $ | 25,000 | | | | | 2,005,824 | | | | $ | 208,324 | | | | $ | (141,741) | | | | $ | (383) | | | | $ | 91,199 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, October 3, 2020 | | | | 25,000 | | | | $ | 25,000 | | | | | 2,005,824 | | | | $ | 208,324 | | | | $ | (145,641) | | | | $ | (87) | | | | $ | 87,596 | | |
| | For the Six Months Ended | | | For the Nine Months Ended | | ||||||||||||||||||||
| | July 3, 2021 | | July 4, 2020 | | | October 2, 2021 | | October 3, 2020 | | ||||||||||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net loss | | | $ | (43,036) | | | | $ | (35,659) | | | | | $ | (28,555) | | | | $ | (39,624) | | | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | |||||||||||||||
Loss from discontinued operations | | | | 8,114 | | | | | 1,708 | | | |||||||||||||||
Adjustments: | | | | | | | | | | | | |||||||||||||||
Depreciation, amortization and accretion of debt discount | | | | 29,502 | | | | | 24,037 | | | | | | 46,106 | | | | | 34,761 | | | ||||
Loss on extinguishment of convertible notes | | | | 2,436 | | | | | — | | | | | | 2,436 | | | | | — | | | ||||
Amortization of debt issuance costs | | | | 1,682 | | | | | 1,539 | | | | | | 3,201 | | | | | 2,308 | | | ||||
Change in fair value of contingent consideration | | | | (4,544) | | | | | — | | | |||||||||||||||
Provision for bad debt expense | | | | 924 | | | | | 1,599 | | | | | | 2,539 | | | | | 2,295 | | | ||||
Gain on disposal of property and equipment | | | | (304) | | | | | (46) | | | | | | (514) | | | | | (576) | | | ||||
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Accounts receivable | | | | 17,697 | | | | | 23,937 | | | | | | (63,484) | | | | | 5,717 | | | ||||
Inventories | | | | 352 | | | | | 2,014 | | | | | | 290 | | | | | 2,483 | | | ||||
Prepaid expenses and other assets | | | | (2,864) | | | | | (2,404) | | | | | | (4,586) | | | | | (1,278) | | | ||||
Accounts payable and accrued liabilities | | | | (17,796) | | | | | (16,009) | | | | | | 8,729 | | | | | (9,639) | | | ||||
Contract liabilities | | | | (2,526) | | | | | (595) | | | | | | (2,691) | | | | | (5,731) | | | ||||
Net cash used in operating activities from continuing operations | | | | (32,959) | | | | | (7,576) | | | |||||||||||||||
Net cash used in operating activities from discontinued operations | | | | (3,011) | | | | | (885) | | | |||||||||||||||
Net cash used in operating activities | | | | (13,933) | | | | | (1,587) | | | | | | (35,970) | | | | | (8,461) | | | ||||
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Purchases of property and equipment | | | | (1,569) | | | | | (2,400) | | | | | | (2,202) | | | | | (3,863) | | | ||||
Proceeds from sale of property and equipment | | | | 420 | | | | | 53 | | | | | | 726 | | | | | 645 | | | ||||
Acquisition of business (see Note 3) | | | | (20,059) | | | | | — | | | |||||||||||||||
Acquisition of businesses, net of cash acquired (see Note 4) | | | | (37,057) | | | | | — | | | |||||||||||||||
Net cash used in investing activities from continuing operations | | | | (38,533) | | | | | (3,218) | | | |||||||||||||||
Net cash provided by (used in) investing activities from discontinued operations | | | | 2,178 | | | | | (36) | | | |||||||||||||||
Net cash used in investing activities | | | | (21,208) | | | | | (2,347) | | | | | | (36,355) | | | | | (3,254) | | | ||||
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Proceeds from line of credit, net of repayments | | | | 25,108 | | | | | 17,130 | | | | | | 36,405 | | | | | 32,575 | | | ||||
Proceeds from convertible notes – related party | | | | 5,000 | | | | | — | | | | | | 5,000 | | | | | — | | | ||||
Repayment of convertible notes – related party | | | | (5,000) | | | | | — | | | | | | (5,000) | | | | | — | | | ||||
Proceeds from convertible notes | | | | 44,400 | | | | | — | | | | | | 44,400 | | | | | — | | | ||||
Repayment of long-term debt | | | | (4,782) | | | | | (4,782) | | | | | | (7,173) | | | | | (7,173) | | | ||||
Payments for financing fees | | | | (2,220) | | | | | — | | | | | | (2,220) | | | | | — | | | ||||
Payments of acquisition related contingent consideration | | | | — | | | | | (3,500) | | | | | | — | | | | | (6,000) | | | ||||
Repayment of capital leases | | | | (5,091) | | | | | (3,528) | | | | | | (7,000) | | | | | (3,694) | | | ||||
Proceeds from issuance of equity | | | | 15,367 | | | | | — | | | | | | 15,367 | | | | | — | | | ||||
Tax distributions to members | | | | — | | | | | (1,278) | | | | | | — | | | | | (1,213) | | | ||||
Net cash provided by financing activities from continuing operations | | | | 79,779 | | | | | 14,495 | | | |||||||||||||||
Net cash used in financing activities from discontinued operations | | | | (911) | | | | | (767) | | | |||||||||||||||
Net cash provided by financing activities | | | | 72,782 | | | | | 4,042 | | | | | | 78,868 | | | | | 13,728 | | | ||||
Effect of foreign currency exchange rate (translation) on cash | | | | (13) | | | | | (3) | | | |||||||||||||||
Net increase in cash | | | | 37,628 | | | | | 105 | | | |||||||||||||||
Cash: | | | | | | | | | | | | |||||||||||||||
Beginning of period | | | | 169 | | | | | 328 | | | |||||||||||||||
End of period | | | $ | 37,797 | | | | $ | 433 | | | |||||||||||||||
Supplemental disclosure of cash flow information: | | | | | | | | | | | | |||||||||||||||
Interest paid | | | $ | 16,175 | | | | $ | 18,157 | | | |||||||||||||||
Supplemental disclosure of non-cash investing and financing activities: | | | | | | | | | | | | |||||||||||||||
Assets acquired under capital leases | | | $ | 162 | | | | $ | 8,964 | | |
| | | For the Nine Months Ended | | |||||||||
| | | October 2, 2021 | | | October 3, 2020 | | ||||||
Effect of foreign currency exchange rate (translation) on cash | | | | | (35) | | | | | | 21 | | |
Net increase in cash | | | | | 6,508 | | | | | | 2,034 | | |
Cash: | | | | | | | | | | | | | |
Beginning of period | | | | | 169 | | | | | | 328 | | |
End of period | | | | $ | 6,677 | | | | | $ | 2,362 | | |
Balances included in the condensed consolidated balance sheets: | | | | | | | | | | | | | |
Cash | | | | $ | 5,405 | | | | | $ | 195 | | |
Cash included in current assets of discontinued operations | | | | | 1,272 | | | | | | 2,167 | | |
Cash at end of period | | | | $ | 6,677 | | | | | $ | 2,362 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Cash paid for: | | | | | | | | | | | | | |
Interest from continuing operations | | | | $ | 24,041 | | | | | $ | 27,147 | | |
Interest from discontinued operations | | | | $ | 98 | | | | | $ | 150 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Assets acquired under capital leases from continuing operations | | | | $ | 948 | | | | | $ | 11,630 | | |
|
| | | For the Nine Months Ended | | |||||||||
| | | October 2, 2021 | | | October 3, 2020 | | ||||||
Numerator: | | | | | | | | | | | | | |
Loss from continuing operations | | | | $ | (20,441) | | | | | $ | (37,916) | | |
Loss from discontinued operations | | | | | (8,114) | | | | | | (1,708) | | |
Net loss | | | | | (28,555) | | | | | | (39,624) | | |
Less: accrued preferred return | | | | | (1,638) | | | | | | (2,508) | | |
Net loss attributable to Class A Units (basic) | | | | $ | (30,193) | | | | | $ | (42,132) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average number of units outstanding, basic and diluted | | | | | | | | | | | | | |
Class A – basic and diluted | | | | | 2,161,951 | | | | | | 2,005,824 | | |
EPU: | | | | | | | | | | | | | |
Continuing operations – Class A – basic and diluted | | | | $ | (10.21) | | | | | $ | (20.15) | | |
Discontinued operations – Class A – basic and diluted | | | | $ | (3.75) | | | | | $ | (0.85) | | |
Net loss – Class A – basic and diluted | | | | $ | (13.96) | | | | | $ | (21.00) | | |
| | | For the Six Months Ended | | |||||||||
| | | July 3, 2021 | | | July 4, 2020 | | ||||||
Numerator: | | | | | | | | | | | | | |
Net loss | | | | $ | (43,036) | | | | | $ | (35,659) | | |
Less: accrued preferred return | | | | | (1,638) | | | | | | (815) | | |
Net loss attributable to Class A Units (basic) | | | | $ | (44,674) | | | | | $ | (36,474) | | |
Denominator: | | | | | | | | | | | | | |
Weighted-average number of units outstanding, basic and diluted | | | | | | | | | | | | | |
Class A – basic and diluted | | | | | 2,149,441 | | | | | | 2,005,824 | | |
EPU: | | | | | | | | | | | | | |
Class A – basic and diluted | | | | $ | (20.78) | | | | | $ | (18.18) | | |
| | | October 2, 2021 | | | December 31, 2020 | | ||||||
Carrying amounts of assets included as part of discontinued operations: | | | | | | | | | | | | | |
Cash | | | | $ | 1,272 | | | | | $ | 93 | | |
Accounts receivable, net of allowance | | | | | 4,663 | | | | | | 5,743 | | |
Inventories, net | | | | | — | | | | | | 28 | | |
Prepaid expenses | | | | | 177 | | | | | | 71 | | |
Other current assets | | | | | 2,045 | | | | | | 599 | | |
Total current assets of discontinued operations | | | | $ | 8,157 | | | | | $ | 6,534 | | |
Property and equipment, net | | | | | 1,348 | | | | | | 3,280 | | |
Intangible assets, net | | | | | — | | | | | | 5,712 | | |
Other long-term assets | | | | | — | | | | | | 280 | | |
Total non-current assets of discontinued operations | | | | $ | 1,348 | | | | | $ | 9,272 | | |
Carrying amounts of liabilities included as part of discontinued operations: | | | | | | | | | | | | | |
Current portion of long-term debt and capital lease obligations | | | | $ | 1,832 | | | | | $ | 920 | | |
Accounts payable | | | | | 519 | | | | | | 809 | | |
Accrued expenses | | | | | 1,590 | | | | | | 1,636 | | |
Total current liabilities of discontinued operations | | | | $ | 3,941 | | | | | $ | 3,365 | | |
Capital lease obligations, net of current portion | | | | | — | | | | | | 1,793 | | |
Total non-current liabilities of discontinued operations | | | | $ | — | | | | | $ | 1,793 | | |
| | | For the Nine Months Ended | | |||||||||
| | | October 2, 2021 | | | October 3, 2020 | | ||||||
Revenue | | | | $ | 5,850 | | | | | $ | 13,923 | | |
Costs and expenses: | | | | | | | | | | | — | | |
Cost of revenues | | | | | 8,025 | | | | | | 13,222 | | |
General and administrative | | | | | 275 | | | | | | 693 | | |
Depreciation and amortization | | | | | 6,667 | | | | | | 1,566 | | |
Total costs and expenses | | | | | 14,967 | | | | | | 15,481 | | |
Loss from operations of discontinued operations | | | | | (9,117) | | | | | | (1,558) | | |
Other income (expense): | | | | | | | | | | | | | |
Gain on sale/ disposal of property and equipment | | | | | 1,101 | | | | | | — | | |
Interest expense | | | | | (98) | | | | | | (150) | | |
Loss from discontinued operations | | | | $ | (8,114) | | | | | $ | (1,708) | | |
| Purchase consideration: | | | | | | | |
| Cash paid | | | | $ | 20,059 | | |
| Rollover equity | | | | | 2,000 | | |
| Contingent consideration | | | | | 8,200 | | |
| | | | | $ | 30,259 | | |
| Purchase price allocations: | | | | | | | |
| Property and equipment | | | | $ | 9,978 | | |
| Customer relationships | | | | | 17,370 | | |
| Trademarks and trade names | | | | | 270 | | |
| Goodwill | | | | | 8,082 | | |
| | | | | | 35,700 | | |
| Capital lease obligations | | | | | (5,441) | | |
| | | | | $ | 30,259 | | |
| | | FNS | | | Broken Arrow | | | Concurrent | | |||||||||
Purchase consideration: | | | | | | | | | | | | | | | | | | | |
Cash paid | | | | $ | 20,059 | | | | | $ | 5,000 | | | | | $ | 13,828 | | |
Rollover equity | | | | | 2,000 | | | | | | — | | | | | | 6,000 | | |
Contingent consideration | | | | | 8,200 | | | | | | 5,735 | | | | | | 10,210 | | |
Acquisition debt | | | | | — | | | | | | — | | | | | | 14,143 | | |
| | | | $ | 30,259 | | | | | $ | 10,735 | | | | | $ | 44,181 | | |
Purchase price allocations: | | | | | | | | | | | | | | | | | | | |
Cash | | | | $ | — | | | | | $ | — | | | | | $ | 1,830 | | |
Accounts receivable | | | | | — | | | | | | 5,121 | | | | | | 8,402 | | |
Inventories | | | | | — | | | | | | 133 | | | | | | 25 | | |
Prepaid expenses | | | | | — | | | | | | 94 | | | | | | — | | |
Other current assets | | | | | — | | | | | | — | | | | | | 10 | | |
Property and equipment | | | | | 9,978 | | | | | | 219 | | | | | | 4,164 | | |
Other long-term assets | | | | | — | | | | | | 32 | | | | | | 60 | | |
Customer relationships | | | | | 17,370 | | | | | | 4,690 | | | | | | 24,186 | | |
Trademarks and trade names | | | | | 270 | | | | | | 80 | | | | | | 1,330 | | |
Goodwill | | | | | 8,082 | | | | | | 4,433 | | | | | | 10,738 | | |
| | | | | 35,700 | | | | | | 14,802 | | | | | | 50,745 | | |
Accounts payable | | | | | — | | | | | | (1,853) | | | | | | (1,932) | | |
Accrued expenses | | | | | — | | | | | | (156) | | | | | | (830) | | |
Contract liabilities | | | | | — | | | | | | (2,058) | | | | | | (639) | | |
Capital lease obligations | | | | | (5,441) | | | | | | — | | | | | | (3,163) | | |
| | | | $ | 30,259 | | | | | $ | 10,735 | | | | | $ | 44,181 | | |
| | July 3, 2021 | | December 31, 2020 | | | October 2, 2021 | | December 31, 2020 | | ||||||||||||||||
Office furniture | | | $ | 1,307 | | | | $ | 1,257 | | | | | $ | 1,331 | | | | $ | 1,249 | | | ||||
Computers | | | | 1,447 | | | | | 1,280 | | | | | | 1,591 | | | | | 1,217 | | | ||||
Machinery, equipment and vehicles | | | | 14,635 | | | | | 11,025 | | | | | | 15,482 | | | | | 10,275 | | | ||||
Land | | | | 140 | | | | | — | | | | | | 140 | | | | | — | | | ||||
Leasehold improvements | | | | 4,686 | | | | | 3,643 | | | | | | 4,695 | | | | | 3,354 | | | ||||
Software | | | | 2,269 | | | | | 2,215 | | | | | | 2,281 | | | | | 2,199 | | | ||||
Assets under capital lease | | | | 43,905 | | | | | 37,688 | | | | | | 41,349 | | | | | 32,153 | | | ||||
Construction in process | | | | 1,236 | | | | | 605 | | | | | | 1,263 | | | | | 605 | | | ||||
| | | | 69,625 | | | | | 57,713 | | | | | | 68,132 | | | | | 51,052 | | | ||||
Less: accumulated depreciation | | | | (27,148) | | | | | (20,639) | | | | | | (25,945) | | | | | (17,258) | | | ||||
Property and equipment, net | | | $ | 42,477 | | | | $ | 37,074 | | | | | $ | 42,187 | | | | $ | 33,794 | | |
| | July 3, 2021 | | December 31, 2020 | | | October 2, 2021 | | December 31, 2020 | | ||||||||||||||||
Trade accounts receivable | | | $ | 43,902 | | | | $ | 45,724 | | | | | $ | 97,506 | | | | $ | 44,419 | | | ||||
Contract assets | | | | 123,079 | | | | | 139,367 | | | | | | 157,155 | | | | | 134,311 | | | ||||
| | | | 166,981 | | | | | 185,091 | | | | | | 254,661 | | | | | 178,730 | | | ||||
Less: allowance for doubtful accounts | | | | (4,878) | | | | | (4,551) | | | | | | (5,397) | | | | | (3,933) | | | ||||
Accounts receivable, net | | | $ | 162,103 | | | | $ | 180,540 | | | | | $ | 249,264 | | | | $ | 174,797 | | |
| | | July 3, 2021 | | | December 31, 2020 | | ||||||
Contract assets | | | | $ | 123,079 | | | | | $ | 139,367 | | |
Contract liabilities | | | | | (12,419) | | | | | | (14,945) | | |
Contract assets, net | | | | $ | 110,660 | | | | | $ | 124,422 | | |
| | | October 2, 2021 | | | December 31, 2020 | | ||||||
Contract assets | | | | $ | 157,155 | | | | | $ | 134,311 | | |
Contract liabilities | | | | | (14,950) | | | | | | (14,945) | | |
Contract assets, net | | | | $ | 142,205 | | | | | $ | 119,366 | | |
| | July 3, 2021 | | December 31, 2020 | | | October 2, 2021 | | December 31, 2020 | | ||||||||||||||||||||||||||||||||||||||||
| | Amounts | | % of Total | | Amounts | | % of Total | | | Amounts | | % of Total | | Amounts | | % of Total | | ||||||||||||||||||||||||||||||||
AT&T | | | $ | 57,746 | | | | | 34.6% | | | | $ | 81,796 | | | | | 44.2% | | | | | $ | 61,797 | | | | | 24.3% | | | | $ | 81,796 | | | | | 45.8% | | | ||||||||
Entergy | | | | 67,776 | | | | | 26.6% | | | | | * | | | | | * | | | |||||||||||||||||||||||||||||
T-Mobile | | | | 34,447 | | | | | 13.5% | | | | | * | | | | | * | | | |||||||||||||||||||||||||||||
Verizon | | | | 50,135 | | | | | 30.0% | | | | | 65,346 | | | | | 35.3% | | | | | | 47,892 | | | | | 18.8% | | | | | 65,346 | | | | | 36.6% | | | ||||||||
T-Mobile | | | | 27,583 | | | | | 16.5% | | | | | * | | | | | * | | | |||||||||||||||||||||||||||||
Total | | | $ | 135,464 | | | | | 81.1% | | | | $ | 147,142 | | | | | 79.5% | | | | | $ | 211,911 | | | | | 83.2% | | | | $ | 147,142 | | | | | 82.3% | | |
| | Renewables and Recovery Logistics | | Telecom | | Total | | | Renewables and Recovery Logistics | | Telecom | | Total | | ||||||||||||||||||||||||
Goodwill as of December 31, 2020(a) | | | $ | 13,598 | | | | $ | 44,924 | | | | $ | 58,522 | | | | | $ | 13,598 | | | | $ | 44,924 | | | | $ | 58,522 | | | ||||||
Addition from acquisition (Note 3) | | | | 8,082 | | | | | — | | | | | 8,082 | | | ||||||||||||||||||||||
Goodwill as of July 3, 2021(a) | | | $ | 21,680 | | | | $ | 44,924 | | | | $ | 66,604 | | | ||||||||||||||||||||||
Additions from acquisitions (Note 4) | | | | 8,082 | | | | | 15,171 | | | | | 23,253 | | | ||||||||||||||||||||||
Goodwill as of October 2, 2021(a) | | | $ | 21,680 | | | | $ | 60,095 | | | | $ | 81,775 | | |
| | | July 3, 2021 | | |||||||||||||||||||||
| | | Weighted Average Remaining Useful Life | | | Gross carrying amount | | | Accumulated amortization | | | Net carrying amount | | ||||||||||||
Customer relationships | | | | | 10.1 | | | | | $ | 391,967 | | | | | $ | (83,337) | | | | | $ | 308,630 | | |
Trade names | | | | | 9.7 | | | | | | 60,068 | | | | | | (18,736) | | | | | | 41,332 | | |
| | | | | | | | | | $ | 452,035 | | | | | $ | (102,073) | | | | | $ | 349,962 | | |
| | | December 31, 2020 | | |||||||||||||||||||||
| | | Weighted Average Remaining Useful Life | | | Gross carrying amount | | | Accumulated amortization | | | Net carrying amount | | ||||||||||||
Customer relationships | | | | | 10.7 | | | | | $ | 374,399 | | | | | $ | (67,392) | | | | | $ | 307,007 | | |
Trade names | | | | | 10.0 | | | | | | 59,759 | | | | | | (15,238) | | | | | | 44,521 | | |
| | | | | | | | | | $ | 434,158 | | | | | $ | (82,630) | | | | | $ | 351,528 | | |
| | | October 2, 2021 | | |||||||||||||||||||||
| | | Weighted Average Remaining Useful Life | | | Gross carrying amount | | | Accumulated amortization | | | Net carrying amount | | ||||||||||||
Customer relationships | | | | | 9.7 | | | | | $ | 414,446 | | | | | $ | (89,681) | | | | | $ | 324,765 | | |
Trade names | | | | | 9.7 | | | | | | 60,200 | | | | | | (20,243) | | | | | | 39,957 | | |
| | | | | | | | | | $ | 474,646 | | | | | $ | (109,924) | | | | | $ | 364,722 | | |
| | | December 31, 2020 | | |||||||||||||||||||||
| | | Weighted Average Remaining Useful Life | | | Gross carrying amount | | | Accumulated amortization | | | Net carrying amount | | ||||||||||||
Customer relationships | | | | | 10.8 | | | | | $ | 368,200 | | | | | $ | (65,868) | | | | | $ | 302,332 | | |
Trade names | | | | | 9.9 | | | | | | 58,519 | | | | | | (15,035) | | | | | | 43,484 | | |
| | | | | | | | | | $ | 426,719 | | | | | $ | (80,903) | | | | | $ | 345,816 | | |
| | July 3, 2021 | | December 31, 2020 | | | October 2, 2021 | | December 31, 2020 | | ||||||||||||||||
Line of credit | | | $ | 84,945 | | | | $ | 59,837 | | | | | $ | 96,242 | | | | $ | 59,837 | | | ||||
Term loan | | | | 356,263 | | | | | 361,045 | | | | | | 353,872 | | | | | 361,045 | | | ||||
Acquisition debt | | | | 20,575 | | | | | 10,575 | | | | | | 34,718 | | | | | 10,575 | | | ||||
Convertible notes – related party | | | | 30,568 | | | | | — | | | | | | 30,568 | | | | | — | | | ||||
Convertible notes – June 2021 | | | | 44,400 | | | | | — | | | | | | 44,400 | | | | | — | | | ||||
Capital lease obligations | | | | 26,376 | | | | | 25,782 | | | | | | 25,620 | | | | | 23,069 | | | ||||
Less: unamortized financing fees | | | | (14,393) | | | | | (13,854) | | | | | | (12,873) | | | | | (13,854) | | | ||||
Less: convertible debt discount | | | | (11,587) | | | | | — | | | | | | (7,498) | | | | | — | | | ||||
| | | | 537,147 | | | | | 443,385 | | | | | | 565,049 | | | | | 440,672 | | | ||||
Less: current maturities of long-term debt | | | | (91,422) | | | | | (20,139) | | | | | | (110,395) | | | | | (20,139) | | | ||||
Less: current portion of capital lease obligations, net of interest | | | | (9,107) | | | | | (8,030) | | | |||||||||||||||
Less: current portion of capital lease obligations, net of capital lease interest | | | | (9,150) | | | | | (7,110) | | | |||||||||||||||
| | | $ | 436,618 | | | | $ | 415,216 | | | | | $ | 445,504 | | | | $ | 413,423 | | |
| | | Fair Value at July 3, 2021 | | |||||||||||||||||||||
(in thousands) | | | Carrying Value | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Contingent consideration | | | | $ | 16,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 16,769 | | |
| | | | $ | 16,769 | | | | | $ | — | | | | | $ | — | | | | | $ | 16,769 | | |
| | | Fair Value at October 2, 2021 | | |||||||||||||||||||||
(in thousands) | | | Carrying Value | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Contingent consideration | | | | $ | 28,429 | | | | | $ | — | | | | | $ | — | | | | | $ | 28,429 | | |
| | | | $ | 28,429 | | | | | $ | — | | | | | $ | — | | | | | $ | 28,429 | | |
| | | Fair Value at December 31, 2020 | | |||||||||||||||||||||
(in thousands) | | | Carrying Value | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Contingent consideration | | | | $ | 18,129 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,129 | | |
| | | | $ | 18,129 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,129 | | |
| January 1, 2020 | | | | $ | 40,119 | | |
| Payment of contingent consideration | | | | | (3,500) | | |
| Accretion | | | | | 946 | | |
| July 4, 2020 | | | | $ | 37,565 | | |
| January 1, 2021 | | | | | 18,129 | | |
| Acquisition (see Note 3) | | | | | 8,200 | | |
| Reclassification to acquisition debt | | | | | (10,000) | | |
| Accretion | | | | | 440 | | |
| July 3, 2021 | | | | $ | 16,769 | | |
| January 1, 2021 | | | | | 18,129 | | |
| Acquisitions (see Note 4) | | | | | 24,145 | | |
| Accretion | | | | | 699 | | |
| Change in fair value | | | | | (4,544) | | |
| Reclassification to acquisition debt | | | | | (10,000) | | |
| October 2, 2021 | | | | $ | 28,429 | | |
| January 1, 2020 | | | | $ | 40,119 | | |
| Payment of contingent consideration | | | | | (6,000) | | |
| Accretion | | | | | 1,306 | | |
| October 3, 2020 | | | | $ | 35,425 | | |
| | | For the Six Months Ended | | |||||||||
Revenue: | | | July 3, 2021 | | | July 4, 2020 | | ||||||
Telecom | | | | $ | 229,835 | | | | | $ | 339,475 | | |
Renewables and Recovery Logistics | | | | | 25,283 | | | | | | 7,973 | | |
Total consolidated revenue | | | | $ | 255,118 | | | | | $ | 347,448 | | |
Total Assets: | | | July 3, 2021 | | | December 31, 2020 | | ||||||
Telecom | | | | $ | 537,215 | | | | | $ | 579,147 | | |
Renewables and Recovery Logistics | | | | | 91,356 | | | | | | 55,370 | | |
Corporate | | | | | 45,943 | | | | | | 6,351 | | |
Total consolidated assets | | | | $ | 674,514 | | | | | $ | 640,868 | | |
| | | For the Six Months Ended | | |||||||||
Capital Expenditures: | | | July 3, 2021 | | | July 4, 2020 | | ||||||
Telecom | | | | $ | 682 | | | | | $ | 4,272 | | |
Renewables and Recovery Logistics | | | | | 179 | | | | | | 6,768 | | |
Corporate | | | | | 870 | | | | | | 324 | | |
Total consolidated capital expenditures | | | | $ | 1,731 | | | | | $ | 11,364 | | |
| | | For the Six Months Ended | | |||||||||
Amortization and Depreciation: | | | July 3, 2021 | | | July 4, 2020 | | ||||||
Amortization and depreciation | | | | | | | | | | | | | |
Telecom | | | | $ | 20,540 | | | | | $ | 21,382 | | |
Renewables and Recovery Logistics | | | | | 5,603 | | | | | | 2,360 | | |
Corporate | | | | | 479 | | | | | | 295 | | |
Total consolidated amortization and depreciation | | | | $ | 26,622 | | | | | $ | 24,037 | | |
| | | For the Nine Months Ended | | |||||||||
| | | October 2, 2021 | | | October 3, 2020 | | ||||||
Revenue: | | | | ||||||||||
Telecom | | | | $ | 360,020 | | | | | $ | 468,729 | | |
Renewables and Recovery Logistics | | | | | 105,164 | | | | | | 55,351 | | |
Total consolidated revenue | | | | $ | 465,184 | | | | | $ | 524,080 | | |
| | | October 2, 2021 | | | December 31, 2020 | | ||||||
Total Assets: | | | | ||||||||||
Telecom | | | | $ | 602,749 | | | | | $ | 579,147 | | |
Renewables and Recovery Logistics | | | | | 151,926 | | | | | | 55,370 | | |
Corporate | | | | | 14,890 | | | | | | 6,351 | | |
Total consolidated assets | | | | $ | 769,565 | | | | | $ | 640,868 | | |
| | | For the Nine Months Ended | | |||||||||
| | | October 2, 2021 | | | October 3, 2020 | | ||||||
Capital Expenditures: | | | | ||||||||||
Telecom | | | | $ | 1,843 | | | | | $ | 6,712 | | |
Renewables and Recovery Logistics | | | | | 248 | | | | | | 7,936 | | |
Corporate | | | | | 1,059 | | | | | | 845 | | |
Total consolidated capital expenditures | | | | $ | 3,150 | | | | | $ | 15,493 | | |
| | | For the Nine Months Ended | | |||||||||
| | | October 2, 2021 | | | October 3, 2020 | | ||||||
Amortization and Depreciation: | | | | ||||||||||
Amortization and depreciation | | | | | | | | | | | | | |
Telecom | | | | $ | 29,767 | | | | | $ | 30,539 | | |
Renewables and Recovery Logistics | | | | | 8,644 | | | | | | 3,734 | | |
Corporate | | | | | 726 | | | | | | 487 | | |
Total consolidated amortization and depreciation | | | | $ | 39,136 | | | | | $ | 34,761 | | |
| | For the Nine Months Ended | | |||||||||||||||||||||||
| | For the Six Months Ended | | | October 2, 2021 | | October 3, 2020 | | ||||||||||||||||||
Adjusted EBITDA Reconciliation: | | July 3, 2021 | | July 4, 2020 | | | | |||||||||||||||||||
Telecom adjusted EBITDA | | | $ | 13,941 | | | | $ | 17,200 | | | | | $ | 26,907 | | | | $ | 16,028 | | | ||||
Renewables and Recovery Logistics adjusted EBITDA | | | | 4,019 | | | | | (7) | | | | | | 42,181 | | | | | 24,227 | | | ||||
Corporate adjusted EBITDA | | | | (8,649) | | | | | (9,175) | | | | | | (13,097) | | | | | (13,628) | | | ||||
Total adjusted EBITDA | | | $ | 9,311 | | | | $ | 8,018 | | | | | $ | 55,991 | | | | $ | 26,627 | | | ||||
Less: | | | | | | | | | | | | | | | | | | | | | | | ||||
Management fees | | | | (622) | | | | | (262) | | | | | | (751) | | | | | (391) | | | ||||
Transaction expenses | | | | (1,452) | | | | | (170) | | | | | | (2,875) | | | | | (567) | | | ||||
Change in fair value of contingent consideration | | | | 4,544 | | | | | — | | | |||||||||||||||
Depreciation and amortization | | | | (26,622) | | | | | (24,037) | | | | | | (39,136) | | | | | (34,761) | | | ||||
Interest expense | | | | (21,215) | | | | | (19,208) | | | | | | (35,778) | | | | | (28,824) | | | ||||
Loss on extinguishment of convertible notes | | | | (2,436) | | | | | — | | | | | | (2,436) | | | | | — | | | ||||
| | | $ | (43,036) | | | | $ | (35,659) | | | | | $ | (20,441) | | | | $ | (37,916) | | |
| | | For the Six Months Ended | | |||||||||
Revenue by Geography: | | | July 3, 2021 | | | July 4, 2020 | | ||||||
United States | | | | | 249,722 | | | | | | 337,580 | | |
Canada | | | | | 5,396 | | | | | | 9,868 | | |
Total | | | | $ | 255,118 | | | | | $ | 347,448 | | |
Long-lived Assets by Geography (excluding intangible assets with definite lives): | | | July 3, 2021 | | | December 31, 2020 | | ||||||
United States | | | | $ | 41,296 | | | | | $ | 35,035 | | |
Canada | | | | | 3,033 | | | | | | 3,560 | | |
Total | | | | $ | 44,329 | | | | | $ | 38,595 | | |
| | For the Nine Months Ended | | |||||||||||||||||||||||
| | For the Six Months Ended | | | October 2, 2021 | | October 3, 2020 | | ||||||||||||||||||
Revenue by Service Offerings: | | July 3, 2021 | | July 4, 2020 | | | | |||||||||||||||||||
Telecom Wireless | | | $ | 175,646 | | | | $ | 251,611 | | | | | $ | 278,125 | | | | $ | 359,792 | | | ||||
Telecom Wireline | | | | 54,189 | | | | | 87,864 | | | | | | 73,296 | | | | | 108,937 | | | ||||
Telecom Power | | | | 8,598 | | | | | — | | | |||||||||||||||
Renewables | | | | 13,519 | | | | | — | | | | | | 25,086 | | | | | — | | | ||||
Recovery Logistics | | | | 11,764 | | | | | 7,973 | | | | | | 80,079 | | | | | 55,351 | | | ||||
Total | | | $ | 255,118 | | | | $ | 347,448 | | | | | $ | 465,184 | | | | $ | 524,080 | | |
| | | For the Nine Months Ended | | |||||||||||||||||||||
| | | October 2, 2021 | | | October 3, 2020 | | ||||||||||||||||||
| | | Amount | | | % of Total | | | Amountl | | | % of Total | | ||||||||||||
Customers: | | | | | | ||||||||||||||||||||
AT&T | | | | $ | 189,381 | | | | | | 41% | | | | | $ | 282,807 | | | | | | 54% | | |
Entergy | | | | | 67,776 | | | | | | 15% | | | | | | * | | | | | | * | | |
T-Mobile | | | | | 59,369 | | | | | | 13% | | | | | | * | | | | | | * | | |
Verizon | | | | | 51,773 | | | | | | 11% | | | | | | 98,165 | | | | | | 19% | | |
Total | | | | $ | 368,299 | | | | | | 80% | | | | | $ | 380,972 | | | | | | 73% | | |
| | | For the Six Months Ended | | |||||||||||||||||||||
| | | July 3, 2021 | | | July 4, 2020 | | ||||||||||||||||||
Customers: | | | Amount | | | % of Total | | | Amount | | | % of Total | | ||||||||||||
AT&T | | | | $ | 123,692 | | | | | | 48% | | | | | $ | 199,255 | | | | | | 57% | | |
Verizon | | | | | 34,876 | | | | | | 14% | | | | | | 72,565 | | | | | | 21% | | |
T-Mobile | | | | | 36,552 | | | | | | 14% | | | | | | * | | | | | | * | | |
Total | | | | $ | 195,120 | | | | | | 76% | | | | | $ | 271,820 | | | | | | 78% | | |
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| EXHIBITS | | | | |
| Exhibit A Form of Company A&R LLCA | | | | |
| Exhibit B Form of Tax Receivable Agreement | | | | |
| Exhibit C Form of Investor Rights Agreement | | | | |
| Exhibit D Form of Second A&R Buyer Certificate of Incorporation | | | | |
| Exhibit E Form of A&R Buyer Bylaws | | | | |
| ACA | | | Section 4.15(c) | |
| Acquisition | | | Section 7.1(b) | |
| Additional Buyer Filings | | | Section 8.9(f) | |
| Additional Financial Information | | | Section 8.9 | |
| Affiliated Transactions | | | Section 4.19 | |
| Agreement | | | Introduction | |
| AIV Distributions | | | Recitals | |
| Antitrust Laws | | | Section 8.8(c) | |
| Attorney-Client Communications | | | Section 13.16(b) | |
| Audited Financial Statements | | | Section 4.4(a)(i) | |
| Authorized Action | | | Section 14.1(b) | |
| BCP NEA | | | Recitals | |
| BCP Note | | | Recitals | |
| BCP Note Amount | | | Recitals | |
| BCP Note Exchange | | | Recitals | |
| BCP QualTek | | | Recitals | |
| BCP QualTek Distributions | | | Recitals | |
| BCP QualTek II | | | Recitals | |
| Blocker | | | Introduction | |
| Blocker Affiliated Transactions | | | Section 5.9 | |
| Blocker Bring-Down Certificate | | | Section 11.2(d) | |
| Blocker Certificate of Merger | | | Section 2.2(b) | |
| Blocker Effective Time | | | Section 2.2(b) | |
| Blocker Merger | | | Recitals | |
| Blocker Merger Closing | | | Section 2.2(a) | |
| Blocker Merger Sub | | | Introduction | |
| Blocker Owned AIV Partnership Equity Interests | | | Section 5.4(b) | |
| Blocker Voting and Support Agreement | | | Recitals | |
| Buyer | | | Introduction | |
| Buyer Balance Sheet | | | Section 6.11(c) | |
| Buyer Bring-Down Certificate | | | Section 11.3(d) | |
| Buyer Certificate of Merger | | | Section 2.2(c) | |
| Buyer Contribution Amount | | | Section 3.2(c)(i) | |
| Buyer Effective Time | | | Section 2.2(c) | |
| Buyer Merger | | | Recitals | |
| Buyer Merger Closing | | | Section 2.2(a) | |
| Buyer Parties | | | Introduction | |
| Buyer Public Securities | | | Section 6.9 | |
| Buyer SEC Documents | | | Section 6.8(a) | |
| Buyer Voting and Support Agreement | | | Recitals, Recitals | |
| Buyer Warrants | | | Section 6.3(a) | |
| Cancelled Equity Interests | | | Section 3.1(d) | |
| CBA | | | Section 4.9(a)(i) | |
| Certificates of Merger | | | Section 2.2(d) | |
| Closing | | | Section 2.2(a) | |
| closing agreement | | | Section 4.8(g) | |
| Closing Date | | | Section 2.2(a) | |
| Closing Form 8-K | | | Section 8.9(g) | |
| Closing Press Release | | | Section 8.9(g) | |
| Company | | | Introduction | |
| Company A&R LLCA | | | Recitals | |
| Company Bring-Down Certificate | | | Section 11.2(d) | |
| Company Certificate of Merger | | | Section 2.2(d) | |
| Company Effective Time | | | Section 2.2(d) | |
| Company Merger | | | Recitals | |
| Company Merger Closing | | | Section 2.2(a) | |
| Company Merger Sub | | | Introduction | |
| Company Voting and Support Agreement | | | Recitals | |
| Competing Buyer | | | Section 8.16(a) | |
| Contribution Common Units | | | Section 3.2(c)(i) | |
| D&O Provisions | | | Section 8.12(a) | |
| DGCL | | | Recitals | |
| DLLCA | | | Recitals | |
| Earnout Notice | | | Section 3.7(b)(ii) | |
| Earnout Period | | | Section 3.7(c)(i) | |
| Earnout Restrictions | | | Section 3.7(b)(iv) | |
| Effective Date | | | Introduction | |
| Environmental Permits | | | Section 4.18 | |
| Equityholder Representative | | | Introduction | |
| Equityholders Prepared Returns | | | Section 10.1(a) | |
| Financial Statements | | | Section 4.4(a) | |
| Founder Shares Agreement | | | Recitals | |
| Indemnified Persons | | | Section 8.12(a) | |
| Initial Financial Information | | | Section 8.9(h) | |
| Insurance Policies | | | Section 4.16 | |
| Intended Tax Treatment | | | Section 10.1(d) | |
| Internal Controls | | | Section 4.4(c) | |
| Investor Rights Agreement | | | Recitals | |
| IRS | | | Section 4.15(a) | |
| JOBS Act | | | Section 8.3(b) | |
| Kirkland | | | Section 13.16(a) | |
| LLCA Amendment and Restatement | | | Section 3.1(e) | |
| Material Contract | | | Section 4.9(b) | |
| Material Customer | | | Section 4.9(c) | |
| Material Leases | | | Section 4.7(b) | |
| Material Supplier | | | Section 4.9(d) | |
| Mergers | | | Recitals | |
| Non-Party Affiliate | | | Section 13.14 | |
| NPAs | | | Recitals | |
| Outside Date | | | Section 12.1(c) | |
| Other Pre-PIPE Securities | | | Recitals | |
| Parties | | | Introduction | |
| Party | | | Introduction | |
| PCAOB Financial Statements | | | Section 8.9(h) | |
| Permits | | | Section 4.17(b) | |
| PIPE Investment | | | Recitals | |
| PIPE Investors | | | Recitals | |
| Pre-Closing Period | | | Section 7.1 | |
| Pre-Closing Reorganization | | | Recitals | |
| Pre-PIPE Investment | | | Recitals | |
| Pre-PIPE Investors | | | Recitals | |
| Pre-PIPE Notes | | | Recitals | |
| Pre-PIPE Registration Rights Agreements | | | Recitals | |
| Registration Rights Agreements | | | Recitals | |
| Signing Form 8-K | | | Section 8.9(b) | |
| Signing Press Release | | | Section 8.9(b) | |
| Subscription Agreements | | | Recitals | |
| Surviving Blocker | | | Section 2.1(a) | |
| Surviving Blocker Interests | | | Section 3.1(a)(i) | |
| Surviving Buyer | | | Section 2.1(b) | |
| Surviving Company | | | Section 2.1(c) | |
| Tail Policy | | | Section 8.12(b)(ii) | |
| Tax Contest | | | Section 10.1(f) | |
| Tax Positions | | | Section 10.1(e) | |
| Tax Receivable Agreement | | | Recitals | |
| Triggering Event | | | Section 3.7(c) | |
| Trust Amount | | | Section 6.7 | |
| Trust Distributions | | | Section 13.9 | |
| Unaudited Balance Sheet | | | Section 4.4(a)(ii) | |
| Unaudited Financial Statements | | | Section 4.4(a)(ii) | |
| Warrant Accounting Issue | | | Section 6.3(d) | |
| Notices to the Buyer Parties: CR Financial Holdings, Inc. 888 San Clemente Drive, Suite 400 Newport Beach, CA 92660 Attention: Byron Roth E-mail: | | | with a copy to (which shall not constitute notice): Loeb & Loeb LLP 345 Park Avenue New York, New York 10154 Attention: Mitchell Nussbaum, Esq. E-mail: | |
| Notices to Equityholder Representative, the Blocker and the Company: BCP QualTek Holdco, LLC 475 Sentry Parkway E Blue Bell, PA 19422 Attention: Scott Hisey E-mail: and BCP QualTek, LLC 650 5th Avenue New York, New York 10019 Attention: Andrew Weinberg Matthew Allard E-mail: | | | with copies to (which shall not constitute notice): Kirkland & Ellis LLP 601 Lexington Avenue New York, New York 10022 Attention: Michael E. Weisser, P.C. Matthew S. Arenson, P.C. Timothy Cruickshank, P.C. Erika P. López E-mail: | |
| | | | ROTH CH ACQUISITION III CO. | |
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Exhibits | | | | |
Exhibit A: Capitalization | | | | |
Exhibit B: Exchange Notice | | | | |
Exhibit C: Officers | | | | |
Exhibit D: Joinder | | | | |
| Legal Name of Unitholder: | |
| Address: | |
| Number of Common Units to be Exchanged: | |
| Cash Exchange Payment instructions: | |
| | | | Legal Name for Certificate Delivery: | |
| | | | Address for Certificate Delivery: | |
| | | | [Unitholder] | |
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| | | | [TRANSFEROR] | |
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| | | | [TRANSFEREE] | |
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| | | | Address for notices: | |
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By: | |
By: | |
Common Stock Beneficially Owned by the Sellers as a Percentage of the Common Stock Beneficially Owned by the Sellers on the Closing Date | | | Number of Seller Directors | | |||
70% or greater | | | | | 7 | | |
60% or greater, but less than 70% | | | | | 6 | | |
50% or greater, but less than 60% | | | | | 5 | | |
40% or greater, but less than 50% | | | | | 4 | | |
30% or greater, but less than 40% | | | | | 3 | | |
20% or greater, but less than 30% | | | | | 2 | | |
Greater than 10%, but less than 20% | | | | | 1 | | |
Common Stock Beneficially Owned by the Sponsors and the Other Holders and their respective Permitted Transferees as a Percentage of the Common Stock Beneficially Owned by the Sponsors or the Other Holders and their respective Permitted Transferees on the Closing Date | | | Number of Sponsors Directors | | |||
40% or greater | | | | | 1 | | |