Filed Pursuant to Rule 424(b)(3)
Registration No. 333-257629
PROSPECTUS SUPPLEMENT NO. 5
(to Prospectus dated July 13, 2021)
INDIE SEMICONDUCTOR, INC.
Primary Offering of
27,400,000 shares of Class A Common Stock
Issuable Upon Exercise of Warrants
Secondary Offering of
70,846,446 shares of Class A Common Stock and
10,150,000 Warrants to Purchase Class A Common Stock
This prospectus supplement no. 5 amends and supplements the prospectus dated July 13, 2021 (as supplemented or amended from time to time, the “Prospectus”), which forms a part of our Registration Statement on Form S-1 (No. 333-257629). This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in our Quarterly Report on Form 10-Q for the period ended September 30, 2021 filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2021 (the “Quarterly Report”). Accordingly, we have attached the Quarterly Report to this prospectus supplement.
The Prospectus relates to the issuance by us of up to 27,400,000 shares of our Class A common stock, par value $0.0001 per share (“Class A common stock”). Of these shares:
● | 17,250,000 shares are issuable upon the exercise of warrants (the “public warrants”) initially issued as part of the units issued in the initial public offering of Thunder Bridge Acquisition II, Ltd. (“Thunder Bridge II”); | |
● | 8,650,000 shares are issuable upon the exercise of warrants (the “private placement warrants”) initially issued to Thunder Bridge Acquisition II LLC (the “Sponsor”) in a private placement that occurred simultaneously with the initial public offering of Thunder Bridge II; and | |
● | 1,500,000 shares are issuable upon the exercise of warrants issued to an affiliate of the Sponsor in connection with loans it made to Thunder Bridge II prior to the closing of the Business Combination (as defined below) (the “sponsor warrants” and collectively with the public warrants and the private placement warrants, the “warrants”). |
Each warrant entitles the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share. We will receive the proceeds from the exercise of the warrants, but not from the sale of the underlying shares of Class A common stock.
In addition, the Selling Securityholders identified in the Prospectus may, from time to time in one or more offerings, offer and sell up to 70,846,446 shares of our Class A common stock, of which:
● | 8,625,000 shares were exchanged in our Business Combination for shares of Class A common stock issued to the Sponsor in a private placement prior to Thunder Bridge II’s initial public offering (the “sponsor shares”); | |
● | 37,071,446 shares are issuable upon the exchange of an equal number of units (the “LLC Units”) representing limited liability company interests in Ay Dee Kay LLC, d/b/a indie Semiconductor (“ADK LLC”), our direct subsidiary; | |
● | 15,000,000 shares were issued in private placements in connection with our business combination with ADK LLC, which we completed on June 10, 2021 (the “Business Combination”); | |
● | 8,650,000 shares are issuable upon the exercise of private placement warrants; and | |
● | 1,500,000 shares are issuable upon the exercise of sponsor warrants. |
The Selling Securityholders may also, from time to time in one or more offerings, offer and sell up to 8,650,000 private placement warrants and 1,500,000 sponsor warrants.
We will not receive any proceeds from the sale of our Class A common stock or the sale of the private placement warrants or sponsor warrants by Selling Securityholders, but we are required to pay certain offering fees and expenses in connection with the registration of the Selling Securityholders’ securities and to indemnify certain Selling Securityholders against certain liabilities.
The Selling Securityholders may offer and sell our Class A common stock, private placement warrants and sponsor warrants to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. In addition, certain Selling Securityholders may offer and sell these securities from time to time, together or separately. If the Selling Securityholders use underwriters, dealers or agents to sell such securities, we will name them and describe their compensation in a prospectus supplement. The price to the public of those securities and the net proceeds any Selling Securityholders expect to receive from that sale will also be set forth in a prospectus supplement.
Our Class A common stock and our public warrants are listed on the Nasdaq Capital Market (“Nasdaq”) under the symbols “INDI” and “INDIW,” respectively. On November 18, 2021, the closing price of our Class A common stock was $15.37 and the closing price for our public warrants was $5.44.
This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.
Investing in our securities involves risks that are described in the “Risk Factors” section beginning on page 8 of the Prospectus.
Neither the SEC nor any state securities commission has approved or disapproved of the securities to be issued under the Prospectus or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is November 22, 2021.
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 87-0913788 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
32 Journey Aliso Viejo, California | 92656 | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Class A common stock, par value $0.0001 per share | INDI | The Nasdaq Stock Market LLC | ||||||||||||
Warrants, each whole warrant exercisable for one share of Class A common stock for $11.50 per share | INDIW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | ||||||||
Emerging growth company | ☒ |
Page | ||||||||
Condensed Consolidated Financial Statements as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020 (Unaudited) | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
Condensed Consolidated Statements of Comprehensive Loss | ||||||||
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) and Noncontrolling Interest | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
Notes to Unaudited Condensed Consolidated Financial Statements | ||||||||
Item 5 | Other Information | |||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 323,865 | $ | 18,698 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $60 as of September 30, 2021 and $185 as of December 31, 2020 | 8,857 | 5,913 | |||||||||
Inventory, net | 5,549 | 2,900 | |||||||||
Prepaid expenses and other current assets | 3,599 | 2,465 | |||||||||
Total current assets | 341,870 | 29,976 | |||||||||
Property and equipment, net | 3,282 | 2,169 | |||||||||
Intangible assets, net | 11,608 | 1,088 | |||||||||
Goodwill | 1,739 | 1,739 | |||||||||
Other assets and deposits | 193 | 154 | |||||||||
Total assets | $ | 358,692 | $ | 35,126 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Accounts payable | $ | 5,365 | $ | 4,554 | |||||||
Accrued expenses and other current liabilities | 6,282 | 2,522 | |||||||||
Intangible asset contract liability | 2,499 | 2,270 | |||||||||
Deferred revenue | 377 | 1,665 | |||||||||
Simple agreements for future equity (“SAFEs”) | — | 102,700 | |||||||||
Current debt obligations | 2,296 | 8,488 | |||||||||
Total current liabilities | 16,819 | 122,199 | |||||||||
Long-term debt, net of current portion | — | 12,345 | |||||||||
Warrant liability | 103,492 | — | |||||||||
Earn-out liability | 147,317 | — | |||||||||
Intangible asset contract liability, net of current portion | 9,316 | 400 | |||||||||
Other long-term liabilities | 2,401 | 1,674 | |||||||||
Total liabilities | 279,345 | 136,618 | |||||||||
Commitments and contingencies (Note 17) | |||||||||||
Stockholders’ equity | |||||||||||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued or outstanding | — | — | |||||||||
Class A common stock, $0.0001 par value, 250,000,000 shares authorized, 101,482,466 and 38,255,490 shares issued, 96,428,533 and 34,413,634 shares outstanding as of September 30, 2021 and December 31, 2020, respectively. | 9 | 3 | |||||||||
Class V common stock, $0.0001 par value, 40,000,000 shares authorized, 33,827,371 and 33,373,294 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. | 3 | 3 | |||||||||
Additional paid-in capital | 271,738 | 43,155 | |||||||||
Accumulated deficit | (175,056) | (153,264) | |||||||||
Accumulated other comprehensive loss | 61 | (209) | |||||||||
indie’s stockholders’ equity (deficit) | 96,755 | (110,312) | |||||||||
Noncontrolling interest | (17,408) | 8,820 |
Total stockholders’ equity (deficit) | 79,347 | (101,492) | |||||||||
Total liabilities and stockholders’ equity | $ | 358,692 | $ | 35,126 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product revenue | $ | 11,099 | $ | 5,732 | $ | 27,470 | $ | 13,294 | |||||||||||||||
Contract revenue | 1,058 | 1,854 | 1,981 | 2,663 | |||||||||||||||||||
Total revenue | 12,157 | 7,586 | 29,451 | 15,957 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of goods sold | 6,930 | 3,664 | 17,097 | 8,742 | |||||||||||||||||||
Research and development | 15,043 | 5,823 | 37,206 | 15,457 | |||||||||||||||||||
Selling, general, and administrative | 11,442 | 1,265 | 23,015 | 4,080 | |||||||||||||||||||
Total operating expenses | 33,415 | 10,752 | 77,318 | 28,279 | |||||||||||||||||||
Loss from operations | (21,258) | (3,166) | (47,867) | (12,322) | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest income | 16 | 6 | 36 | 18 | |||||||||||||||||||
Interest expense | (25) | (517) | (1,175) | (1,620) | |||||||||||||||||||
Gain (loss) from change in fair value of SAFEs | — | (18,520) | 21,600 | (20,735) | |||||||||||||||||||
Gain (loss) from change in fair value of warrants | (40,401) | — | (29,085) | — | |||||||||||||||||||
Gain (loss) from change in fair value of earn-out liabilities | (45,516) | — | (27,677) | — | |||||||||||||||||||
Gain (loss) from extinguishment of debt | — | — | 304 | — | |||||||||||||||||||
Other income (expense) | (1,013) | 28 | (914) | 140 | |||||||||||||||||||
Total other expense, net | (86,939) | (19,003) | (36,911) | (22,197) | |||||||||||||||||||
Net loss before income taxes | (108,197) | (22,169) | (84,778) | (34,519) | |||||||||||||||||||
Income tax (benefit) expense | (36) | (13) | 34 | 9 | |||||||||||||||||||
Net loss | (108,161) | (22,156) | (84,812) | (34,528) | |||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | (28,512) | (197) | (22,127) | (590) | |||||||||||||||||||
Net loss attributable to indie Semiconductor, Inc. | $ | (79,649) | $ | (21,959) | $ | (62,685) | $ | (33,938) | |||||||||||||||
Net loss attributable to common shares —basic | $ | (79,649) | $ | (21,959) | $ | (62,685) | $ | (33,938) | |||||||||||||||
Net loss attributable to common shares —diluted | $ | (79,649) | $ | (21,959) | $ | (62,685) | $ | (33,938) | |||||||||||||||
Net loss per share attributable to common shares —basic | $ | (0.83) | $ | (0.70) | $ | (1.07) | $ | (1.09) | |||||||||||||||
Net loss per share attributable to common shares —diluted | $ | (0.83) | $ | (0.70) | $ | (1.07) | $ | (1.09) | |||||||||||||||
Weighted average common shares outstanding—basic (1) | 96,368,379 | 31,349,643 | 58,791,245 | 31,153,933 | |||||||||||||||||||
Weighted average common shares outstanding—diluted (1) | 96,368,379 | 31,349,643 | 58,791,245 | 31,153,933 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | (108,161) | $ | (22,156) | $ | (84,812) | $ | (34,528) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | 172 | 119 | 230 | 58 | |||||||||||||||||||
Comprehensive loss | (107,989) | (22,037) | (84,582) | (34,470) | |||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | (28,514) | (197) | (22,127) | (590) | |||||||||||||||||||
Comprehensive loss attributable to indie Semiconductor, Inc. | $ | (79,475) | $ | (21,840) | $ | (62,455) | $ | (33,880) |
Members’ Equity | Common Stock Class A | Common Stock Class V | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Deficit Attributable to indie Semiconductor, Inc. | Noncontrolling Interest | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Shares (1) | Amount | Shares (1) | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 2,251,020 | $ | 41,468 | — | $ | — | — | $ | — | $ | 577 | $ | (55,766) | $ | (241) | $ | (13,962) | $ | 3,380 | $ | (10,582) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retroactive application of recapitalization | (2,251,020) | (41,468) | 33,405,625 | 3 | 33,373,294 | 3 | 41,462 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted balance, beginning of period | — | — | 33,405,625 | 3 | 33,373,294 | 3 | 42,039 | (55,766) | (241) | (13,962) | 3,380 | (10,582) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of equity awards | — | — | 213,673 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of noncontrolling interest | — | — | — | — | — | — | — | — | — | — | 1,452 | 1,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (5,121) | — | (5,121) | (259) | (5,380) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | (68) | (68) | (10) | (78) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | — | — | 33,619,298 | $ | 3 | 33,373,294 | $ | 3 | $ | 42,039 | $ | (60,887) | $ | (309) | $ | (19,151) | $ | 4,563 | $ | (14,588) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of equity awards | — | — | 130,522 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class H Units | — | — | 125,101 | — | — | — | 711 | — | — | 711 | — | 711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (6,858) | — | (6,858) | (134) | (6,992) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | 7 | 7 | 10 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | — | — | 33,874,921 | $ | 3 | 33,373,294 | $ | 3 | $ | 42,750 | $ | (67,745) | $ | (302) | $ | (25,291) | $ | 4,439 | $ | (20,852) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of equity awards | — | — | 215,174 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (21,959) | — | (21,959) | (197) | (22,156) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | 119 | 119 | — | 119 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | — | $ | — | 34,090,095 | $ | 3 | 33,373,294 | $ | 3 | $ | 42,750 | $ | (89,704) | $ | (183) | $ | (47,131) | $ | 4,242 | $ | (42,889) |
Members’ Equity | Common Stock Class A | Common Stock Class V | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity (Deficit) Attributable to indie Semiconductor, Inc. | Noncontrolling Interest | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Shares (1) | Amount | Shares (1) | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 2,287,279 | $ | 42,179 | — | $ | — | — | $ | — | $ | 982 | $ | (153,264) | $ | (209) | $ | (110,312) | $ | 8,820 | $ | (101,492) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retroactive application of recapitalization | (2,287,279) | (42,179) | 34,413,634 | $ | 3 | 33,373,294 | $ | 3 | $ | 42,173 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted balance, beginning of period | — | — | 34,413,634 | 3 | 33,373,294 | 3 | 43,155 | (153,264) | (209) | (110,312) | 8,820 | (101,492) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of equity awards | — | — | 631,121 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 10,815 | — | 10,815 | (454) | 10,361 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | (88) | (88) | 36 | (52) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | — | — | 35,044,755 | $ | 3 | 33,373,294 | $ | 3 | $ | 43,155 | $ | (142,449) | $ | (297) | $ | (99,585) | $ | 8,402 | $ | (91,183) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of equity awards | — | — | 1,133,889 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 7,968 | — | — | 7,968 | — | 7,968 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss through June 10, 2021 | — | — | — | — | — | — | — | (13,434) | — | (13,434) | (132) | (13,566) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse recapitalization on June 10, 2021 | — | — | 60,441,289 | 6 | 454,077 | — | 250,129 | — | — | 250,135 | — | 250,135 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse recapitalization: ADK Minority Holders interest on June 10, 2021 | — | — | (378,605) | — | — | — | (36,831) | 40,892 | 40 | 4,101 | (4,101) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income after June 10, 2021 | — | — | — | — | — | — | — | 19,584 | — | 19,584 | 6,971 | 26,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | 146 | 146 | (34) | 112 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | — | $ | — | 96,241,328 | $ | 9 | 33,827,371 | $ | 3 | $ | 264,421 | $ | (95,407) | $ | (111) | $ | 168,915 | $ | 11,106 | $ | 180,021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of equity awards | — | — | 187,205 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 6,217 | — | — | 6,217 | — | 6,217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse recapitalization adjustment | — | — | — | — | — | — | 1,100 | — | — | 1,100 | — | 1,100 |
Net loss | — | — | — | — | — | — | — | (79,649) | — | (79,649) | (28,512) | (108,161) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | — | — | — | 172 | 172 | (2) | 170 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | — | $ | — | 96,428,533 | $ | 9 | 33,827,371 | $ | 3 | $ | 271,738 | $ | (175,056) | $ | 61 | $ | 96,755 | $ | (17,408) | $ | 79,347 |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (84,812) | $ | (34,528) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 2,397 | 1,984 | |||||||||
Inventory impairment charges | 78 | 485 | |||||||||
Share-based compensation | 14,185 | — | |||||||||
Amortization of discount and cost of issuance of debt | 198 | 149 | |||||||||
Bad debts | 125 | 74 | |||||||||
Non-cash interest expense | — | 327 | |||||||||
(Gain) loss from change in fair value remeasurement of SAFEs | (21,600) | 20,735 | |||||||||
(Gain) loss from change in fair value of warrants | 29,085 | — | |||||||||
(Gain) loss from change in fair value of earn-out liability | 27,677 | — | |||||||||
(Gain) loss from change in fair value of currency forward contract | 1,200 | — | |||||||||
(Gain) loss from extinguishment of debt | (304) | — | |||||||||
Deferred City Semi compensation | 375 | 278 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (3,047) | (471) | |||||||||
Inventory | (2,730) | 350 | |||||||||
Accounts payable | 625 | (1,755) | |||||||||
Accrued expenses and other current liabilities | 2,814 | 37 | |||||||||
Deferred revenue | (1,113) | (2,139) | |||||||||
Prepaid and other current assets | (2,848) | — | |||||||||
Other long-term liabilities | 782 | (53) | |||||||||
Net cash used in operating activities | (36,913) | (14,527) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (1,668) | (625) | |||||||||
Purchases of intangible assets | (784) | — | |||||||||
Payments for acquired software license | — | (113) | |||||||||
Business combination, net of cash | — | (38) | |||||||||
Net cash used in investing activities | (2,452) | (776) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of SAFEs | 5,000 | 15,250 | |||||||||
Proceeds from sale of noncontrolling interest | — | 1,452 | |||||||||
Proceeds from issuance of debt obligations | 155 | 4,973 | |||||||||
Proceeds from reverse recapitalization | 377,663 | — | |||||||||
Issuance costs related to reverse recapitalization | (19,902) | — | |||||||||
Payments on debt obligations | (15,008) | (4,183) | |||||||||
Payments on financed software | (2,270) | (400) | |||||||||
Redemption of Class H units | (900) | — | |||||||||
Settlement of City Semi first tranche contingent consideration | (399) | — | |||||||||
Net cash provided by financing activities | 344,339 | 17,092 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 193 | 21 | |||||||||
Net increase in cash and cash equivalents | 305,167 | 1,810 | |||||||||
Cash and cash equivalents at beginning of period | 18,698 | 7,155 |
Cash and cash equivalents at end of period | $ | 323,865 | $ | 8,965 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | 1,188 | $ | 1,121 | |||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
Purchases of property and equipment, accrued but not paid | $ | 206 | $ | 3 | |||||||
Conversion of historical members’ equity | $ | 41,278 | $ | — | |||||||
Class G warrants cashless exchange | $ | 407 | $ | — | |||||||
Conversion of SAFEs | $ | 86,100 | $ | — | |||||||
Conversion of Embry Notes | $ | 4,119 | $ | — | |||||||
Recognition of earn-out considerations | $ | 119,759 | $ | — | |||||||
Recognition of warrant liabilities | $ | 74,408 | $ | — | |||||||
Accrual for purchases of intangible assets | $ | 12,198 | $ | 64 |
Class A Common Stock | Class V Common Stock | Additional Paid in Capital | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Redemption of Class H units | (125,101) | $ | — | — | $ | — | $ | (900) | ||||||||||||||||||||||||
Embry notes conversion | 8,023,072 | 1 | — | — | 4,118 | |||||||||||||||||||||||||||
Warrants net settlement conversion | 278,533 | — | — | — | — | |||||||||||||||||||||||||||
SAFEs conversion | 7,466,891 | 1 | 454,077 | — | 86,099 | |||||||||||||||||||||||||||
PIPE and SPAC financing | 44,797,894 | 4 | — | — | 377,654 | |||||||||||||||||||||||||||
Earn-out liability | — | — | — | — | (119,759) | |||||||||||||||||||||||||||
Transaction expenses | — | — | — | — | (22,675) | |||||||||||||||||||||||||||
Warrants liability | — | — | — | — | (74,408) | |||||||||||||||||||||||||||
Reverse recapitalization on June 10, 2021 | 60,441,289 | $ | 6 | 454,077 | $ | — | $ | 250,129 |
Fair Value As of May 13, 2020 | |||||
Class H units issued | $ | 711 | |||
Contingent consideration | 1,180 | ||||
Cash consideration to be transferred at a later date | 138 | ||||
Total | $ | 2,029 |
Fair Value As of May 13, 2020 | |||||
Intangible asset – Software license | $ | 139 | |||
Intangible asset - Developed technology | 369 | ||||
Goodwill | 1,739 | ||||
Deferred revenue | (41) | ||||
Accrued expenses | (177) | ||||
Net assets acquired | $ | 2,029 |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||
Combined revenue | $ | 8,122 | $ | 17,101 | |||||||
Combined net loss before income taxes | (22,152) | (34,741) |
September 30, 2021 | December 31, 2020 | ||||||||||
Work-in-process | $ | 5,980 | $ | 4,277 | |||||||
Finished goods | 262 | 882 | |||||||||
Inventory, gross | 6,242 | 5,159 | |||||||||
Less: Inventory reserves | 693 | 2,259 | |||||||||
Inventory, net | $ | 5,549 | $ | 2,900 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Remaining Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Remaining Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||||||||||
Software licenses | 3.0 | $ | 16,545 | $ | (5,290) | $ | 11,255 | 0.6 | $ | 4,391 | $ | (3,759) | $ | 632 | |||||||||||||||||||||||||||||||||
Intellectual property licenses | 1.8 | 1,736 | (1,677) | 59 | 1.7 | 1,736 | (1,614) | 122 | |||||||||||||||||||||||||||||||||||||||
Developed technology | 5.6 | 369 | (75) | 294 | 6.4 | 369 | (35) | 334 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 18,650 | $ | (7,042) | $ | 11,608 | $ | 6,496 | $ | (5,408) | $ | 1,088 |
2021 (remaining three months) | $ | 888 | |||
2022 | 3,805 | ||||
2023 | 4,570 | ||||
2024 | 2,221 | ||||
2025 | 53 | ||||
Thereafter | 71 | ||||
$ | 11,608 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Principal Outstanding | Unamortized Discount and Issuance Cost | Carrying Amount | Principal Outstanding | Unamortized Discount and Issuance Cost | Carrying Amount | ||||||||||||||||||||||||||||||
Trinity term loan, due 2022 | $ | — | $ | — | $ | — | $ | 12,000 | $ | (665) | $ | 11,335 | |||||||||||||||||||||||
Short term loans, due 2021 | 621 | — | 621 | 459 | — | 459 | |||||||||||||||||||||||||||||
PPP Loan, due 2022 | — | — | — | 1,868 | — | 1,868 | |||||||||||||||||||||||||||||
Tropez loan, due 2021 | — | — | — | 2,000 | — | 2,000 | |||||||||||||||||||||||||||||
Total term loans | 621 | — | 621 | 16,327 | (665) | 15,662 | |||||||||||||||||||||||||||||
Revolving line of credit | 1,675 | — | 1,675 | 1,675 | — | 1,675 | |||||||||||||||||||||||||||||
Embry convertible notes, due 2021 | — | — | — | 3,606 | (110) | 3,496 | |||||||||||||||||||||||||||||
Total debt | $ | 2,296 | $ | — | $ | 2,296 | $ | 21,608 | $ | (775) | $ | 20,833 |
September 30, 2021 | December 31, 2020 | ||||||||||
Current liabilities - Current debt obligations | $ | 2,296 | $ | 8,488 | |||||||
Noncurrent liabilities - Long-term debt, net of current maturities | — | 12,345 | |||||||||
$ | 2,296 | $ | 20,833 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest expense on Trinity Term Loan: | |||||||||||||||||||||||
Contractual interest | — | 357 | 719 | 1,163 | |||||||||||||||||||
Amortization of discount and issuance cost | — | 13 | 138 | 40 | |||||||||||||||||||
— | 370 | 857 | 1,203 | ||||||||||||||||||||
Interest expense on other debt obligations: | |||||||||||||||||||||||
Contractual interest | 24 | 112 | 258 | 308 | |||||||||||||||||||
Amortization of discount and issuance cost | 1 | 35 | 60 | 109 | |||||||||||||||||||
25 | 147 | 318 | 417 | ||||||||||||||||||||
Total interest expense | $ | 25 | $ | 517 | $ | 1,175 | $ | 1,620 |
Number of Shares | Exercise Price | Redemption Price | Expiration Date | Classification | Initial Fair Value | ||||||||||||||||||||||||||||||
Public Warrants | 17,250,000 | $ | 11.50 | $ | 18.00 | June 10, 2026 | Liability | $ | 42,435 | ||||||||||||||||||||||||||
Private Warrants | 10,150,000 | $ | 11.50 | N/A | June 10, 2026 | Liability | $ | 31,973 |
Fair Value Measurements as of September 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Warrant Liability | $ | — | $ | — | $ | 103,492 | $ | 103,492 | |||||||||||||||
Contingent earn-outs - first milestone | $ | — | $ | — | $ | 76,698 | $ | 76,698 | |||||||||||||||
Contingent earn-outs - second milestone | $ | — | $ | — | $ | 70,619 | $ | 70,619 | |||||||||||||||
Second tranche contingent consideration | $ | — | $ | — | $ | 1,200 | $ | 1,200 | |||||||||||||||
Currency forward contract | $ | — | $ | 1,200 | $ | — | $ | 1,200 |
Fair Value Measurements as of December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
SAFEs | $ | — | $ | — | $ | 102,700 | $ | 102,700 | |||||||||||||||
First tranche contingent consideration | $ | — | $ | — | $ | 500 | $ | 500 | |||||||||||||||
Second tranche contingent consideration | $ | — | $ | — | $ | 900 | $ | 900 |
September 30, 2021 | June 10, 2021 | December 31, 2020 | |||||||||||||||
Input | Input | Input | |||||||||||||||
Liabilities: | |||||||||||||||||
SAFEs | |||||||||||||||||
Discount rate | — | % | — | % | 75 | % | |||||||||||
Constant volatility factor | — | % | — | % | 40 | % | |||||||||||
Geometric Brownian Motion | — | — | 0.98 | ||||||||||||||
Warrants | |||||||||||||||||
Expected volatility | 35.5 | % | 34.1 | % | — | % | |||||||||||
First tranche contingent consideration | |||||||||||||||||
Discount rate | — | % | — | % | 10.3 | % | |||||||||||
Second tranche contingent consideration | |||||||||||||||||
Discount rate | 7.5 | % | 7.5 | % | 10.3 | % | |||||||||||
Contingent earn-outs - first milestone | |||||||||||||||||
Constant volatility factor | 40 | % | 35 | % | — | % | |||||||||||
Contingent earn-outs - second milestone | |||||||||||||||||
Constant volatility factor | 40 | % | 35 | % | — | % |
As of June 10, 2021 | |||||||||||||||||
Member Units | Outstanding | Class A Common Stock | Class V Common Stock | ||||||||||||||
Class A | 1,381,424 | 12,612,470 | 25,791,473 | ||||||||||||||
Class B | 293,221 | 9,564,150 | — | ||||||||||||||
Class C | 400,000 | 11,520,101 | — | ||||||||||||||
Class D | 236,521 | 1,568,565 | 5,806,776 | ||||||||||||||
Class E | 112,916 | 1,309,971 | 2,229,122 | ||||||||||||||
Class F | 492,110 | 16,380,782 | — | ||||||||||||||
Class G | 10,019 | 278,533 | — | ||||||||||||||
Total | 2,926,211 | 53,234,572 | 33,827,371 |
As of June 10, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||
Member Units | Authorized | Issued | Outstanding | Authorized | Issued | Outstanding | |||||||||||||||||||||||||||||
Class A | 3,136,518 | 1,381,424 | 1,381,424 | 3,136,518 | 911,500 | 911,500 | |||||||||||||||||||||||||||||
Class B | 513,846 | 367,395 | 293,221 | 513,846 | 367,927 | 229,732 | |||||||||||||||||||||||||||||
Class C | 400,000 | 400,000 | 400,000 | 400,000 | 300,000 | 300,000 | |||||||||||||||||||||||||||||
Class D | 236,521 | 236,521 | 236,521 | 236,521 | 236,521 | 236,521 | |||||||||||||||||||||||||||||
Class E | 112,916 | 112,916 | 112,916 | 112,916 | 112,916 | 112,916 | |||||||||||||||||||||||||||||
Class F | 492,110 | 492,110 | 492,110 | 492,110 | 492,110 | 492,110 | |||||||||||||||||||||||||||||
Class G | 11,482 | 10,019 | 10,019 | 11,482 | — | — | |||||||||||||||||||||||||||||
Class H | 5,000 | 4,500 | 4,500 | 5,000 | 4,500 | 4,500 | |||||||||||||||||||||||||||||
Total | 4,908,393 | 3,004,885 | 2,930,711 | 4,908,393 | 2,425,474 | 2,287,279 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
United States | $ | 2,033 | $ | 1,959 | $ | 5,910 | $ | 3,403 | |||||||||||||||
Greater China | 7,591 | 4,548 | 17,800 | 9,868 | |||||||||||||||||||
Rest of North America | 1,286 | 167 | 2,513 | 525 | |||||||||||||||||||
South America | 409 | 214 | 1,004 | 483 | |||||||||||||||||||
Rest of Asia Pacific | 127 | 455 | 701 | 1,168 | |||||||||||||||||||
Europe | 711 | 243 | 1,523 | 510 | |||||||||||||||||||
Total revenue | $ | 12,157 | $ | 7,586 | $ | 29,451 | $ | 15,957 |
September 30, 2021 | December 31, 2020 | ||||||||||
Deferred revenue | $ | 377 | $ | 1,665 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Customer A | 25.7 | % | 51.6 | % | 39.3 | % | 57.3 | % | |||||||||||||||
Customer B | 12.9 | % | 10.3 | % | 5.4 | % | 13.6 | % | |||||||||||||||
Customer C | — | % | 13.2 | % | — | % | 6.4 | % |
Nine Months Ended September 30, 2021 | |||||
Constant risk free rate | 0.8 | % | |||
Constant volatility factor | 40.0 | % | |||
Geometric Brownian Motion | 0.981 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Research and development | 2,588 | — | 5,185 | — | |||||||||||||||||||
Selling, general, and administrative | 3,629 | — | 9,000 | — | |||||||||||||||||||
Total | $ | 6,217 | $ | — | $ | 14,185 | $ | — |
Number of Shares | Weighted- Average Grant Date Fair Value | ||||||||||
Nonvested shares as of December 31, 2020 | 3,868,225 | $ | 2.72 | ||||||||
Granted | 5,188,548 | $ | 8.61 | ||||||||
Vested | (2,005,004) | $ | 5.31 | ||||||||
Forfeited | (78,036) | $ | 6.65 | ||||||||
Nonvested shares as of September 30, 2021 | 6,973,733 | $ | 8.58 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss | $ | (108,161) | $ | (22,156) | $ | (84,812) | $ | (34,528) | |||||||||||||||
Less: Net loss attributable to noncontrolling interest | (28,512) | (197) | (22,127) | (590) | |||||||||||||||||||
Net loss attributable to indie Semiconductor, Inc. | $ | (79,649) | $ | (21,959) | $ | (62,685) | $ | (33,938) | |||||||||||||||
Net loss attributable to common shareholders - dilutive | $ | (79,649) | $ | (21,959) | $ | (62,685) | $ | (33,938) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding - basic | 96,368,379 | 31,349,643 | 58,791,245 | 31,153,933 | |||||||||||||||||||
Weighted average common shares outstanding—diluted | 96,368,379 | 31,349,643 | 58,791,245 | 31,153,933 | |||||||||||||||||||
Net loss per share attributable to common shares— basic | $ | (0.83) | $ | (0.70) | $ | (1.07) | $ | (1.09) | |||||||||||||||
Net loss per share attributable to common shares— diluted | $ | (0.83) | $ | (0.70) | $ | (1.07) | $ | (1.09) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
SAFEs | — | 4,711,711 | 7,651,982 | 4,711,711 | |||||||||||||||||||
Unvested Class B units | — | 3,710,500 | 1,817,375 | 3,710,500 | |||||||||||||||||||
Unvested Phantom units | 1,727,730 | — | 1,727,730 | — | |||||||||||||||||||
Unvested Restricted stock units | 3,437,188 | — | 3,437,188 | — | |||||||||||||||||||
Convertible preferred units | — | 35,935,292 | — | 35,935,292 | |||||||||||||||||||
Warrants to purchase Class G units | — | 267,939 | — | 267,939 | |||||||||||||||||||
Convertible debt into Class A and preferred units | — | 285,000 | — | 285,000 | |||||||||||||||||||
Convertible Class V common shares | 33,827,371 | — | 33,827,371 | — | |||||||||||||||||||
Public warrants for the purchase of Class A common shares | 17,250,000 | — | 17,250,000 | — | |||||||||||||||||||
Private warrants for the purchase of Class A common shares | 10,150,000 | — | 10,150,000 | — | |||||||||||||||||||
Earn-out Shares | 10,000,000 | — | 10,000,000 | — | |||||||||||||||||||
Escrow Shares | 3,450,000 | — | 3,450,000 | — | |||||||||||||||||||
79,842,289 | 44,910,442 | 89,311,646 | 44,910,442 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Research and development | $ | 219 | $ | 211 | $ | 619 | $ | 581 | |||||||||||||||
Selling, general, and administrative | 49 | 22 | 136 | 95 | |||||||||||||||||||
$ | 268 | $ | 233 | $ | 755 | $ | 676 |
2021 (remaining three months) | $ | 287 | |||
2022 | 1,074 | ||||
2023 | 637 | ||||
2024 | 315 | ||||
2025 | 286 | ||||
Thereafter | 817 | ||||
$ | 3,416 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | $ | % of Revenue | $ | % of Revenue | $ Change | % Change | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Product revenue | $ | 11,099 | 91 | % | $ | 5,732 | 76 | % | $ | 5,367 | 94 | % | |||||||||||||||||||||||
Contract revenue | 1,058 | 9 | % | 1,854 | 24 | % | (796) | (43) | % | ||||||||||||||||||||||||||
Total revenue | $ | 12,157 | 100 | % | $ | 7,586 | 100 | % | $ | 4,571 | 60 | % |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | $ | % of Revenue | $ | % of Revenue | $ Change | % Change | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Cost of goods sold | $ | 6,930 | 57 | % | $ | 3,664 | 48 | % | $ | 3,266 | 89 | % | |||||||||||||||||||||||
Research and development | 15,043 | 124 | % | 5,823 | 77 | % | 9,220 | 158 | % | ||||||||||||||||||||||||||
Selling, general, and administrative | 11,442 | 94 | % | 1,265 | 17 | % | 10,177 | 805 | % | ||||||||||||||||||||||||||
Total operating expenses | $ | 33,415 | 275 | % | $ | 10,752 | 142 | % | $ | 22,663 | 211 | % |
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in thousands) | $ | $ | $ Change | % Change | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest income | $ | 16 | $ | 6 | $ | 10 | 167 | % | |||||||||||||||
Interest expense | (25) | (517) | 492 | (95) | % | ||||||||||||||||||
Gain (loss) from change in fair value of SAFEs | — | (18,520) | 18,520 | (100) | % | ||||||||||||||||||
Gain (loss) from change in fair value of warrants | (40,401) | — | (40,401) | 100 | % | ||||||||||||||||||
Gain (loss) from change in fair value of earn-out liabilities | (45,516) | — | (45,516) | 100 | % | ||||||||||||||||||
Other income (expense) | (1,013) | 28 | (1,041) | (3718) | % | ||||||||||||||||||
Total other expense, net | $ | (86,939) | $ | (19,003) | $ | (67,936) | 358 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | $ | % of Revenue | $ | % of Revenue | $ Change | % Change | |||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Product revenue | $ | 27,470 | 93 | % | $ | 13,294 | 83 | % | $ | 14,176 | 107 | % | |||||||||||||||||||||||
Contract revenue | 1,981 | 7 | % | 2,663 | 17 | % | (682) | (26) | % | ||||||||||||||||||||||||||
Total revenue | $ | 29,451 | 100 | % | $ | 15,957 | 100 | % | $ | 13,494 | 85 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | $ | % of Revenue | $ | % of Revenue | $ Change | % Change | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Cost of goods sold | $ | 17,097 | 58 | % | $ | 8,742 | 55 | % | $ | 8,355 | 96 | % | |||||||||||||||||||||||
Research and development | 37,206 | 126 | % | 15,457 | 97 | % | 21,749 | 141 | % | ||||||||||||||||||||||||||
Selling, general, and administrative | 23,015 | 78 | % | 4,080 | 26 | % | 18,935 | 464 | % | ||||||||||||||||||||||||||
Total operating expenses | $ | 77,318 | 263 | % | $ | 28,279 | 177 | % | $ | 49,039 | 173 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in thousands) | $ | $ | $ Change | % Change | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest income | $ | 36 | $ | 18 | $ | 18 | 100 | % | |||||||||||||||
Interest expense | (1,175) | (1,620) | 445 | (27) | % | ||||||||||||||||||
Gain (loss) from change in fair value of SAFEs | 21,600 | (20,735) | 42,335 | (204) | % | ||||||||||||||||||
Gain (loss) from change in fair value of warrants | (29,085) | — | (29,085) | 100 | % | ||||||||||||||||||
Gain (loss) from change in fair value of earn-out liabilities | (27,677) | — | (27,677) | 100 | % | ||||||||||||||||||
Gain (loss) from extinguishment of debt | 304 | — | 304 | 100 | % | ||||||||||||||||||
Other income (expense) | (914) | 140 | (1,054) | (753) | % | ||||||||||||||||||
Total other expense, net | $ | (36,911) | $ | (22,197) | $ | (14,714) | 66 | % |
Nine Months Ended September 30, | Change | Change | |||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
Net cash used in operating activities | $ | (36,913) | $ | (14,527) | $ | (22,386) | 154 | % | |||||||||||||||
Net cash used in investing activities | (2,452) | (776) | (1,676) | 216 | % | ||||||||||||||||||
Net cash provided by financing activities | 344,339 | 17,092 | 327,247 | 1915 | % |
Exhibit Number | Description of Exhibit | |||||||
4.2 | Specimen Warrant Certificate (included in Exhibit 4.3, as amended by Exhibit 4.4). (incorporated by reference to Exhibit 4.2 of the form 8-K filed by the registrant with the SEC on June 16, 2021) | |||||||
101 .INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101 .SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101 .CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101 .DEF | Inline XBRL Taxonomy Definition Linkbase Document | |||||||
101 .LAB | Inline XBRLTaxonomy Extension Label Linkbase Document | |||||||
101 .PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |
INDIE SEMICONDUCTOR, INC. | |||||||||||
November 12, 2021 | By: | /s/ Thomas Schiller | |||||||||
Name: | Thomas Schiller | ||||||||||
Title: | Chief Financial Officer & EVP of Strategy (Principal Financial Officer) |