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Delaware
|
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2080
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87-3277812
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(State or other jurisdiction of
incorporation or organization) |
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(Primary standard industrial
classification code number) |
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(I.R.S. Employer
Identification Number) |
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|
Jonathan Ko
Paul Hastings LLP 515 South Flower Street Twenty-Fifth Floor Los Angeles, CA 90071 (213) 683-6000 |
| |
David Hernand
Sean Monroe Paul Hastings LLP 1999 Avenue of the Stars Twenty-Seventh Floor Los Angeles, CA 90067 (310) 620-5700 |
| |
Steven V. Napolitano, P.C.
John Kaercher, P.C. Kirkland & Ellis LLP 300 North LaSalle Drive Chicago, IL 60654 (312) 862-2000 |
| |
Joshua N. Korff, P.C.
Peter S. Seligson Kirkland & Ellis LLP 601 Lexington Avenue New York, NY 10022 (212) 446-4800 |
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|
Large accelerated filer
☐
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| |
Accelerated filer
☐
|
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Non-accelerated filer
☒
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Smaller reporting company
☐
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Emerging growth company
☒
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Title of Each Class of
Security To Be Registered |
| | |
Amount To Be
Registered(1) |
| | |
Proposed Maximum
Offering Price Per Security |
| | |
Proposed Maximum
Aggregate Offering Price |
| | |
Amount of
Registration Fee |
| ||||||||||||
Shares of Class A Common Stock, par value $0.0001 per share(2)(7)
|
| | | | | 41,883,750 | | | | | | $ | 10.44(3) | | | | | | $ | 437,266,250.00 | | | | | | $ | 40,534.59 | | |
Warrants to purchase shares of Class A Common Stock(4)
|
| | | | | 17,766,667 | | | | | | $ | 2.10(3) | | | | | | $ | 37,310,000.70 | | | | | | | —(5) | | |
Shares of Class A Common Stock issuable upon exercise of warrants(6)(8)
|
| | | | | 17,766,667 | | | | | | $ | 11.50(7) | | | | | | $ | 204,316,670.00 | | | | | | $ | 18,940.15 | | |
Total
|
| | | | | | | | | | | | | | | | | | $ | 678,892,921.00 | | | | | | $ | 59,474.74(9) | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 27 | | | |
| | | | | 45 | | | |
| | | | | 47 | | | |
| | | | | 48 | | | |
| | | | | 50 | | | |
| | | | | 104 | | | |
| | | | | 120 | | | |
| | | | | 121 | | | |
| | | | | 123 | | | |
| | | | | 128 | | | |
| | | |
|
| | ||
| | | | | 150 | | | |
| | | | | 160 | | | |
| | | | | 166 | | | |
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|
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|
| | ||
| | | |
|
| | ||
| | | |
|
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|
| | ||
| | | | | 191 | | | |
| | | | | 214 | | | |
| | | | | 219 | | | |
| | | | | 232 | | | |
| | | | | 239 | | | |
| | | | | 243 | | | |
| | | | | 246 | | | |
| | | | | 254 | | | |
| | | | | 260 | | | |
| | | | | 273 | | | |
| | | | | 279 | | | |
| | | | | 281 | | | |
| | | | | 282 | | | |
| | | | | 283 | | | |
| | | | | 284 | | | |
| | | | | 285 | | | |
| | | | | F-1 | | |
| ANNEX A — BUSINESS COMBINATION AGREEMENT | | | Annex A-1 | |
| | | Annex A-81 | | |
| | | Annex B-1 | | |
| | | Annex C-1 | | |
| | | Annex D-1 | | |
| | | Annex E-1 | | |
| | | Annex F-1 | | |
| | | Annex G-1 | | |
| | | Annex H-1 | |
| | |
No Redemptions(1)
|
| |
Assuming 50%
Redemptions(2) |
| |
Maximum
Redemptions(3) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
Authentic Brand Equityholders(4)
|
| | | | 130,576,050 | | | | | | 62.43% | | | | | | 133,076,050 | | | | | | 65.99% | | | | | | 144,415,100 | | | | | | 73.52% | | |
Public Stockholders
|
| | | | 34,500,000 | | | | | | 16.49% | | | | | | 17,250,000 | | | | | | 8.55% | | | | | | — | | | | | | 0.00% | | |
Public Warrants(5)
|
| | | | 11,500,000 | | | | | | 5.50% | | | | | | 11,500,000 | | | | | | 5.70% | | | | | | 11,500,000 | | | | | | 5.85% | | |
Sponsor Shares
|
| | | | 5,792,500 | | | | | | 2.77% | | | | | | 5,792,500 | | | | | | 2.87% | | | | | | 3,723,750 | | | | | | 1.90% | | |
Private Placement Warrants(6)
|
| | | | 6,266,667 | | | | | | 3.00% | | | | | | 6,266,667 | | | | | | 3.11% | | | | | | 6,266,667 | | | | | | 3.19% | | |
BRCC Fund Shares
|
| | | | 532,750 | | | | | | 0.25% | | | | | | 532,750 | | | | | | 0.26% | | | | | | 532,750 | | | | | | 0.27% | | |
Engaged Capital Investors
|
| | | | 10,000,000 | | | | | | 4.78% | | | | | | 10,000,000 | | | | | | 4.96% | | | | | | 10,000,000 | | | | | | 5.09% | | |
PIPE Investors
|
| | | | 10,000,000 | | | | | | 4.78% | | | | | | 17,250,000 | | | | | | 8.55% | | | | | | 20,000,000 | | | | | | 10.18% | | |
Total
|
| | | | 209,167,967 | | | | | | 100.00% | | | | | | 201,667,967 | | | | | | 100.00% | | | | | | 196,438,267 | | | | | | 100.00% | | |
| | |
No Redemptions(1)
|
| |
Assuming 50%
Redemptions(2) |
| |
Maximum
Redemptions(3) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Value
Per Share(4) |
| |
Shares
|
| |
Value
Per Share(5) |
| |
Shares
|
| |
Value
Per Share(6) |
| ||||||||||||||||||
Base Scenario(7)
|
| | | | 191,401,300 | | | | | $ | 10.00 | | | | | | 183,901,300 | | | | | $ | 10.00 | | | | | | 178,671,600 | | | | | $ | 10.00 | | |
Excluding SilverBox Sponsor Shares(8)
|
| | | | 185,608,800 | | | | | | 10.31 | | | | | | 178,108,800 | | | | | | 10.33 | | | | | | 174,947,850 | | | | | | 10.21 | | |
Exercising SilverBox Public Stockholder Warrants(9)(10)
|
| | | | 202,901,300 | | | | | | 9.43 | | | | | | 195,401,300 | | | | | | 9.41 | | | | | | 190,171,600 | | | | | | 9.40 | | |
Exercising SilverBox Sponsor Warrants(9)(10)
|
| | | | 197,667,967 | | | | | | 9.68 | | | | | | 190,167,967 | | | | | | 9.67 | | | | | | 184,938,267 | | | | | | 9.66 | | |
Exercising All SilverBox Warrants(9)(10)
|
| | | | 209,167,967 | | | | | | 9.15 | | | | | | 201,667,967 | | | | | | 9.12 | | | | | | 196,438,267 | | | | | | 9.10 | | |
Name
|
| |
Position(s) Held
|
|
Evan Hafer
|
| | Chief Executive Officer | |
Mat Best
|
| | Chief Branding Officer | |
Tom Davin
|
| | Co-Chief Executive Officer | |
Greg Iverson
|
| | Chief Financial Officer | |
Toby Johnson
|
| | Chief Operations Officer | |
Andrew McCormick
|
| | General Counsel and Corporate Secretary | |
(in thousands)
|
| |
Nine Months Ended
September 30, |
| |
Fiscal Year
December 31, |
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|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
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| | |
($ in thousands)
|
| |||||||||||||||||||||
Statement of Operations Data: | | |
(Unaudited)
|
| | | | | | | | | | | | | |||||||||
Revenue, net
|
| | | $ | 161,253 | | | | | $ | 104,003 | | | | | $ | 163,909 | | | | | $ | 82,128 | | |
Total operating expenses
|
| | | | 72,518 | | | | | | 41,043 | | | | | | 63,629 | | | | | | 35,821 | | |
Net income (loss) from continuing operations
|
| | | | (7,510) | | | | | | 4,395 | | | | | | 5,780 | | | | | | (116) | | |
Total other expense
|
| | | | (1,595) | | | | | | (909) | | | | | | (1,274) | | | | | | (642) | | |
State income tax expense
|
| | | | 133 | | | | | | 141 | | | | | | 185 | | | | | | 14 | | |
Net income (loss)
|
| | | | (9,238) | | | | | | 3,345 | | | | | | 4,321 | | | | | | (772) | | |
Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities
|
| | | | (10,654) | | | | | | 3,638 | | | | | | 11,546 | | | | | | 4,144 | | |
Net cash used in investing activities
|
| | | | (11,755) | | | | | | (7,205) | | | | | | (9,760) | | | | | | (1,106) | | |
Net cash provided by (used in) financing activities
|
| | | | 769 | | | | | | 8,955 | | | | | | 28,811 | | | | | | (2,166) | | |
(in thousands)
|
| |
As of
September 30, 2021 |
| |
As of
December 31, |
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 80,305 | | | | | $ | 72,542 | | | | | $ | 18,711 | | |
Total liabilities
|
| | | | 69,191 | | | | | | 46,437 | | | | | | 19,960 | | |
Total preferred equity
|
| | | | 142,790 | | | | | | 128,983 | | | | | | — | | |
Total members’ deficit
|
| | | | (131,676) | | | | | | (102,878) | | | | | | (1,249) | | |
| | |
Nine Months Ended
September 30, |
| |
Fiscal Year Ended
December 31, |
| ||||||||||||
|
2021
|
| |
2020
|
| |
2020
|
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Net income (loss)
|
| | | $ | (9,238) | | | | | $ | 3,345 | | | | | $ | 4,321 | | |
Interest expense
|
| | | | 1,590 | | | | | | 814 | | | | | | 1,047 | | |
Tax expense
|
| | | | 133 | | | | | | 141 | | | | | | 185 | | |
Depreciation and amortization
|
| | | | 2,000 | | | | | | 985 | | | | | | 1,375 | | |
EBITDA
|
| | | $ | (5,515) | | | | | $ | 5,285 | | | | | $ | 6,928 | | |
Stock-based compensation(1)
|
| | | $ | 3,762 | | | | | $ | 2,650 | | | | | $ | 3,313 | | |
System implementation costs(2)
|
| | | | 265 | | | | | | 504 | | | | | | 556 | | |
Transaction expenses(3)
|
| | | | 655 | | | | | | 467 | | | | | | 575 | | |
Adjusted EBITDA
|
| | | $ | (833) | | | | | $ | 8,906 | | | | | $ | 11,372 | | |
(in thousands)
|
| |
Nine Months Ended
September 30, |
| |
Fiscal Year
December 31, |
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|
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
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| | |
($ in thousands)
|
| |||||||||||||||||||||
Statement of Operations Data: | | |
(Unaudited)
|
| | | | | | | | | | | | | |||||||||
Revenue, net
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Total operating expenses
|
| | | | 1,457 | | | | | | — | | | | | | (4) | | | | | | — | | |
Net income (loss) from continuing operations
|
| | | | (1,457) | | | | | | — | | | | | | — | | | | | | — | | |
Total other income (expense)
|
| | | | 8,581 | | | | | | — | | | | | | — | | | | | | — | | |
Net income (loss)
|
| | | | 7,124 | | | | | | — | | | | | | (4) | | | | | | — | | |
Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities
|
| | | | (1,208) | | | | | | — | | | | | | — | | | | | | — | | |
Net cash used in investing activities
|
| | | | (345,000) | | | | | | — | | | | | | — | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | 347,000 | | | | | | — | | | | | | 200 | | | | | | — | | |
(in thousands)
|
| |
As of
September 30, 2021 |
| |
As of
December 31, |
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 346,531 | | | | | $ | 245 | | | | | | — | | |
Total liabilities
|
| | | | 25,822 | | | | | | 224 | | | | | | — | | |
Total stockholders’ equity (deficit)
|
| | | | (24,291) | | | | | | 21 | | | | | | — | | |