| | |
Page
|
| |||
| | | | ii | | | |
| | | | iv | | | |
| | | | viii | | | |
| | | | ix | | | |
| | | | 1 | | | |
| | | | 8 | | | |
| | | | 11 | | | |
| | | | 12 | | | |
| | | | 50 | | | |
| | | | 51 | | | |
| | | | 64 | | | |
| | | | 76 | | | |
| | | | 81 | | | |
| | | | 88 | | | |
| | | | 93 | | | |
| | | | 95 | | | |
| | | | 97 | | | |
| | | | 118 | | | |
| | | | 131 | | | |
| | | | 133 | | | |
| | | | 137 | | | |
| | | | 141 | | | |
| | | | 141 | | | |
| | | | 141 | | | |
| | | | F-1 | | |
| | |
Outstanding
|
| |||||||||
| | |
Shares
|
| |
%
|
| ||||||
Rollover Equity – Company Shareholders(a)(b)
|
| | |
|
140,926,990
|
| | | |
|
76.63%
|
| |
BRCC Fund Shares
|
| | | | 532,750 | | | | | | 0.29% | | |
SilverBox Public (Common) Shares
|
| | | | 7,629,317 | | | | | | 4.15% | | |
Forward Purchase Shares
|
| | | | 10,000,000 | | | | | | 5.44% | | |
Third Party Private Placement (PIPE)
|
| | | | 10,000,000 | | | | | | 5.44% | | |
Sponsor Shares(c)
|
| | | | 4,812,243 | | | | | | 2.61% | | |
Backstop Shares
|
| | | | 10,000,000 | | | | | | 5.44% | | |
Closing Merger Shares
|
| | | | 183,901,300 | | | | | | 100.00% | | |
| | |
Historical
|
| |
Pro Forma
|
| ||||||||||||||||||||||||
| | |
Authentic
Brands (As of December 31, 2021) |
| |
SilverBox
(As of December 31, 2021) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined (As of December 31, 2021) |
| ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 18,334 | | | | | $ | 414 | | | | | $ | 345,072 | | | | |
|
A
|
| | | | $ | 149,998 | | |
| | | | | | | | | | | | | | | | | (12,075) | | | | |
|
B
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 200,000 | | | | |
|
C
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (162,546) | | | | |
|
D
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (13,900) | | | | |
|
E
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (24,599) | | | | |
|
F
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (23,996) | | | | |
|
H
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (8,000) | | | | |
|
J
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 100,000 | | | | |
|
L
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (268,706) | | | | |
|
G
|
| | | | | | | |
Accounts receivable, net
|
| | | | 7,442 | | | | | | — | | | | | | — | | | | | | | | | | | | 7,442 | | |
Inventories, net
|
| | | | 20,872 | | | | | | — | | | | | | — | | | | | | | | | | | | 20,872 | | |
Due from sponsor
|
| | | | — | | | | | | 2 | | | | | | — | | | | | | | | | | | | 2 | | |
Prepaid expenses
|
| | | | 6,377 | | | | | | 377 | | | | | | — | | | | | | | | | | | | 6,754 | | |
Other receivable
|
| | | | — | | | | | | 16 | | | | | | — | | | | | | | | | | | | 16 | | |
Total current assets
|
| | | | 53,025 | | | | | | 809 | | | | | | 131,250 | | | | | | | | | | | | 185,084 | | |
Property, plant and equipment, net
|
| | | | 31,114 | | | | | | — | | | | | | — | | | | | | | | | | | | 31,114 | | |
Intangible assets
|
| | | | 167 | | | | | | — | | | | | | — | | | | | | | | | | | | 167 | | |
Cash and marketable securities held in Trust Account
|
| | | | — | | | | | | 345,072 | | | | | | (345,072) | | | | |
|
A
|
| | | | | — | | |
Other assets
|
| | | | 2,776 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,776 | | |
Total assets
|
| | | $ | 87,082 | | | | | $ | 345,881 | | | | | $ | (213,822) | | | | | | | | | | | $ | 219,141 | | |
Liabilities, convertible preferred stock, and stockholders’ equity (deficit)
|
| | | | | | |||||||||||||||||||||||||
Current Liabilities
|
| | | | | | |||||||||||||||||||||||||
Accounts payable
|
| | | $ | 17,387 | | | | | $ | 2,839 | | | | | | — | | | | | | | | | | | $ | 20,226 | | |
Accrued liabilities/expenses
|
| | | | 22,233 | | | | | | — | | | | | | — | | | | | | | | | | | | 22,233 | | |
Deferred revenue
|
| | | | 7,334 | | | | | | — | | | | | | — | | | | | | | | | | | | 7,334 | | |
Current maturities of long-term debt, net
|
| | | | 11,979 | | | | | | — | | | | | | — | | | | | | | | | | | | 11,979 | | |
Current maturities of capital lease obligations
|
| | | | 85 | | | | | | — | | | | | | — | | | | | | | | | | | | 85 | | |
Taxes payable
|
| | | | — | | | | | | 200 | | | | | | — | | | | | | | | | | | | 200 | | |
Total current liabilities
|
| | | | 59,018 | | | | | | 3,039 | | | | | | — | | | | | | | | | | | | 62,057 | | |
Long-term debt, net
|
| | | | 22,712 | | | | | | — | | | | | | (8,000) | | | | |
|
J
|
| | | | | 14,712 | | |
Capital lease obligations, net of current
maturities |
| | | | 228 | | | | | | — | | | | | | — | | | | | | | | | | | | 228 | | |
Other non-current liabilities
|
| | | | 334 | | | | | | — | | | | | | — | | | | | | | | | | | | 334 | | |
Earn-Out Liability
|
| | | | — | | | | | | — | | | | | | 181,772 | | | | |
|
O
|
| | | | | 181,772 | | |
Deferred Sponsor Share Liability
|
| | | | — | | | | | | — | | | | | | 10,272 | | | | |
|
P
|
| | | | | 10,272 | | |
| | |
Historical
|
| |
Pro Forma
|
| ||||||||||||||||||||||||
| | |
Authentic
Brands (As of December 31, 2021) |
| |
SilverBox
(As of December 31, 2021) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined (As of December 31, 2021) |
| ||||||||||||
Warrant Liability
|
| | | | — | | | | | | 24,915 | | | | | | — | | | | | | | | | | | | 24,915 | | |
Deferred underwriters’ discount
|
| | | | — | | | | | | 12,075 | | | | | | (12,075) | | | | |
|
B
|
| | | | | — | | |
Total liabilities
|
| | | $ | 82,292 | | | | | $ | 40,029 | | | | | $ | 171,969 | | | | | | | | | | | $ | 294,290 | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Series A preferred equity, less issuance costs
|
| | | | 154,281 | | | | | | — | | | | | | (154,281) | | | | |
|
D
|
| | | | | — | | |
Class A Common Stock subject to possible redemption, 34,500,000 and 0 shares at redemption value, respectively
|
| | | | — | | | | | | 345,000 | | | | | | (268,707) | | | | |
|
G
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (76,293) | | | | |
|
G
|
| | | | | | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Members’ deficit
|
| | | | (149,491) | | | | | | — | | | | | | 149,491 | | | | |
|
M
|
| | | | | — | | |
BRC Inc. Class A Common Stock, $0.0001 par value
|
| | | | — | | | | | | — | | | | | | 8 | | | | |
|
G
|
| | | | | 43 | | |
| | | | | | | | | | | | | | | | | 20 | | | | |
|
N
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 10 | | | | |
|
L
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 5 | | | | |
|
Q
|
| | | | | | | |
SilverBox Class B common stock, $0.0001 par value;
|
| | | | — | | | | | | 1 | | | | | | (1) | | | | |
|
Q
|
| | | | | — | | |
BRC Inc. Class B common stock, voting and non-economic, $0.0001 par value
|
| | | | — | | | | | | — | | | | | | 14 | | | | |
|
R
|
| | | | | 14 | | |
SilverBox – Class C common stock, $0.0001 par value; 30,000,000 shares authorized;
|
| | | | — | | | | | | — | | | | | | 20 | | | | |
|
C
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (20) | | | | |
|
N
|
| | | | | | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | 199,980 | | | | |
|
C
|
| | | | | 140,527 | | |
| | | | | | | | | | | | | | | | | (13,900) | | | | |
|
E
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (24,209) | | | | |
|
F
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 76,286 | | | | |
|
G
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (23,996) | | | | |
|
H
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (39,149) | | | | |
|
I
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 57,587 | | | | |
|
K
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 99,990 | | | | |
|
L
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (181,772) | | | | |
|
O
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (10,272) | | | | |
|
P
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (4) | | | | |
|
Q
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (14) | | | | |
|
R
|
| | | | | | | |
Accumulated deficit
|
| | | | — | | | | | | (39,149) | | | | | | (8,265) | | | | |
|
D
|
| | | | | (158,146) | | |
| | | | | | | | | | | | | | | | | (390) | | | | |
|
F
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 39,149 | | | | |
|
I
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (149,491) | | | | |
|
M
|
| | | | | | | |
Non-Controlling Interest
|
| | | | — | | | | | | — | | | | | | (57,587) | | | | |
|
K
|
| | | | | (57,587) | | |
Total stockholders’ equity (deficit)
|
| | | | (149,491) | | | | | | (39,148) | | | | | | 113,490 | | | | | | | | | | | | (75,149) | | |
Total liabilities, convertible preferred stock, warrants and stockholders’ equity
|
| | | $ | 87,082 | | | | | $ | 345,881 | | | | | $ | (213,822) | | | | | | | | | | | $ | 219,141 | | |
|
| | |
Historical
|
| |
Pro Forma
|
| ||||||||||||||||||||||||
| | |
Authentic
Brands (For the year ended December 31, 2021) |
| |
SilverBox
(For the year ended December 31, 2021) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined (For the year ended December 31, 2021) |
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue, net
|
| | | $ | 233,101 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 233,101 | | |
Cost of goods sold
|
| | | | 143,414 | | | | | | — | | | | | | — | | | | | | | | | | | | 143,414 | | |
Gross Profit
|
| | | | 89,687 | | | | | | — | | | | | | — | | | | | | | | | | | | 89,687 | | |
Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketing and advertising
|
| | | | 36,358 | | | | | | — | | | | | | — | | | | | | | | | | | | 36,358 | | |
Salaries, wages and benefits
|
| | | | 38,746 | | | | | | — | | | | | | — | | | | | | | | | | | | 38,746 | | |
General and administrative
|
| | | | 26,162 | | | | | | — | | | | | | — | | | | | | | | | | | | 26,162 | | |
Formation and other expenses
|
| | | | — | | | | | | 4,252 | | | | | | — | | | | | | | | | | | | 4,252 | | |
Total operating cost and expenses
|
| | | | 101,266 | | | | | | 4,252 | | | | | | — | | | | | | | | | | | | 105,518 | | |
Operating loss
|
| | | | (11,579) | | | | | | (4,252) | | | | | | — | | | | | | | | | | | | (15,831) | | |
Non-operating income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (2,033) | | | | | | — | | | | | | 154 | | | | |
|
CC
|
| | | | | (1,879) | | |
Unrealized gain on change in fair value of warrants
|
| | | | — | | | | | | (2,732) | | | | | | — | | | | | | | | | | | | (2,732) | | |
Transaction costs allocated to warrant liabilities
|
| | | | — | | | | | | (821) | | | | | | — | | | | | | | | | | | | (821) | | |
Other expense
|
| | | | (55) | | | | | | — | | | | | | — | | | | | | | | | | | | (55) | | |
Interest income
|
| | | | — | | | | | | 72 | | | | | | (72) | | | | |
|
AA
|
| | | | | — | | |
Income/(loss) before taxes
|
| | | | (13,667) | | | | | | (7,733) | | | | | | 82 | | | | | | | | | | | | (21,318) | | |
Income tax expense
|
| | | | (178) | | | | | | — | | | | | | — | | | | | | | | | | | | (178) | | |
Net income / (loss)
|
| | | | (13,845) | | | | | | (7,733) | | | | | | 82 | | | | | | | | | | | | (21,496) | | |
Net loss attributable to non-controlling interests
|
| | | | — | | | | | | — | | | | | | (16,472) | | | | |
|
DD
|
| | | | | (16,472) | | |
Net income (loss) to common stockholders
|
| | | $ | (13,845) | | | | | $ | (7,733) | | | | | $ | 16,554 | | | | | | | | | | | $ | (5,024) | | |
Weighted averages shares outstanding – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 41,815,810 | | |
Net income per share – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
$
|
(0.12)
|
| |
| | |
Historical
|
| |
Pro Forma
|
| ||||||||||||||||||||||||
| | |
Authentic
Brands (For the year ended December 31, 2020) |
| |
SilverBox
(For the year ended December 31, 2020) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined (For the year ended December 31, 2020) |
| ||||||||||||
Revenue, net
|
| | | $ | 163,909 | | | | | | — | | | | | | — | | | | | | | | | | | $ | 163,909 | | |
Cost of goods sold
|
| | | | 94,500 | | | | | | — | | | | | | — | | | | | | | | | | | | 94,500 | | |
Gross Profit
|
| | | | 69,409 | | | | | | — | | | | | | — | | | | | | | | | | | | 69,409 | | |
Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketing and advertising
|
| | | | 25,513 | | | | | | — | | | | | | — | | | | | | | | | | | | 25,513 | | |
Salaries, wages and benefits
|
| | | | 24,194 | | | | | | — | | | | | | — | | | | | | | | | | | | 24,194 | | |
General and administrative
|
| | | | 13,922 | | | | | | — | | | | | | 2,543 | | | | |
|
BB
|
| | | | | 16,855 | | |
| | | | | | | | | | | | | | | | | 390 | | | | |
|
EE
|
| | | | | | | |
Formation and operating costs
|
| | | | — | | | | | | 4 | | | | | | — | | | | | | | | | | | | 4 | | |
Total operating cost and expenses
|
| | | | 63,629 | | | | | | 4 | | | | | | 2,933 | | | | | | | | | | | | 66,566 | | |
Operating Income (loss)
|
| | | | 5,780 | | | | | | (4) | | | | | | (2,933) | | | | | | | | | | | | 2,843 | | |
Non-operating income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and finance charges (expense)/income, net
|
| | | | (1,047) | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | (1,047) | | |
Other
|
| | | | (227) | | | | | | — | | | | | | — | | | | | | | | | | | | (227) | | |
Income/(loss) before taxes
|
| | | | 4,506 | | | | | | (4) | | | | | | (2,933) | | | | | | | | | | | | 1,569 | | |
Income tax expense benefit
|
| | | | (185) | | | | | | — | | | | | | — | | | | | | | | | | | | (185) | | |
Net income / (loss)
|
| | | | 4,321 | | | | | | (4) | | | | | | (2,933) | | | | | | | | | | | | 1,384 | | |
Net income attributable to non-controlling interests
|
| | | | — | | | | | | — | | | | | | 1,061 | | | | |
|
DD
|
| | | | | 1,061 | | |
Net income (loss) to common shareholders
|
| | | $ | 4,321 | | | | | $ | (4) | | | | | $ | (3,994) | | | | | | | | | | | $ | 323 | | |
Weighted averages shares outstanding – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 41,815,810 | | |
Net income per share – basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
$
|
0.01
|
| |
|
Sources
|
| |
Uses
|
| ||||||||||||
|
Cash in Trust
|
| | | $ | 76.3 | | | |
Cash to Balance Sheet
|
| | | $ | 150.0 | | |
|
Forward Purchase Investment
|
| | | | 100.0 | | | |
Repay debt and preferred equity
redemption |
| | | | 161.3 | | |
|
PIPE Investment
|
|