Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.21.2
Equity
6 Months Ended
Jun. 30, 2021
Stockholders' Equity Note [Abstract]  
Equity

Note 11. Equity

Outstanding Shares

The following table summarizes the common stock activity for the three and six months ended June 30, 2021 and 2020:

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2021

 

2020 (1)

 

2021

 

2020 (1)

Common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

85,339,145

 

 

 

 

29,005,309

 

 

 

 

84,535,640

 

 

 

 

25,371,186

 

 

Issuance of common stock

 

 

12,392,934

 

 

 

 

-

 

 

 

 

13,196,439

 

 

 

 

3,634,123

 

 

Balance, end of period

 

 

97,732,079

 

 

 

 

29,005,309

 

 

 

 

97,732,079

 

 

 

 

29,005,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Retroactively restated for Business Combination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Public Warrants

At December 31, 2020, there were 10,000,000 outstanding publicly traded warrants to purchase shares of our common stock with an exercise price of $11.50 per share, subject to adjustments (“Public Warrants”). The Public Warrants were exercisable and potentially redeemable after May 7, 2021. 

We could redeem the Public Warrants at a price of $0.01 per warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last sale price of our common stock equaled or exceeded $18.00 per share for any 20-trading days within a 30-trading day period ended three business days before we sent the notice of redemption to the warrant holders. This requirement was met and on May 14, 2021, we notified holders of the Public Warrants of our intent to redeem them on June 16, 2021. As a result, 12,033,169 Public Warrants, including some Public Warrants that had initially been Private Warrants, were exercised and 50,965 Public Warrants were redeemed. Net of fees, we collected $138.2 million in connection with the exercises and redemptions. The Public Warrants qualified as equity instruments and we included them in additional paid-in capital at December 31, 2020.

Non-Plan Legacy Danimer Options and Warrants

Prior to 2017, Legacy Danimer had issued 208,183 stock options that were not a part of either the 2016 Executive Plan or the 2016 Omnibus Plan. These options had a weighted average exercise price of $30 per share. On December 29, 2020, the then-remaining 30,493 of these options were converted to options to purchase 279,253 shares of our common stock with a weighted average exercise price of $3.28 per share. During the quarter ended June 30, 2021, 153,763 of these options were exercised.

As of December 29, 2020, Legacy Danimer had 55,139 warrants outstanding with an exercise price of $30 per share. In connection with the Business Combination, these options were converted to options to purchase 506,611 shares of our common stock with an exercise price of $3.28 per share, and were exercised during the quarter ended March 31, 2021 on a cashless basis by issuing 435,961 shares.

Anti-dilutive Instruments

The following instruments were excluded from the calculation of diluted shares outstanding because the effect of including them would have been anti-dilutive.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 



2021

 



2020

 

 

2021

 



2020

 

Employee stock options

 

37,500

 

 

 

11,108,755

 

 

 

10,682,969

 

 

 

11,108,755

 

Public Warrants

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Private Warrants

 

-

 

 

 

-

 

 

 

3,915,863

 

 

 

-

 

Restricted shares

 

-

 

 

 

-

 

 

 

3,035,676

 

 

 

-

 

Legacy Danimer options

 

-

 

 

 

1,906,540

 

 

 

125,490

 

 

 

1,906,540

 

Legacy Danimer warrants

 

-

 

 

 

506,611

 

 

 

-

 

 

 

506,611

 

Total excluded instruments

 

37,500

 

 

 

13,521,906

 

 

 

17,759,998

 

 

 

13,521,906