Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.22.2
Equity
6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  
Equity

Note 12. Equity

Common Stock

The following table summarizes the common stock activity for the three and six months ended June 30, 2022 and 2021, respectively.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

 

2021

 

 

2022

 

 

2021

 

Balance, beginning of period

 

 

100,760,215

 

 

 

 

85,339,145

 

 

 

100,687,820

 

 

 

84,535,640

 

Issuance of common stock

 

 

354,646

 

 

 

 

12,392,934

 

 

 

427,041

 

 

 

13,196,439

 

Balance, end of period

 

 

101,114,861

 

 

 

 

97,732,079

 

 

 

101,114,861

 

 

 

97,732,079

 

Public Warrants

At December 31, 2020, there were 10 million 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.

On June 16, 2021, we redeemed 50,965 Public Warrants, which included all unexercised Public Warrants. Prior to the redemption, 12,033,169 Public Warrants, including some Public Warrants that had initially been Private Warrants, were exercised. Net of fees, we collected $138.1 million in connection with these exercises and redemptions. The Public Warrants had qualified as equity instruments and we had included them in additional paid-in capital.

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 279,255 shares of our common stock with a weighted average exercise price of $3.28 per share. During 2021, 153,763 of these options were exercised and as of June 30, 2022, 125,489 of these options remain.

As of December 29, 2020, Legacy Danimer had 55,319 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. All remaining Legacy Danimer warrants were exercised during the three month period ended March 31, 2021 on a cashless basis by issuing 435,961 shares of common stock.

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,

 



2022

 



2021

 

 

2022

 



2021

 

Convertible debt

 

22,250,040

 



 

-

 

 

 

22,250,040

 



 

-

 

Employee stock options

 

11,439,142

 



 

37,500

 

 

 

11,439,142

 



 

10,682,969

 

Private Warrants

 

3,914,525

 



 

-

 

 

 

3,914,525

 



 

3,915,863

 

Restricted shares

 

2,671,482

 

 

 

-

 

 

 

2,671,482

 

 

 

3,035,676

 

Performance shares

 

50,251

 

 

 

-

 

 

 

50,251

 

 

 

-

 

Legacy Danimer options

 

125,489

 



 

-

 

 

 

125,489

 



 

125,490

 

Total excluded instruments

 

40,450,929

 

 

 

37,500

 

 

 

40,450,929

 

 

 

17,759,998