Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.21.2
Equity
9 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
Equity

Note 11. Equity

Outstanding Shares

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

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2021

 

 

 

2020 (1)

 

 

 

2021

 

 

 

2020 (1)

 

 

Common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

97,732,079

 

 

 

 

29,005,309

 

 

 

 

84,535,640

 

 

 

 

25,371,186

 

 

Issuance of common stock

 

 

2,592,236

 

 

 

 

-

 

 

 

 

15,788,675

 

 

 

 

3,634,123

 

 

Balance, end of period

 

 

100,324,315

 

 

 

 

29,005,309

 

 

 

 

100,324,315

 

 

 

 

29,005,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Retroactively restated for Business Combination

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $138.2 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 208,181 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 the quarter ended June 30, 2021, 153,763 of these options were exercised.

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.

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 



2021

 



2020

 

 

2021

 



2020

 

Employee stock options

 

5,518,473

 

 

 

7,072,426

 

 

 

10,642,260

 

 

 

7,072,426

 

Public Warrants

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Private Warrants

 

-

 

 

 

-

 

 

 

3,914,525

 

 

 

-

 

Restricted shares

 

3,035,676

 

 

 

-

 

 

 

3,035,676

 

 

 

-

 

Legacy Danimer options

 

-

 

 

 

1,805,555

 

 

 

125,490

 

 

 

1,805,555

 

Legacy Danimer warrants

 

-

 

 

 

506,611

 

 

 

-

 

 

 

506,611

 

Total excluded instruments

 

8,554,149

 

 

 

9,384,592

 

 

 

17,717,951

 

 

 

9,384,592