Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Cash flows from operating activities:    
Net loss and comprehensive loss $ (346,768) $ (86,686)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 8,921 7,125
Non-cash operating lease expense 1,046 632
Debt discount amortization 0 2,590
Gain on extinguishment of debt 0 (5,045)
Stock-based compensation 108,360 84,280
(Loss) gain on fair value change in private placement warrants liability 1,639 (3,132)
Gain on fair value change of contingent earnout shares liability (104,446) (115,375)
Other 0 9
Changes in operating assets and liabilities:    
Prepaids and other current assets (27,744) (4,669)
Other assets (13,980) 718
Accounts payable 33,370 2,491
Accrued expenses and other current liabilities 38,786 9,969
Other long-term liabilities 0 39
Net cash used in operating activities (300,816) (107,054)
Cash flows from investing activities:    
Purchases of property and equipment (136,594) (7,558)
Prepayment to VDL Nedcar (26,134) 0
Net cash used in investing activities (162,728) (7,558)
Cash flows from financing activities:    
Proceeds from issuance of common stock for related party convertible debt 0 90,000
Proceeds from issuance of common stock for convertible debt 0 90,500
Proceeds from PPP loan 0 7,064
Repayments on PPP loan (6,943) (47)
Proceeds from issuance of unvested shares 0 7
Repurchase of unvested shares (17) (64)
Business combination and PIPE financing, gross proceeds 0 629,604
Business combination and PIPE financing, issuance costs 0 (22,508)
Settlement on restricted stock tax withholding 0 (448)
Payment on stock warrant redemption 0 (800)
Payment of offering costs (11,307) (5,781)
Proceeds from exercise of public warrants 6,880 0
Proceeds from the exercise of stock options 1 0
Net cash (used in) provided by financing activities (11,386) 787,527
Net (decrease) increase in cash, cash equivalents, and restricted cash (474,930) 672,915
Cash, cash equivalents, and restricted cash    
Cash, cash equivalents, and restricted cash, beginning of period 702,422 29,507
Cash, cash equivalents, and restricted cash, end of period 227,492 702,422
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets    
Cash and cash equivalents at end of period 224,721 702,422
Restricted cash at end of period 2,771 0
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows 227,492 702,422
Supplemental non-cash investing and financing activities    
Acquisition of property and equipment included in current liabilities 52,512 3,992
Offering costs included in accrued expenses and other current liabilities 0 815
Recognition of operating lease right of use asset 2,362 0
Exchange of convertible debt 0 291,309
Gain on extinguishment of related party convertible debt recorded in additional paid-in capital 0 44,785
Recognition of contingent earnout shares liability 0 248,878
Offering costs included in accounts payable 0 12,492
Recognition of private placement warrants liability 0 9,745
Conversion of private placement warrants to public warrants 8,252 0
Settlement of offering costs 2,000 0
Reclassification of deposit paid to VDL Nedcar to receivable 30,440 0
Supplemental disclosures of cash flow information    
Cash paid for interest 60 0
Redeemable Convertible Preferred Stock    
Supplemental non-cash investing and financing activities    
Exchange of redeemable convertible preference shares 0 200,000
A Series Redeemable Convertible Preference Shares    
Supplemental non-cash investing and financing activities    
Exchange of redeemable convertible preference shares 0 445,159
A-1 Series Redeemable Convertible Preference Shares    
Supplemental non-cash investing and financing activities    
Exchange of redeemable convertible preference shares $ 0 $ 95,091