|12 Months Ended|
Dec. 31, 2021
|Subsequent Events [Abstract]|
|Subsequent events||Subsequent events
Effective as of January 21, 2022, the Company entered into a real estate lease for its industrialization facility in Bentonville, Arkansas. The total minimum lease payments over the initial lease term of 10 years is $17.7 million.
On February 16, 2022, the Company executed a settlement agreement under which VDL Nedcar agreed to refund the prepayment of $30.4 million to the Company in relation to the termination of the Term Sheet. On February 23, 2022, the Company received the prepayment in full. In addition, on February 22, 2022, VDL Nedcar paid the Company $8.4 million as an equity investment in the Company's Common Stock.
The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was adopted by the board of directors on September 18, 2020, approved by the stockholders on December 18, 2020, and became effective on December 21, 2020 with the Business Combination. On December 21, 2020, the board of directors delegated its authority to administer the 2020 ESPP to the Compensation Committee. The Compensation Committee determined that it is in the best interests of the Company and its stockholders to implement successive three-month purchase periods, with the first purchase period commencing on January 3, 2022. The 2020 ESPP provides participating employees with the opportunity to purchase up to a maximum number of shares of Common Stock of 4,034,783, plus the number of shares of Common Stock that are automatically added on January 1st of each year for a period of ten years, in an amount equal to the lesser of (i) 1% of the total number of shares of Common Stock outstanding on December 31st of the preceding calendar year, and (ii) 8,069,566 shares of Common Stock.
The Company has analyzed its operations subsequent to December 31, 2021 through the date these financial statements were issued and has determined that it does not have any additional material subsequent events to disclose.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef