Annual report pursuant to Section 13 and 15(d)

Business Combination (Tables)

v3.22.0.1
Business Combination (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Reconciliation of business combination to Statement of Cash Flows and Statement of Changes in Equity
The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of changes in equity for the year ended December 31, 2020 (in thousands):
Recapitalization
Cash - HCAC's trust and cash (net of redemptions) $ 306,354 
Cash - PIPE 323,250 
Less transaction costs and advisory fees paid (22,508)
Net Business Combination and PIPE financing 607,096 
Add: non-cash net assets assumed from HCAC 40 
Net contributions from Business Combination and PIPE financing $ 607,136 
Schedule of shares issued following consummation of the Business Combination
The number of shares of Common Stock issued immediately following the consummation of the Business Combination:
Number of Shares
Common stock, outstanding prior to Business Combination 29,730,204 
Less redemption of HCAC shares (9,571)
Common stock of HCAC 29,720,633 
HCAC Founder Shares 7,503,750 
Shares issued in PIPE 32,325,000 
Business Combination and PIPE financing shares 69,549,383 
Legacy Canoo shares(1)
166,155,697 
Total shares of Common Stock immediately after Business Combination 235,705,080 
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(1)
The number of Legacy Canoo shares was determined from the 134.1 million shares of Legacy Canoo ordinary shares outstanding immediately prior to the closing of the Business Combination converted at the Exchange Ratio of 1.239434862. All fractional shares were rounded down.