Butterfly Network, Inc 8-K, filed Jun 11, 2020
Butterfly Network, Inc. (BFLY)
8-K
2020-06-11
For: 2020-06-09
View Original
Added on
April 09, 2026
About this 8-K
Butterfly Network, Inc filed this 8-K on June 11, 2020, reporting on events of June 9, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 9, 2020
LONGVIEW ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
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Delaware
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001-39292
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84-4618156
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||
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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767 Fifth Avenue, 44th Floor
New York, NY
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10153
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (212) 812-4700
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-third of one redeemable warrant
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LGVW.U
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New York Stock Exchange LLC
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Shares of Class A common stock included as part of the units
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LGVW
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New York Stock Exchange LLC
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Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
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LGVW WS
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New York Stock Exchange LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
| Item 8.01 |
Other Events.
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As previously reported on a Current Report on Form 8-K of Longview Acquisition Corp., a Delaware corporation (the “Company”), on May 26, 2020,
the Company consummated its initial public offering (the “IPO”) of 36,000,000 units (the “Units”). Each Unit consists of one share of Class A common stock, $0.0001 par value per share (the “Class A Common Stock”), and one-third of one
redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock at an exercise price
of $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $360,000,000. The Company granted the underwriters in the IPO (the “Underwriters”) a 45-day option to purchase up to 5,400,000 additional Units to cover over-allotments, if any. On June 5, 2020, the Underwriters partially exercised the
over-allotment option and on June 9, 2020, purchased an additional 4,000,000 Units (the “Over-Allotment Units”), generating gross proceeds of $40,000,000.
As previously reported on a Current Report on Form 8-K of the Company, simultaneously with the closing of the IPO, the Company completed the private sale (the “Private Placement”) of an aggregate of 6,133,333 warrants (the “Private Placement Warrants”) to Longview Investors LLC, a Delaware limited liability company (the “Sponsor”), at a purchase price of $1.50 per Private Placement
Warrant, generating gross proceeds to the Company of $9,200,000. In connection with the Underwriters’ partial exercise of their over-allotment option, the Sponsor purchased an additional 533,333 Private Placement Warrants, generating gross
proceeds to the Company of $800,000.
In connection with the closing and sale of the Over-Allotment Units and 533,333 additional Private Placement Warrants (together, the “Over-Allotment Closing”), a total of $40,000,000 comprised of $39,200,000 of the proceeds from the closing and sale of the Over-Allotment Units (which amount includes $1,400,000 of the
Underwriters’ deferred discount) and $800,000 of the proceeds of the sale of the additional 533,333 Private Placement Warrants, was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as
trustee.
An audited balance sheet as of May 26, 2020 reflecting receipt of the proceeds upon consummation of the IPO and the Private Placement has been issued by the Company and previously
filed as Exhibit 99.1 to a Current Report on Form 8-K on June 1, 2020. The Company’s unaudited pro forma balance sheet as of May 26, 2020, adjusted for the Over-Allotment Closing on June 9, 2020 is attached as Exhibit 99.1 to this Current Report on
Form 8-K.
| Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits.
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Unaudited Pro Forma Balance Sheet as of May 26, 2020.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: June 11, 2020
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LONGVIEW ACQUISITION CORP.
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By:
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/s/ Mark Horowitz | |
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Name:
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Mark Horowitz
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Title:
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Chief Financial Officer
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Exhibit 99.1
LONGVIEW ACQUISITION CORP.
PRO FORMA BALANCE SHEET
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Actual as of
May 26, 2020
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Pro Forma
Adjustments
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As Adjusted as
of May 26, 2020
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(unaudited)
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(unaudited)
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ASSETS
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Current Assets
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Cash
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$
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3,044,596
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$
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(1,080,000
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)
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(d)
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$
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1,964,596
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Prepaid expenses and other current assets
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26,800
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—
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26,800
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Total Current Assets
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3,071,396
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(1,080,000
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)
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1,991,396
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Cash held in Trust Account
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360,000,000
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40,000,000
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(a)
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400,000,000
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(800,000
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)
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(b)
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800,000
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(d)
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Total Assets
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$
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363,071,396
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$
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38,920,000
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$
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401,991,396
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current Liabilities
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Accrued expenses
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$
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1,000
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$ |
—
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$ |
1,000
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Accrued offering costs
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497,248
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—
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497,248
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Due to Sponsor
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1,080,000
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(1,080,000
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)
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(d)
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—
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Promissory note – related party
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191,000
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—
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191,000
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Total Current Liabilities
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1,769,248
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(1,080,000
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)
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689,248
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Deferred underwriting fee payable
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12,600,000
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1,400,000
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(c)
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14,000,000
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Total Liabilities
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14,369,248
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320,000
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14,689,248
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Commitments
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Class A common stock, $0.0001 par value, subject to possible redemption, 34,370,214 and 38,230,214 shares as of May 26, 2020 and as adjusted as of May 26, 2020, respectively, at $10.00 per
share
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343,702,140
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38,600,000
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(e)
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382,302,140
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Stockholders’ Equity:
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Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding
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—
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—
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—
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Class A Common stock, $0.0001 par value; 200,000,000 shares authorized; 1,629,786 and 1,769,786 shares as of May 26, 2020 and as adjusted as of May 26, 2020, respectively, issued and
outstanding (excluding 34,370,214 and 38,230,214 shares, respectively, subject to possible redemption)
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163
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400
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(a)
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177
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(386
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)
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(e)
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Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 10,350,000 shares issued and outstanding
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1,035
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—
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1,035
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Additional paid-in capital
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4,999,810
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39,999,600
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(a)
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4,999,796
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(800,000
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)
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(b)
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(1,400,000
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)
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(c)
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800,000
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(d)
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(38,599,614
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)
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(e)
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Accumulated deficit
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(1,000
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)
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—
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(1,000
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)
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Total Stockholders’ Equity
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5,000,008
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(14
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)
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5,000,008
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
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$
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363,071,396
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$
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38,920,000
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$
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401,991,396
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See accompanying note to the pro forma balance sheet.
LONGVIEW ACQUISITION CORP.
NOTE TO PRO FORMA BALANCE SHEET
(unaudited)
NOTE 1 - CLOSING OF OVER-ALLOTMENT OPTION
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Longview Acquisition Corp. (the “Company”) as of May 26, 2020, adjusted for the partial closing of the underwriters’
over-allotment option and related transactions, which occurred on June 9, 2020, as described below.
On June 9, 2020, the Company consummated the closing of the sale of 4,000,000 additional units (the “Units”) at a price of $10.00 per unit upon receiving notice of the underwriters’ election to
partially exercise their over-allotment option, generating additional gross proceeds of $40,000,000 to the Company. Each Unit consists of one share of the Company’s Class A common stock (the “Common Stock”) and one-third of one redeemable warrant
(“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share. Simultaneously with the exercise of the over-allotment option, the Company consummated the private placement of
an additional 533,333 warrants (the “Private Placement Warrants”), at a purchase price of $1.50 per Private Placement Warrant, to Longview Investors LLC, generating gross proceeds of $800,000. Transaction costs amounted to $2,200,000, consisting of
$800,000 in cash underwriting fees and $1,400,000 of additional underwriting fees, which have been deferred until the completion of the Company’s Business Combination. As a result of the underwriters’ election to partially exercise their
over-allotment option, 1,000,000 Founder Shares are no longer subject to forfeiture. Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option are as follows:
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Pro forma entries:
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Debit
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Credit
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a.
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Cash held in Trust Account
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40,000,000
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Class A common stock
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400
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Additional paid-in capital
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39,999,600
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To record sale of 4,000,000 Units on over-allotment option at $10.00 per Unit.
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b.
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Additional paid-in capital
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800,000
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Cash held in Trust Account
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800,000
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To record payment of 2.0% of cash underwriting fee on over-allotment option.
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c.
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Additional paid-in capital
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1,400,000
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Deferred underwriting fee payable
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1,400,000
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To record the liability for the 3.5% deferred underwriting fees on over-allotment option.
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d.
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Cash held in Trust Account
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800,000
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Due to Sponsor
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1,080,000
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Cash
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1,080,000
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Additional paid in capital
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800,000
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To record sale of 533,333 over-allotment Private Placement Warrants at $1.50 per warrant and repayment of funds due to Sponsor.
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|||||||||
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e.
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Class A common stock
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386
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|||||||
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Additional paid-in capital
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38,599,614
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Common Stock Subject to Redemption
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38,600,000
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To reclassify Class A common stock out of permanent equity into mezzanine redeemable shares.
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