Firy Inc 8-K, filed Nov 18, 2020

Firy Inc. (FIRY)

8-K 2020-11-18 For: 2020-11-18

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Added on April 08, 2026

About this 8-K

Firy Inc filed this 8-K on November 18, 2020.

Items reported

Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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Delaware		001-39243		84-4478274
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

þ	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one share of Class A common stock and one-fourth of one redeemable warrant	FEAC.U	The New York Stock Exchange
Class A common stock, par value $0.0001 per share	FEAC	The New York Stock Exchange
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share	FEAC WS	The New York Stock Exchange

Exhibit Number		Description
99.1		Press Release, dated November 18, 2020

	FLYING EAGLE ACQUISITION CORP.


	By:	/s/ Eli Baker
	Name:	Eli Baker
	Title:	Chief Financial Officer
Date: November 18, 2020

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Revenue	$	59,955		$	31,175		$	162,392		$	85,126
Costs and expenses
Cost of revenue		3,102			1,528			8,806			3,835
Research and development		4,369			3,349			13,253			7,803
Sales and marketing		73,187			29,033			172,381			77,942
General and administrative		7,861			4,189			24,336			11,991
Total costs and expenses		88,519			38,099			218,776			101,571
Loss from operations		(28,564	)		(6,924	)		(56,384	)		(16,445	)
Interest expense, net		(24	)		(554	)		(1,297	)		(2,127	)
Other income (expense), net		(14,216	)		2,442			(20,749	)		3,653
Loss before income taxes		(42,804	)		(5,036	)		(78,430	)		(14,919	)
Provision for income taxes		47			—			100			—
Net loss	$	(42,851	)	$	(5,036	)	$	(78,530	)	$	(14,919	)
Remeasurement of redeemable convertible preferred stock		(456,446	)		(43,528	)		(865,952	)		(62,519	)
Deemed dividend related to repurchase of preferred stock		(1,153	)					(1,153	)
Net loss attributable to common stockholders	$	(500,450	)	$	(48,564	)	$	(945,635	)	$	(77,438	)

Net loss per common share
Net loss per share attributable to common stockholders – basic and diluted	$	(3.08	)	$	(0.35	)	$	(6.64	)	$	(0.58	)
Weighted average shares outstanding
Weighted average common shares outstanding – basic and diluted		162,278,037			137,813,154			142,475,767			134,316,073

	September 30,			December 31,
	2020			2019
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	56,861		$	25,628
Prepaid expenses and other current assets		9,952			9,464
Total current assets		66,813			35,092
Property and equipment, net		5,569			3,648
Deferred offering costs		13,507			—
Other long-term assets		992			116
Total assets	$	86,881		$	38,856
Liabilities, redeemable convertible preferred stock and stockholders' deficit
Current liabilities
Accounts payable	$	5,369		$	2,944
Accrued professional fees related to deferred offering costs		12,199			—
Other current liabilities		23,029			7,537
Total current liabilities		40,597			10,481
Long-term debt		—			9,628
Other long-term liabilities		56			82
Total liabilities		40,653			20,191
Commitments and contingencies
Redeemable convertible preferred stock:
Redeemable convertible preferred stock $0.0001 par value; 21 million shares authorized; Series C preferred stock – 11 million shares authorized and 4 million shares issued and outstanding as of September 30, 2020 and December 31, 2019; Series D preferred stock – 4 million shares authorized, 3 million shares issued and outstanding as of September 30, 2020 and December 31, 2019; Series D-1 preferred stock – 3 million shares authorized, issued and outstanding as of September 30, 2020 and December 31, 2019; Series E preferred stock – 3 million shares authorized and 2 million shares issued and outstanding as of September 30, 2020		1,120,724			156,335
Stockholders' deficit:
Convertible preferred stock $0.0001 par value; 14 million shares authorized; Series A – 6 million shares authorized, issued and outstanding as of September 30, 2020 and December 31, 2019; Series A-1 – 2 million shares authorized, issued and outstanding as of September 30, 2020 and December 31, 2019; Series B – 6 million shares authorized, issued and outstanding as of September 30, 2020 and December 31, 2019		25,354			25,413
Common stock $0.0001 par value; 615 million shares authorized; Class A common stock – 110 million shares authorized; 110 million and 99 million shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively; Class B common stock – 505 million shares authorized; 60 million and 51 million shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively		17			1
Additional paid-in capital		—			—
Accumulated deficit		(1,099,867	)		(163,084	)
Total stockholders’ deficit		(1,074,496	)		(137,670	)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit	$	86,881		$	38,856

	Nine Months Ended September 30,
	2020			2019
Operating Activities
Net loss	$	(78,530	)	$	(14,919	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,092			455
Stock-based compensation		9,565			969
Accretion of unamortized discount and amortization of issuance costs		548			2,106
Fair value adjustment of financial instruments		20,808			(3,688	)
Impairment charges		3,395			—
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(3,858	)		(1,674	)
Deferred offering costs		(13,507	)		—
Accounts payable		3,078			(349	)
Accrued professional fees related to deferred offering costs		12,199			—
Other liabilities		15,466			5,779
Net cash used in operating activities		(29,744	)		(11,321	)
Investing Activities
Purchases of property and equipment, including internal-use software		(3,009	)		(2,134	)
Net cash used in investing activities		(3,009	)		(2,134	)
Financing Activities
Payments for debt issuance costs		(201	)		(80	)
Payments under debt agreements		(10,000	)		—
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		76,617			24,908
Proceeds from exercise of stock options and issuance of common stock		673			135
Payments made to repurchase common and preferred stock		(2,450	)		—
Payments made to deferred offering costs		(653	)		—
Net cash provided by financing activities		63,986			24,963
Net change in cash, cash equivalents and restricted cash		31,233			11,508
Cash, cash equivalents and restricted cash - beginning of period		28,548			22,540
Cash, cash equivalents and restricted cash - end of period	$	59,781		$	34,048

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net loss	$	(42,851	)	$	(5,036	)	$	(78,530	)	$	(14,919	)
Interest expense, net		24			554			1,297			2,127
Provision for income taxes		47			—			100			—
Depreciation and amortization		458			183			1,092			455
EBITDA		(42,322	)		(4,299	)		(76,041	)		(12,337	)
Stock-based compensation		3,662			203			9,565			969
Other non-operating costs (income)⁽¹⁾		14,216			(2,442	)		20,749			(3,653	)
Impairment charge⁽²⁾		—			—			3,395			—
Adjusted EBITDA		(24,444	)		(6,538	)		(42,332	)		(15,021	)
User Acquisition Marketing		43,589			13,453			96,151			36,178
Contribution		19,145			6,915			53,819			21,157

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Monthly active users (“MAUs)⁽¹⁾		2.7		1.7		2.6		1.5
Average revenue per user (“ARPU”)⁽²⁾	$	7.49	$	6.07	$	6.93	$	6.55
Gross marketplace volume (“GMV”)⁽³⁾	$	411	$	234	$	1,130	$	627