Amprius Technologies, Inc. current report, 02 October 2023

Business Context and Reporting Period

Amprius Technologies, Inc. filed this Form 8-K on October 2, 2023, reporting entry into an at-the-market equity issuance agreement and the planned termination of its prior committed equity facility. The report was signed on October 3, 2023.

Key Financial and Capitalization Matters

  • Potential equity offering: The company may sell up to $100 million of common stock through B. Riley Securities, Cantor Fitzgerald & Co., and H.C. Wainwright & Co. as sales agents.
  • Offering structure: Sales may be made through “at-the-market” transactions under the company’s Form S-3 shelf registration statement, subject to the SEC declaring that registration statement effective.
  • Terms: The sales agents will receive customary commissions based on gross proceeds, and the company has provided customary indemnification rights.
  • Financial metrics: The filing does not provide revenue, profit, cash flow, margins, debt, cash balances, or liquidity figures.

Material Changes Versus the Prior Comparable Period

  • The company entered into a new potential $100 million common-stock issuance program.
  • The company and B. Riley Principal Capital II, LLC agreed to terminate the prior committed equity facility, under which up to $200 million of common stock purchases had been available through January 1, 2025, subject to contractual conditions.
  • Termination of the committed equity facility becomes effective on the effective date of the Form S-3 registration statement.

Guidance, Outlook, Risks, and Unusual Items

  • The company is not obligated to sell any shares and may suspend sales at any time.
  • Actual proceeds, timing, and number of shares sold are not specified and will depend on future sales under the agreement.
  • Issuance of shares could dilute existing stockholders and increase the company’s equity capital base.
  • The Sales Agreement terminates upon completion of the offering or notice by the company or sales agents, subject to contractual limitations.
  • The filing provides no financial guidance or operating outlook.

Important Facts for Investors to Verify

  • Whether and when the Form S-3 registration statement became effective.
  • The number of shares actually sold and gross and net proceeds raised under the Sales Agreement.
  • Applicable sales-agent commissions and other offering expenses.
  • The effective date and final status of termination of the $200 million committed equity facility.
  • Subsequent SEC filings describing dilution, cash usage, liquidity, and any additional financing needs.