Post-effective amendment to a registration statement that is not immediately effective upon filing

Business Acquisition (Tables)

v3.22.1
Business Acquisition (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combinations [Abstract]  
Schedule of purchase price of components of business acquisition
The purchase price components are summarized in the following table:
 
    
Amount
  
Value of Spire shares issued
(1)
    $ 22,333  
Cash consideration paid
(2)
      109,592  
Less amount classified as post-combination expense
(3)
      (2,972 ) 
  
 
 
  
Total purchase consideration
    $ 128,953  
  
 
 
  
 
(1)
Represents the fair value of 5,230,167 shares of Spire Class A common share transferred as of the November 30, 2021 (“acquisition date”) as consideration (based on the closing market price of $4.27 per share on the acquisition date) consisting of 4,984,225 shares issued for outstanding exactEarth shares, in addition to 100,047 and 145,895 shares to settle exactEarth stock options and restricted stock units (“RSU”), respectively.
 
(2)
Included in the cash consideration are:
 
 
a.
$97,454 for outstanding exactEarth shares,
 
b.
$8,888 cash settlement of exactEarth stock options, RSU and deferred stock units, and
 
c.
$3,250 related to acquisition fees of exactEarth paid by Spire upon the closing of the acquisition.
 
(3)
$2,972 was treated as post-combination expense in connection with the replacement of exactEarth’s outstanding equity awards. This amount has been reflected in the Consolidated Statement of Operations for the year ended December 31, 2021.
Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary estimated acquisition date fair value of the exactEarth assets acquired and liabilities assumed:
 
 
 
  
Amount
 
Cash and cash equivalents
    $ 5,700  
Account receivable
      1,707  
Contract assets
      1,233  
Prepaid expenses and other current assets
      7,980  
Property and equipment
      19,991  
Goodwill
      52,986  
Customer relationships
      24,265  
Intangible assets
      19,356  
Prepaid data rights,
non-current
      6,219  
Investment in Myriota
      4,563  
Other long-term assets
      261  
    
 
 
  
Total assets acquired
      144,261  
Accounts payable
      1,091  
Accrued expenses
      9,056  
Contract liabilities
      1,219  
Long-term debt
      3,895  
Other long-term-liabilities
      47  
    
 
 
  
Total liabilities assumed
      15,308  
    
 
 
  
Net assets acquired
    $ 128,953  
    
 
 
  
Schedule of Purchase Price Allocation to Identifiable Finite-Lived Intangible Assets Acquired
The purchase price allocation to identifiable finite-lived intangible assets acquired was as follows:
 
     Estimated
Useful Lives		      Amount  
Customer relationships
      12 years      $ 24,265  
Developed technology
      12 years        13,790  
Trade names
      5 years        2,337  
Backlog
      1 years        3,229  
             
 
 
  
Total intangible assets
             $ 43,621  
             
 
 
  
Schedule of Supplemental Unaudited Pro Forma Information
The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred from integrating exactEarth. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisitions had occurred at the beginning of the period presented, nor are they indicative of future results of operations:
 
 
  
December 31,
 
 
  
2021
 
  
2020
 
Net revenue
    $ 61,497      $ 42,281  
Net loss
    $ (18,629 )     $ (61,796 )