424B3

 

 

 

 

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-260296

PROSPECTUS SUPPLEMENT

(To Prospectus dated April 6, 2022)

 

Up to 169,003,018 Shares of Common Stock by the Selling Securityholders

Up to 6,743,113 Warrants to Purchase Common Stock by the Selling Securityholders

Up to 20,543,113 Shares of Common Stock Underlying Warrants

 

 

https://cdn.kscope.io/9c8f4e586abf78307e49012464d1dfa1-img256632890_0.jpg 

 

 

This prospectus supplement supplements the prospectus dated April 6, 2022 (as supplemented to date, the “Prospectus”), which forms a part of our Registration Statement on Form S-1 (Registration Statement No. 333-260296) filed with the Securities and Exchange Commission (the “SEC”) on October 15, 2021, as amended by post-effective amendment No. 1 filed on March 29, 2022 and declared effective by the SEC on April 5, 2022.

The Prospectus and this prospectus supplement relate to the resale of (i) 22,000,000 shares of common stock, par value $0.0001 per share (the “Common Stock”), of Sarcos Technology and Robotics Corporation (the “Company”) issued in the PIPE Financing by certain of the selling securityholders, (ii) 133,853,945 shares of Common Stock issued or issuable to certain selling securityholders in connection with the Business Combination, (iii) 6,405,960 shares of Common Stock issued to certain security holders in a private placement prior to and in connection with our predecessor’s initial public offering; (v) 6,743,113 warrants to purchase Common Stock and (vi) 6,743,113 shares of Common Stock underlying warrants. This prospectus also relates to the issuance by us of up to 20,543,113 shares of Common Stock issuable upon the exercise of warrants, in each case as further described herein. This prospectus also covers any additional securities that may become issuable by reason of stock splits, stock dividends or other similar transactions.

This prospectus supplement should be read in conjunction with the Prospectus, which is to be delivered with this prospectus supplement. This prospectus supplement updates, amends, and supplements the information included or incorporated by reference in the Prospectus. If there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

This prospectus supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to it.


Quarterly Report on Form 10-Q

 

On August 9, 2022, we filed a Quarterly Report on Form 10-Q with the SEC. The Form 10-Q is attached hereto.

We are an “emerging growth company,” as defined under the federal securities laws, and, as such, may elect to comply with certain reduced public company reporting requirements for future filings.

Investing in our securities involves a high degree of risk. Before buying any securities, you should carefully read the discussion of the risks of investing in our securities in the section titled Risk Factors beginning on page 17 of this Prospectus.

You should rely only on the information contained in this Prospectus or any prospectus supplement or amendment hereto. We have not authorized anyone to provide you with different information.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus supplement is August 9, 2022.

 

 

 

 

 

 


 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 001-39897

 

SARCOS TECHNOLOGY AND ROBOTICS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

85-2838301

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

650 South 500 West, Suite 150

Salt Lake City, Utah

84101

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (888) 927-7296

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

Warrants to purchase Common Stock

 

STRC

STRCW

 

The Nasdaq Global Market

The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 29, 2022, the registrant had 154.8 million shares of Common Stock, $0.0001 par value per share, outstanding.

 

 

 


 

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

5

 

Condensed Consolidated Balance Sheets

5

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

6

 

Condensed Consolidated Statements of Stockholders' Equity

7

 

Condensed Consolidated Statements of Cash Flows

8

 

Notes to Unaudited Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

Item 4.

Controls and Procedures

34

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

35

Item 1A.

Risk Factors

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

70

Item 3.

Defaults Upon Senior Securities

70

Item 4.

Mine Safety Disclosures

70

Item 5.

Other Information

70

Item 6.

Exhibits

71

Signatures

72

 

 

2


 

Summary Risk Factors

 

Our business is subject to numerous risks and uncertainties, including those highlighted in Part II, Item 1A Risk Factors. The following list summarizes the principal risks we face:

 

We are an early stage company with a history of losses, and expect to incur significant expenses for the foreseeable future.
If we fail to effectively manage our growth, we may not be able to design, develop, manufacture, market and launch our robotic systems successfully.
The success of our acquisition of RE2, Inc. is subject to numerous risks and uncertainties, including integration risks.
Our operating and financial projections rely on management assumptions and analyses. If these assumptions or analyses prove to be incorrect, our actual operating results may be materially different from our forecasted results.
Initial production of commercial units of our core products, the Guardian XO, Guardian XT and Sapien 6M, may be delayed beyond our current expectations and therefore initial delivery to customers and receipt of anticipated revenue could be delayed.
We are dependent on our suppliers, some of which are currently single, sole or limited source suppliers, and any inability of these suppliers to deliver necessary components of our products at the prices, volumes, performance, timing and specifications acceptable to us, could have a material adverse effect on our business, prospects, financial condition and operating results. We have not yet identified all of the suppliers that we are likely to rely on to support any future commercialization of our core products.
We have very limited experience commercializing our products and may not be able to do so efficiently or effectively.
Our business plans require a significant amount of capital. Our future capital needs may require us to sell additional equity or debt securities that may dilute our stockholders or introduce covenants that may restrict our operations or our ability to pay dividends.
Our core products represent a new product category, and important assumptions about market demand, pricing, adoption rates and sales cycles for our current and future products may be inaccurate.
With many of our products still under development, we have limited current customers and no binding orders for the upcoming commercial version of our core products, the Guardian XO, Guardian XT and Sapien 6M, and expected customer trials and discussions with respect to those products may not result in binding orders or subscriptions.
Even if we successfully market our products, the purchase or subscription, adoption and use of the products may be materially and negatively impacted if the employees of our customers resist the use and adoption of the products.
Our Robot-as-a-Service (“RaaS”) subscription model has yet to be tested and may fail to gain commercial acceptance.
If we are successful in commercializing our products, our revenue will be concentrated in a limited number of models for the foreseeable future.
The benefits to customers of our products could be supplanted by other technologies or solutions or competitors' products that utilize similar technology to ours in a more effective way.
Design flaws, defects, glitches or malfunctions in our products or the software that operates them, failure of our products to perform as expected, connectivity issues or user errors can result in product recalls, lower than expected return on investment for customers, harm to users and significant safety concerns, each of which could materially and adversely affect our results of operations, financial condition or reputation.
We have no experience maintaining or servicing our products at a large scale.
Our ability to develop and manufacture products of sufficient quality on schedule and on a large scale is unproven, and delays in the design, production and launch of our products could harm our business, prospects, financial condition and operating results.
We are or may be subject to risks associated with strategic alliances or acquisitions and may not be able to identify adequate strategic relationship opportunities, or form strategic relationships, in the future.

3


 

We are highly dependent on the services of our senior management and other key employees and, if we are unable to attract and retain a sufficient number of qualified employees, our ability to design, manufacture and launch our products, operate our business and compete could be harmed.
Our management as a group has limited experience in operating a publicly-traded company.
Ongoing impacts from COVID-19 or another pandemic, epidemic or outbreak of an infectious disease may materially and adversely impact our business, prospects, financial condition and operating results.
We may experience significant delays in the design, development, production and launch of our robotic systems, which could harm our business, prospects, financial condition and operating results.
Our business and prospects depend significantly on our ability to build our brands. We may not succeed in continuing to establish, maintain and strengthen our brands, and our brands and reputation could be harmed by negative publicity regarding us or our products.
If we are unable to contract with a third-party manufacturing partner, we would need to develop our own manufacturing facilities, which may not be feasible and, if feasible, would significantly increase our capital expenditures and operating expenditures, and would significantly delay or inhibit production of our robotic systems.
We operate in a competitive industry that is subject to rapid technological change, and we expect competition to increase.
Our financial results may vary significantly from period to period due to fluctuations in our operating costs, product demand and other factors.
If we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and operating results.
We expect to incur substantial research and development costs and devote significant resources to identifying and commercializing new products, which could significantly reduce our profitability and may never result in revenue.
Our success depends in part on our ability to obtain and maintain protection for the intellectual property relating to or incorporated into our products.
We may not be able to protect our intellectual property rights in all countries.
We may be subject to intellectual property infringement claims or misappropriation claims, which may be time consuming and expensive and, if adversely determined, could limit our ability to commercialize our products.

4


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

 

SARCOS TECHNOLOGY AND ROBOTICS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

 

 

 

As of

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

73,259

 

 

$

217,114

 

Marketable securities

 

 

79,507

 

 

 

 

Accounts receivable

 

 

1,147

 

 

 

788

 

Unbilled receivables

 

 

2,824

 

 

 

221

 

Inventories, net

 

 

1,896

 

 

 

1,006

 

Prepaid expenses and other current assets

 

 

5,512

 

 

 

9,202

 

Total current assets

 

 

164,145

 

 

 

228,331

 

Property and equipment, net

 

 

7,775

 

 

 

7,051

 

Intangible assets, net

 

 

20,726

 

 

 

 

Goodwill

 

 

70,861

 

 

 

 

Other non-current assets

 

 

503

 

 

 

441

 

Total assets

 

$

264,010

 

 

$

235,823

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,646

 

 

$

1,681

 

Accrued liabilities

 

 

8,133

 

 

 

4,480

 

Total current liabilities

 

 

9,779

 

 

 

6,161

 

Warrant liabilities

 

 

3,169

 

 

 

13,701

 

Deferred tax liabilities

 

 

2,768

 

 

 

 

Other non-current liabilities

 

 

2,017

 

 

 

1,999

 

Total liabilities

 

 

17,733

 

 

 

21,861

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.0001 par value, 990,000,000 shares authorized as of June 30, 2022, and December 31, 2021; 152,229,803 and 137,722,658 shares issued and outstanding as of June 30, 2022, and December 31, 2021, respectively

 

 

15

 

 

 

14

 

Additional paid-in capital

 

 

434,073

 

 

 

359,439

 

Accumulated deficit

 

 

(187,811

)

 

 

(145,491

)

Total stockholders’ equity

 

 

246,277

 

 

 

213,962

 

Total liabilities and stockholders’ equity

 

$

264,010

 

 

$

235,823

 

 

See accompanying notes to the condensed consolidated financial statements.

5


 

SARCOS TECHNOLOGY AND ROBOTICS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(in thousands, except share and per share data)

 





Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue, net

$

3,038

 

 

$

1,143

 

 

$

3,781

 

 

$

2,942

 

Operating expenses:​

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue



 

3,146

 

 

 

676

 

 

 

3,634

 

 

 

1,878

 

Research and development

 

7,569

 

 

 

4,054

 

 

 

13,450

 

 

 

6,869

 

General and administrative

 

18,146

 

 

 

2,921

 

 

 

35,938

 

 

 

5,235

 

Sales and marketing

 

2,586

 

 

 

1,163

 

 

 

4,797

 

 

 

1,819

 

Intangible amortization expense

 

 

574

 

 

 

 

 

 

574

 

 

 

 

Total operating expenses

 

32,021

 

 

 

8,814

 

 

 

58,393

 

 

 

15,801

 

Loss from operations



 

(28,983

)

 

 

(7,671

)

 

 

(54,612

)

 

 

(12,859

)

Interest income (expense), net



 

148

 

 

 

(13

)

 

 

159

 

 

 

(23

)

Gain on warrant liability

 

 

4,113

 

 

 

 

 

 

10,527

 

 

 

 

Gain on forgiveness of notes payable



 

 

 

 

2,394

 

 

 

 

 

 

2,394

 

Other (expense) income, net



 

(2

)

 

 

28

 

 

 

 

 

 

28

 

Loss before provision for income taxes



 

(24,724

)

 

 

(5,262

)

 

 

(43,926

)

 

 

(10,460

)

Provision for income taxes



 

1,606

 

 

 

(1

)

 

 

1,606

 

 

 

(1

)

Net loss



$

(23,118

)

 

$

(5,263

)

 

$

(42,320

)

 

$

(10,461

)

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

$

(0.16

)

 

$

(0.05

)

 

$

(0.30

)

 

$

(0.10

)

Weighted-average shares used in computing net loss per share

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

146,278,898

 

 

 

104,063,972

 

 

 

142,116,194

 

 

 

104,061,824

 

See accompanying notes to the condensed consolidated financial statements.

6


 

SARCOS TECHNOLOGY AND ROBOTICS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(in thousands, except share data)

 

Convertible Preferred Stock

 

Common Stock

 

Additional

 

 

 

 

 

Total

 

 

Series A

 

Series B

 

Series C

 

Class A

 

Class B

 

Paid-In

 

Accumulated

 

Noncontrolling

 

Stockholders’

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit

 

Interests

 

Equity

 

Balance at December 31, 2020

 

5,421,446

 

$

5

 

 

3,158,338

 

$

3

 

 

3,532,228

 

$

4

 

 

171,645

 

$

 

 

8,000,001

 

$

8

 

$

96,870

 

$

(63,983

)

$

(3

)

$

32,904

 

Retroactive application of reverse recapitalization

 

(5,421,446

)

 

(5

)

 

(3,158,338

)

 

(3

)

 

(3,532,228

)

 

(4

)

 

103,867,709

 

 

10

 

 

(8,000,001

)

 

(8

)

 

10

 

 

 

 

 

 

 

Balance, December 31, 2020, as adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

104,039,354

 

 

10

 

 

 

 

 

 

96,880

 

 

(63,983

)

 

(3

)

 

32,904

 

Purchase of non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(203

)

 

 

 

3

 

 

(200

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

173

 

 

 

 

 

 

173

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

24,618

 

 

 

 

 

 

 

 

20

 

 

 

 

 

 

20

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,198

)

 

 

 

(5,198

)

Balance at March 31, 2021

 

 

$

 

 

 

$

 

 

 

$

 

 

104,063,972

 

$

10

 

 

 

$

 

$

96,870

 

$

(69,181

)

$

 

$

27,699

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

219

 

 

 

 

 

 

219

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,263

)

 

 

 

(5,263

)

Balance at June 30, 2021

 

 

$

 

 

 

$

 

 

 

$

 

 

104,063,972

 

$

10

 

 

 

$

 

$

97,089

 

$

(74,444

)

$

 

$

22,655

 

 

 

Convertible Preferred Stock

 

Common Stock

 

Additional

 

 

 

 

 

Total

 

 

Series A

 

Series B

 

Series C

 

Class A

 

Class B

 

Paid-In

 

Accumulated

 

Noncontrolling

 

Stockholders’

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Deficit

 

Interests

 

Equity

 

Balance at December 31, 2021

 

 

$

 

 

 

$

 

 

 

$

 

 

137,722,658

 

$

14

 

 

 

$

 

$

359,439

 

$

(145,491

)

$

 

$

213,962

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,850

 

 

 

 

 

 

10,850

 

Common stock issued upon vesting of restricted stock awards and restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

2,013,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares repurchased for payment of tax withholdings and other

 

 

 

 

 

 

 

 

 

 

 

 

 

(793,888

)

 

 

 

 

 

 

 

(5,250

)

 

 

 

 

 

(5,250

)

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

83,582

 

 

 

 

 

 

 

 

65

 

 

 

 

 

 

65

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,202

)

 

 

 

(19,202

)

Balance at March 31, 2022

 

 

$

 

 

 

$

 

 

 

$

 

 

139,026,245

 

$

14

 

 

 

$

 

$

365,104

 

$

(164,693

)

$

 

$

200,425

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,270

 

 

 

 

 

 

10,270

 

Common stock issued upon vesting of restricted stock awards and restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

1,402,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares repurchased for payment of tax withholdings and other

 

 

 

 

 

 

 

 

 

 

 

 

 

(464,381

)

 

 

 

 

 

 

 

(1,342

)

 

 

 

 

 

(1,342

)

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

1,492,402

 

 

 

 

 

 

 

 

486

 

 

 

 

 

 

486

 

Common stock and assumed equity awards in connection with a business acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

10,772,674

 

 

1

 

 

 

 

 

 

59,555

 

 

 

 

 

 

59,556

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,118

)

 

 

 

(23,118

)

Balance at June 30, 2022

 

 

$

 

 

 

$

 

 

 

$

 

 

152,229,803

 

$

15

 

 

 

$

 

$

434,073

 

$

(187,811

)

$

 

$

246,277

 

 

See accompanying notes to the condensed consolidated financial statements.

7


 

SARCOS TECHNOLOGY AND ROBOTICS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(42,320

)

 

$

(10,461

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Stock-based compensation

 

 

21,120

 

 

 

392

 

Depreciation of property and equipment

 

 

594

 

 

 

219

 

Amortization of intangible assets

 

 

574

 

 

 

 

Change in fair value of warrant liability

 

 

(10,527

)

 

 

 

Gain on forgiveness of notes payable

 

 

 

 

 

(2,394

)

Changes in operating assets and liabilities

 

 

 

 

 

 

Accounts receivable

 

 

463

 

 

 

665

 

Unbilled receivable

 

 

(635

)

 

 

(104

)

Inventories

 

 

(424

)

 

 

(551

)

Deferred transaction costs

 

 

 

 

 

(2,799

)

Prepaid expenses and other current assets

 

 

3,941

 

 

 

(655

)

Other non-current assets

 

 

(40

)

 

 

 

Accounts payable

 

 

(401

)

 

 

1,044

 

Accrued liabilities

 

 

1,320

 

 

 

455

 

Other non-current liabilities

 

 

(1,589

)

 

 

529

 

Net cash used in operating activities

 

 

(27,924

)

 

 

(13,660

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(690

)

 

 

(2,282

)

Acquisition of a business, net of cash acquired

 

 

(29,687

)

 

 

 

Purchases of marketable securities

 

 

(79,507

)

 

 

 

Net cash used in investing activities

 

 

(109,884

)

 

 

(2,282

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from notes payable

 

 

 

 

 

2,000

 

Proceeds from exercise of stock options

 

 

551

 

 

 

20

 

Shares repurchased for payment of tax withholdings

 

 

(6,596

)