Item 1.01 Entry into a Material Definitive Agreement.
The information provided under Item 3.02 of this Current Report on Form 8-K with
respect to the execution of the Transaction Agreement (as defined in Item 3.02
hereof), including the issuance by
Item 3.02 Unregistered Sales of
On
Pursuant to the terms of the Warrant, the Warrant Shares vest in multiple
tranches. The first tranche of 13,283,445 Warrant Shares vested in connection
with the execution of the Fuel Agreement. Subsequent tranches will vest over
time based on discretionary fuel purchases by Amazon and its affiliates, up to a
total of
Pursuant to the terms of the Transaction Agreement, the Company is required to
use its commercially reasonable efforts to obtain the approval of its
stockholders with respect to the issuance of Warrant Shares in excess of
50,595,531 shares of Common Stock (such number of shares, the "Share Cap"), as
may be required pursuant to the Nasdaq Global Select Market's ("Nasdaq") Listing
Rule 5635(b) (the "Stockholder Approval"). Until the Stockholder Approval is
obtained, Nasdaq Listing Rule 5635(b) may restrict the issuance of shares of
Common Stock exceeding the Share Cap pursuant to, and upon the exercise of, the
Warrant. In connection with obtaining the Stockholder Approval and pursuant to
the Transaction Agreement, the Company agreed to file a proxy statement and hold
a meeting of the Company's stockholders as promptly as practicable to obtain the
Stockholder Approval. To the extent the Stockholder Approval is not obtained at
such stockholder meeting, at Amazon's request, the Company is required to cause
another stockholder meeting to be held every twelve (12) months until either the
Stockholder Approval is obtained, or the term of the Warrant expires. The
Company intends to seek the Stockholder Approval at its 2021 annual meeting of
stockholders, which is scheduled to be held in
Under the Transaction Agreement, the Company also granted Amazon customary registration rights with respect to the Warrant Shares. The Transaction Agreement also limits Amazon's ability to transfer the Warrant to certain unaffiliated third parties and imposes customary standstill limitations on Amazon if, and so long as, Amazon and its subsidiaries beneficially own at least 5% of the outstanding Common Stock.
The Warrant and the Warrant Shares have not been registered under the Securities Act of 1933 (as amended, the "Securities Act") or under any state securities law and were offered and issued, as applicable, in reliance upon the exemption from registration requirements of the Securities Act set forth in Section 4(a)(2) of the Securities Act. The Company did not engage in a general solicitation or advertising regarding the issuance of the Warrant. Amazon has represented to the Company its intention to acquire the Warrant and Warrant Shares for investment purposes only and not with a view toward their resale, distribution or other disposition in violation of the Securities Act or any applicable state securities laws, and appropriate legends will be affixed to the Warrant and the Warrant Shares.
This Item 3.02 contains only a brief description of the material terms of the Transaction Agreement and the Warrant and does not purport to be a complete description of the rights and obligations of the parties thereunder, and such descriptions are qualified in their entirety by reference to the full text of the Transaction Agreement and Warrant, which are attached hereto as Exhibit 10.27 and Exhibit 4.4, respectively.
Item 7.01 Regulation FD Disclosure.
On
As provided in General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (as amended, the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
A significant portion of the outstanding Common Stock is Beneficially Owned by two equityholders, each of which may have interests that differ from the Company's other stockholders and which now or in the future may be able to influence the Company's corporate decisions, including a change of control.
After giving effect to the issuance of the Warrant,
Total or other large stockholders may be able to influence or control matters
requiring approval by our stockholders, including the election of directors and
mergers, acquisitions, or other extraordinary transactions. Amazon, through
ownership by
2
Sales of large amounts of Common Stock by large stockholders, or the perception that such sales may occur, could cause the market price of the Common Stock to decline, regardless of the state of the Company's business. The Common Stock held by TMS and the Common Stock underlying the Warrants held by Amazon may be sold in the public market under Rule 144 or in registered sales or offerings pursuant to registration rights held by each stockholder.
Expected Impact on Financial Results.
The issuance of the Warrant described in this Current Report on Form 8-K is
expected to result in non-cash contra revenue charges of approximately
Capital Expenditures.
We expect to deploy
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 4.4* Warrant to Purchase Common Stock ofClean Energy Fuels Corp. , betweenClean Energy Fuels Corp. andAmazon.com NV Investment Holdings LLC , dated as ofApril 16, 2021 10.27† Transaction Agreement, betweenClean Energy Fuels Corp. and Amazon.com, Inc., dated as ofApril 16, 2021 99.1 Press Release, datedApril 19, 2021 , issued byClean Energy Fuels Corp. 104 Cover Page Interactive Data File (embedded with the Inline XBRL document)
* Certain portions of this document have been omitted pursuant to a request for
conditional treatment and the non-public information has been filed separately
with the
† Certain portions of this document that constitute confidential information have
been redacted in accordance with Item 601(b)(10) of Regulation S-K. 3
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