Item 1.01 Entry into a Material Definitive Agreement.
On September 9, 2020, the Registration Statement on Form S-1 (File No.
333-248094) (the "Registration Statement") relating to the initial public
offering (the "IPO") of Starboard Value Acquisition Corp. (the "Company") was
declared effective by the U.S. Securities and Exchange Commission, and the
Company subsequently filed, on September 9, 2020, a registration statement on
Form S-1 (File No. 333-248699) pursuant to Rule 462(b) under the Securities Act
of 1933, as amended, which was effective immediately upon filing. On September
14, 2020, the Company consummated the IPO of 36,000,000 units (the "Units").
Each Unit consists of one share of Class A common stock, $0.0001 par value per
share (the "Class A Common Stock"), and one-sixth of one redeemable warrant (the
"Detachable Redeemable Warrants"). In addition, each share of Class A Common
Stock issued in the IPO carries a contingent right to receive at least one-sixth
of one redeemable warrant following the initial business combination redemption
time under certain circumstances and subject to adjustment (the "Distributable
Redeemable Warrants", and with the Detachable Redeemable Warrants, the
"Redeemable Warrants"). An aggregate of 6,000,000 (or 6,900,000 if the
underwriters exercise their over-allotment option in full) (the "Aggregate
Warrant Amount") warrants will be distributed, prior to the Company's initial
business combination, as follows: (i) to the extent that no public stockholders
redeem their shares of Class A Common Stock issued in the IPO (whether acquired
in the IPO or afterwards) (the "Public Shares") in connection with the Company's
initial business combination, each public stockholder will receive one-sixth of
one Distributable Redeemable Warrant per Public Share and (ii) to the extent
that any public stockholders redeem any of their Public Shares in connection
with the initial business combination, then (A) one-sixth of one Distributable
Redeemable Warrant will be distributed per each Public Share that was not
redeemed (the "Remaining Public Shares") and (B) the warrants in an amount equal
to the Aggregate Warrant Amount less the number of warrants distributed pursuant
to the foregoing clause (A) will be distributed on a pro rata basis to (x) the
holders of the Remaining Public Shares based on their percentage of Class A
Common Stock held after redemptions and the issuance of any Forward Purchase
Shares (as defined below), as Distributable Redeemable Warrants and (y) the
holders of the Forward Purchase Shares based on their percentage of Class A
Common Stock held after redemptions and the issuance of any Forward Purchase
Shares, as private placement warrants. The contingent right to receive the
Distributable Redeemable Warrants will remain attached to the Class A Common
Stock, will not be separately transferable, assignable or salable, and will not
be evidenced by any certificate or instrument. Each whole Redeemable Warrant
entitles the holder thereof to purchase one share of Class A Common Stock for
$11.50 per share, subject to adjustment. The Units were sold at an offering
price of $10.00 per Unit, generating gross proceeds of $360,000,000. The Company
has granted the underwriters a 45-day option to purchase up to an additional
5,400,000 Units to cover over-allotments, if any.
In connection with the IPO, the Company entered into the following agreements,
forms of which were previously filed as exhibits of the Registration Statement:
? an Underwriting Agreement, dated September 9, 2020, between the Company and
UBS Securities LLC, as representative of the several underwriters, which
contains customary representations and warranties and indemnification of
the underwriters by the Company;
? an Amended and Restated Private Placement Warrants Purchase Agreement,
dated September 9, 2020, between the Company and SVAC Sponsor LLC (the
"Sponsor"), pursuant to which the Sponsor purchased 6,133,333 private
placement warrants, each exercisable to purchase one share of Class A
Common Stock at $11.50 per share, subject to adjustment, at a price of
$1.50 per warrant (the "Private Placement Warrants");
? a Warrant Agreement, dated September 9, 2020, between the Company and
Continental Stock Transfer & Trust Company, as warrant agent (the "Warrant
Agreement"), which sets forth the expiration and exercise price of and
procedure for exercising the Redeemable Warrants, Private Placement
Warrants, Forward Purchase Private Placement Warrants and Working Capital
Warrants (each as defined in the Warrant Agreement) (collectively, the
"Warrants"); certain adjustment features of the terms of exercise;
provisions relating to redemption and cashless exercise of the Warrants;
certain registration rights of the holders of Warrants; provision for
amendments to the Warrant Agreement; and indemnification of the warrant
agent by the Company under the Warrant Agreement;
? an Investment Management Trust Agreement, dated September 9, 2020, between
the Company and Continental Stock Transfer & Trust Company, as trustee (the
"Investment Management Trust Agreement"), which establishes the trust
account that will hold the net proceeds of the IPO proceeds and certain of
the proceeds of the sale of the Private Placement Warrants, and sets forth
the responsibilities of the trustee; the procedures for withdrawal and
direction of funds from the trust account; and indemnification of the
trustee by the Company under the Investment Management Trust Agreement;
? a Registration Rights Agreement, dated September 9, 2020, among the
Company, the Sponsor and certain other security holders, which provides for
. . .
Item 3.02 Unregistered Sales of Equity Securities.
Simultaneously with the consummation of the IPO and the issuance and sale of the
Units, the Company consummated the private placement of 6,133,333 Private
Placement Warrants at a price of $1.50 per Private Placement Warrant, generating
total proceeds of $9,200,000 (the "Private Placement"). The Private Placement
Warrants, which were purchased by the Sponsor, are substantially similar to the
Redeemable Warrants, except that if held by the Sponsor or its permitted
transferees, they (i) may be exercised for cash or on a cashless basis, (ii) are
not subject to being called for redemption under certain redemption scenarios
(except in certain redemption scenarios when the price per share of Class A
Common Stock equals or exceeds $10.00 (as adjusted)), (iii) subject to certain
limited exceptions, will be subject to transfer restrictions until 30 days
following the consummation of the Company's initial business combination and
(iv) will be entitled to registration rights. If the Private Placement Warrants
are held by holders other than the Sponsor or its permitted transferees, the
Private Placement Warrants will be redeemable by the Company under all
redemption scenarios and exercisable by holders on the same basis as the
Redeemable Warrants. The Private Placement Warrants have been issued pursuant
to, and are governed by, the Warrant Agreement.
Item 5.03 Amendments to Certificate of Incorporation or Bylaws; Change in Fiscal
Year.
On September 9, 2020, in connection with the IPO, the Company adopted its
Amended and Restated Certificate of Incorporation, effective the same day. The
Amended and Restated Certificate of Incorporation is attached as Exhibit 3.1
hereto and is incorporated by reference herein.
Item 8.01 Other Events.
A total of $360,000,000 of the net proceeds from the IPO and the Private
Placement (which includes $16,200,000 of the underwriters' deferred discount)
was placed in a U.S.-based trust account with Continental Stock Transfer & Trust
Company acting as trustee. Except with respect to interest earned on the funds
held in the trust account that may be released to the Company to pay its tax
obligations, the funds held in the trust account will not be released from the
trust account until the earliest of: (1) the completion of the Company's initial
business combination; (2) the redemption of any Public Shares properly submitted
in connection with a stockholder vote to amend the Company's Amended and
Restated Certificate of Incorporation (A) to modify the substance or timing of
the Company's obligation to allow redemption in connection with the Company's
initial business combination or to redeem 100% of the Public Shares if the
Company does not complete its initial business combination within 24 months from
the closing of the IPO or (B) with respect to any other material provision
relating to stockholders' rights or pre-initial business combination activity;
and (3) the redemption of all of the Public Shares if the Company has not
completed its initial business combination within 24 months from the closing of
the IPO.
On September 7, 2020, the Company adopted its Bylaws. The Bylaws are attached
hereto as Exhibit 3.2.
On September 9, 2020, the Company issued a press release announcing the pricing
of the IPO, a copy of which is attached hereto as Exhibit 99.1.
On September 14, 2020, the Company issued a press release announcing the closing
of the IPO, a copy of which is attached hereto as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
1.1 Underwriting Agreement, dated September 9, 2020, between the Company and
UBS Securities LLC, as representative of the several underwriters
3.1 Amended and Restated Certificate of Incorporation of the Company
3.2 Bylaws of the Company
4.1 Warrant Agreement, dated September 9, 2020, between the Company and
Continental Stock Transfer & Trust Company, as warrant agent
10.1 Amended and Restated Private Placement Warrants Purchase Agreement,
dated September 9, 2020, between the Company and SVAC Sponsor LLC
10.2 Letter Agreement, dated September 9, 2020, among the Company, SVAC
Sponsor LLC and each of the officers and directors of the Company
10.3 Investment Management Trust Account Agreement, dated September 9, 2020,
between the Company and Continental Stock Transfer & Trust Company, as
trustee
10.4 Registration Rights Agreement, dated September 9, 2020, among the
Company and certain security holders
10.5 Form of Indemnity Agreement, between the Company and each of the
officers and directors of the Company
10.6 Administrative Services Agreement, dated September 9, 2020, between the
Company and SVAC Sponsor LLC
10.7 Amended and Restated Forward Purchase Agreement, dated September 9,
2020, among the Company and the purchasers signatory thereto
10.8 Optional Share Purchase Agreement, dated September 9, 2020, among
Company and the purchasers signatory thereto
99.1 Press Release, dated September 9, 2020
99.2 Press Release, dated September 14, 2020
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