Last Updated:
Searching
Create account to add to watchlist!

First Light Acquisition Group, Inc. - FLAG

  • Commons

    $9.85

    +0.00%

    FLAG Vol: 25.0

  • Warrants

    $0.57

    -2.58%

    FLAG+ Vol: 0.0

  • Units

    $10.12

    +0.20%

    FLAG= Vol: 0.0

Average: 0
Rating Count: 0
You Rated: Not rated

Please log in to rate.

SPAC Stats

Market Cap: 226.6M
Average Volume: 75.2K
52W Range: $9.73 - $10.28
Weekly %: +0.12%
Monthly %: -59.21%
Inst Owners: nan

Info

Target: Searching
Days Since IPO: 79
Unit composition:
Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one-half of one redeemable warrant
Trust Size: 20000000.0M

Management

Officers, Directors and Director Nominees.┬ö Certain of our officers and directors are now, and any of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted by us and, accordingly, may have conflicts of interest in allocating their time and determining to which entity a particular business opportunity should be presented. Following the completion of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses. Certain of our officers and directors are now, and all of them may in the future become, affiliated with entities that are engaged in a similar business to which they have fiduciary or contractual duties. Our officers and directors may become aware of business opportunities which may be appropriate for presentation to us and the other entities to which they owe certain fiduciary or contractual duties. Accordingly, our officers and directors may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor, and a potential target business may be presented to another entity prior to its presentation to us. Our amended and restated certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is offered to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted to refer that opportunity to us without violating another legal obligation. For a complete discussion of our officers┬ĺ and directors┬ĺ business affiliations and the potential conflicts of interest that you should be aware of, please see ┬ôManagement┬ŚOfficers, Directors and Director Nominees,┬ö ┬ôManagement┬ŚConflicts of Interest┬ö and ┬ôCertain Relationships and Related Party Transactions.┬ö Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with our sponsor, our directors or officers, although we do not intend to do so. We do not have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. 93 Table of Contents We may engage our underwriter or one of its affiliates to provide additional services to us after this offering, which may include acting as financial advisor in connection with an initial business combination or as placement agent in connection with a related financing transaction. Our underwriter is entitled to receive deferred underwriting commissions that will be released from the trust only on a consummation of an initial business combination. In addition, an affiliate of our underwriter, Metric, has also purchased founder shares and has committed to purchase private placement warrants in us. These financial incentives may cause the underwriter to have potential conflicts of interest in rendering any such additional services to us after this offering, including, for example, in connection with the sourcing and consummation of an initial business combination. Our underwriter is entitled to receive deferred underwriting commissions that will be placed in a trust account located in the United States and released to our underwriter only on consummation of an initial business combination. If we do not complete our initial business combination within 18 months (or up to 24 months if we were to extend the period of time to consummate our initial business combination) from the closing of this offering, our underwriter has agreed that (i) it will forfeit any rights or claims to their deferred underwriting commissions, including any accrued interest thereon, then in the trust account and (ii) that the deferred underwriting commissions will be distributed on a pro rata basis, together with any accrued interest thereon (which interest will be net of taxes payable) to the public stockholders. In April 2021, Metric, an affiliate of our underwriter, purchased an aggregate of 1,144,250 founder shares for an aggregate purchase price of $4,975, or approximately $0.004 per share. Prior to the initial investment in the company of $4,975 by Metric, the company had no assets, tangible or intangible. The per-share price of the founder shares was determined by dividing the amount contributed to the company by the number of founder shares issued. The number of founder shares issued to Metric was determined based on the expectation that the total size of this offering would be a maximum of 23,000,000 units if the underwriter┬ĺs over-allotment option is exercised in full, and therefore that such founder shares issued to Metric would represent 3.98% of the issued and outstanding shares after this offering. Metric will forfeit up to an aggregate of 149,250 founder shares depending on the extent to which the underwriter┬ĺs over-allotment option is exercised. The founder shares will be worthless if we do not complete an initial business combination. In connection with the investment agreements we entered (or hereafter may enter) into with each of the anchor investors, Metric sold (or hereafter may sell) a portion of the founder shares it purchased in April 2021 at approximately $0.004 per share (which is Metric┬ĺs cost for acquiring such shares) to the anchor investors in consideration of their indications of interest to purchase units in this offering. In addition, Metric has committed, pursuant to a written agreement, to purchase an aggregate of 707,672 private placement warrants (or 813,822 private placement warrants if the underwriter┬ĺs over-allotment option is exercised in full), each exercisable for one share of our Class A common stock at $11.50 per share. The aggregate of Metric┬ĺs interest in such transaction to purchase private placement warrants is valued at between $1,061,508 and $1,220,733 if the underwriter┬ĺs over-allotment option is exercised in full, or $1.50 per warrant, which amount will be worthless if we do not complete a business combination. The founder shares are identical to the shares of our Class A common stock included in the units being sold in this offering, except that they are shares of our Class B common stock that automatically convert into shares of our Class A common stock at the time of our initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described in this prospectus. Metric has agreed (A) to vote any shares owned by them in favor of any proposed business combination and (B) not to redeem any founder shares in connection with a stockholder vote to approve a proposed initial business combination. We may engage our underwriter or one of its affiliates to provide additional services to us after this offering, including, for example, identifying potential targets, providing financial advisory services, acting as a placement agent in a private offering or arranging debt financing. We may pay such underwriter or its affiliates fair and reasonable fees or other compensation that would be determined at that time in an arm┬ĺs length negotiation; provided that no agreement will be entered into with our underwriter or its affiliates and no fees or other compensation for such services will be paid to our underwriter or its affiliates prior to the date that is 60 days from the date of this prospectus, unless such payment would not be deemed underwriter┬ĺs compensation in 94 Table of Contents connection with this offering. The underwriter is also entitled to receive deferred underwriting commissions that are conditioned on the consummation of an initial business combination. The fact that the underwriter or its affiliates┬ĺ financial interests are tied to the consummation of a business combination transaction may give rise to potential conflicts of interest in providing any such additional services to us, including potential conflicts of interest in connection with the sourcing and consummation of an initial business combination. Members of the FLAG team have significant experience as founders, board members, officers, executives or employees of other companies. Certain of those persons have been, may be, or may become, involved in litigation, investigations or other proceedings, including related to those companies or otherwise. This may have an adverse effect on us, which may impede our ability to consummate an initial business combination. During the course of their careers, members of the FLAG team have had significant experience as founders, board members, officers, executives or employees of other companies. Certain of those persons have been, may be or may in the future become involved in litigation, investigations or other proceedings, including relating to the business affairs of such companies, transactions entered into by such companies, or otherwise. Any such litigation, investigations or other proceedings may divert the attention and resources of the FLAG team away from identifying and selecting a target business or businesses for our initial business combination and may negatively affect our reputation, which may impede our ability to complete an initial business combination. We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our sponsor or members of the FLAG team which may raise potential conflicts of interest. In light of the involvement of our sponsor and members of the FLAG team with other entities, we may decide to acquire one or more businesses affiliated with our sponsor or members of the FLAG team. Our officers and directors also serve as officers and board members for other entities, including, without limitation, those described under ┬ôManagement┬ŚConflicts of Interest.┬ö They may also have investments in target businesses. Such entities may compete with us for business combination opportunities. Our sponsor and members of the FLAG team are not currently aware of any specific opportunities for us to complete our business combination with any entities with which they are affiliated, and there have been no preliminary discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for a business combination as set forth in ┬ôProposed Business┬ŚOur Acquisition Criteria┬ö and such transaction was approved by a majority of our independent and disinterested directors. Despite our obligation to obtain an opinion from an independent investment banking firm or from an independent accounting firm regarding the fairness to our company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our sponsor, officers or directors potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public stockholders as they would be absent any conflicts of interest. Since our sponsor (and, indirectly, our officers and directors) will lose their entire investment in us if our business combination is not completed (other than with respect to public shares they may acquire during or after this offering), a conflict of interest may arise in determining whether a particular business combination partner is appropriate for our initial business combination. In April 2021, our sponsor purchased an aggregate of 4,605,750 founder shares for an aggregate purchase price of $20,025, or approximately $0.004 per share. Prior to the initial investment in the company of $20,025 by our sponsor, the company had no assets, tangible or intangible. The per-share price of the founder shares was determined by dividing the amount contributed to the company by the number of founder shares issued. The number of founder shares issued to our sponsor was determined based on the expectation that the total size of this offering would be a maximum of 23,000,000 units if the underwriter┬ĺs over-allotment option is exercised in full, 95 Table of Contents and therefore that such founder shares issued to our sponsor would represent 16.02% of the issued and outstanding shares after this offering. Our sponsor will forfeit up to an aggregate of 600,750 founder shares depending on the extent to which the underwriter┬ĺs over-allotment option is exercised. The founder shares will be worthless if we do not complete an initial business combination. In connection with the investment agreements we entered (or hereafter may enter) into with each of the anchor investors, our sponsor and Metric have sold (or hereafter may sell) in the aggregate up to 1,262,627 founder shares to the anchor investors. In addition, our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 2,583,333 private placement warrants, each exercisable for one share of our Class A common stock at $11.50 per share. The aggregate of our sponsor┬ĺs interest in such transaction to purchase private placement warrants is valued at $3,675,000, or $1.50 per warrant, which amount will be worthless if we do not complete a business combination. The founder shares are identical to the shares of our Class A common stock included in the units being sold in this offering, except that they are shares of our Class B common stock that automatically convert into shares of our Class A common stock at the time of our initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described in this prospectus. Our sponsor has agreed (A) to vote any shares owned by it in favor of any proposed business combination and (B) not to redeem any founder shares in connection with a stockholder vote to approve a proposed initial business combination. In addition, we may obtain loans from our sponsor, its affiliates or designees or any of our directors or officers, as the case may be. Up to $4,600,000 of such loans may be converted into warrants, at a price of $1.50 per warrant, at the option of the lender. If issued, the warrants would be identical in terms of their terms and conditions to the private placement warrants, including as to exercise price, exercisability and exercise period. The personal and financial interests of our sponsor, officers, and directors may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following our initial business combination. Changes in the market for directors and officers liability insurance could make it more difficult and more expensive for us to negotiate and complete an initial business combination. In recent months, the market for directors and officers liability insurance for special purpose acquisition companies has changed in ways adverse to us and our directors and officers. Fewer insurance companies are offering quotes for directors and officers liability coverage, the premiums charged for such policies have generally increased and the terms of such policies have generally become less favorable. These trends may continue into the future. The increased cost and decreased availability of directors and officers liability insurance could make it more difficult and more expensive for us to negotiate and complete an initial business combination. In order to obtain directors and officers liability insurance or modify its coverage as a result of becoming a public company, the post-business combination entity might need to incur greater expense and/or accept less favorable terms. Furthermore, any failure to obtain adequate directors and officers liability insurance could have an adverse impact on the post-business combination┬ĺs ability to attract and retain qualified officers and directors. In addition, after completion of any initial business combination, our directors and officers could be subject to potential liability from claims arising from conduct alleged to have occurred prior to such initial business combination. As a result, in order to protect our directors and officers, the post-business combination entity may need to purchase additional insurance with respect to any such claims (┬ôrun-off insurance┬ö). The need for run-off insurance would be an added expense for the post-business combination entity and could interfere with or frustrate our ability to consummate an initial business combination on terms favorable to our investors. Since our initial stockholders paid only approximately $0.004 per share for the founder shares, our officers, directors and initial stockholders could potentially make a substantial profit even if we acquire a target business that subsequently declines in value. In April 2021, our sponsor and Metric purchased an aggregate of 5,750,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.004 per share. Our officers and directors have a significant 96 Table of Contents economic interest in our sponsor. Our sponsor and Metric have entered (or hereafter may enter) into an investment agreement with each of the anchor investors pursuant to which such anchor investors have purchased (or hereafter may purchase) in the aggregate up to 1,262,627 founder shares from our sponsor and Metric at approximately $0.004 per share (which is our sponsor┬ĺs and Metric┬ĺs cost for acquiring such shares). As a result, the low acquisition cost of the founder shares creates an economic incentive whereby our officers, directors and initial stockholders could potentially make a substantial profit even if we acquire a target business that subsequently declines in value and is unprofitable for our public stockholders. General risk factors We are a newly formed company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective. We are a newly formed company with no operating results, and we will not commence operations until obtaining funding through this offering. Because we lack an operating history, you have no basis upon which to evaluate our ability to achieve our business objective of completing our initial business combination with one or more target businesses. We have no plans, arrangements or understandings with any prospective target business concerning a business combination and may be unable to complete our business combination. If we fail to complete our business combination, we will never generate any operating revenues. The securities in which we invest the funds held in the trust account could bear a negative rate of interest, which could reduce the value of the assets held in trust such that the per share redemption amount received by public stockholders may be less than $10.00 per share. The proceeds held in the trust account will be invested only in U.S. government treasury obligations with a maturity of 185

Holder Stats

1 0
% of Shares Held by All Insider NaN
% of Shares Held by Institutions NaN
% of Float Held by Institutions NaN
Number of Institutions Holding Shares NaN

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q FORM 10-Q 2021-11-12 https://www.sec.gov/Archives/edgar/data/1855485/000119312521328181/d208035d10q.htm
8-K 8-K 2021-10-28 https://www.sec.gov/Archives/edgar/data/1855485/000119312521311401/d217100d8k.htm
SC 13G 2021-10-26 https://www.sec.gov/Archives/edgar/data/1855485/000101359421000785/firstlight13g-102621.htm
SC 13G SC 13G 2021-09-24 https://www.sec.gov/Archives/edgar/data/1855485/000110465921119294/tm2128335d1_sc13g.htm
SC 13G FIRST LIGHT ACQUISITION GROUP, INC. 2021-09-24 https://www.sec.gov/Archives/edgar/data/1855485/000090266421004327/p21-2135sc13g.htm
SC 13G SCHEDULE 13G 2021-09-24 https://www.sec.gov/Archives/edgar/data/1855485/000095014221002980/eh210184716_13g-flag.htm
8-K 8-K 2021-09-20 https://www.sec.gov/Archives/edgar/data/1855485/000119312521277439/d73948d8k.htm
8-K 8-K 2021-09-15 https://www.sec.gov/Archives/edgar/data/1855485/000119312521273980/d177108d8k.htm
3/A FORM 3/A 2021-09-14 https://www.sec.gov/Archives/edgar/data/1855485/000114036121031284/xslF345X02/form3.xml
424B4 424B4 2021-09-13 https://www.sec.gov/Archives/edgar/data/1855485/000119312521271636/d156305d424b4.htm
EFFECT 2021-09-09 https://www.sec.gov/Archives/edgar/data/1855485/999999999521003461/xslEFFECTX01/primary_doc.xml
3 FORM 3 2021-09-09 https://www.sec.gov/Archives/edgar/data/1855485/000114036121030861/xslF345X02/form3.xml
3 FORM 3 2021-09-09 https://www.sec.gov/Archives/edgar/data/1855485/000114036121030860/xslF345X02/form3.xml
3 FORM 3 2021-09-09 https://www.sec.gov/Archives/edgar/data/1855485/000114036121030859/xslF345X02/form3.xml
3 FORM 3 2021-09-09 https://www.sec.gov/Archives/edgar/data/1855485/000114036121030858/xslF345X02/form3.xml
3 FORM 3 2021-09-09 https://www.sec.gov/Archives/edgar/data/1855485/000114036121030857/xslF345X02/form3.xml
3 FORM 3 2021-09-09 https://www.sec.gov/Archives/edgar/data/1855485/000114036121030856/xslF345X02/form3.xml
CERT NYSE CERTIFICATION 2021-09-09 https://www.sec.gov/Archives/edgar/data/1855485/000087666121001291/FLAG090921.pdf
8-A12B 8-A12B 2021-09-09 https://www.sec.gov/Archives/edgar/data/1855485/000119312521268555/d201703d8a12b.htm
CORRESP 2021-09-07 https://www.sec.gov/Archives/edgar/data/1855485/000119312521266582/filename1.htm
CORRESP 2021-09-07 https://www.sec.gov/Archives/edgar/data/1855485/000119312521266577/filename1.htm
S-1/A S-1/A 2021-09-07 https://www.sec.gov/Archives/edgar/data/1855485/000119312521265676/d156305ds1a.htm
CORRESP 2021-09-03 https://www.sec.gov/Archives/edgar/data/1855485/000119312521265677/filename1.htm
UPLOAD 2021-08-30 https://www.sec.gov/Archives/edgar/data/1855485/000000000021010575/filename1.pdf
S-1 S-1 2021-08-24 https://www.sec.gov/Archives/edgar/data/1855485/000119312521255074/d156305ds1.htm
DRS/A 2021-07-19 https://www.sec.gov/Archives/edgar/data/1855485/000095012321008902/filename1.htm
DRS 2021-05-17 https://www.sec.gov/Archives/edgar/data/1855485/000095012321007047/filename1.htm