jvid视频

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(11) jvid视频 Acquisition Corporation

In November 2020, the Company, through its wholly owned subsidiary, jvid视频 Acquisition Sponsor, LLC (the 鈥淪ponsor鈥�), formed LMAC and ultimately purchased approximately 14.4 million shares of LMAC Series F common stock (鈥淔ounder Shares鈥�) for $25,000.

On January 26, 2021, LMAC consummated its initial public offering (鈥淚PO鈥�) of 57.5 million units (the 鈥淯nits鈥�), including 7.5 million Units sold pursuant to the full exercise of the underwriters鈥� overallotment option. Each Unit consisted of one share of Series A common stock of LMAC and one-fifth of one redeemable warrant of LMAC. Each whole warrant entitled the holder thereof to purchase one share of Series A common stock for $11.50 per share, subject to adjustment, following the later of 30 days after the completion of LMAC鈥檚 initial business combination and 12 months from the closing of the IPO (鈥淧ublic Warrants鈥�). The Units were sold at a price of $10.00 per Unit, generating gross proceeds to LMAC of $575 million, which were placed in a U.S.-based trust account (Level 1) which was included in other assets in the consolidated balance sheet as of December 31, 2021. Substantially concurrent with the IPO, LMAC completed the private placement of 10 million warrants to the Sponsor, generating gross proceeds of $15 million (鈥淧rivate Placement Warrants鈥�). Each Private Placement Warrant entitled the holder thereof to purchase one share of LMAC鈥檚 Series A common stock for $11.50 per share, subject to adjustment, following the later of 30 days after the completion of LMAC鈥檚 initial business combination and 12 months from the closing of the IPO and the Sponsor committed to acquire $250 million of forward purchase units (each consisting of one share of LMAC鈥檚 Series B common stock and one-fifth of one redeemable warrant to purchase one share of LMAC鈥檚 Series A common stock), at a price of $10.00 per unit, pursuant to a forward purchase agreement that would close substantially concurrently with the consummation of LMAC鈥檚 initial business combination.

The Company, through the Sponsor鈥檚 ownership of the Founder Shares, owned 20% of LMAC鈥檚 issued and outstanding common stock. The Founder Shares had certain governance rights which allow the Company to control LMAC鈥檚 affairs, policies and operations through the initial business combination and therefore the Company consolidated LMAC post-IPO. LMAC also entered into services and facilities sharing agreements with the Company for shared office space, services and personnel based on a flat fee.

The Public Warrants, issued as part of the Units in the IPO, had certain provisions which required LMAC to account for these instruments at fair value as a liability. Therefore, the proceeds from the IPO were bifurcated between the warrants and the Series A common stock. At the IPO date, approximately $20 million was recorded as a warrant liability within Other Liabilities, net of IPO costs.

LMAC鈥檚 Series A common stock, issued as part of the Units in the IPO, had certain provisions which allowed the holder to put back the stock to LMAC upon an initial business combination at their election. This conditional redemption feature required the Company to account for those shares that were subject to potential redemption as redeemable noncontrolling interests which required temporary equity classification (outside of permanent equity).

Since its IPO, LMAC employed a broad set of search criteria for potential target business combinations, however, LMAC鈥檚 management observed what it believes were high valuations in 2021, a declining IPO market in 2022, and significant public and private market volatility, which prevented LMAC from securing an opportunity that it believed would offer a compelling return on investment for its stockholders. In light of these circumstances, LMAC determined that it was not feasible to complete an initial business combination in advance of the contractual termination date of January 26, 2023. As a result, on November 14, 2022, stockholders of LMAC approved an amendment to LMAC鈥檚 certificate of incorporation which allowed LMAC to unwind and redeem all of its outstanding public shares prior to December 30, 2022. The redemption was completed during December 2022 and LMAC was subsequently dissolved.

The changes in the components of redeemable noncontrolling interests were as follows:

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The Company鈥檚 interest in LMAC was attributed to the Formula One Group. Transactions and ownership interests with the Sponsor eliminated upon consolidation.