Quarterly report pursuant to Section 13 or 15(d)

TRANSACTION AND BUSINESS COMBINATION (Tables)

v3.22.2.2
TRANSACTION AND BUSINESS COMBINATION (Tables)
9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Fair Values of the Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date (unaudited):

Total value
Cash and cash equivalents
$ 5,318 
Accounts receivables
3,507
Other current assets 1,912
Property and equipment 154
Total tangible assets
10,891 
Technology 17,075
Customer relationships
14,700
Trade name
4,600
Goodwill
110,123
Total assets acquired
157,389 
Less: Deferred tax liabilities (1,624)
Less: Other assumed liabilities
(3,727)
Net assets acquired
$ 152,038 
Schedule of Pro Forma Financial Information The following table presents the unaudited pro forma combined results of Innovid and TVS for the three months and nine months ended September 30, 2022, and 2021 as if the acquisition of TVS had occurred on January 1, 2021:
Three months ended September 30, Nine months ended September 30,
2022

2021 2022

2021
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $ 34,469  $ 29,486  $ 97,736  $ 80,044 
Net loss (11,832) (1,826) (11,205) (21,330)
Schedule of Reverse Recapitalization All outstanding shares of Legacy Innovid common stock, Legacy Innovid redeemable convertible preferred stock, Legacy Innovid Warrants, and Secondary Sale Transaction of 6,885,486 shares to PIPE investors, were exchanged for 93,787,278 shares of common stock in Innovid Corp.

Number of shares
Legacy Innovid common stock of January 1, 2021, 16,275,609 
Warrant exercised 132,392 
Stock option exercised 3,180,943 
Conversion of redeemable convertible preferred stock into common stock 73,690,340 
Conversion of Legacy Innovid Warrants 507,994 
Exchanged into Innovid Corp. common stock on November 30, 2021 93,787,278 
The following table reconciles the elements of the Transaction to the condensed consolidated statement of cash flows and the condensed consolidated statement of changes in temporary equity and stockholders’ equity for the year ended December 31, 2021.

Total value
Cash - ION trust account and cash, net of redemptions
$ 55,466 
Cash - PIPE Investment, net of Secondary Sale Amount of $68,855
131,145 
Less: Transaction costs paid
(31,160)
Less: Deferred underwriting fee paid (6,199)
Proceeds from reverse recapitalization, net
149,252 
Less: Accrued transaction costs not yet paid
(3,185)
Less: Company Warrant assumed as part of the Transaction
(22,791)
Plus: Transaction costs allocated to Company Warrant 2,750 
Reverse recapitalization, net
$ 126,026