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Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

22. Subsequent Events

 

On January 15, 2021, the Company paid $0.6 million to InnoHold pursuant to the terms of the Tax Receivable Agreement. The amount paid represents 80% of the net cash savings to the Company in federal and state income taxes as a result of the tax basis increases resulting from the exchange of Paired Securities for shares of Class A Stock.

 

During January 2021, the Company paid out $0.2 million in tax distributions under the Second Purple LLC Agreement.

 

During January, February and March 2021, approximately 6.5 million Sponsor Warrants were exercised on a cashless basis and approximately 2.2 million shares of Class A Stock were issued. Of that amount, CCP, CDF and Blackwell exercised on a cashless basis approximately 5.8 million Sponsor Warrants and approximately 2.0 million shares of Class A Stock were issued to them.

 

During January, February and March 2021, approximately 0.1 million Paired Securities were exchanged for shares of Class A Stock.

 

On February 3, 2021 the Company received $4.1 million from InnoHold as reimbursement for amounts that qualified for indemnification from the $5.0 million held in escrow pursuant to a contingency escrow agreement. The remaining $0.9 million in escrow was returned to InnoHold. The amount received from InnoHold was recorded as additional paid-in capital.

 

On February 4, 2021 the Company closed an industrial revenue bond transaction with Henry County Development Authority in Georgia (“Henry County”) in order to receive real and personal property tax abatements on our new facility in McDonough, Georgia. Pursuant to this transaction, Henry County issued a $21.0 million industrial revenue bond to the Company and will use the proceeds to purchase the property from the Company. Henry County will then lease the property back to the Company in the same amount and on the same due dates as Henry County’s debt service on the industrial revenue bond. No cash will be exchanged.

 

On March 3, 2021, the Company began operations in its new facility in McDonough, Georgia.