Recapitalization (Tables)

12 Months Ended

Dec. 31, 2021

The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the

consolidated statements of changes in stockholders’ deficit for period ended December 31, 2021 (in thousands, except share data):


Cash—CF III’s trust and cash (net of redemption)	$	36,811
Cash—Private offering		220,000
Less: transaction costs and advisory fees paid		(52,661	)

Net Business Combination and private offering	$	204,150

The number of shares of common stock issued immediately following the closing of the Business Combination were:


CF III Class A common stock, outstanding prior to Business Combination			23,000,000
Less: redemption of CF III Class A common stock			19,355,365

Class A common stock of CF III			3,644,635
CF III founder shares			5,750,000
CF III Private Placement shares			500,000
CF III Shares issued in PIPE			22,000,000

Business Combination and PIPE shares			31,894,635
Legacy AEye shares			122,509,667

August 16, 2021			154,404,302

The number of Legacy AEye shares was determined as follows:


	AEye shares			AEye shares, effected for Exchange Ratio
Balance at December 31, 2019		11,283,838			41,984,908
Recapitalization applied to Redeemable Convertible preferred stock outstanding at December 31, 2019		16,383,725			60,960,574
Exercise of common stock options—2020		504,524			1,877,233
Repurchase of common stock—2020		(950,352	)		(3,536,070	)
Exercise of common stock options—2021 (pre-Closing)		54,859			204,119
Conversion of Convertible Notes and Accrued Interest—2021		5,584,308			20,778,097
Exercise of common stock and Series A preferred stock warrants—2021		64,719			240,806

Total					122,509,667