Attached files

file filename
EX-10.7 - EXHIBIT 10.7 - Butterfly Network, Inc.nt10009002x11_ex10-7.htm
EX-10.6 - EXHIBIT 10.6 - Butterfly Network, Inc.nt10009002x11_ex10-6.htm
EX-10.5 - EXHIBIT 10.5 - Butterfly Network, Inc.nt10009002x11_ex10-5.htm
EX-10.4 - EXHIBIT 10.4 - Butterfly Network, Inc.nt10009002x11_ex10-4.htm
EX-10.3 - EXHIBIT 10.3 - Butterfly Network, Inc.nt10009002x11_ex10-3.htm
EX-10.2 - EXHIBIT 10.2 - Butterfly Network, Inc.nt10009002x11_ex10-2.htm
EX-10.1 - EXHIBIT 10.1 - Butterfly Network, Inc.nt10009002x11_ex10-1.htm
EX-4.1 - EXHIBIT 4.1 - Butterfly Network, Inc.nt10009002x11_ex4-1.htm
EX-3.1 - EXHIBIT 3.1 - Butterfly Network, Inc.nt10009002x11_ex3-1.htm
EX-1.1 - EXHIBIT 1.1 - Butterfly Network, Inc.nt10009002x11_ex1-1.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 20, 2020

LONGVIEW ACQUISITION CORP.
(Exact name of registrant as specified in its charter)

Delaware
 
001-39292
 
84-4618156
(State or other jurisdiction of
incorporation or organization)
 
 
(Commission File Number)
 
(I.R.S. Employer
Identification Number)
767 Fifth Avenue, 44th Floor
New York, NY
 
10153
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (212) 812-4700

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading
 Symbol(s)
 
Name of each exchange
 on which registered
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-third of one redeemable warrant
 
LGVW.U
 
New York Stock Exchange LLC
Shares of Class A common stock included as part of the units
 
LGVW
 
New York Stock Exchange LLC
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
 
LGVW WS
 
New York Stock Exchange LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 1.01 Entry into a Material Definitive Agreement.

On May 20, 2020, the Registration Statement on Form S-1 (File No. 333-237960) (the “Registration Statement”) relating to the initial public offering (the “IPO”) of Longview Acquisition Corp. (the “Company”) was declared effective by the U.S. Securities and Exchange Commission. On May 26, 2020, the Company consummated the IPO of 36,000,000 units (the “Units”). Each Unit consists of one share of Class A common stock, $0.0001 par value per share (the “Class A Common Stock”), and one-third of one redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, subject to adjustment. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $360,000,000 (before underwriting discounts and commissions and offering expenses). Further, in connection with the IPO, the Company entered into the following agreements, forms of which were previously filed as exhibits of the Registration Statement:

 
an Underwriting Agreement, dated May 20, 2020, between the Company and Cowen and Company, LLC and UBS Securities LLC, as representatives of the several underwriters, which contains customary representations and warranties and indemnification of the underwriters by the Company;
 
 
a Private Placement Warrants Purchase Agreement, dated May 20, 2020, between the Company and Longview Investors LLC (the “Sponsor”), pursuant to which the Sponsor purchased 6,133,333 private placement warrants, each exercisable to purchase one share of Class A Common Stock at $11.50 per share, subject to adjustment, at a price of $1.50 per warrant (the “Private Placement Warrants”);
 
 
a Warrant Agreement, dated May 20, 2020, between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agreement”), which sets forth the expiration and exercise price of and procedure for exercising the Warrants; certain adjustment features of the terms of exercise; provisions relating to redemption and cashless exercise of the Warrants; certain registration rights of the holders of Warrants; provision for amendments to the Warrant Agreement; and indemnification of the warrant agent by the Company under the agreement;
 
 
an Investment Management Trust Agreement, dated May 20, 2020, between the Company and Continental Stock Transfer & Trust Company, as trustee, which establishes the trust account that will hold the net proceeds of the IPO proceeds and certain of the proceeds of the sale of the Private Placement Warrants, and sets forth the responsibilities of the trustee; the procedures for withdrawal and direction of funds from the trust account; and indemnification of the trustee by the Company under the agreement;
 
 
a Registration Rights Agreement, dated May 20, 2020, between the Company, the Sponsor and certain other security holders, which provides for customary demand and piggy-back registration rights for the Sponsor and the other security holders party thereto;
 
 
a Letter Agreement, dated May 20, 2020, by and among the Company, the Sponsor and each of the officers and directors of the Company, pursuant to which the Sponsor and each officer and director of the Company has agreed to vote any shares of Class A Common Stock held by him or her in favor of the Company’s initial business combination; to facilitate the liquidation and winding up of the Company if an initial business combination is not consummated within 24 months; to certain transfer restrictions with respect to the Company’s securities; and to certain indemnification obligations of the Sponsor;
 
 
an Administrative Services Agreement, dated May 20, 2020, by and between the Company and Glenview Capital Management, LLC, pursuant to which Glenview Capital Management, LLC has agreed to make available office space and certain utilities, administrative and support services, as may be required by the Company from time to time, for $10,000 per month until the Company’s initial business combination or liquidation; 
 
 
Indemnity Agreements, each dated May 20, 2020, between the Company and each of the officers and directors of the Company, pursuant to which the Company has agreed to indemnify each officer and director of the Company against certain claims that may arise in their roles as officers and directors of the Company; and

 
a Forward Purchase Agreement, dated May 20, 2020, among the Company, and Glenview Capital Partners, L.P., Glenview Institutional Partners, L.P., Glenview Capital Master Fund, LTD., Glenview Capital Opportunity Fund, L.P. and Glenview Offshore Opportunity Master Fund, LTD. (the "Glenview Funds"), and Glenview Capital Management, LLC pursuant to which the Glenview Funds have agreed to purchase, in a private placement transaction to close concurrently with the closing of the initial business combination, an aggregate of 15,000,000 shares of Class A Common Stock (the “Forward Purchase Shares”) for an aggregate purchase price of $150,000,000, or $10.00 per Forward Purchase Share; provided that, if the value of 5.0% of the aggregate net asset value of the Glenview Funds is less than $150,000,000, the Glenview Funds will only be obligated to purchase Forward Purchase Shares (at $10.00 per Forward Purchase Share) for an aggregate purchase price equal to 5.0% of such aggregate net asset value.



The above descriptions are qualified in their entirety by reference to the full text of the applicable agreement, each of which is incorporated by reference herein and attached hereto as Exhibits 1.1, 10.1, 4.1, 10.2, 10.3, 10.4, 10.5, 10.6 and 10.7, respectively.

Item 3.02 Unregistered Sales of Equity Securities.

Simultaneously with the consummation of the IPO and the issuance and sale of the Units, the Company consummated the private placement of 6,133,333 Private Placement Warrants at a price of $1.50 per Private Placement Warrant, generating total proceeds of $9,200,000 (the “Private Placement”). The Private Placement Warrants, which were purchased by the Sponsor, are substantially similar to the Public Warrants, except that if held by the Sponsor or its permitted transferees, they (i) may be exercised for cash or on a cashless basis, (ii) are not subject to being called for redemption under certain redemption scenarios (except in certain redemption scenarios when the price per share of Class A Common Stock equals or exceeds $10.00 (as adjusted)),  (iii) subject to certain limited exceptions, will be subject to transfer restrictions until 30 days following the consummation of the Company’s initial business combination and (iv) will be entitled to registration rights. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company under all redemption scenarios and exercisable by holders on the same basis as the Public Warrants. The Private Placement Warrants have been issued pursuant to, and are governed by, the Warrant Agreement.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 20, 2020, in connection with the IPO, Westley Moore, Derek Cribbs and Randy Simpson (the “New Directors” and, collectively with Larry Robbins and John Rodin, the “Directors”) were appointed to the board of directors of the Company (the “Board”). Effective May 20, 2020, each of Messrs. Moore, Cribbs and Simpson was also appointed to the Board’s Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee, with Mr. Cribbs serving as chair of the Audit Committee, Mr. Simpson serving as chair of the Compensation Committee and Mr. Moore serving as chair of the Nominating and Corporate Governance Committee.

In April 2020, the Sponsor transferred 25,000 shares of the Company’s Class B common stock to each of Messrs. Moore, Cribbs and Simpson. The Company will reimburse the Directors for reasonable out-of-pocket expenses incurred in connection with fulfilling their roles as directors.

Other than the foregoing, none of the Directors are party to any arrangement or understanding with any person pursuant to which they were appointed as directors, nor are they party to any transactions required to be disclosed under Item 404(a) of Regulation S-K involving the Company.

Item 5.03 Amendments to Certificate of Incorporation.

On May 20, 2020, the Company adopted its Amended and Restated Certificate of Incorporation. The Amended and Restated Certificate of Incorporation is attached as Exhibit 3.1 hereto and is incorporated by reference herein.

Item 8.01 Other Events.

A total of $360,000,000 of the net proceeds from the IPO and the Private Placement (which includes $12,600,000 of the underwriters’ deferred discount) was placed in a U.S.-based trust account with Continental Stock Transfer & Trust Company acting as trustee. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay its franchise and income tax obligations, the funds held in the trust account will not be released from the trust account until the earliest of: (1) the completion of the Company’s initial business combination; (2) the redemption of any public shares properly submitted in connection with a stockholder vote to amend the Company’s Amended and Restated Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial business combination or to redeem 100% of the Company’s public shares if the Company not complete its initial business combination within 24 months from the closing of this offering or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity; and (3) the redemption of all of the Company’s public shares if the Company has not completed its initial business combination within 24 months from the closing of this offering, subject to applicable law.

Item 9.01 Financial Statements and Exhibits.


(d)
Exhibits.
   
Underwriting Agreement between the Company and Cowen and Company, LLC and UBS Securities LLC, as representatives of the several underwriters
   
Amended and Restated Certificate of Incorporation
   
Warrant Agreement between Continental Stock Transfer & Trust Company and the Company
   
Private Placement Warrants Purchase Agreement between the Company and Longview Investors LLC
   
Investment Management Trust Account Agreement between Continental Stock Transfer & Trust Company and the Company
   
Registration Rights Agreement between the Company and certain security holders
   
Letter Agreement between the Company, Longview Acquisition LLC and each of the officers and directors of the Company
   
Administrative Services Agreement between the Company and Glenview Capital Management, LLC
   
Form of Indemnity Agreement, between the Company and each of the officers and directors of the Company
   
10.7
Forward Purchase Agreement, among the Company, Glenview Capital Management, LLC and the Purchasers party thereto


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 27, 2020
 
Longview Acquisition Corp.
   
 
By:
/s/ Mark Horowitz
 
Name:
Mark Horowitz
 
Title:
Chief Financial Officer

3