[sheet: Cover & Legend]
Field | Value
Matter | Lumos Analytics Inc. — Proposed IPO of Class A Common Stock
Matter Number | 1008-00002
Client | Lumos Analytics Inc.
Client HQ | 450 Folsom Street, Suite 1200, San Francisco, CA 94105
Issuer's Counsel | Calderwood & Harkness LLP
C&H Office | 1 Market Street, Spear Tower, Suite 3600, San Francisco, CA 94105
Responsible Partner | Robert Adeyemi
Billing Partner | Jennifer Kwon
Lead Associate | Audrey Zhou
Working Associate | Brendan Walsh
Tax Specialist | Sylvia Hartwell
Proposed Exchange | Nasdaq Global Select Market
Proposed Ticker | LMSA
SEC File Number | 333-264518
SEC CIK | 0001923847
Engagement Opened | November 8, 2021
Engagement Closed | June 24, 2022
Outcome | Offering Withdrawn — Form RW filed June 10, 2022; SEC granted withdrawal June 15, 2022
Last Updated | June 10, 2022
LEGEND — Status Codes
Complete | Task fully completed
In Progress | Task underway but not yet finalized
Pending | Task not yet started
N/A — Withdrawn | Task rendered moot by withdrawal of the offering
Deferred | Task deferred pending future re-filing
LEGEND — Responsible Party abbreviations
C&H (AZ) | Calderwood & Harkness LLP — Audrey Zhou
C&H (BW) | Calderwood & Harkness LLP — Brendan Walsh
C&H (RA) | Calderwood & Harkness LLP — Robert Adeyemi
C&H (JK) | Calderwood & Harkness LLP — Jennifer Kwon
C&H (SH) | Calderwood & Harkness LLP — Sylvia Hartwell
Lumos (NF) | Lumos Analytics Inc. — Naomi Feinberg, General Counsel
Lumos (DL) | Lumos Analytics Inc. — David Lau, CFO
Lumos (PS) | Lumos Analytics Inc. — Priya Subramanian, CEO
Pinnacle (LD) | Pinnacle Securities LLC — Lisa Drummond, MD (ECM)
Pinnacle (AC) | Pinnacle Securities LLC — Andrew Castellano, MD (Coverage)
Whitfield (DK) | Whitfield & Company LLC — Derek Kaplan, MD
Graystone (HM) | Graystone Capital Markets Inc. — Hannah Morales, MD
H&L (MS) | Hargrove & Liddell LLP — Michael Sorrentino, Lead Partner
H&L (AP) | Hargrove & Liddell LLP — Anika Patel, Lead Associate
M&H (GS) | Meridian & Howe LLP — Gregory Simmons, Audit Partner
Hennessy (MR) | Hennessy Consulting Group LLC — Martin Royce
Broadleaf | Broadleaf Transfer Services Inc.
Terrace Hill (JB) | Terrace Hill Insurance Group Ltd. — Julia Brennan
[sheet: Key Parties Directory]
Role | Full Legal Name | Short Name | Entity Type | Jurisdiction | Key Contact(s) | Title(s) | Address
Issuer | Lumos Analytics Inc. | Lumos / Lumos AI | Corporation | Delaware | Priya Subramanian; David Lau; Naomi Feinberg | CEO & Co-Founder; CFO; General Counsel & Corporate Secretary | 450 Folsom Street, Suite 1200, San Francisco, CA 94105
Issuer's Counsel | Calderwood & Harkness LLP | C&H | LLP (Law Firm) | New York | Robert Adeyemi; Jennifer Kwon; Audrey Zhou; Brendan Walsh; Sylvia Hartwell | Responsible Partner; Billing Partner; Lead Associate; Working Associate; Tax Specialist | 1 Market Street, Spear Tower, Suite 3600, San Francisco, CA 94105 / 425 Lexington Avenue, 42nd Floor, New York, NY 10017
Lead Book-Running Underwriter | Pinnacle Securities LLC | Pinnacle | LLC (Broker-Dealer) | Delaware | Andrew Castellano; Lisa Drummond | MD (Coverage); MD (ECM) | 399 Park Avenue, New York, NY 10022
Joint Book-Running Underwriter | Whitfield & Company LLC | Whitfield | LLC (Broker-Dealer) | Delaware | Derek Kaplan | Managing Director | 200 Vesey Street, 38th Floor, New York, NY 10281
Co-Manager | Graystone Capital Markets Inc. | Graystone | Corporation (Broker-Dealer) | New York | Hannah Morales | Managing Director | 140 Broadway, 30th Floor, New York, NY 10005
Underwriters' Counsel | Hargrove & Liddell LLP | H&L | LLP (Law Firm) | New York | Michael Sorrentino; Anika Patel | Lead Partner; Lead Associate | 601 Lexington Avenue, New York, NY 10022
Independent Auditor | Meridian & Howe LLP | M&H | LLP (Accounting Firm) | Delaware | Gregory Simmons, CPA | Audit Partner | 555 Mission Street, Suite 2500, San Francisco, CA 94105
Lead Investor / Major Stockholder | Velthryn Venture Partners Fund IV, L.P. | Velthryn | Limited Partnership | Delaware | Jonathan Tsai | Managing Partner | 2100 Sand Hill Road, Suite 300, Menlo Park, CA 94025
Major Stockholder | Arclight Equity Group Fund VII, L.P. | Arclight | Limited Partnership | Delaware | Rebecca Stahl; Catherine Mercer | Partner; Operating Partner | 780 Third Avenue, 22nd Floor, New York, NY 10017
Early Investor | Ridgeline Capital Partners Fund II, L.P. | Ridgeline | Limited Partnership | Delaware | Diane Ochoa | Managing Partner | 525 University Avenue, Suite 400, Palo Alto, CA 94301
Transfer Agent & Registrar | Broadleaf Transfer Services Inc. | Broadleaf | Corporation | New York | — | — | 250 Royall Street, Canton, MA 02021
D&O Insurer | Terrace Hill Insurance Group Ltd. / Terrace Hill Insurance Company of America | Terrace Hill | Bermuda Exempted Co. / NY Corporation | Bermuda / New York | Julia Brennan | D&O Underwriter | 120 Broadway, Suite 2100, New York, NY 10271
Financial Printer / EDGAR Agent | Hennessy Consulting Group LLC | Hennessy | LLC | Delaware | Martin Royce | Client Contact | 1166 Avenue of the Americas, 15th Floor, New York, NY 10036
Registered Agent (DE) | Capitol Registered Agents LLC | Capitol | LLC | Delaware | — | — | 850 New Burton Road, Suite 201, Dover, DE 19904
Infrastructure Provider | Brindoval Data Centers LLC | Brindoval | LLC | Virginia | — | — | —
Strategic Partner | Nordwell Financial Technologies Inc. | Nordwell | Corporation | Delaware | — | — | —
Revolving Credit Lender | Ashford National Bank | Ashford | National Bank | OCC-chartered | — | — | —
Co-Founder & CTO | Marcus Henley (Individual) | Henley | Individual | California | Marcus Henley | Co-Founder & CTO | c/o Lumos Analytics Inc., 450 Folsom Street, Suite 1200, San Francisco, CA 94105
Independent Director | Samuel Adebayo (Individual) | Adebayo | Individual | New York | Samuel Adebayo | Independent Director; Audit Committee Chair | —
Independent Director | Diane Ochoa (Individual) | Ochoa | Individual | California | Diane Ochoa | Independent Director; Nominating & Governance Committee Chair | —
[sheet: Master Timeline]
Item # | Date | Event / Milestone | Workstream | Responsible Party | Status | Notes
1 | 2016-03-14 | Lumos Analytics Inc. incorporated in Delaware | Corporate | Lumos | Complete | DE File Number 6281934; EIN 82-3194567
2 | 2018-06-20 | Series A financing close ($18M) — Ridgeline Capital Partners Fund II, L.P. | Corporate / Capitalization | Lumos | Complete | 9,200,000 shares Series A Preferred Stock
3 | 2019-09-10 | Series B financing close ($45M) — led by Arclight Equity Group Fund VII, L.P. | Corporate / Capitalization | Lumos | Complete
4 | 2020-02-18 | Series C financing close ($72M) — co-led by Velthryn Venture Partners and Arclight Equity Group | Corporate / Capitalization | Lumos | Complete
5 | 2020-08-24 | Series D financing close ($110M) — led by Velthryn Venture Partners; post-money valuation ~$1.478B ($12.50/share × 118,200,000 fully diluted) | Corporate / Capitalization | Lumos | Complete
6 | 2021-06-01 | Revolving Credit Facility executed with Ashford National Bank ($50M commitment; SOFR + 275 bps; maturity June 1, 2024) | Corporate / Debt | Lumos | Complete | $15M drawn as of March 31, 2022
7 | 2021-07-15 | Board of Directors resolution authorizing management to explore IPO | Governance | Lumos (PS) | Complete
8 | 2021-09-22 | Organizational meeting with underwriters (Pinnacle Securities, Whitfield & Co.) | Underwriting | Lumos / Pinnacle (AC) / Whitfield (DK) | Complete
9 | 2021-11-05 | Calderwood & Harkness conflicts clearance memorandum completed | Engagement | C&H (AZ) | Complete | No conflicts identified
10 | 2021-11-08 | C&H engagement letter executed; engagement opens | Engagement | C&H (RA) / Lumos (NF) | Complete | Matter No. 1008-00002; fee cap $1,950,000
11 | 2021-11-15 | Kickoff all-hands meeting; drafting commences | All Workstreams | C&H (AZ) / All Parties | Complete | Agenda and participant list distributed by Audrey Zhou
12 | 2021-11-15 | Due diligence request list issued to Lumos management | Due Diligence | C&H (AZ) / C&H (BW) | Complete | Covers corporate, contracts, IP, litigation, tax, insurance, etc.
13 | 2021-12-06 | First draft of Registration Statement on Form S-1 circulated | S-1 Drafting | C&H (AZ) / C&H (BW) | Complete | Full S-1 including all prospectus sections
14 | 2022-01-10 | Confidential DRS submitted to SEC | SEC Review | C&H (AZ) / Hennessy (MR) | Complete | Filed via EDGAR; SEC File No. 333-264518; CIK 0001923847
15 | 2022-02-14 | First SEC Staff comment letter received (42 comments) | SEC Review | C&H (AZ) / C&H (RA) | Complete | Comments circulated same day; response strategy developed
16 | 2022-03-04 | Response to first SEC comment letter and amended DRS filed confidentially | SEC Review | C&H (AZ) / Lumos (DL) / M&H (GS) | Complete | 42 comments addressed
17 | 2022-03-18 | Second SEC Staff comment letter received (12 comments) | SEC Review | C&H (AZ) | Complete | Follow-up on revenue recognition, concentration risk, cheap stock
18 | 2022-03-28 | Response to second SEC comment letter and second amended DRS filed | SEC Review | C&H (AZ) / Lumos (DL) | Complete | 12 comments addressed
19 | 2022-04-08 | SEC declares no further comments on DRS | SEC Review | SEC / C&H (AZ) | Complete | DRS cleared for public filing
20 | 2022-04-14 | Public filing of Registration Statement on Form S-1/A (Amendment No. 1) on EDGAR | S-1 Drafting / SEC Review | C&H (AZ) / Hennessy (MR) | Complete | SEC File No. 333-264518
21 | 2022-04-18 | Testing-the-waters (TTW) meetings begin | Road Show / Marketing | Lumos (PS) / Lumos (DL) / Pinnacle (AC) | Complete | Per Securities Act Section 5(d); authorized by Board
22 | 2022-04-25 | Preliminary Prospectus (Red Herring) printed and distributed; road show launched | Road Show / Marketing | Pinnacle (LD) / Hennessy (MR) | Complete | Price range $16.00–$18.00 per share
23 | 2022-05-02 | Road show continues; market conditions deteriorate (Nasdaq Composite down ~12% in April 2022) | Road Show / Marketing | Pinnacle (AC) / Lumos (PS) | Complete | Investor feedback weakening
24 | 2022-05-09 | Road show paused; syndicate and company assess market conditions | Road Show / Marketing | Pinnacle (AC) / C&H (RA) | Complete | Pinnacle recommends pause; options assessed (delay, re-price, withdraw)
25 | 2022-05-16 | Board meeting: decision to delay pricing; monitoring window established | Governance / Marketing | Lumos Board / C&H (RA) | Complete
26 | 2022-06-06 | Board meeting: further market deterioration; consensus to withdraw offering | Governance | Lumos Board / C&H (RA) | Complete | Board resolution authorizing withdrawal adopted
27 | 2022-06-10 | Form RW (Application for Withdrawal of Registration Statement) filed with SEC | Withdrawal / SEC | C&H (AZ) / Hennessy (MR) | Complete | Filed pursuant to Rule 477; no securities sold
28 | 2022-06-15 | SEC grants withdrawal of Registration Statement | Withdrawal / SEC | SEC | Complete
29 | 2022-06-24 | C&H engagement formally closed; final billing submitted | Engagement | C&H (RA) / C&H (JK) | Complete | Actual fees billed: $1,672,340 (under $1,950,000 cap)
[sheet: WS1 — Corporate Housekeeping]
Item # | Task Description | Responsible Party | Supporting Party | Target Date | Actual Completion Date | Status | Document / Deliverable | Notes
1.01 | Confirm good standing in Delaware (Secretary of State) | Lumos (NF) | C&H (BW) | 2021-11-30 | 2021-11-22 | Complete | DE Good Standing Certificate | DE File Number 6281934
1.02 | Confirm foreign qualification status — California | Lumos (NF) | C&H (BW) | 2021-11-30 | 2021-11-24 | Complete | CA Qualification Certificate
1.03 | Confirm foreign qualification status — New York | Lumos (NF) | C&H (BW) | 2021-11-30 | 2021-11-24 | Complete | NY Qualification Certificate
1.04 | Confirm foreign qualification status — Texas | Lumos (NF) | C&H (BW) | 2021-11-30 | 2021-11-25 | Complete | TX Qualification Certificate
1.05 | Confirm foreign qualification status — Illinois | Lumos (NF) | C&H (BW) | 2021-11-30 | 2021-11-25 | Complete | IL Qualification Certificate
1.06 | Confirm registered agent in Delaware — Capitol Registered Agents LLC | Lumos (NF) | C&H (BW) | 2021-11-30 | 2021-11-20 | Complete | Agent confirmation letter | 850 New Burton Road, Suite 201, Dover, DE 19904
1.07 | Draft Amended and Restated Certificate of Incorporation (IPO Form) | C&H (AZ) | C&H (BW) | 2021-12-15 | 2021-12-20 | Complete | amended-restated-certificate-of-incorporation-ipo-draft.docx | Dual-class: Class A (1 vote/share), Class B (10 votes/share); 500M authorized shares; $0.0001 par value; DGCL §102(b)(7) exculpation; sunset at 7 yrs post-IPO, non-permitted transfer, or founders <10% of outstanding
1.08 | Draft Amended and Restated Bylaws (IPO Form) | C&H (AZ) | C&H (BW) | 2021-12-15 | 2021-12-22 | Complete | amended-restated-bylaws-ipo-draft.docx | Advance notice provisions; forum selection (DE Court of Chancery); proxy access; Nasdaq-compliant
1.09 | Board and committee composition analysis — confirm director independence | C&H (AZ) | 2021-12-15 | 2021-12-10 | Complete | corporate-housekeeping-memo.docx | Independent directors: Diane Ochoa, Samuel Adebayo, Catherine Mercer; compliant with Nasdaq listing standards
1.10 | Prepare Corporate Housekeeping Memorandum | C&H (AZ) | 2021-12-31 | 2021-12-28 | Complete | corporate-housekeeping-memo.docx
1.11 | Prepare Preliminary Corporate Structure Chart / Memorandum | C&H (BW) | 2021-11-30 | 2021-11-29 | Complete | corporate-structure-chart-memo.docx | Covers Lumos, subsidiaries, cap table (Class A, Class B, Series A–D Preferred, option pool)
1.12 | Draft Insider Trading Compliance Policy | C&H (AZ) | 2022-01-15 | 2022-01-12 | Complete | insider-trading-policy-draft.docx | Blackout windows, pre-clearance, Rule 10b5-1 plans
1.13 | Obtain Written Consent of Stockholders — Adoption of Amended and Restated Certificate of Incorporation | Lumos (NF) | C&H (AZ) | 2022-03-15 | 2022-03-10 | Complete | stockholder-consent-restated-charter.docx | Signed by Velthryn, Arclight, Priya Subramanian, Marcus Henley (majority voting power); effective upon IPO closing
1.14 | Prepare Tax Structure Memorandum | C&H (SH) | 2022-01-31 | 2022-01-28 | Complete | tax-structure-memo.docx | Section 368/351, state nexus (CA, NY, TX, IL), QSBS §1202 analysis, payroll tax on option exercises
1.15 | Draft Code of Business Conduct and Ethics | C&H (AZ) | Lumos (NF) | 2022-01-15 | 2022-01-13 | Complete | code-of-conduct-draft.docx | Nasdaq requirement; covers conflicts of interest, corporate opportunities, confidentiality
1.16 | Prepare Indemnification Agreement form for directors and officers | C&H (AZ) | 2022-01-31 | 2022-01-30 | Complete | indemnification-agreement-form.docx | Based on DGCL §145; maximum indemnification permitted by law
1.17 | Confirm subsidiary status — Lumos Analytics UK Ltd. (wholly owned) | Lumos (NF) | C&H (BW) | 2021-12-15 | 2021-12-14 | Complete | UK subsidiary confirmation | England & Wales registration; active status confirmed
1.18 | Draft Corporate Governance Guidelines | C&H (AZ) | 2022-01-15 | 2022-01-14 | Complete | corporate-governance-guidelines.docx | Board composition, meeting frequency, executive sessions, director qualifications
[sheet: WS2 — Due Diligence]
Item # | DD Category | Task Description | Responsible Party | Supporting Party | Target Date | Actual Completion Date | Status | Notes
2.01 | DD Request List | Finalize Due Diligence Request List and issue to Lumos management | C&H (AZ) | C&H (BW) | 2021-11-15 | 2021-11-15 | Complete | Issued at kickoff; covers corporate, contracts, IP, litigation, tax, insurance, real property, employment, regulatory
2.02 | Corporate Organization | Collect charter, bylaws, board minutes, stockholder consents, subsidiary documents | Lumos (NF) | C&H (BW) | 2021-12-15 | 2021-12-12 | Complete | All documents received and indexed in virtual data room
2.03 | Capitalization | Obtain cap table, stock ledger, option grant records, warrant agreements, Series A–D stock purchase agreements | Lumos (NF) / Lumos (DL) | C&H (BW) | 2021-12-15 | 2021-12-14 | Complete | 118,200,000 fully diluted shares pre-IPO; 14,800,000 option pool (11,300,000 outstanding; WAEP $4.82)
2.04 | Material Contracts | Collect all material contracts including Brindoval Data Centers LLC agreement, Nordwell Financial Technologies Inc. partnership, Ashford National Bank revolving credit facility | Lumos (NF) | C&H (AZ) | 2021-12-15 | 2021-12-18 | Complete | Brindoval: 5-yr term from Jan 15, 2021; $8.2M/yr min. Nordwell: 3-yr term from Mar 30, 2021. Ashford: $50M commitment, SOFR + 275bps, maturity June 1, 2024
2.05 | Intellectual Property | Review registered trademarks (Lumos, Lumos AI, LumosIQ, FraudLens), patent portfolio (14 issued, 7 pending), material software (LumosIQ, FraudLens, RegConnect, DataBridge API) | Lumos (NF) | C&H (BW) | 2021-12-31 | 2022-01-05 | Complete | All trademarks registered with USPTO; no material IP disputes
2.06 | Employment & Benefits | Review employment agreements, equity plans, employee headcount (~1,120 employees), benefit plans | Lumos (NF) | C&H (AZ) | 2021-12-31 | 2022-01-04 | Complete | Key employment agreements for Subramanian, Henley, Lau, Feinberg reviewed
2.07 | Litigation | Confirm pending/threatened litigation, regulatory inquiries | Lumos (NF) | C&H (AZ) | 2021-12-15 | 2021-12-16 | Complete | No material litigation identified
2.08 | Regulatory Compliance | Review fintech/financial services regulatory compliance, data privacy, information security | Lumos (NF) | C&H (AZ) | 2022-01-15 | 2022-01-14 | Complete | SOC 2 Type II certification in place; GDPR compliance for UK operations confirmed
2.09 | Tax | Collect tax returns, nexus analysis, QSBS qualification records | Lumos (DL) | C&H (SH) | 2022-01-15 | 2022-01-12 | Complete | EIN: 82-3194567; state tax filings current in CA, NY, TX, IL
2.10 | Insurance | Review existing insurance policies, D&O insurance proposals | Lumos (NF) | C&H (BW) | 2022-01-31 | 2022-01-28 | Complete | D&O policy proposed by Terrace Hill Insurance Group: $30M aggregate, 6-yr tail, $2.4M premium — ultimately not bound due to withdrawal
2.11 | Real Property | Review leases (SF headquarters and other offices) | Lumos (NF) | C&H (BW) | 2021-12-31 | 2022-01-03 | Complete | HQ: 450 Folsom Street, Suite 1200, San Francisco, CA 94105; lease expires Dec 31, 2027
2.12 | Related-Party Transactions | Identify and document all related-party transactions (Velthryn, Arclight, founder arrangements) | Lumos (NF) / Lumos (DL) | C&H (AZ) | 2022-01-15 | 2022-01-10 | Complete | Disclosed in S-1 related-party section; includes investor rights agreement, ROFR, board designation rights
2.13 | Customer Contracts | Review material customer agreements (top 10 customers representing ~34% of ARR) | Lumos (NF) | C&H (AZ) | 2022-01-15 | 2022-01-13 | Complete | SEC comment focus area; concentration risk disclosure updated
2.14 | Environmental | Confirm no material environmental liabilities (software company — low risk) | Lumos (NF) | C&H (BW) | 2021-12-31 | 2021-12-20 | Complete | No environmental liabilities identified; N/A for software/SaaS business
2.15 | DD Summary Memorandum | Prepare comprehensive Due Diligence Summary Memorandum for Section 11 file | C&H (AZ) / C&H (BW) | 2022-04-10 | 2022-04-08 | Complete | Covers all DD categories; supports due diligence defense
[sheet: WS3 — S-1 Drafting & SEC Review]
Item # | Task Description | Responsible Party | Supporting Party | Target Date | Actual Completion Date | Status | Document / Deliverable | Notes
3.01 | Prepare initial draft of Registration Statement on Form S-1 (all sections) | C&H (AZ) / C&H (BW) | Lumos (DL) / Lumos (NF) | 2021-12-06 | 2021-12-06 | Complete | s-1-initial-draft.docx | Full prospectus: cover, summary, risk factors, use of proceeds, dividend policy, capitalization, dilution, MD&A, business, mgmt & comp, related-party, principal/selling stockholders, description of capital stock, shares eligible for future sale, underwriting, legal matters
3.02 | Circulate initial S-1 draft to underwriters and underwriters' counsel for comment | C&H (AZ) | Pinnacle (LD) / H&L (MS) | 2021-12-08 | 2021-12-08 | Complete
3.03 | Incorporate underwriter/counsel comments into S-1; prepare DRS version | C&H (AZ) / C&H (BW) | H&L (AP) | 2022-01-05 | 2022-01-07 | Complete | s-1-confidential-submission.docx | Multiple rounds of comments from Pinnacle, Whitfield, Graystone, and H&L incorporated
3.04 | EDGAR filing setup and access; coordinate with Hennessy Consulting Group | C&H (BW) | Hennessy (MR) | 2022-01-08 | 2022-01-08 | Complete | CIK 0001923847
3.05 | Confidential submission of Draft Registration Statement (DRS) to SEC | C&H (AZ) | Hennessy (MR) | 2022-01-10 | 2022-01-10 | Complete | SEC File No. 333-264518
3.06 | Receive and circulate first SEC Staff comment letter (42 comments) | C&H (AZ) | C&H (RA) | — | 2022-02-14 | Complete | email-sec-comment-letter-circulation.eml | Comments categorized: revenue recognition, KPI disclosure (ARR methodology), non-GAAP (Adj. EBITDA), dual-class voting, related-party, risk factors, MD&A, exec comp
3.07 | Prepare response to first SEC comment letter; assign comments | C&H (AZ) / C&H (RA) | Lumos (DL) / Lumos (NF) / M&H (GS) | 2022-03-04 | 2022-03-04 | Complete | sec-comment-response-round-1.docx | 42 comments fully addressed
3.08 | File amended DRS (first amendment) with response to SEC | C&H (AZ) | Hennessy (MR) | 2022-03-04 | 2022-03-04 | Complete | Confidential submission
3.09 | Receive second SEC Staff comment letter (12 comments) | C&H (AZ) | — | 2022-03-18 | Complete | Follow-up: revenue recognition, concentration risk (top 10 customers ≈ 34% of ARR), stock-based comp valuation, cheap stock analysis
3.10 | Prepare response to second SEC comment letter | C&H (AZ) | Lumos (DL) / M&H (GS) | 2022-03-28 | 2022-03-28 | Complete | sec-comment-response-round-2.docx | 12 comments addressed
3.11 | File second amended DRS with response to SEC | C&H (AZ) | Hennessy (MR) | 2022-03-28 | 2022-03-28 | Complete | Confidential submission
3.12 | SEC declares no further comments on DRS (clearance) | SEC | C&H (AZ) | — | 2022-04-08 | Complete
3.13 | Finalize S-1/A (Amendment No. 1) for public filing; update financial data through Q1 2022 | C&H (AZ) / C&H (BW) | Lumos (DL) / M&H (GS) | 2022-04-12 | 2022-04-12 | Complete | s-1a-amendment-no-1-public-filing.docx | Includes Q1 2022 financials: Revenue $54.9M; ARR $219.5M; Net Loss $(13.8M); Preliminary range $16.00–$18.00
3.14 | Public filing of Registration Statement on Form S-1/A (Amendment No. 1) on EDGAR | C&H (AZ) | Hennessy (MR) | 2022-04-14 | 2022-04-14 | Complete | Includes exhibits: form charter, bylaws, UA, lock-up, C&H legal opinion, M&H consent
3.15 | Prepare S-1 Disclosure Backup Memorandum (Section 11 file) | C&H (AZ) / C&H (BW) | 2022-04-14 | 2022-04-12 | Complete | s-1-disclosure-backup-memo.docx | Risk factors, MD&A, related-party, exec comp, cheap stock backup
3.16 | Prepare Section 11 / Section 12 Liability Memorandum | C&H (RA) / C&H (AZ) | 2022-04-14 | 2022-04-10 | Complete | section-11-12-liability-memo.docx | Due diligence defense, materiality, liability of directors/officers/underwriters/experts
3.17 | Prepare non-GAAP financial measures reconciliation memorandum | C&H (AZ) | Lumos (DL) / M&H (GS) | 2022-03-28 | 2022-03-25 | Complete | non-gaap-reconciliation-memo.docx | Adj. EBITDA reconciliation; Regulation G / Item 10(e) compliance
3.18 | Request and obtain SEC effectiveness of S-1 (for pricing) | C&H (AZ) | Hennessy (MR) | TBD (pre-pricing) | — | N/A — Withdrawn | Never requested; offering withdrawn before effectiveness
3.19 | Prepare final prospectus (Rule 424(b) filing) | C&H (AZ) | Hennessy (MR) | TBD (pricing + 2 business days) | — | N/A — Withdrawn
3.20 | Prepare and file Form RW (Withdrawal of Registration Statement) | C&H (AZ) | Hennessy (MR) | 2022-06-10 | 2022-06-10 | Complete | form-rw-withdrawal-application.docx | Filed pursuant to Rule 477; SEC File No. 333-264518