[sheet: Master Timeline]

[sheet: Master Timeline]
Row # | Workstream | Milestone / Deliverable | Responsible Party | Target Date | Actual / Current Date | Status | Notes / Comments | Week 1: 3/7–3/11 | Week 2: 3/14–3/18 | Week 3: 3/21–3/25 | Week 4: 3/28–4/1 | Week 5: 4/4–4/8 | Week 6: 4/11–4/15 | Week 7: 4/18–4/22 | Week 8: 4/25–4/29 | Week 9: 5/2–5/6 | Week 10: 5/9–5/13 | Week 11: 5/16–5/20 | Week 12: 5/23–5/27 | Week 13: 5/30–6/3 | Week 14: 6/6–6/10 | Week 15: 6/13–6/17 | Week 16: 6/20–6/24
ENGAGEMENT & ADMIN
1 | Engagement & Admin | Conflict-check memorandum cleared | Brendan Walsh — Calderwood & Harkness LLP | 3/8/2022 | 3/8/2022 | Completed | Cleared CBR, Pinnacle Vista, all underwriters, and other working-group parties | X
2 | Engagement & Admin | Engagement letter executed — C&H to CBR | Jennifer Kwon / Theodore Langston — Calderwood & Harkness LLP | 3/10/2022 | 3/10/2022 | Completed | Monthly retainer $125,000 + hourly overage; success fee $1,750,000 upon pricing. C&H Matter No. 1015-00001 | X
3 | Engagement & Admin | New-matter memorandum filed | Brendan Walsh — Calderwood & Harkness LLP | 3/10/2022 | 3/10/2022 | Completed | Matter No. 1015-00001; client: Calloway-Briggs Renewables Inc.; IPO — Capital Markets | X
4 | Engagement & Admin | Staffing memorandum circulated | Jennifer Kwon — Calderwood & Harkness LLP | 3/10/2022 | 3/10/2022 | Completed | Team: Kwon (responsible partner), Langston (billing partner), Walsh (lead associate), Forbes (working associate), Cross (tax specialist partner) | X
5 | Engagement & Admin | Organizational meeting materials circulated to working group | Brendan Walsh — Calderwood & Harkness LLP | 3/11/2022 | 3/11/2022 | Completed | Email to Oliver Marchetti (HK&Co.) and full working group with agenda, WG list, proposed timeline | X
6 | Engagement & Admin | Organizational meeting — Austin, TX | All working-group members | 3/14/2022 | 3/14–3/18/2022 | Completed | CBR HQ, 4200 Ridgeline Pkwy, Ste 1100, Austin, TX 78746. Key decisions: $600M offering size, $22.00 midpoint price, 5.50% gross spread, 180-day lock-up, ticker CBRI on NYSE | X
7 | Engagement & Admin | Organizational meeting minutes & action items distributed | Natasha Forbes — Calderwood & Harkness LLP | 3/18/2022 | 3/18/2022 | Completed | Summary of all decisions and workstream assignments from 3/14–3/18 sessions | X
8 | Engagement & Admin | Working group list finalized and circulated | Natasha Forbes — Calderwood & Harkness LLP | 3/18/2022 | 3/18/2022 | Completed | All parties: CBR, Pinnacle Vista, C&H, PD&Y, WA&D, HK&Co., Linden Pratt, Graymont, Barfield Stuart, Crane Whitley, A&P, KMA, CSS, Ridgeway, Fenwick Place, Broadmark | X
9 | Engagement & Admin | Project timeline and milestone tracker established | Natasha Forbes — Calderwood & Harkness LLP | 3/18/2022 | 3/18/2022 | Completed | This document; updated through 6/17/2022 | X
DUE DILIGENCE
10 | Due Diligence | DD request lists issued (10 categories) | Brendan Walsh / Natasha Forbes — C&H | 3/21/2022 | 3/21/2022 | Completed | Corporate, Regulatory/Environmental, Tax, IP, Employment/Benefits, Insurance, Real Property, Material Contracts, Litigation, Debt/Financing | X
11 | Due Diligence | DD review sessions and data room analysis | Brendan Walsh / Natasha Forbes — C&H; Leonard Cross — C&H (Tax) | 3/21–4/29/2022 | 3/21–4/29/2022 | Completed | 22 operating projects across TX, NM, AZ, CA, OK; 3.8 GW operating capacity; review of PPAs, EPC, O&M, interconnection agreements | X | X | X | X | X | X
12 | Due Diligence | DD memo — Corporate Organization and Authority | Brendan Walsh / Natasha Forbes — C&H | 4/1/2022 | 4/1/2022 | Completed | CBR, CBR Holdings LLC, CB Operating Company LLC, 8 project SPVs, CBR Development Co. LLC | X
13 | Due Diligence | DD memo — Material Contracts | Brendan Walsh — C&H | 4/8/2022 | 4/8/2022 | Completed | PPAs, EPC, O&M, interconnection across portfolio; change-of-control analysis | X
14 | Due Diligence | DD memo — Regulatory and Permitting | Natasha Forbes — C&H | 4/8/2022 | 4/8/2022 | Completed | FERC, state PUC, NERC, environmental permits | X
15 | Due Diligence | DD memo — Real Property and Land Rights | Natasha Forbes — C&H | 4/8/2022 | 4/8/2022 | Completed | Lease summaries for all project sites; title matters | X
16 | Due Diligence | DD memo — Litigation and Proceedings | Brendan Walsh — C&H | 4/8/2022 | 4/8/2022 | Completed | Risk assessment and S-1 disclosure recommendations | X
17 | Due Diligence | DD memo — Employment and Benefit Plans | Natasha Forbes — C&H | 4/8/2022 | 4/8/2022 | Completed | ~1,240 employees; NEO agreements; 409A analysis | X
18 | Due Diligence | DD memo — Tax Structure and Tax-Equity | Leonard Cross — C&H | 4/8/2022 | 4/8/2022 | Completed | C-corp structure; Solaris West partnership-flip with Veltara Basin ($280M); HLBV; ITC/PTC | X
19 | Due Diligence | DD memo — Insurance Coverage | Natasha Forbes — C&H | 4/8/2022 | 4/5/2022 | Completed | D&O tower $50M; annual premium $1.87M | X
20 | Due Diligence | DD memo — Debt and Financing Arrangements | Brendan Walsh — C&H | 4/8/2022 | 4/8/2022 | Completed | Revolver $400M, TLB $650M/$612.5M, Mesquite Wind $165M, Cimarron Solar $143M, Tax-Equity $280M. Total debt $1.71B. | X
21 | Due Diligence | DD memo — IP and Technology | Natasha Forbes — C&H | 4/8/2022 | 4/8/2022 | Completed | SCADA systems, proprietary software, trademarks | X
22 | Due Diligence | DD memo — Environmental | Natasha Forbes — C&H | 4/8/2022 | 4/8/2022 | Completed | Phase I/II assessments by Greenridge Environmental Sciences (Dr. Nadine Torres) | X
23 | Due Diligence | DD Summary Memo — Overall Findings and Key Issues | Brendan Walsh — C&H | 4/15/2022 | 4/29/2022 | Completed | Comprehensive roll-up to Jennifer Kwon; gating issues; disclosure recommendations for S-1 | X | X | X
REGISTRATION STATEMENT
24 | Registration Statement | S-1 initial drafting sessions — all sections | Brendan Walsh / Natasha Forbes — C&H | 3/21–4/8/2022 | 3/21–4/8/2022 | Completed | Full prospectus and Part II drafting with CBR management, A&P (financials), Leonard Cross (tax sections) | X | X | X
25 | Registration Statement | IPO readiness assessment memo circulated | Brendan Walsh / Natasha Forbes — C&H | 3/21/2022 | 3/21/2022 | Completed | Public-company readiness gaps; SOX 404 timeline; committee charters; insider trading policy | X
26 | Registration Statement | EGC status memorandum completed | Brendan Walsh — C&H | 3/25/2022 | 3/25/2022 | Completed | CBR qualifies as EGC; FY 2021 revenue $487.3M < $1.235B threshold; scaled disclosures available | X
27 | Registration Statement | Capitalization table prepared (pre- and post-IPO) | Natasha Forbes — C&H; Priya Anand — CBR | 4/1/2022 | 4/1/2022 | Completed | Pre-IPO: 100M shares. Post-IPO base: 123,713,636. Post-IPO full exercise: 127,272,727. $22.00/share. | X
28 | Registration Statement | Dilution analysis prepared | Natasha Forbes — C&H | 4/1/2022 | 4/1/2022 | Completed | Based on total assets $3.94B, total debt $1.71B as of 12/31/2021 | X
29 | Registration Statement | Use of proceeds narrative drafted | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | Primary proceeds ~$371.7M: ~$200M TLB repayment, ~$100M Cimarron Solar construction, ~$71.7M general corporate | X
30 | Registration Statement | Financial printer engaged and EDGAR setup | Natasha Forbes — C&H; Alan Greenidge — Ridgeway | 3/28/2022 | 4/8/2022 | Completed | EDGAR filing specs provided to Ridgeway Financial Printing | X | X
31 | Registration Statement | Transfer agent engaged — Continental Shareowner Services | Natasha Forbes — C&H; Maria Costello — CSS | 3/28/2022 | 3/28/2022 | Completed | CSS, 1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004 | X
32 | Registration Statement | Confidential submission of DRS-1 to SEC | Jennifer Kwon / Brendan Walsh — C&H | 4/11/2022 | 4/11/2022 | Completed | SEC CIK 0001948372; EDGAR Accession No. 0001948372-22-000001; JOBS Act confidential treatment | X
33 | Registration Statement | SEC cover letter (DRS-1) filed | Jennifer Kwon — C&H | 4/11/2022 | 4/11/2022 | Completed | JOBS Act accommodation request for CBR as EGC | X
UNDERWRITING AGREEMENT
34 | Underwriting Agreement | Initial draft UA received from PD&Y | Margaret Yee / Scott Halverson — PD&Y | 4/18/2022 | 4/18/2022 | Completed | Email from Yee to Kwon acknowledged receipt; C&H to prepare issuer-side markup | X
35 | Underwriting Agreement | C&H first comment letter on UA circulated | Brendan Walsh — C&H | 4/22/2022 | 4/22/2022 | Completed | Comments on MAE definition scope, indemnification, termination triggers, FINRA compliance | X
36 | Underwriting Agreement | PD&Y response to C&H UA comments | Scott Halverson — PD&Y | 5/2/2022 | 5/2/2022 | Completed | Underwriters' counsel response to issuer-side comments | X
37 | Underwriting Agreement | C&H second comment letter on UA | Brendan Walsh — C&H | 5/16/2022 | 5/16/2022 | Completed | Residual issues: MAE carve-outs, conditions to closing, force majeure, lock-up release mechanics | X
38 | Underwriting Agreement | UA — near-final draft agreed | Brendan Walsh — C&H; Scott Halverson — PD&Y | 6/10/2022 | 6/10/2022 | Completed | Among CBR, Pinnacle Vista (selling stockholder), and underwriters (HK&Co. as representative). Never executed. | X
39 | Underwriting Agreement | Pricing agreement template prepared | Brendan Walsh — C&H | 6/10/2022 | 6/10/2022 | Completed | Template left blank — never executed due to dormancy | X
40 | Underwriting Agreement | UA internal negotiation points memo | Brendan Walsh — C&H | 4/22/2022 | 4/22/2022 | Completed | Key issues memo for Jennifer Kwon: MAE scope, indemnification caps, termination, FINRA, lock-up, overallotment | X
LOCK-UP
41 | Lock-Up | Form of lock-up agreement finalized | Brendan Walsh — C&H | 4/29/2022 | 4/29/2022 | Completed | 180-day lock-up; carve-outs: affiliate transfers, estate planning, 10b5-1 plan adoption, pledges to lenders; release: HK&Co. consent or CoC | X
42 | Lock-Up | Lock-up signatories identified (18 persons/entities) | Natasha Forbes — C&H | 4/15/2022 | 4/15/2022 | Completed | All directors, executive officers, Pinnacle Vista, holders of ≥1% of pre-IPO common stock | X
43 | Lock-Up | Lock-up agreements — execution tracking | Natasha Forbes — C&H | 4/29–6/17/2022 | Ongoing | Dormant | 15 of 18 executed as of 6/17/2022; 3 outstanding — offering went dormant before completion | X | X | X | X | X | X | X | X
44 | Lock-Up | Issuer lock-up negotiation memo | Brendan Walsh — C&H | 5/10/2022 | 5/10/2022 | Completed | Carve-outs for employee equity plans, acquisitions; comparison to renewables-sector IPO precedents | X
45 | Lock-Up | Lock-up release procedures memo | Brendan Walsh — C&H | 6/1/2022 | 6/1/2022 | Completed | HK&Co. consent mechanics; Change of Control trigger; notification procedures | X
COMFORT LETTER
46 | Comfort Letter | Comfort letter request drafted (underwriters to A&P) | Brendan Walsh / Natasha Forbes — C&H (review) | 5/20/2022 | 5/25/2022 | Completed | SAS 72 / AU-C 920 procedures; 3 circle-ups planned: initial, bring-down, pricing | X
47 | Comfort Letter | Draft initial comfort letter received from A&P | Gregory Sondheim / Irene Valdez — A&P | 6/5/2022 | 6/8/2022 | Completed | Covers FY 2019, FY 2020, FY 2021 audited financials and Q1 2022 (unaudited) interim | X
48 | Comfort Letter | C&H review memo on comfort letter | Natasha Forbes — C&H | 6/10/2022 | 6/10/2022 | Completed | Scope, procedures, change-period coverage, tick-and-tie, exceptions reviewed | X
49 | Comfort Letter | Bring-down comfort letter request drafted | Brendan Walsh — C&H | 6/14/2022 | 6/14/2022 | Completed | Drafted but not sent; offering went dormant before pricing/closing | X
50 | Comfort Letter | Bring-down comfort letter (pricing date) | A&P | TBD (pricing) | Dormant | Circle-up #2 — not completed; offering dormant
51 | Comfort Letter | Bring-down comfort letter (closing date) | A&P | TBD (closing) | Dormant | Circle-up #3 — not completed; offering dormant
CORPORATE GOVERNANCE
52 | Corporate Governance | A&R Certificate of Incorporation (IPO form) drafted | Brendan Walsh — C&H | 3/28/2022 | 4/8/2022 | Completed | Authorized shares; $0.01 par value; dual-class sundown; DE §203 analysis; classified board; exclusive forum (DE Chancery) | X | X
53 | Corporate Governance | A&R Bylaws (IPO form) drafted | Brendan Walsh — C&H | 3/28/2022 | 4/8/2022 | Completed | Advance-notice provisions; forum-selection clause; committee structure; indemnification | X | X
54 | Corporate Governance | Charter and Bylaws blacklines prepared | Natasha Forbes — C&H | 4/8/2022 | 4/8/2022 | Completed | Tracked-changes comparisons: existing → IPO form | X
55 | Corporate Governance | Board resolutions — IPO authorization | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | S-1 filing, underwriter engagement, equity plans, charter/bylaws amendments | X
56 | Corporate Governance | Board resolutions — Charter and Bylaws approval | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | Recommending stockholder adoption of A&R Certificate of Incorporation; adopting A&R Bylaws effective upon IPO closing | X
57 | Corporate Governance | Board resolutions — 2022 Omnibus Equity Incentive Plan | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | Reserving 12,727,273 shares (10% of 127,272,727 post-IPO fully exercised); recommending stockholder adoption | X
58 | Corporate Governance | Board resolutions — 2022 ESPP | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | Reserving 2,545,455 shares (2% of 127,272,727 post-IPO) | X
59 | Corporate Governance | Board resolutions — Audit Committee / Financial Expert | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | Warren Okoro designated as audit committee financial expert | X
60 | Corporate Governance | Board resolutions — Compensation Committee | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | Catherine Liang (Chair), Richard Estavez, Warren Okoro | X
61 | Corporate Governance | Board resolutions — Nominating & Governance Committee | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | Richard Estavez (Chair), Catherine Liang, Hugh Pemberton | X
62 | Corporate Governance | Written consent of stockholders obtained | Brendan Walsh — C&H; WA&D (Pinnacle Vista) | 4/15/2022 | 4/15/2022 | Completed | Pinnacle Vista (~62%) and Founders (~24%) consenting (>90% voting power); adopting IPO charter and equity plans | X
63 | Corporate Governance | A&R Stockholders' Agreement drafted and circulated to WA&D | Brendan Walsh — C&H | 4/15/2022 | 4/15/2022 | Completed | Board designation rights; Pinnacle Vista step-down schedule; transfer restrictions; standstill | X
64 | Corporate Governance | Registration Rights Agreement drafted | Brendan Walsh — C&H | 4/15/2022 | 4/15/2022 | Completed | Demand (Pinnacle Vista), piggyback, S-3 shelf, cut-back provisions | X
65 | Corporate Governance | 2022 Omnibus Equity Incentive Plan — plan document finalized | Brendan Walsh — C&H; Patricia Voss — Clarendon Rowe | 5/1/2022 | 5/15/2022 | Completed | Stock options, RSUs, PSUs; 12,727,273 share reserve; evergreen provision | X | X | X
66 | Corporate Governance | 2022 ESPP — plan document finalized | Brendan Walsh — C&H | 5/1/2022 | 5/15/2022 | Completed | 2,545,455 share reserve; 15% discount; 6-month offering periods; Section 423 qualified | X | X | X
67 | Corporate Governance | Form of Stock Option Agreement finalized | Brendan Walsh — C&H | 5/15/2022 | 5/15/2022 | Completed | X
68 | Corporate Governance | Form of RSU Agreement finalized | Brendan Walsh — C&H | 5/15/2022 | 5/15/2022 | Completed | 4-year ratable vesting | X
69 | Corporate Governance | Anti-takeover provisions memo | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | Classified board, DE §203, poison pill considerations, advance notice, forum selection, supermajority voting | X
70 | Corporate Governance | Controlled-company exemption memo | Brendan Walsh — C&H | 4/1/2022 | 4/1/2022 | Completed | Pinnacle Vista ~49% post-IPO (base) or ~47% (full exercise); independent-director phase-in | X
71 | Corporate Governance | Executive compensation equity grant analysis memo | Brendan Walsh — C&H; Patricia Voss — Clarendon Rowe | 5/1/2022 | 5/10/2022 | Completed | CEO 500K RSUs; President 400K; CFO 300K; other NEOs 150K–200K; 4-year ratable vesting | X | X
INDEMNIFICATION & D&O
72 | Indemnification & D&O | Form of indemnification agreement prepared | Brendan Walsh — C&H | 3/28/2022 | 4/1/2022 | Completed | Advancement of expenses; coverage scope | X
73 | Indemnification & D&O | Indemnification agreements — execution tracking | Natasha Forbes — C&H | 4/1–5/30/2022 | 5/30/2022 | Completed | All 7 directors + 6 NEOs — 13 total executed | X | X | X | X | X | X | X | X | X
74 | Indemnification & D&O | D&O insurance placement — request to Fenwick Place | Brendan Walsh — C&H; Nina Radcliffe — Fenwick Place | 4/5/2022 | 4/5/2022 | Completed | Email requesting D&O quotes and policy forms for IPO | X
75 | Indemnification & D&O | D&O coverage memo | Natasha Forbes — C&H | 4/15/2022 | 4/15/2022 | Completed | $50M aggregate tower; primary Meridian National (DNO-22-048871); excess Stonebridge; excess Commonwealth Fidelity; annual premium $1.87M | X
TAX
76 | Tax | C-Corp vs. Up-C analysis memo | Leonard Cross — C&H | 3/28/2022 | 4/8/2022 | Completed | Recommendation: proceed as C-corp; TRA unnecessary | X | X
77 | Tax | Tax-equity partnership-flip compliance memo (Solaris West) | Leonard Cross — C&H | 4/8/2022 | 4/15/2022 | Completed | Veltara Basin $280M; flip 2028; ITC recapture risk analysis; Rev. Proc. 2007-65 | X | X
78 | Tax | ITC/PTC analysis memo | Leonard Cross — C&H | 4/8/2022 | 4/15/2022 | Completed | Portfolio-wide eligibility; begin-construction; continuity of construction | X | X
79 | Tax | HLBV methodology review memo | Leonard Cross / Natasha Forbes — C&H | 4/15/2022 | 5/20/2022 | Completed | Responsive to SEC comments; coordinated with A&P and KMA | X | X | X | X | X | X
80 | Tax | Section 409A valuation review memo | Leonard Cross — C&H | 4/1/2022 | 4/15/2022 | Completed | Common stock valuation history; option exercise prices; cheap-stock analysis 2019–Q1 2022 | X | X
81 | Tax | Draft tax opinion (U.S. federal income tax consequences) | Leonard Cross — C&H | 5/15/2022 | 6/1/2022 | Completed | To be filed as S-1 exhibit; covers purchase, ownership, disposition consequences | X | X | X
82 | Tax | State and local tax nexus memo | Leonard Cross — C&H | 4/15/2022 | 4/29/2022 | Completed | Nexus in TX, NM, AZ, CA, OK | X | X
LENDER CONSENTS
83 | Lender Consents | Lender consent analysis — Veltrano corporate credit facility | Brendan Walsh — C&H | 4/15/2022 | 4/29/2022 | Completed | $400M Revolver + $650M TLB; change-of-control, restricted payment covenants; consent required | X | X
84 | Lender Consents | Draft consent request letter — Veltrano National Bank | Brendan Walsh — C&H; Priya Anand — CBR | 5/1/2022 | 5/12/2022 | Completed | Transmitted via formal letter from C&H to Thomas Raines dated 5/12/2022 | X | X
85 | Lender Consents | Draft lender consent — Veltrano (for execution) | Brendan Walsh — C&H | 5/12/2022 | 5/12/2022 | Completed | Consent form prepared; not executed — offering dormant | X
86 | Lender Consents | Lender notice — Prairie Commercial Bank (Mesquite Wind $165M) | Brendan Walsh — C&H | 5/1/2022 | 5/12/2022 | Completed | Draft notice to Brent Hollowell; conversion date Dec 2024 | X | X
87 | Lender Consents | Lender notice — Prairie Commercial Bank (Cimarron Solar $143M) | Brendan Walsh — C&H | 5/1/2022 | 5/12/2022 | Completed | Draft notice to Brent Hollowell; conversion date Mar 2025 | X | X
88 | Lender Consents | Tax-equity consent analysis — Veltara Basin (Solaris West) | Leonard Cross / Brendan Walsh — C&H | 4/15/2022 | 4/29/2022 | Completed | IPO not a recapture event; consent/notice required under partnership agreement | X | X
89 | Lender Consents | Draft consent request letter — Veltara Basin Financial | Brendan Walsh — C&H | 5/1/2022 | 5/12/2022 | Completed | From Solaris West Solar LLC to Karen Fujimoto; confirming no recapture event | X | X
90 | Lender Consents | Use-of-proceeds / debt repayment mechanics memo | Brendan Walsh — C&H | 5/15/2022 | 6/1/2022 | Completed | $200M TLB prepayment to Veltrano; prepayment premium 1.00% = $2,000,000; wire instructions | X | X | X
SELLING STOCKHOLDER
91 | Selling Stockholder | Selling stockholder questionnaire sent to Pinnacle Vista | Brendan Walsh — C&H → Christine Navarro — WA&D | 4/15/2022 | 4/28/2022 | Completed | Email to WA&D transmitting questionnaire and rep-letter forms dated 4/28/2022 | X | X | X
92 | Selling Stockholder | Selling stockholder questionnaire completed by Pinnacle Vista | Pinnacle Vista / WA&D | 5/1/2022 | 5/6/2022 | Completed | ~62M shares (~62% pre-IPO); selling 6,818,182 shares ($150M at $22.00) | X
93 | Selling Stockholder | Selling stockholder representation letter received | Pinnacle Vista / WA&D | 5/1/2022 | 5/6/2022 | Completed | No FINRA-restricted-person affiliation confirmed | X
94 | Selling Stockholder | Custody agreement (secondary shares) drafted | Brendan Walsh — C&H | 5/15/2022 | 5/15/2022 | Completed | 6,818,182 shares held in custody with HK&Co. during offering period; not executed | X
95 | Selling Stockholder | Power of attorney — Pinnacle Vista drafted | Brendan Walsh — C&H | 5/15/2022 | 5/15/2022 | Completed | Appointing attorneys-in-fact for UA and pricing agreement execution; not executed | X
NYSE / FINRA
96 | NYSE / FINRA | NYSE listing application drafted | Brendan Walsh / Natasha Forbes — C&H | 4/1/2022 | 4/11/2022 | Completed | Application No. NYSE-2022-04218; ticker CBRI; corporate governance certs; share distribution projections | X | X | X
97 | NYSE / FINRA | NYSE listing application cover letter filed | Jennifer Kwon — C&H | 4/11/2022 | 4/11/2022 | Completed | Filed concurrently with DRS-1 SEC submission | X
98 | NYSE / FINRA | NYSE listing standards compliance memo | Brendan Walsh — C&H | 4/1/2022 | 4/8/2022 | Completed | Min market cap, shareholders' equity, share distribution, independent-director phase-in, controlled-company exemption | X | X
99 | NYSE / FINRA | FINRA corporate financing application filed | Brendan Walsh / Natasha Forbes — C&H | 4/11/2022 | 4/11/2022 | Completed | Filing No. 20221129-01; underwriting terms; 5.50% gross spread; expense reimbursement cap $350,000 | X
100 | NYSE / FINRA | FINRA supporting schedules filed | Natasha Forbes — C&H | 4/11/2022 | 4/11/2022 | Completed | Management fee $6.6M, underwriting fee $6.6M, selling concession $19.8M; lock-up terms; related-party disclosure | X
101 | NYSE / FINRA | FINRA Rule 5110 compliance analysis memo | Brendan Walsh — C&H | 4/8/2022 | 4/8/2022 | Completed | Underwriting compensation; lock-up; venture-capital exceptions; confirmed compliance | X
BLUE SKY
102 | Blue Sky | Blue sky survey memo completed | Natasha Forbes — C&H | 4/8/2022 | 4/8/2022 | Completed | NSMIA preemption for NYSE-listed covered securities; state-by-state analysis | X
103 | Blue Sky | Blue sky filing checklist established | Natasha Forbes — C&H | 4/8/2022 | 4/8/2022 | Dormant | All entries marked 'pending — offering dormant' as of 6/17/2022 | X
104 | Blue Sky | Form U-2 (Uniform Consent to Service of Process) template prepared | Natasha Forbes — C&H | 4/8/2022 | 4/8/2022 | Completed | For states requiring consent | X
SEC CORRESPONDENCE
105 | SEC Correspondence | SEC first-round comment letter received | SEC Division of Corporation Finance | N/A | 5/6/2022 | Completed | 18 comments: revenue recognition, segment reporting, risk factors, HLBV, MD&A, related-party, non-GAAP | X
106 | SEC Correspondence | Response letter and Amendment No. 1 filed | Brendan Walsh / Natasha Forbes — C&H | 5/18/2022 | 5/20/2022 | Completed | Point-by-point responses to all 18 comments. EDGAR Accession No.: 0001948372-22-000002 | X
107 | SEC Correspondence | SEC second-round comment letter received | SEC Division of Corporation Finance | N/A | 6/3/2022 | Completed | 7 follow-up comments: HLBV clarification, PPA revenue detail, non-GAAP reconciliation, lock-up carve-out | X
108 | SEC Correspondence | Response letter and Amendment No. 2 filed | Brendan Walsh / Natasha Forbes — C&H | 6/8/2022 | 6/10/2022 | Completed | Point-by-point responses to all 7 second-round comments. EDGAR Accession No.: 0001948372-22-000003 | X
109 | SEC Correspondence | SEC oral clearance indicated | SEC Division of Corporation Finance | N/A | 6/14/2022 | Completed | Subject to pricing amendment; S-1 not declared effective pending Company/underwriter decision | X
110 | SEC Correspondence | SEC comment tracking matrix — final update | Natasha Forbes — C&H | 6/14/2022 | 6/14/2022 | Completed | 25 total comments (18 + 7), all resolved | X
NEGATIVE ASSURANCE / OPINIONS
111 | Negative Assurance / Opinions | Draft 10b-5 letter — C&H (issuer's counsel) | Jennifer Kwon / Brendan Walsh — C&H | 6/8/2022 | 6/10/2022 | Completed | Negative assurance re registration statement; not delivered — offering dormant | X
112 | Negative Assurance / Opinions | Draft 10b-5 letter — PD&Y (underwriters' counsel) received | Margaret Yee — PD&Y | 6/10/2022 | 6/10/2022 | Completed | Received and reviewed by C&H; not delivered | X
113 | Negative Assurance / Opinions | Draft legal opinion — C&H to underwriters | Jennifer Kwon / Brendan Walsh — C&H | 6/1/2022 | 6/10/2022 | Completed | Enforceability, valid issuance, no conflicts, due authorization, DE law; not delivered | X | X
114 | Negative Assurance / Opinions | Draft legal opinion — C&H tax opinion to underwriters | Leonard Cross — C&H | 6/1/2022 | 6/10/2022 | Completed | U.S. federal income tax consequences; not delivered | X | X
115 | Negative Assurance / Opinions | PD&Y opinion checklist prepared | Brendan Walsh — C&H | 6/1/2022 | 6/1/2022 | Completed | Expected scope of underwriters' counsel opinion for review upon receipt | X
CLOSING PREP
116 | Closing Prep | Master closing checklist established | Natasha Forbes — C&H | 5/15/2022 | 6/10/2022 | Dormant | All conditions, deliverables, signatories. All items 'pending — offering dormant' as of 6/17/2022 | X | X | X | X
117 | Closing Prep | Officer's certificate draft (CEO/CFO) | Brendan Walsh — C&H | 6/1/2022 | 6/10/2022 | Completed | Garrett Calloway (CEO) and Marcus Yoon (CFO); not executed | X | X
118 | Closing Prep | Secretary's certificate draft | Brendan Walsh — C&H | 6/1/2022 | 6/10/2022 | Completed | Sandra Haverford; incumbency; certified charter, bylaws, resolutions. Not executed. | X | X
119 | Closing Prep | Good-standing certificate requests — CBR (DE and TX) | Natasha Forbes — C&H | 6/1/2022 | 6/10/2022 | Dormant | Form request letters drafted; not submitted | X | X
120 | Closing Prep | Good-standing certificates — 10 material subsidiaries | Natasha Forbes — C&H | 6/1/2022 | 6/10/2022 | Dormant | CBR Holdings (DE), CB Operating (TX), Solaris West (TX), Red Mesa (OK), Painted Rock (AZ), Pronghorn (TX), Brazos (TX), Mesquite (TX), Cimarron (NM), CBR Development (TX) | X | X
121 | Closing Prep | DTC eligibility request drafted | Natasha Forbes — C&H; Maria Costello — CSS | 6/1/2022 | 6/10/2022 | Dormant | Not submitted; offering dormant | X | X
122 | Closing Prep | Cross-receipt drafted | Brendan Walsh — C&H | 6/10/2022 | 6/10/2022 | Completed | Delivery of shares vs. purchase price; not executed | X
123 | Closing Prep | Wire transfer instructions template prepared | Natasha Forbes — C&H | 6/10/2022 | 6/10/2022 | Completed | CBR (issuer), Pinnacle Vista (selling stockholder), underwriters; account details TBD | X
ROADSHOW
124 | Roadshow | Roadshow preparation — coordination with Broadmark Strategic Communications | Sandra Haverford — CBR; Jason Eklund — Broadmark | 5/15/2022 | N/A | Dormant | IPO communications strategy; roadshow materials. Not commenced due to dormancy. | X
125 | Roadshow | Management presentation drafting | CBR management; HK&Co. (Marchetti, Tran) | 6/1/2022 | N/A | Dormant | Not completed; offering postponed before roadshow launch | X
126 | Roadshow | Roadshow scheduling | Daniel Furman — HK&Co. (Syndicate) | 6/10/2022 | N/A | Dormant | Roadshow dates never set | X
RELATED-PARTY
127 | Related-Party | Related-party transactions memo | Brendan Walsh — C&H | 4/8/2022 | 4/15/2022 | Completed | Pinnacle Vista management-services agreement ($2.4M/year, terminating upon IPO); founder employment agreements | X | X
OFFERING STATUS
128 | Offering Status | Decision to postpone offering — dormant status | CBR management; HK&Co. (Marchetti) | N/A | 6/17/2022 | Completed | Mutual decision due to deteriorating renewables-sector IPO window and market conditions | X
129 | Offering Status | Status report email — Kwon to Haverford confirming dormancy | Jennifer Kwon — C&H | 6/17/2022 | 6/17/2022 | Completed | Outlines file preservation; recommends quarterly check-in calls; identifies documents requiring update upon reactivation | X
130 | Offering Status | Email — Kwon to Marchetti confirming postponement | Jennifer Kwon — C&H | 6/17/2022 | 6/17/2022 | Completed | Confirms mutual decision with HK&Co. to place IPO in dormant status | X
131 | Offering Status | Dormancy / shelf-life memorandum | Brendan Walsh — C&H | 6/20/2022 | 6/20/2022 | Completed | Staleness rules analysis; Reg S-X Rule 8-08; updated FY 2022 audited financials required if relaunch >135 days from fiscal year-end | X
132 | Offering Status | Reactivation readiness checklist prepared | Natasha Forbes — C&H | 6/20/2022 | 6/20/2022 | Completed | Conditions: updated financials, refreshed comfort letter, new D&O quotes, market assessment, lock-up re-execution (3 outstanding), updated S-1 amendment, potential new SEC review | X
133 | Offering Status | Quarterly status update template established | Brendan Walsh — C&H | 6/20/2022 | 6/20/2022 | Completed | Template for periodic updates to CBR management during dormancy: market conditions, regulatory developments, staleness monitoring, action items | X
[sheet: Underwriter Allocation]
Underwriter | Entity Type / Jurisdiction | Principal Office | Key Contact(s) | Allocation % | Base Shares | Base Dollar Amount | Overallotment Shares | Total Shares — Full Exercise | Total Dollar Amount — Full Exercise | Gross Spread Amount — Base | Gross Spread Amount — Full Exercise
Hargrove Keating & Co. | DE corp.; broker-dealer | 383 Madison Place, New York, NY 10017 | Oliver Marchetti (MD, ECM); Sonia Tran (Dir, Power & Renewables IB); Daniel Furman (VP, ECM Syndicate) | 40% | 9,485,455 | $208,680,010 | 1,423,636 | 10,909,091 | $240,000,002 | $11,477,401 | $13,200,000
Linden Pratt Securities LLC | DE LLC; broker-dealer | 200 Vesey Street, 40th Floor, New York, NY 10281 | Rebecca Innes (MD, ECM); James Alcorn (Dir, Clean Energy & Infrastructure) | 25% | 5,928,409 | $130,425,000 | 889,773 | 6,818,182 | $150,000,004 | $7,173,375 | $8,250,000
Graymont Brothers Inc. | DE corp.; broker-dealer | 555 California Street, Suite 3200, San Francisco, CA 94104 | Kenneth Sato (MD, ECM); Lisa Trujillo (Dir, Utilities & Renewables) | 20% | 4,742,727 | $104,340,000 | 711,818 | 5,454,545 | $119,999,990 | $5,738,700 | $6,600,000
Barfield Stuart & Co. | DE corp.; broker-dealer | 101 Federal Street, Boston, MA 02110 | 10% | 2,371,364 | $52,170,008 | 355,909 | 2,727,273 | $60,000,006 | $2,869,350 | $3,300,000
Crane Whitley Capital LLC | DE LLC; broker-dealer | 600 Travis Street, Suite 4400, Houston, TX 77002 | 5% | 1,185,682 | $26,084,996 | 177,955 | 1,363,636 | $29,999,992 | $1,434,675 | $1,650,000
TOTAL | 100% | 23,713,637 | $521,700,014 | 3,559,091 | 27,272,727 | $599,999,994 | $28,693,501 | $33,000,000
[sheet: Offering Economics Summary]
Item | Value | Notes
Target Aggregate Offering Size | $600,000,000 | Fixed deal value (inclusive of full greenshoe exercise)
Base Offering Size | $521,700,000 | $600M ÷ 1.15 ≈ $521.7M
Overallotment Option (15% Greenshoe) | $78,300,000 | $600M − $521.7M; equals 15% of base
Assumed IPO Price (midpoint of filing range) | $22.00 per share | For filing purposes
Par Value per Share | $0.01 | Common stock
Base Shares | 23,713,636 | $521.7M ÷ $22.00
Overallotment Shares | 3,559,091 | $78.3M ÷ $22.00
Total Shares (full exercise) | 27,272,727 | 23,713,636 + 3,559,091
Pre-IPO Shares Outstanding (fully diluted) | 100,000,000 | Post-reclassification of all preferred
Post-IPO Shares Outstanding (base, no overallotment) | 123,713,636 | 100M + 23,713,636
Post-IPO Shares Outstanding (full overallotment) | 127,272,727 | 100M + 27,272,727
Primary Offering (Company) | $371,700,000 / 16,895,455 shares | $521.7M − $150M secondary
Secondary Offering (Pinnacle Vista) | $150,000,000 / 6,818,182 shares | $150M ÷ $22.00
Pinnacle Vista Pre-IPO Ownership | ~62% (~62,000,000 shares) | Of fully diluted common
Founder / Management Pre-IPO Ownership | ~24% (~24,000,000 shares) | Of fully diluted common
Other Pre-IPO Holders | ~14% (~14,000,000 shares) | Of fully diluted common
Pinnacle Vista Post-IPO Ownership (base) | ~50.1% (~55,181,818 shares) | 62M − 6,818,182 = 55,181,818 ÷ 123,713,636
Pinnacle Vista Post-IPO Ownership (full exercise) | ~43.4% (~55,181,818 shares) | 55,181,818 ÷ 127,272,727
Gross Spread | 5.50% | Contractual
Total Underwriting discount (full exercise) | $33,000,000 | $600M × 5.50%
Total Underwriting discount (base) | $28,693,500 | $521.7M × 5.50%
Management Fee (20% of gross spread) | $6,600,000 | 20% × $33M (full exercise)
Underwriting Fee (20% of gross spread) | $6,600,000 | 20% × $33M (full exercise)
Selling Concession (60% of gross spread) | $19,800,000 | 60% × $33M (full exercise)
Underwriter Expense Reimbursement Cap | $350,000 | FINRA-related
Net Proceeds to Company (base, after spread) | $343,006,500 | $371.7M − ($371.7M × 5.50%)
Net Proceeds to Pinnacle Vista (base, after spread) | $141,750,000 | $150M − ($150M × 5.50%)
Pre-Money Equity Valuation | $2,200,000,000 | 100M shares × $22.00
Post-Money Equity Valuation (base) | $2,721,700,000 | 123,713,636 × $22.00
Post-Money Equity Valuation (full exercise) | $2,800,000,000 | 127,272,727 × $22.00
Enterprise Value (FY 2021, post-money base) | ~$4,246,700,000 | Post-money equity $2,721.7M + total debt $1,710M − cash $185M
EV / Revenue Multiple (FY 2021) | ~8.7x | $4,246.7M ÷ $487.3M
EV / Adjusted EBITDA Multiple (FY 2021) | ~19.4x | $4,246.7M ÷ $218.6M
Use of Proceeds — TLB Repayment (Veltrano) | ~$200,000,000 | Prepayment premium 1.00% = $2,000,000
Use of Proceeds — Cimarron Solar Construction | ~$100,000,000
Use of Proceeds — General Corporate | ~$71,700,000 | Working capital, potential acquisitions
Listing | NYSE; ticker CBRI | Application No. NYSE-2022-04218
Lock-Up Period | 180 days | Post-final prospectus; ~18 signatories; 15 executed as of 6/17/2022
Equity Incentive Plan Reserve | 12,727,273 shares | 10% of 127,272,727
ESPP Reserve | 2,545,455 shares | 2% of 127,272,727
D&O Insurance Tower | $50,000,000 aggregate | Annual premium $1.87M; primary Meridian National DNO-22-048871
C&H Fee Arrangement | Monthly retainer $125,000 + hourly; success fee $1,750,000 upon pricing | Per engagement letter dated 3/10/2022
SEC Filing Status | DRS-1 filed 4/11/2022; Amendment No. 1 filed 5/20/2022; Amendment No. 2 filed 6/10/2022 | SEC oral clearance 6/14/2022; S-1 never declared effective
Offering Status | DORMANT as of June 17, 2022 | No public filing; no pricing; registration statement never declared effective
[sheet: Key Financial Data]
Metric | FY 2019 | FY 2020 | FY 2021 | Q1 2022 — Unaudited
Revenue | $312,800,000 | $401,500,000 | $487,300,000 | $131,400,000
Adjusted EBITDA | $138,700,000 | $179,200,000 | $218,600,000 | $59,800,000
Adjusted EBITDA Margin | 44.3% | 44.6% | 44.9% | 45.5%
Net Income (Loss) | ($22,400,000) | $14,100,000 | $41,700,000 | $8,300,000
Total Assets | $2,610,000,000 | $3,180,000,000 | $3,940,000,000 | $4,070,000,000
Total Debt | $1,280,000,000 | $1,520,000,000 | $1,710,000,000 | $1,740,000,000
Stockholders' Equity | $780,000,000 | $1,010,000,000 | $1,580,000,000 | $1,600,000,000
Operating Capacity (GW) | 2.1 | 2.9 | 3.8 | 3.8
Under Construction (GW) | 1.4 | 1.4
Development Pipeline (GW) | 6.2 | 6.2
Employees | ~880 | ~1,050 | ~1,240 | ~1,260
Estimated Cash (year-end) | $185,000,000
[sheet: Debt Facilities Reference]
Facility | Agent / Counterparty | Commitment / Investment | Outstanding | Maturity / Conversion Date | IPO Consent Required? | Status of Consent | Notes
Corporate Revolving Credit Facility | Veltrano National Bank (Thomas Raines), Admin Agent | $400,000,000 | N/A (undrawn amount not specified) | January 2027 | Yes — consent and CoC waiver | Draft consent prepared 5/12/2022; not executed (dormant) | 1401 McKinney Street, Houston, TX 77010
Corporate Term Loan B | Veltrano National Bank, Admin Agent | $650,000,000 | $612,500,000 | January 2029 | Yes — consent and CoC waiver | Draft consent prepared 5/12/2022; not executed (dormant) | SOFR + 3.25%; ~$200M to be repaid from IPO proceeds; prepayment premium 1.00% = $2M
Tax-Equity Partnership (Solaris West) | Veltara Basin Financial LLC (Karen Fujimoto) | $280,000,000 invested | N/A (equity) | Flip in 2028 | Yes — consent/notice under partnership agreement | Draft consent request prepared 5/12/2022; not sent (dormant) | 2029 Century Park East, Ste 1500, LA, CA 90067; IPO confirmed not a recapture event; Rev. Proc. 2007-65 safe harbor
Construction-to-Term Facility (Mesquite Wind) | Prairie Commercial Bank, N.A. (Brent Hollowell) | $165,000,000 | N/A | Conversion December 2024; expected COD Q3 2022 | Notice required | Draft notice prepared 5/12/2022; not sent (dormant) | 2200 Ross Avenue, Ste 3600, Dallas, TX 75201
Construction-to-Term Facility (Cimarron Solar) | Prairie Commercial Bank, N.A. (Brent Hollowell) | $143,000,000 | N/A | Conversion March 2025; expected COD Q1 2023 | Notice required | Draft notice prepared 5/12/2022; not sent (dormant) | ~$100M of IPO proceeds earmarked for Cimarron construction equity contribution
TOTAL | $1,638,000,000 (debt) + $280,000,000 (tax-equity) = $1,918,000,000 | $612,500,000 (TLB only) | Total consolidated debt per S-1: ~$1,710,000,000
[sheet: SEC Comment Tracker Summary]
Round | Date Received | Number of Comments | Key Topics | Response Date | Amendment Filed | EDGAR Accession No. | Status
DRS-1 Filed | 4/11/2022 | N/A | Initial confidential submission of Draft Registration Statement | N/A | N/A | 0001948372-22-000001 | Filed
First Round | 5/6/2022 | 18 | Revenue recognition (PPA contracts), segment reporting (single vs. multiple), risk factors (specificity), tax-equity accounting (HLBV methodology), MD&A (quantitative analysis), related-party transactions (Pinnacle Vista disclosure), non-GAAP measures (Adjusted EBITDA reconciliation) | 5/20/2022 | Amendment No. 1 | 0001948372-22-000002 | All 18 comments resolved
Second Round | 6/3/2022 | 7 | HLBV methodology clarification (numerical example), PPA revenue detail by contract term, non-GAAP reconciliation formatting, lock-up carve-out disclosure in Shares Eligible for Future Sale | 6/10/2022 | Amendment No. 2 | 0001948372-22-000003 | All 7 comments resolved
Oral Clearance | 6/14/2022 | N/A | SEC staff indicated oral clearance subject to pricing amendment | N/A | N/A | N/A | Clearance received; S-1 never declared effective
TOTAL | 25 | All 25 comments resolved; offering went dormant 6/17/2022 before effectiveness