Fast Radius SPAC Presentation Deck
Appendix A
Detailed transaction overview
Key transaction terms
▪ Pro forma enterprise value of $995m (1.6x 2025E revenue)
$410m cash proceeds inclusive of $100m PIPE proceeds and
transaction expenses(¹)
■
$100 million fully committed PIPE, including a $25 million forward
purchase commitment from Goldman Sachs Asset Management,
L.P. Other investors in the PIPE include UPS, ECP, and Palantir.
▪ Fast Radius rolling 100% of equity ownership
▪ 10m earnout share to sellers with 50% earned at $15.00 and 50%
earned at $20.00(2)
Pro Forma ownership@ $10.00/share(¹)
SPAC shares
24%
Founder
shares 5%
PIPE
equity 7%
FAST RADIUS
Illustrative pro forma valuation ($m)
Seller rollover
63%
Fast Radius share price
Pro forma shares outstanding
Pro forma equity value
(2)
(-) Assumed pro forma net cash
Pro forma enterprise value
Sources
Seller rollover (3)
SPAC cash in trust
Additional PIPE equity
(4)
Founder shares
Total sources
Uses
Seller rollover
Cash to balance sheet
Founder shares
Estimated fees and expenses
Total sources
(1) Assumes no redemptions and excludes dilutive impact of 8,625,000 public warrants (strike price of $11.50) and 6,266,667 SPAC sponsor warrants (strike price of $11.50); illustrative amounts may fluctuate as a result of redemptions.
(2) Earnout vests upon the common stock trading above the relevant threshold for 20 trading days in any 30-day trading day period prior to the 5th anniversary of closing.
(3) Pro forma net cash calculated as Fast Radius's net cash balance of $18m as of 12/31/2020 and transaction proceeds of $410m.
(4) Seller rollover excludes deferred portion (5,000,000 shares are deferred until the combined company achieves a VWAP of $15.00, and another 5,000,000 shares are deferred until the combined company achieved a VWAP of $20.00).
(5) Founder shares exclude deferred portion (5% of ECP's promote, or 407,000 shares, is deferred until the combined company achieves a VWAP of $15.00, and another 5% of ECP's promote, or 407,000 shares, is deferred until the combined company achieves a VWAP of $20.00).
FR FAST RADIUS.
© 2021 Fast Radius, Inc. All rights reserved.
Confidential - Not for Distribution
Transaction Multiple
EV / 2025E Revenue
Metric
$635
Illustrative sources and uses ($m, except per share data)
Shares
90.0
34.5
10.0
7.8
142.3
$900
345
100
78
$1,423
$
$900
410
78
35
$1,423
%
63%
24%
7%
5%
100%
%
63%
29%
5%
2%
$10.00
142.3
$1,423
($428)
$995
100%
1.6x
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