UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): February 17, 2021
CF
FINANCE ACQUISITION CORP. III
(Exact name of registrant as specified in its charter)
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Delaware
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001-39699
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37-1827430
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(State
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification Number)
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110
East 59th Street, New York, NY 10022
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (212) 938-5000
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 of the registrant
under any of the following provisions:
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☒
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act:
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Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Units,
each consisting of one share of Class A common stock and one-third of one redeemable warrant
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CFACU
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The Nasdaq Stock
Market
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Class
A common stock, par value $0.0001 per share
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CFAC
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The Nasdaq Stock
Market
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Redeemable
warrants, exercisable for Class A common stock at an exercise price of $11.50 per share
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CFACW
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The Nasdaq Stock
Market
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
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Item
1.01.
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Entry
into a Material Definitive Agreement
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Merger
Agreement
On
February 17, 2021, CF Finance Acquisition Corp. III, a Delaware corporation (“CF III”), entered into an Agreement
and Plan of Merger (the “Merger Agreement”) by and among CF III, Meliora Merger Sub, Inc., a Delaware corporation
and a wholly-owned direct subsidiary of CF III (“Merger Sub”), and AEye, Inc., a Delaware corporation (“AEye”).
Pursuant
to the Merger Agreement, subject to the terms and conditions set forth therein, upon the closing of the transactions contemplated
thereby (the “Closing”), Merger Sub will merge with and into AEye (the “Merger” and together
with the other transactions contemplated by the Merger Agreement, the “Transactions”), whereby the separate
corporate existence of Merger Sub will cease and AEye will be the surviving corporation of the Merger and become a wholly owned
subsidiary of CF III. As a result of the Merger, among other things, (i) all outstanding shares of capital stock of AEye will
be cancelled and AEye’s stockholders will receive a number of shares of Class A common stock, par value $0.0001 per share
of CF III (“Class A Common Stock”) for each share of AEye capital stock held equal to the quotient obtained
by dividing the Price Per AEye Share by $10.00 (the “Exchange Ratio”), (ii) all outstanding options and warrants
to purchase capital stock of AEye will be assumed by CF III and instead represent the right to acquire shares of Class A Common
Stock, with the number of shares and price per share thereunder adjusted at the Closing based on the Exchange Ratio, and (iii)
CF III will amend its charter to, among other matters, change its name to “AEye Holdings, Inc.”
The
“Price Per AEye Share” is obtained by dividing (x) $1.9 billion (together with the aggregate exercise price
of any outstanding options or warrants being assumed by CF III), by (y) the number of outstanding shares of capital stock of AEye
(calculated on a fully-diluted basis in accordance with the Merger Agreement). For example, as of February 18, 2021, the Exchange
Ratio would be 4.6365, based on 41,295,931 AEye shares outstanding (on a fully-diluted basis) on such date.
Capitalized
terms used in this Current Report on Form 8-K but not otherwise defined herein have the meanings given to them in the Merger Agreement.
Representations,
Warranties and Covenants
The
Merger Agreement contains customary representations and warranties of the parties, which shall not survive the Closing. Many of
the representations and warranties are qualified by materiality or Company Material Adverse Effect or Acquiror Material Adverse
Effect. “Material Adverse Effect” as used in the Merger Agreement means with respect to AEye or CF III, as applicable,
any event, state of facts, development, change, circumstance, occurrence or effect that has had, or would reasonably be expected
to have, individually or in the aggregate, a material adverse effect on (i) the business, assets and liabilities, results of operations
or financial condition of the applicable party and its subsidiaries, taken as a whole or (ii) the ability of such party or any
of its subsidiaries to consummate the Transactions, in each case subject to certain customary exceptions. Certain of the representations
are subject to specified exceptions and qualifications contained in the Merger Agreement or in information provided pursuant to
certain disclosure schedules to the Merger Agreement.
The
Merger Agreement also contains pre-closing covenants of the parties, including obligations of the parties to operate their respective
businesses in the ordinary course consistent with past practice, and to refrain from taking certain specified actions without
the prior written consent of the other applicable parties, in each case, subject to certain exceptions and qualifications. Additionally,
the parties have agreed not to solicit, negotiate or enter into competing transactions, as further provided in the Merger Agreement.
The covenants do not survive the Closing (other than those that are to be performed after the Closing).
CF
III and AEye agreed, as promptly as practicable after the execution of the Merger Agreement and receipt of the requisite
PCAOB-compliant AEye financial statements, to prepare and (in the case of CF III) file with the U.S. Securities and Exchange
Commission (the “SEC”), a registration statement on Form S-4 (as amended, the “Registration
Statement”) in connection with the registration under the Securities Act of 1933, as amended (the
“Securities Act”) of the issuance of the Class A Common Stock be issued to the AEye stockholders, and
containing a proxy statement/prospectus for the purpose of CF III soliciting proxies from the stockholders of CF III to
approve the Merger Agreement, the transactions contemplated thereby and related matters (the “CF III Stockholder
Approval”) at a special meeting of CF III stockholder (the “Stockholder Meeting”) and providing
such stockholders an opportunity, in accordance with CF III’s organizational documents and initial public offering
prospectus, to have their shares of Class A Common Stock redeemed (the “Redemptions”).
CF
III agreed to take all action within its power so that effective at the Closing, the entire board of directors of CF III will
consist of seven individuals, a majority of whom shall be independent directors in accordance with Nasdaq requirements, and which
shall comply with all diversity requirements under applicable Law, and the executive officers of CF III will be the executive
officers of AEye immediately prior to the Closing.
Conditions
to the Parties’ Obligations to Consummate the Merger
Under
the Merger Agreement, the obligations of the parties to consummate (or cause to be consummated) the Transactions are subject to
a number of customary conditions for special purpose acquisition companies, including, among others, the following: (i) the approval
of the Merger and the other stockholder proposals required to approve the Transactions by CF III’s stockholders and AEye’s
stockholders, (ii) all specified approvals or consents (including governmental and regulatory approvals) and all waiting or other
periods have been obtained or have expired or been terminated, as applicable, (iii) the effectiveness of the Registration Statement,
(iv) the shares of Class A Common Stock to be issued to AEye stockholders and PIPE investors having been approved for listing
on Nasdaq, subject to round lot holder requirements, and (v) CF III having a minimum of $5,000,001 of net tangible assets upon
the Closing (after giving effect to any Redemptions and any PIPE Investment).
The
obligations of CF III and Merger Sub to consummate (or cause to be consummated) the Transactions are also subject to, among other
things (i) the representations and warranties of AEye being true and correct, subject to the materiality standards contained in
the Merger Agreement, (ii) material compliance by AEye with its pre-closing covenants, subject to the materiality standards contained
in the Merger Agreement, (iii) obtaining the consent of certain holders of convertible equity instruments to an amendment providing
for the conversion of such convertible equity into AEye common stock immediately prior to the Merger, and (iv) no Company Material
Adverse Effect.
In
addition, the obligations of AEye to consummate (and cause to be consummated) the Transactions are also subject to, among other
things (i) the representations and warranties of CF III being true and correct, subject to the materiality standards contained
in the Merger Agreement, (ii) material compliance by CF III with its pre-closing covenants, subject to the materiality standards
contained in the Merger Agreement, (iii) no Acquiror Material Adverse Effect, and (iv) the Available Acquiror Cash being at least
$225 million.
Termination
Rights
The
Merger Agreement contains certain termination rights, including, among others, the following: (i) upon the mutual written consent
of CF III and AEye, (ii) if the consummation of the Transactions is prohibited by law, (iii) if the Closing has not occurred on
or before the earlier of the six month anniversary that the Registration Statement is initially filed with the SEC and the 270
day anniversary of the date of the Merger Agreement, (iv) in connection with a breach of a representation, warranty, covenant
or other agreement by a party which is not capable of being cured within 30 days after receipt of such breach, subject to the
materiality standards contained in the Merger Agreement, (v) by either CF III or AEye if the board of directors of the other party
publicly changes its recommendation with respect to the Merger Agreement and Transactions and related stockholder approvals under
certain circumstances detailed in the Merger Agreement, (vi) by either CF III or AEye if the Stockholder Meeting is held and CF
III Stockholder Approval is not received, (vii) by CF III if the requisite PCAOB-compliant audited financials of AEye have not
been delivered to CF III by the date that is four months following the date of the Merger Agreement, or (viii) by CF III if AEye
does not receive the written consent of its stockholders to the Merger Agreement and related approvals within five business days
after the Registration Statement has become effective.
None
of the parties to the Merger Agreement are required to pay a termination fee or reimburse any other party for its expenses as
a result of a termination of the Merger Agreement (except that AEye may be responsible for $250,000 in consultant expenses of
CF Finance Holdings III, LLC (the “Sponsor”) if the Merger Agreement is terminated for certain reasons). However,
each party will remain liable for willful and material breaches of the Merger Agreement prior to termination.
Trust
Account Waiver
AEye
agreed that it and its affiliates will not have any right, title, interest or claim of any kind in or to any monies in CF III’s
trust account held for its public stockholders, and agreed not to, and waived any right to, make any claim against the trust account
(including any distributions therefrom)
The
Merger Agreement is filed as Exhibit 2.1 to this Current Report on Form 8-K and the foregoing description thereof is qualified
in its entirety by reference to the full text of the Merger Agreement. The Merger Agreement provides investors with information
regarding its terms and is not intended to provide any other factual information about the parties. In particular, the assertions
embodied in the representations and warranties contained in the Merger Agreement were made as of the execution date of the Merger
Agreement only and are qualified by information in confidential disclosure schedules provided by the parties to each other in
connection with the signing of the Merger Agreement. These disclosure schedules contain information that modifies, qualifies,
and creates exceptions to the representations and warranties set forth in the Merger Agreement. Moreover, certain representations
and warranties in the Merger Agreement may have been used for the purpose of allocating risk between the parties rather than establishing
matters of fact. Accordingly, you should not rely on the representations and warranties in the Merger Agreement as characterizations
of the actual statements of fact about the parties.
Subscription
Agreements
Contemporaneously
with the execution of the Merger Agreement, CF III entered into separate Subscription Agreements with a number of subscribers
(each a “Subscriber”), including the Sponsor, pursuant to which the Subscribers agreed to purchase, and CF
III agreed to sell to the Subscribers, an aggregate of 22.5 million shares of Class A Common Stock (the “PIPE Shares”),
for a purchase price of $10.00 per share and an aggregate purchase price of $225 million (the “PIPE Investments”),
with the Sponsor’s Subscription Agreement accounting for $9.5 million of such aggregate PIPE Investments.
The
closing of the sale of the PIPE Shares pursuant to the Subscription Agreements is contingent upon, among other customary closing
conditions, the substantially concurrent Closing. The purpose of the PIPE Investments is to raise additional capital for use by
AEye following the Closing.
Pursuant
to the Subscription Agreements, CF III agreed that, within 30 calendar days after the Closing, CF III will file with the SEC (at
CF III’s sole cost and expense) a registration statement registering the resale of the PIPE Shares, and CF III shall use
its reasonable best efforts to have such registration statement declared effective as soon as practicable after the filing thereof,
but no later than the earlier of (i) the 60th calendar day (or 90th calendar day if the SEC notifies CF III that it will “review”
the registration statement) following the Closing and (ii) the second business day after the date CF III is notified (orally or
in writing, whichever is earlier) by the SEC that the registration statement will not be “reviewed” or will not be
subject to further review.
A
form of the Subscription Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K, and the foregoing description
thereof is qualified in its entirety by reference to the full text of the Subscription Agreement.
Stockholder
Support Agreement
Contemporaneously
with the execution of the Merger Agreement, CF III and certain AEye stockholders entered into a Stockholder Support Agreement,
pursuant to which, among other things, certain AEye stockholders agreed (i) not to transfer, and to vote their shares of AEye
capital stock in favor of the Merger Agreement (including by execution of a written consent), the Merger and the other Transactions,
(ii) to consent to the termination of certain stockholder agreements with AEye, effective at Closing, and (iii) release the Sponsor,
CF III, AEye and its subsidiaries from pre-Closing claims relating to their capacity as stockholders, subject to customary exceptions.
The AEye stockholders party to the Stockholder Support Agreement collectively have a sufficient number of votes to approve the
Merger.
The
Stockholder Support Agreement and all of its provisions will terminate and be of no further force or effect upon the earlier of
the Closing and termination of the Merger Agreement pursuant to its terms. Upon such termination of the Stockholder Support Agreement,
all obligations of the parties under the Stockholder Support Agreement will terminate; provided, however, that such
termination will not relieve any party thereto from liability arising in respect of any breach of the Stockholder Support Agreement
prior to such termination.
The
Stockholder Support Agreement is filed as Exhibit 10.2 to this Current Report on Form 8-K, and the foregoing description thereof
is qualified in its entirety by reference to the full text of the Stockholder Support Agreement.
Sponsor
Support Agreement
Contemporaneously
with the execution of the Merger Agreement, CF III entered into a Sponsor Support Agreement with the Sponsor and AEye, pursuant
to which, among other things: (i) for the benefit of AEye, the Sponsor has agreed to comply with its obligations under the letter
agreement, dated as of November 12, 2020 (the “Insider Letter”), by and among CF III, the Sponsor and certain
officers and directors of CF III to not transfer, to not participate in the Redemption and to vote its shares of CF III capital
stock in favor of the Merger Agreement and the Transactions (other than as permitted by the Sponsor Support Agreement), and CF
III agreed to enforce such provisions, and CF III and the Sponsor provided AEye with certain consent rights with respect to transfers
of CF III securities owned by the Sponsor and amendments, modifications or waivers under the Insider Letter, (ii) to waive its
anti-dilution rights with respect to its shares of Class B common stock, par value $0.0001 per share of CF III (“Class
B Common Stock”) under the CF III certificate of incorporation, and (iv) to release CF III, AEye, Merger Sub and their
respective subsidiaries effective as of the Closing from all pre-Closing claims, subject to customary exceptions.
The
Sponsor Support Agreement and all of its provisions will terminate and be of no further force or effect upon the earlier to occur
of Closing and termination of the Merger Agreement pursuant to its terms.
The
Sponsor Support Agreement is filed as Exhibit 10.3 to this Current Report on Form 8-K, and the foregoing description thereof is
qualified in its entirety by reference to the full text of the Sponsor Support Agreement.
Lock-Up
Agreement
Concurrently
with the execution of the Merger Agreement, CF III and AEye entered into separate Lock-Up Agreements (each a “Lock-Up
Agreement”) with a number of AEye stockholders, pursuant to which the securities of CF III held by such stockholders
will be locked-up and subject to transfer restrictions for a period of time following the Closing, as described below, subject
to certain exceptions. The securities held by such stockholders will be locked-up until the earlier of: (i) the one (1) year anniversary
of the date of the Closing, (ii) the date on which the last reported sale price of Class A Common Stock exceeds $12.00 per share
(adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), for any 20 trading days within
any 30-trading day period commencing at least 150 days after the Closing, and (iii) the date on which CF III consummates a liquidation,
merger, capital stock exchange, reorganization, or other similar transaction after the Closing which results in all of CF III’s
stockholders having the right to exchange their shares of common stock for cash, securities or other property.
A
form of the Lock-Up Agreement is filed as Exhibit 10.4 to this Current Report on Form 8-K, and the foregoing description thereof
is qualified in its entirety by reference to the full text of the Lock-Up Agreement.
Registration
Rights Agreement
Concurrently
with the execution of the Merger Agreement, CF III and certain AEye stockholders (the “Investors”) entered
into a Registration Rights Agreement (the “Registration Rights Agreement”), which shall be effective at the
Closing. Pursuant to the terms of the Registration Rights Agreement, CF III will be obligated to file one or more registration
statements to register the resales of Class A Common Stock held by such Investors after the Closing. Investors holding at least
25% of the registrable securities owned by all Investors are entitled under the Registration Rights Agreement to make a written
demand for registration under the Securities Act of all or part of their registrable securities, up to a total of three (3) such
demands (subject to the right of one of the Investors to initiate one such demand on its own without any of the other Investors).
In addition, pursuant to the terms of the Registration Rights Agreement and subject to certain requirements and customary conditions,
such Investors may demand at any time or from time to time, that CF III file a registration statement on Form S-3 (or
any similar short-form registration which may be available) to register the resale of the registrable securities of CF III held
by such Investors. The Registration Rights Agreement will also provide such Investors with “piggy-back” registration
rights, subject to certain requirements and customary conditions.
Under
the Registration Rights Agreement, CF III agreed to indemnify such Investors and certain persons or entities related to such Investors
such as their officers, employees, directors, and agents against any losses or damages resulting from any untrue or alleged untrue
statement, or omission or alleged omission, of a material fact in any registration statement or prospectus pursuant to which the
Investors sell their registrable securities, unless such liability arose from such Investor’s misstatement or alleged misstatement,
or omission or alleged omission, and the Investors including registrable securities in any registration statement or prospectus
agreed to indemnify CF III and certain persons or entities related to CF III such as its officers and directors and underwriters
against all losses caused by their misstatements or omissions (or alleged misstatements or omissions) in those documents.
The
Registration Rights Agreement is filed as Exhibit 10.5 to this Current Report on Form 8-K, and the foregoing description thereof
is qualified in its entirety by reference to the full text of the Registration Rights Agreement.
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Item
3.02.
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Unregistered
Sales of Equity Securities
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The
disclosure set forth above under the headings “Subscription Agreements” in Item 1.01 of this Current Report on Form
8-K are incorporated by reference into this Item 3.02. The shares of Class A Common Stock to be issued in connection with the
Subscription Agreements are not to be registered under the Securities Act in reliance on the exemption from registration provided
by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.
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Item
7.01.
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Regulation
FD Disclosure
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On
February 17, 2021, CF III and AEye issued a joint press release announcing the execution of the Merger Agreement described in
Item 1.01 above. The press release is attached hereto as Exhibit 99.1 and incorporated into this Item 7.01 by reference. Notwithstanding
the foregoing, information contained on the websites of CF III, AEye or any of their affiliates referenced in Exhibit 99.1 or
linked therein or otherwise connected thereto does not constitute part of nor is it incorporated by reference into this Current
Report on Form 8-K.
Attached
as Exhibit 99.2 and incorporated into this Item 7.01 by reference herein is the investor presentation that will be used by CF
III and AEye with respect to the transactions contemplated by the Merger Agreement.
Attached
as Exhibit 99.3 and incorporated into this item 7.01 by reference is the script of the investor video by AEye released on February
17, 2021.
The
information in this Item 7.01, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, is furnished and shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise
subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of CF III
under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report
on Form 8-K will not be deemed an admission as to the materiality of any of the information in this Item 7.01, including Exhibit
99.1, Exhibit 99.2 and Exhibit 99.3.
Important
Information and Where to Find It
This
Current Report on Form 8-K relates to a proposed transaction between CF III and AEye. This Current Report on Form 8-K does not
constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. In connection with the transaction described herein, CF III intends to file
relevant materials with the SEC, including a registration statement on Form S-4, which will include a proxy statement/prospectus.
The proxy statement/prospectus will be sent to all CF III stockholders. CF III also will file other documents regarding the proposed
transaction with the SEC. Before making any voting
or investment decision, investors and security holders of CF III are urged to read the registration statement, the proxy statement/prospectus
and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they
become available because they will contain important information about the proposed transaction.
Investors
and security holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed
or that will be filed with the SEC by CF III through the website maintained by the SEC at www.sec.gov or by directing a request
to CF III to 110 East 59th Street, New York, NY 10022 or via email at CFFinanceIII@cantor.com or at (212) 938-5000.
Participants
in the Solicitation
CF
III and AEye and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies
from CF III’s stockholders in connection with the proposed transaction. Information about CF III’s directors and executive
officers and their ownership of CF III’s securities is set forth in CF III’s filings with the SEC. Additional information
regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained
by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies
of these documents as described in the preceding paragraph.
Non-Solicitation
This
Current Report on Form 8-K is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities
or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the
securities of CF III or AEye, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Forward-Looking
Statements
This
Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transactions
and CF III. Such forward-looking statements include, but are not limited to, statements regarding the closing of the combination
and the expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the business combination, and future
business plans of the AEye and CF III management teams, including AEye’s products, revenue growth and financial performance,
facilities, product expansion and services. Forward-looking statements are sometimes accompanied by words such as “believe,”
“continue,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “predict,” “plan,” “may,”
“should,” “will,” “would,” “potential,” “seem,” “seek,”
“outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical
matters. Forward-looking statements are predictions, projections and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions,
whether or not identified in this Current Report on Form 8-K. These forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or
a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are beyond the control of CF III and AEye. Many factors could cause
actual future events to differ from the forward-looking statements in this Current Report on Form 8-K, including but not limited
to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price
of CF III’s securities, (ii) the risk that the transaction may not be completed by CF III’s business combination deadline
and the potential failure to obtain an extension of the business combination deadline if sought by CF III, (iii) the failure to
satisfy the conditions to the consummation of the transaction, including the approval by the stockholders of CF III, the satisfaction
of the minimum trust account amount following any redemptions by CF III’s public stockholders and the receipt of certain
governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction,
(v) the inability to complete the PIPE Investments, (vi) the occurrence of any event, change or other circumstance that could
give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on AEye’s
business relationships, operating results, and business generally, (viii) risks that the transaction disrupt current plans and
operations of AEye and potential difficulties in AEye employee retention as a result of the transaction, (ix) the outcome of any
legal proceedings that may be instituted against AEye or against CF III related to the Merger Agreement or the transaction, (x)
the ability to maintain the listing of CF III stock on the Nasdaq Stock Market, (xi) volatility in the price of CF III’s
securities, (xii) changes in competitive and regulated industries in which AEye operates, variations in operating performance
across competitors, changes in laws and regulations affecting AEye’s business and changes in the combined capital structure,
(xiii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and
identify and realize additional opportunities, (xiv) the potential inability of AEye to increase its manufacturing capacity or
to achieve efficiencies regarding its manufacturing process or other costs, (xv) the enforceability of AEye’s intellectual
property, including its patents and the potential infringement on the intellectual property rights of others, (xvi) the risk of
downturns and a changing regulatory landscape in the highly competitive industry in which AEye operates, (xvii) costs related
to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results
and underlying assumptions, including with respect to estimated stockholder redemptions, and (xviii) the potential inability of
AEye to enter into definitive agreements, partnerships or other commitments with original equipment manufacturers, contract manufacturers,
suppliers and other strategic partners. These risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused
significant economic uncertainty. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the “Risk Factors” section of CF III’s Registration
Statement on Form S-1, the registration statement that includes a proxy statement/prospectus on Form S-4 and other documents filed
by CF III from time to time with the SEC (including CF III’s quarterly filings). These filings identify and address other
important risks and uncertainties that could cause actual events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and AEye and CF III assume no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information, future events, or otherwise. Neither AEye nor CF III gives
any assurance that either AEye or CF III will achieve its expectations.
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Item
9.01.
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Financial
Statements and Exhibits.
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*
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Certain
exhibits and schedules to this Exhibit have been omitted in accordance with Regulation
S-K Item 601(a)(5). CF III agrees to furnish supplementally a copy of any omitted exhibit
or schedule to the SEC upon its request; however, the Registrant may request confidential
treatment of omitted items.
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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.
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CF FINANCE ACQUISITION CORP.
III
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|
|
|
|
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By:
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/s/
Howard W. Lutnick
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Name:
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Howard W. Lutnick
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Title:
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Chief Executive Officer
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Dated:
February 17, 2021
8
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