ABOUT THIS PROSPECTUS
This prospectus is part of
a registration statement that we filed with the Securities and Exchange Commission (the “SEC” or the “Commission”),
using a “shelf” registration process. Under this shelf registration process, we may offer shares of our Class A common stock
or preferred stock, various series of debt securities and/or warrants or rights to purchase any of such securities, either individually
or in units, in one or more offerings, up to a total aggregate offering price of $400,000,000. This prospectus provides you with a general
description of the securities we may offer. Each time we offer a type or series of securities under this prospectus, we will provide a
prospectus supplement that will contain specific information about the terms of that offering. We may also authorize one or more free
writing prospectuses to be provided to you that may contain material information relating to these offerings.
This prospectus does not
contain all of the information included in the registration statement. For a more complete understanding of the offering of the securities,
you should refer to the registration statement, including its exhibits. The prospectus supplement may also add, update or change information
contained or incorporated by reference in this prospectus. However, no prospectus supplement will offer a security that is not registered
and described in this prospectus at the time of its effectiveness. This prospectus, together with the applicable prospectus supplements
and the documents incorporated by reference into this prospectus, includes all material information relating to the offering of securities
under this prospectus. You should carefully read this prospectus, the applicable prospectus supplement, the information and documents
incorporated herein by reference and the additional information under the headings “Where You Can Find More Information” and
“Incorporation of Documents by Reference” before making an investment decision.
You should rely only on the
information we have provided or incorporated by reference in this prospectus or any prospectus supplement. We have not authorized anyone
to provide you with information different from that contained or incorporated by reference in this prospectus. No dealer, salesperson
or other person is authorized to give any information or to represent anything not contained or incorporated by reference in this prospectus.
You must not rely on any unauthorized information or representation. This prospectus is an offer to sell only the securities offered hereby,
but only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information in this prospectus,
any applicable prospectus supplement or any related free writing prospectus is accurate only as of the date on the front of the document
and that any information we have incorporated herein by reference is accurate only as of the date of the document incorporated by reference,
regardless of the time of delivery of this prospectus or any sale of a security.
We further note that the
representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated
by reference in this prospectus were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose
of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you.
Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations,
warranties and covenants should not be relied on as accurately representing the current state of our affairs.
This prospectus may not be
used to consummate sales of our securities unless it is accompanied by a prospectus supplement. To the extent there are inconsistencies
between any prospectus supplement, this prospectus and any documents incorporated by reference, the document with the most recent date
will control.
Unless the context otherwise
requires, “the Company,” “we,” “us,” “our” and similar terms refer to Vicarious Surgical
Inc. and its direct and indirect subsidiaries.
PROSPECTUS SUMMARY
The following is a summary
of what we believe to be the most important aspects of our business and the offering of our securities under this prospectus. We urge
you to read this entire prospectus, including the more detailed consolidated financial statements, notes to the consolidated financial
statements and other information incorporated by reference from our other filings with the SEC or included in any applicable prospectus
supplement. Investing in our securities involves risks. Please carefully consider the risk factors set forth in any prospectus supplements
and in our most recent annual and quarterly filings with the SEC, as well as other information in this prospectus and any prospectus supplements
and the documents incorporated by reference herein or therein, before purchasing our securities. Each of the risk factors could adversely
affect our business, operating results and financial condition, as well as adversely affect the value of an investment in our securities.
About Vicarious Surgical Inc.
We are combining
advanced miniaturized robotics, computer science and 3D visualization to build a new category of intelligent and affordable, single-incision
surgical robot that virtually transports surgeons inside the patient to perform minimally invasive surgery, or MIS. With our next-generation
robotics technology and proprietary human-like surgical robots, we are seeking to improve patient outcomes, as well as the cost and efficacy
of surgical procedures. Led by a visionary team of engineers from the Massachusetts Institute of Technology, we intend to deliver the
next generation in robotic surgery, designed to solve the shortcomings of both open surgery, as well as current manual and robot-assisted
MIS.
We estimate there
are over 39 million soft tissue surgical procedures addressable by our technology. Of these procedures, it is estimated that more than
50% are performed using open surgery, and less than 5% are performed by current robot-assisted MIS.
We believe this
slow adoption of robot-assisted surgery has occurred because of several factors, including the following:
| ● | Significant Capital Investment. Existing robotic systems
require a high upfront cost and burdensome annual service contracts that are often prohibitively expensive, especially in outpatient
settings. These capital costs are estimated to be up to $2.0 million per system upfront, plus an additional 10-20% annually for maintenance
and service contracts. |
| ● | Low Utilization. In addition to the significant acquisition costs, existing robotic systems create inefficiencies
and increase costs to medical facilities considering adoption. Due to their large size and limited portability, existing robotic systems
require the construction of a dedicated operating room, occupying valuable real estate within the hospital. Once in place, these robotic
systems require extensive set-up and operating room turnover times, which limits the number of procedures that can be performed with the
robotic system. |
| ● | Limited Capabilities. Existing robotic systems have limited capabilities and are ill-suited for many outpatient
procedures. Due to their limited degrees of freedom inside the abdomen, they depend on significant, complicated, robotic motion outside
the body, and they have limited ability to operate in multiple quadrants, difficulty operating on the “ceiling” of the abdomen,
create collisions inside and outside of the patient’s abdomen, and restrict overall access of the operating team to the patient. |
| ● | Difficult to Use. Existing robotic systems necessitate device-specific training requiring the surgeon
to “design the robotic motion” for each procedure. In choosing the incision sites, the surgeon must effectively design the
kinematic motion of the robot for every procedure to operate well and avoid collisions inside and outside of the patient’s abdomen.
They must design this kinematic motion with fewer degrees of freedom than they would employ using open surgery, restricting their natural
movements. To become proficient at manipulating these legacy robotic systems to perform the procedures they otherwise were trained to
perform via open surgery requires extensive training and several dozen procedures on live patients. As these systems are maintained in
dedicated, expensive, operating rooms, obtaining access to train on the system becomes a significant impediment to adoption, resulting
in more open surgeries. |
Our single-port
system with advanced, miniaturized robotics and advanced visualization is designed to address the significant limitations of open surgery
and existing single- and multi-port robotic surgical approaches to improve patient outcomes and enhance adoption by hospitals and other
medical facilities. The Vicarious System is designed with a fundamentally different architecture, and proprietary “de-coupled actuators,”
to overcome many of the limitations of open surgery or existing robot-assisted surgical procedures with a minimally invasive and more
capable robotic system. This architecture enables unprecedented dexterity inside the abdomen through an ultra-thin support tube, providing
significant improvement over existing legacy robotic systems and minimizing the complications and trauma associated with open surgery.
Additional Information
For additional information
related to our business and operations, please refer to the reports incorporated herein by reference, including our Annual Report on Form
10-K for the year ended December 31, 2021, as described under the caption “Incorporation of Documents by Reference” on page
23 of this prospectus.
Our Corporate Information
Vicarious Surgical Inc. was
originally incorporated in the Cayman Islands as a special purpose acquisition company under the name D8 Holdings Corp. (“D8”)
for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination
involving D8 and one or more businesses. On September 17, 2021 (the “Closing”), we consummated the transaction contemplated
by the Agreement and Plan of Merger, dated as of April 15, 2021 (the “Business Combination Agreement”), by and among D8, Snowball
Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of D8 (“Merger Sub”), and Vicarious Surgical Inc., a
Delaware corporation incorporated in the State of Delaware on May 1, 2014 (“Legacy Vicarious Surgical”).
Pursuant to the terms of
the Business Combination Agreement, a business combination between D8 was effected through the merger of Merger Sub with and into Legacy
Vicarious Surgical, with Legacy Vicarious Surgical surviving as a wholly owned subsidiary of D8 (the “Merger,” and collectively
with the other transactions described in the Business Combination Agreement, the “Business Combination”). Effective as of
the Closing, D8 changed its named to Vicarious Surgical Inc. and Legacy Vicarious Surgical changed its name to Vicarious Surgical US Inc.
Our corporate headquarters
are located at 78 Fourth Avenue, Waltham, Massachusetts 02451 and our telephone number is (617) 868-1700. We maintain a website at www.vicarioussurgical.com,
to which we regularly post copies of our press releases as well as additional information about us. The information contained on, or that
can be accessed through, our website is not a part of this prospectus. We have included our website address in this prospectus solely
as an inactive textual reference.
Our Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are available free of charge through the investor
relations page of our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the
SEC.
All brand names or trademarks
appearing in this prospectus are the property of their respective holders. Use or display by us of other parties’ trademarks, trade
dress, or products in this prospectus is not intended to, and does not, imply a relationship with, or endorsements or sponsorship of,
us by the trademark or trade dress owners.
Offerings under this Prospectus
Under this prospectus, we
may offer shares of our Class A common stock or preferred stock, various series of debt securities and/or warrants or rights to purchase
any of such securities, either individually or in units, from time to time at prices and on terms to be determined by market conditions
at the time of the offering, up to a total aggregate offering price of $400,000,000. This prospectus provides you with a general description
of the securities we may offer. Each time we offer a type or series of securities under this prospectus, we will provide a prospectus
supplement that will describe the specific amounts, prices and other important terms of the securities, including, to the extent applicable:
| ● | designation or classification; |
| ● | aggregate principal amount or aggregate offering price; |
| ● | maturity, if applicable; |
| ● | original issue discount, if any; |
| ● | rates and times of payment of interest or dividends, if any; |
| ● | redemption, conversion, exchange or sinking fund terms, if any; |
| ● | conversion or exchange prices or rates, if any, and, if applicable, any provisions for changes to or adjustments
in the conversion or exchange prices or rates and in the securities or other property receivable upon conversion or exchange; |
| ● | voting or other rights, if any; and |
| ● | conversion or exercise prices, if any. |
The prospectus supplement
and any related free writing prospectus that we may authorize to be provided to you also may add, update or change information contained
in this prospectus or in documents we have incorporated by reference into this prospectus. However, no prospectus supplement or free writing
prospectus will fundamentally change the terms that are set forth in this prospectus or offer a security that is not registered and described
in this prospectus at the time of its effectiveness.
We may sell the securities
directly to investors or to or through agents, underwriters or dealers. We, and our agents or underwriters, reserve the right to accept
or reject all or part of any proposed purchase of securities. If we offer securities through agents or underwriters, we will include in
the applicable prospectus supplement:
| ● | the names of those agents or underwriters; |
| ● | applicable fees, discounts and commissions to be paid to them; |
| ● | details regarding over-allotment options, if any; and |
This prospectus may not
be used to consummate a sale of any securities unless it is accompanied by a prospectus supplement.
RISK FACTORS
Investing in our securities
involves significant risk. The prospectus supplement applicable to each offering of our securities will contain a discussion of the risks
applicable to an investment in the Company. Prior to making a decision about investing in our securities, you should carefully consider
the specific factors discussed under the heading “Risk Factors” in the applicable prospectus supplement or free writing prospectus,
together with all of the other information contained or incorporated by reference in the prospectus supplement or appearing or incorporated
by reference in this prospectus. You should also consider the risks, uncertainties and assumptions discussed under the heading “Risk
Factors” included in our most recent annual report on Form 10-K, as revised or supplemented by our subsequent quarterly reports
on Form 10-Q or our subsequent current reports on Form 8-K that we have filed with the SEC, all of which are incorporated herein by reference,
and which may be amended, supplemented or superseded from time to time by other reports we file with the SEC in the future. The risks
and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently known to us or that
we currently deem immaterial may also affect our operations. The occurrence of any of these risks might cause you to lose all or part
of your investment in the offered securities.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and the documents
incorporated by reference in this prospectus include forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act, that relate to future events or to our future operations
or financial performance. These statements are based on the beliefs and assumptions of our management team. Although we believe that our
plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure that
we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties
and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions,
business strategies, events or performance, are forward-looking statements. These statements may be preceded by, followed by or include
the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,”
“will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates”
or “intends” or the negative of these terms, or other comparable terminology intended
to identify statements about the future, although not all forward-looking statements contain these identifying words. The forward-looking
statements are based on projections prepared by, and are the responsibility of, the Company’s management. Forward-looking statements
contained in this prospectus include, but are not limited to, statements about:
| ● | the ability to recognize the anticipated benefits of the Business Combination, which may be affected by,
among other things, competition and our ability to grow and manage growth profitably and retain our key employees; |
| ● | the ability to maintain the listing of our Class A common stock on the NYSE; |
| ● | the success, cost and timing of our product and service development activities; |
| ● | the commercialization and adoption of our initial products and the success of our single-incision surgical
robot, called the Vicarious System, and any of our future product and service offerings; |
| ● | the potential attributes and benefits of the Vicarious System and any of our other product and service
offerings once commercialized; |
| ● | our ability to obtain and maintain regulatory approval for the Vicarious System and our product and service
offerings, and any related restrictions and limitations of any approved product or service offering; |
| ● | our business is subject to a variety of U.S. and foreign laws, which are subject to change and could adversely
affect our business; |
| ● | our ability to identify, in-license or acquire additional technology; |
| ● | our ability to maintain our existing license agreements and manufacturing arrangements; |
| ● | our ability to compete with other companies currently marketing or engaged in the development of products
and services for ventral hernia repair and additional surgical applications, many of which have greater financial and marketing resources
than us; |
| ● | the size and growth potential of the markets for the Vicarious System and any of our future product and
service offerings, and the ability of each to serve those markets once commercialized, either alone or in partnership with others; |
| ● | our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; |
| ● | our ability to raise financing in the future; |
| ● | our financial performance; |
| ● | our intellectual property rights and how failure to protect or enforce
these rights could harm our business, results of operations and financial condition; |
| ● | economic downturns and political and market conditions beyond our control and their potential to adversely
affect our business, financial condition and results of operations; and |
| ● | the anticipated continued impact of the COVID-19 pandemic on our business. |
These forward-looking statements
are based on information available as of the date of this prospectus, and current expectations, forecasts and assumptions, and involve
a number of judgments, risks and uncertainties. Important factors could cause actual results, performance or achievements to differ materially
from those indicated or implied by forward-looking statements such as those described under the caption “Risk Factors” in
this prospectus, as updated and supplemented by the discussion of risks and uncertainties under “Risk Factors” contained in
any supplements to this prospectus and any free writing prospectus, or in the sections entitled “Business,” “Risk Factors,”
“Cautionary Note Regarding Forward-Looking Statements” or “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” in our most recent annual report on Form 10-K, as revised or supplemented by our subsequent quarterly
reports on Form 10-Q or our subsequent current reports on Form 8-K, as well as any amendments thereto, as filed with the SEC and which
are incorporated herein by reference. As a result of the risks and uncertainties, the results or events indicated by the forward-looking
statements contained in this prospectus or in any document incorporated herein by reference may not occur.
Investors are cautioned not
to place undue reliance on any forward-looking statement. Each forward-looking statement represents our views only as of the date of this
prospectus or the date of the document incorporated by reference in this prospectus and should not be relied upon as representing our
views as of any subsequent date. We anticipate that subsequent events and developments may cause our views to change. We expressly disclaim
any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise, except
as required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions,
joint ventures or investments we may make. All subsequent forward-looking statements attributable to us or to any person acting on our
behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.
USE OF PROCEEDS
Unless otherwise indicated
in the applicable prospectus supplement, we intend to use any net proceeds from the sale of securities under this prospectus for our operations,
the development of the Vicarious System surgical robot, and other general corporate purposes, including, but not limited to, working capital,
intellectual property protection and enforcement, capital expenditures, repayment of any existing indebtedness, investments, acquisitions
and collaborations. Our management will have broad discretion to allocate the net proceeds, if any, we receive in connection with securities
offered pursuant to this prospectus for any purpose. Pending application of the net proceeds as described above, we may initially invest
the net proceeds in short-term, investment-grade, interest-bearing securities or apply them to the reduction of short-term indebtedness.
PLAN OF DISTRIBUTION
We may offer securities under
this prospectus from time to time pursuant to public offerings through one or more placement agents or underwriters, negotiated transactions,
block trades or a combination of these methods. We may sell the securities (1) through underwriters or dealers, (2) through agents or
(3) directly to one or more purchasers, or through a combination of such methods. We may distribute the securities from time to time in
one or more transactions at:
| ● | a fixed price or prices, which may be changed from time to time; |
| ● | market prices prevailing at the time of sale; |
| ● | prices related to the prevailing market prices; or |
We may directly solicit offers
to purchase the securities being offered by this prospectus. We may also designate agents to solicit offers to purchase the securities
from time to time, and may enter into arrangements for “at the market,” equity line or similar transactions. We will name
in a prospectus supplement any underwriter or agent involved in the offer or sale of the securities.
If we utilize a dealer in
the sale of the securities being offered by this prospectus, we will sell the securities to the dealer, as principal. The dealer may then
resell the securities to the public at varying prices to be determined by the dealer at the time of resale.
If we utilize an underwriter
in the sale of the securities being offered by this prospectus, we will execute an underwriting agreement with the underwriter at the
time of sale, and we will provide the name of any underwriter in the prospectus supplement which the underwriter will use to make resales
of the securities to the public. In connection with the sale of the securities, we, or the purchasers of the securities for whom the underwriter
may act as agent, may compensate the underwriter in the form of underwriting discounts or commissions. The underwriter may sell the securities
to or through dealers, and the underwriter may compensate those dealers in the form of discounts, concessions or commissions.
With respect to underwritten
public offerings, negotiated transactions and block trades, we will provide in the applicable prospectus supplement information regarding
any compensation we pay to underwriters, dealers or agents in connection with the offering of the securities, and any discounts, concessions
or commissions allowed by underwriters to participating dealers. Underwriters, dealers and agents participating in the distribution of
the securities may be deemed to be underwriters within the meaning of the Securities Act, and any discounts and commissions received by
them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions. We may enter
into agreements to indemnify underwriters, dealers and agents against civil liabilities, including liabilities under the Securities Act,
or to contribute to payments they may be required to make in respect thereof.
If so indicated in the applicable
prospectus supplement, we will authorize underwriters, dealers or other persons acting as our agents to solicit offers by certain institutions
to purchase securities from us pursuant to delayed delivery contracts providing for payment and delivery on the date stated in each applicable
prospectus supplement. Each contract will be for an amount not less than, and the aggregate amount of securities sold pursuant to such
contracts shall not be less nor more than, the respective amounts stated in each applicable prospectus supplement. Institutions with whom
the contracts, when authorized, may be made include commercial and savings banks, insurance companies, pension funds, investment companies,
educational and charitable institutions and other institutions, but shall in all cases be subject to our approval. Delayed delivery contracts
will not be subject to any conditions except that:
| ● | the purchase by an institution of the securities covered under that contract shall not at the time of
delivery be prohibited under the laws of the jurisdiction to which that institution is subject; and |
| ● | if the securities are also being sold to underwriters acting as principals for their own account, the
underwriters shall have purchased such securities not sold for delayed delivery. The underwriters and other persons acting as our agents
will not have any responsibility in respect of the validity or performance of delayed delivery contracts. |
One or more firms, referred
to as “remarketing firms,” may also offer or sell the securities, if a prospectus supplement so indicates, in connection with
a remarketing arrangement upon their purchase. Remarketing firms will act as principals for their own accounts or as our agents. These
remarketing firms will offer or sell the securities in accordance with the terms of the securities. Each prospectus supplement will identify
and describe any remarketing firm and the terms of its agreement, if any, with us and will describe the remarketing firm’s compensation.
Remarketing firms may be deemed to be underwriters in connection with the securities they remarket. Remarketing firms may be entitled
under agreements that may be entered into with us to indemnification by us against certain civil liabilities, including liabilities under
the Securities Act, and may be customers of, engage in transactions with or perform services for us in the ordinary course of business.
Certain underwriters may
use this prospectus and any accompanying prospectus supplement for offers and sales related to market-making transactions in the securities.
These underwriters may act as principal or agent in these transactions, and the sales will be made at prices related to prevailing market
prices at the time of sale. Any underwriters involved in the sale of the securities may qualify as “underwriters” within the
meaning of Section 2(a)(11) of the Securities Act. In addition, the underwriters’ commissions, discounts or concessions may qualify
as underwriters’ compensation under the Securities Act and the rules of the Financial Industry Regulatory Authority, Inc., or FINRA.
Shares of our Class A common
stock sold pursuant to the registration statement of which this prospectus is a part will be authorized for listing and trading on the
NYSE. The applicable prospectus supplement will contain information, where applicable, as to any other listing, if any, on the NYSE or
any securities market or other securities exchange of the securities covered by the prospectus supplement. Underwriters may make a market
in our Class A common stock, but will not be obligated to do so and may discontinue any market making at any time without notice. We can
make no assurance as to the liquidity of or the existence, development or maintenance of trading markets for any of the securities.
In order to facilitate the
offering of the securities, certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise
affect the price of the securities. This may include over-allotments or short sales of the securities, which involve the sale by persons
participating in the offering of more securities than we sold to them. In these circumstances, these persons would cover such over-allotments
or short positions by making purchases in the open market or by exercising their over-allotment option. In addition, these persons may
stabilize or maintain the price of the securities by bidding for or purchasing the applicable security in the open market or by imposing
penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if the securities sold by
them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the
market price of the securities at a level above that which might otherwise prevail in the open market. These transactions may be discontinued
at any time.
The underwriters, dealers
and agents may engage in other transactions with us, or perform other services for us, in the ordinary course of their business.
DESCRIPTION OF CAPITAL STOCK
We are authorized to issue
300,000,000 shares of Class A common stock, par value $0.0001 per share, 22,000,000 shares of Class B common stock, par value $0.0001
per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share.
The
following summary of our capital stock is based on the provisions of our certificate of incorporation (our “Charter”), as
well as our amended and restated bylaws (the “Bylaws”), and the applicable provisions of the Delaware General Corporation
Law (the “DGCL”). This information is qualified entirely by reference to the applicable provisions of our Charter, Bylaws
and the DGCL. These summaries are not intended to be a complete discussion of the rights of our stockholders and are qualified in their
entirety by reference to the DGCL as well as reference to our Bylaws and our Charter, copies of which are filed as exhibits to the registration
statement of which this prospectus forms a part.
Class A Common Stock
Voting Rights
Each holder of Class A common
stock is entitled to one vote for each share of Class A common stock held of record by such holder on all matters on which stockholders
generally are entitled to vote. The holders of Class A common stock do not have cumulative voting rights in the election of directors.
Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors, by a plurality)
of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. See
the section below entitled “Anti-Takeover Effects of the Charter, the Bylaws and Certain Provisions of Delaware Law — Supermajority
Provisions” for the list of matters of that will require approval of a supermajority of the then outstanding shares of our capital
stock.
Dividend Rights
Subject to preferences that
may be applicable to any outstanding preferred stock, the holders of shares of Class A common stock are entitled to receive ratably such
dividends, if any, as may be declared from time to time by our board of directors out of funds legally available for such purposes.
Liquidation Rights
In the event of any voluntary
or involuntary liquidation, dissolution or winding up of our affairs, the holders of Class A common stock are entitled to share ratably
in all assets remaining after payment of our debts and other liabilities, subject to prior distribution rights of preferred stock or any
class or series of stock having a preference over the Class A common stock, then outstanding, if any.
Other Rights
The holders of Class A common
stock have no pre-emptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable
to the Class A common stock. The rights, preferences and privileges of holders of the Class A common stock will be subject to those of
the holders of any shares of the preferred stock that we may issue in the future.
Class B Common Stock
Voting Rights
The holders of Class B common
stock are entitled to twenty (20) votes for each share of Class B common stock held of record by such holder, on all matters on which
stockholders generally or holders of Class B common stock as a separate class are entitled to vote (whether voting separately as a class
or together with one or more classes of our capital stock). The holders of Class B common stock do not have cumulative voting rights in
the election of directors. Holders of Class B common stock will vote together with holders of Class A common stock as a single class on
all matters presented to our stockholders for their vote or approval. Generally, all matters to be voted on by stockholders must be approved
by a majority (or, in the case of election of directors, by a plurality) of the votes entitled to be cast by all stockholders present
in person or represented by proxy, voting together as a single class. See the section below entitled “Anti-Takeover Effects of the
Charter, the Bylaws and Certain Provisions of Delaware Law — Supermajority Provisions” for the list of matters of that will
require approval of a supermajority of the then outstanding shares of our capital stock.
Dividend Rights
With limited exceptions in
the case of certain stock dividends or disparate dividends approved by the affirmative vote of the holders of a majority of the Class
A common stock and Class B common stock, each voting separately as a class, holders of Class B common stock will share ratably together
with each holder of Class A common stock, if and when any dividend is declared by our board of directors out of funds legally available
therefor, subject to restrictions, whether statutory or contractual (including with respect to any outstanding indebtedness), on the declaration
and payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock or
any class or series of stock having a preference over, or the right to participate with, the Class B common stock with respect to the
payment of dividends.
Optional Conversion
Holders of Class B common stock
have the right to convert shares of their Class B common stock into fully paid and non-assessable shares of Class A common stock, on a
one-to-one basis, at the option of the holder at any time upon written notice to us.
Mandatory Conversion
Holders of Class B common stock
will have their Class B common stock automatically converted into Class A common stock, on a one-to-one basis, upon the occurrence of
any of the events described below:
| (1) | Any sale, assignment, transfer, conveyance, hypothecation, or
other transfer or disposition, directly or indirectly, of any Class B common stock or any legal or beneficial interest in such share,
whether or not for value and whether voluntary or involuntary or by operation of law (including by merger, consolidation, or otherwise),
including, without limitation the transfer of a share of Class B common stock to a broker or other nominee or the transfer of, or entering
into a binding agreement with respect to, voting control over such share by proxy or otherwise, other than a permitted transfer. |
| (2) | Upon the first date on which the Legacy Vicarious founders,
together with all other qualified stockholders, collectively cease to beneficially own at least 20% of the number of Class B common stock
(as such number of shares is equitably adjusted in respect of any reclassification, stock dividend, subdivision, combination, or recapitalization
of the Class B common stock) collectively beneficially owned by the Legacy Vicarious founders and permitted transferees of Class B common
stock as of the Closing. |
| (3) | Upon the date specified by the affirmative vote of the holders
of at least two-thirds (2/3) of the outstanding shares of Class B common stock, voting as a separate class. |
| (4) | Upon the death or incapacity of a Legacy Vicarious founder or
a permitted transferee, with respect to the shares of Class B common stock held by such Legacy Vicarious founder or permitted transferee
of such Legacy Vicarious founder. |
| (5) | Upon the date a Legacy Vicarious founder ceases to provide services
to us for any reason or no reason, with respect to the shares of Class B common stock held by such Legacy Vicarious founder or permitted
transferee of such Legacy Vicarious founder. |
Liquidation Rights
In the event of any voluntary
or involuntary liquidation, dissolution or winding up of our affairs, the holders of Class B common stock are entitled to share ratably
in all assets remaining after payment of our debts and other liabilities, subject to prior distribution rights of preferred stock or any
class or series of stock having a preference over the Class B common stock, then outstanding, if any.
Other Rights
The holders of Class B common
stock do not have pre-emptive or subscription rights. There are no redemption or sinking fund provisions applicable to the Class B common
stock.
Preferred Stock
Our
board of directors is authorized to establish one or more series of preferred stock. Unless required by law or any stock exchange, the
authorized shares of preferred stock will be available for issuance without further action by the holders of common stock. Our board of
directors has the discretion to determine the powers, preferences and relative, participating, optional and other special rights, including
voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.
The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of the Company without further
action by the stockholders. Additionally, the issuance of preferred stock may adversely affect the holders of common stock by restricting
dividends on the Class A common stock, diluting the voting power of the Class A common stock and the Class B common stock or subordinating
the liquidation rights of the Class A common stock. As a result of these or other factors, the issuance of preferred stock could have
an adverse impact on the market price of the Class A common stock. As of the date of this
prospectus, no shares of our preferred stock are outstanding, and we have no present plans to issue any shares of preferred stock.
Anti-Takeover Effects of the Charter, the
Bylaws and Certain Provisions of Delaware Law
The Charter, the Bylaws and
the DGCL contain provisions, which are summarized in the following paragraphs, which are intended to enhance the likelihood of continuity
and stability in the composition of our board of directors and to discourage certain types of transactions that may involve an actual
or threatened acquisition of the Company. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to
a hostile change of control or other unsolicited acquisition proposal, and enhance the ability of our board of directors to maximize stockholder
value in connection with any unsolicited offer to acquire the Company. However, these provisions may have the effect of delaying, deterring
or preventing a merger or acquisition of the Company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder
might consider in its best interest, including attempts that might result in a premium over the prevailing market price for the shares
of Class A common stock. The Charter provides that any action required or permitted to be taken by our stockholders must be effected at
a duly called annual or extraordinary general meeting of such stockholders and may not be effected by any consent in writing by such holders
except that any action required or permitted to be taken by holders of Class B common stock, voting separately as a class, or, to the
extent expressly permitted to do so by the certificate of designation relating to one or more series of our preferred stock, voting separately
as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without
a vote, if a consent or consents, setting forth the action so taken, are signed by the holders of outstanding shares of the relevant class
or series having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which
all shares entitled to vote thereon were present and voted and are delivered to us in the manner forth in Section 228 of the DGCL.
Authorized but Unissued Capital Stock
Delaware law does not require
stockholder approval for any issuance of authorized shares. However, the listing requirements of NYSE, which would apply if and so long
as the Class A common stock remains listed on NYSE, require stockholder approval of certain issuances equal to or exceeding 20% of the
then outstanding voting power or then outstanding number of shares of Class A common stock. Additional shares that may be issued in the
future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate
acquisitions. One of the effects of the existence of our unissued and unreserved capital stock may be to enable our board of directors
to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain
control of the Company by means of a merger, tender offer, proxy contest or otherwise and thereby protect the continuity of management
and possibly deprive stockholders of opportunities to sell their shares of Class A common stock at prices higher than prevailing market
prices.
Blank Check Preferred Stock
The Charter provides for 1,000,000
authorized shares of preferred stock. The existence of authorized but unissued shares of preferred stock may enable our board of directors
to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.
For example, if in the due exercise of its fiduciary obligations, our board of directors were to determine that a takeover proposal is
not in the best interests of the Company or our stockholders, our board of directors could cause shares of preferred stock to be issued
without stockholder approval in one or more private offerings or other transactions that might dilute the voting or other rights of the
proposed acquirer or insurgent stockholder or stockholder group.
In this regard, the Charter
grants our board of directors broad power to establish the rights and preferences of authorized and unissued shares of preferred stock.
The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution to holders of shares
of common stock. The issuance may also adversely affect the rights and powers, including voting rights, of the holders of shares of common
stock and may have the effect of delaying, deterring or preventing a change in control of the Company.
Election of Directors and Vacancies
The Charter provides that our
board of directors will determine the number of directors who will serve on the board of directors. Subject to the Director Nomination
Agreement (as defined below), the exact number of directors will be fixed from time to time by a majority of our board of directors. The
Charter also provides that our board of directors will be declassified and will consist of one class of directors only, whose term will
continue to the first annual meeting of stockholders following the date of the Closing, and, thereafter, all directors will be elected
annually and will be elected for one year terms expiring at the next annual meeting of our stockholders. There will be no limit on the
number of terms a director may serve on our board of directors.
In addition, the Charter provides
that any vacancy on our board of directors, including a vacancy that results from an increase in the number of directors or a vacancy
that results from the removal of a director with cause, may be filled only by a majority of the directors then in office, subject to the
provisions of the Director Nomination Agreement and any rights of the holders of our preferred stock.
At the Closing of the Business
Combination, the Company and D8 entered into a director nomination agreement (the “Director Nomination Agreement”). Pursuant
to the Director Nomination Agreement, D8 holds certain rights to nominate two members to serve on our board of directors effective as
of the Closing Date, subject to the conditions set forth in the Director Nomination Agreement. D8’s initial nominees to our board
of directors were Donald Tang and David Ho. D8’s right to nominate one such member to the board of directors expired at our 2022
annual meeting of stockholders and the right to nominate the other member to the board of directors shall expire upon the earlier of (i)
the first date on which D8 ceases to beneficially own at least 2.5% of our issued and outstanding common stock and (ii) the termination
of the Director Nomination Agreement as of the date that is 36 months after the Closing Date.
Quorum
The Bylaws provide that at
any meeting of our board of directors, a majority of the total number of directors then in office constitutes a quorum for the transaction
of business.
No Cumulative Voting
Under Delaware law, the right
to vote cumulatively does not exist unless the certificate of incorporation expressly authorizes cumulative voting. The Charter does not
authorize cumulative voting.
General Stockholder Meetings
The Charter provides that special
meetings of stockholders may be called only by or at the direction of our board of directors.
Requirements for Advance Notification of Stockholder
Meetings, Nominations and Proposals
The Bylaws establish advance
notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations
made by or at the direction of our board of directors or a committee of our board of directors. For any matter to be “properly brought”
before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally,
to be timely, a stockholder’s notice must be received at our principal executive offices not less than 90 days nor more than 120
days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. The Bylaws allow our board of directors
to adopt rules and regulations for the conduct of a meeting of the stockholders as it deems appropriate, which may have the effect of
precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer,
delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors
or otherwise attempting to influence or obtain control of the Company.
Supermajority Provisions
The Charter and the Bylaws
provide that our board of directors is expressly authorized to make, alter, amend, change, add to, rescind or repeal, in whole or in part,
the Bylaws without a stockholder vote in any matter not inconsistent with the laws of the State of Delaware or the Charter and subject
to the rights of the parties to the Director Nomination Agreement.
The DGCL
provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single
class, is required to amend a corporation’s certificate of incorporation, unless the certificate of incorporation requires a greater
percentage. The Charter provides that the following provisions therein may be amended, altered, repealed or rescinded only by the affirmative
vote of the holders of at least 662/3% in voting power all the then outstanding shares of our capital stock entitled to vote thereon,
voting together as a single class:
| ● | the provision regarding our board of directors being authorized
to establish one or more series of preferred stock with such powers, preferences and relative, participating, optional and other special
rights, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences as our board of
directors may determine; |
| ● | the provision regarding our board of directors being authorized
to amend the Bylaws without a stockholder vote; |
| ● | the provisions regarding filling vacancies on our board of
directors and newly created directorships; |
| ● | the provisions regarding resignation and removal of directors;
the provisions regarding calling special meetings of stockholders; |
| ● | the provisions regarding stockholder action by written consent;
and |
| ● | the amendment provision requiring that the above provisions
be amended only with a 662/3% supermajority vote. |
These
provisions may have the effect of deterring hostile takeovers or delaying or preventing changes in control of the Company or our management,
such as a merger, reorganization or tender offer. These provisions are intended to enhance the likelihood of continued stability in the
composition of our board of directors and its policies and to discourage certain types of transactions that may involve an actual or threatened
acquisition of the Company. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions
are also intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging
others from making tender offers for our common stock and, as a consequence, may inhibit fluctuations in the market price of our common
stock that could result from actual or rumored takeover attempts. Such provisions may also have the effect of preventing changes in management.
Exclusive Forum
The
Charter will provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of
Delaware (or if such court does not have subject matter jurisdiction, the federal district court of the State of Delaware) will be the
sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim
of breach of a fiduciary duty owed by any current or former director, officer, other employee or stockholder of the Company to us or our
stockholders, (iii) any action asserting a claim (a) arising pursuant to any provision of Delaware law, the Charter or the Bylaws
or (b) as to which Delaware law confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) any action asserting
a claim against the Company or any current or former director, officer, employee, stockholder or agent of the Company governed by the
internal affairs doctrine of the law of the State of Delaware. To the fullest extent permitted by law, any person or entity purchasing
or otherwise acquiring or holding any interest in shares of our capital stock will be deemed to have notice of and consented to the forum
provisions in the Charter. In addition, the Charter provides that, unless we consent in writing to the selection of an alternate forum,
the federal district courts of the United States of America shall, to the fullest extent permitted by applicable law, be the exclusive
forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. This provision in the Charter
will not address or apply to claims that arise under the Exchange Act; however, Section 27 of the Exchange Act creates exclusive federal
jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder.
However, it is possible that a court could find our forum selection provisions to be inapplicable or unenforceable, and stockholders cannot
waive compliance with the federal securities laws and the rules and regulations thereunder. Although we believe this provision will benefit
us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may
have the effect of discouraging lawsuits against our directors and officers.
Conflicts of Interest
Delaware
law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the
corporation or its officers, directors or stockholders. The Charter, to the maximum extent permitted from time to time by Delaware law,
renounces any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities
that are from time to time presented to a member of our board of directors who is not an employee of ours or our subsidiaries, or any
employee or agent of such member, other than someone who is an employee of ours or our subsidiaries. The Charter does not renounce our
interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director
or officer of the Company.
Limitations on Liability
and Indemnification of Officers and Directors
The
DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary
damages for breaches of directors’ fiduciary duties, subject to certain exceptions. The Charter includes a provision that eliminates
the personal liability of directors for monetary damages for any breach of fiduciary duty as a director, except to the extent such exemption
from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions is to eliminate our rights and the
rights of our stockholders, through stockholders’ derivative suits on our behalf, to recover monetary damages from a director for
breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior. However, exculpation does not apply
to any director if the director has acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends or redemptions
or derived an improper benefit from his or her actions as a director.
The
limitation of liability provision in the Charter and the Bylaws may discourage stockholders from bringing a lawsuit against directors
for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against
directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your
investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant
to any indemnity agreements that may be entered into. We believe that this provision, liability insurance and any indemnity agreements
that may be entered into are necessary to attract and retain talented and experienced directors and officers.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable.
There
is currently no pending material litigation or proceeding involving any of our respective directors, officers or employees for which indemnification
is sought.
Transfer Agent and Registrar
The transfer agent and registrar
for our common stock is Continental Stock Transfer & Trust Company, with offices at 1 State Street, 30th Floor, New York, NY 10004.
Stock Exchange Listing
Our Class A common stock
and warrants to purchase Class A common stock are listed for trading on the NYSE
under the symbols “RBOT” and “RBOT.WS,” respectively.
DESCRIPTION OF DEBT SECURITIES
The following description,
together with the additional information we include in any applicable prospectus supplements, summarizes the material terms and provisions
of the debt securities that we may offer under this prospectus. While the terms we have summarized below will apply generally to any future
debt securities we may offer pursuant to this prospectus, we will describe the particular terms of any debt securities that we may offer
in more detail in the applicable prospectus supplement. If we so indicate in a prospectus supplement, the terms of any debt securities
offered under such prospectus supplement may differ from the terms we describe below, and to the extent the terms set forth in a prospectus
supplement differ from the terms described below, the terms set forth in the prospectus supplement shall control.
We may sell from time to
time, in one or more offerings under this prospectus, debt securities, which may be senior or subordinated. We will issue any such senior
debt securities under a senior indenture that we will enter into with a trustee to be named in the senior indenture. We will issue any
such subordinated debt securities under a subordinated indenture, which we will enter into with a trustee to be named in the subordinated
indenture. We have filed forms of these documents as exhibits to the registration statement, of which this prospectus is a part. We use
the term “indentures” to refer to either the senior indenture or the subordinated indenture, as applicable. The indentures
will be qualified under the Trust Indenture Act of 1939, or the Trust Indenture Act, as in effect on the date of the indenture. We use
the term “debenture trustee” to refer to either the trustee under the senior indenture or the trustee under the subordinated
indenture, as applicable.
The following summaries of
material provisions of the senior debt securities, the subordinated debt securities and the indentures are subject to, and qualified in
their entirety by reference to, all the provisions of the indenture applicable to a particular series of debt securities.
General
Each indenture provides that
debt securities may be issued from time to time in one or more series and may be denominated and payable in foreign currencies or units
based on or relating to foreign currencies. Neither the senior indenture nor any subordinated indenture limits the amount of debt securities
that may be issued thereunder, and each indenture provides that the specific terms of any series of debt securities shall be set forth
in, or determined pursuant to, an authorizing resolution or a supplemental indenture, if any, relating to such series.
We will describe in each
prospectus supplement the following terms relating to a series of debt securities:
| ● | the title or designation; |
| ● | the aggregate principal amount and any limit on the amount that may be issued; |
| ● | the currency or units based on or relating to currencies in which debt securities of such series are denominated
and the currency or units in which principal or interest or both will or may be payable; |
| ● | whether we will issue the series of debt securities in global form, the terms of any global securities
and who the depositary will be; |
| ● | the maturity date and the date or dates on which principal will be payable; |
| ● | the interest rate, which may be fixed or variable, or the method for determining the rate and the date
interest will begin to accrue, the date or dates interest will be payable and the record dates for interest payment dates or the method
for determining such dates; |
| ● | whether or not the debt securities will be secured or unsecured, and the terms of any secured debt; |
| ● | the terms of the subordination of any series of subordinated debt; |
| ● | the place or places where payments will be payable; |
| ● | our right, if any, to defer payment of interest and the maximum length of any such deferral period; |
| ● | the date, if any, after which, and the price at which, we may, at our option, redeem the series of debt
securities pursuant to any optional redemption provisions; |
| ● | the date, if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking
fund provisions or otherwise, to redeem, or at the holder’s option to purchase, the series of debt securities; |
| ● | whether the indenture will restrict our ability to pay dividends, or will require us to maintain any asset
ratios or reserves; |
| ● | whether we will be restricted from incurring any additional indebtedness; |
| ● | a discussion of any material or special U.S. federal income tax considerations applicable to a series
of debt securities; |
| ● | the denominations in which we will issue the series of debt securities, if other than denominations of
$1,000 and any integral multiple thereof; and |
| ● | any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities. |
We may issue debt securities
that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity
pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other special
considerations applicable to any of these debt securities in the applicable prospectus supplement.
Conversion or Exchange Rights
We will set forth in the
prospectus supplement the terms, if any, on which a series of debt securities may be convertible into or exchangeable for our common stock
or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or
at our option. We may include provisions pursuant to which the number of shares of our common stock or our other securities that the holders
of the series of debt securities receive would be subject to adjustment.
Consolidation, Merger or Sale; No Protection
in Event of a Change of Control or Highly Leveraged Transaction
The indentures do not contain
any covenant that restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially
all of our assets. However, any successor to or acquirer of such assets must assume all of our obligations under the indentures or the
debt securities, as appropriate.
Unless we state otherwise
in the applicable prospectus supplement, the debt securities will not contain any provisions that may afford holders of the debt securities
protection in the event we have a change of control or in the event of a highly leveraged transaction (whether or not such transaction
results in a change of control), which could adversely affect holders of debt securities.
Events of Default Under the Indenture
The following are events
of default under the indentures with respect to any series of debt securities that we may issue:
| ● | if we fail to pay interest when due and our failure continues for 90 days and the time for payment has
not been extended or deferred; |
| ● | if we fail to pay the principal, or premium, if any, when due and the time for payment has not been extended
or delayed; |
| ● | if we fail to observe or perform any other covenant set forth in the debt securities of such series or
the applicable indentures, other than a covenant specifically relating to and for the benefit of holders of another series of debt securities,
and our failure continues for 90 days after we receive written notice from the debenture trustee or holders of not less than a majority
in aggregate principal amount of the outstanding debt securities of the applicable series; and |
| ● | if specified events of bankruptcy, insolvency or reorganization occur as to us. |
No event of default with
respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily
constitutes an event of default with respect to any other series of debt securities. The occurrence of an event of default may constitute
an event of default under any bank credit agreements we may have in existence from time to time. In addition, the occurrence of certain
events of default or an acceleration under the indenture may constitute an event of default under certain of our other indebtedness outstanding
from time to time.
If an event of default with
respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less
than a majority in principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the debenture
trustee if given by the holders), declare to be due and payable immediately the principal (or, if the debt securities of that series are
discount securities, that portion of the principal amount as may be specified in the terms of that series) of and premium and accrued
and unpaid interest, if any, on all debt securities of that series. Before a judgment or decree for payment of the money due has been
obtained with respect to debt securities of any series, the holders of a majority in principal amount of the outstanding debt securities
of that series (or, at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount
of the debt securities of such series represented at such meeting) may rescind and annul the acceleration if all events of default, other
than the non-payment of accelerated principal, premium, if any, and interest, if any, with respect to debt securities of that series,
have been cured or waived as provided in the applicable indenture (including payments or deposits in respect of principal, premium or
interest that had become due other than as a result of such acceleration). We refer you to the prospectus supplement relating to any series
of debt securities that are discount securities for the particular provisions relating to acceleration of a portion of the principal amount
of such discount securities upon the occurrence of an event of default.
Subject to the terms of the
indentures, if an event of default under an indenture shall occur and be continuing, the debenture trustee will be under no obligation
to exercise any of its rights or powers under such indenture at the request or direction of any of the holders of the applicable series
of debt securities, unless such holders have offered the debenture trustee reasonable indemnity. The holders of a majority in principal
amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the debenture trustee, or exercising any trust or power conferred on the debenture trustee, with respect to
the debt securities of that series, provided that:
| ● | the direction so given by the holder is not in conflict with any law or the applicable indenture; and |
| ● | subject to its duties under the Trust Indenture Act, the debenture trustee need not take any action that
might involve it in personal liability or might be unduly prejudicial to the holders not involved in the proceeding. |
A holder of the debt securities
of any series will only have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek
other remedies if:
| ● | the holder previously has given written notice to the debenture trustee of a continuing event of default
with respect to that series; |
| ● | the holders of at least a majority in aggregate principal amount of the outstanding debt securities of
that series have made written request, and such holders have offered reasonable indemnity to the debenture trustee to institute the proceeding
as trustee; and |
| ● | the debenture trustee does not institute the proceeding, and does not receive from the holders of a majority
in aggregate principal amount of the outstanding debt securities of that series (or at a meeting of holders of such series at which a
quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) other
conflicting directions within 60 days after the notice, request and offer. |
These limitations do not
apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest
on, the debt securities.
We will periodically file
statements with the applicable debenture trustee regarding our compliance with specified covenants in the applicable indenture.
Modification of Indenture; Waiver
The debenture trustee and we may change the applicable
indenture without the consent of any holders with respect to specific matters, including:
| ● | to fix any ambiguity, defect or inconsistency in the indenture; and |
| ● | to change anything that does not materially adversely affect the interests of any holder of debt securities
of any series issued pursuant to such indenture. |
In addition, under the indentures,
the rights of holders of a series of debt securities may be changed by us and the debenture trustee with the written consent of the holders
of at least a majority in aggregate principal amount of the outstanding debt securities of each series (or, at a meeting of holders of
such series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented
at such meeting) that is affected. However, the debenture trustee and we may make the following changes only with the consent of each
holder of any outstanding debt securities affected:
| ● | extending the fixed maturity of the series of debt securities; |
| ● | reducing the principal amount, reducing the rate of or extending the time of payment of interest, or any
premium payable upon the redemption of any debt securities; |
| ● | reducing the principal amount of discount securities payable upon acceleration of maturity; |
| ● | making the principal of or premium or interest on any debt security payable in currency other than that
stated in the debt security; or |
| ● | reducing the percentage of debt securities, the holders of which are required to consent to any amendment
or waiver. |
Except for certain specified
provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series (or, at a meeting
of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series
represented at such meeting) may on behalf of the holders of all debt securities of that series waive our compliance with provisions of
the indenture. The holders of a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders
of all the debt securities of such series waive any past default under the indenture with respect to that series and its consequences,
except a default in the payment of the principal of, premium or any interest on any debt security of that series or in respect of a covenant
or provision, which cannot be modified or amended without the consent of the holder of each outstanding debt security of the series affected;
provided, however, that the holders of a majority in principal amount of the outstanding debt securities of any series may rescind an
acceleration and its consequences, including any related payment default that resulted from the acceleration.
Discharge
Each indenture provides that
we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for obligations to:
| ● | transfer or exchange debt securities of the series; |
| ● | replace stolen, lost or mutilated debt securities of the series; |
| ● | maintain paying agencies; |
| ● | hold monies for payment in trust; |
| ● | compensate and indemnify the trustee; and |
| ● | appoint any successor trustee. |
In order to exercise our
rights to be discharged with respect to a series, we must deposit with the trustee money or government obligations sufficient to pay all
the principal of, the premium, if any, and interest on, the debt securities of the series on the dates payments are due.
Form, Exchange, and Transfer
We will issue the debt securities
of each series only in fully registered form without coupons and, unless we otherwise specify in the applicable prospectus supplement,
in denominations of $1,000 and any integral multiple thereof. The indentures provide that we may issue debt securities of a series in
temporary or permanent global form and as book-entry securities that will be deposited with, or on behalf of, The Depository Trust Company
or another depositary named by us and identified in a prospectus supplement with respect to that series.
At the option of the holder,
subject to the terms of the indentures and the limitations applicable to global securities described in the applicable prospectus supplement,
the holder of the debt securities of any series can exchange the debt securities for other debt securities of the same series, in any
authorized denomination and of like tenor and aggregate principal amount.
Subject to the terms of the
indentures and the limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the debt
securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed
thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office of any
transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder presents for transfer
or exchange or in the applicable indenture, we will make no service charge for any registration of transfer or exchange, but we may require
payment of any taxes or other governmental charges.
We will name in the applicable
prospectus supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially designate
for any debt securities. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve
a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent in each place
of payment for the debt securities of each series.
If we elect to redeem the
debt securities of any series, we will not be required to:
| ● | issue, register the transfer of, or exchange any debt securities of that series during a period beginning
at the opening of business 15 days before the day of mailing of a notice of redemption of any debt securities that may be selected for
redemption and ending at the close of business on the day of the mailing; or |
| ● | register the transfer of or exchange any debt securities so selected for redemption, in whole or in part,
except the unredeemed portion of any debt securities we are redeeming in part. |
Information Concerning the Debenture Trustee
The debenture trustee, other
than during the occurrence and continuance of an event of default under the applicable indenture, undertakes to perform only those duties
as are specifically set forth in the applicable indenture. Upon an event of default under an indenture, the debenture trustee under such
indenture must use the same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs. Subject
to this provision, the debenture trustee is under no obligation to exercise any of the powers given it by the indentures at the request
of any holder of debt securities unless it is offered reasonable security and indemnity against the costs, expenses and liabilities that
it might incur.
Payment and Paying Agents
Unless we otherwise indicate
in the applicable prospectus supplement, we will make payment of the interest on any debt securities on any interest payment date to the
person in whose name the debt securities, or one or more predecessor securities, are registered at the close of business on the regular
record date for the interest.
We will pay principal of
and any premium and interest on the debt securities of a particular series at the office of the paying agents designated by us, except
that, unless we otherwise indicate in the applicable prospectus supplement, we will make interest payments by check which we will mail
to the holder. Unless we otherwise indicate in a prospectus supplement, we will designate the corporate trust office of the debenture
trustee in the City of New York as our sole paying agent for payments with respect to debt securities of each series. We will name in
the applicable prospectus supplement any other paying agents that we initially designate for the debt securities of a particular series.
We will maintain a paying agent in each place of payment for the debt securities of a particular series.
All money we pay to a paying
agent or the debenture trustee for the payment of the principal of or any premium or interest on any debt securities which remains unclaimed
at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of the
security thereafter may look only to us for payment thereof.
Governing Law
The indentures and the debt
securities will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust
Indenture Act is applicable.
Subordination of Subordinated Debt Securities
Our obligations pursuant
to any subordinated debt securities will be unsecured and will be subordinate and junior in priority of payment to certain of our other
indebtedness to the extent described in a prospectus supplement. The subordinated indenture does not limit the amount of senior indebtedness
we may incur. It also does not limit us from issuing any other secured or unsecured debt.
DESCRIPTION OF WARRANTS
General
We may issue warrants to
purchase shares of our common stock, preferred stock or debt securities in one or more series together with other securities or separately,
as described in the applicable prospectus supplement. Below is a description of certain general terms and provisions of the warrants that
we may offer. Particular terms of the warrants will be described in the warrant agreements and the prospectus supplement relating to the
warrants.
The applicable prospectus
supplement will contain, where applicable, the following terms of and other information relating to the warrants:
| ● | the specific designation and aggregate number of, and the price at which we will issue, the warrants; |
| ● | the currency or currency units in which the offering price, if any, and the exercise price are payable; |
| ● | the designation, amount and terms of the securities purchasable upon exercise of the warrants; |
| ● | if applicable, the exercise price for shares of our common stock and the number of shares of common stock
to be received upon exercise of the warrants; |
| ● | if applicable, the exercise price for shares of our preferred stock, the number of shares of preferred
stock to be received upon exercise, and a description of that series of our preferred stock; |
| ● | if applicable, the exercise price for our debt securities, the amount of debt securities to be received
upon exercise, and a description of that series of debt securities; |
| ● | the date on which the right to exercise the warrants will begin and the date on which that right will
expire or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise
the warrants; |
| ● | whether the warrants will be issued in fully registered form or bearer form, in definitive or global form
or in any combination of these forms, although, in any case, the form of a warrant included in a unit will correspond to the form of the
unit and of any security included in that unit; |
| ● | any applicable material U.S. federal income tax consequences; |
| ● | the identity of the warrant agent for the warrants and of any other depositaries, execution or paying
agents, transfer agents, registrars or other agents; |
| ● | the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants
on any securities exchange; |
| ● | if applicable, the date from and after which the warrants and the common stock, preferred stock or debt
securities will be separately transferable; |
| ● | if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time; |
| ● | information with respect to book-entry procedures, if any; |
| ● | the anti-dilution provisions of the warrants, if any; |
| ● | any redemption or call provisions; |
| ● | whether the warrants may be sold separately or with other securities as parts of units; and |
| ● | any additional terms of the warrants, including terms, procedures and limitations relating to the exchange
and exercise of the warrants. |
Outstanding Warrants
As of September 15, 2022,
we had (i) 17,248,601 outstanding public warrants to purchase 17,248,601 shares of our Class A common stock at an exercise price of $11.50
per share, (ii) 8,900,000 outstanding private placement warrants issued in connection with D8’s initial public offering exercisable
for 8,900,000 shares of our Class A common stock at an exercise price of $11.50 per share, and (iii) 1,500,000 outstanding private placement
warrants issued upon conversion of working capital loans made to D8 exercisable for 1,500,000 shares of our Class A common stock at an
exercise price of $11.50 per share. The warrants became exercisable 30 days after the closing of our Business Combination, which occurred
on September 17, 2021. In certain circumstances, the warrants may be exercised on a cashless basis. The warrants will expire at 5:00 p.m.,
New York City Time on the earlier to occur of: (i) five years from the completion of an initial business combination, (ii) the liquidation
of the Company, if we fail to complete a business combination, or (iii) the redemption date as fixed by us pursuant to the warrant agreement,
if we elect to redeem all warrants.
Transfer Agent and Registrar
The transfer agent and registrar
for any warrants will be set forth in the applicable prospectus supplement.
DESCRIPTION OF RIGHTS
General
We may issue rights to our
stockholders to purchase shares of our common stock, preferred stock or the other securities described in this prospectus. We may offer
rights separately or together with one or more additional rights, debt securities, preferred stock, common stock or warrants, or any combination
of those securities in the form of units, as described in the applicable prospectus supplement. Each series of rights will be issued under
a separate rights agreement to be entered into between us and a bank or trust company, as rights agent. The rights agent will act solely
as our agent in connection with the certificates relating to the rights of the series of certificates and will not assume any obligation
or relationship of agency or trust for or with any holders of rights certificates or beneficial owners of rights. The following description
sets forth certain general terms and provisions of the rights to which any prospectus supplement may relate. The particular terms of the
rights to which any prospectus supplement may relate and the extent, if any, to which the general provisions may apply to the rights so
offered will be described in the applicable prospectus supplement. To the extent that any particular terms of the rights, rights agreement
or rights certificates described in a prospectus supplement differ from any of the terms described below, then the terms described below
will be deemed to have been superseded by that prospectus supplement. We encourage you to read the applicable rights agreement and rights
certificate for additional information before you decide whether to purchase any of our rights.
We will provide in a prospectus
supplement the following terms of the rights being issued:
| ● | the date of determining the stockholders entitled to the rights distribution; |
| ● | the aggregate number of shares of common stock, preferred stock or other securities purchasable upon exercise
of the rights; |
| ● | the aggregate number of rights issued; |
| ● | whether the rights are transferrable and the date, if any, on and after which the rights may be separately
transferred; |
| ● | the date on which the right to exercise the rights will commence, and the date on which the right to exercise
the rights will expire; |
| ● | the method by which holders of rights will be entitled to exercise; |
| ● | the conditions to the completion of the offering, if any; |
| ● | the withdrawal, termination and cancellation rights, if any; |
| ● | whether there are any backstop or standby purchaser or purchasers and the terms of their commitment, if
any; |
| ● | whether stockholders are entitled to oversubscription rights, if any; |
| ● | any applicable material U.S. federal income tax considerations; and |
| ● | any other terms of the rights, including terms, procedures and limitations relating to the distribution,
exchange and exercise of the rights, as applicable. |
Each right will entitle the
holder of rights to purchase for cash the principal amount of shares of common stock, preferred stock or other securities at the exercise
price provided in the applicable prospectus supplement. Rights may be exercised at any time up to the close of business on the expiration
date for the rights provided in the applicable prospectus supplement.
Holders may exercise rights
as described in the applicable prospectus supplement. Upon receipt of payment and the rights certificate properly completed and duly executed
at the corporate trust office of the rights agent or any other office indicated in the prospectus supplement, we will, as soon as practicable,
forward the shares of common stock, preferred stock or other securities, as applicable, purchasable upon exercise of the rights. If less
than all of the rights issued in any rights offering are exercised, we may offer any unsubscribed securities directly to persons other
than stockholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby
arrangements, as described in the applicable prospectus supplement.
Rights Agent
The rights agent for any
rights we offer will be set forth in the applicable prospectus supplement.
DESCRIPTION OF UNITS
The following description,
together with the additional information that we include in any applicable prospectus supplements summarizes the material terms and provisions
of the units that we may offer under this prospectus. While the terms we have summarized below will apply generally to any units that
we may offer under this prospectus, we will describe the particular terms of any series of units in more detail in the applicable prospectus
supplement. The terms of any units offered under a prospectus supplement may differ from the terms described below.
We will incorporate by reference
from reports that we file with the SEC, the form of unit agreement that describes the terms of the series of units we are offering, and
any supplemental agreements, before the issuance of the related series of units. The following summaries of material terms and provisions
of the units are subject to, and qualified in their entirety by reference to, all the provisions of the unit agreement and any supplemental
agreements applicable to a particular series of units. We urge you to read the applicable prospectus supplements related to the particular
series of units that we may offer under this prospectus, as well as any related free writing prospectuses and the complete unit agreement
and any supplemental agreements that contain the terms of the units.
General
We may issue units consisting
of common stock, preferred stock, one or more debt securities, warrants or rights for the purchase of common stock, preferred stock or
debt securities in one or more series, in any combination. Each unit will be issued so that the holder of the unit is also the holder
of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each security included
in the unit. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred
separately, at any time or at any time before a specified date.
We will describe in the applicable
prospectus supplement the terms of the series of units being offered, including:
| ● | the designation and terms of the units and of the securities comprising the units, including whether and
under what circumstances those securities may be held or transferred separately; |
| ● | any provisions of the governing unit agreement that differ from those described below; and |
| ● | any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities
comprising the units. |
The provisions described
in this section, as well as those set forth in any prospectus supplement or as described under “Description of Common Stock,”
“Description of Preferred Stock,” “Description of Debt Securities,” “Description of Warrants,” and
“Description of Rights” will apply to each unit, as applicable, and to any common stock, preferred stock, debt security, warrant
or right included in each unit, as applicable.
Unit Agent
The name and address of the
unit agent for any units we offer will be set forth in the applicable prospectus supplement.
Issuance in Series
We may issue units in such
amounts and in such numerous distinct series as we determine.
Enforceability of Rights by Holders of Units
Each unit agent will act
solely as our agent under the applicable unit agreement and will not assume any obligation or relationship of agency or trust with any
holder of any unit. A single bank or trust company may act as unit agent for more than one series of units. A unit agent will have no
duty or responsibility in case of any default by us under the applicable unit agreement or unit, including any duty or responsibility
to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a unit may, without the consent of the
related unit agent or the holder of any other unit, enforce by appropriate legal action its rights as holder under any security included
in the unit.
LEGAL MATTERS
Mintz, Levin, Cohn, Ferris,
Glovsky and Popeo, P.C., Boston, Massachusetts, will pass upon the validity of the issuance of the securities to be offered by this prospectus.
EXPERTS
The financial statements
of Vicarious Surgical Inc. as of December 31, 2021 and 2020, and for each of the two years in the period ended December 31, 2021, incorporated
by reference in this Prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as
stated in their report. Such financial statements are incorporated by reference in reliance upon the report of such firm, given their
authority as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We are subject to the reporting
requirements of the Exchange Act and file annual, quarterly and current reports, proxy statements and other information with the SEC.
SEC filings are available at the SEC’s web site at https://www.sec.gov.
This prospectus is only part
of a registration statement on Form S-3 that we have filed with the SEC under the Securities Act, and therefore omits certain information
contained in the registration statement. We have also filed exhibits and schedules with the registration statement that are excluded from
this prospectus, and you should refer to the applicable exhibit or schedule for a complete description of any statement referring to any
contract or other document. We also maintain a website at https://www.vicarioussurgical.com, through which you can access our SEC
filings. The information set forth on our website is not part of this prospectus.
INCORPORATION OF DOCUMENTS BY REFERENCE
The SEC allows us to “incorporate
by reference” information that we file with them. Incorporation by reference allows us to disclose important information to you
by referring you to those other documents. The information incorporated by reference is an important part of this prospectus, and information
that we file later with the SEC will automatically update and supersede this information. We filed a registration statement on Form S-3
under the Securities Act with the SEC with respect to the securities we may offer pursuant to this prospectus. This prospectus omits certain
information contained in the registration statement, as permitted by the SEC. You should refer to the registration statement, including
the exhibits, for further information about us and the securities we may offer pursuant to this prospectus. Statements in this prospectus
regarding the provisions of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily
complete and each statement is qualified in all respects by that reference. Copies of all or any part of the registration statement, including
the documents incorporated by reference or the exhibits, are available at the SEC’s web site at https://www.sec.gov. The
documents we are incorporating by reference are:
| ● | our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 that we filed with the SEC
on March 31, 2022; |
| ● | our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022 that we
filed with the SEC on May
9, 2022 and August 8, 2022, respectively; |
| ● | the portions of our definitive proxy statement on Schedule 14A that we filed with the SEC on April 29,
2022 that are deemed “filed” with the SEC under the Exchange Act; |
| ● | our Current Report on Form 8-K that we filed with the SEC on June 3, 2022; |
| ● | the description of our Class A common stock contained in our Registration Statement on Form 8-A filed
with the SEC on July 13, 2020, including any amendment or report filed for the purpose of updating such description; and |
| ● | all reports and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d)
of the Exchange Act after the date of this prospectus and prior to the termination or completion of the offering of securities under this
prospectus shall be deemed to be incorporated by reference in this prospectus and to be a part hereof from the date of filing such reports
and other documents. |
In
addition, all reports and other documents filed by us pursuant to the Exchange Act after the date of the registration statement of which
this prospectus is a part and prior to effectiveness of the registration statement shall be deemed to be incorporated by reference into
this prospectus.
Any statement contained in
this prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or any other subsequently filed
document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the statement. Any statement so modified
or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.
You may request, orally or
in writing, a copy of any or all of the documents incorporated herein by reference. These documents will be provided to you at no cost,
by contacting:
Vicarious Surgical Inc.
78 Fourth Avenue
Waltham, Massachusetts 02451
(617) 868-1700
You may also access these
documents on our website, https://www.vicarioussurgical.com. The information contained on, or that can be accessed through, our
website is not a part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.
VICARIOUS SURGICAL
INC.
$400,000,000
CLASS A COMMON STOCK
PREFERRED STOCK
DEBT SECURITIES
WARRANTS
RIGHTS
UNITS
PROSPECTUS
,
2022
THE
INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING
AN OFFER TO BUY THESE SECURITIES IN ANY STATE OR OTHER JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
SUBJECT
TO COMPLETION, DATED OCTOBER 7, 2022
PROSPECTUS
Vicarious
Surgical Inc.
$100,000,000
Class
A common stock
We
have entered into a Sales Agreement, or sales agreement, with Cowen and Company, LLC, or Cowen, dated October 7, 2022, relating to the
sale of shares of our Class A common stock offered by this prospectus. In accordance with the terms of the sales agreement, under this
prospectus we may offer and sell shares of our Class A common stock, $0.0001 par value per share, having an aggregate offering price
of up to $100,000,000, from time to time through Cowen, acting as our agent.
Sales
of our Class A common stock, if any, under this prospectus will be made by any method permitted that is deemed an “at the market
offering” as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act, including sales made directly
on or through the New York Stock Exchange or any other existing trading market for our Class A common stock. Cowen is not required to
sell any specific amount, but will act as our sales agent using commercially reasonable efforts consistent with its normal trading and
sales practices. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.
Cowen
will be entitled to compensation at a commission rate of 3% of the gross sales price per share sold under the sales agreement. See “Plan
of Distribution” beginning on page S-17 for additional information regarding the compensation to be paid to Cowen. In connection
with the sale of the Class A common stock on our behalf, Cowen will be deemed to be an “underwriter” within the meaning of
the Securities Act and the compensation of Cowen will be deemed to be underwriting commissions or discounts. We have also agreed to provide
indemnification and contribution to Cowen with respect to certain liabilities, including liabilities under the Securities Act or the
Securities Exchange Act of 1934, as amended, or the Exchange Act.
Our
Class A common stock is listed on the New York Stock Exchange under the symbol “RBOT.” On October 6, 2022, the last reported
sale price of our Class A common stock was $3.47 per share.
Investing
in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should consider carefully
the risks that we have described on page S-4 of this prospectus under the caption “Risk Factors” and in the documents
incorporated by reference in this prospectus.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
Cowen
The
date of this prospectus is , 2022.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission, or SEC, using a
“shelf” registration process. Under this shelf registration process, we may from time to time sell shares of our Class A
common stock having an aggregate offering price of up to $100,000,000 under this prospectus at prices and on terms to be determined by
market conditions at the time of the offering.
This
prospectus does not contain all of the information included in the registration statement. For a more complete understanding of the offering
of the securities, you should refer to the registration statement, including its exhibits. This prospectus, together with the documents
incorporated by reference into this prospectus, includes all material information relating to the offering of securities under this prospectus.
You should carefully read this prospectus, the information and documents incorporated herein by reference and the additional information
under the headings “Where You Can Find More Information” and “Incorporation of Documents by Reference” before
making an investment decision.
You
should rely only on the information contained in or incorporated by reference in this prospectus. We have not, and Cowen has not, authorized
anyone to provide you with information different from that contained or incorporated by reference in this prospectus. No dealer, salesperson
or other person is authorized to give any information or to represent anything not contained or incorporated by reference in this prospectus.
You must not rely on any unauthorized information or representation. This prospectus is an offer to sell only the shares of our Class
A common stock offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should assume that
the information in this prospectus is accurate only as of the date on the front of the document and that any information we have incorporated
herein by reference is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of
this prospectus or any sale of a security.
We
further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document
that is incorporated by reference in this prospectus were made solely for the benefit of the parties to such agreement, including, in
some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation,
warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly,
such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.
To
the extent there are inconsistencies between this prospectus and any documents incorporated by reference, the document with the most
recent date will control.
Unless
the context otherwise requires, “the Company,” “we,” “us,” “our” and similar terms refer
to Vicarious Surgical Inc. and its direct and indirect subsidiaries.
PROSPECTUS
SUMMARY
The
following is a summary of what we believe to be the most important aspects of our business and the offering of our securities under this
prospectus. We urge you to read this entire prospectus, including the more detailed consolidated financial statements, notes to the consolidated
financial statements and other information incorporated by reference from our other filings with the SEC. Investing in our securities
involves risks. Please carefully consider the risk factors set forth in our most recent annual and quarterly filings with the SEC, as
well as other information in this prospectus and the documents incorporated by reference herein or therein, before purchasing our securities.
Each of the risk factors could adversely affect our business, operating results and financial condition, as well as adversely affect
the value of an investment in our securities.
About
Vicarious Surgical Inc.
We
are combining advanced miniaturized robotics, computer science and 3D visualization to build a new category of intelligent and affordable,
single-incision surgical robot that virtually transports surgeons inside the patient to perform minimally invasive surgery, or MIS. With
our next-generation robotics technology and proprietary human-like surgical robots, we are seeking to improve patient outcomes, as well
as the cost and efficacy of surgical procedures. Led by a visionary team of engineers from the Massachusetts Institute of Technology,
we intend to deliver the next generation in robotic surgery, designed to solve the shortcomings of both open surgery, as well as current
manual and robot-assisted MIS.
We
estimate there are over 39 million soft tissue surgical procedures addressable by our technology. Of these procedures, it is estimated
that more than 50% are performed using open surgery, and less than 5% are performed by current robot-assisted MIS.
We
believe this slow adoption of robot-assisted surgery has occurred because of several factors, including the following:
| ● | Significant
Capital Investment. Existing robotic systems require a high upfront cost and burdensome annual service contracts that are often prohibitively
expensive, especially in outpatient settings. These capital costs are estimated to be up to $2.0 million per system upfront, plus an
additional 10-20% annually for maintenance and service contracts. |
| ● | Low
Utilization. In addition to the significant acquisition costs, existing robotic systems create inefficiencies and increase costs to medical
facilities considering adoption. Due to their large size and limited portability, existing robotic systems require the construction of
a dedicated operating room, occupying valuable real estate within the hospital. Once in place, these robotic systems require extensive
set-up and operating room turnover times, which limits the number of procedures that can be performed with the robotic system. |
| ● | Limited
Capabilities. Existing robotic systems have limited capabilities and are ill-suited for many outpatient procedures. Due to their limited
degrees of freedom inside the abdomen, they depend on significant, complicated, robotic motion outside the body, and they have limited
ability to operate in multiple quadrants, difficulty operating on the “ceiling” of the abdomen, create collisions inside
and outside of the patient’s abdomen, and restrict overall access of the operating team to the patient. |
| ● | Difficult
to Use. Existing robotic systems necessitate device-specific training requiring the surgeon to “design the robotic motion”
for each procedure. In choosing the incision sites, the surgeon must effectively design the kinematic motion of the robot for every procedure
to operate well and avoid collisions inside and outside of the patient’s abdomen. They must design this kinematic motion with fewer
degrees of freedom than they would employ using open surgery, restricting their natural movements. To become proficient at manipulating
these legacy robotic systems to perform the procedures they otherwise were trained to perform via open surgery requires extensive training
and several dozen procedures on live patients. As these systems are maintained in dedicated, expensive, operating rooms, obtaining access
to train on the system becomes a significant impediment to adoption, resulting in more open surgeries. |
Our
single-port system with advanced, miniaturized robotics and advanced visualization, or the Vicarious System, is designed to address the
significant limitations of open surgery and existing single- and multi-port robotic surgical approaches to improve patient outcomes and
enhance adoption by hospitals and other medical facilities. The Vicarious System is designed with a fundamentally different architecture,
and proprietary “de-coupled actuators,” to overcome many of the limitations of open surgery or existing robot-assisted surgical
procedures with a minimally invasive and more capable robotic system. This architecture enables unprecedented dexterity inside the abdomen
through an ultra-thin support tube, providing significant improvement over existing legacy robotic systems and minimizing the complications
and trauma associated with open surgery.
Additional
Information
For
additional information related to our business and operations, please refer to the reports incorporated herein by reference, including
our Annual Report on Form 10-K for the year ended December 31, 2021, as described under the caption “Incorporation of Documents
by Reference” on page S-19 of this prospectus.
Our
Corporate Information
Vicarious
Surgical Inc. was originally incorporated in the Cayman Islands as a special purpose acquisition company under the name D8 Holdings Corp.,
or D8, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination involving D8 and one or more businesses. On September 17, 2021, or the Closing, we consummated the transaction contemplated
by the Agreement and Plan of Merger, dated as of April 15, 2021, or the Business Combination Agreement, by and among D8, Snowball Merger
Sub, Inc., a Delaware corporation and wholly owned subsidiary of D8, or Merger Sub, and Vicarious Surgical Inc., a Delaware corporation
incorporated in the State of Delaware on May 1, 2014, or Legacy Vicarious Surgical.
Pursuant
to the terms of the Business Combination Agreement, a business combination between D8 was effected through the merger of Merger Sub with
and into Legacy Vicarious Surgical, with Legacy Vicarious Surgical surviving as a wholly owned subsidiary of D8, or the “Merger,
and collectively with the other transactions described in the Business Combination Agreement, the Business Combination. Effective as
of the Closing, D8 changed its named to Vicarious Surgical Inc. and Legacy Vicarious Surgical changed its name to Vicarious Surgical
US Inc.
Our
corporate headquarters are located at 78 Fourth Avenue, Waltham, Massachusetts 02451 and our telephone number is (617) 868-1700. We maintain
a website at www.vicarioussurgical.com, to which we regularly post copies of our press releases as well as additional information about
us. The information contained on, or that can be accessed through, our website is not a part of this prospectus. We have included our
website address in this prospectus solely as an inactive textual reference.
Our
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports filed or
furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are available free
of charge through the investor relations page of our website as soon as reasonably practicable after we electronically file such material
with, or furnish it to, the SEC.
All
brand names or trademarks appearing in this prospectus are the property of their respective holders. Use or display by us of other parties’
trademarks, trade dress, or products in this prospectus is not intended to, and does not, imply a relationship with, or endorsements
or sponsorship of, us by the trademark or trade dress owners.
THE
OFFERING
Class
A common stock offered by us |
Shares of our Class A common stock having an aggregate offering price of up to $100,000,000.
|
Manner
of offering |
“At the market” offering that may be made from time to time through our sales agent, Cowen and Company, LLC. See “Plan of Distribution” on page S-17 of this prospectus.
|
Use
of proceeds |
We currently intend to use the net proceeds from this offering for our operations, the development of the Vicarious System surgical robot, and other general corporate purposes, including, but not limited to, working capital, intellectual property protection and enforcement, capital expenditures, repayment of any existing indebtedness, investments, acquisitions and collaborations. See the section entitled “Use of Proceeds” on page S-7 of this prospectus.
|
Risk
factors |
See “Risk Factors” beginning on page S-4 of this prospectus and the other information included in, or incorporated by reference into, this prospectus for a discussion of certain factors you should carefully consider before deciding to invest in shares of our Class A common stock.
|
New
York Stock Exchange symbol |
“RBOT” |
RISK
FACTORS
An
investment in our Class A common stock involves a high degree of risk. Before deciding whether to invest in our Class A common stock,
you should consider carefully the risks described below and discussed under the sections captioned “Risk Factors” contained
in our most recent Annual Report on Form 10-K, as well as in any of our subsequent Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K filed with the SEC, which are incorporated by reference herein in their entirety, together with other information in this
prospectus, the information and documents incorporated by reference in this prospectus, and in any free writing prospectus that we have
authorized for use in connection with this offering. If any of these risks actually occurs, our business, financial condition, results
of operations or cash flow could be seriously harmed. This could cause the trading price of our Class A common stock to decline, resulting
in a loss of all or part of your investment.
Our
business, financial condition or results of operations could be materially adversely affected by any of these risks. The trading price
of our securities could decline due to any of these risks, and you may lose part or all of your investment. This prospectus and the incorporated
documents also contain forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from
those anticipated in these forward-looking statements as a result of certain factors, including the risks mentioned below. Forward-looking
statements included in this prospectus are based on information available to us on the date hereof, and all forward-looking statements
in documents incorporated by reference are based on information available to us as of the date of such documents. We disclaim any obligation
to update any forward-looking statements.
Risks
Related to this Offering
Shares
of our Class A common stock offered hereby will be sold in “at the market offerings,” and investors who buy shares of our
Class A common stock at different times will likely pay different prices.
Investors
who purchase shares of our Class A common stock in this offering at different times will likely pay different prices, and so may experience
different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers
of shares of our Class A common stock sold, and there is no minimum or maximum sales price. Investors may experience a decline in the
value of their shares of Class A common stock as a result of sales made at prices lower than the prices they paid.
The
actual number of shares of our Class A common stock we will issue under the sales agreement, at any one time or in total, is uncertain.
Subject
to certain limitations in the sales agreement and compliance with applicable law, we have the discretion to deliver a placement notice
to Cowen at any time throughout the term of the sales agreement. The number of shares of our Class A common stock that are sold by Cowen
after delivering a placement notice will fluctuate based on the market price of our Class A common stock during the sales period and
limits we set with Cowen. Because the price per share of Class A common stock sold will fluctuate based on the market price of our Class
A common stock during the sales period, it is not possible at this stage to predict the number of shares of our Class A common stock
that will be ultimately issued.
Our
management will have broad discretion over the use of the net proceeds from this offering, and you may not agree with how we use the
proceeds and the proceeds may not be invested successfully.
Our
management will have broad discretion as to the use of the net proceeds from this offering and could use them for purposes other than
those contemplated at the time of this offering. Accordingly, you are relying on the judgment of our management with regard to the use
of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds will
be used appropriately. It is possible that the proceeds will be invested in a way that does not yield a favorable, or any, return for
the Company.
Purchasers
will experience immediate dilution in the book value per share of the Class A common stock purchased in the offering.
The shares sold in this offering,
if any, will be sold from time to time at various prices. However, we expect that the offering price of our Class A common stock will
be substantially higher than the net tangible book value per share of our outstanding Class A common stock. After giving effect to the
sale of shares of our Class A common stock in the aggregate amount of $100.0 million at an assumed offering price of $3.47 per share,
the last reported sale price of our Class A common stock on October 6, 2022 on the New York Stock Exchange, and after deducting commissions
and estimated offering expenses, our as adjusted net tangible book value as of June 30, 2022 would have been approximately $212.7 million
or approximately $1.41 per share. This represents an immediate increase in net tangible book value of approximately $0.46 per share to
our existing stockholders and an immediate dilution in as adjusted net tangible book value of approximately $2.06 per share to purchasers
of our Class A common stock in this offering. Because the sales of the shares offered under this prospectus will be made directly into
the market, the prices at which we sell these shares will vary and these variations may be significant. Any purchaser of the shares we
sell, as well as any existing stockholder, will experience significant dilution if we sell shares at prices significantly below the price
at which the purchaser or existing stockholder invested.
Further, the exercise of
outstanding options or warrants or the vesting of restricted stock units could result in further dilution to investors and any additional
shares issued in connection with acquisitions will result in dilution to investors. In addition, the market price of our Class A common
stock could fall as a result of resales of any of these shares of Class A common stock due to an increased number of shares available
for sale in the market. As of June 30, 2022, we had 10,824,137 shares of our Class A common stock issuable upon the exercise of stock
options outstanding, of which 4,331,394 shares were vested as of such date, 27,648,601 shares of our Class A common stock issuable upon
the exercise of warrants outstanding, 3,595,126 shares issuable upon the vesting of restricted stock units outstanding, and 7,522,041
shares of Class A common stock reserved for future issuance under our 2021 Equity Incentive Plan, as amended, or the 2021 Plan.
Future
sales or issuances of shares of our Class A common stock in the public markets, or the perception of such sales, could depress the trading
price of our Class A common stock.
The
sale of a substantial number of shares of our Class A common stock in the public markets, or the perception that such sales could occur,
could depress the market price of our Class A common stock and impair our ability to raise capital through the sale of additional equity
securities. We may sell large quantities of shares of our Class A common stock at any time pursuant to this prospectus or in one or more
separate offerings. We cannot predict the effect that future sales of shares of our Class A common stock would have on the market price
of our Class A common stock.
You
may experience future dilution as a result of future equity offerings.
In
order to raise additional capital, we may in the future offer additional shares of our Class A common stock or other securities convertible
into or exchangeable for our Class A common stock. We cannot assure you that we will be able to sell shares or other securities in any
other offering at a price per share that is equal to or greater than the price per share paid by investors in this offering, and investors
purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which
we sell additional shares of our Class A common stock or other securities convertible into or exchangeable for our Class A common stock
in future transactions may be higher or lower than the price per share in this offering.
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus and the documents incorporated by reference in this prospectus include forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act, that relate to future events
or to our future operations or financial performance. These statements are based on the beliefs and assumptions of our management team.
Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable,
we cannot assure that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject
to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible
or assumed future actions, business strategies, events or performance, are forward-looking statements. These statements may be preceded
by, followed by or include the words “believes,” “estimates,” “expects,” “projects,”
“forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,”
“anticipates” or “intends” or the negative of these terms, or other comparable
terminology intended to identify statements about the future, although not all forward-looking statements contain these identifying words.
The forward-looking statements are based on projections prepared by, and are the responsibility of, the Company’s management. Forward-looking
statements contained in this prospectus include, but are not limited to, statements about:
| ● | the
ability to recognize the anticipated benefits of the Business Combination, which may be affected
by, among other things, competition and our ability to grow and manage growth profitably
and retain our key employees; |
| ● | the
ability to maintain the listing of our Class A common stock on the NYSE; |
| ● | the
success, cost and timing of our product and service development activities; |
| ● | the
commercialization and adoption of our initial products and the success of our single-incision
surgical robot, called the Vicarious System, and any of our future product and service offerings; |
| ● | the
potential attributes and benefits of the Vicarious System and any of our other product and
service offerings once commercialized; |
| ● | our
ability to obtain and maintain regulatory approval for the Vicarious System and our product
and service offerings, and any related restrictions and limitations of any approved product
or service offering; |
| ● | our
business is subject to a variety of U.S. and foreign laws, which are subject to change and
could adversely affect our business; |
| ● | our
ability to identify, in-license or acquire additional technology; |
| ● | our
ability to maintain our existing license agreements and manufacturing arrangements; |
| ● | our
ability to compete with other companies currently marketing or engaged in the development
of products and services for ventral hernia repair and additional surgical applications,
many of which have greater financial and marketing resources than us; |
| ● | the
size and growth potential of the markets for the Vicarious System and any of our future product
and service offerings, and the ability of each to serve those markets once commercialized,
either alone or in partnership with others; |
| ● | our
estimates regarding expenses, future revenue, capital requirements and needs for additional
financing; |
| ● | our
ability to raise financing in the future; |
| ● | our
financial performance; |
| ● | our
intellectual property rights and how failure to protect or enforce these rights could harm our business, results of operations and financial
condition; |
| ● | economic
downturns and political and market conditions beyond our control and their potential to adversely
affect our business, financial condition and results of operations; and |
| ● | the
anticipated continued impact of the COVID-19 pandemic on our business. |
These
forward-looking statements are based on information available as of the date of this prospectus, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and uncertainties. Important factors could cause actual results, performance
or achievements to differ materially from those indicated or implied by forward-looking statements such as those described under the
caption “Risk Factors” in this prospectus, as updated and supplemented by the discussion of risks and uncertainties under
“Risk Factors” contained in any supplements to this prospectus and any free writing prospectus, or in the sections entitled
“Business,” “Risk Factors,” “Cautionary Note Regarding Forward-Looking Statements” or “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K, as revised
or supplemented by our subsequent quarterly reports on Form 10-Q or our subsequent current reports on Form 8-K, as well as any amendments
thereto, as filed with the SEC and which are incorporated herein by reference. As a result of the risks and uncertainties, the results
or events indicated by the forward-looking statements contained in this prospectus or in any document incorporated herein by reference
may not occur.
Investors
are cautioned not to place undue reliance on any forward-looking statement. Each forward-looking statement represents our views only
as of the date of this prospectus or the date of the document incorporated by reference in this prospectus and should not be relied upon
as representing our views as of any subsequent date. We anticipate that subsequent events and developments may cause our views to change.
We expressly disclaim any obligation to update or alter any forward-looking statement, whether as a result of new information, future
events or otherwise, except as required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions,
mergers, dispositions, joint ventures or investments we may make. All subsequent forward-looking statements attributable to us or to
any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this
section.
USE
OF PROCEEDS
We
may issue and sell shares of our Class A common stock having aggregate sale proceeds of up to $100,000,000 from time to time. Because
there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount, commissions
and proceeds to us, if any, are not determinable at this time. We currently intend to use any net proceeds from the sale of securities
under this prospectus for our operations, the development of the Vicarious System surgical robot, and other general corporate purposes,
including, but not limited to, working capital, intellectual property protection and enforcement, capital expenditures, repayment of
any existing indebtedness, investments, acquisitions and collaborations. Our management will have broad discretion to allocate the net
proceeds, if any, we receive in connection with securities offered pursuant to this prospectus for any purpose. Pending application of
the net proceeds as described above, we may initially invest the net proceeds in short-term, investment-grade, interest-bearing securities
or apply them to the reduction of short-term indebtedness. The amounts and timing of our actual expenditures will depend on numerous
factors, including the progress of our development efforts and other factors described under “Risk Factors” in this prospectus
and the documents incorporated by reference herein, as well as the amount of cash used in our operations. As a result, our management
will have broad discretion to allocate the net proceeds, if any, we receive in connection with the shares of our Class A common stock
offered pursuant to this prospectus for any purpose. Pending application of the net proceeds as described above, we may initially invest
the net proceeds in short-term, investment-grade, interest-bearing securities or apply them to the reduction of short-term indebtedness.
DILUTION
If
you invest in our Class A common stock, your interest will be diluted to the extent of the difference between the price per share of
our Class A common stock you pay in this offering and the as adjusted net tangible book value per share of our Class A common stock immediately
after this offering.
As of June 30, 2022, our
historical net tangible book value was $115.9 million, or $0.95 per share of common stock. Historical net tangible book value per share
represents the amount of our total tangible assets less total liabilities, divided by 121,631,735, the combined number of shares of Class
A common stock and Class B common stock outstanding as of June 30, 2022.
After giving effect to the
assumed sale of our Class A common stock in the aggregate amount of $100.0 million at an assumed offering price of $3.47 per share, the
last reported sale price of our Class A common stock on the New York Stock Exchange on October 6, 2022, and after deducting commissions
and estimated offering expenses payable by us, our as adjusted net tangible book value as of June 30, 2022 would have been $212.7 million,
or $1.41 per share of common stock. This amount represents an immediate increase in net tangible book value of $0.46 per share
to our existing stockholders and an immediate dilution in net tangible book value of approximately $2.06 per share to new investors in
this offering.
The
following table illustrates this calculation on a per share basis. The as adjusted information is illustrative only and will adjust based
on the actual price to the public, the actual number of shares sold and other terms of the offering determined at the time shares of
our Class A common stock are sold pursuant to this prospectus. The shares sold in this offering, if any, will be sold from time to time
at various prices.
Assumed offering price per share | |
| | | |
$ | 3.47 | |
Historical net tangible book value per share as of June 30, 2022 | |
$ | 0.95 | | |
| | |
Increase in net tangible book value per share attributable to this offering | |
| 0.46 | | |
| | |
As adjusted net tangible book value per share after giving effect to this offering | |
| | | |
| 1.41 | |
Dilution per share to new investors participating in this offering | |
| | | |
$ | 2.06 | |
The table above assumes for illustrative purposes that an aggregate
of 28,818,444 shares of our Class A common stock are sold during the term of the sales agreement with Cowen at a price of $3.47 per share,
the last reported sale price of our Class A common stock on the New York Stock Exchange on October 6, 2022, for aggregate gross proceeds
of $100.0 million. The shares subject to the sales agreement with Cowen are being sold from time to time at various prices. An increase
of $1.00 per share in the price at which the shares are sold from the assumed offering price of $3.47 per share shown in the table above,
assuming all of our Class A common stock in the aggregate amount of $100.0 million during the term of the sales agreement with Cowen is
sold at that price, would increase our adjusted net tangible book value per share after the offering to $1.48 per share and would increase
the dilution in net tangible book value per share to new investors in this offering to $2.99 per share, after deducting commissions and
estimated aggregate offering expenses payable by us. A decrease of $1.00 per share in the price at which the shares are sold from the
assumed offering price of $3.47 per share shown in the table above, assuming all of our Class A common stock in the aggregate amount of
$100.0 million during the term of the sales agreement with Cowen is sold at that price, would decrease our adjusted net tangible book
value per share after the offering to $1.31 per share and would decrease the dilution in net tangible book value per share to new investors
in this offering to $1.16 per share, after deducting commissions and estimated aggregate offering expenses payable by us. This information
is supplied for illustrative purposes only.
The number of shares of our common stock to be outstanding after this
offering is based on an aggregate of 101,901,239 shares of our Class A common stock and 19,730,496 shares of our Class B common stock
outstanding as of June 30, 2022 and excludes:
| ● | 27,648,601
shares of Class A common stock issuable upon the exercise of warrants outstanding as of June 30, 2022, at an exercise price of $11.50
per share; |
| ● | 10,824,137 shares of our Class A common stock issuable upon the exercise
of stock options outstanding as of June 30, 2022, at a weighted average exercise price of $3.56 per share, of which 4,331,394 shares were
vested as of such date; |
| ● | 3,595,126
shares of our Class A common stock issuable upon the vesting of restricted stock units outstanding as of June 30, 2022; and |
| ● | 7,522,041 shares of Class A common stock reserved for future issuance
under our 2021 Plan as of June 30, 2022. |
To
the extent that any shares are issued upon the exercise of outstanding options or outstanding warrants, the vesting of outstanding restricted
stock units or otherwise pursuant to any grants made in the future under our 2021 Plan, you will experience further dilution. In addition,
we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient
funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible
debt securities, the issuance of these securities may result in further dilution to our stockholders.
DESCRIPTION
OF CAPITAL STOCK
We
are authorized to issue 300,000,000 shares of Class A common stock, par value $0.0001 per share, 22,000,000 shares of Class B common
stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share.
The
following summary of our capital stock is based on the provisions of our certificate of incorporation (our “Charter”), as
well as our amended and restated bylaws (the “Bylaws”), and the applicable provisions of the Delaware General Corporation
Law (the “DGCL”). This information is qualified entirely by reference to the applicable provisions of our Charter, Bylaws
and the DGCL. These summaries are not intended to be a complete discussion of the rights of our stockholders and are qualified in their
entirety by reference to the DGCL as well as reference to our Bylaws and our Charter, copies of which are filed as exhibits to the registration
statement of which this prospectus forms a part.
Class
A Common Stock
Voting
Rights
Each
holder of Class A common stock is entitled to one vote for each share of Class A common stock held of record by such holder on all matters
on which stockholders generally are entitled to vote. The holders of Class A common stock do not have cumulative voting rights in the
election of directors. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election
of directors, by a plurality) of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting
together as a single class. See the section below entitled “Anti-Takeover Effects of the Charter, the Bylaws and Certain Provisions
of Delaware Law — Supermajority Provisions” for the list of matters of that will require approval of a supermajority of the
then outstanding shares of our capital stock.
Dividend
Rights
Subject
to preferences that may be applicable to any outstanding preferred stock, the holders of shares of Class A common stock are entitled
to receive ratably such dividends, if any, as may be declared from time to time by our board of directors out of funds legally available
for such purposes.
Liquidation
Rights
In
the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of Class A common stock
are entitled to share ratably in all assets remaining after payment of our debts and other liabilities, subject to prior distribution
rights of preferred stock or any class or series of stock having a preference over the Class A common stock, then outstanding, if any.
Other
Rights
The
holders of Class A common stock have no pre-emptive or conversion rights or other subscription rights. There are no redemption or sinking
fund provisions applicable to the Class A common stock. The rights, preferences and privileges of holders of the Class A common stock
will be subject to those of the holders of any shares of the preferred stock that we may issue in the future.
Class
B Common Stock
Voting
Rights
The
holders of Class B common stock are entitled to twenty (20) votes for each share of Class B common stock held of record by such holder,
on all matters on which stockholders generally or holders of Class B common stock as a separate class are entitled to vote (whether voting
separately as a class or together with one or more classes of our capital stock). The holders of Class B common stock do not have cumulative
voting rights in the election of directors. Holders of Class B common stock will vote together with holders of Class A common stock as
a single class on all matters presented to our stockholders for their vote or approval. Generally, all matters to be voted on by stockholders
must be approved by a majority (or, in the case of election of directors, by a plurality) of the votes entitled to be cast by all stockholders
present in person or represented by proxy, voting together as a single class. See the section below entitled “Anti-Takeover Effects
of the Charter, the Bylaws and Certain Provisions of Delaware Law — Supermajority Provisions” for the list of matters of
that will require approval of a supermajority of the then outstanding shares of our capital stock.
Dividend
Rights
With
limited exceptions in the case of certain stock dividends or disparate dividends approved by the affirmative vote of the holders of a
majority of the Class A common stock and Class B common stock, each voting separately as a class, holders of Class B common stock will
share ratably together with each holder of Class A common stock, if and when any dividend is declared by our board of directors out of
funds legally available therefor, subject to restrictions, whether statutory or contractual (including with respect to any outstanding
indebtedness), on the declaration and payment of dividends and to any restrictions on the payment of dividends imposed by the terms of
any outstanding preferred stock or any class or series of stock having a preference over, or the right to participate with, the Class
B common stock with respect to the payment of dividends.
Optional
Conversion
Holders
of Class B common stock have the right to convert shares of their Class B common stock into fully paid and non-assessable shares of Class
A common stock, on a one-to-one basis, at the option of the holder at any time upon written notice to us.
Mandatory
Conversion
Holders
of Class B common stock will have their Class B common stock automatically converted into Class A common stock, on a one-to-one basis,
upon the occurrence of any of the events described below:
| (1) | Any
sale, assignment, transfer, conveyance, hypothecation, or other transfer or disposition,
directly or indirectly, of any Class B common stock or any legal or beneficial interest in
such share, whether or not for value and whether voluntary or involuntary or by operation
of law (including by merger, consolidation, or otherwise), including, without limitation
the transfer of a share of Class B common stock to a broker or other nominee or the transfer
of, or entering into a binding agreement with respect to, voting control over such share
by proxy or otherwise, other than a permitted transfer. |
| (2) | Upon
the first date on which the Legacy Vicarious founders, together with all other qualified
stockholders, collectively cease to beneficially own at least 20% of the number of Class
B common stock (as such number of shares is equitably adjusted in respect of any reclassification,
stock dividend, subdivision, combination, or recapitalization of the Class B common stock)
collectively beneficially owned by the Legacy Vicarious founders and permitted transferees
of Class B common stock as of the Closing. |
| (3) | Upon
the date specified by the affirmative vote of the holders of at least two-thirds (2/3) of
the outstanding shares of Class B common stock, voting as a separate class. |
| (4) | Upon
the death or incapacity of a Legacy Vicarious founder or a permitted transferee, with respect
to the shares of Class B common stock held by such Legacy Vicarious founder or permitted
transferee of such Legacy Vicarious founder. |
| (5) | Upon
the date a Legacy Vicarious founder ceases to provide services to us for any reason or no
reason, with respect to the shares of Class B common stock held by such Legacy Vicarious
founder or permitted transferee of such Legacy Vicarious founder. |
Liquidation
Rights
In
the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of Class B common stock
are entitled to share ratably in all assets remaining after payment of our debts and other liabilities, subject to prior distribution
rights of preferred stock or any class or series of stock having a preference over the Class B common stock, then outstanding, if any.
Other
Rights
The
holders of Class B common stock do not have pre-emptive or subscription rights. There are no redemption or sinking fund provisions applicable
to the Class B common stock.
Preferred
Stock
Our
board of directors is authorized to establish one or more series of preferred stock. Unless required by law or any stock exchange, the
authorized shares of preferred stock will be available for issuance without further action by the holders of common stock. Our board
of directors has the discretion to determine the powers, preferences and relative, participating, optional and other special rights,
including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred
stock. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of the Company without
further action by the stockholders. Additionally, the issuance of preferred stock may adversely affect the holders of common stock by
restricting dividends on the Class A common stock, diluting the voting power of the Class A common stock and the Class B common stock
or subordinating the liquidation rights of the Class A common stock. As a result of these or other factors, the issuance of preferred
stock could have an adverse impact on the market price of the Class A common stock. As of the date
of this prospectus, no shares of our preferred stock are outstanding, and we have no present plans to issue any shares of preferred stock.
Anti-Takeover
Effects of the Charter, the Bylaws and Certain Provisions of Delaware Law
The
Charter, the Bylaws and the DGCL contain provisions, which are summarized in the following paragraphs, which are intended to enhance
the likelihood of continuity and stability in the composition of our board of directors and to discourage certain types of transactions
that may involve an actual or threatened acquisition of the Company. These provisions are intended to avoid costly takeover battles,
reduce our vulnerability to a hostile change of control or other unsolicited acquisition proposal, and enhance the ability of our board
of directors to maximize stockholder value in connection with any unsolicited offer to acquire the Company. However, these provisions
may have the effect of delaying, deterring or preventing a merger or acquisition of the Company by means of a tender offer, a proxy contest
or other takeover attempt that a stockholder might consider in its best interest, including attempts that might result in a premium over
the prevailing market price for the shares of Class A common stock. The Charter provides that any action required or permitted to be
taken by our stockholders must be effected at a duly called annual or extraordinary general meeting of such stockholders and may not
be effected by any consent in writing by such holders except that any action required or permitted to be taken by holders of Class B
common stock, voting separately as a class, or, to the extent expressly permitted to do so by the certificate of designation relating
to one or more series of our preferred stock, voting separately as a series or separately as a class with one or more other such series,
may be taken without a meeting, without prior notice and without a vote, if a consent or consents, setting forth the action so taken,
are signed by the holders of outstanding shares of the relevant class or series having not less than the minimum number of votes that
would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted
and are delivered to us in the manner forth in Section 228 of the DGCL.
Authorized
but Unissued Capital Stock
Delaware
law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of NYSE, which would
apply if and so long as the Class A common stock remains listed on NYSE, require stockholder approval of certain issuances equal to or
exceeding 20% of the then outstanding voting power or then outstanding number of shares of Class A common stock. Additional shares that
may be issued in the future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital
or to facilitate acquisitions. One of the effects of the existence of our unissued and unreserved capital stock may be to enable our
board of directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage
an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise and thereby protect the continuity
of management and possibly deprive stockholders of opportunities to sell their shares of Class A common stock at prices higher than prevailing
market prices.
Blank
Check Preferred Stock
The
Charter provides for 1,000,000 authorized shares of preferred stock. The existence of authorized but unissued shares of preferred stock
may enable our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger,
tender offer, proxy contest or otherwise. For example, if in the due exercise of its fiduciary obligations, our board of directors were
to determine that a takeover proposal is not in the best interests of the Company or our stockholders, our board of directors could cause
shares of preferred stock to be issued without stockholder approval in one or more private offerings or other transactions that might
dilute the voting or other rights of the proposed acquirer or insurgent stockholder or stockholder group.
In
this regard, the Charter grants our board of directors broad power to establish the rights and preferences of authorized and unissued
shares of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution
to holders of shares of common stock. The issuance may also adversely affect the rights and powers, including voting rights, of the holders
of shares of common stock and may have the effect of delaying, deterring or preventing a change in control of the Company.
Election
of Directors and Vacancies
The
Charter provides that our board of directors will determine the number of directors who will serve on the board of directors. Subject
to the Director Nomination Agreement (as defined below), the exact number of directors will be fixed from time to time by a majority
of our board of directors. The Charter also provides that our board of directors will be declassified and will consist of one class of
directors only, whose term will continue to the first annual meeting of stockholders following the date of the Closing, and, thereafter,
all directors will be elected annually and will be elected for one year terms expiring at the next annual meeting of our stockholders.
There will be no limit on the number of terms a director may serve on our board of directors.
In
addition, the Charter provides that any vacancy on our board of directors, including a vacancy that results from an increase in the number
of directors or a vacancy that results from the removal of a director with cause, may be filled only by a majority of the directors then
in office, subject to the provisions of the Director Nomination Agreement and any rights of the holders of our preferred stock.
At
the Closing of the Business Combination, the Company and D8 entered into a director nomination agreement (the “Director Nomination
Agreement”). Pursuant to the Director Nomination Agreement, D8 holds certain rights to nominate two members to serve on our board
of directors effective as of the Closing Date, subject to the conditions set forth in the Director Nomination Agreement. D8’s initial
nominees to our board of directors were Donald Tang and David Ho. D8’s right to nominate one such member to the board of directors
expired at our 2022 annual meeting of stockholders and the right to nominate the other member to the board of directors shall expire
upon the earlier of (i) the first date on which D8 ceases to beneficially own at least 2.5% of our issued and outstanding common stock
and (ii) the termination of the Director Nomination Agreement as of the date that is 36 months after the Closing Date.
Quorum
The
Bylaws provide that at any meeting of our board of directors, a majority of the total number of directors then in office constitutes
a quorum for the transaction of business.
No
Cumulative Voting
Under
Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation expressly authorizes cumulative voting.
The Charter does not authorize cumulative voting.
General
Stockholder Meetings
The
Charter provides that special meetings of stockholders may be called only by or at the direction of our board of directors.
Requirements
for Advance Notification of Stockholder Meetings, Nominations and Proposals
The
Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors,
other than nominations made by or at the direction of our board of directors or a committee of our board of directors. For any matter
to be “properly brought” before a meeting, a stockholder will have to comply with advance notice requirements and provide
us with certain information. Generally, to be timely, a stockholder’s notice must be received at our principal executive offices
not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders.
The Bylaws allow our board of directors to adopt rules and regulations for the conduct of a meeting of the stockholders as it deems appropriate,
which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These
provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s
own slate of directors or otherwise attempting to influence or obtain control of the Company.
Supermajority
Provisions
The
Charter and the Bylaws provide that our board of directors is expressly authorized to make, alter, amend, change, add to, rescind or
repeal, in whole or in part, the Bylaws without a stockholder vote in any matter not inconsistent with the laws of the State of Delaware
or the Charter and subject to the rights of the parties to the Director Nomination Agreement.
The
DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as
a single class, is required to amend a corporation’s certificate of incorporation, unless the certificate of incorporation requires
a greater percentage. The Charter provides that the following provisions therein may be amended, altered, repealed or rescinded only
by the affirmative vote of the holders of at least 662/3% in voting power all the then outstanding shares of our capital stock entitled
to vote thereon, voting together as a single class:
| ● | the
provision regarding our board of directors being authorized to establish one or more series
of preferred stock with such powers, preferences and relative, participating, optional and
other special rights, including voting rights, dividend rights, conversion rights, redemption
privileges and liquidation preferences as our board of directors may determine; |
| ● | the
provision regarding our board of directors being authorized to amend the Bylaws without a
stockholder vote; |
| ● | the
provisions regarding filling vacancies on our board of directors and newly created directorships; |
| ● | the
provisions regarding resignation and removal of directors; the provisions regarding calling
special meetings of stockholders; |
| ● | the
provisions regarding stockholder action by written consent; and |
| ● | the
amendment provision requiring that the above provisions be amended only with a 662/3% supermajority
vote. |
These
provisions may have the effect of deterring hostile takeovers or delaying or preventing changes in control of the Company or our management,
such as a merger, reorganization or tender offer. These provisions are intended to enhance the likelihood of continued stability in the
composition of our board of directors and its policies and to discourage certain types of transactions that may involve an actual or
threatened acquisition of the Company. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal.
The provisions are also intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have
the effect of discouraging others from making tender offers for our common stock and, as a consequence, may inhibit fluctuations in the
market price of our common stock that could result from actual or rumored takeover attempts. Such provisions may also have the effect
of preventing changes in management.
Exclusive
Forum
The
Charter will provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State
of Delaware (or if such court does not have subject matter jurisdiction, the federal district court of the State of Delaware) will be
the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting
a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee or stockholder of the Company to
us or our stockholders, (iii) any action asserting a claim (a) arising pursuant to any provision of Delaware law, the Charter
or the Bylaws or (b) as to which Delaware law confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) any
action asserting a claim against the Company or any current or former director, officer, employee, stockholder or agent of the Company
governed by the internal affairs doctrine of the law of the State of Delaware. To the fullest extent permitted by law, any person or
entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock will be deemed to have notice of and
consented to the forum provisions in the Charter. In addition, the Charter provides that, unless we consent in writing to the selection
of an alternate forum, the federal district courts of the United States of America shall, to the fullest extent permitted by applicable
law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. This provision
in the Charter will not address or apply to claims that arise under the Exchange Act; however, Section 27 of the Exchange Act creates
exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations
thereunder. However, it is possible that a court could find our forum selection provisions to be inapplicable or unenforceable, and stockholders
cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Although we believe this provision
will benefit us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the
provision may have the effect of discouraging lawsuits against our directors and officers.
Conflicts
of Interest
Delaware
law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the
corporation or its officers, directors or stockholders. The Charter, to the maximum extent permitted from time to time by Delaware law,
renounces any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities
that are from time to time presented to a member of our board of directors who is not an employee of ours or our subsidiaries, or any
employee or agent of such member, other than someone who is an employee of ours or our subsidiaries. The Charter does not renounce our
interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director
or officer of the Company.
Limitations
on Liability and Indemnification of Officers and Directors
The
DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary
damages for breaches of directors’ fiduciary duties, subject to certain exceptions. The Charter includes a provision that eliminates
the personal liability of directors for monetary damages for any breach of fiduciary duty as a director, except to the extent such exemption
from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions is to eliminate our rights and the
rights of our stockholders, through stockholders’ derivative suits on our behalf, to recover monetary damages from a director for
breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior. However, exculpation does not apply
to any director if the director has acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends or
redemptions or derived an improper benefit from his or her actions as a director.
The
limitation of liability provision in the Charter and the Bylaws may discourage stockholders from bringing a lawsuit against directors
for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against
directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your
investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant
to any indemnity agreements that may be entered into. We believe that this provision, liability insurance and any indemnity agreements
that may be entered into are necessary to attract and retain talented and experienced directors and officers.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable.
There
is currently no pending material litigation or proceeding involving any of our respective directors, officers or employees for which
indemnification is sought.
Transfer
Agent and Registrar
The
transfer agent and registrar for our common stock is Continental Stock Transfer & Trust Company, with offices at 1 State Street,
30th Floor, New York, NY 10004.
Stock
Exchange Listing
Our Class A common stock and warrants to purchase Class A common stock
are listed for trading on the NYSE under the symbols “RBOT” and “RBOT.WS,” respectively.
CERTAIN
PROVISIONS OF DELAWARE LAW AND OF THE COMPANY’S CERTIFICATE OF
INCORPORATION AND BYLAWS
Anti-Takeover
Provisions
The
provisions of Delaware law and our certificate of incorporation and amended and restated bylaws could discourage or make it more difficult
to accomplish a proxy contest or other change in our management or the acquisition of control by a holder of a substantial amount of
our voting stock. It is possible that these provisions could make it more difficult to accomplish, or could deter, transactions that
stockholders may otherwise consider to be in their best interests or in our best interests. These provisions are intended to enhance
the likelihood of continuity and stability in the composition of our board of directors and in the policies formulated by the board of
directors and to discourage certain types of transactions that may involve an actual or threatened change of our control. These provisions
are designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage certain tactics that may be used in
proxy fights. Such provisions also may have the effect of preventing changes in our management.
Delaware
Statutory Business Combinations Provision
We
are subject to the anti-takeover provisions of Section 203 of the Delaware General Corporation Law. Section 203 prohibits a publicly-held
Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period
of three years after the date of the transaction in which the person became an interested stockholder, unless the business combination
is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed
exception applies. For purposes of Section 203, a “business combination” is defined broadly to include a merger, asset sale
or other transaction resulting in a financial benefit to the interested stockholder, and, subject to certain exceptions, an “interested
stockholder” is a person who, together with his or her affiliates and associates, owns, or within three years prior, did own, 15%
or more of the corporation’s voting stock.
Classified
Board of Directors; Removal of Directors for Cause
Pursuant
to our certificate of incorporation and amended and restated bylaws, our board of directors is divided into three classes, with the term
of office of each class to expire at the third annual meeting of stockholders following election. At each annual meeting of stockholders,
directors elected to succeed those directors whose terms expire, other than directors elected by the holders of any series of preferred
stock under specified circumstances, will be elected for a three-year term of office. All directors elected to our classified board of
directors will serve until the election and qualification of their respective successors or their earlier death, resignation or removal.
Members of the board of directors may be removed only for cause and only by the affirmative vote of the holders of at least a majority
of the voting power of our then outstanding shares of capital stock entitled to vote generally in the election of directors, voting together
as a single class. These provisions are likely to increase the time required for stockholders to change the composition of the board
of directors. For example, at least two annual meetings will be necessary for stockholders to effect a change in a majority of the members
of the board of directors.
Advance
Notice Provisions for Stockholder Proposals and Stockholder Nominations of Directors
Our
amended and restated bylaws provide that, for nominations to the board of directors or for other business to be properly brought by a
stockholder before a meeting of stockholders, the stockholder must first have given timely notice of the proposal in writing to our Secretary.
For an annual meeting, a stockholder’s notice generally must be delivered not less than 90 days nor more than 120 days prior to
the first anniversary of the previous year’s annual meeting date. For a special meeting, the notice must generally be delivered
not earlier than the 120th day prior to the meeting and not later than the later of (1) the 90th day prior to the meeting or (2) the
10th day following the day on which public announcement of the meeting is first made. Detailed requirements as to the form of the notice
and information required in the notice are specified in the amended and restated bylaws. If it is determined that business was not properly
brought before a meeting in accordance with our bylaw provisions, such business will not be conducted at the meeting.
Special
Meetings of Stockholders
Special
meetings of the stockholders may be called only by the chairman of our board of directors, our Chief Executive Officer, our President
or our board of directors pursuant to a resolution adopted by a majority of our board of directors.
No
Stockholder Action by Written Consent
Any
action to be effected by our stockholders must be effected at a duly called annual or special meeting of the stockholders.
Super
Majority Stockholder Vote Required for Certain Actions
The
Delaware General Corporation Law provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter
is required to amend a corporation’s certificate of incorporation or bylaws, unless the corporation’s certificate of incorporation
or bylaws, as the case may be, require a greater percentage. Our certificate of incorporation requires the affirmative vote of the holders
of at least 75% of the voting power of all of our outstanding shares of capital stock entitled to vote generally in the election of directors,
voting together as a single class, to amend or repeal any of the provisions discussed in this section of this prospectus. This 75% stockholder
vote would be in addition to any separate class vote that might in the future be required pursuant to the terms of any preferred stock
that might then be outstanding. A 75% vote is also required for any amendment to, or repeal of, our amended and restated bylaws by the
stockholders. Our amended and restated bylaws may be amended or repealed by vote of a majority of the authorized number of directors.
Limitation
of Liability and Indemnification
Our
certificate of incorporation and our amended and restated bylaws provide that we shall indemnify our directors and executive officers
to the fullest extent not prohibited by the Delaware General Corporation Law or any other applicable law, except that we are not required
to indemnify any director or executive officer in connection with any proceeding (or part thereof) initiated by such person unless (i)
such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by our board of directors, (iii) we
provide such indemnification, in our sole discretion, pursuant to the powers vested in us under the Delaware General Corporation Law
or any other applicable law, or (iv) such indemnification is required to be made under the enforcement provisions of our amended and
restated bylaws.
Section
145 of the Delaware General Corporation Law permits a corporation to indemnify any director or officer of the corporation against expenses
(including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with
any action, suit or proceeding brought by reason of the fact that such person is or was a director or officer of the corporation, if
such person acted in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the best interests of
the corporation, and, with respect to any criminal action or proceeding, if he or she had no reasonable cause to believe his or her conduct
was unlawful. In a derivative action (i.e., one brought by or on behalf of the corporation), indemnification may be provided only for
expenses actually and reasonably incurred by any director or officer in connection with the defense or settlement of such an action or
suit if such person acted in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the best interests
of the corporation, except that no indemnification shall be provided if such person shall have been adjudged to be liable to the corporation,
unless and only to the extent that the Delaware Chancery Court or the court in which the action or suit was brought shall determine that
such person is fairly and reasonably entitled to indemnity for such expenses despite such adjudication of liability.
Pursuant
to Section 102(b)(7) of the Delaware General Corporation Law, Article Sixth of our certificate of incorporation eliminates the liability
of a director to us or our stockholders for monetary damages for such a breach of fiduciary duty as a director to the fullest extent
under applicable law, which does not include liabilities arising:
| ● | from
any breach of the director’s duty of loyalty to us or our stockholders; |
| ● | from
acts or omissions not in good faith or which involve intentional misconduct or a knowing
violation of law; |
| ● | under
Section 174 of the Delaware General Corporation Law; and |
| ● | from
any transaction from which the director derived an improper personal benefit. |
We
have entered into indemnification agreements with our directors and executive officers, in addition to the indemnification provided in
our certificate of incorporation and our amended and restated bylaws, and intend to enter into indemnification agreements with any new
directors and executive officers in the future. We have purchased and intend to maintain insurance on behalf of any person who is or
was a director or officer against any loss arising from any claim asserted against him or her and incurred by him or her in any such
capacity, subject to certain exclusions.
The
foregoing discussion of our certificate of incorporation, amended and restated bylaws, indemnification agreements and Delaware law is
not intended to be exhaustive and is qualified in its entirety by such certificate of incorporation, amended and restated bylaws, indemnification
agreements or law.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable.
PLAN
OF DISTRIBUTION
We have entered into a sales
agreement with Cowen, under which we may issue and sell from time to time up to $100 million of our Class A common stock through or to
Cowen, as our sales agent or principal. Sales of our Class A common stock, if any, will be made at market prices by any method that is
deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Ac. Such sales may be made directly
on the New York Stock Exchange or on any other existing trading market for our Class A common stock.
Cowen
will offer our Class A common stock subject to the terms and conditions of the sales agreement on a daily basis or as otherwise agreed
upon by us and Cowen. We will designate the maximum amount of shares to be sold through Cowen on a daily basis or otherwise determine
such maximum amount together with Cowen. Subject to the terms and conditions of the sales agreement, Cowen will use its commercially
reasonable efforts to sell on our behalf all of the shares of our Class A common stock requested to be sold by us. We may instruct Cowen
not to sell our Class A common stock if the sales cannot be effected at or above the price designated by us in any such instruction.
We or Cowen may suspend the offering of shares of our Class A common stock being made through Cowen under the sales agreement upon proper
notice to the other party. Cowen and we each have the right, by giving written notice as specified in the sales agreement, to terminate
the sales agreement in each party’s sole discretion at any time.
The aggregate compensation
payable to Cowen as sales agent is 3% of the gross sales price of our shares sold through it pursuant to the sales agreement. We have
also agreed to reimburse Cowen up to $75,000 of Cowen’s actual outside legal expenses incurred by Cowen in connection with this
offering. We estimate that the total expenses of the offering payable by us, excluding commissions payable to Cowen under the sales agreement,
will be approximately $0.2 million.
The
remaining sales proceeds, after deducting any expenses payable by us and any transaction fees imposed by any governmental, regulatory,
or self-regulatory organization in connection with the sales, will equal our net proceeds for the sale of such Class A common stock.
Cowen
will provide written confirmation to us following the close of trading on the New York Stock Exchange on each day in which shares of
our Class A common stock are sold through it as sales agent under the sales agreement. Each confirmation will include the number of shares
of our Class A common stock sold through it as sales agent on that day, the volume-weighted average price of the shares sold, the compensation
payable by us to Cowen, and the net proceeds to us.
We
will report at least quarterly the number of shares of our Class A common stock sold through Cowen under the sales agreement, the net
proceeds to us and the compensation paid by us to Cowen in connection with the sales of shares of our Class A common stock.
Settlement
for sales of Class A common stock will occur, unless the parties agree otherwise, on the second business day that is also a trading day
following the date on which any sales were made in return for payment of the net proceeds to us. There is no arrangement for funds to
be received in an escrow, trust or similar arrangement.
In
connection with the sales of our Class A common stock on our behalf, Cowen will be deemed to be an “underwriter” within the
meaning of the Securities Act, and the compensation paid to Cowen will be deemed to be underwriting commissions or discounts. We have
agreed in the sales agreement to provide indemnification and contribution to Cowen against certain liabilities, including liabilities
under the Securities Act or the Exchange Act. As sales agent, Cowen will not engage in any transactions that stabilize shares of our
Class A common stock.
Our
Class A common stock is listed on the New York Stock Exchange and trades under the symbol “RBOT.” The transfer agent of our
Class A common stock is Continental Stock Transfer & Trust Company.
Cowen
and/or its affiliates have provided, and may in the future provide, various investment banking and other financial services for us for
which services they have received and, may in the future receive, customary fees.
LEGAL
MATTERS
Mintz, Levin, Cohn, Ferris,
Glovsky and Popeo, P.C., Boston, Massachusetts, will pass upon the validity of the issuance of the securities to be offered by this prospectus.
Cowen and Company, LLC is being represented by Nelson Mullins Riley & Scarborough LLP, Washington, D.C. in connection with this offering.
EXPERTS
The
financial statements of Vicarious Surgical Inc. as of December 31, 2021 and 2020, and for each of the two years in the period ended December
31, 2021, incorporated by reference in this Prospectus, have been audited by Deloitte & Touche LLP, an independent registered public
accounting firm, as stated in their report. Such financial statements are incorporated by reference in reliance upon the report of such
firm, given their authority as experts in accounting and auditing.
WHERE
YOU CAN FIND MORE INFORMATION
We
are subject to the reporting requirements of the Exchange Act and file annual, quarterly and current reports, proxy statements and other
information with the SEC. SEC filings are available at the SEC’s web site at http://www.sec.gov.
This
prospectus is only part of a registration statement on Form S-3 that we have filed with the SEC under the Securities Act, and therefore
omits certain information contained in the registration statement. We have also filed exhibits and schedules with the registration statement
that are excluded from this prospectus, and you should refer to the applicable exhibit or schedule for a complete description of any
statement referring to any contract or other document.
We
also maintain a website at https://www.vicarioussurgical.com, through which you can access our SEC filings. The information set forth
on our website is not part of this prospectus.
INCORPORATION
OF DOCUMENTS BY REFERENCE
The
SEC allows us to “incorporate by reference” information that we file with them. Incorporation by reference allows us to disclose
important information to you by referring you to those other documents. The information incorporated by reference is an important part
of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. We filed
a registration statement on Form S-3 under the Securities Act with the SEC with respect to the securities we may offer pursuant to this
prospectus. This prospectus omits certain information contained in the registration statement, as permitted by the SEC. You should refer
to the registration statement, including the exhibits, for further information about us and the securities we may offer pursuant to this
prospectus. Statements in this prospectus regarding the provisions of certain documents filed with, or incorporated by reference in,
the registration statement are not necessarily complete and each statement is qualified in all respects by that reference. Copies of
all or any part of the registration statement, including the documents incorporated by reference or the exhibits, are available at the
SEC’s web site at http://www.sec.gov. The documents we are incorporating by reference are:
| ● | our
Annual Report on Form 10-K for the fiscal year ended December 31, 2021 that we filed with
the SEC on March 31, 2022; |
| ● | our
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022 that
we filed with the SEC on May 9, 2022 and August 8, 2022, respectively; |
| ● | the
portions of our definitive proxy statement on Schedule 14A that we filed with the SEC on
April 29, 2022 that are deemed “filed” with the SEC under the Exchange Act; |
| ● | our
Current Report on Form 8-K that we filed with the SEC on June 3, 2022; |
| ● | the
description of our Class A common stock contained in our Registration Statement on Form 8-A
filed with the SEC on July 13, 2020, including any amendment or report filed for the purpose
of updating such description; and |
| ● | all
reports and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Exchange Act after the date of this prospectus and prior to the termination
or completion of the offering of securities under this prospectus shall be deemed to be incorporated
by reference in this prospectus and to be a part hereof from the date of filing such reports
and other documents. |
In
addition, all reports and other documents filed by us pursuant to the Exchange Act after the date of the registration statement of which
this prospectus is a part and prior to effectiveness of the registration statement shall be deemed to be incorporated by reference into
this prospectus.
Any
statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus will
be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or
any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the
statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this
prospectus.
You
may request, orally or in writing, a copy of any or all of the documents incorporated herein by reference. These documents will be provided
to you at no cost, by contacting:
Vicarious
Surgical Inc.
78
Fourth Avenue
Waltham,
Massachusetts 02451
(617)
868-1700
You
may also access these documents on our website, https://www.vicarioussurgical.com. The information contained on, or that can be accessed
through, our website is not a part of this prospectus. We have included our website address in this prospectus solely as an inactive
textual reference.
You
should rely only on information contained in, or incorporated by reference into, this prospectus and any prospectus supplement. We have
not authorized anyone to provide you with information different from that contained in this prospectus or incorporated by reference in
this prospectus. We are not making offers to sell the securities in any jurisdiction in which such an offer or solicitation is not authorized
or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer
or solicitation.
Vicarious
Surgical Inc.
$100,000,000
Class
A common stock
PROSPECTUS
Cowen
,
2022
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution
The
following table sets forth the estimated expenses to be borne by the registrant in connection with the issuance and distribution of the
securities being registered hereby.
Expense | |
Estimated Amount | |
Securities and Exchange Commission registration fee | |
$ | 44,080 | |
Accounting fees and expenses | |
| * | |
Legal fees and expenses | |
| * | |
Transfer agent and trustee fees | |
| * | |
Financial printing and miscellaneous expenses | |
| * | |
Total | |
$ | * | |
| * | These fees are calculated based on the securities offered and
the number of issuances and accordingly cannot be defined at this time. |
| Item 15. | Indemnification of Directors and Officers |
Section 145 of the Delaware
General Corporation Law (the “DGCL”), permits a corporation to indemnify its directors and officers against expenses, including
attorneys’ fees, judgments, fines and amounts paid in settlements actually and reasonably incurred by them in connection with any
action, suit or proceeding brought by third parties. The directors or officers must have acted in good faith and in a manner they reasonably
believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal action or proceeding, had
no reason to believe their conduct was unlawful. In a derivative action, an action only by or in the right of the corporation, indemnification
may be made only for expenses, including attorney’s fees, actually and reasonably incurred by directors and officers in connection
with the defense or settlement of an action or suit, and only with respect to a matter as to which they acted in good faith and in a manner
they reasonably believed to be in or not opposed to the best interests of the corporation. No indemnification shall be made if such person
shall have been adjudged to be liable to the corporation, unless and only to the extent that the court in which the action or suit was
brought determines upon application that the defendant officers or directors are fairly and reasonably entitled to indemnity for such
expenses despite such adjudication of liability. The certificate of incorporation and the Bylaws of the registrant provide that the registrant
may indemnify its directors, officers, employees or agents to the fullest extent permitted by applicable law.
Section 102(b)(7) of the
DGCL permits a corporation to provide in its charter that a director of the corporation shall not be personally liable to the corporation
or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (1) for any breach of the director’s
duty of loyalty to the corporation or its stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of law, (3) for payments of unlawful dividends or unlawful stock purchases or redemptions or (4) for any transaction
from which the director derived an improper personal benefit. The current certificate of incorporation of the registrant provide for such
limitation of liability.
We have entered into indemnification
agreements with each of our directors and officers in which we have agreed to indemnify and hold harmless, and also advance expenses as
incurred, to the fullest extent permitted under applicable law, against all expenses, losses and liabilities incurred by the indemnitee
or on the indemnitee’s behalf arising from the fact that such person is or was a director, officer, employee or agent of our Company
or our subsidiaries.
The indemnification rights
set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute,
our Charter, our Bylaws, any agreement, any vote of stockholders or disinterested directors or otherwise.
We maintain standard policies
of insurance that provide coverage (1) to our directors and officers against loss rising from claims made by reason of breach of duty
or other wrongful act and (2) to us with respect to indemnification payments that we may make to such directors and officers.
Exhibit
Number |
|
Exhibit Description |
|
Filed Herewith |
|
Incorporated by
Reference
herein from
Form or
Schedule |
|
Filing Date |
|
SEC File/Reg
Number |
1.1* |
|
Form of Underwriting Agreement |
|
|
|
|
|
|
|
|
1.2 |
|
Sales Agreement, dated as of October 7, 2022, by and between the Registrant and Cowen and Company, LLC |
|
X |
|
|
|
|
|
|
2.1 |
|
Agreement and Plan of Merger, dated as of April 15, 2021, by and among Vicarious Surgical Inc. (formerly D8 Holdings Corp.), Snowball Merger Sub, Inc., and Vicarious Surgical Operating Co. (formerly Vicarious Surgical Inc.). |
|
|
|
Form 8-K
(Exhibit 2.1) |
|
4/15/2021 |
|
001-39384 |
4.1 |
|
Certificate of Incorporation of Vicarious Surgical Inc. |
|
|
|
Form 8-K
(Exhibit 3.1) |
|
9/23/2021 |
|
001-39384 |
4.2 |
|
Amended and Restated Bylaws of Vicarious Surgical Inc. |
|
|
|
Form 8-K
(Exhibit 3.2) |
|
9/23/2021 |
|
001-39384 |
4.3 |
|
Specimen Class A Common Stock Certificate |
|
|
|
Form 8-K
(Exhibit 4.1) |
|
9/23/2021 |
|
001-39384 |
4.4 |
|
Warrant Agreement, dated as of July 14, 2020, by and between Vicarious Surgical Inc. (formerly D8 Holdings Corp.) and Continental Stock Transfer & Trust Company. |
|
|
|
Form 8-K
(Exhibit 4.1) |
|
7/17/2020 |
|
001-39384 |
4.5 |
|
Amended and Restated Registration Rights Agreement, dated as of September 17, 2021, by and among Vicarious Surgical Inc. (formerly D8 Holdings Corp.), Vicarious Surgical Operating Co. (formerly Vicarious Surgical Inc.) and certain of their securityholders. |
|
|
|
Form 8-K
(Exhibit 10.11) |
|
9/23/2021 |
|
001-39384 |
4.6* |
|
Form of Certificate of Amendment or Designation with respect to Preferred Stock. |
|
|
|
|
|
|
|
|
4.7* |
|
Form of Senior Debt Security. |
|
|
|
|
|
|
|
|
4.8* |
|
Form of Subordinated Debt Security. |
|
|
|
|
|
|
|
|
4.9 |
|
Form of Senior Indenture. |
|
X |
|
|
|
|
|
|
4.10 |
|
Form of Subordinated Indenture. |
|
X |
|
|
|
|
|
|
4.11* |
|
Form of Warrant Agreement and Warrant Certificate. |
|
|
|
|
|
|
|
|
4.12* |
|
Form of Rights Agreement and Right Certificate. |
|
|
|
|
|
|
|
|
4.13* |
|
Form of Unit Agreement and Unit. |
|
|
|
|
|
|
|
|
5.1 |
|
Opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. with respect to the legality of the securities being registered. |
|
X |
|
|
|
|
|
|
23.1 |
|
Consent of Deloitte & Touche LLP. |
|
X |
|
|
|
|
|
|
23.2 |
|
Consent of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (included in Exhibit 5.1). |
|
X |
|
|
|
|
|
|
24.1 |
|
Powers of Attorney (included on signature page to the initial registration statement). |
|
X |
|
|
|
|
|
|
25.1** |
|
Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Senior Indenture. |
|
|
|
|
|
|
|
|
25.2** |
|
Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the Trustee under the Subordinated Indenture. |
|
|
|
|
|
|
|
|
107 |
|
Filing Fee Table |
|
X |
|
|
|
|
|
|
| * | To be subsequently filed, if applicable, as exhibits to an amendment
to this registration statement or a Current Report on Form 8-K. |
| ** | To be subsequently filed, if applicable, pursuant to Section
305(b)(2) of the Trust Indenture Act of 1939. |
| (a) | The undersigned registrant hereby undertakes: |
| (1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement: |
| (i) | To include any prospectus required by section 10(a)(3) of the Securities Act of 1933; |
| (ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price
set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
| (iii) | To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement; |
provided, however, that paragraphs
(a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement.
| (2) | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. |
| (3) | To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. |
| (4) | That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: |
| (i) | Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration
statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
| (ii) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing
the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date. |
| (5) | That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any
purchaser in the initial distribution of the securities, in a primary offering of securities of the undersigned registrant pursuant to
this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such purchaser: |
| (i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required
to be filed pursuant to Rule 424; |
| (ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant
or used or referred to by the undersigned registrant; |
| (iii) | The portion of any other free writing prospectus relating to the offering containing material information
about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
| (iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
(b) The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of
the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.
(d) The
undersigned registrant hereby undertakes that for purposes of determining any liability under the Securities Act, (i) the information
omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of
prospectus filed by the registrant pursuant to Rule 424(b)(l) or (4) or 497(h) under the Securities Act shall be deemed to be part of
this registration statement as of the time it was declared effective; and (ii) each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.
(e) The undersigned registrant
hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of
section 310 of the Trust Indenture Act (“Act”) in accordance with the rules and regulations prescribed by the Commission under
section 305(b)(2) of the Act.
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Waltham, Commonwealth of Massachusetts, on October 7, 2022.
|
By: |
/s/
Adam Sachs |
|
|
Adam Sachs |
|
|
President and Chief Executive
Officer |
SIGNATURES AND POWER OF ATTORNEY
We, the undersigned officers
and directors of Vicarious Surgical Inc., hereby severally constitute and appoint Adam Sachs and William Kelly, and each of them singly
(with full power to each of them to act alone), our true and lawful attorneys-in-fact and agents, with full power of substitution and
resubstitution in each of them for him or her and in his or her name, place and stead, and in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this registration statement (or any other registration statement for the same
offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933), and to file the same, with
all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite or necessary to be done
in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents or any of them or their or his or her substitute or substitutes may lawfully do or cause to
be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/ Adam Sachs |
|
Chief Executive Officer, President and Director |
|
October
7, 2022 |
Adam Sachs |
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
/s/ William
Kelly |
|
Chief Financial Officer and Treasurer |
|
October
7, 2022 |
William Kelly |
|
(Principal Financial Officer and Principal Accounting
Officer) |
|
|
|
|
|
|
|
/s/ David
Styka |
|
Chairman |
|
October
7, 2022 |
David Styka |
|
|
|
|
|
|
|
|
|
/s/ Sammy
Khalifa |
|
Director |
|
October
7, 2022 |
Sammy Khalifa |
|
|
|
|
|
|
|
|
|
/s/ Samir
Kaul |
|
Director |
|
October
7, 2022 |
Samir Kaul |
|
|
|
|
|
|
|
|
|
/s/ Philip
Liang |
|
Director |
|
October
7, 2022 |
Philip Liang |
|
|
|
|
|
|
|
|
|
/s/ Ric Fulop |
|
Director |
|
October
7, 2022 |
Ric Fulop |
|
|
|
|
|
|
|
|
|
/s/ Dror Berman |
|
Director |
|
October
7, 2022 |
Dror Berman |
|
|
|
|
|
|
|
|
|
/s/ Donald
Tang |
|
Director |
|
October
7, 2022 |
Donald Tang |
|
|
|
|
|
|
|
|
|
/s/ David
Ho |
|
Director |
|
October
7, 2022 |
David Ho |
|
|
|
|
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