What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2021-02-26 compared with 2020-03-23 · 496 added, 309 removed, 2 unchanged (100% of the section changed)

for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases

of Equity Securities.

Units began trading on the NYSE under the symbol “SHLL.U”

on February 28, 2019.

Commencing on April 22, 2019, holders

of the Units could elect to separately trade the shares of Class A common stock and Warrants comprising the Units.

of Class A common stock and Warrants that are separated trade on the NYSE under the symbols “SHLL”

and “SHLL

respectively.

Those Units not separated continue to trade on the NYSE under the symbol “SHLL.U.”

March 20, 2020, there was one holder of record of our Units, one holder of record of our Class A common stock, five holders of

record of our Class B common stock, two holders of record of our Warrants and one holder of record of our Private Placement Warrants.

have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of

our initial business combination.

The payment of cash dividends in the future will be dependent upon our revenues and earnings,

if any, capital requirements and general financial condition subsequent to completion of our initial business combination.

payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors

at such time.

In February 2019, we effected a stock dividend of 718,750 shares of Class B common stock.

Also in February 2019,

our Sponsor transferred 1,265,625 Founder Shares to Tortoise Borrower.

In March 2019, our Sponsor transferred 40,000 Founder Shares

to each of our independent directors.

Also in March 2019, our Sponsor forfeited 643,520 Founder Shares for no consideration, resulting

in the Sponsor holding an aggregate of 4,439,605 Founder Shares.

Our board of directors is not currently contemplating and does

not anticipate declaring any other stock dividends in the foreseeable future.

Further, if we incur any indebtedness in connection

with our business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection

Authorized for Issuance Under Equity Compensation Plans

Sales of Unregistered Securities;

Use of Proceeds from Registered Offerings

November 2018, our Sponsor purchased 5,750,000 Founder Shares for $25,000, or approximately $0.004 per share.

The Founder Shares

will automatically convert into shares of our Class A common stock at the time of the initial business combination.

2019, we effected a stock dividend of 718,750 shares of our Class B common stock, resulting in our Sponsor holding an aggregate

of 6,468,750 Founder Shares (up to 843,750 shares of which were subject to forfeiture to the extent the underwriters of our Initial

Public Offering did not exercise their over-allotment option).

On March 4, 2019, the underwriters partially exercised their over-allotment

option and on March 7, 2019, the underwriters waived the remainder of their over-allotment option.

In connection therewith, our

Sponsor forfeited 643,520 Founder Shares for cancellation by us.

On February 27, 2019, our Sponsor transferred 1,265,625 Founder

Shares to Tortoise Borrower.

On March 4, 2019, Tortoise Borrower transferred 1,265,625 Founder Shares to Atlas Point Fund pursuant

to the Forward Purchase Agreement and our Sponsor transferred 40,000 Founder Shares to each of our independent directors.

Founder Shares were issued in connection with our organization pursuant to an exemption from registration contained in Section

4(a)(2) of the Securities Act.

Simultaneously

with the consummation of our Initial Public Offering, Tortoise Borrower purchased from us an aggregate of 6,660,183 Private Placement

Warrants (for a purchase price of approximately $6.66 million).

Each Private Placement Warrant entitles the holder thereof to

purchase one share of our Class A common stock at an exercise price of $11.50 per share.

The sale of the Private Placement Warrants

was made pursuant to an exemption from registration contained in Section 4(a)(2) of the Securities Act.

the Closing Date, we consummated our Initial Public Offering of 23,300,917 Units, including 800,917 Units that were issued pursuant

to the underwriters’

partial exercise of their over-allotment option.

The Units were sold at a price of $10.00 per Unit,

generating gross proceeds to us of approximately $233.0 million.

March 4, 2019, simultaneously with the consummation of our Initial Public Offering, we completed the private sale of 6,660,183

Private Placement Warrants at a purchase price of $1.00 per warrant to Tortoise Borrower, generating gross proceeds to us of approximately

$6.66 million.

Capital Inc., Goldman Sachs & Co.

LLC and UBS Securities LLC served as underwriters for our Initial Public Offering.

The securities

sold in our Initial Public Offering were registered under the Securities Act pursuant to a registration statement on Form S-1

333-229537) (the “Registration Statement”).

The SEC declared the Registration Statement effective on February

November 7, 2018 (date of inception) through the Closing Date, we incurred approximately $13.36 million for costs and expenses

related to our Initial Public Offering.

In connection with the closing of our Initial Public Offering, we paid a total of approximately

$4.64 million in underwriting discounts and commissions.

In addition, the underwriters agreed to defer approximately $8.13 million

in underwriting discounts and commissions, which amount will be payable upon consummation of the initial business combination.

Prior to the closing of our Initial Public Offering, our Sponsor advanced us $580,000 to be used for a portion of the expenses

of our Initial Public Offering.

On March 29, 2019, a total of $580,000 was repaid to our Sponsor out of the $1,000,000 of proceeds

from our Initial Public Offering that were allocated for the payment of offering expenses other than underwriting discounts and

There has been no material change in the planned use of proceeds from our Initial Public Offering as described in

our final prospectus filed with the SEC on March 1, 2019.

deducting the underwriting discounts and commissions (excluding the deferred portion of approximately $8.13 million, which amount

will be payable upon consummation of the initial business combination) and offering expenses, the total net proceeds from our

Initial Public Offering and the sale of the Private Placement Warrants were approximately $234.4 million, of which approximately

$233.0 million (or $10.00 per Unit sold in our Initial Public Offering) was placed in the Trust Account.

Financial Data.

are a smaller reporting company as defined in Rule 12b-2 under the Exchange Act.

As a result, pursuant to Item 301(c) of Regulation

S-K, we are not required to provide the information required by this Item.

Management’s

Discussion and Analysis of Financial Condition and Results of Operations.

are a blank check company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock

exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “initial

business combination”).

On the Closing Date, we completed our Initial Public Offering of 23,300,917 Units, including 800,917

Units that were issued pursuant to the underwriters’

partial exercise of their over-allotment option.

The Units were sold

at a price of $10.00 per unit, generating gross proceeds to us of approximately $233.0 million.

We incurred offering costs of

approximately $13.36 million, inclusive of approximately $8.13 million in deferred underwriting commissions.

March 4, 2019, simultaneously with the consummation of the Initial Public Offering, we completed the private sale of 6,660,183

Private Placement Warrants to Tortoise Borrower at a purchase price of $1.00 per warrant, generating gross proceeds to us of approximately

$6.66 million.

Approximately

$233.0 million of the net proceeds from our Initial Public Offering and the sale of the Private Placement Warrants has been deposited

in the Trust Account.

amended and restated certificate of incorporation provides that, other than the withdrawal of interest to pay franchise and income

taxes, none of the funds held in the Trust Account will be released until the earliest of:

(i) the completion of the initial business

(ii) the redemption of any public shares that have been properly tendered in connection with a stockholder vote to

amend our amended and restated certificate of incorporation to affect the substance or timing of our obligation to redeem 100%

of such public shares if we have not consummated an initial business combination within 24 months from the closing of our Initial

Public Offering;

and (iii) the redemption of 100% of the public shares if we are unable to complete an initial business combination

within 24 months from the closing of our Initial Public Offering, or March 4, 2021 (the “Combination Period”).

proceeds deposited in the Trust Account could become subject to the claims of our creditors, if any, which could have priority

over the claims of our public stockholders.

connection with our Initial Public Offering, we entered into a Forward Purchase Agreement pursuant to which Atlas Point Fund agreed

to purchase up to an aggregate maximum amount of $150,000,000 of either (i) a number of Forward Purchase Units for $10.00 per

unit or (ii) a number of Forward Purchase Shares for $9.67 per share, in a private placement that will close simultaneously with

the closing of our initial business combination.

Whether we will issue Atlas Point Fund Forward Purchase Units valued at $10.00

per unit or Forward Purchase Shares valued at $9.67 per share will be determined at our election, and in our sole discretion,

at least 10 business days prior to the closing of our initial business combination.

The Forward Purchase Agreement is subject

to conditions, including Atlas Point Fund giving us its irrevocable written consent to purchase the Forward Purchase Securities

no later than five days after we notify Atlas Point Fund of our intention to meet to consider entering into a definitive agreement

for a proposed initial business combination.

Atlas Point Fund may grant or withhold its consent to the purchase entirely within

its sole discretion.

Accordingly, if Atlas Point Fund does not consent to the purchase, it will not be obligated to purchase the

Forward Purchase Securities.

are currently in the process of locating suitable targets for an initial business combination.

We intend to effectuate an initial

business combination using cash from the proceeds of our Initial Public Offering, the sale of the Private Placement Warrants,

the private placement of Forward Purchase Securities, and from additional issuances, if any, of our capital stock, debt or a combination

of cash, stock and debt.

We are pursuing acquisition opportunities and, at any given time, may be in various stages of due diligence

or preliminary discussions with respect to a number of potential acquisitions.

From time to time, we may enter into non-binding

letters of intent, but we are currently not subject to any definitive merger or acquisition (or similar) agreement with respect

to any business combination.

However, we cannot assure you that we will identify any suitable target candidates or, if identified,

that we will be able to complete the acquisition of such candidates on favorable terms or at all.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our common stock is

currently listed on the NYSE under the symbols “HLYN”.

Prior to the consummation of the business combination agreement

(“Business Combination”), our common stock was listed on the NYSE under the symbols “SHLL”.

As of February

23, 2021, there were 170,255,200 holders of record of our Common Stock.

Dividend Policy

We have not paid

any cash dividends on our common stock to date.

We may retain future earnings, if any, for future operations, expansion and debt

repayment and has no current plans to pay cash dividends for the foreseeable future.

Any decision to declare and pay dividends

in the future will be made at the discretion of our Board of Directors (the “Board”) and will depend on, among other

things, our results of operations, financial condition, cash requirements, contractual restrictions and other factors that the

Board may deem relevant.

In addition, our ability to pay dividends may be limited by covenants of any existing and future outstanding

indebtedness we or our subsidiaries incur.

We do not anticipate declaring any cash dividends to holders of the common stock in

the foreseeable future.

Recent Sales of

Unregistered Equity Securities

We had no sales of

unregistered equity securities during the period covered by this Annual Report on Form 10-K that were not previously reported

in a Current Report on Form 8-K or Quarterly Report on Form 10-Q.

SELECTED FINANCIAL DATA

This item has been

omitted based on the Company’s status as a smaller reporting company.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction

with the consolidated financial statements and related notes thereto included elsewhere in this Form 10-K.

Dollar amounts in this

discussion are expressed in millions, except as otherwise noted.

The following discussion contains forward-looking statements

that reflect future plans, estimates, beliefs and expected performance.

The forward-looking statements are dependent upon events,

risks and uncertainties that may be outside of our control.

Our actual results could differ materially from those discussed in

these forward-looking statements.

Factors that could cause or contribute to such differences include, but are not limited to,

those identified below and those discussed elsewhere in this Form 10-K, particularly in Part I, Item 1A, Risk Factors.

undertake, and expressly disclaim, any obligation to publicly update any forward-looking statements, whether as a result of new

information, new developments or otherwise, except to the extent that such disclosure is required by applicable law.

Hyliion is a Delaware

corporation headquartered in Cedar Park, Texas.

On October 1, 2020 (the “Closing Date”), Tortoise Acquisition Corp.

(“TortoiseCorp”) entered into a Business Combination with each of the shareholders of Hyliion Inc.

(“Legacy Hyliion”),

and consummated the merger contemplated by the Business Combination, with Legacy Hyliion surviving the merger as a wholly-owned

subsidiary of TortoiseCorp.

As a result of the Business Combination, we became a NYSE listed company.

Our mission is to

be the leading provider of electrified powertrain solutions for the commercial vehicle industry.

Our goal is to reduce the carbon

intensity and the GHG emissions of the transportation sector by providing electrified powertrain solutions for Class 8 commercial

vehicles at the lowest TCO.

Our solutions utilize our proprietary battery systems, control software and data analytics, combined

with fully integrated electric motors and power electronics, to produce electrified powertrain systems that either augment, in

the case of our Hybrid system, or fully replace, in the case of the Hypertruck ERX system, traditional diesel or natural gas fueled

powertrains and improve their performance.

By reducing both GHG emissions and TCO, our environmentally conscious solutions support

our customers’

pursuit of their sustainability and financial objectives.

We are currently developing

two electrified powertrain systems for long-haul Class 8 commercial vehicles:

our Hybrid system and our Hypertruck ERX system.

Our Hybrid system has been installed in low volumes on our initial customers’

commercial vehicles.

Across the customer installations

and over the entire Hyliion fleet we have accumulated millions of real world road miles on Class 8 commercial vehicles.

system can either be installed on a new vehicle during assembly and prior to entering fleet service or retrofit to an existing

in-service vehicle.

Our Hypertruck ERX system is in the development stage with vehicles being built for testing and validation.

Our Hypertruck ERX system’s design and technology leverages the experience and operating data from our Hybrid system to replace

the traditional diesel powertrain installed in new vehicles.

Our Hypertruck ERX system will offer commercial vehicle owners and

operators a net carbon negative electrified powertrain option for Class 8 commercial vehicles, when using certain Renewable Natural

Gas (“RNG”).

Our initial expected

deliveries of our Hypertruck ERX systems to customers are designed to have their batteries recharged with Compressed Natural Gas

(“CNG”).

CNG fueled recharging is preferable due to both the current comparable cost of fuels and existing availability

of CNG refueling infrastructure.

Class 8 commercial vehicles can currently be refueled with CNG through existing, geographically

diverse and third-party accessible natural gas refueling stations established across North America.

Globally, RNG, CNG and liquefied

natural gas (“LNG”) are used widely for land-based transport and trucking and Hyliion believes there are established,

geographically diverse and third-party accessible refueling stations available in certain areas in which Hyliion expects it may

sell its electrified powertrain solutions in the future.

We believe there is opportunity for adoption of our electrified powertrain

solutions across Europe.

This existing and accessible refueling infrastructure will significantly reduce the buildout time and

cost required to utilize our Hypertruck ERX system as compared to other proposed potential electrified solutions.

See “Risk

Factors —

Our future growth is dependent upon the commercial trucking industry’s willingness to adopt alternative fuel,

hybrid and electric vehicles.”

Our Hybrid and Hypertruck

ERX systems are designed to be installed on most major Class 8 commercial vehicles, which gives our customers the flexibility to

continue using their preferred vehicle brands and maintain their existing fleet maintenance and operations strategies.

Hybrid system deployments include leaders in the transportation and logistics sector.

We are focusing its initial marketing

efforts on large fleet operators as well as companies committed to reducing the overall environmental impact and fuel costs of

their owned and operated trucking fleets.

Comparability

of Financial Information

historical operations and statements of assets and liabilities may not be comparable to our operations and statements of assets

and liabilities as a result of the Business Combination and becoming a public company.

Combination and Public Company Costs

On October 1, 2020,

we consummated the merger contemplated by the Business Combination, with Legacy Hyliion surviving the merger as a wholly-owned

subsidiary of TortoiseCorp.

Immediately prior

to the closing of the Business Combination, all shares of issued and outstanding redeemable convertible preferred stock converted

into shares of Legacy Hyliion common stock and all outstanding convertible note payables plus accrued interest converted into shares

of Legacy Hyliion common stock at the discount rates set forth in the original agreements.

Upon the consummation of the Business

Combination, each share of Legacy Hyliion common stock issued and outstanding was cancelled and converted into the right to receive

the Per Share Merger Consideration.

Additionally, Legacy Hyliion issued 1,000,000 shares of Legacy Hyliion common stock with a

grant date fair value of $10.00 per share to one of the convertible noteholders in connection with the Commercial Matters Agreement.

the closing of the Business Combination, TortoiseCorp’s certificate of incorporation was amended and restated to, among

other things, increase the total number of authorized shares of capital stock to 260,000,000 shares, of which 250,000,000 shares

were designated common stock, $.0001 par value per share, and of which 10,000,0000 shares were designated preferred stock, $0.0001

par value per share.

In connection with

the Business Combination, a number of investors purchased from the Company an aggregate of 30,750,000 shares of common stock (the

“PIPE Shares”), for a purchase price of $10.00 per share and an aggregate purchase price of $307.5 million pursuant

to separate subscription agreements entered into effective June 18, 2020 (the “PIPE”).

The PIPE investment closed simultaneously

with the consummation of the Business Combination.

Additionally, a purchaser purchased 1,750,000 TortoiseCorp units (consisting

of one share of common stock and one half of one warrant, the “Forward Purchase Units”), consisting of 1,750,000 shares

of common stock (“Forward Purchase Shares”) and warrants to purchase 875,000 shares of common stock (“Forward

Purchase Warrants”) for an aggregate purchase price of $17.5 million pursuant to a forward purchase agreement entered into

effective February 6, 2019, as amended by the First Amendment to Amended and Restated Forward Purchase Agreement, dated June 18,

Legacy Hyliion was

deemed the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards

Codification (“ASC”) 805.

The determination was primarily based on Legacy Hyliion’s stockholders prior to the

Business Combination having a majority of the voting interests in the combined company, Legacy Hyliion’s board of directors

comprising a majority of the board of directors of the combined company, Legacy Hyliion’s existing shareholders’

over decisions regarding the election and removal of directors and officers of the combined company’s board of directors,

and Legacy Hyliion’s senior management comprising the senior management of the combined company.

Accordingly, for accounting

purposes, the Business Combination was treated as the equivalent of Legacy Hyliion issuing stock for the net assets of TortoiseCorp,

accompanied by a recapitalization.

The net assets of TortoiseCorp are stated at historical cost, with no goodwill or intangible

assets recorded.

As a result of the

Business Combination, we became a NYSE listed company, which will require us to hire additional personnel and implement procedures

and processes to address public company regulatory requirements and customary practices.

We expect to incur additional annual expenses

as a public company for, among other things, directors’

and officers’

liability insurance, director fees and additional

internal and external accounting, legal and administrative resources, including increased audit, compliance, and legal fees.

Factors Affecting Operating Results

believe that our performance and future success depend on several factors that present significant opportunities for us but also

pose risks and challenges, including but not limited to those discussed below and in Item 1A “Risk Factors”.

commercialization of our drivetrain solutions

We expect to derive

future revenue from our Hybrid systems and Hypertruck ERX system.

Our Demonstrator Hybrid system is available today, offering customers

the immediate ability to lower costs and improve environmental impact, and we intend to introduce our improved next generation

Hybrid system for customer deliveries in late 2021.

Our Hypertruck ERX system is projected to be delivered to customers for evaluation

and testing in late 2021 with commercial availability projected for 2022.

In order to reach commercialization, we must purchase

and integrate related property and equipment, as well as achieve several research and development milestones.

We anticipate that

a substantial portion of our capital resources and efforts in the near future will be focused on the continued development and

commercialization of our drivetrain solutions.

The amount and timing of our future funding requirements, if any, will depend on

many factors, including the pace and results of our research and development efforts, as well as factors that are outside of our

As discussed above

in more detail, we have deployed demonstration Hybrid system units to a number of companies, and our Hypertruck ERX system is generating

interest from companies who have received demonstration Hybrid system units and potential new customers.

Components of Statements of Operations

and Development Expense

and development expenses consist primarily of costs incurred for the discovery and development of our electrified powertrain solutions,

which include:

personnel-related

expenses including salaries, benefits, travel and share-based compensation, for personnel performing research and development

paid to third parties such as consultants and contractors for outsourced engineering services;

related to materials, supplies and third-party services;

for equipment used in research and development activities;

of general overhead costs.

expect research and development costs to increase for the foreseeable future as we continue to invest in research and development

activities to achieve operational and commercial goals.

General and Administrative Expense

general and administrative expenses consist of personnel-related expenses for our corporate, executive, finance, sales, marketing

and other administrative functions, expenses for outside professional services, including legal, audit and accounting services,

as well as expenses for facilities, depreciation, amortization, travel, sales and marketing costs.

Personnel-related expenses

consist of salaries, benefits and share-based compensation.

expect our selling, general and administrative expenses to increase for the foreseeable future as we scale headcount with the

growth of its business, and as a result of operating as a public company, including compliance with the rules and regulations

Securities and Exchange Commission, legal, audit, additional insurance expenses, investor relations activities and

other administrative and professional services.

Income (Expense), Net

income and expenses consist primarily of interest expense incurred on our debt obligations, interest income earned on our investments,

remeasurement gain or loss associated with the change in the fair value on our convertible notes payable derivative liabilities

and a loss on the extinguishment of our convertible notes payable.

of Operations

have neither engaged in any significant operations nor generated any operating revenue to date.

Our only activities from inception

through the Closing Date related to our formation and our Initial Public Offering.

Although we have not generated operating revenue,

we have generated non-operating income in the form of investment income from investments held in the Trust Account.

to incur increased expenses as a result of being a public company, as well as costs in the pursuit of our acquisition plans.

the period from November 7, 2018 (inception) through December 31, 2018, we had a net loss of approximately $600, which consisted

of approximately $600 in general and administrative expenses.

the year ended December 31, 2019, we had net income of approximately $2.3 million, which consisted of approximately $3.9 million

in investment income, offset by approximately $465,000 in general and administrative expenses, $100,000 in related-party administrative

expenses, $200,000 in franchise tax expense and approximately $768,000 in income tax expense.

Concern Consideration

the consummation of our Initial Public Offering, our only source of liquidity was an initial sale of Founder Shares to our Sponsor.

Additionally, our Sponsor advanced us funds totaling approximately $580,000 pursuant to an unsecured promissory note (the “Note”)

to cover expenses related to our Initial Public Offering and certain operating expenses.

On March 29, 2019, we repaid the Note

to our Sponsor in full.

Subsequent to the Closing Date, our liquidity needs have been satisfied through the net proceeds from

the sale of the Private Placement Warrants not held in the Trust Account and an aggregate of $812,000 of interest income released

from the Trust Account since inception to fund income tax payments.

of December 31, 2019, we had approximately $916,000 of cash in our operating account and approximately $3.0 million of investment

income earned from investments held in the Trust Account that may be released to us to pay our franchise and income taxes (less

up to $100,000 of such net interest to pay dissolution expenses).

connection with our assessment of going concern considerations in accordance with Financial Accounting Standards Board (the “FASB”)

Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to

Continue as a Going Concern,”

management has determined that the mandatory liquidation and subsequent dissolution raises

substantial doubt about our ability to continue as a going concern.

No adjustments have been made to the carrying amounts of assets

or liabilities should we be required to liquidate after March 4, 2021.

Party Transactions

November 2018, our Sponsor paid $25,000 in offering expenses on our behalf in exchange for the issuance of 5,750,000 Founder Shares.

In February 2019, we effected a stock dividend of 718,750 Founder Shares, resulting in our Sponsor holding an aggregate of 6,468,750

Founder Shares (up to 843,750 shares of which were subject to forfeiture to the extent the underwriters did not exercise their

over-allotment option).

On March 4, 2019, the underwriters partially exercised their over-allotment option and on March 7, 2019,

the underwriters waived the remainder of their over-allotment option.

In connection therewith, our Sponsor forfeited 643,520 Founder

Shares for cancellation by us.

The Founder Shares are identical to the shares of Class A common stock included in the Units sold

in our Initial Public Offering except that the Founder Shares are shares of Class B common stock which automatically convert into

shares of Class A common stock at the time of the initial business combination and are subject to certain transfer restrictions,

as described in more detail below.

holders of the Founder Shares have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder

Shares until the earlier to occur of:

(i) one year after the completion of the initial business combination and (ii) subsequent

to the initial business combination, (a) if the last reported sale price of our Class A common stock equals or exceeds $12.00

per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading

days within any 30-trading day period commencing at least 150 days after the consummation of the initial business combination,

and (b) the date on which we complete a liquidation, merger, stock exchange or other similar transaction that results in all of

our stockholders having the right to exchange their shares of common stock for cash, securities or other property.

Placement Warrants

Simultaneously

with the consummation of our Initial Public Offering, we completed the sale of the Private Placement Warrants to Tortoise Borrower,

generating gross proceeds of approximately $6.66 million.

Each Private Placement Warrant is exercisable for one share of the Company’s

Class A common stock at an exercise price of $11.50 per share.

A portion of the purchase price of the Private Placement Warrants

was added to the proceeds from our Initial Public Offering held in the Trust Account.

If the initial business combination is not

completed within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the Trust Account

will be used to fund the redemption of the public shares (subject to the requirements of applicable law) and the Private Placement

Warrants will expire worthless.

The Private Placement Warrants will be non-redeemable for cash and exercisable on a cashless basis

so long as they are held by Tortoise Borrower or its permitted transferees.

Borrower agreed, subject to limited exceptions, not to transfer, assign or sell any of its Private Placement Warrants until 30

days after the completion of the initial business combination.

Payable to Our Sponsor

November 7, 2018, our Sponsor agreed to advance us funds to cover expenses related to our Initial Public Offering pursuant to

This Note was non-interest bearing and payable on the earlier of 180 days and the closing of our Initial Public Offering.

The Company borrowed approximately $580,000 under the Note, and repaid the Note in full on March 29, 2019.

Administrative

Services Agreement

to an administrative services agreement between us and our Sponsor dated February 27, 2019, we agreed to pay our Sponsor a total

of $10,000 per month for office space, utilities, secretarial support and administrative services.

Upon completion of the initial

business combination or our liquidation, the agreement will terminate.

We incurred $100,000 for expenses in connection with the

administrative services agreement for the year ended December 31, 2019, which is reflected in the accompanying statement of operations.

On March 29, 2019, our Sponsor assigned all of its rights, interests and obligations under the administrative services agreement

to Tortoise Capital Advisors, L.L.C.

Accounting Policies and Estimates

Held in Trust Account

portfolio of investments held in the Trust Account are comprised solely of an investment in a money market fund that comprises

treasury securities classified as trading securities.

Trading securities are presented on the balance sheets at fair

value at the end of each reporting period.

Gains and losses resulting from the change in fair value of these securities is included

in gain on marketable securities (net), dividends and interest, held in the Trust Account in our statement of operations.

fair value for trading securities is determined using quoted market prices in active markets.

A Common Stock Subject to Possible Redemption

account for the Class A common stock subject to possible redemption in accordance with FASB ASC 480, “Distinguishing Liabilities

from Equity.”

Shares of Class A common stock subject to mandatory redemption (if any) are classified as a liability and

measured at fair value.

Shares of conditionally redeemable Class A common stock (including shares of Class A common stock that

feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain

events not solely within our control) are classified as temporary equity.

At all other times, shares of Class A common stock are

classified as stockholders’

Our Class A common stock features certain redemption rights that are considered to be

outside of our control and subject to the occurrence of uncertain future events.

We recognize changes in redemption value immediately

as they occur and will adjust the carrying value of the security at the end of each reporting period.

Increases or decreases in

the carrying value amount of redeemable shares of Class A common stock are affected by charges against additional paid-in capital.

Accordingly, as of December 31, 2019, 22,366,276 shares of Class A common stock subject to conditional redemption are presented

as temporary equity, outside of the stockholders’

equity section of our balance sheet.

Accounting Pronouncements

December 2019, the FASB issued ASU No.

2019-12, “Income Taxes (Topic 740):

Simplifying the Accounting for Income Taxes”

(“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes.

removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent

This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December

15, 2020, with early adoption permitted.

The Company is currently evaluating the impact of this standard on its financial statements

and related disclosures.

do not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have

a material impact on our financial statements.

Off-Balance Sheet Arrangements

of December 31, 2019, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

of December 31, 2019, we did not have any long-term debt, capital lease obligations, operating lease obligations or long-term

On February 27, 2019, we entered into an administrative services agreement with our Sponsor, pursuant to which we

have agreed to pay our Sponsor a total of $10,000 per month for office space, utilities, secretarial support and administrative

Upon completion of the initial business combination or our liquidation, the agreement will terminate.

On March 29, 2019,

our Sponsor assigned all of its rights, interests and obligations under the administrative services agreement to Tortoise Capital

Advisors, L.L.C.

underwriters of our Initial Public Offering were entitled to underwriting discounts and commissions of 5.5%, of which 2.0% (approximately

$4.64 million) was paid at the closing of our Initial Public Offering and 3.5% (approximately $8.13 million) was deferred.

deferred underwriting discounts and commissions will become payable to the underwriters upon the consummation of the initial business

combination and will be paid from the amounts held in the Trust Account.

The underwriters are not entitled to any interest accrued

on the deferred underwriting discounts and commissions.

JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies.

We qualify as an “emerging growth company”

and under the JOBS Act are allowed to comply with new or revised accounting

pronouncements based on the effective date for private (not publicly traded) companies.

We are electing to delay the adoption

of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant

dates on which adoption of such standards is required for non-emerging growth companies.

As a result, our

financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public

company effective dates.

of Years Ended December 31, 2020 and 2019

following table summarizes our results of operations on a consolidated basis for the years ended December 31, 2020 and 2019:

Years Ended December 31,

(in thousands, except earing per share)

Operating expenses:

Research and development

Selling, general, and administrative

Loss from operations

Other income (expense):

Interest expense

Interest income

Change in fair value of convertible notes payable derivative liabilities

Loss on extinguishment of debt

Total other expense

Net loss attributable to common stockholders, basic and diluted

Net loss per share, basic and diluted

Weighted-average shares outstanding, basic and diluted

and Development

Research and development

expenses increased by $3.3 million from $9.3 million for the year ended December 31, 2019 to $12.6 million for the year ended December

31, 2020 as a result of increased expenditures for external consultancy by $2.2 million, and increased expenditures for components

utilized in the development process were increased by $1.1 million in our efforts to finalize the design of our Hybrid system and

continue the design and testing of our Hypertruck ERX system during the year ended December 31, 2020.

General and Administrative

Selling, general,

and administrative expenses increased by $6.8 million from $2.7 million for the year ended December 31, 2019 to $9.6 million for

the year ended December 31, 2020, primarily due to additional costs incurred to operate as a public company which, include increased

expenditures for personnel and benefits by $2.4 million, increased expenditures for directors and officers insurance by $1.2 million,

increased expenditures for legal and professional fees by $2.8 million, increase in facilities leases by $0.2 million, and increased

expenditures for other expenses by $0.2 million.

Other Income (Expense)

other expense increased by $14.9 million from $2.1 million of other expense for the year ended December 31, 2019 to $17.0 million

of other expense for the year ended December 31, 2020.

The increase was primarily due to the following:

Loss on extinguishment of debt of $10.2 million for the year ended

December 31, 2020 that is attributable to the extinguishment of convertible notes in connection with the Business Combination.

expense increased by $2.2 million from $3.3 million for the year ended December 31, 2019 to $5.5 million for the year ended

December 31, 2020, primarily due to our convertible notes payable.

There was a $3.2 million issuance of a convertible note

payable debt obligation in January 2020 and $16.8 million issuances of convertible note payable debt obligations at various

points of 2019 were outstanding for a full year in 2020, resulting in an increase in paid-in-kind interest incurred in 2020.

Additionally,

we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act.

Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company,”

we choose to rely on

such exemptions we may not be required to, among other things, (i) provide an auditor’s attestation report on our system

of internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act, (ii) provide all of

the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank

Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding

mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and

the financial statements (auditor discussion and analysis) and (iv) disclose certain executive compensation related items

such as the correlation between executive compensation and performance and comparisons of our CEO’s compensation to median

employee compensation.

These exemptions will apply for a period of five years following the completion of our Initial Public Offering

or until we are no longer an “emerging growth company,”

whichever is earlier.

and Qualitative Disclosures About Market Risk.

are a smaller reporting company as defined in Rule 12b-2 under the Exchange Act.

As a result, pursuant to Item 305(e) of Regulation

S-K, we are not required to provide the information required by this Item.

all convertible notes payable issuances contained certain embedded features, which were required to be bifurcated and separately

accounted for as derivative liabilities that were recognized at issuance as a liability and a corresponding debt discount,

which was then amortized to interest expense over the term of the associated convertible notes payable.

years ended December 31, 2020 and 2019, interest expenses consisted primarily of (a) interest payable in kind at an annual

stated rate of 6.0% for a total of $1.1 million and $0.7 million, respectively, (b) convertible note payable discount amortization

of $3.8 million and $2.5 million, respectively and (c) financing costs of $0.5 million and less than $0.1 million, respectively.

A loss from the change in fair value of convertible notes payable derivative

liabilities of $1.4 million for the year ended December 31, 2020 and a gain from the change in fair value of convertible notes

payable derivative liabilities of $1.1 million for the year ended December 31, 2019.

and Capital Resources

Prior to the Business

Combination, the Company’s operations were financed through private placements of redeemable convertible preferred stock

and the issuance of convertible notes payable.

As of December 31, 2020, our principal sources of liquidity were our cash and cash

equivalents in the amount of $389.7 million, which are primarily invested in money market funds.

On November 30, 2020,

we issued a notice of redemption to the warrant holders for a redemption of all of the outstanding warrants, on a cash or in the

case of the Private Placement Warrants on a cashless basis.

As a result, we raised gross proceeds of $140.8 million, $16.3 million

of which was received during the first quarter of 2021.

As of the date of

this Annual Report on Form 10-K, we have yet to generate revenue from our core business operations.

As of December 31, 2020, our

current assets were $608.1 million, consisting primarily of cash and cash equivalents of $389.7 million, short-term investments

of $201.9 million, and prepaid expenses of $16.4 million.

Our current liabilities were $4.7 million primarily comprised of accounts

payable, accrued expenses, operating lease liabilities, and our Payroll Protection Program (“PPP”) loan.

We believe the credit

quality and liquidity of our investment portfolio as of December 31, 2020 is strong and will provide sufficient liquidity to satisfy

operating requirements, working capital purposes and strategic initiatives.

The unrealized gains and losses of the portfolio may

remain volatile as changes in the general interest environment and supply/demand fluctuations of the securities within our portfolio

impact daily market valuations.

To mitigate the risk associated with this market volatility, we deploy a relatively conservative

investment strategy focused on capital preservation and liquidity whereby no investment security may have a final maturity of more

than 36 months from the date of acquisition or a weighted average maturity exceeding 18 months..

Eligible investments under the

Company’s investment policy bearing a minimum credit rating of A1, A-1, F1 or higher for short-term investments and A2, A,

or higher for longer-term investments include money market funds, commercial paper, certificates of deposit, and municipal securities.

Additionally, all of our debt securities are classified as held-to-maturity as we have the intent and ability to hold these investment

securities to maturity, which minimizes the realized losses that we would recognize.

However, even with this approach we may incur

investment losses as a result of unusual or unpredictable market developments, and we may experience reduced investment earnings

if the yields on investments deemed to be low risk remain low or decline further due to unpredictable market developments.

these unusual and unpredictable market developments may also create liquidity challenges for certain of the assets in our investment

Based on our past

performance, we believe our current assets will be sufficient to continue and execute on our business strategy and meet our capital

requirements for the next twelve months.

Our primary short-term cash needs are paying operating expenses and servicing outstanding

indebtedness.

We expect to continue to incur net losses in the short term, as we continue to execute on our strategic initiatives

by (i) completing the development and commercialization of the hybrid and electrified drive systems for long haul “Class

semi-tractors, (ii) scale the Company’s operations to meet anticipated demand, and (iii) hiring of personnel.

actual results could vary materially and negatively as a result of a number of factors including, but not limited to, those discussed

in the section “Risk Factors.”

following table summarizes our net cash provided by or used in operating activities, investing activities and financing activities

for the periods indicated and should be read in conjunction with our consolidated financial statements and the notes thereto included

in Part II, Item 8 of this Annual Report on Form 10-K:

Year Ended December 31,

(in thousands)

Net cash provided by (used in)

Operating activities

Investing activities

Financing activities

Net change in cash and cash equivalents

cash used in operating activities

For the year ended

December 31, 2020, cash flows used in operating activities was $23.0 million.

The cash used primarily related to a net loss of

$39.2 million, adjusted for changes in working capital accounts and certain non-cash expense of $18.9 million (including $10.2

million related to the loss on extinguishment of convertible notes payable, $4.2 million related to amortization of debt discount,

$1.4 million related to a loss from the change in fair value of the convertible notes payable derivative liabilities, $1.1 million

related to paid-in-kind interest on convertible notes payable, $0.9 million related to non-cash lease expense, $0.9 million related

to depreciation and amortization, and $0.3 million related to share-based compensation).

the year ended December 31, 2019, cash flows used in operating activities were $11.1 million.

The cash used primarily related

to a net loss of $14.1 million, adjusted for changes in working capital accounts and certain non-cash expense of $4.5 million

(including $1.3 million related to non-cash lease expense, $1.0 million related to depreciation and amortization, $1.1 million

related to a gain from the change in fair value of the convertible notes payable derivative liabilities, $2.5 million related

to amortization of the debt discount, $0.7 million related to paid-in-kind interest on convertible notes payable and $0.1 million

related to share-based compensation).

cash used in investing activities

cash used in investing activities primarily relates to the purchase of investments during the year ended December 31, 2020 and

totaled $238.1 million.

Net cash used in investing activities primarily relates to the purchase of capital expenditures primarily

attributable to equipment and machinery, demonstration and test vehicles, leasehold improvements, office furniture and equipment

for the year ended December 31, 2019 and totaled $0.3 million.

cash used in investing activities is expected to increase substantially as we purchase additional property and equipment as we

continue the development of our Hybrid and Hypertruck ERX systems and scale the manufacturing operations to meet anticipated demand.

cash provided by financing activities

Cash provided by

financing activities was $644.5 million for the year ended December 31, 2020, which was primarily due to net proceeds of $516.5

million from the Business Combination and PIPE, proceeds from the exercise of warrants of $124.5 million, the issuance of $3.2

million of convertible notes payable in exchange for cash, proceeds of $0.9 million from the PPP loan, partially offset by the

payments for financing costs of $0.5 million and finance lease obligations of $0.2 million.

provided by financing activities was $16.6 million for the year ended December 31, 2019, which was primarily due to the issuance

of $16.8 million of convertible notes payable in exchange for cash, partially offset by the repayment on finance lease obligations

of $0.2 million.

Sheet Arrangements

the periods presented, we did not have any relationships with unconsolidated organizations or financial partnerships, such as

structured finance or special purpose entities, which were established for the purpose of facilitating off-balance sheet arrangements.

Accounting Policies and Estimates

consolidated financial statements have been prepared in accordance with U.S.

The preparation of these consolidated financial

statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure

of contingent assets and liabilities as of the balance sheet date, as well as the reported expenses incurred during the reporting

Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the

results of which form the basis for making judgments about the carrying values of assets and liabilities.

Actual results could

differ from those estimates, and such differences could be material to our financial statements.

believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these

policies relate to the more significant areas involving management’s judgments and estimates.

our significant accounting policies are described in the notes to our financial statements (see Note 2 in the accompanying audited

consolidated financial statements), we believe that the following accounting policies require a greater degree of judgment and

Accordingly, these are the policies we believe are the most critical to aid in fully understanding and evaluating

our financial condition and results of operations.

We account for share-based

payments that involve the issuance of shares of our common stock to employees and nonemployees and meet the criteria for share-based

awards as share-based compensation expense based on the grant-date fair value of the award.

periods prior to the Business Combination, we issued stock option awards to employees and nonemployees under the Hyliion Inc.

2016 Equity Incentive Plan (the “2016 Plan”), as amended in August 2017 and approved by the board of directors (the

“Board”).

Outstanding stock options, whether vested or unvested, under the 2016 Plan to purchase shares of Legacy

Hyliion common stock granted under the 2016 Plan converted into stock options for shares of the combined company’s common

stock upon the same terms and conditions that were in effect with respect to such stock options immediately prior to the Business

Combination, after giving effect to the Exchange Ratio.

No further grants can be made under the 2016 Plan.

periods subsequent to the Business Combination, share-based awards will be issued under the 2020 Equity Incentive Plan (the “2020

Plan”).

As of December 31, 2020, no awards were issued under the 2020 Plan.

fair value of the stock options issued to employees and nonemployees under the 2016 Plan was estimated at each grant date using

the Black-Scholes model which requires the input of the following subjective assumptions:

The length of time grantees will retain their vested stock options before

exercising them for employees and the contractual term of the option for nonemployees (“expected term”),

The volatility of our common stock price over the expected term,

The expected dividends, and

The risk-free interest rate over the option’s expected term.

summary of the significant assumptions used to estimate the fair value of stock option awards during the years ended December

31, 2020 and 2019 were as follows:

Years Ended December 31,

Expected volatility

Expected term (in years)

Risk-free interest rate

Expected dividend yield

The expected volatility was determined by examining the historical volatilities of a group of industry

peers, as the Company did not have any trading history for our Legacy Hyliion common stock.

Expected term:

For employees, the expected term is determined

using the “simplified”

method, as prescribed by the SEC’s Staff Accounting Bulletin No.

107, Share-Based

Payment, to estimate on a formula basis the expected term of the Company’s employee stock options, which are considered

to have “plain vanilla”

characteristics.

For nonemployees, the expected term represents the contractual term of

Risk-free interest rate:

The risk-free interest rate was based

upon quoted market yields for the United States Treasury instruments with terms that were consistent with the expected term

of the stock options.

Expected dividend yield:

The expected dividend yield was based

on Legacy Hyliion’s history and management’s current expectation regarding future dividends.

factors change, and we utilize different assumptions, share-based compensation cost on future award grants may differ significantly

from share-based compensation cost recognized on past award grants.

Higher volatility and longer expected terms result in an increase

to share-based compensation determined at the date of grant.

Future share-based compensation cost will increase to the extent

that we grant additional share-based awards to employees and non-employees.

If there are any modifications or cancellations of

the underlying unvested securities, we may be required to accelerate any remaining unearned share-based compensation cost or incur

incremental cost.

Share-based compensation cost affects our research and development expenses and selling, general and administrative

on our fair value of common stock of $16.48 at December 31, 2020 and our estimated fair value of common stock of $0.34 at December

31, 2019, the aggregative intrinsic value of the vested and unvested options to purchase shares of our common stock outstanding

at December 31, 2020 and 2019 was $113.8 million and $0.3 million, respectively.

recognized share-based compensation of $0.3 million and $0.1 million for the years ended December 31, 2020 and 2019, respectively.

We recognize and adjustment to share-based compensation expense in the period in which forfeitures occur.

The effect of forfeiture

adjustments during 2020 and 2019 was insignificant.

future periods, we expect share-based compensation to increase, due in part to our existing unrecognized share-based compensation

and as we issue additional share-based awards to continue to attract and retain employees.

As of December 31, 2020, there was

$0.4 million of unrecognized compensation cost related to share-based payments, which is expected to be recognized over an average

period of 2.6 years.

We recognize deferred

taxes for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes.

December 31, 2020, we had federal net operating loss carryforwards of approximately $82.2 million and state net operating loss

carryforwards of $12.5 million that expire in various years starting in 2036.

The Company also has R&D credits of $0.3 million

that begin to expire in 2037.

Under Section 382

of the Code, substantial changes in our ownership may result in an annual limit on the amount of net operating loss carryforwards

that could be utilized in the future to offset our taxable income.

Generally, this limitation may arise in the event of a cumulative

change in ownership of more than 50% within a three-year period.

We have completed such analysis and determined that such ownership

change occurred in 2017.

This will limit the usage of our 2017 and prior year net operating losses, and will cause $2.0 million

of such losses to expire unused, regardless of future taxable income.

No other such ownership changes have occurred through December

Due to this, as well as our overall profitability estimate as noted above, we have recorded a full valuation allowance

related to our net operating loss carryforwards and other deferred tax assets due to the uncertainty of the ultimate realization

of the future benefits of those assets.

policy is to recognize interest and penalties related to uncertain tax positions in income tax expense.

There was no accrued interest

or penalties related to uncertain tax positions and no amounts have been recognized in our statements of operations for the years

ended December 31, 2020, and 2019.

Growth Company Status

Section 102(b)(1)

of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards

until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not

have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting

The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements

that apply to non-emerging growth companies but any such an election to opt out is irrevocable.

We elected not to opt out of such

extended transition period, which means that when a standard is issued or revised and it has different application dates for public

or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt

the new or revised standard, until such time we are no longer considered to be an emerging growth company.

At times, we may elect

to early adopt a new or revised standard.

See Note 2 of the accompanying audited financial statements for the recent accounting

pronouncements adopted and the recent accounting pronouncements not yet adopted for the years ending December 31, 2020, and 2019.

addition, we intend to rely on the other exemptions and reduced reporting requirements provided by the JOBS Act.

Subject to certain

conditions set forth in the JOBS Act, if, as an emerging growth company, we intend to rely on such exemptions, we are not required

to, among other things:

(a) provide an auditor’s attestation report on our system of internal control over financial

reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

(b) provide all of the compensation disclosure that

may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act;

with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation

or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor

discussion and analysis);

and (d) disclose certain executive compensation-related items such as the correlation between executive

compensation and performance and comparisons of the Chief Executive Officer’s compensation to median employee compensation.

will remain an emerging growth company under the JOBS Act until the earliest of (a) the last day of our first fiscal year

following the fifth anniversary of the Closing, (b) the last date of our fiscal year in which we have total annual gross

revenue of at least $1.07 billion, (c) the date on which we are deemed to be a “large accelerated filer”

the rules of the SEC with at least $700.0 million of outstanding securities held by non-affiliates or (d) the date on which

we have issued more than $1.0 billion in non-convertible debt securities during the previous three years.

and Recently Adopted Accounting Pronouncements

time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by us as

of the specified effective date.

Unless otherwise discussed, we believe that the impact of recently issued standards that are

not yet effective will not have a material impact on our financial position or results of operations under adoption.

See Recent Accounting

Pronouncements issued, not yet adopted under Note 2 –

Summary of Significant Accounting Policies in the notes to the

2020 consolidated financial statements for more information about recent accounting pronouncements, the timing of their adoption

and our assessment, to the extent we have made one, of their potential impact on our financial condition and results of operations.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity