Palladyne AI Corp. 10-K

ITEM 1. BUSINESS In this Annual Report on Form 10-K (the “Form 10-K”), references to the “Company” and to “we,” “us,” and “our” refer to Rotor Acquisition Corp. We are a blank check company incorporated under the laws of the State of Delaware on August 27, 2020. We were formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities, which we refer to as a “target business.” Our efforts to identify a prospective target business are not limited to a particular industry or geographic location, although we intend to focus our search for target businesses in the defense, aerospace and communication industries. On January 20, 2021, we consummated our initial public offering (“IPO”) of 27,600,000 units (the “units” and, with respect to the shares of common stock included in the units sold, the “public shares”), at $10.00 per unit, which included the full exercise by the underwriters of the over-allotment option to purchase an additional 3,600,000 units, generating gross proceeds of $276,000,000. Simultaneously with the closing of the IPO, we consummated the sale of 7,270,000 warrants (the “private placement warrants”) at a price of $1.00 per private warrant in a private placement to Rotor Sponsor, LLC (the “sponsor”) and certain funds and accounts managed by subsidiaries of BlackRock Inc. and Millennium Management LLC (the “anchor investors”) generating gross proceeds of $7,270,000. For further details regarding our business, see the section titled “Proposed Business” contained in our prospectus dated January 14, 2021, incorporated by reference herein. ITEM 1A. RISK FACTORS For the risks relating to our operations, see the section titled “Risk Factors” contained in our prospectus dated January 14, 2021 incorporated by reference herein.