QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
™ , each consisting of one share of Class A common stock and one-fourth of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
June 30, 2021 |
December 31, 2020 |
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(Unaudited) |
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Assets: |
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Current assets: |
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Cash |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Investments held in Trust Account |
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Total Assets |
$ |
$ |
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Liabilities and Stockholders’ Equity: |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued expenses |
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Franchise tax payable |
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Total current liabilities |
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Warrant liabilities |
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Total Liabilities |
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Commitments and Contingencies |
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Class A common stock; $ |
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Stockholders’ Equity: |
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Preferred stock, $ |
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Class A common stock, $ |
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Class B common stock, $ |
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Class F common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Total stockholders’ equity |
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Total Liabilities and Stockholders’ Equity |
$ |
$ |
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For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2021 |
For the Period from June 22, 2020 (Inception) through June 30, 2020 |
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Operating expenses |
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General and administrative expenses |
$ | $ | $ | |||||||||
Administrative fee – related party |
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Franchise tax expense |
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Loss from Operations |
( |
) | ( |
) | ( |
) | ||||||
Change in fair value of warrant liabilities |
( |
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Income from investments held in Trust Account |
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Net income (loss) |
$ | ( |
) | $ | $ | ( |
) | |||||
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Weighted average shares outstanding of redeemable Class A common stock, basic and diluted |
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Basic and diluted net income per share, redeemable Class A common stock |
$ | $ | $ | |||||||||
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Weighted average shares outstanding of nonredeemable Class A, Class B and Class F common stock, basic and diluted |
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Basic and diluted net income (loss) per share, nonredeemable Class A, Class B and Class F common stock |
$ | ( |
) | $ | $ | ( |
) | |||||
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Common Stock |
Total |
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Class A |
Class B |
Class F |
Additional Paid-In |
Retained |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Capital |
Earnings |
Equity |
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Balance - December 31, 2020 |
$ |
$ |
$ |
$ |
$ |
$ |
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Class A common stock subject to possible redemption |
( |
) | ( |
) | — |
— | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||
Net income |
— |
— |
— |
— | — |
— | — | |||||||||||||||||||||||||||||
Balance - March 31, 2021 (unaudited) |
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Class A common stock subject to possible redemption |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||
Balance - June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
$ |
$ |
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Common Stock |
Total |
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Class B |
Class F |
Additional Paid-In |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance - June 22, 2020 (inception) |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | — | — | |||||||||||||||||||||||||
Issuance of Class F common stock to Sponsor |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance - June 30, 2020 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
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For the Period from |
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For the Six Months Ended |
June 22, 2020 (Inception) |
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June 30, 2021 |
through June 30, 2020 |
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Cash Flows from Operating Activities: |
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Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Change in fair value of warrant liabilities |
( |
) | ||||||
Interest income from investments held in Trust Account |
( |
) | ||||||
Changes in assets and liabilities: |
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Prepaid expenses |
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Accounts payable |
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Accrued expenses |
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Franchise tax payable |
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Net cash used in operating activities |
( |
) | ||||||
Net change in cash |
( |
) | ||||||
Cash - beginning of the period |
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Cash - end of the period |
$ |
$ |
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Supplemental disclosure of noncash activities: |
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Offering costs paid in exchange for issuance of Class B common stock to Sponsor |
$ | — | $ | |||||
Offering costs paid in exchange for issuance of Class F common stock to Sponsor |
$ | — | $ | |||||
Offering costs included in accrued expenses |
$ | — | $ | |||||
Offering costs included in accounts payable |
$ | — | $ | |||||
Offering costs paid through note payable |
$ | — | $ | |||||
Change in fair value of Class A common stock subject to possible redemption |
$ | $ |
• | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2021 |
For the Period from June 22, 2020 (Inception) through June 30, 2020 |
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Redeemable Class A common stock |
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Numerator: |
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Interest income from investments held in Trust Account |
$ | $ | $ | — | ||||||||
Less: Company’s portion available to be withdrawn to pay taxes |
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( |
) |
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( |
) |
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— |
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Net income attributable to redeemable Class A common stock |
$ | $ | $ | — | ||||||||
Denominator: |
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Weighted average shares outstanding of redeemable Class A common stock , basic and diluted |
— | |||||||||||
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Basic and diluted net income per share, redeemable Class A common stock |
$ | $ | $ | — | ||||||||
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Nonredeemable Class A, Class B and Class F common stock |
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Numerator: |
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Net (loss) income |
$ | ( |
) | $ | $ | ( |
) | |||||
Less: Net income attributable to redeemable Class A common stock |
— | |||||||||||
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Net (loss) income attributable to nonredeemable Class A, Class B and Class F common stock |
$ | ( |
) | $ | $ | ( |
) | |||||
Denominator: |
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Weighted average shares outstanding of nonredeemable Class A, Class B and Class F common stock, basic and diluted |
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Basic and diluted net (loss) income per share, nonredeemable Class A, Class B and Class F common stock |
$ | ( |
) | $ | $ | ( |
) | |||||
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• | at any time while the warrants are exercisable, |
• | upon a minimum of |
• | if, and only if, the last sales price of shares of the Class A common stock equals or exceeds $18.00 per share for any “30-day trading period”) ending three business days before the Company sends the notice of redemption, and |
• | if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. |
Fair Value Measured as of June 30, 2021 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets |
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Investments held in Trust Account - U.S. Treasury Securities |
$ | $ | — | $ | — | $ | ||||||||||
Liabilities: |
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Warrant liabilities - public warrants |
— | — | ||||||||||||||
Warrant liabilities - private warrants |
— | — | ||||||||||||||
Total fair value |
$ | $ | — | $ | $ | |||||||||||
Fair Value Measured as of December 31, 2020 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets |
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Investments held in Trust Account - U.S. Treasury Securities |
$ | $ | — | $ | — | $ | ||||||||||
Liabilities: |
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Warrant liabilities - public warrants |
— | — | ||||||||||||||
Warrant liabilities - private warrants |
— | — | ||||||||||||||
Total fair value |
$ | $ | — | $ | $ | |||||||||||
June 30, 2021 |
December 31, 2020 |
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Exercise price |
$ | $ | ||||||
Stock Price |
$ | $ | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free interest rate |
% | % | ||||||
Dividend yield |
% | % |
Level 3 warrant liabilities at December 31, 2020 |
$ | |||
Change in fair value of warrant liabilities |
( |
) | ||
Level 3 warrant liabilities at March 31, 2021 |
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Change in fair value of warrant liabilities |
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Level 3 warrant liabilities at June 30, 2021 |
$ | |||
31.1 | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1* | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
EXECUTIVE NETWORK PARTNERING CORPORATION | ||
By: | /s/ Alex Dunn | |
Name: | Alex Dunn | |
Title: | (Principal Executive Officer & Principal Financial and Accounting Officer) |