QUARTERLY REPORT UNDER 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) |
(IRS Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-fourth of one Redeemable Warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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PART 1 - FINANCIAL INFORMATION |
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Item 1. |
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1 |
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2 |
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3 |
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4 |
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5 |
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Item 2. |
21 |
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Item 3. |
24 |
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Item 4. |
24 |
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PART II - OTHER INFORMATION |
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Item 1. |
25 |
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Item 1A. |
25 |
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Item 2. |
25 |
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Item 3. |
25 |
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Item 4. |
25 |
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Item 5. |
25 |
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Item 6. |
26 |
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26 |
June 30, 2021 |
December 31, 2020 |
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(Unaudited) | ||||||||
ASSETS |
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Current assets: |
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Cash |
$ | $ | ||||||
Prepaid expenses |
— | |||||||
Total current assets |
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Prepaid insurance - non-current |
— |
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Deferred offering costs |
— | |||||||
Investments held in Trust Account |
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Total Assets |
$ | $ | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Franchise tax payable |
— | |||||||
Sponsor note |
— | |||||||
Total current liabilities |
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Warrant liabilities |
— | |||||||
Deferred underwriting fee payable |
— | |||||||
Total Liabilities |
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Commitments (see Note 6) |
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Class A common stock, $ |
— | |||||||
Stockholders’ Equity: |
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Preferred stock, $ |
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Class A common stock, $ |
— | |||||||
Class B common stock, $ (1) and (2) shares issued and outstanding at June 30, 2021 and December 31, 2020 |
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Additional paid-in capital |
— | |||||||
Retained earnings |
— | |||||||
Total Stockholders’ Equity |
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Total Liabilities and Stockholders’ Equity |
$ | $ | ||||||
(1) | Excludes |
(2) | Includes an aggregate of |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
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Operating and formation costs |
$ | $ | ||||||
Transaction costs allocated to warrant liabilities |
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Franchise tax expense |
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Loss from operations |
( |
) | ( |
) | ||||
Unrealized gain on investments held in Trust Account |
( |
) | ||||||
Excess of private placement warrants fair value over purchase price |
— | ( |
) | |||||
Change in fair value of warrant liabilities |
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Net income |
$ | $ | ||||||
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Basic and diluted weighted average shares outstanding, Redeemable Class A Common Stock |
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Basic and diluted net loss per share, Redeemable Class A Common Stock |
$ | ( |
) | $ | ||||
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Basic and diluted weighted average shares outstanding, Non-Redeemable Class A and Class B Common Stock |
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Basic and diluted net income per share, Non-Redeemable Class A and Class B Common Stock |
$ | $ | ||||||
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Common Stock |
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Class A |
Class B |
Additional Paid-in Capital |
(Accumulated Deficit) Retained Earnings |
Total Stockholders’ Equity |
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Shares |
Amount |
Shares |
Amount |
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Balances, December 31, 2020 |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
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Sale of |
— | — | — | |||||||||||||||||||||||||
Forfeiture of Class B common stock |
( |
) | ( |
) | — | — | ||||||||||||||||||||||
Class A common stock subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balances, March 31, 2021 |
( |
) | ||||||||||||||||||||||||||
Class A common stock subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | ( |
) |
( |
) | ||||||||||||||||
Transaction costs allocated to warrant liabilities related to Initial Public Offering |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balances, June 30, 2021 |
$ |
$ |
$ |
— | $ |
$ |
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Cash Flows from Operating Activities: |
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Net income |
$ | |||
Adjustments to reconcile net income to net cash used in operations: |
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Transaction costs allocated to warrant liabilities |
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Unrealized gain on investments held in Trust Account |
( |
) | ||
Excess of private placement warrants fair value over purchase price |
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Change in fair value of warrant liabilities |
( |
) | ||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Franchise tax payable |
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Net cash used in operating activities |
( |
) | ||
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Cash Flows from Investing Activities: |
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Cash deposited into Trust Account |
( |
) | ||
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Net cash used in investing activities |
( |
) | ||
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Cash Flows from Financing Activities: |
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Proceeds from initial public offering, net of underwriter’s discount paid |
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Proceeds from Sponsor note |
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Repayment of Sponsor note |
( |
) | ||
Proceeds from sale of private placement warrants |
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Payment of offering costs |
( |
) | ||
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Net cash provided by financing activities |
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Increase in cash |
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Cash at beginning of period |
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Cash at June 30, 2021 |
$ |
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Supplemental disclosure of noncash investing and financing activities: |
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Deferred underwriting fee payable |
$ | |||
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Initial classification of warrant liabilities |
$ | |||
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Class A common stock subject to possible redemption |
$ | |||
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Reclassification of deferred offering costs to equity upon completion of the initial public offering |
$ | |||
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Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
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(Unaudited) |
(Unaudited) |
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Redeemable Class A Common Stock |
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Numerator: Earnings allocable to Redeemable Class A Common Stock |
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Unrealized (loss) gain on investments held in Trust Account |
$ | ( |
) | $ | ||||
Franchise tax expense |
( |
) | ||||||
Net (loss) earnings |
$ | ( |
) | $ | — | |||
Denominator: Weighted average Redeemable Class A Common Stock |
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Basic and diluted weighted average shares outstanding, Redeemable Class A Common Stock |
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Basic and diluted net earnings per share, Redeemable Class A Common Stock |
$ | $ | ||||||
Non-Redeemable Class A and Class B Common Stock |
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Numerator: Net income minus net earnings |
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Net income |
$ | $ | ||||||
Net earnings |
— | |||||||
Non-redeemable net income |
$ | $ | ||||||
Denominator: Weighted average Non-Redeemable Class A and Class B Common Stock |
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Basic and diluted weighted average shares outstanding, Non-Redeemable Class A and Class B Common Stock |
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Basic and diluted net income per share, Non-Redeemable Class A and Class B Common Stock |
$ | $ | ||||||
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than “30-day redemption period”) to each warrant holder; and |
• | if, and only if, the reported last sale price of the Class A common stock equals or exceeds $ |
Description |
Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
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June 30, 2021 |
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Assets |
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Investments held in Trust Account: |
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Money Market investments |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities |
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Warrant liability – Public Warrants |
$ | $ | $ | — | $ | — | ||||||||||
Warrant liability – Private Placement Warrants |
$ | $ | — | $ | — | $ | ||||||||||
December 31, 2020 |
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Assets |
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Investments held in Trust Account: |
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Money Market investments |
$ | $ | $ | $ | ||||||||||||
Liabilities |
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Warrant liability – Public Warrants |
$ | $ | $ | $ | ||||||||||||
Warrant liability – Private Placement Warrants |
$ | $ | $ | $ |
As of March 4 ,2021 |
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Stock Price on Valuation Date |
$ | |||
Strike price (Exercise Price Share) |
$ | |||
Probability of completing a Business Combination |
% | |||
Term (in years) |
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Volatility |
| |||
Risk-free rate |
% | |||
Fair value of warrants |
$ |
As of March 4 ,2021 |
As of June 30, 2021 |
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Stock price |
$ | $ | ||||||
Strike price |
$ | $ | ||||||
Probability of completing a Business Combination |
% | % | ||||||
Dividend yield |
% | % | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free rate |
% | % | ||||||
Fair value of warrants |
$ | $ |
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
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Fair value as of December 31, 2020 |
$ | — | $ | — | $ | — | ||||||
Initial measurement as of March 4, 2021 |
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Additional warrants issued in over-allotment |
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Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of June 30, 2021 |
$ | $ | $ | |||||||||
* | Filed herewith. |
** | Furnished. |
Haymaker Acquisition Corp. III | ||||||
Date: August 17, 2021 | By: | /s/ Steven J. Heyer | ||||
Name: Steven J. Heyer | ||||||
Title: Chief Executive Officer |