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 |
(I.R.S. Employer | |
incorporation or organization) |
Identification No.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbols |
Name of each exchange on which registered | ||
The | ||||
The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
||||||
4 |
||||||
Item 1. |
4 |
|||||
4 |
||||||
5 |
||||||
6 |
||||||
7 |
||||||
8 |
||||||
Item 2. |
19 |
|||||
Item 3. |
22 |
|||||
Item 4. |
23 |
|||||
24 |
||||||
Item 1. |
24 |
|||||
Item 1A. |
24 |
|||||
Item 2. |
24 |
|||||
Item 3. |
25 |
|||||
Item 4. |
25 |
|||||
Item 5. |
25 |
|||||
Item 6. |
26 |
June 30, 2021 |
December 31, 2020 |
|||||||
(unaudited) |
(audited) |
|||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Prepaid assets |
||||||||
|
|
|
|
|||||
Total current assets |
||||||||
Deferred tax asset |
||||||||
Investments and cash held in Trust Account |
||||||||
|
|
|
|
|||||
Total assets |
$ | $ | ||||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
||||||||
Current liabilities: |
||||||||
Accrued expenses, formation and offering costs |
$ | $ | ||||||
Related party note |
||||||||
State franchise tax accrual |
||||||||
Public warrants derivative liability |
||||||||
Private warrants derivative liability |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
Deferred underwriting compensation |
||||||||
|
|
|
|
|||||
Total liabilities |
$ | $ | ||||||
|
|
|
|
|||||
Commitments and contingencies |
||||||||
Class A Common Stock subject to possible redemption, |
||||||||
Stockholders’ equity (deficit): |
||||||||
Preferred stock, $ |
||||||||
Common stock |
||||||||
Class A Common Stock, $ |
||||||||
Class F Common Stock, $ |
||||||||
Additional paid-in-capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total stockholders’ equity (deficit) |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity (deficit) |
$ | $ | ||||||
|
|
|
|
Three |
Six |
|||||||
Months Ended |
Months Ended |
|||||||
June 30, 2021 |
June 30, 2021 |
|||||||
Professional fees and other expenses |
( |
) | ( |
) | ||||
State franchise taxes, other than income tax |
( |
) | ( |
) | ||||
Change in fair value of warrant liability |
( |
) | ( |
) | ||||
Net loss from operations |
( |
) | ( |
) | ||||
Other income—interest income |
||||||||
Loss before income taxes |
$ | ( |
) | $ | ( |
) | ||
Income tax valuation allowance |
( |
) | ||||||
Net loss attributable to common shares |
$ | ( |
) | $ | ( |
) | ||
Net loss per ordinary share: |
||||||||
Class A Common Stock—basic and diluted |
$ | ( |
) | $ | ( |
) | ||
Class F Common Stock—basic and diluted |
$ | ( |
) | $ | ( |
) | ||
Three Months Ended June 30, 2021 |
||||||||||||||||||||||||||||
Class A Common Stock |
Class F Common Stock |
Additional |
Stockholders’ |
|||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Paid- In Capital |
Accumulated Deficit |
Equity (Deficit) |
||||||||||||||||||||||
Balance at April 1, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at June 30, 2021 |
— | $ | — | $ | $ | — | $ | ( |
) | $ | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Six Months Ended June 30, 2021 |
||||||||||||||||||||||||||||
Class A Common Stock |
Class F Common Stock |
Additional |
Stockholders’ |
|||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Paid-In Capital |
Accumulated Deficit |
Equity (Deficit) |
||||||||||||||||||||||
Balance at January 1, 2021 |
— | $ | — | $ | $ | — | $ | ( |
) | $ | ( |
) | ||||||||||||||||
Subsequent measurement under ASC 480-10-S99 |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at June 30, 2021 |
— | $ | — | $ | $ | — | $ | ( |
) | $ | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six |
||||
Months Ended |
||||
Cash flows from operating activities: |
June 30, 2021 |
|||
Net loss |
$ | ( |
) | |
Changes in state franchise tax accrual |
||||
Changes in prepaid assets |
||||
Changes in accrued expenses, formation and offering costs |
||||
Change in fair value of warrant liability |
||||
Changes in deferred income tax |
||||
|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
|||
Cash used in investing activities: |
||||
Interest and dividends reinvested in the Trust Account |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
Cash flows from financing activities: |
||||
Proceeds from notes and advances payable – related party |
||||
Payment of issuance expenses |
( |
) | ||
|
|
|||
Net cash provided by financing activities |
||||
|
|
|||
Increase in cash |
( |
) | ||
Cash at beginning of period |
||||
|
|
|||
Cash at end of period |
$ | |||
|
|
|||
Supplemental disclosure of income and franchise taxes paid: |
||||
Cash paid for income and state franchise taxes |
$ |
1. |
Organization and Business Operations |
2. |
Significant Accounting Policies |
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2021 |
|||||||||||||||
Class A |
Class F |
Class A |
Class F |
|||||||||||||
Basic and diluted net income/(loss) per share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income/(loss) |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
|||||||||
Denominator: |
||||||||||||||||
Weighted-average shares outstanding |
||||||||||||||||
Basic and diluted net income/(loss) per share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
3. |
Public Offering |
As of June 30, 2021 |
||||
Gross proceeds |
$ | |||
Less: |
||||
Proceeds allocated to public warrants |
$ | ( |
) | |
Class A shares issuance costs |
$ | ( |
) | |
Plus: |
||||
Accretion of carrying value to redemption value |
$ | ( |
) | |
Contingently redeemable Class A Common Stock |
$ | |||
4. |
Related Party Transactions |
5. |
Deferred Underwriting Compensation |
6. |
Income Taxes |
7. |
Investments and Cash Held in Trust |
8. |
Fair Value Measurement |
Volatility |
% | |||
Risk-free interest rate |
% | |||
Warrant exercise price |
$ | |||
Expected term |
Private Placement Warrants |
Public Warrants |
Total Warrant Liabilities |
||||||||||
Fair value at December 31, 2020 |
$ | $ | $ | |||||||||
Change in fair value |
||||||||||||
Fair value at June 30, 2021 |
$ | $ | $ |
Description |
June 30, 2021 |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
||||||||||||
Investments and cash held in Trust Account |
$ | $ | $ | — | $ | — | ||||||||||
Public warrants |
— | — | ||||||||||||||
Private placement warrants |
— | — | ||||||||||||||
Total |
$ | $ | $ | $ | — | |||||||||||
9. |
Stockholders’ Equity |
10. |
Risk and Contingencies |
11. |
Subsequent Events |
* | Filed herewith. |
MATTERPORT, INC. | ||||||
Date: August 16, 2021 | By: | /s/ R.J. Pittman | ||||
R.J. Pittman | ||||||
Chief Executive Officer | ||||||
(Duly Authorized Officer and Principal Executive Officer) |