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) |
(I.R.S. Employer Identification No.) | |
Victory Park Capital Advisors , LLC |
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(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half 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. Financial Statements |
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3 |
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4 |
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7 |
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24 |
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25 |
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25 |
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26 |
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26 |
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27 |
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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Cash and marketable securities held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Liabilities |
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Current Liabilities |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Total Current Liabilities |
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Warrant liabilities |
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Deferred underwriting fee payable |
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Total Liabilities |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption, |
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Shareholders’ Equity |
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Preference shares, $ |
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Class A ordinary shares, $ |
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Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
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Total Shareholders’ Equity |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
$ |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2021 |
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General and administrative expenses |
$ | $ | ||||||
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Loss from operations |
( |
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( |
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Other income (expense): |
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Other income |
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Interest earned on marketable securities held in Trust Account |
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Change in fair value of warrant liabilities |
( |
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Other income (expense), net |
( |
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Net income (loss) |
$ |
$ |
( |
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Weighted average shares outstanding of Class A redeemable ordinary shares |
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Basic and diluted net income (loss) per share, Class A |
$ |
$ |
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Weighted average shares outstanding of Class B non-redeemable ordinary shares |
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Basic and diluted net income (loss) per share, Class B |
$ |
$ |
( |
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity |
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Shares |
Amount |
Shares |
Amount |
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Balance – January 1, 2021 |
$ |
$ |
$ |
$ |
( |
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$ |
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Change in value of Class A Ordinary Shares subject to possible redemption |
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Net loss |
0 |
0 |
( |
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Balance – March 31, 2021 |
$ |
$ |
$ |
$ |
( |
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$ |
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Change in value of Class A Ordinary Shares subject to possible redemption |
( |
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) | ( |
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Net income |
0 |
0 |
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Balance – June 30, 2021 |
$ |
$ |
$ |
$ |
( |
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$ |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Interest earned on marketable securities held in Trust Account |
( |
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Change in fair value of warrant liability |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accounts payable and accrued expenses |
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Net cash (used in) operating activities |
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Net Change in Cash |
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Cash – Beginning of period |
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Cash – End of period |
$ |
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Non-Cash investing and financing activities: |
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Change in value of Class A ordinary shares subject to possible redemption |
$ | ( |
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Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
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Redeemable Class A Ordinary Shares |
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Numerator: Earnings allocable to Redeemable Class A Ordinary Shares Interest Income |
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Redeemable Net Earnings |
$ | $ | ||||||
Denominator: Weighted Average Redeemable Class A Ordinary Shares Redeemable Class A Ordinary Shares, Basic and Diluted |
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Basic and diluted earnings per share – Redeemable Class A Ordinary Shares |
$ | $ | ||||||
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Non-Redeemable Class B Ordinary Shares |
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Numerator: Net Income (Loss) minus Redeemable Net Earnings Net Income (Loss) |
$ | $ | ( |
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Redeemable Net Earnings |
( |
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Non-Redeemable Net Income (Loss) |
$ | $ | ( |
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Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares Non-Redeemable Class B Ordinary Shares, Basic and Diluted (1) |
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Basic and diluted earnings (loss) per share – Non-Redeemable Class B Ordinary Shares |
$ | $ | ( |
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(1) |
As of June 30, 2021, basic and diluted shares are the same as there are no non-redeemable securities that are dilutive to the Company’s ordinary shareholders. |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
• | in whole and not in part; |
• | at $ provided |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
• | if the closing price of the Class A ordinary shares for any |
Level 1: |
Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: |
Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: |
Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description |
June 30, 2021 |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Cash and marketable securities held in Trust Account |
$ | $ | $ | $ | ||||||||||||
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Liabilities: |
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Warrant Liability – Public Warrants |
$ | $ | $ | $ | ||||||||||||
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Warrant Liability – Private Placement Warrants |
$ | $ | $ | $ | ||||||||||||
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Description |
December 31, 2020 |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Cash and marketable securities held in Trust Account |
$ | $ | $ | $ | ||||||||||||
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Liabilities: |
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Warrant Liability – Public Warrants |
$ | $ | $ | $ | ||||||||||||
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Warrant Liability – Private Placement Warrants |
$ | $ | $ | |
$ | |||||||||||
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June 30, 2021 |
December 31, 2020 |
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Stock price |
$ | $ | ||||||
Exercise price |
$ | $ | ||||||
Risk-free rate |
% | % | ||||||
Volatility |
% | % | ||||||
Term (in years) |
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Dividend yield |
% | % |
Private Placement |
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Fair value as of January 1, 2021 |
$ | |||
Change in fair value |
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Fair value as of March 31, 2021 |
$ | |||
Change in fair value |
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Fair value as of June 30, 2021 |
$ | |||
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Exhibit Number |
Description | |
24* | Power of Attorney (included on signature page of this report). | |
31.1* | Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a). | |
31.2* | Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a). | |
32.1** | Certification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
32.2** | Certification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
101.INS* | Inline XBRL Instance Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
† | Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request. |
* | Filed herewith. |
** | Furnished herewith. |
*** | XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections. |
VPC IMPACT ACQUISITION HOLDINGS | ||||||
Date: August 13, 2021 | /s/ John Martin | |||||
Name: | John Martin | |||||
Title: | Chief Executive Officer and Chairman (Principal Executive Officer) | |||||
Date: August 13, 2021 | /s/ Olibia Stamatoglou | |||||
Name: | Olibia Stamatoglou | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |