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.) |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||
one-half of one redeemable warrant to acquire one share of Class A Common Stock |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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Item 1. |
3 |
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3 |
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4 |
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5 |
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6 |
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7 |
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Item 2. |
23 |
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Item 3. |
28 |
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Item 4. |
28 |
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Item 1. |
29 |
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Item 1A. |
29 |
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Item 2. |
29 |
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Item 3. |
29 |
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Item 4. |
29 |
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Item 5. |
29 |
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Item 6. |
30 |
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31 |
ITEM 1. |
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
September 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, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit: |
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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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Deferred underwriting commissions |
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Derivative warrant liabilities |
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Total Liabilities |
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Commitments and Contingencies |
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Class A common stock subject to possible redemption; $ 2020, respectively |
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Stockholders’ Deficit: |
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Preferred stock, $ or outstanding |
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Class A common stock, $ |
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Class B common stock, $ 2020, respectively |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total Stockholders’ Deficit |
( |
) | ( |
) | ||||
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Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit |
$ |
$ |
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For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
For The Period From July 31, 2020 (Inception) through September 30, 2020 |
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General and administrative expenses |
$ | $ | $ | |||||||||
Franchise tax expenses |
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Loss from operations |
( |
) | ( |
) | ( |
) | ||||||
Other income (expenses): |
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Income earned on investments held in Trust Account |
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Change in fair value of derivative warrant liabilities |
( |
) | ||||||||||
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Net income (loss) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
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Weighted average shares outstanding of Class A common stock |
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Basic and diluted net income (loss) per share, Class A common stock |
$ |
$ |
( |
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$ |
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Weighted average shares outstanding of Class B common stock |
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Basic and diluted net income (loss) per share, Class B common stock |
$ |
$ |
( |
) |
$ |
( |
) | |||||
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Common Stock |
Accumulated Deficit |
Total |
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Class A |
Class B |
Additional Paid-In |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
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Balance - December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
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Balance - March 31, 2021 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
( |
) |
( |
) | |||||||||||||||||||
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Balance - June 30, 2021 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
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Balance - September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Common Stock |
Total |
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Class A |
Class B |
Additional Paid-In |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance - July 31, 2020 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of common stock to Sponsor |
— |
— |
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Net loss |
— |
— |
— |
— |
— |
( |
) |
( |
) | |||||||||||||||||||
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Balance - September 30, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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For the Nine Months Ended September 30, 2021 |
For the Period From (Inception) through September 30, 2020 |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Income earned on investments held in Trust Account |
( |
) | ||||||
Change in fair value of derivative warrant liabilities |
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General and administrative expenses paid by Sponsor under note payable |
— | |||||||
Changes in operating 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 |
( |
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Net decrease in cash |
( |
) | ||||||
Cash - beginning of the period |
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Cash - end of the period |
$ |
$ |
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Supplemental disclosure of noncash financing activities: |
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Offering costs paid in exchange for issuance of common stock to Sponsor |
$ | — | $ | |||||
Offering costs included in accrued expenses and accounts payable |
$ | — | $ | |||||
Offering costs included in note payable |
$ | — | $ |
• | Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; |
• | Level 2: Quoted prices in markets that are not active or financial instruments for which significant inputs to models are observable (including but not limited to quoted prices for similar securities, interest rates, foreign exchange rates, volatility and credit risk), either directly or indirectly; |
• | Level 3: Prices or valuations that require significant unobservable inputs (including the Management’s assumptions in determining fair value measurement). |
For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
For the Period From July 31, 2020 (Inception) through September 30, 2020 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per common stock: |
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Numerator: |
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Allocation of net income (loss) |
$ | $ | $ | ( |
) | $ | ( |
) | $ | — | $ | ( |
) | |||||||||||
Denominator: |
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Basic and diluted weighted average common shares outstanding |
— | |||||||||||||||||||||||
Basic and diluted net income (loss) per common s tock |
$ | $ | $ | ( |
) | $ | ( |
) | $ | — | $ | ( |
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• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price of the Class A common stock equals or exceeds $ |
• | in whole and not in part; |
• | at a price of $ |
• | if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and |
• | if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like and for certain issuances of Class A common stock and equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination) then the Private Placement Warrants must also concurrently be called for redemption on the same terms (equal to a number of shares of Class A common stock) as the outstanding Public Warrants as described above. |
Gross proceeds from Initial Public Offering |
$ | |||
Less: |
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Fair value of Public Warrants at issuance |
( |
) | ||
Offering costs allocated to Class A common stock subject to possible redemption |
( |
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Plus: |
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Accretion on Class A common stock subject to possible redemption amount |
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Class A common stock subject to possible redemption |
$ | |||
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Description |
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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Investments held in Trust Account |
$ | $ | $ | |||||||||
Liabilities: |
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Derivative warrant liabilities (public) |
$ | $ | $ | |||||||||
Derivative warrant liabilities (private) |
$ | $ | $ |
Description |
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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Investments held in Trust Account |
$ | $ | $ | |||||||||
Liabilities: |
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Derivative warrant liabilities (public) |
$ | $ | $ | |||||||||
Derivative warrant liabilities (private) |
$ | $ | $ |
At initial issuance |
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Exercise price |
$ | |||
Volatility |
% | |||
Stock price |
$ | |||
Expected life of the options to convert |
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Risk-free rate |
% | |||
Dividend yield |
% |
Derivative warrant liabilities at January 1, 2021 |
$ |
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Transfer of public warrant liabilities to Level 1 |
( |
) | ||
Change in fair value of warrant liabilities |
( |
) | ||
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Derivative warrant liabilities at March 31, 2021 |
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Transfer of private warrant liabilities to Level 2 |
( |
) | ||
Change in fair value of warrant liabilities |
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Derivative warrant liabilities at June 30, 2021 |
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Derivative warrant liabilities at September 30, 2021 |
$ |
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ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. |
CONTROLS AND PROCEDURES |
ITEM 1. |
LEGAL PROCEEDINGS. |
ITEM 1A. |
RISK FACTORS. |
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES. |
ITEM 4. |
MINE SAFETY DISCLOSURES. |
ITEM 5. |
OTHER INFORMATION. |
ITEM 6. |
EXHIBITS. |
+ | Certain exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to supplementally furnish a copy of any omitted exhibit or schedule to the SEC upon its request. |
^ | Filed herewith. |
* | The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Thayer Ventures Acquisition Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing. |
** | Attached as Exhibit 101 to this Quarterly Report formatted in XBRL (Extensible Business Reporting Language): (i) Balance Sheets, (ii) Statements of Operations, (iii) Statements of Comprehensive Loss, (iv) Statements of Cash Flows, (v) Statements of Stockholders’ Equity; and (vi) Notes to Financial Statements, tagged as blocks of text and including detailed tags. |
THAYER VENTURES ACQUISITION CORPORATION | ||||||
Date: November 12, 2021 | /S/ M ARK E. FARRELL | |||||
Name: | Mark E. Farrell | |||||
Title: | Co-Chief Executive Officer, Co-President and Chief Financial Officer | |||||
Date: November 12, 2021 | /S/ C HRISTOPHER HEMMETER | |||||
Name: | Christopher Hemmeter | |||||
Title: | Co-Chief Executive Officer, Co-President and Secretary |