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 |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
September 30, 2021 |
December 31, 2020 |
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(Unaudited) |
(Revised) |
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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’ DEFICIT |
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Current liabilities |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Advance from related party |
— | |||||||
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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 common stock subject to possible redemption |
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Stockholders’ Deficit |
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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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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total Stockholders’ Deficit |
( |
) |
( |
) | ||||
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TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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|
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
For the Period from July 30, 2020 (inception) through September 30, 2020 |
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General and administrative expenses |
$ | $ | $ | |||||||||
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Loss from operations |
( |
) |
( |
) |
( |
) | ||||||
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Other income: |
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Interest earned on investments held in Trust Account |
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Change in fair value of warrant liabilities |
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Total other income |
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Net income (loss) |
$ |
$ |
$ |
( |
) | |||||||
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Weighted average shares outstanding, Class A common stock |
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Basic and diluted net income per share, Class A common stock |
$ |
$ |
$ |
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Weighted average shares outstanding, Class B common stock |
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Basic and diluted net income (loss) per share, Class B common stock |
$ |
$ |
( |
) | ||||||||
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|
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|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance – January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – September 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance – July 30, 2020 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B common stock to Sponsor |
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Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – September 30, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Nine months Ended September 30, 2021 |
For the Period from July 30, 2020 (Inception) Through September 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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Payment of formation costs through promissory note – related party |
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Change in fair value of warrant liabilities |
( |
) | — | |||||
Interest earned on investments held in Trust Account |
( |
) | — | |||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
— | |||||||
Accounts payable and accrued expenses |
— | |||||||
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Net cash used in operating activities |
( |
) |
— |
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Cash Flows from Investing Activities: |
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Cash withdrawn from Trust Account to pay franchise and income taxes |
— | |||||||
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Net cash provided by investing activities |
— | |||||||
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Cash Flows from Financing Activities: |
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Advances from related party |
— | |||||||
Repayment of advances from related party |
( |
) | — | |||||
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Net cash provided by financing 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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Supplemental disclosure of non-cash investing and financing activities: |
— | |||||||
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Deferred offering costs included in accrued offering costs |
— | |||||||
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Deferred offering costs paid through promissory note – related party |
— | |||||||
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Balance Sheet as of December 31, 2020 (audited) |
As Previously Reported |
Adjustment |
As Revised |
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Class A common stock subject to possible redemption |
$ | $ | $ | |||||||||
Class A common stock |
$ | $ | ( |
) | $ | |||||||
Additional paid-in capital |
$ | $ | ( |
) | $ | |||||||
Accumulated deficit |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Total stockholders’ equity (deficit) |
$ | $ | ( |
) | $ | ( |
) |
Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
$ | ( |
) | |
Class A common stock issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
$ | |||
|
|
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Class A common stock subject to possible redemption |
$ | |||
|
|
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
For The Period From July 30, 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 shares |
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Numerator: |
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Allocation of net income (loss), as adjusted |
$ | $ | $ | $ | $ | $ | ( |
) | ||||||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per common share |
$ | $ | $ | $ | $ | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any a period ending . |
Description |
Level |
Amortized Cost |
Gross Holding Gain |
Fair Value |
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September 30, 2021 |
Assets |
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Held-to-Maturity |
1 | $ | $ | $ | ||||||||||||||
Liabilities: |
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Warrant Liability – Public Warrants |
1 | — | — | |||||||||||||||
Warrant Liability – Private Placement Warrants |
3 | — | — |
Description |
Level |
Amortized Cost |
Gross Holding Loss |
Fair Value |
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December 31, 2020 |
Assets |
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Held-to-Maturity |
1 | $ | $ | ( |
) | $ | ||||||||||||
Liabilities: |
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Warrant Liability – Public Warrants |
1 | — | — | |||||||||||||||
Warrant Liability – Private Placement Warrants |
3 | — | — |
September 30, 2021 |
December 31, 2020 |
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Stock price |
$ | $ | ||||||
Strike price |
$ | $ | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Private Placement |
||||
Fair value as of December 31, 2020 |
$ | |||
Change in fair value |
( |
) | ||
|
|
|||
Fair value as of September 30, 2021 |
$ | |||
|
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* | Filed herewith. |
** | Furnished. |
MUDRICK CAPITAL ACQUISITION CORPORATION II | ||||||
Date: November 10, 2021 | By: | /s/ Jason Mudrick | ||||
Name: | Jason Mudrick | |||||
Title: | Chief Executive Officer and Chairman | |||||
(Principal Executive Officer) | ||||||
Date: November 10, 2021 | By: | /s/ Glenn Springer | ||||
Name: | Glenn Springer | |||||
Title: | Chief Financial Officer | |||||
(Principal Accounting and Financial Officer) |