|
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbols
|
Name of each exchange on
which registered
|
||
|
|
|
||
|
|
|
||
|
|
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|
☒
|
Smaller reporting company
|
|
Emerging growth company
|
|
Page
|
|||
Part I. Financial Information
|
|||
Part II. Other Information
|
|||
Item 1. |
Interim Financial Statements.
|
June 30,
2022
|
December 31,
2021
|
|||||||
(Unaudited)
|
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
|
$
|
|
||||
Prepaid expenses
|
|
|
||||||
Total Current Assets
|
|
|
||||||
Marketable securities held in Trust Account
|
|
|
||||||
TOTAL ASSETS
|
$
|
|
$
|
|
||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accrued expenses and accounts payable
|
$
|
|
$
|
|
||||
Deferred legal fee
|
||||||||
Income taxes payable
|
||||||||
Total Current Liabilities
|
|
|
||||||
Warrant liabilities
|
|
|
||||||
Deferred underwriting fee payable
|
|
|
||||||
Total Liabilities
|
|
|
||||||
Commitments (Note 6)
|
||||||||
Class A common stock subject to possible redemption; $
|
|
|
||||||
Stockholders’ Deficit
|
||||||||
Preferred stock, $
|
|
|
||||||
Class A common stock, $
|
||||||||
Class B common stock, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total Stockholders’ Deficit
|
(
|
)
|
(
|
)
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
$
|
|
$
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Formation and operating costs
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Loss from operations
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Other income (expense):
|
||||||||||||||||
Change in fair value of warrant liabilities
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Transaction costs incurred in connection with the Initial Public Offering
|
|
|
|
(
|
)
|
|||||||||||
Reduction of deferred underwriter fee
|
|
|
|
|
||||||||||||
Interest earned on marketable securities held in Trust Account
|
|
|
|
|
||||||||||||
Total other income (expense), net
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Income (Loss) before provision for income taxes
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Provision for income taxes
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||||
Weighted average shares outstanding, Class A common stock
|
|
|
|
|
||||||||||||
Basic and diluted net income (loss) per share, Class A common stock
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||||
Weighted average shares outstanding, Class B common stock
|
|
|
|
|
||||||||||||
Basic and diluted net income (loss) per share, Class B common stock
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated |
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||||||||
Balance — January 1, 2022
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Net income
|
—
|
|
—
|
|
|
|
|
|||||||||||||||||||||
Balance – March 31, 2022
|
|
$
|
|
|
$
|
|
$ |
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Remeasurement for Class A common stock to redemption amount
|
—
|
—
|
—
|
—
|
(
|
|
(
|
)
|
||||||||||||||||||||
Reduction of deferred underwriter fee |
— | — | — | — | ||||||||||||||||||||||||
Net income
|
—
|
|
—
|
|
|
|
|
|||||||||||||||||||||
Balance – June 30, 2022
|
|
$
|
|
|
$
|
|
$ |
|
$
|
(
|
)
|
$
|
(
|
)
|
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated |
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity (Deficit)
|
||||||||||||||||||||||
Balance — January 1, 2021
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||||||||
Remeasurement for Class A common stock subject to redemption amount
|
—
|
—
|
—
|
—
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||
Cash paid in excess of fair value for private warrants
|
—
|
|
—
|
|
|
|
|
|||||||||||||||||||||
Net loss
|
—
|
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance – March 31, 2021
|
|
$
|
|
|
$
|
|
$ |
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Net loss
|
—
|
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance – June 30, 2021
|
|
$
|
|
|
$
|
|
$ |
|
$
|
(
|
)
|
$
|
(
|
)
|
Six Months Ended
June 30,
|
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$
|
|
$ | ( |
) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Interest earned on marketable securities held in Trust Account
|
(
|
)
|
( |
) | ||||
Change in fair value of warrant liabilities
|
(
|
)
|
||||||
Reduction of deferred underwriter fee
|
( |
) | ||||||
Transaction costs incurred in connection with IPO
|
|
|||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
|
( |
) | |||||
Income Taxes Payable
|
||||||||
Accrued expenses and accounts payable
|
(
|
)
|
||||||
Net cash used in operating activities
|
(
|
)
|
( |
) | ||||
Cash Flows from Investing Activities:
|
||||||||
Investment in Trust Account
|
|
( |
) | |||||
Net cash used in investing activities
|
|
( |
) | |||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from sale of Units, net of underwriting discounts paid
|
|
|||||||
Proceeds from sale of Private Placement Warrants
|
||||||||
Repayment of promissory note – related party
|
|
( |
) | |||||
Payment of offering costs
|
|
( |
) | |||||
Net cash provided by financing activities
|
|
|||||||
Net Change in Cash
|
(
|
)
|
||||||
Cash – Beginning of period
|
|
|||||||
Cash – End of period
|
$
|
|
$ | |||||
Non-Cash Investing and Financing Activities:
|
||||||||
Offering costs included in accrued offering costs
|
$
|
|
$ | |||||
Deferred underwriting fee payable
|
$
|
|
$ | |||||
Remeasurement of Class A common stock subject to possible redemption amount
|
$ | $ | ||||||
Reduction of deferred underwriter fee
|
$ |
( |
) | $ |
NOTE 1.
|
DESCRIPTION
OF ORGANIZATION AND BUSINESS OPERATIONS
|
NOTE 2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Gross proceeds
|
$
|
|
||
Less:
|
||||
Proceeds allocated to Public Warrants
|
(
|
)
|
||
Class A common stocks issuance costs
|
(
|
)
|
||
Plus:
|
||||
Remeasurement of carrying value to redemption value
|
|
|||
Class A common stocks subject to possible redemption, December 31, 2021
|
$
|
|
||
Plus:
|
||||
Remeasurement of carrying value to redemption value
|
|
|||
Class A common stocks subject to possible redemption, June 30, 2022
|
$
|
|
Three Months Ended
June 30, 2022
|
Three Months Ended
June 30, 2021
|
Six Months Ended
June 30, 2022
|
Six Months Ended
June 30, 2021
|
|||||||||||||||||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
Class A
|
Class B
|
Class A
|
Class B
|
|||||||||||||||||||||||||
Basic and diluted net income (loss) per common share
|
||||||||||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||||||||||
Allocation of net income (loss)
|
$
|
|
$
|
|
$
|
(
|
)
|
(
|
)
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||||||
Denominator:
|
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Basic and diluted net income (loss) per common share
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
NOTE 3.
|
PUBLIC OFFERING
|
NOTE 4.
|
PRIVATE PLACEMENT
|
NOTE 5.
|
RELATED PARTY
TRANSACTIONS
|
NOTE 6.
|
COMMITMENTS
|
NOTE 7.
|
STOCKHOLDERS’
EQUITY
|
NOTE 8.
|
WARRANTS
|
●
|
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 for any
|
●
|
in whole and not in part;
|
●
|
at $
|
●
|
if, and only if, the Reference Value equals or exceeds $
|
●
|
if the Reference Value is less than $
|
NOTE 9.
|
FAIR VALUE MEASUREMENTS
|
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
|
Level
|
June 30, 2022
|
December 31, 2021 | |||||||||
Assets:
|
||||||||||||
Marketable securities held in Trust Account
|
1
|
$
|
|
$ | ||||||||
Liabilities:
|
||||||||||||
Warrant Liability – Public Warrants
|
1
|
|
||||||||||
Warrant Liability – Private Placement Warrants
|
3
|
|
Input
|
June 30, 2022
|
December 31, 2021
|
||||||
Market price of public shares
|
$
|
|
$
|
|
||||
Risk-free rate
|
|
%
|
|
%
|
||||
Dividend yield
|
|
% |
|
% | ||||
Volatility
|
|
%
|
|
%
|
||||
Exercise price
|
$
|
|
$
|
|
||||
Effective expiration date
|
|
|
|
Private Placement
Warrants
|
|||
Fair value as of January 1, 2022
|
$
|
|
||
Change in valuation inputs or other assumptions
|
(
|
)
|
||
Fair value as of March 31, 2022
|
$
|
|
||
Change in valuation inputs or other assumptions
|
( |
) | ||
Fair value as of June 30, 2022
|
$ |
NOTE 10.
|
SUBSEQUENT EVENTS
|
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
|
● |
restrictions on the nature of our investments;
|
●
|
restrictions on the issuance of securities; and
|
●
|
restrictions on the enforceability of agreements entered into by us, each of which may make it difficult for us to complete our Business Combination.
|
●
|
registration as an investment company with the SEC (which may be impractical and would require significant changes in, among other things, our capital structure);
|
●
|
adoption of a specific form of corporate structure; and
|
●
|
reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations.
|
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
|
No.
|
Description of Exhibit
|
|
Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
101.INS*
|
XBRL Instance Document
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
* |
Filed herewith.
|
FORTISTAR SUSTAINABLE SOLUTIONS CORP.
|
||
Date: August 10, 2022
|
By:
|
/s/ Nadeem Nisar
|
Name:
|
Nadeem Nisar
|
|
Title:
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
||
Date: August 10, 2022
|
By:
|
/s/ Scott Contino
|
Name:
|
Scott Contino
|
|
Title:
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|