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 Symbols |
Name of each exchange on which registered | ||
Units, each consisting of one share of Class A common stock and one-fourth of oneredeemable warrant |
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Class A common stock, par value $0.0001 per share |
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Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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1 | ||||
1 | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
20 | ||||
23 | ||||
23 | ||||
24 | ||||
24 | ||||
24 | ||||
24 | ||||
25 | ||||
25 | ||||
25 | ||||
26 | ||||
28 |
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 and other current assets |
— | |||||||
Due from Sponsor |
— | |||||||
Total Current Assets |
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Deferred offering costs |
— | |||||||
Investments held in Trust Account |
— | |||||||
TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Promissory note – related party |
— | |||||||
Total Current Liabilities |
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FPA liability |
— | |||||||
Warrant liability |
— | |||||||
Deferred underwriting fee payable |
— | |||||||
Total Liabilities |
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Commitments and Contingencies |
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Class A common stock subject to possible redemption at $ and |
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Stockholders’ (Deficit) Equity |
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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 |
( |
) | ( |
) | ||||
Total Stockholders’ (Deficit) Equity |
( |
) |
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TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
$ |
$ |
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Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
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General and administrative expenses |
$ | $ | ||||||
|
|
|
|
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Loss from operations |
( |
) | ( |
) | ||||
Other (expense) income: |
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Change in fair value of warrant liabilities and FPA |
( |
) | ||||||
Interest earned on marketable securities held in Trust Account |
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|
|
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Total o ther (expense) income, net |
( |
) | ||||||
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|
|
|
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Net loss |
$ | ( |
) | $ | ( |
) | ||
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|
|
|
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Weighted average shares outstanding of Class A common stock |
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|
|
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Basic and diluted income 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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|
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Basic and diluted net loss per share, Class B common stock |
$ | ( |
) | $ | ( |
) | ||
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|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
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Shares |
Amount |
Shares |
Amount |
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Balance — January1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Excess of proceeds from the sale of private placement warrants to Sponsor |
— | — | — | — | — | |||||||||||||||||||||||
Forfeiture of Founder Shares |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Accretion for Class A common stock to redemption value |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2021 (see Note 2 – as restated) |
( |
) | ( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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|
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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 los s |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Operating costs paid by Sponsor |
||||
Operating costs paid through promissory note |
||||
Change in fair value of warrant liability |
( |
) | ||
Transaction costs incurred in connection with warrant liabilities |
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Interest earned on marketable securities held in Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
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Prepaid expenses and other current assets |
( |
) | ||
Accrued expenses |
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|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
|||
Cash Flows from Investing Activities: |
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Investment of cash in Trust Account |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
Cash Flows from Financing Activities |
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Proceeds from sale of Units, net of underwriting discounts paid |
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Proceeds from sale of Private Placements Warrants |
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Due from Sponsor |
( |
) | ||
Repayment of promissory note—related party |
( |
) | ||
Payment of offering costs |
( |
) | ||
|
|
|||
Net cash provided by financing activities |
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|
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Net Change in Cash |
$ |
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Cash – Beginning of period |
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|
|
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Cash – End of period |
$ |
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|
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Non-Cash investing and financing activities: |
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Offering costs included in accrued offering costs |
$ | ( |
) | |
|
|
|||
Offering costs paid through promissory note |
$ | |||
|
|
|||
Payment of prepaid expenses through promissory note |
$ | |||
|
|
|||
Deferred underwriting fee payable |
$ | |||
|
|
As Previously Reported |
Restatement Adjustment |
As Restated |
||||||||||
Balance Sheet as of March 31, 2021 (unaudited) |
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Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Class A common stock |
$ |
$ |
( |
) |
$ |
|||||||
Additional paid-in capital |
$ |
$ |
( |
) |
$ |
|||||||
Retained earnings |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total Stockholders’ Equity (Deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Statement of Operations for the Three Months Ended March 31, 2021 (unaudited) |
||||||||||||
Basic weighted average shares outstanding, Class A common stock |
( |
) |
||||||||||
Basic net income per share, Class A common stock |
$ |
$ |
$ |
|||||||||
Basic weighted average shares outstanding, Class B common stock |
||||||||||||
Basic net income per share, Class B common stock |
$ |
$ |
( |
) |
$ |
|||||||
Diluted weighted average shares outstanding, Class B common stock |
||||||||||||
Diluted net income per share, Class B common stock |
$ |
$ |
||||||||||
Statement of Operations for the Three Months Ended June 30, 2021 (unaudited) |
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock |
||||||||||||
Basic and diluted net loss per share, Class A common stock |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Basic and diluted weighted average shares outstanding, Class B common stock |
||||||||||||
Basic and diluted net loss per share, Class B common stock |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Statement of Operations for the Six Months Ended June 30, 2021 (unaudited) |
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock |
( |
) |
||||||||||
Basic and diluted net loss per share, Class A common stock |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Basic and diluted weighted average shares outstanding, Class B common stock |
||||||||||||
Basic and diluted net loss per share, Class B common stock |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Non-Cash investing and financing activities: |
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Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited) |
||||||||||||
Initial classification of Class A common stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
|||||||
Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited) |
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Initial classification of Class A common stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
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 |
||||
|
|
|||
Class A common stock subject to possible redemption |
$ |
|||
|
|
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income (loss) per common share |
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Numerator: |
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Allocation of net income (loss), as adjusted |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average shares outstanding |
||||||||||||||||
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 closing price of the Class A common stock equals or exceeds $ a period ending three business days before the Company sends the notice of redemption to the warrant holders. |
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. |
Held-To-Maturity |
Level |
Fair Value |
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Assets: |
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June 30, 2021 |
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund | 1 | $ | |||||||
Liabilities: |
||||||||||
June 30, 2021 |
Warrant Liability – Public Warrants | 1 | $ | |||||||
June 30, 2021 |
Warrant Liability – Private Placement Warrants | 3 | $ | |||||||
June 30, 2021 |
Warrant Liability – FPA | 3 | $ |
June 30, 2021 |
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Stock Price |
$ |
|||
Exercise Price |
$ |
|||
Volatility |
% | |||
Term (years) |
||||
Dividend Yield |
% | |||
Risk Free Rate-Private Placement Warrants |
% | |||
Risk Free Rate-FPA |
% |
Private Placement |
Public |
Total Private Warrant |
||||||||||
Fair value as of January 1, 2021 |
$ | |||||||||||
Initial measurement on January 28, 2021 |
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Transfer to Level 1 |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
Change in fair value |
||||||||||||
|
|
|
|
|
|
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Fair value as of June 30, 2021 |
$ | |||||||||||
|
|
|
|
|
|
FPA Liability |
||||
Fair value as of January 1, 2021 |
$ | — | ||
Initial measurement on January 28, 2021 |
||||
Change in valuation inputs or other assumptions |
||||
|
|
|||
Fair value as of June 30, 2021 |
$ | |||
|
|
NOTE |
11. SUBSEQUENT EVENTS |
* | Filed herewith. |
** | Furnished. |
HUDSON EXECUTIVE INVESTMENT CORP. II | ||||||
Date: February 14, 2022 | By: | /s/ Douglas G. Bergeron | ||||
Name: | Douglas G. Bergeron | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: February 14, 2022 | By: | /s/ Ira Mosberg | ||||
Name: | Ira Mosberg | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |