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-third of one redeemable warrant |
The | |||
The | ||||
The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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5 |
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18 |
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25 |
June 30, 2022 |
December 31, 2021 |
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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 investments held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT |
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Current liabilities |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Promissory note – 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 ordinary shares, $ subject to possible redemption at redemption value of $ |
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Shareholders’ Deficit |
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Preference shares, $ |
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Class B ordinary shares, $ issued and outstanding as of June 30, 2022, and December 31, 2021 |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Total Shareholders’ Deficit |
( |
) |
( |
) | ||||
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT |
$ |
$ |
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Three Months Ended June 30, |
For the Six Months EndedJune 30, |
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2022 |
2021 |
2022 |
2021 |
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Operating and formation costs |
$ | $ | $ | $ | ||||||||||||
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Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Other income (expense): |
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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 (expense), net |
( |
) | ||||||||||||||
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Net income (loss) |
$ |
$ |
( |
) |
$ |
$ |
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Weighted average shares outstanding, Class A Ordinary Shares |
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Basic and diluted net income (loss) per share, Class A Ordinary Shares |
$ |
$ |
( |
) |
$ |
$ |
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Basic and diluted weighted average shares outstanding, Class B Ordinary Shares |
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Basic and diluted net income (loss) per share, Class B Ordinary Shares |
$ |
$ |
( |
) |
$ |
$ |
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance – January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— |
— | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Accretion for Class A Ordinary Shares subject to redemption |
— |
— |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||
Net income |
— |
— | — | — | — | |||||||||||||||||||||||
Balance – June 30, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
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Shares |
Amount |
Shares |
Amount |
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Balance – January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Accretion for Class A Ordinary Shares subject to redemption |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Sale of |
— | — | — | — | — | |||||||||||||||||||||||
Net income |
— |
— |
— | — | — | |||||||||||||||||||||||
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Balance – March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— |
— |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance – June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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For the Six Months EndedJune 30, |
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2022 |
2021 |
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Cash Flows from Operating Activities: |
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Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash used in operating activities: |
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Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Interest earned on investments held in Trust Account |
( |
) | ( |
) | ||||
Transaction costs allocated to warrants |
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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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Investment of cash into trust Account |
( |
) | ||||||
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Net cash used in investing activities |
( |
) | ||||||
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Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discount paid |
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Proceeds from sale of private placement Units |
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Proceeds from promissory note—related party |
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Repayment of promissory note – related party |
( |
) | ||||||
Payment of offering costs |
( |
) | ||||||
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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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Non-Cash investing and financing activities: |
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Offering costs included in accrued offering costs |
$ | $ | ||||||
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Deferred underwriting fee payable |
$ | — | $ | |||||
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Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption, December 31, 2021 |
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Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption, June 30, 2022 |
$ |
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For the Three Months Ended June 30, 2022 |
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Numerator: |
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Allocation of net income (loss) |
$ | $ | $ | ( |
) | $ |
( |
) | $ | $ | $ | $ | ||||||||||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per ordinary share |
$ | $ | $ | ( |
) | $ |
( |
) | $ | $ | $ | $ | ||||||||||||||||||||
• | in whole and not in part; |
• | at a price of $ W arrant; |
• | upon a minimum of W arrant holder; and |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ a period ending three trading days before the Company sends the notice of redemption to the W arrant holders. |
• | in whole and not in part; |
• | at $ W arrant upon a minimum of W arrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; |
• | if, and only if, the closing price of the Class A ordinary shares equal or exceeds $ the period ending three trading days before the Company sends the notice of redemption of the W arrant holders; and |
• | if the closing price of the Class A ordinary shares for any a ending on the third trading day prior to the date on which the Company sends the notice of redemption to the W arrant holders is less than $ |
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 an assessment of the assumptions that market participants would use in pricing the asset or liability. |
Held-To-Maturity |
Level |
Amortized Cost |
Gross Holding Gain (Loss) |
Fair Value |
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Ju n e 30, 2022 |
U.S. Treasury Securities (Mature on |
1 | $ | $ | ( |
) | $ | |||||||||||
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December 31, 2021 |
U.S. Treasury Securities | 1 | $ | $ | $ | |||||||||||||
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Description |
Level |
As of June 30, 2022 |
As of December 31, 2021 |
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Liabilities: |
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Warrant Liabilities – Public Warrants |
1 | $ |
$ |
|||||||||
Warrant Liabilities – Private Placement Warrants |
2 | $ |
$ |
Private Placement |
Public |
Warrant Liabilities |
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Fair value as of January 1, 2021 |
$ | $ | $ | |||||||||
Initial measurement on January 15th, 2021 |
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Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Transfer to Level 1 |
( |
) | ( |
) | ||||||||
Transfer to Level 2 |
( |
) | ( |
) | ||||||||
Fair value as of June 30, 2021, December 31, 2021 and June 30, 2022 |
$ | $ | $ | |||||||||
No. |
Description of Exhibit | |
31.1* | 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 | |
31.2* | 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 | |
32.1* | 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 | |
32.2* | 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* | Inline XBRL Instance Document (the instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 Labels 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) |
* | Filed herewith. |
MARLIN TECHNOLOGY CORPORATION | ||||||
Date: August 15, 2022 | By: | /s/ Nick Kaiser | ||||
Name: | Nick Kaiser | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: August 15, 2022 | By: | /s/ Michael Nutting | ||||
Name: | Michael Nutting | |||||
Title: | Chief Financial Officer and Director | |||||
(Principal Financial and Accounting Officer) |