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 | ||
A Common Stock and one-half of one redeemable Warrant |
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Large, accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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Part I. Financial Information |
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Item 1. Interim Financial Statements |
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1 |
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2 |
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3 |
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4 |
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5 |
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20 |
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22 |
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22 |
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Part II. Other Information |
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24 |
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24 |
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25 |
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26 |
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26 |
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26 |
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26 |
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27 |
September 30, 2021 |
December 31, 2020 |
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(Unaudited) | (Restated, see Note 2) |
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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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Marketable securities held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current Liabilities—Accrued expenses |
$ | $ | ||||||
Convertible promissory note – related party , at fair value |
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Deferred underwriting fee payable |
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Warrant liabilities |
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Total Liabilities |
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Commitments |
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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, $ shares authorized |
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Class B common stock, $ shares authorized; shares issued and outstanding at September 30, 2021 and December 31, 2020 |
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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 August 24, 2020 (inception) through September 30, 2020 |
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General and administrative expenses |
$ | $ | $ | |||||||||
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Loss from operations |
( |
) |
( |
) |
( |
) | ||||||
Other income: |
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Interest earned on investments held in Trust Account |
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Unrealized gain on marketable securities held in Trust Account |
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Change in fair value of convertible promissory note |
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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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|
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Basic and diluted 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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Basic and diluted 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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|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance—January 1, 2021 ( restated , See Note 2) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
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Balance—March 31, 2021 ( restated , See Note 2) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||
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Balance—June 30, 2021 ( restated , See Note 2) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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 Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
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Shares |
Amount |
Shares |
Amount |
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Balance—August 24, 2020 (inception) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | — | ||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance—September 30, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Nine months Ended September 30, 2021 |
For the Period from August 24, 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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Change in fair value of convertible promissory note |
( |
) | ||||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Interest earned on investments held in Trust Account |
( |
) | ||||||
Unrealized gain on marketable securities held in Trust Account |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accrued expenses |
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|
|
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Net cash used in operating activities |
( |
) | ||||||
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|
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Cash Flows from Financing Activities: |
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Proceeds from convertible promissory note—related party |
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|
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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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|
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Cash – End of period |
$ |
$ | ||||||
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|
Condensed Balance Sheet as of December 22, 2020 |
As Previously Reported |
Adjustment |
As Restated |
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Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Class A common stock |
$ |
$ |
( |
) |
$ |
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Additional paid-in capital |
$ |
$ |
( |
) |
$ |
|||||||
Accumulated deficit |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Total Stockholders’ Equity (Deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Number of shares subject to redemptio n |
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Condensed Balance Sheet as of December 31, 2020 |
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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) |
$ | $ | ( |
) | $ | ( |
) | |||||
Number of shares subject to redemption |
|
|
|
|
|
|
|
|
|
|
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|
Condensed Balance Sheet as of March 31, 2021 (unaudited) |
||||||||||||
Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Class A common stock |
$ |
$ |
( |
) |
$ |
|||||||
Additional paid-in capital |
$ |
$ |
$ |
|||||||||
Accumulated deficit |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total Stockholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
Number of shares subject to redemption |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheet as of June 30, 2021 |
||||||||||||
Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Class A common stock |
$ |
$ |
( |
) |
$ |
|||||||
Additional paid-in capital |
$ |
$ |
( |
) |
$ |
|||||||
Retained earnings |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total Stockholders’ Equity (Deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Number of shares subject to redemption |
|
|
|
|
|
|
|
|
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|
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|
Condensed Statement of Cash Flows for the period from August 24, 2020 (inception) through December 31, 2020 |
As Previously Reported |
Adjustment |
As Restated |
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Non-cash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Initial classification of Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Change in value of Class A common stock subject to possible redemption |
( |
) |
||||||||||
Condensed Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited) |
||||||||||||
Non-cash Investing and Financing Activities: |
||||||||||||
Change in value of Class A common stock subject to possible redemption |
( |
) |
||||||||||
Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited) |
||||||||||||
Non-cash Investing and Financing Activities: |
||||||||||||
Change in value of Class A common stock subject to possible redemption |
( |
) | ||||||||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the period from August 24, 2020 (inception) through December 31, 2020 |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
Sales of |
( |
) |
||||||||||
Change in value of common stock subject to redemption |
( |
) |
||||||||||
Accretion for Class A common stock to redemption amount |
( |
) |
( |
) | ||||||||
Total stockholders’ equity (deficit) |
( |
) |
( |
) | ||||||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the three months ended March 30, 2021 |
||||||||||||
Change in value of common stock subject to redemption |
( |
) |
||||||||||
Total stockholders’ equity (deficit) |
( |
) |
( |
) | ||||||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the three months ended June 30, 2021 |
||||||||||||
Change in value of common stock subject to redemption |
( |
) |
||||||||||
Total s tockholders’ e quity (d eficit) |
( |
) | ( |
) |
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption |
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption |
Basic and diluted weighted average shares outstanding, non- redeemable Class B common stock |
Basic and diluted net income (loss) per share, non- redeemable Class B common stock |
|||||||||||||
For the period from August 24, 2020 (inception) through December 31, 2020 |
||||||||||||||||
As Previously Reported |
$ |
$ |
( |
) | ||||||||||||
Adjustment |
$ |
( |
) |
( |
) |
$ |
||||||||||
|
|
|
|
|
|
|
|
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As Restated |
$ |
( |
) |
$ |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
For the three months ended March 31, 2021 |
||||||||||||||||
As Previously Reported |
$ |
$ |
||||||||||||||
Adjustment |
$ |
( |
) |
$ |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
As Restated |
$ |
$ |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
For the three months ended June 30, 2021 |
||||||||||||||||
As Previously Reported |
$ |
$ |
( |
) | ||||||||||||
Adjustment |
$ |
( |
) |
( |
) |
$ |
||||||||||
|
|
|
|
|
|
|
|
|||||||||
As Restated |
$ |
( |
) |
$ |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
For the six months ended June 30, 2021 |
||||||||||||||||
As Previously Reported |
$ |
$ |
||||||||||||||
Adjustment |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||||||
|
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|
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As Restated |
$ |
$ |
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Gross proceeds |
$ |
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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 1 |
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|
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Class A common stock subject to possible redemption |
$ | |||
|
|
1 |
Recognized during the quarter ended December 31, 2020. |
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
For the Period from August 24, 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 share |
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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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|
|
|
|
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|
|||||||||||||
Basic and diluted net income (loss) per common share |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
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. |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | 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 $ |
• | if, and only if, the last reported sale price of the Class A common stock equals or exceeds $ |
• | if, and only if, the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above; and |
• | if, and only if, there is an effective registration statement covering the issuance of the shares of Class A common issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the |
Description |
Level |
September 30, 2021 |
Level |
December 31, 2020 |
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Assets: |
||||||||||||||||
Marketable securities held in Trust Account |
1 | $ | 1 | $ | ||||||||||||
Liabilities: |
||||||||||||||||
Warrant liability—Public Warrants |
1 | 1 | $ | |||||||||||||
Warrant liability—Private Placement Warrants |
2 | 3 | $ | |||||||||||||
Convertible Promissory Note |
3 | — |
Input |
Private Placement Warrants December 31, 2020 |
Public Warrants December 31, 2020 |
||||||
Risk-free interest rate |
% | |
|
|
% | |||
Term (years) |
|
|
|
| ||||
Trading days per year |
|
|
|
| ||||
Expected volatility |
% | |
|
|
% | |||
Exercise price |
$ | |
$ |
|
| |||
Stock Price |
$ | |
$ |
|
|
Private Placement |
Public Warrants |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ | |
$ |
|
|
|
$ |
|
| |||
Change in fair value |
( |
) | |
|
— |
|
|
|
( |
) | ||
Transfer to Level 1 |
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
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|
|
|
|
|
|
|
|
Fair value as of March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value |
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fair value as of June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Transfer to Level 2 |
( |
) | |
|
— |
|
|
|
( |
) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value as of September 30, 2021 |
$ | |
$ |
|
|
|
$ |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
||||
Risk-free interest rate |
$ | % | ||
Time to Expiration (in years) |
$ | |||
Expected volatility |
% | |||
Exercise price |
$ | |||
Dividend yield |
% | |||
Stock Price |
$ | |||
Probability of transaction |
% |
Fair value as of January 1, 2021 |
$ | |||||||
Proceeds received through Convertible Promissory Note |
||||||||
Change in fair value |
( |
) | ||||||
|
|
|||||||
Fair value as of September 30, 2021 |
$ | |||||||
|
|
Exhibit No. |
Description | |
31.1* | Certification of Chief Executive Officer (Principal Executive Officer) required by Rule 13a-14(a) or Rule 15d-14(a). | |
31.2* | Certification of Chief Financial Officer (Principal Financial and Accounting Officer) required by Rule 13a-14(a) or Rule 15d-14(a). | |
32.1** | Certification of Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
32.2** | Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
10.1* | Promissory Note dated September 13, 2021 | |
101.INS* | 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* | 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 | |
104* | Cover Page Interactive Data File – The cover page XBRL tags are embedded within the inline XBRL document. |
* | Filed herewith. |
** | Furnished herewith. |
GOLDEN FALCON ACQUISITION CORP. | ||||||
Date: November 16, 2021 | By: | /s/ Makram Azar | ||||
Name: | Makram Azar | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: November 16, 2021 | By: | /s/ Eli Muraidekh | ||||
Name: | Eli Muraidekh | |||||
Title: | Chief Financial Officer (Principal Financial Officer) |