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|
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Title of each class
|
Trading Symbol(s)
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Name of each exchange on which
registered
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||
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Large accelerated filer
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☐
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Accelerated filer
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☐ | |
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☒ |
Smaller reporting company
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||
Emerging growth company
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Page
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1
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1
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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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18
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22
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22
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23
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23
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23
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23
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23
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23
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23
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23
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24
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June 30,
2022
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December 31,
2021
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|||||||
(Unaudited)
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||||||||
ASSETS
|
||||||||
Current assets
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||||||||
Cash
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$
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|
$
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|
||||
Prepaid expenses
|
|
|
||||||
Total Current Assets
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||||||
Marketable securities held in Trust Account
|
|
|
||||||
TOTAL ASSETS
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$
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$
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|
||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accrued expenses
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$
|
|
$
|
|
||||
Income taxes payable
|
||||||||
Promissory note – related party
|
||||||||
Total Current Liabilities
|
|
|
||||||
Deferred underwriting payable
|
|
|||||||
Total Liabilities
|
|
|
||||||
Commitments
|
||||||||
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
|
$
|
|
$
|
|
For the Three Months Ended June 30, |
For the Six Months Ended
June 30, |
|||||||||||||||
2022 |
2021 | 2022 |
2021 | |||||||||||||
General and administrative expenses |
$ | $ | $ | $ | ||||||||||||
Stock-based compensation expenses
|
|
|||||||||||||||
Loss from operations
|
( |
) |
(
|
)
|
( |
) | ( |
) | ||||||||
Other income (expense):
|
||||||||||||||||
Interest earned on marketable securities held in Trust Account
|
|
|||||||||||||||
Unrealized loss on marketable securities held in Trust Account
|
(
|
)
|
( |
) | ||||||||||||
Total Other income (expense), net
|
(
|
)
|
||||||||||||||
Loss before provision for income taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Provision for income taxes |
( |
) | ( |
) |
|
|||||||||||
Net loss
|
$ | ( |
) |
$
|
(
|
)
|
$ | ( |
) | $ | ( |
) | ||||
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
|
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
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
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Stock-based compensation expense
|
—
|
|
—
|
|
|
|
|
|||||||||||||||||||||
Net loss
|
—
|
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance – March 31, 2022
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Stock-based compensation expense
|
— | — | ||||||||||||||||||||||||||
Net loss
|
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance – June 30, 2022
|
$ | $ | $ | $ | ( |
) | $ | ( |
) |
Class A Common Stock
|
Class B Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||||||||
Balance — January 1, 2021
|
$ |
$ |
$ |
$ |
( |
) | $ |
( |
) | |||||||||||||||||||
Stock-based compensation expense
|
— | — | ||||||||||||||||||||||||||
Net loss
|
—
|
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance – March 31, 2021
|
|
$
|
|
|
$ |
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Stock-based compensation expense
|
— | — | ||||||||||||||||||||||||||
Net loss
|
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance – June 30, 2021
|
$ |
$ |
$ |
$ |
( |
) | $ | ( |
) |
For the Six Months Ended June 30,
|
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net loss
|
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Stock-based compensation expense
|
|
|||||||
Interest earned on marketable securities held in Trust Account
|
(
|
)
|
( |
) | ||||
Unrealized loss on marketable securities held in Trust Account
|
|
|||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
|
|||||||
Accounts payable and accrued expenses
|
(
|
)
|
||||||
Income taxes payable
|
||||||||
Net cash used in operating activities
|
(
|
)
|
( |
) | ||||
Cash Flows from Financing Activities:
|
||||||||
Repayment of funds to sponsor | ( |
) | ||||||
Proceeds from promissory note – related party
|
||||||||
Repayment of promissory note – related party | ( |
) | ||||||
Payment of offering costs
|
|
( |
) | |||||
Net cash provided by (used in) financing activities
|
|
( |
) | |||||
Net Change in Cash
|
( |
) | ( |
) | ||||
Cash – Beginning of period
|
|
|||||||
Cash – End of period
|
$
|
|
$ |
Statement of Operations for the Three and Six Months Ended June 30, 2021
|
As Previously
Reported
|
Adjustment
|
As Revised
|
|||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
$
|
|
$
|
|
$
|
|
||||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
$
|
|
$
|
(
|
)
|
$
|
|
Gross proceeds
|
$
|
|
||
Less:
|
||||
Class A common stock issuance costs
|
(
|
)
|
||
Plus:
|
||||
Accretion of carrying value to redemption value
|
|
|||
Common stock subject to possible redemption
|
$
|
|
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 loss per common stock
|
||||||||||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||||||||||
Allocation of
net loss, as adjusted
|
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||
Denominator:
|
||||||||||||||||||||||||||||||||
Basic and
diluted weighted average common stock outstanding
|
|
|
|
|
||||||||||||||||||||||||||||
Basic and diluted net loss per common stock
|
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Number of
Shares
|
||||
Unvested Shares Outstanding at August 27, 2020 (inception)
|
|
|||
Granted
|
|
|||
Forfeited
|
|
|||
Vested
|
(
|
)
|
||
Unvested Outstanding at June 30, 2022
|
|
|
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
|
$
|
|
$
|
|
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
|
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 the Registrant’s Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of the Registrant’s Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934,
as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of the Registrant’s Chief Executive Officer (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 the Registrant’s Chief Financial Officer (Principal Financial and Accounting 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.
|
JIYA ACQUISITION CORP.
|
||
Date: August 31, 2022
|
By:
|
/s/ Rekha Hemrajani
|
Name:
|
Rekha Hemrajani
|
|
Title:
|
Chief Executive Officer
|