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-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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1 | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
18 | ||||
21 | ||||
21 | ||||
22 | ||||
23 | ||||
23 | ||||
24 | ||||
25 |
March 31, 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 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 |
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Accrued expenses |
$ | $ | ||||||
Promissory note – related party |
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Total Current Liabilities |
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Warrant liabilities |
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Total Liabilities |
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Commitments |
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Common stock subject to possible redemption; $ |
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Stockholders’ Deficit |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Total Stockholders’ Deficit |
( |
) |
( |
) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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Three Months Ended March 31, |
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2022 |
2021 |
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Operating and formation costs |
$ | $ | ||||||
Loss from operations |
( |
) |
( |
) | ||||
Other income (expense): |
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Interest earned on marketable securities held in Trust Account |
||||||||
Unrealized gain on marketable securities held in Trust Account |
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Change in fair value of warrant liability |
||||||||
Change in fair value of over-allotment option liability |
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Transaction costs associated with Initial Public Offering |
( |
) | ||||||
Total other income, net |
$ | |||||||
Net loss |
$ |
( |
) |
$ |
( |
) | ||
Basic and diluted weighted average shares outstanding, Common stock |
$ | |||||||
Basic and diluted net loss per share, Common stock |
$ |
( |
) |
$ |
( |
) | ||
Common Stock |
Additional Paid in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Shares |
Amount |
|||||||||||||||||||
Balance – January 1, 2022 |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
Net loss |
— |
— |
— |
( |
) |
( |
) | |||||||||||||
Balance – March 31, 2022 |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
Common Stock |
Additional Paid in Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance – January 1, 2021 |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Accretion of Common Stock to redemption value |
— |
( |
) |
( |
) | |||||||||||||||
Sale of |
||||||||||||||||||||
Fair value of Public Warrants |
— |
— |
||||||||||||||||||
Allocated value of transaction costs to warrants |
— |
— |
( |
) |
( |
) | ||||||||||||||
Elimination of over-allotment option liability |
— |
— |
||||||||||||||||||
Net loss |
— |
— |
— |
( |
) |
( |
) | |||||||||||||
Balance – March 31, 2021 |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Three Months Ended March 31, |
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2022 |
2021 |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Interest earned on marketable securities held in Trust Account |
( |
) | ( |
) | ||||
Unrealized gain on marketable securities held in Trust Account |
( |
) | ||||||
Change in fair value of over-allotment option liability |
( |
) | ||||||
Transaction costs incurred in connection with Initial Public Offering |
||||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
( |
) | ||||||
Accrued expenses |
( |
) | ||||||
Net cash used in operating activities |
( |
) |
( |
) | ||||
Cash Flows from Investing Activities: |
||||||||
Investment in cash into Trust Account |
( |
) | ||||||
Net cash used in investing activities |
( |
) | ||||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from sale of Units, net of underwriting discounts |
||||||||
Proceeds from sale of Private Placement Units |
||||||||
Proceeds from promissory note – related party |
||||||||
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 |
$ |
$ |
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Non-cash investing and financing activities: |
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Initial Classification of Warrant Liability |
$ | $ | ||||||
Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Common stock issuance costs |
( |
) | ||
Overallotment Liability |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
||||
Common stock subject to possible redemption |
$ | |||
Three Months Ended March 31, |
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2022 |
2021 |
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Basic and diluted net loss per common stock |
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Numerator: |
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Allocation of net 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 loss per common stock |
$ | ( |
) | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | at any time after the warrants become exercisable; |
• | upon not less than 30 days’ prior written notice of redemption to each warrant holder; |
• | if, and only if, the reported last sale price of the shares of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to warrant holders; and |
• | if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the warrants. |
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 |
March 31, 2022 |
December 31, 2021 |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | $ | |||||||||
Liabilities: |
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Warrant Liability – Private Warrants |
3 | $ | $ |
Input |
December 31, 2021 |
March 31, 2022 |
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Risk-free interest rate |
% | % | ||||||
Effective expiration date (1) |
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Dividend yield |
% | % | ||||||
Expected volatility |
% | % | ||||||
Exercise price |
$ | $ | ||||||
Unit Price |
$ | $ | ||||||
Probability of De-SPAC transaction |
% |
% |
(1) |
The effective expiration date equals the probability-weighted average between a |
Private Warrant Liability |
||||
Fair value as of December 31, 2021 |
$ | |||
Change in fair value |
( |
) | ||
Fair value as of March 31, 2022 |
$ | |||
Overallotment Option |
||||
Fair value as of August 11, 2020 |
$ | |||
Fair value at issuance February 8, 2021 |
||||
Change in fair value February 18, 2021 |
( |
) | ||
Elimination of overallotment liability February 18, 2021 |
( |
) | ||
Fair Value at March 31, 2021 |
$ | |||
* | Filed herewith. |
ASTREA ACQUISITION CORP. | ||||||
Date: August 19, 2022 | By: | /s/ Felipe Gonzalez | ||||
Name: | Felipe Gonzalez | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: August 19, 2022 | By: | /s/ Jose Luis Cordova | ||||
Name: | Jose Luis Cordova | |||||
Title: | Chief Financial Officer and Director | |||||
(Principal Financial and Accounting Officer) |