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) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
667 Madison Avenue , 15th Floor |
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(Address of principal executive offices) |
(Zip Code) |
Title of Each Class: |
Trading Symbol: |
Name of Each Exchange on Which Registered: | ||
TM , each consisting of one share of Class A common stock and one-fourth of one redeemable warrant |
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exercisable for one share of Class A common stock at an exercise price of $28.75 per share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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Item 1. |
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5 |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 1. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
19 |
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Item 1. |
Condensed Financial Statements |
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 |
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Total current assets |
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Investments held in Trust Account |
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Total Assets |
$ |
$ |
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Liabilities and Stockholders’ Equity: |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued expenses |
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Franchise tax payable |
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Total current liabilities |
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Derivative warrant liabilities |
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Total Liabilities |
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Commitments and Contingencies |
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Class A common stock, $ |
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Stockholders’ Equity: |
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Preferred stock, $ |
— | |||||||
Class A common stock, $ |
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Class B common stock, $ |
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Class F common stock, $ |
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Additional paid-in capital |
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Retained earnings (accumulated deficit) |
( |
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Total stockholders’ equity |
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Total Liabilities and Stockholders’ Equity |
$ |
$ |
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For Months Ended June |
For the Six Months Ended June 30, 2 |
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General and administrative expenses |
$ | $ | ||||||
General and administrative expenses - related party |
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Franchise tax expense |
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Total operating expenses |
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Other income |
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Change in fair value of derivative warrant liabilities |
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Gain on investments held in Trust Account |
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Net income (loss) |
$ | ( |
) | $ | ||||
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Weighted average shares outstanding of redeemable Class A common stock, basic and diluted |
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Basic and diluted net loss per share, redeemable Class A common stock |
$ | $ | ||||||
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Weighted average shares outstanding of non-redeemable Class A, Class B and Class F common stock, basic and diluted |
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Basic and diluted net loss per share, non-redeemable Class A, Class B and Class F common stock |
$ | ( |
) | $ | ||||
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Common Stock |
Total Stockholders’ Equity |
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Class A |
Class B |
Class F |
Additional Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
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Balance - December 31, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Class A common stock subject to possible redemption |
( |
) | ( |
) | — | — | — | — | ( |
) | — | ( |
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Net income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Balance - March 31, 2021 |
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Class A common stock subject to possible redemption |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||
Balance - June 30, 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 derivative warrant liabilities |
( |
) | ||
Gain on investments held in Trust Account |
( |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accounts payable |
( |
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Accrued expenses |
( |
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Franchise tax payable |
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Net cash used in operating activities |
( |
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Net change in cash |
( |
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Cash - beginning of the period |
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Cash - end of the period |
$ |
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Supplemental disclosure of noncash activities: |
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Change in value of Class A common stock subject to possible redemption |
$ | ( |
) |
• | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2021 |
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Redeemable Class A common stock |
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Numerator: Income allocable to redeemable Class A common stock |
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Income from investments held in Trust Account |
$ | $ | ||||||
Less: Company’s portion available to be withdrawn to pay taxes |
( |
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Net income attributable |
$ |
$ |
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Denominator: Weighted average redeemable Class A common stock |
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Basic and diluted weighted average shares outstanding, redeemable Class A common stock |
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Basic and diluted net income per share, redeemable Class A common stock |
$ |
$ |
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Non-redeemable Class A, Class B and Class F common stock |
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Numerator: Net income (loss) minus net income allocable to non-redeemable Class A, Class B and Class F common stock |
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Net income (loss) |
$ | ( |
) | $ | ||||
Net income allocable to redeemable Class A common stock |
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Net income (loss) attributable |
$ |
( |
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$ |
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Denominator: Weighted average non-redeemable Class A, Class B and Class F common stock |
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Basic and diluted weighted average shares outstanding, non-redeemable Class A, Class B and Class F common stock |
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Basic and diluted net loss per share, non-redeemable Class A, Class B and Class F common stock |
$ |
( |
) |
$ |
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• | at any time while the warrants are exercisable, |
• | upon a minimum of |
• | if, and only if, the last sales price of shares of the Class A common stock equals or exceeds $ “30-day trading period”) ending three business days before the Company sends the notice of redemption, and |
• | if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants commencing five business days prior to the |
• | If the price per share of Class A common stock has not exceeded $ |
• | If the price per share of Class A common stock exceeded $ |
• | multiplied by divided by |
• |
• | The increase in the price of the Company’s Class A common stock will be based on the annual VWAP for the relevant fiscal year. |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Investments held in Trust Account |
$ | $ | $ | |||||||||
Liabilities: |
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Derivative warrant liabilities—Public |
$ | $ | ||||||||||
Derivative warrant liabilities—Private |
$ |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Investments held in Trust Account |
$ | $ | $ | |||||||||
Liabilities: |
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Derivative warrant liabilities—Public |
$ | $ | $ | |||||||||
Derivative warrant liabilities—Private |
As of June 30, 2021 |
As of December 31, 2020 |
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Exercise price |
$ | $ | ||||||
Unit price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Expected life of the options to convert |
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Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Derivative warrant liabilities at Level 3, December 31, 2020 |
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Transfer out of Level 3, Public Warrants |
( |
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Change in fair value of derivative warrant liabilities - Level 3 |
( |
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Derivative warrant liabilities at Level 3, June 30, 2021 |
$ |
* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Dated: August 13, 2021 | PERIPHAS CAPITAL PARTNERING CORPORATION | |||||
By: | /s/ Sanjeev Mehra | |||||
Name: | Sanjeev Mehra | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
By: | /s/ John Bowman | |||||
Name: | John Bowman | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |