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 |
(Commission |
(I.R.S. Employer | ||
incorporation or organization) |
File Number) |
Identification Number) |
(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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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Item 1. |
Condensed Financial Statements |
September 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’ Deficit: |
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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 subject to possible redemption, $ |
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Stockholders’ Deficit: |
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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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Accumulated deficit |
( |
) | ( |
) | ||||
Total stockholders’ deficit |
( |
) | ( |
) | ||||
Total Liabilities and Stockholders’ Deficit |
$ |
$ |
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For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
For the Period from September 11, 2020 (Inception) Through September 30, 2020 |
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General and administrative expenses |
$ | $ | $ | |||||||||
General and administrative expenses - related party |
— | |||||||||||
Franchise tax expense |
— | |||||||||||
Total operating expenses |
( |
) | ( |
) | ( |
) | ||||||
Other income |
||||||||||||
Change in fair value of derivative warrant liabilities |
— | |||||||||||
Gain on investments held in Trust Account |
— | |||||||||||
Net income (loss) |
$ | $ | $ | ( |
) | |||||||
Weighted average shares outstanding of Class A common stock, basic and diluted |
— | |||||||||||
Basic and diluted net income per share, Class A common stock |
$ | $ | $ | — | ||||||||
Weighted average shares outstanding of Class B common stock, basic and diluted |
||||||||||||
Basic and diluted net income (loss) per share, Class B common stock |
$ | $ | $ | ( |
) | |||||||
Weighted average shares outstanding of Class F common stock, basic and diluted |
||||||||||||
Basic and diluted net income (loss) per share, Class F common stock |
$ | $ | $ | ( |
) | |||||||
Common Stock |
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Class A |
Class B |
Class F |
Total |
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Additional Paid- |
Accumulated |
Stockholders’ |
||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
In Capital |
Deficit |
Deficit |
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Balance - December 31, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||||||||||
Net incom e |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Balance - March 31, 2021 (Unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||
Balance - June 30, 2021 (Unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Balance - September 30, 2021 (Unaudited) |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||||||||||
For The Period From September 11, 2020 (Inception) Through September 30, 2020 |
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Common Stock |
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Class A |
Class B |
Class F |
Total |
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Additional Paid- |
Accumulated |
Stockholders’ |
||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
In Capital |
Deficit |
Deficit |
||||||||||||||||||||||||||||
Balance - September 11, 2020 (inception) |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of Class F common stock to Sponsor |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||
Balance - September 30, 2020 (unaudited) |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
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For the Nine Months Ended September 30, 2021 |
For the Period From September 11, 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 derivative warrant liabilities |
( |
) | ||||||
Gain on investments held in Trust Account |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
||||||||
Accounts payable |
( |
) | ||||||
Accrued expenses |
( |
) | ||||||
Franchise tax payable |
||||||||
Net cash used in operating activities |
( |
) | — | |||||
Net change in cash |
( |
) | — | |||||
Cash - beginning of the period |
— | |||||||
Cash - end of the period |
$ |
$ |
— |
|||||
Supplemental disclosure of noncash activities: |
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Def ffering costs paid in exchange for issuance of Class B common stock to Sponsorerred o |
$ | $ | ||||||
Deferred o ffering costs paid in exchange for issuance of Class F common stock to Sponsor |
$ | $ | ||||||
Deferred o ffering costs included in accrued expenses |
$ | $ |
• | 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 September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
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Class A |
Class B |
Class F |
Class A |
Class B |
Class F |
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Basic and diluted net income per common share: |
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Numerator: |
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Allocation of net income |
$ | $ | $ | |
$ | $ | $ | |
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Denominator: |
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Basic and diluted weighted average common shares outstanding |
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|
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Basic and diluted net income per common share |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
• | 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 |
Gross proceeds |
$ | |
||
Less: |
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Fair value of Public Warrants at issuance |
( |
) | ||
Offering costs allocated to Class A common stock subject to possible redemption |
( |
) | ||
Plus: |
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Accretion on Class A common stock subject to possible redemption amount |
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Class A common stock subject to possible redemption |
$ | |||
• | 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. |
Significant Other |
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Quoted Prices in |
Significant Other |
Unobservable |
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Active Markets |
Observable Inputs |
Inputs |
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Description |
(Level 1) |
(Level 2) |
(Level 3) |
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Assets: |
||||||||||||
Investments held in Trust Account |
$ | $ | $ | |||||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities - Public warrants |
$ | $ | $ | — | ||||||||
Derivative warrant liabilities - Private placement warrants |
$ | $ | $ |
Quoted Prices in |
Significant Other |
Significant Other |
||||||||||
Active Markets |
Observable Inputs |
Unobservable Inputs |
||||||||||
Description |
(Level 1) |
(Level 2) |
(Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account |
$ | $ | $ | |||||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities - Public warrants |
$ | $ | $ | |||||||||
Derivative warrant liabilities - Private placement warrants |
$ | $ | $ |
As of September 30, 2021 |
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Exercise price |
$ | |||
Unit price |
$ | |||
Volatility |
% | |||
Expected life of the options to convert |
||||
Risk-free rate |
% | |||
Dividend yield |
% |
Derivative warrant liabilities at December 31, 2020 |
$ | |
||
Transfer of Public Warrants to Level 1 |
( |
) | ||
Change in fair value of derivative warrant liabilities |
( |
) | ||
|
|
|||
Derivative warrant liabilities at March 31, 2021 |
||||
Change in fair value of derivative warrant liabilities |
( |
) | ||
|
|
|||
Derivative warrant liabilities at June 30, 2021 |
||||
Change in fair value of derivative warrant liabilities |
( |
) | ||
|
|
|||
Derivative warrant liabilities at September 30, 2021 |
$ | |||
|
|
* | Filed herewith. |
** | 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: November 12, 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) |