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) |
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(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-third of a Warrant to acquire one Class A ordinary share |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page No. |
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Item 1. |
1 |
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Item 2. |
17 |
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Item 3. |
20 |
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Item 4. |
21 |
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Item 1. |
21 |
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Item 1A. |
21 |
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Item 2. |
21 |
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Item 3. |
22 |
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Item 4. |
22 |
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Item 5. |
22 |
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Item 6. |
22 |
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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, Class |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued expenses |
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Note payable - related party |
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Total current liabilities |
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Deferred underwriting commissions |
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Derivative warrant liabilities |
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Due to related party |
— |
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Total liabilities |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption, $ issued and outstanding at $ |
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Shareholders’ Deficit |
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Preference shares, $ |
— | |||||||
Class A ordinary shares, $ ; no non-redeemable shares issued or outstanding |
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Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Total shareholders’ deficit |
( |
) | ( |
) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ 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 |
$ | $ | $ | |||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ||||||
Other income |
||||||||||||
Change in fair value of derivative warrant liabilities |
— | |||||||||||
Net gain from investments held in Trust Account |
— | |||||||||||
Net income (loss) |
$ | $ | $ | ( |
) | |||||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
— | |||||||||||
Basic and diluted net income per share, Class A ordinary shares |
$ | $ | $ | — | ||||||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted |
||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares |
$ | $ | $ | ( |
) | |||||||
Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance - December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
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Balance - March 31, 2021 (Unaudited ), as restated, See Note 2 |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance ), 2 |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - September 30, 2021 (Unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance - September 11, 2020 (inception) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— |
— |
— |
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Net loss |
— |
— |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||
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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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Net gain from investments held in Trust Account |
( |
) | ||||||
Change in fair value of derivative warrant liabilities |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accounts payable |
( |
) | ||||||
Accrued expenses |
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Due to related party |
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Net cash used in operating activities |
( |
) | ||||||
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Net change in cash |
( |
) | ||||||
Cash - beginning of the period |
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Cash - end of the period |
$ |
$ |
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Supplemental disclosure of non-cash investing and financing activities: |
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Offering costs included in accrued expenses |
$ | $ | ||||||
Offering costs included in accounts payable |
$ | $ | ||||||
Offering costs paid in exchange for issuance of Class B ordinary shares to Sponsor |
$ | $ |
As of March 31, 2021 (unaudited) |
As Previously Reported |
Adjustment |
As Restated |
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Total assets |
$ |
$ |
— |
$ |
||||||||
Total liabilities |
$ |
$ |
— |
$ |
||||||||
Class A ordinary shares subject to redemption at $ |
$ |
$ |
$ |
|||||||||
Preference shares |
||||||||||||
Class A ordinary shares |
( |
) | — | |||||||||
Class B ordinary shares |
— | |||||||||||
Additional paid-in |
( |
) |
— |
|||||||||
Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||
Total shareholders’ equity (deficit) |
$ |
$ |
( |
) | $ |
( |
) | |||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
|
$ |
|
|
|
$ |
— |
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$ |
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|
Shares of Class A ordinary shares subject to redemption |
|
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Shares of Class A ordinary shares |
( |
) | — |
Three months ended March 31, 2021 (unaudited) |
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Supplemental Disclosure of Noncash Financing Activities |
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Change in value of Class A ordinary shares subject to possible redemption |
$ |
$ |
( |
) |
$ |
— |
As of June 30, 2021 (unaudited) |
As Previously Reported |
Adjustment |
As Restated |
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Total assets |
|
$ |
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|
$ |
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|
$ |
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Total liabilities |
|
$ |
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|
$ |
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|
|
$ |
|
|
Class A ordinary shares subject to redemption at $ |
$ |
$ |
$ |
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Preference shares |
||||||||||||
Class A ordinary shares |
( |
) |
— |
|||||||||
Class B ordinary shares |
— |
|||||||||||
Additional paid-in capital |
( |
) |
— |
|||||||||
Accumulated deficit |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
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Total shareholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
|
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|
|
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|
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Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
— |
$ |
||||||||
Shares of Class A ordinary shares subject to redemption |
||||||||||||
Shares of Class A ordinary shares |
( |
) |
— |
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Six months ended June 30, 2021 (unaudited) |
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Supplemental Disclosure of Noncash Financing Activities |
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Change in value of Class A ordinary shares subject to possible redemption |
$ | $ | ( |
) | $ | — |
Earnings Per Share |
||||||||||||
As Reported |
Adjustment |
As Restated |
||||||||||
Three Months Ended March 31, 2021 (unaudited) |
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Net income |
$ |
$ |
— |
$ |
||||||||
Weighted average shares outstanding - Class A ordinary shares |
— |
|||||||||||
Basic and diluted earnings per share - Class A ordinary shares |
$ |
— |
$ |
$ |
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Weighted average shares outstanding - Class B ordinary shares |
— |
|||||||||||
Basic and diluted earnings per share - Class B ordinary shares |
$ |
$ |
( |
) |
$ |
Loss Per Share |
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As Reported |
Adjustment |
As Restated |
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Three Months Ended June 30, 2021 (unaudited) |
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Net loss |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Weighted average shares outstanding - Class A ordinary shares |
— |
|||||||||||
Basic and diluted loss per share - Class A ordinary shares |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||
Weighted average shares outstanding - Class B ordinary shares |
— |
|||||||||||
Basic and diluted loss per share - Class B ordinary shares |
$ |
( |
) |
$ |
$ |
( |
) |
Earnings Per Share |
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As Reported |
Adjustment |
As Restated |
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Six Months Ended June 30, 2021 (unaudited) |
| |||||||||||
Net income |
$ |
$ |
— |
$ |
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Weighted average shares outstanding - Class A ordinary shares |
— |
|||||||||||
Basic and diluted earnings per share - Class A ordinary shares |
$ |
— |
$ |
$ |
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Weighted average shares outstanding - Class B ordinary shares |
— |
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Basic and diluted earnings per share - Class B ordinary shares |
$ |
$ |
( |
) |
$ |
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) 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 |
For the Period From September 11, 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 ordinary share: |
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Numerator: |
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Allocation of net income (loss) |
$ |
$ |
$ |
$ |
$ |
( |
) | |||||||||||||||||
Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
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Basic and diluted net income (loss) per ordinary share |
$ | $ | $ | $ | $ | $ | ( |
) | ||||||||||||||||
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• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price (the “closing price”) of the Class A ordinary shares equals or exceeds $ sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 30 -trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”).The Company will not redeem the warrants as described above unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
• | if the Reference Value is less than $ The “fair market value” of the Class A ordinary shares shall mean the volume-weighted average price of Class A ordinary shares for the |
Gross proceeds |
$ | |||
Less: |
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Fair value of Public Warrants at issuance |
( |
) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemption |
( |
) | ||
Plus: |
||||
Accretion on Class A ordinary shares subject to possible redemption amount |
||||
Class A ordinary shares subject to possible redemption |
$ | |||
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 – U.S. Treasury Securities |
$ | $ | — | $ | — | |||||||
Liabilities: |
||||||||||||
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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Money market funds |
$ | $ | — | $ | — | |||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities |
— | $ | — | $ |
As of December 31, 2020 |
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Volatility |
% | |||
Stock price |
$ | |||
Expected life of the options to convert |
||||
Risk-free rate |
% | |||
Dividend yield |
% |
Level 3 - Derivative warrant liabilities at December 31, 2020 |
$ | |||
Change in fair value of derivative warrant liabilities |
( |
) | ||
Transfer of Public Warrants out of level 3 |
( |
) | ||
Level 3 - Derivative warrant liabilities at March 31, 2021 |
||||
Change in fair value of derivative warrant liabilities |
||||
Level 3 - Derivative warrant liabilities at June 30, 2021 |
||||
Transfer of Private Warrants out of level 3 |
( |
) | ||
Level 3 - Derivative warrant liabilities at September 30, 2021 |
$ | |||
• | our ability to select an appropriate target business or businesses; |
• | our ability to complete our initial business combination; |
• | our expectations around the performance of the prospective target business or businesses; |
• | our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; |
• | our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination; |
• | our potential ability to obtain additional financing to complete our initial business combination; |
• | our pool of prospective target businesses; |
• | our ability to consummate our initial business combination due to the uncertainty resulting from the ongoing COVID-19 pandemic and other events (such as terrorist attacks, natural disasters or other significant outbreaks of infectious diseases); |
• | the ability of our officers and directors to generate a number of potential acquisition opportunities; |
• | our public securities’ potential liquidity and trading; |
• | the lack of a market for our securities; |
• | the use of proceeds not held in the trust account or available to us from interest income on the trust account balance; |
• | the proceeds from the sale of the Forward Purchase Units (as defined below) being available to us; |
• | the trust account not being subject to claims of third parties; or |
• | our financial performance in the future. |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. |
** | Furnished. |
POPULATION HEALTH INVESTMENT CO., INC. | ||||||
Date: January 7, 2022 | By: | /s/ Chris Visioli | ||||
Name: | Chris Visioli | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |