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-fifth of one warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Part I. Financial Information | ||||
Item 1. Financial Statements |
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1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
20 | ||||
23 | ||||
23 | ||||
Part II. Other Information |
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25 | ||||
25 | ||||
26 | ||||
26 | ||||
26 | ||||
26 | ||||
27 | ||||
28 |
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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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 |
$ | $ | ||||||
Total current liabilities |
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Deferred legal fee |
— | |||||||
Warrant liabilities |
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Deferred underwriting fee payable |
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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, $ |
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Class A common stock, $ authorized; |
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Class B common stock, $ as of March 31, 2022 and December 31, 2021 |
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Additional paid-in capital |
— | |||||||
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 costs |
$ | $ | ||||||
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Loss from operations |
( |
) |
( |
) | ||||
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Other income (expense): |
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Change in fair value of Warrant Liabilities |
( |
) | ||||||
Transaction costs related to Private Placement and Public Warrants |
( |
) | ||||||
Interest earned on marketable securities held in Trust Account |
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Unrealized gain (loss) on marketable securities held in Trust Account |
( |
) | ||||||
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Other income (expense), net |
( |
) | ||||||
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Net income (loss) |
$ |
$ |
( |
) | ||||
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Basic and diluted weighted average shares outstanding, Class A common stock |
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Basic and diluted net income (loss) per share, Class A common stock |
$ |
$ |
( |
) | ||||
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Basic and diluted weighted average shares outstanding, Class B common stock |
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Basic and diluted net income (loss) per share, Class B common stock |
$ |
$ |
( |
) | ||||
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|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance — January 1, 2022 |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2022 |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
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Shares |
Amount |
Shares |
Amount |
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Balance — January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Accretion for Class A common stock to redemption amount, as restated |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – March 31, 2021 |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
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Three Months Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
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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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Interest earned on marketable securities held in Trust Account |
( |
) | ( |
) | ||||
Unrealized (gain) loss on marketable securities held in Trust Account |
( |
) | ||||||
Change in fair value of Warrant Liabilities |
( |
) | ||||||
Transaction costs related to Private Placement and Public Warrants |
— | |||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Accrued expenses |
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Net cash used in operating activities |
( |
) |
( |
) | ||||
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Cash Flows from Investing Activities: |
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Investment of cash in Trust Account |
— | ( |
) | |||||
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Net cash used in investing activities |
— | ( |
) | |||||
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Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discounts paid |
— | |||||||
Proceeds from sale of Private Placements Warrants |
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Proceeds from promissory note—related party |
— | |||||||
Repayment of promissory note—related party |
— | ( |
) | |||||
Payment of offering costs |
— | ( |
) | |||||
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Net cash provided by financing activities |
— | |||||||
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Net Change in Cash |
( |
) |
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Cash – Beginning of period |
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Cash – End of period |
$ |
$ |
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Non-Cash investing and financing activities: |
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Offering costs included in accrued offering costs |
$ | — | $ | |||||
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Initial classification of Class A common stock subject to possible redemption |
$ | — | $ | |||||
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Deferred underwriting fee payable |
$ | — | $ | |||||
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Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
$ | ( |
) | |
Class A common stock issuance costs |
$ | ( |
) | |
Plus: |
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Accretion of carrying value to redemption value |
$ | |||
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Class A common stock subject to possible redemption |
$ | |||
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Three Months Ended |
Three Months Ended |
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March 31, 2022 |
March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per common share |
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Numerator: |
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Allocation of net income (loss), as adjusted |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per common share |
$ | $ | $ | ( |
) | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than thirty ( |
• | if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $ |
• | 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. |
March 31, |
December 31, |
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Description |
Level |
2022 |
2021 |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | $ | |||||||||
Liabilities: |
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Warrant liability – Public Warrants |
1 | |||||||||||
Warrant liability – Private Placement Warrants |
3 |
As of |
As of |
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March 31, 2022 |
December 31, 2021 |
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Exercise price |
$ | $ | ||||||
Stock price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Probability of completing a Business Combination |
— | % | % | |||||
Term |
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Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Public Warrants |
Private Placement Warrants |
Warrant Liabilities |
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Warrant liabilities at February 17, 2021 (IPO) |
$ | $ | $ | |||||||||
Issuance of Public and Private Warrants |
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Change in fair value of warrant liabilities |
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Fair value as of March 31, 2021 |
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Change in fair value of warrant liabilities |
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Transfer to Level 1 |
( |
) | ( |
) | ||||||||
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Fair value as of June 30, 2021 |
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Change in fair value of warrant liabilities |
— | ( |
) | ( |
) | |||||||
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Fair value as of September 30, 2021 |
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Change in fair value of warrant liabilities |
— |
( |
) | ( |
) | |||||||
Fair value as of December 31, 2021 |
$ |
— |
$ |
$ |
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Change in fair value of warrant liabilities |
— |
( |
) | ( |
) | |||||||
Fair value as of March 31, 2022 |
$ |
— |
$ |
$ |
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* | Filed herewith. |
** | Furnished herewith. |
CHURCHILL CAPITAL CORP VI | ||||||
Date: May 16, 2022 | By: | /s/ Michael Klein | ||||
Name: | Michael Klein | |||||
Title: | Chief Executive Officer and President | |||||
(Principal Executive Officer) | ||||||
Date: May 16, 2022 | By: | /s/ Jay Taragin | ||||
Name: | Jay Taragin | |||||
Title: | Chief Financial Officer | |||||
(Principal Accounting and Financial Officer) |