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 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-fifth of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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Item 1. |
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3 |
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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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24 |
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Item 1. |
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Item 1A. |
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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. |
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26 |
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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Due from related party |
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Total current assets |
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Prepaid expenses, non-current |
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Investments held in trust account |
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Total assets |
$ | $ | ||||||
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Total Liabilities, Redeemable Common Stock and Stockholders’ Deficit |
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Current liabilities: |
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Accounts payable and accrued expenses |
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Due to related party |
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Total current liabilities |
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Deferred underwriters’ discount |
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Derivative warrant liabilities |
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Total liabilities |
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Commitments and Contingencies (see Note 6) |
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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 B common stock, $ |
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Accumulated deficit |
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Total stockholders’ deficit |
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Total Liabilities, Redeemable Common Stock and Stockholders’ Deficit |
$ | $ | ||||||
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For the three months ended March 31, 2022 |
For the three months ended March 31, 2021 |
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Formation and operating costs |
$ | $ | ||||||
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Loss from operations |
( |
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Other income (expense) |
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Interest income on investments held in Trust Account |
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Change in fair value of warrant liabilities |
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Transaction costs allocated to warrant liabilities |
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Total other income (expense) |
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Net income (loss) |
$ | $ | ( |
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Weighted average shares outstanding, basic and diluted—Class A common stock, subject to possible redemption |
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Basic and diluted net income (loss) per common stock—Class A common stock, subject to possible redemption |
$ | $ | ( |
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Weighted average shares outstanding, basic and diluted—Class B common stock |
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Basic and diluted net income (loss) per common stock—Class B common stock |
$ | $ | ( |
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For the three months ended March 31, 2022 |
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 as of December 31, 2021 |
$ | $ | $ | — | $ | ( |
) | $ | ( |
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of March 31, 2022 (unaudited) |
$ | $ | $ | — | $ | ( |
) | $ | ( |
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For the three months ended March 31, 2021 |
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 as of December 31, 2020 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||
Forfeiture of Class B shares by Sponsor |
( |
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) | — | — | ||||||||||||||||||||||
Accretion of Class A common stock to redemption amount |
— | — | ( |
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Net loss |
— | — | — | ( |
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Balance as of March 31, 202 1 (unaudited) |
$ | $ | $ | $ | ( |
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For the three months ended March 31, 2022 |
For the three months ended March 31, 2021 |
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Cash Flows from Operating Activities: |
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Net income (loss) |
$ | $ | ( |
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Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Interest earned on investments held in Trust Account |
( |
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Change in fair value of warrant liabilities |
( |
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Transaction costs allocated to warrant liabilities |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
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Due from related party |
( |
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Accounts payable and accrued expenses |
( |
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Due to related party |
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Net cash used in operating activities |
( |
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Cash Flows from Investing Activities: |
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Investment 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 issuance of founder’s shares |
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Proceeds from Initial Public Offering, net of underwriters’ discount |
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Proceeds from issuance of private placement warrants |
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Payments 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 the period |
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Cash, end of the period |
$ | $ | ||||||
Supplemental Disclosure of Non-cash Financing Activities: |
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Deferred underwriters’ discount payable charged to temporary equity |
$ | $ | ||||||
Gross proceeds |
$ | |||
Less: Proceeds allocated to Public Warrants |
( |
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Less: Class A common stock issuance costs |
( |
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Add: Accretion of carrying value to redemption value |
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Class A common stock subject to possible redemption |
$ | |||
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For the three months ended March 31, 2022 |
For the three months ended 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 share |
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Numerator: |
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Allocation of net income (loss) |
$ | $ | $ | ( |
) | $ | ( |
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Denominator: |
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Weighted-average shares outstanding |
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Basic and diluted net income (loss) per share |
$ | $ | $ | ( |
) | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last sales price of the Class A common stock equals or exceeds $ the day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of Class A common stock equals or exceeds $ the day period ending three trading days before the notice of redemption is sent to the warrant holders; and |
• | if the closing price of Class A common stock for any a day period ending on the third trading day prior to the date on which the notice of redemption is sent to the warrant holders is less than $ |
• | 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. |
March 31, 2022 |
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Carrying Value |
Level 1 |
Level 2 |
Level 3 |
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Assets: |
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Investments held in Trust Account |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities: |
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Warrant liabilities |
$ | $ | $ | — | $ |
December 31, 2021 |
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Carrying Value |
Level 1 |
Level 2 |
Level 3 |
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Assets: |
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Investments held in Trust Account |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities: |
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Warrant liabilities |
$ | $ | $ | — | $ |
March 31, 2022 |
December 31, 2021 |
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Stock price |
$ | |
$ | |
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Strike price |
$ | |
$ | |||||
Weighted term (in years) |
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Volatility |
% | % | ||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Derivative warrant liabilities |
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Fair value at January 1, 2022 |
$ |
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Change in fair value |
( |
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Fair Value at March 31, 2022 |
$ |
Derivative warrant liabilities |
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Fair value at January 1, 2021 |
$ | |||
Initial value at IPO date |
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Change in fair value |
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Fair Value at March 31, 2021 |
$ |
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
ITEM 4. |
CONTROLS AND PROCEDURES. |
ITEM 1. |
LEGAL PROCEEDINGS. |
ITEM 1A. |
RISK FACTORS. |
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES. |
ITEM 4. |
MINE SAFETY DISCLOSURES. |
ITEM 5. |
OTHER INFORMATION. |
ITEM 6. |
EXHIBITS. |
TISHMAN SPEYER INNOVATION CORP. II | ||||||||
By: | /s/ Paul A. Galiano | |||||||
Name: | Paul A. Galiano | |||||||
Dated: May 13, 2022 | Title: | Chief Operating Officer, Chief Financial Officer and Director (Principal Accounting Officer) |