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) |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-fifth of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
June 30, 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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Prepaid expenses, non-current |
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Investments held in trust account |
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Total assets |
$ | $ | ||||||
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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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Income taxes payable |
— | |||||||
Due to related party |
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Total current liabilities |
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Deferred underwriters’ discount |
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Convertible promissory note |
— |
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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 June 30, |
For the six months ended June 30, |
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2022 |
2021 |
2022 |
2021 |
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Formation and operating costs |
$ | $ | $ | $ | ||||||||||||
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Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other income (expense): |
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Interest income on investments held in Trust Account |
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Change in fair value of derivative warrant liabilities |
( |
) | ( |
) | ||||||||||||
Transaction costs allocated to derivative warrant liabilitie s |
( |
) | ||||||||||||||
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Total other income (expense), net |
( |
) | ( |
) | ||||||||||||
Income before provision for income taxes |
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Provision for income taxes |
( |
) | ( |
) | ||||||||||||
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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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Common Stock |
Additional |
Total |
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Class A |
Class B |
Paid-In |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance—December 31, 2021 |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance—March 31, 2022 |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
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Accretion of Class A common stock to redemption amount |
( |
) | ( |
) | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance—June 30, 2022 |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
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Common Stock |
Additional |
Total |
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Class A |
Class B |
Paid-In |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance—December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Forfeiture of Class B shares by Sponsor |
( |
) | ( |
) | — | — | ||||||||||||||||||||||
Accretion of Class A common stock to redemption amount |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||||
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Balance—March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance—June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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For the six months ended June 30, |
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2022 |
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 investments held in Trust Account |
( |
) | ( |
) | ||||
Change in fair value of derivative warrant liabilitie s |
( |
) | ||||||
Transaction costs allocated to derivative warrant liabilitie s |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Income taxes payable |
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Accounts payable and accrued expenses |
( |
) | ||||||
Due to related party |
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Net cash used in operating activities |
( |
) | ( |
) | ||||
Cash Flows from Investing Activities: |
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Investment in trust account |
( |
) | ||||||
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Net cash used in investing activities |
( |
) | ||||||
Cash flows from Financing Activities: |
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Proceeds from Initial Public Offering, net of underwriters’ discount |
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Proceeds from issuance of convertible promissory note |
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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 |
( |
) | ||||||
Cash, beginning of the period |
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Cash, end of the period |
$ | $ | ||||||
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Supplemental Disclosure of Non-cash Financing Activities: |
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Deferred underwriters’ discount payable charged to temporary equity |
$ | $ | ||||||
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Gross proceeds |
$ | |||
Less: Proceeds allocated to Public Warrants |
( |
) | ||
Less: Class A common stock issuance costs |
( |
) | ||
Add: Accretion of carrying value to redemption value |
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Class A common stock subject to possible redemption, December 31, 2021 |
$ | |||
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Add: Accretion of carrying value to redemption value |
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Class A common stock subject to possible redemption, June 30, 2022 |
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For the three months ended June 30, 2022 |
For the six months ended June 30, 2022 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per share |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Weighted-average shares outstanding |
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Basic and diluted net income per share |
$ | $ | $ | $ |
For the three months ended June 30, 2021 |
For the six months ended June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net loss per share |
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Numerator: |
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Allocation of net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
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Weighted-average shares outstanding |
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Basic and diluted net 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. |
June 30, 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: |
||||||||||||||||
Warrant liabilities |
$ | $ | $ | — | $ |
June 30, 2022 |
December 31, 2021 |
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Stock price |
$ | $ | |
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Strike price |
$ | |
$ | |||||
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 |
$ | |||
Change in fair value |
( |
) | ||
Fair Value at March 31, 2022 |
$ | |||
Change in fair value |
( |
) | ||
Fair Value at June 30, 2022 |
$ | |||
Derivative warrant liabilities |
||||
Fair value at January 1, 2021 |
$ | |||
Initial value at IPO date |
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Change in fair value |
||||
Fair Value at March 31, 2021 |
$ | |||
Change in fair value |
||||
Transfer of Public warrants from Level 3 to Level 1 |
( |
) | ||
Fair Value at June 30, 2021 |
$ | |||
ITEM 6. |
EXHIBITS. |
TISHMAN SPEYER INNOVATION CORP. II | ||||||
By: | /s/ | |||||
Name: Paul A. Galiano | ||||||
Dated: August 9, 2022 | Title: Chief Operating Officer, Chief Financial Officer and Director (Principal Accounting Officer) |