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 Symbols |
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 |
Page |
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Part I. Financial Information |
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Item 1. |
Financial Statements |
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1 |
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2 |
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3 |
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4 |
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5 |
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Item 2. |
15 |
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Item 3. |
18 |
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Item 4. |
18 |
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Part II. Other Information |
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Item 1A. |
19 |
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Item 2. |
19 |
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Item 3. |
21 |
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22 |
March 31, 2022 |
December 31, 2021 |
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ASSETS |
(Unaudited |
) |
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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 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 and Accrued expenses |
$ | $ | ||||||
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Total current liabilities |
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Warrant liabilities |
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Deferred underwriting fee payable |
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Total Liabilities |
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Commitments |
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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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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total Stockholders’ Deficit |
( |
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( |
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TOTAL LIABILITIES 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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General and administrative expenses |
$ | $ | ||||||
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Loss from operations |
( |
) |
( |
) | ||||
Other income (expense): |
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Interest earned on marketable investments held in Trust Account |
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Unrealized gain on marketable investments held in Trust Account |
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Transaction expenses attributable to warrant liabilities |
( |
) | ||||||
Loss on initial issuance of private warrants |
( |
) | ||||||
Change in fair value of warrant liability |
( |
) | ||||||
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Total 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 of 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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Remeasurement adjustment on redeemable common stock |
— |
— | — |
— | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Forfeiture of Founder Shares |
— |
— | ( |
) | ( |
) | — |
— | ||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – March 31, 2021 |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
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For the Three Months Ended March 31, |
For the Three Months Ended March 31, |
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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) net cash used in operating activities: |
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Interest earned on marketable investments held in Trust Account |
( |
) | ( |
) | ||||
Unrealized gain on marketable securities held in Trust Account |
($ |
) | ||||||
Loss on initial issuance of private warrants |
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Changes in fair value of warrant liabilities |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Deferred offering cost |
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Accrued offering cost |
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Accounts payable and accrued expenses |
( |
) | ||||||
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Net cash used in operating activities |
( |
) |
( |
) | ||||
Cash Flows from Investing Activities: |
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Investment of cash into trust Account |
( |
) | ||||||
Net cash used in investing activities |
( |
) | ||||||
Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discounts paid |
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Proceeds from sale of Private Placement Warrants |
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Repayment of promissory note – related party |
( |
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Payment of offering costs |
( |
) | ||||||
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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Remeasurement adjustment on redeemable stock |
$ | $ | ||||||
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Deferred underwriting fee payable |
$ | — | $ | |||||
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Forfeiture of Founder Shares |
$ | $ | ( |
) | ||||
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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 common stock |
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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 common shares outstanding |
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Basic and diluted net income (loss) per common stock |
$ | $ | $ | ( |
) | $ | ( |
) |
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. |
Description |
Level |
December 31, 2021 |
March 31, 2022 |
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Assets: |
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Investments held in Trust Account – U.S. Treasury Securities Money Market Fund |
1 | $ | $ | |||||||||
Liabilities: |
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Warrant liability – Public Warrants ( 1) |
1 | $ | $ | |||||||||
Warrant liability – Private Placement Warrants(1) |
2 | $ |
(1) |
Measured at fair value on a recurring basis. |
Private Placement |
Public |
Warrant Liabilities |
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Fair value as of January 1, 2022 |
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Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of March 31, 2022 |
* Filed herewith. | ||
** Furnished. |
NORTHERN STAR INVESTMENT CORP. II | ||||
Date: May 13, 2022 | By: | /s/ Joanna Coles | ||
Name: | Joanna Coles | |||
Title: | Chief Executive Officer |