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.) | |
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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 | ||
Units, each consisting of one share of common stock and one-half of one redeemable warrant |
IGNYU |
The Nasdaq Stock Market LLC | ||
The | ||||
Redeemable warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share |
IGNYW |
The Nasdaq Stock Market LLC |
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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Cash |
$ | $ | ||||||
Prepaid expense and other current assets |
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Total current assets |
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Marketable securities held in Trust Account |
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Total Assets |
$ | $ | ||||||
Liabilities and Stockholders’ Deficit |
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Current liabilities: |
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Accrued expenses |
$ | $ | ||||||
Due to related party |
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Promissory note - related party |
— | |||||||
Total current liabilities |
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Warrant liabilities |
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Total liabilities |
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Commitments and Contingencies (See Note 7) |
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Common stock subject to possible redemption, |
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Stockholders’ Deficit |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Total stockholders’ deficit |
( |
) | ( |
) | ||||
Total Liabilities and Stockholders’ Deficit |
$ | $ | ||||||
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 |
$ | $ | $ | $ | ||||||||||||
Loss from operations |
( |
) |
( |
( |
) |
( |
) | |||||||||
Other income |
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Change in fair value of warrants |
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Trust interest income |
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Total other income |
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Net income (loss) |
$ |
( |
) |
$ |
$ |
$ |
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Basic and diluted weighted average shares outstanding, common stock subject to redemption |
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Basic and diluted net income (loss) per share |
$ |
( |
) |
$ |
$ |
$ |
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Basic and diluted weighted average shares outstanding, common stock |
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Basic and diluted net income (loss) per share |
$ |
( |
) |
$ |
$ |
$ |
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Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance as of January 1, 2022 |
$ |
$ | $ |
( |
) |
$ |
( |
) | ||||||||||||
Net income |
— | — | — | |||||||||||||||||
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Balance as of March 31, 2022 |
( |
) |
( |
) | ||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
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Balance as of June 30, 2022 |
( |
) |
( |
) | ||||||||||||||||
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Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance as of January 1, 2021 |
$ |
$ |
$ |
( |
) |
$ |
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Sale of |
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Sale of |
— | |||||||||||||||||||
Underwriting fee |
— | ( |
) | ( |
) | |||||||||||||||
Other offering expenses |
— | ( |
) | ( |
) | |||||||||||||||
Net loss |
— | ( |
) | ( |
) | |||||||||||||||
Common stock subject to possible redemption |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
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Balance as of March 31, 2021 |
( |
) |
( |
) | ||||||||||||||||
Net income |
— | — | — | |||||||||||||||||
Remeasurement in value of common stock subject to possible redemption |
— | — | — | ( |
) | ( |
) | |||||||||||||
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Balance as of 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 |
$ | $ | ||||||
Adjustments to reconcile net income to net cash used in operating activities: |
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increase in fair value of warrants |
( |
) | ( |
) | ||||
Interest earned on marketable securities held in Trust Account |
( |
) | ( |
) | ||||
Changes in current assets and current liabilities: |
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Prepaid expenses |
( |
) | ( |
) | ||||
Accrued offering costs and 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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Purchase of investment held 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 Initial Public Offering, net of underwriters’ fees |
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Proceeds from private placement |
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Proceeds from issuance of promissory note to related party |
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Repayment of promissory note to related party |
( |
) | ||||||
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 |
$ |
$ |
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Supplemental disclosure of noncash investing and financing activities: |
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Initial value of Common stock subject to possible redemption |
$ | $ | ||||||
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Remeasurement in value of Common stock subject to possible redemption |
$ | $ | ||||||
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Initial fair value of warrant liabilities |
$ | $ | ||||||
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For the Three Months Ended June 30, |
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2022 |
2021 |
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Redeemable Common Stock |
Outstanding Common Stock |
Redeemable Common Stock |
Outstanding Common Stock |
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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) |
$ | ( |
) | $ | ( |
) | $ | $ | ||||||||
Denominator: |
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Weighted-average shares outstanding |
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Basic and diluted net income (loss) per share |
$ | ( |
) | $ | ( |
) | $ | $ | ||||||||
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For the Six Months Ended June 30, |
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2022 |
2021 |
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Redeemable Common Stock |
Outstanding Common Stock |
Redeemable Common Stock |
Outstanding Common Stock |
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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 |
$ | $ | $ | $ | ||||||||||||
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• | in whole and not in part; |
• | at a price of $ |
• | at any time after the warrants become exercisable, |
• | upon not less than 30 days’ prior written notice of redemption to each warrant holder; and |
• | if, and only if, the reported last sale price of the Common Stock equals or exceeds $ 30-trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and |
• | if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. |
June 30, 2022 |
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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U.S. Money Market held in Trust Account |
$ | $ | $ | $ | ||||||||||||
$ | $ | $ | $ | |||||||||||||
Liabilities: |
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Warrant liabilities-Private Placement Warrants |
$ | $ | $ | $ | ||||||||||||
$ | $ | $ | |
$ | ||||||||||||
December 31, 2021 |
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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U.S. Money Market held in Trust Account |
$ | $ | $ | $ | ||||||||||||
$ | $ | $ | $ | |||||||||||||
Liabilities: |
||||||||||||||||
Warrant liabilities-Private Placement Warrants |
$ | $ | $ | $ | ||||||||||||
$ | $ | $ | $ | |||||||||||||
Warrant Liability |
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Fair value as of December 31, 2021 |
$ | |||
Change in fair value (1) |
( |
) | ||
Fair value as of March 31, 2022 |
$ | |||
Change in fair value (1) |
( |
) | ||
Fair value as of June 30, 2022 |
$ | |||
Warrant Liability |
||||
Fair value as of February 1, 2021 |
$ | |||
Issuance of private warrants in connection with over-allotment as of February 2, 2021 |
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Change in fair value (1) |
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Fair value as of March 31, 2021 |
$ | |||
Change in fair value (1) |
( |
) | ||
Fair value as of June 30, 2021 |
$ | |||
(1) | Represents the non-cash gain on the change in valuation of Private Warrants and is included in the change in fair value of warrant liability on the statement of operations. |
June 30, 2022 |
December 31, 2021 |
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Exercise price |
$ | $ | ||||||
Share price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Expected life |
||||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
* |
Filedherewith. | |
** |
Furnished. |
IGNYTE ACQUISITION CORP. | ||||||||
Date: August 15, 2022 | By: | /s/ David Rosenberg | ||||||
David Rosenberg | ||||||||
Co-Chief Executive Officer(Principal Executive Officer) |
IGNYTE ACQUISITION CORP. | ||||||||
Date: August 15, 2022 | By: | /s/ David Strupp | ||||||
David Strupp | ||||||||
Co-Chief Executive Officer(Co-Principal Executive Officer) |
IGNYTE ACQUISITION CORP. | ||||||||
Date: August 15, 2022 | By: | /s/ Steven Kaplan | ||||||
Steven Kaplan | ||||||||
Chief Financial Officer (Principal Financial and Accounting Officer) |