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-sixth 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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23 |
Item 1. |
Interim Financial Statements. |
June 30, 2021 |
December 31, 2020 |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash and Cash Equivalents |
$ | $ | ||||||
Prepaid expenses |
— | |||||||
Total Current Assets |
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Deferred offering costs |
— | |||||||
Cash and investments held in Trust Account |
— | |||||||
TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
Accrued offering costs |
— | |||||||
Promissory note – related party |
— | |||||||
Total Current Liabilities |
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Deferred underwriting fee payable |
— | |||||||
Warrant Liability |
— | |||||||
Total Liabilities |
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Commitments and Contingencies |
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Class A common stock subject to possible redemption, |
— | |||||||
Stockholders’ Equity |
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Preferred stock, $ |
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Class A common stock, $ |
— | |||||||
Class B common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Total Stockholders’ Equity |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
$ |
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Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2021 |
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Operating and formation costs |
$ | $ | ||||||
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Loss from operations |
( |
) |
( |
) | ||||
Other income: |
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Change in fair value of warrant liability |
( |
) | ( |
) | ||||
Interest earned on investments held in Trust Account |
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Other income, net |
( |
) | ( |
) | ||||
Loss before income taxes |
( |
) | ( |
) | ||||
Benefit (Provision) for income taxes |
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Net loss |
$ |
( |
) |
$ |
( |
) | ||
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|
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Weighted average shares outstanding, Class A redeemable common stock |
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Basic and diluted earnings per share, Class A redeemable common stock |
$ | ( |
) | $ | ( |
) | ||
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Weighted average shares outstanding, Class B non-redeemable common stock |
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Basic and diluted earnings per share, Class B non-redeemable common stock |
$ |
( |
) |
$ |
( |
) | ||
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|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Retained Earnings (Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit) |
Equity |
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Balance – January 1, 2021 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||
Sale of |
— | — | — | |||||||||||||||||||||||||
Cash paid in excess of fair value for Private Placement Warrants |
— | — | — | — | — | |||||||||||||||||||||||
Class A common stock subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2021 |
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Class A common stock subject to possible redemption |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | |
Adjustments to reconcile net 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 warrant liability |
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Transaction costs related to warrant liability |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other current assets |
( |
) | ||
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 |
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Proceeds from sale of Private Placement Warrants |
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Repayment of promissory note – related party |
( |
) | ||
Payment of offering costs |
( |
) | ||
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|
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Net cash provided by financing activities |
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Net Change in Cash and Cash Equivalents | ||||
Cash and Cash Equivalents – Beginning of period |
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Cash and Cash Equivalents – End of period |
$ |
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Non-Cash investing and financing activities: |
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Offering costs paid through promissory note |
$ | |||
|
|
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Initial classification of Class A common stock subject to possible redemption |
$ | |||
|
|
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Change in value of Class A common stock subject to possible redemption |
$ | ( |
) | |
|
|
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Deferred underwriting fee payable |
$ | |||
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2021 |
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Redeemable Class A Common Stock |
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Numerator: Earnings allocable to Redeemable Class A Common Stock |
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Interest Income |
$ | $ | ||||||
Less: Income and Franchise Tax |
( |
) | ( |
) | ||||
Net Earnings |
$ | $ | ||||||
Denominator: Weighted Average Redeemable Class A Common Stock |
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Redeemable Class A Common Stock, Basic and Diluted |
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Earnings/Basic and Diluted Redeemable Class A Common Stock |
$ | $ | ||||||
Non-Redeemable Class B Common Stock |
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Numerator: Net Income minus Redeemable Net Earnings |
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Net Loss |
$ | ( |
) | $ | ( |
) | ||
Redeemable Net Earnings |
||||||||
Non-Redeemable Net Loss |
$ | ( |
) | $ | ( |
) | ||
Denominator: Weighted Average Non-Redeemable Class B Common Stock |
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Non-Redeemable Class B Common Stock, Basic and Diluted (1) |
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Loss/Basic and Diluted Non-Redeemable Class B Common Stock |
$ | ( |
) | $ | ( |
) | ||
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the closing price of the Class A common stock for any |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the Reference Value (as defined above) equals or exceeds $ |
• | if the Reference Value is less than $ |
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. |
Level |
June 30, 2021 |
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Assets: |
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Cash and investments held in Trust Account |
1 | $ | ||||||
Liabilities: |
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Warrant Liability – Public Warrants |
1 | $ | ||||||
Warrant Liability – Private Placement Warrants |
3 | $ |
Input: |
June 30, 2021 |
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IPO Price (per unit) |
$ | |||
Underlying Asset Price (per share) |
$ | |||
Strike Price |
$ | |||
Time to Maturity (Years) |
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Concluded Volatility for Black-Scholes Model |
% | |||
Risk Free Rate |
% | |||
Common Stock Dividend |
% |
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
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Fair value as of January 1, 2021 |
$ | $ | $ | |||||||||
Initial measurement on March 4, 2021 |
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Change in fair value |
( |
) | ( |
) | ||||||||
Transfers to Level 1 |
( |
) | ( |
) | ||||||||
Fair value as of June 30, 2021 |
$ | $ | $ | |||||||||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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 |
* | Filed herewith. |
** | Furnished herewith. |
ADVANCED MERGER PARTNERS, INC. | ||||||
Date: August 13, 2021 | By: | /s/ Roy J. Katzovicz | ||||
Name: | Roy J. Katzovicz | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: August 13, 2021 | By: | /s/ Stephen Katchur | ||||
Name: | Stephen Katchur | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |