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) |
(Commission File Number) |
(IRS Employer Identification No.) |
(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 |
The | |||
The | ||||
The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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Item 1. |
1 |
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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. |
19 |
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Item 3. |
23 |
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Item 4. |
23 |
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Item 1. |
24 |
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Item 1A. |
24 |
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Item 2. |
26 |
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Item 3. |
26 |
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Item 4. |
26 |
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Item 5. |
26 |
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Item 6. |
26 |
September 30, 2021 |
December 31, 2020 |
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Assets: |
(unaudited) |
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Current assets: |
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Cash |
$ | $ | — | |||||
Prepaid expenses |
||||||||
Total current assets |
||||||||
Deferred offering costs |
— | |||||||
Investments held in Trust Account |
— | |||||||
Total Assets |
$ |
$ |
||||||
Liabilities and Shareholders’ (Deficit) Equity: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | — | |||||
Accrued expenses |
||||||||
Total current liabilities |
||||||||
Deferred legal fees |
— | |||||||
Deferred underwriting commissions |
— | |||||||
Derivative warrant liabilities |
— | |||||||
Total liabilities |
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Commitments and Contingencies |
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Class A ordinary shares; a shares subject to possible redemption at $nd per share at September 30 ,2021 and December 31, 2020, respectively |
— | |||||||
Shareholders’ Equity: |
||||||||
Preference shares, $ shares authorized; September 30 ,2021 and December 31, 2020, respectively |
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Class A ordinary shares, $ |
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December 31, 2020 |
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Class B ordinary shares, $ |
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Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total shareholders’ (deficit) equity |
( |
) | ||||||
Total Liabilities and Shareholders’ (Deficit) Equity |
$ |
$ |
||||||
For the three months ended September 30, 2021 |
For the nine months ended September 30, 2021 |
|||||||
General and administrative expenses |
$ | $ | ||||||
|
|
|
|
|||||
Loss from operations |
( |
) | ( |
) | ||||
Other income (expense) |
||||||||
Change in fair value of derivative warrant liabilities |
||||||||
Financing costs—warrant liabilities |
— | ( |
) | |||||
Interest income |
||||||||
Unrealized gain on investments held in Trust Account |
||||||||
|
|
|
|
|||||
Total other income (expense) |
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|
|
|
|
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Net income |
$ | $ | ||||||
|
|
|
|
|||||
Weighted average Class A ordinary shares outstanding, basic and diluted |
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|
|
|
|
|||||
Basic and diluted net income per ordinary share, Class A |
$ | $ | ||||||
|
|
|
|
|||||
Weighted average Class B ordinary shares outstanding, basic and diluted |
||||||||
|
|
|
|
|||||
Basic and diluted net income per ordinary share, Class B |
$ | $ | ||||||
|
|
|
|
Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
|||||||||||||||||||||||||
Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance—December 31, 2020 |
$ |
$ |
$ |
$ |
( |
$ |
||||||||||||||||||||||
Excess purchase price above fair value of private placement warrants |
— | — | — | — | — | |||||||||||||||||||||||
Accrection on Class A ordinary shares subject to possible redemption |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Balance—March 31, 2021 (unaudited) (restated) |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance—June 30, 2021 (unaudited) (restated) |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Balance—September 30, 2021 (unaudited) |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities: |
||||
Net loss |
$ | |||
Change in fair value of derivative warrant liabilities |
( |
) | ||
Financing costs—warrant liabilities |
||||
Unrealized gain on investments held in Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
||||
Prepaid expenses |
( |
) | ||
Accounts payable |
||||
Accrued expenses |
||||
|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
|||
Cash Flows from Investing Activities: |
||||
Cash deposited in Trust Account |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
Cash Flows from Financing Activities: |
||||
Proceeds from note payable to related party |
||||
Repayment of note payable to related party |
( |
) | ||
Proceeds received from initial public offering, gross |
||||
Proceeds received from private placement |
||||
Offering costs paid |
( |
) | ||
|
|
|||
Net cash provided by financing activities |
||||
|
|
|||
Net increase in cash |
||||
Cash—beginning of the period |
||||
|
|
|||
Cash—end of the period |
$ |
|||
|
|
|||
Supplemental disclosure of noncash investing and financing activities: |
||||
Offering costs included in accrued expenses |
$ | |||
Offering costs paid by related party under promissory note |
$ | |||
Reversal of accrued expenses |
$ | |||
Deferred legal fees |
$ | |||
Deferred underwriting commissions |
$ |
As of February 9, 2021 |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
Total assets |
$ |
$ |
||||||||||
Total liabilities |
$ |
$ |
||||||||||
Class A ordinary shares subject to redemption |
||||||||||||
Preference shares |
— |
— |
— |
|||||||||
Class A ordinary shares |
( |
) |
— |
|||||||||
Class B ordinary shares |
— |
|||||||||||
Additional paid-in captial |
( |
) |
— |
|||||||||
Accumulated deficit |
( |
) |
( |
) |
( |
) | ||||||
Total shareholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
— |
$ |
As of March 31, 2021 |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
Total assets |
$ |
$ |
||||||||||
Total liabilities |
$ |
$ |
||||||||||
Class A ordinary shares subject to redemption |
||||||||||||
Preference shares |
||||||||||||
Class A ordinary shares |
( |
) |
||||||||||
Class B ordinary shares |
— |
|||||||||||
Additional paid-in captial |
( |
) |
— |
|||||||||
Accumulated deficit |
( |
) |
( |
) |
( |
) | ||||||
Total shareholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
— |
$ |
For the three months ended March 31, 2021 |
||||||||||||
As Previously Reported |
Adjustment |
As Restated |
||||||||||
Cash Flow used in Operating Activities |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Cash Flow used in Investing Activities |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Cash Flows provided by Financing Activities |
$ |
$ |
— |
$ |
||||||||
Supplemental Disclosure of Noncash Financing Activities |
||||||||||||
Offering costs included in accounts payable |
$ |
$ |
— |
$ |
||||||||
Offering costs included in accrued expenses |
$ |
$ |
— |
$ |
||||||||
Offering costs paid by related party under promissory note |
$ |
$ |
— |
$ |
||||||||
Reversal of accrued expenses |
$ |
$ |
— |
$ |
||||||||
Deferred legal fees |
$ |
$ |
— |
$ |
||||||||
Deferred underwriting commissions |
$ |
$ |
— |
$ |
||||||||
Initial value of Class A ordinary shares subject to possible redemption |
$ |
$ |
( |
) |
$ |
— |
||||||
Change in value of Class A ordinary shares subject to possible redemption |
$ |
( |
) |
$ |
$ |
— |
As of June 30, 2021 |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
Total assets |
$ |
$ |
||||||||||
Total liabilities |
$ |
$ |
||||||||||
Class A ordinary shares subject to redemption |
||||||||||||
Preference shares |
— |
|||||||||||
Class A ordinary shares |
( |
) |
— |
|||||||||
Class B ordinary shares |
— |
|||||||||||
Additional paid-in captial |
( |
) |
— |
|||||||||
Accumulated deficit |
( |
) |
( |
) |
( |
) | ||||||
Total shareholders’ equity |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ |
$ |
— |
$ |
For the six months ended June 30, 2021 |
||||||||||||
As Previously Reported |
Adjustment |
As Restated |
||||||||||
Cash Flow used in Operating Activities |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Cash Flows used in Investing Activities |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Cash Flows provided by Financing Activities |
$ |
$ |
— |
$ |
( |
) | ||||||
Supplemental Disclosure of Noncash Financing Activities |
||||||||||||
Offering costs included in accrued expenses |
$ |
$ |
— |
$ |
( |
) | ||||||
Offering costs paid by related party under promissory note |
$ |
$ |
— |
$ |
( |
) | ||||||
Reversal of accrued expenses |
$ |
$ |
— |
$ |
( |
) | ||||||
Deferred legal fees |
$ |
$ |
— |
$ |
( |
) | ||||||
Deferred underwriting commissions |
$ |
$ |
— |
$ |
( |
) | ||||||
Initial value of Class A ordinary shares subject to possible redemption |
$ |
$ |
( |
) |
$ |
— |
||||||
Change in value of Class A ordinary shares subject to possible redemption |
$ |
$ |
( |
) |
$ |
— |
EPS for Class A ordinary shares (redeemable) |
||||||||||||
As Previously Reported |
Adjustment |
As Adjusted |
||||||||||
Form 10-Q (March 31, 2021) - three months ended March 31, 2021 |
||||||||||||
Net loss |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Weighted average shares outstanding |
( |
) |
||||||||||
Basic and diluted earnings per share |
$ |
— |
($ |
) |
($ |
) | ||||||
Form 10-Q (June 30, 2021) - three months ended June 30, 2021 |
||||||||||||
Net income |
$ |
$— |
$ |
|||||||||
Weighted average shares outstanding |
( |
) |
||||||||||
Basic and diluted earnings per share |
$ |
— |
$ |
$ |
||||||||
Form 10-Q (June 30, 2021) - six months ended June 30, 2021 |
||||||||||||
Net loss |
$ |
( |
) |
$ |
— |
$ |
( |
) | ||||
Weighted average shares outstanding |
( |
) |
||||||||||
Basic and diluted earnings per share |
$ |
— |
($ |
) |
($ |
) |
EPS for Class B ordinary shares (non-redeemable) |
||||||||||||
As Previously Reported |
Adjustment |
As Adjusted |
||||||||||
Form 10-Q (March 31, 2021) - three months ended March 31, 2021 |
||||||||||||
Net loss |
$ |
( |
) |
$— |
$ |
( |
) | |||||
Weighted average shares outstanding |
( |
) |
||||||||||
Basic and diluted earnings per share |
($ |
) |
$ |
($ |
) | |||||||
Form 10-Q (June 30, 2021) - three months ended June 30, 2021 |
||||||||||||
Net income |
$ |
$ |
— |
$ |
||||||||
Weighted average shares outstanding |
( |
) |
||||||||||
Basic and diluted earnings per share |
$ |
($ |
) |
$ |
||||||||
Form 10-Q (June 30, 2021) - six months ended June 30, 2021 |
||||||||||||
Net loss |
$ |
( |
) |
$— |
$ |
( |
) | |||||
Weighted average shares outstanding |
( |
) |
||||||||||
Basic and diluted earnings per share |
($ |
) |
$ |
($ |
) |
• | 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. |
For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income per common share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average common shares outstanding |
||||||||||||||||
Basic and diluted net income per common share |
$ | $ | $ | $ | ||||||||||||
Gross Proceeds |
$ | |||
Proceeds from over-allotment |
||||
Less: |
||||
Offering costs allocated to Class A shares subject to possible redemption |
( |
) | ||
Proceeds allocated to Public Warrants at issuance |
( |
) | ||
Plus: |
||||
Accrection on Class A ordinary shares subject to possible redemption amount |
||||
|
|
|||
Class A ordinary shares subject to possible redemption |
$ |
|||
|
|
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $ -trading day period ending on the third trading 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 $ provided |
• | if, and only if, the closing price of Class A ordinary shares equals or exceeds $ - trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and |
• | if the closing price of the Class A ordinary shares for any |
Quoted Prices |
Significant Other |
Significant Other |
||||||||||
in |
Observable |
Unobservable |
||||||||||
Active Markets |
Inputs |
Inputs |
||||||||||
Description |
(Level 1) |
(Level 2) |
(Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account |
$ | $ | — | $ | — | |||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities—public |
$ | $ | — | $ | — | |||||||
Derivative warrant liabilities—private |
$ | — | $ | — | $ |
February 9, 2021 |
As of September 30, 2021 |
|||||||
Share price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Expected life of the options to convert |
||||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
— | — |
Derivative warrant liabilities at January 13, 2021 (inception) |
$ | — | ||
Issuance of Public and Private Warrants |
||||
Change in fair value of derivative warrant liabilities |
||||
Transfer of Public Warrants to Level 1 |
( |
) | ||
|
|
|||
Derivative warrant liabilities at March 31, 2021 |
||||
Change in fair value of derivative warrant liabilities |
( |
) | ||
|
|
|||
Derivative warrant liabilities at June 30, 2021 |
||||
Change in fair value of derivative warrant liabilities |
( |
) | ||
|
|
|||
Derivative warrant liabilities at September 30, 2021 |
$ |
|||
|
|
* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Dated: November 22, 2021 | RMG ACQUISITION CORP. III | |||||
By: | /s/ Robert S. Mancini | |||||
Name: | Robert S. Mancini | |||||
Title: | Chief Executive Officer |