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-fourth 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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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. |
20 |
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Item 3. |
24 |
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Item 4. |
24 |
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Item 1. |
25 |
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Item 1A. |
25 |
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Item 2. |
25 |
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Item 3. |
25 |
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Item 4. |
25 |
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Item 5. |
25 |
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Item 6. |
26 |
Item 1. |
Condensed Financial Statements |
September 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 |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Investments held in Trust Account |
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Deferred offering costs |
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Total Assets |
$ |
$ |
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Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit): |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued expenses |
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Total current liabilities |
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Deferred underwriting commissions |
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Derivative warrant liabilities |
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Total liabilities |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption, $ - |
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Shareholders’ Deficit: |
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Preference shares, $ |
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Class A ordinary shares, $ |
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Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total shareholders’ equity (deficit) |
( |
) | ||||||
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Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
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|
|
For the Three Months Ended |
For the Nine Months |
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September 30, 2021 |
Ended September 30, 2021 |
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(Unaudited) |
(Unaudited) |
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General and administrative expenses |
$ | $ | ||||||
General and administrative expenses - related party |
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|
|
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Total operating expenses |
( |
) | ( |
) | ||||
Other income (expenses): |
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Change in fair value of derivative warrant liabilities |
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Offering costs - derivative warrant liabilities |
( |
) | ||||||
Income from investments held in Trust Account |
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Net income |
$ | $ | ||||||
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Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
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|
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Basic and diluted net income per share, Class A ordinary shares |
$ | $ | ||||||
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|
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Weighted average shares outstanding of Class B ordinary shares, basic |
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|
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Basic net income per share, Class B ordinary shares |
$ | $ | ||||||
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Weighted average shares outstanding of Class B ordinary shares, diluted |
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|
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Diluted net income per share, Class B ordinary shares |
$ | $ | ||||||
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Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance - December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Accretion of Class A ordinary shares subject to possible redemption amount |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||
Balance - March 31, 2021 (unaudited) (as restated, see Note 2) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||||||
Balance - June 30, 2021 (unaudited) (as restated, see Note 2) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||||||
Balance - September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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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Change in fair value of derivative warrant liabilities |
( |
) | ||
Offering costs - derivative warrant liabilities |
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Income from investments held in Trust Account |
( |
) | ||
General and administrative expenses paid by related party under promissory note |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Accounts payable |
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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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Cash deposited 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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Repayment of note payable to related party |
( |
) | ||
Proceeds received from initial public offering, gross |
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Proceeds received from private placement |
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Offering costs paid |
( |
) | ||
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Net cash provided by financing activities |
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Net increase in cash |
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Cash - beginning of the period |
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Cash - end of the period |
$ |
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|
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Supplemental disclosure of noncash investing and financing activities: |
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Offering costs included in accrued expenses |
$ | ( |
) | |
Offering costs paid by related party under promissory note |
$ | |||
Deferred underwriting commissions |
$ |
As of March 31, 2021 (unaudited) |
As Previously Reported |
Adjustment |
As Restated |
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Total assets |
$ |
$ |
$ |
|||||||||
Total liabilities |
$ |
$ |
$ |
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Class A ordinary shares subject to possible redemption |
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Preference shares |
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Class A ordinary shares |
( |
) |
||||||||||
Class B ordinary shares |
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Additional paid-in capital |
( |
) |
||||||||||
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 (unaudited) |
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As Previously Reported |
Adjustment |
As Restated |
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Supplemental Disclosure of Noncash Financing Activities: |
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Initial value of Class A ordinary shares subject to possible redemption as revised |
$ |
$ |
( |
) |
$ |
|||||||
Change in value of Class A ordinary shares subject to possible redemption |
$ |
$ |
( |
) |
$ |
As of June 30, 2021 (unaudited) |
As Previously Reported |
Adjustment |
As Restated |
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Total assets |
$ |
$ |
$ |
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Total liabilities |
$ |
$ |
$ |
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Class A ordinary shares subject to possible redemption |
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Preference shares |
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Class A ordinary shares |
( |
) |
||||||||||
Class B ordinary shares |
||||||||||||
Additional paid-in capital |
||||||||||||
Accumulated deficit |
( |
) |
( |
) | ||||||||
Total shareholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
$ |
For the six months ended June 30, 2021 (unaudited) |
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As Previously Reported |
Adjustment |
As Restated |
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Supplemental Disclosure of Noncash Financing Activities: |
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Initial value of Class A ordinary shares subject to possible redemption as revised |
$ |
$ |
( |
) |
$ |
|||||||
Change in value of Class A ordinary shares subject to possible redemption |
$ |
$ |
( |
) |
$ |
Income (Loss) Per Share |
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As Previously Reported |
Adjustment |
As Restated |
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Three Months Ended March 31, 2021 (unaudited) |
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Net loss |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
( |
) |
||||||||||
Basic and diluted loss per share - Class A ordinary shares |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Weighted average shares outstanding of Class B ordinary shares, basic |
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Basic and diluted loss per share - Class B ordinary shares |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Income (Loss) Per Share |
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As Previously Reported |
Adjustment |
As Restated |
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Three Months Ended June 30, 2021 (unaudited) |
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Net income |
$ |
$ |
$ |
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Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
||||||||||||
Basic and diluted income per share - Class A ordinary shares |
$ |
$ |
$ |
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Weighted average shares outstanding of Class B ordinary shares, basic |
||||||||||||
Basic and diluted income per share - Class B ordinary shares |
$ |
$ |
( |
) |
$ |
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Income (Loss) Per Share |
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As Previously Reported |
Adjustment |
As Restated |
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Six Months Ended June 30, 2021 (unaudited) |
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Net income |
$ |
$ |
$ |
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Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
( |
) |
||||||||||
Basic and diluted income per share - Class A ordinary shares |
$ |
$ |
$ |
|||||||||
Weighted average shares outstanding of Class B ordinary shares, basic |
( |
) |
||||||||||
Basic income per share - Class B ordinary shares |
$ |
$ |
( |
) |
$ |
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Weighted average shares outstanding of Class B ordinary shares, diluted |
||||||||||||
Diluted income per share - Class B ordinary shares |
$ |
$ |
( |
) |
$ |
• | 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 |
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Class A |
Class B |
Class A |
Class B |
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Basic net income per ordinary share: |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Basic weighted average ordinary shares outstanding |
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|
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Basic net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Diluted net income per ordinary share: |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Diluted weighted average ordinary shares outstanding |
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|
|
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|
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|
|
|
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Diluted net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
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|
Gross proceeds |
$ | |||
Less: |
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Fair value of Public Warrants at issuance |
( |
) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemption |
( |
) | ||
Plus: |
||||
Accretion 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 a minimum of 30 days’ prior written notice of redemption to each warrant holder; and |
• | if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $ |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of Class A ordinary shares equals or exceeds $ 30 -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 in Active |
Significant Other |
Significant Other |
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Markets |
Observable Inputs |
Unobservable Inputs |
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Description |
(Level 1) |
(Level 2) |
(Level 3) |
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Assets: |
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Investmets held in Trust Account - Money market funds |
$ | $ | — | $ | — | |||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities - Public warrants |
$ | $ | — | $ | ||||||||
Derivative warrant liabilities - Private placement warrants |
$ | — | $ | — | $ |
Initial Fair Value |
September 30, 2021 |
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Exercise price |
$ | $ | ||||||
Stock price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Term |
||||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Derivative warrant liabilities at January 1, 2021 |
$ | |||
Issuance of Public and Private Placement Warrants |
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Change in fair value of derivative warrant liabilities |
( |
) | ||
|
|
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Derivative warrant liabilities at March 31, 2021 |
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Transfer of Public Warrants to Level 1 |
( |
) | ||
Change in fair value of derivative warrant liabilities |
( |
) | ||
Derivative warrant liabilities at June 30, 2021 |
||||
|
|
|||
Change in fair value of Private Placement Warrants |
( |
) | ||
|
|
|||
Derivative warrant liabilities at September 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. |
* |
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: February 11, 2022 | SLAM CORP. | |||||
By: | /s/ Himanshu Gulati | |||||
Name: | Himanshu Gulati | |||||
Title: | Chairman | |||||
(Principal Executive Officer) | ||||||
By: | /s/ Joseph Taeid | |||||
Name: | Joseph Taeid | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |