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) |
(I.R.S. Employer Identification Number) |
(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 |
||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page No. |
||||||
PART I. FINANCIAL INFORMATION |
||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | 20 | |||||
Item 3. | 23 | |||||
Item 4. | 23 | |||||
PART II. OTHER INFORMATION |
||||||
Item 1. | 24 | |||||
Item 1A. | 25 | |||||
Item 2. | 26 | |||||
Item 3. | 26 | |||||
Item 4. | 26 | |||||
Item 5. | 26 | |||||
Item 6. | 27 | |||||
SIGNATURES |
Assets: |
||||
Cash on hand |
$ | |||
Prepaid expenses |
||||
Total current assets |
||||
Cash held in Trust Account |
||||
Other non-current assets |
||||
Total assets |
$ | |
||
Liabilities and Shareholders’ Equity |
||||
Due to related party |
$ | |||
Accrued offering costs and expenses |
||||
Total current liabilities |
||||
Warrant liability |
||||
Deferred underwriting commissions liability |
||||
Total liabilities |
||||
Commitments |
||||
Class A Ordinary shares subject to possible redemption, |
||||
Shareholders’ Equity: |
||||
Preference shares, $ |
||||
Class A ordinary shares, $ |
||||
Class B ordinary shares, $ |
||||
Additional paid-in capital |
||||
Retained earnings |
||||
Total shareholders’ equity |
||||
Total Liabilities and Shareholders’ Equity |
$ | |||
For the three months June 30, |
For the period from January 11, 2021 (inception) to June 30, 2021 |
|||||||
Formation and operating expenses |
$ | $ | ||||||
|
|
|
|
|||||
Loss from operations |
( |
) | ( |
) | ||||
Other income ( expense) |
||||||||
Change in fair value of warrants |
||||||||
Transaction costs |
( |
) | ( |
) | ||||
Interest income – operating account |
||||||||
Interest income – trust account |
||||||||
|
|
|
|
|||||
Total other income |
||||||||
|
|
|
|
|||||
Net Income |
$ | $ | ||||||
|
|
|
|
|||||
Redeemable Class A Ordinary share, Basic and Diluted |
||||||||
|
|
|
|
|||||
Basic and Diluted net income per share, Redeemable Class A Ordinary share |
$ | $ | ||||||
|
|
|
|
|||||
Basic and diluted weighted average shares outstanding, Ordinary share |
||||||||
|
|
|
|
|||||
Basic and diluted net income per share, Ordinary share |
$ | $ | ||||||
|
|
|
|
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-In Capital |
Retained Earnings |
Shareholders’ Equity |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance as of January 11, 2021 |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Class B ordinary shares issued to sponsor |
— | — | — | |||||||||||||||||||||||||
Sale of |
— | — | — | |||||||||||||||||||||||||
Offering costs |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2021 |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Sale of , net of warrants, fair value |
— | — | — | |||||||||||||||||||||||||
Forfeit of Founder Shares |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Excess cash received over FV of private placement warrants |
||||||||||||||||||||||||||||
Offering costs |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2021 |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period January 11, 2021 (inception) to June 30, 2021 |
||||
Cash Flows from Operating Activities: |
||||
Net Income |
$ | |||
Adjustments to reconcile net income to net cash used in operating activities: |
||||
Interest earned on cash held in Trust Account |
( |
) | ||
Change in fair value of warrant liabilities |
( |
) | ||
Transaction costs |
||||
Changes in operating assets and liabilities |
||||
Prepaid expense |
( |
) | ||
Due to related party |
||||
Accounts payable and accrued expenses |
||||
|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
|||
Cash flows from investing activities: |
||||
Investments and marketable securities held in Trust |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
Cash flows from financing activities: |
||||
Proceeds from sale of ordinary shares to initial shareholders |
||||
Proceeds from sale of Units, net of offering costs |
||||
Proceeds from issuance of Private Placement Warrants |
||||
Payment of offering costs |
( |
) | ||
|
|
|||
Net cash provided by financing activities |
||||
|
|
|||
Net Change in Cash |
||||
Cash, beginning of the period |
||||
|
|
|||
Cash, end of period |
$ | |||
|
|
|||
Supplemental Disclosure of Non-cash Financing Activities |
||||
Deferred underwriting commissions payable charged to additional paid in capital |
$ | |||
|
|
|||
Class A ordinary shares subject to possible redemption |
$ | |||
|
|
|||
Initial classification of warrant liabilities |
$ | |||
|
|
|||
Forfeit of Founder Shares |
$ |
|||
|
|
Level 1 — |
Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. | |
Level 2 — |
Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. | |
Level 3 — |
Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
For the Three months ended June 30, 2021 |
For the Period January 11, 2021 (Inception) to June 30, 2021 |
|||||||
Ordinary share subject to possible redemption |
||||||||
Numerator: Net income allocable to Class A Ordinary share subject to possible redemption |
||||||||
Accretion of interest income on marketable securities held in trust |
$ | $ | ||||||
Less: interest available to be withdrawn for payment of taxes |
( |
) | ( |
) | ||||
Net income allocable to Class A Ordinary share subject t o possible redemption |
$ | $ | ||||||
Denominator: Weighted Average Redeemable Class A Ordinary share |
||||||||
Redeemable Class A Ordinary share, Basic and Diluted |
||||||||
Basic and Diluted net income per share, Redeemable Class A Ordinary share |
$ | $ | ||||||
Non-Redeemable Ordinary share |
||||||||
Numerator: Net Income minus Redeemable Net Earnings |
||||||||
Net Income |
$ | $ | ||||||
Redeemable Net Earnings |
||||||||
Non-Redeemable Net Income |
$ | $ | ||||||
Denominator: Weighted Average Non-Redeemable Ordinary share |
— | — | ||||||
Basic and diluted weighted average shares outstanding, Ordinary share |
||||||||
Basic and diluted net income per share, Ordinary share |
$ | $ |
• |
in whole and not in part; |
• |
at a price of $ |
• |
upon not less than |
• |
if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $ |
• |
in whole and not in part; |
• |
at $ |
• |
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
• |
if the closing price of the Class A ordinary shares for any |
Total |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||
Assets |
||||||||||||||||
Investments held in Trust Account - U.S. Money Market |
$ | |
$ | |
$ | $ | ||||||||||
Liabilities |
||||||||||||||||
Public warrant liability |
||||||||||||||||
Private warrant liability |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | |
$ | ||||||||||||
|
|
|
|
|
|
|
|
Fair value at January 11, 2021 |
$ | |||
Issuance March 18, 2021d ue t o IPO at |
||||
Issuance of overallotment warrant placements (public and private) |
||||
Reclassification of Private Warrants to Level 2 (1) |
( |
) | ||
Reclassification of Public Warrants to Level 1 (1) |
( |
) | ||
Change in fair value |
( |
) | ||
|
|
|||
Fair Value at June 30, 2021 |
$ | |||
|
|
(1) |
Assumes the warrants were reclassified on June 30, 2021 |
* | Filed herewith. |
** | 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. |
Plum Acquisition Corp. I | ||
By: | /s/ Michael Dinsdale | |
Name: | Michael Dinsdale | |
Title: | Financial Officer |