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-fourth of one redeemable warrant |
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Large, accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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21 |
June 30, 2022 |
December 31, 2021 |
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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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Investment held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
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Current liabilities – accrued expense |
$ | $ | ||||||
Warrant liabilities |
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Deferred underwriting fee payable |
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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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Shareholder’s 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 |
( |
) | ( |
) | ||||
Total Shareholder’s Deficit |
( |
) |
( |
) | ||||
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
$ |
$ |
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For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
For the Period from January 13, 2021 (Inception) Through June 30, |
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2022 |
2021 |
2022 |
2021 |
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Operating and formation costs |
$ | $ | $ | $ | ||||||||||||
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Loss from operations |
( |
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( |
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( |
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( |
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Other income (expense): |
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Changes in fair value of warrant liabilities |
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Transaction costs incurred in connection with warrant liabilities |
( |
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Interest earned on investments held in Trust Account |
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Total other income (expense), net |
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Net income (loss) |
$ |
$ |
$ |
$ |
( |
) | ||||||||||
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Weighted average shares outstanding, Class A ordinary shares |
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Basic and diluted net income (loss) per share, Class A ordinary shares |
$ |
$ |
( |
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Weighted average shares outstanding, Class B ordinary shares |
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Basic net income (loss) per share, Class B ordinary shares |
$ |
$ |
( |
) | ||||||||||||
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance — January 1, 2022 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Accretion for Class A ordinary shares to redemption amount |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – June 30, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance — January 13, 2021 (inception) |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
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Forfeiture of Founder Shares |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Accretion for Class A ordinary shares to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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For the Six Months Ended June 30, |
For the Period from January 13, 2021 (Inception) Through June 30, |
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2022 |
2021 |
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Cash Flows from Operating Activities: |
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Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Formation cost paid by Sponsor in exchange for issuance of founder shares |
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Interest earned on investments held in Trust Account |
( |
) | ( |
) | ||||
Changes in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Transaction costs incurred in connection with warrants |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Accrued expenses |
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Net cash used in operating activities |
( |
) |
( |
) | ||||
Cash Flows from Investing Activities: |
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Investment of cash into Trust Account |
( |
) | ||||||
Net cash used in investing activities |
( |
) | ||||||
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 Placements Warrants |
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Repayment of promissory note—related party |
( |
) | ||||||
Payment of offering costs |
( |
) | ||||||
Net cash provided by financing activities |
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Net Change in Cash |
( |
) |
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Cash – Beginning of period |
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Cash – End of period |
$ |
$ |
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Non-Cash investing and financing activities: |
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Offering costs included in accrued offering costs |
$ | $ | ||||||
Offering costs paid by Sponsor in exchange for issuance of founder shares |
$ | $ | ||||||
Offering costs paid through promissory note |
$ | $ | ||||||
Deferred underwriting fee payable |
$ | $ | ||||||
Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption, December 31, 2021 |
$ | |||
Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption, June 30, 2022 |
$ | |||
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Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
For the Period from January 13, 2021 (Inception) Through June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per ordinary share |
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Numerator: |
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Allocation of net income (loss), as adjusted |
$ | $ | $ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per ordinary share |
$ | $ | $ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||
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• | 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. |
• | 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 ordinary shares equals or exceeds $ a period ending business days before the Company sends the notice of redemption to the warrant holders. |
• | 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 ordinary shares equals or exceeds $ |
• | if the closing price of the Class A ordinary shares for any |
Description |
Level |
June 30, 2022 |
Level |
December 31, 2021 |
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Assets: |
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Investments held in Trust Account – U.S. Treasury Securities Money Market Fund |
1 | $ | 1 | $ | ||||||||||||
Liabilities: |
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Warrant liability – Public Warrants |
2 | $ | 1 | $ | ||||||||||||
Warrant liability – Private Placement Warrants |
3 | $ | 3 | $ |
June 30, 2022 |
December 31, 2021 |
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Input |
Private Warrants |
Private Warrants |
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Share Price |
$ | $ | ||||||
Exercise Price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Term (years) |
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Dividend Yield |
% | % | ||||||
Risk Free Rate |
% | % |
Private Placement |
Public |
Warrant Liabilities |
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Fair value as of December 31, 2021 |
$ | $ | $ | |||||||||
Change in fair value |
( |
) | ( |
) | ||||||||
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Fair value as of March 31, 2022 |
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Change in fair value |
( |
) | ( |
) | ||||||||
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Fair value as of June 30, 2022 |
$ | $ | $ | |||||||||
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Private Placement |
Public |
Warrant Liabilities |
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Fair value as of January 13, 2021 (inception) |
$ | $ | $ | |||||||||
Initial measurement on March 9, 2021 |
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Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Transfer to Level 1 |
( |
) | ( |
) | ||||||||
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Fair value as of March 31, 2021 |
$ | $ | $ | |||||||||
Change in valuation inputs or other assumptions |
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Fair value as of June 30, 2021 |
$ | $ | $ | |||||||||
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Item 6. |
Exhibits |
* | Filed herewith. |
** | Furnished herewith. |
VPC IMPACT ACQUISITION HOLDINGS II | ||||
Date: August 11, 2022 | By: | /s/ Gordon Watson | ||
Name: | Gordon Watson | |||
Title: | Co-Chief Executive Officer(Principal Executive Officer) | |||
Date: August 11, 2022 | By: | /s/ Carly Altieri | ||
Name: | Carly Altieri | |||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |