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-half of one Redeemable Warrant |
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Class A Common Stock, par value $0.0001 per share |
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Warrants, each exercisable for one share Class A Common Stock for $11.50 per share |
Large accelerated filer |
☐ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☒ |
Smaller reporting company |
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Emerging growth company |
Page |
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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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17 |
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19 |
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19 |
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20 |
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20 |
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20 |
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20 |
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21 |
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21 |
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21 |
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22 |
ASSETS |
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Current assets |
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Cash |
$ | |||
Prepaid expenses and other current assets |
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Other receivable – related party |
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Total Current Assets |
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Marketable securities held in Trust Account |
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TOTAL ASSETS |
$ |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current liabilities |
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Accrued expenses |
$ | |||
Total Current Liabilities |
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Deferred underwriting fee payable |
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Total Liabilities |
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Commitments and Contingencies (See Note 7) |
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Class A common stock subject to possible redemption, |
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Stockholders’ Deficit |
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Preferred stock, $ |
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Class A common stock, $ |
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Class B common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ||
Total Stockholders’ Deficit |
( |
) | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
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Three Months Ended September 30, |
For the Period from January 5, 2021 (Inception) Through September 30, |
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2021 |
2021 |
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Operating and formation costs |
$ | $ | ||||||
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|
|
|
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Loss from operations |
( |
) |
( |
) | ||||
Other income /loss : |
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Interest earned on marketable securities held in Trust Account |
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Interest income - bank |
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Change in fair value of over-allotment option liability |
|
|
( |
) |
|
|
( |
) |
Fair value of forfeited over-allotment option |
|
|
|
|
|
|
|
|
|
|
|
|
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Total other loss, net |
( |
) | ( |
) | ||||
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|
|
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Net loss |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
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Basic and diluted weighted average shares outstanding, Class A common stock |
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|
|
|
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Basic and diluted net loss per share, Class A |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
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Basic and diluted weighted average shares outstanding, Class B common stock |
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|
|
|
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Basic and diluted net loss per share, Class B |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
Class A Common Stock subject to possible redemption |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance – January 5, 2021 (inception) |
— |
$ |
— |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | — | ||||||||||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||||
Balance – March 31, 2021 |
— | $ |
— | $ |
$ |
$ |
( |
) |
$ |
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Net loss |
— | — | — | |||||||||||||||||||||||||
Balance – June 30, 2021 |
— | $ |
— | $ |
$ |
$ |
( |
) |
$ |
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Sale of |
— | — | — | |||||||||||||||||||||||||
Proceed s allocated to Public Warrants |
— |
— |
— |
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Allocated value of transaction costs to warrants |
— |
— |
— |
( |
) |
( |
) | |||||||||||||||||||||
Adjustment of carrying value to initial redemption value |
— | — | — | ( |
) | ( |
) | ( |
) | |||||||||||||||||||
Sale of |
— | — | — | |||||||||||||||||||||||||
Forfeiture of Founder Shares |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||||
Balance – September 30, 2021 |
— | $ | — | $ |
$ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||
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 marketable securities held in Trust Account |
( |
) | ||
Change in fair value of over-allotment option liability |
|
|
|
|
Fair value of forfeited over-allotment option |
|
|
( |
) |
Changes in operating assets and liabilities: |
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Prepaid expenses and other current assets |
( |
) | ||
Other receivable – related party |
( |
) | ||
Accrued expenses |
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|
|
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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 |
( |
) | ||
Cash Flows from Financing Activities: |
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Proceeds from issuance of Class B common stock to Sponsor |
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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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Proceeds from promissory note – related party |
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Repayment of promissory note – related party |
( |
) | ||
Payment of offering costs |
( |
) | ||
|
|
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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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|
|
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Non-Cash investing and financing activities: |
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Initial value of over-allotment option liability |
$ |
|||
|
|
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Elimination of over-allotment option liability |
$ |
( |
) | |
|
|
|||
Accretion for Class A common stock to redemption amount |
$ | |||
|
|
|||
Deferred underwriting fee payable |
$ | |||
|
|
|||
Forfeiture of Founder Shares |
$ | ( |
) | |
|
|
Condensed Balance Sheet as of September 30 , 2021 (unaudited ) |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
OA Liability |
$ | $ | ( |
) | $ | |||||||
Total Liabilities |
$ | $ | ( |
) | $ | |||||||
Temporary Equity |
$ |
$ |
$ |
|||||||||
Additional Paid in Capital |
$ | $ | $ | |||||||||
( Accumulated Deficit) Retained Earnings |
$ | ( |
) | $ | $ | ( |
) | |||||
Total Stockholders’ Equity |
$ | ( |
) | $ | $ | ( |
) | |||||
Condensed Statements of Operations for the period from January 5, 2021 (inception) through September 30, 2021 (unaudited) |
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Net Loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
Gross proceeds |
$ |
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Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A common stock issuance costs |
( |
) | ||
Add: |
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Adjustment of carrying value to initial redemption value |
||||
|
||||
Class A common stock subject to possible redemption |
$ |
|||
|
|
Three Months Ended September 30, 2021 |
For the Period from January 5, 2021 (Inception) Through September 30, 2020 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net loss per common share |
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Numerator: |
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Allocation of net loss, as adjusted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per ordinary share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any a period ending three business days before the Company sends the notice of redemption to the warrant holders. |
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. |
Description |
Level |
September 30, 2021 |
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Assets: |
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Marketable securities held in Trust Account |
|
|
|
|
1 | $ |
August 4, 2021 |
August 2, 2021 |
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Stock Price |
$ |
$ |
||||||
Exercise Price |
$ |
$ |
||||||
Volatility |
% |
% | ||||||
Term (days) |
||||||||
Dividend Yield |
||||||||
Risk Free Rate-Daily Treasury Yield Curve |
% |
% |
Over-allotment Option Liability |
||||
Fair value as of January 5, 2021 |
$ |
|||
Initial measurement on August 2, 2021 |
||||
Change in fair value at August 4, 2021 |
||||
Fair value of forfeited over-allotment option at August 4, 2021 |
( |
) | ||
Elimination of over-allotment liability at August 4, 2021 |
( |
) | ||
|
|
|||
Fair value as of September 30, 2021 |
$ |
|||
|
|
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS* | Inline XBRL Instance Document. | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. |
** | Furnished. |
SOFTWARE ACQUISITION GROUP INC. III | ||||
Date: February 14, 2022 | By: | /s/ Jonathan S. Huberman | ||
Name: | Jonathan S. Huberman | |||
Title: | Chief Executive Officer and Chief Financial Officer | |||
(Principal Executive and Financial Officer) |