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.) | |
(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 |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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Part I. Financial Information |
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Item 1. Financial Statements |
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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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21 |
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24 |
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24 |
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25 |
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25 |
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25 |
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26 |
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27 |
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27 |
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27 |
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28 |
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29 |
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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TOTAL ASSETS |
$ |
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LIABILITIES AND SHAREHOLDERS’ DEFICIT |
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Current liabilities |
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Accrued expenses |
$ | |||
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Total current liabilities |
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Warrant liabilities |
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Deferred underwriting fee payable |
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Total Liabilities |
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Commitments |
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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’ Deficit |
( |
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TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT |
$ |
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Three Months Ended September 30, |
For The Period from January 8, 2021 (Inception) Through September 30, |
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2021 |
2021 |
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General and administrative expenses |
$ | $ | ||||||
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Loss from operations |
( |
) |
( |
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Other income: |
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Change in fair value of warrant liabilities |
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Transaction costs allocated to warrant liabilities |
— | ( |
) | |||||
Interest income – bank |
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Interest earned on investments held in Trust Account |
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Total other income, net |
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Net income |
$ |
$ |
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Weighted average shares outstanding of Class A ordinary shares |
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Basic and diluted net income per share, Class A ordinary shares |
$ |
$ |
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Weighted average shares outstanding of Class B ordinary shares |
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Basic and diluted net income per share, Class B ordinary shares |
$ |
$ |
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance — January 8, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B ordinary shares to Sponsor |
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Cash paid in excess of fair value of P rivate P lacementW arrants |
— |
— |
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Accretion for Class A ordinary shares to redemption amount |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Forfeiture of Founder Share s |
( |
) | ( |
) | ||||||||||||||||||||||||
Net income |
— |
— |
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Balance – March 31, 2021, as restated – see Note 2 (unaudited) |
( |
) |
( |
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Net loss |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
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Balance – June 30, 2021, as restated – see Note 2 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
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Balance – September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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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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Formation costs paid by S ponsor |
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Interest earned on investments held in Trust Account |
( |
) | ||
Change in fair value of warrant liabilities |
( |
) | ||
Transaction costs allocated to warrant liabilities |
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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 |
( |
) | ||
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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 |
( |
) | ||
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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 Placement Warrants |
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Proceeds from P romissory N ote – related party |
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Repayment of P romissory N ote – 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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Non-Cash investing and financing activities: |
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Offering costs paid by Sponsor in exchange for the issuance of F ounder S hares |
$ | |||
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Offering costs paid through P romissory N ote |
$ | |||
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Deferred underwriting fee payable |
$ | |||
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Forfeiture of F ounder S hares |
$ | ( |
) | |
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As Previously Reported |
Adjustment |
As Restated |
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Condensed Balance Sheet as of March 31, 2021 (unaudited) |
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Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
Class A ordinary shares |
$ | $ | ( |
) | $ | |||||||
Additional paid-in capital |
$ | $ | ( |
) | $ | |||||||
Retained earnings (accumulated deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
Total Shareholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
Condensed Balance Sheet as of June 30, 2021 (unaudited) |
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Class A ordinary shares subject to possible redemption |
$ |
$ |
$ |
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Class A ordinary shares |
$ |
$ |
( |
) |
$ |
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Additional paid-in capital |
$ |
$ |
( |
) |
$ |
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Accumulated deficit |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Total Shareholders’ Equity (Deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Condensed Statement of Changes in Shareholder’s Equity (Deficit) for the Period from January 8, 2021 (Inception) Through March 31, 2021 ( una udited) |
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Sale of 40,845,476 Units, net of underwriting discounts, offering costs, and initial fair value of Public Warrants |
$ |
$ |
( |
) |
$ |
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Class A ordinary shares subject to redemption |
$ |
( |
) |
$ |
$ |
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Accretion for Class A ordinary shares to redemption amount |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (Unaudited) |
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Change in Class A ordinary shares to redemption amount |
$ |
$ |
( |
) |
$ |
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Condensed Statement of Operations for the Period from January 8, 2021 (Inception) Through March 31, 2021 (Unaudited) |
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Weighted average shares outstanding, Class A ordinary shares |
( |
) |
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Basic and diluted net income per share Class A ordinary shares |
$ |
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Weighted average shares outstanding, Class B ordinary shares |
( |
) |
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Basic and diluted net income per share Class B ordinary shares |
$ |
( |
) |
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Condensed Statement of Operations for the Three Months Ended June 30, 2021 (Unaudited) |
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Weighted average shares outstanding, Class A ordinary shares |
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Basic and diluted net loss per share Class A ordinary shares |
$ |
( |
) |
( |
) | |||||||
Weighted average shares outstanding, Class B ordinary shares |
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Basic and diluted net loss per share Class B ordinary shares |
$ |
( |
) |
( |
) | |||||||
Condensed Statement of Operations for the Period from January 8, 2021 (Inception) through June 30, 2021 (Unaudited) |
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Weighted average shares outstanding, Class A ordinary shares |
( |
) |
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Basic and diluted net loss per share Class A ordinary shares |
$ |
( |
) |
( |
) | |||||||
Weighted average shares outstanding, Class B ordinary shares |
( |
) |
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Basic and diluted net loss per share Class B ordinary shares |
$ |
( |
) |
( |
) | |||||||
Condensed Statement of Cash Flows for the Period from January 8, 2021 (Inception) through March 31, 2021 (Unaudited) |
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Non-cash investing and financing activities: |
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Initial classification of ordinary shares subject to possible redemption |
$ |
$ |
( |
) | $ |
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Change in value of ordinary shares subject to possible redemption |
$ |
$ |
( |
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$ |
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Condensed Statement of Cash Flows for the Period from January 8, 2021 (Inception) through June 30, 2021 (Unaudited) |
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Non-cash investing and financing activities: |
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Initial classification of ordinary shares subject to possible redemption |
$ |
$ |
( |
) |
$ |
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Change in value of ordinary shares subject to possible redemption |
$ |
$ |
( |
) |
$ |
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 |
$ | |||
Class A ordinary shares subject to possible redemption |
$ | |||
Three Months Ended September 30, 2021 |
For the Period from January 15, 2021 (inception) through September 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per ordinary share |
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Numerator: |
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Allocation of net income, as adjusted |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income per ordinary share |
$ | $ | $ | $ |
• | 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 $ sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 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 sub-divisions, share dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Description |
Level |
September 30, 2021 |
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Assets: |
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Investments held in Trust Account – U.S. Treasury Securities Money Market Fund |
1 | $ | ||||||
Liabilities: |
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September 30, 2021 – Public Warrants |
1 | |||||||
September 30, 2021 – Private Placement Warrants |
2 |
Public |
Private Placement |
Warrant Liabilities |
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Fair value as of Inception |
$ | $ | $ | |||||||||
Initial measurement on March 11, 2021 |
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Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of March 31, 2021 |
$ | $ | $ | |||||||||
Change in valuation inputs or other assumptions |
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Transfer to Level 1 |
( |
) | ( |
) | ||||||||
Transfer to Level 2 |
( |
) | ( |
) | ||||||||
Fair value as of June 30, 2021 |
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Fair value as of September 30, 2021 |
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No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2** | Certification of 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—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | The cover page for the Company’s Quarterly Report has been formatted in Inline XBRL and contained in Exhibit 101 | |
* | Filed herewith. | |
** | Furnished. |
PERIDOT ACQUISITION CORP. II | ||||||
Date: February 15, 202 2 |
/s/ Preston Powell | |||||
Name: | Preston Powell | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: February 15, 20 22 |
/s/ Stephen Wedemeyer | |||||
Name: | Stephen Wedemeyer | |||||
Title: | Chief Financial Officer (Principal Financial Officer and Accounting Officer) |