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) |
(IRS Employer Identification No.) | |
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(Address Of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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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. |
15 |
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Item 3. |
19 |
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Item 4. |
19 |
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Item 1. |
20 |
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Item 1A. |
20 |
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Item 2. |
20 |
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Item 3. |
21 |
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Item 4. |
21 |
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Item 5. |
21 |
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Item 6. |
21 |
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23 |
Item 1. |
Financial Statements (Unaudited) |
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 Stockholders’ Equity: |
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Current liabilities: |
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Accounts payable |
$ | |||
Accrued expenses |
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Franchise tax payable |
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Total current liabilities |
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Deferred underwriting commissions in connection with the initial public offering |
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Total liabilities |
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Commitments and Contingencies |
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Class A common stock, $ |
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Stockholders’ Equity: |
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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 |
( |
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Total stockholders’ equity |
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Total Liabilities and Stockholders’ Equity |
$ |
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For The Period From January 12, |
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For The Three Months Ended |
2021 (inception) through |
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June 30, 2021 |
June 30, 2021 |
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General and administrative expenses |
$ | $ | ||||||
Administrative expenses - related party |
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Franchise tax expenses |
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Loss from operations |
( |
) | ( |
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Gain on investments held in Trust Account |
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Net loss |
$ | ( |
) | $ | ( |
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Basic and diluted weighted average shares outstanding of Class A redeemable common stock |
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Basic and diluted net income per share, Class A redeemable common stock |
$ | $ | ||||||
Basic and diluted weighted average shares outstanding of Class A and Class B non-redeemable common stock |
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Basic and diluted net loss per share, Class A and Class B non-redeemable common stock |
$ | ( |
) | $ | ( |
) | ||
Common Stock |
Total Stockholders’ Equity |
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Class A |
Class B |
Additional Paid-In Capital |
Accumulated Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance - January 12, 2021 (inception) |
$ |
— |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
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Issuance of Class B common stock to Sponsor |
— | — | ||||||||||||||||||||||||||
Sale of shares in initial public offering, gross |
— | — | — | |||||||||||||||||||||||||
Offering costs |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Sale of private placement shares to Sponsor in private placement |
— | — | — | |||||||||||||||||||||||||
Forfeiture of Class B common stock |
— | ( |
) | ( |
) | — | — | |||||||||||||||||||||
Common stock subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance - March 31, 2021 (unaudited) |
( |
) |
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Common stock subject to possible redemption |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance - June 30, 2021 (unaudited) |
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$ |
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$ |
( |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Gain on investments held in Trust Account |
( |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
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Accounts payable |
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Accrued expenses |
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Franchise tax payable |
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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 payment to related party |
( |
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Proceeds from issuance of Class B common stock to Sponsor |
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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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Supplemental disclosure of noncash activities: |
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Offering costs included in accounts payable |
$ | |||
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Offering costs included in accrued expenses |
$ | |||
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Offering costs paid by related party under promissory note |
$ | |||
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Deferred underwriting commissions in connection with the initial public offering |
$ | |||
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Initial value of Class A common stock subject to possible redemption |
$ | |||
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Change in value of Class A common stock subject to possible redemption |
$ | ( |
) | |
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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. |
For The Three Months Ended June 30, 2021 |
For The Period From January 12, 2021 (inception) through June 30, 2021 |
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Redeemable Class A Common stock |
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Numerator: Earnings allocable to Redeemable Class A Common stock |
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Gain on investments held in Trust Account |
$ |
$ |
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Less: Company’s portion available to be withdrawn to pay taxes |
( |
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( |
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Net income attributable to Redeemable Class A Common stock |
$ |
$ |
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Denominator: Weighted average Redeemable Class A Common stock |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income per share, Redeemable Class A Common stock |
$ |
$ |
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Non-Redeemable Class B Common Stock |
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Numerator: Net Income minus Net Earnings allocable to Redeemable Class A C ommon stock |
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Net loss |
$ |
( |
) |
$ |
( |
) | ||
Net income allocable to Redeemable Class A C ommon stock |
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Non-redeemable net loss |
$ |
( |
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$ |
( |
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Denominator: weighted average Non-redeemable Class B C ommon stock |
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Basic and diluted weighted average shares outstanding, Non-redeemable Class B C ommon stock |
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Basic and diluted net loss per share, Non-redeemable Class B C ommon stock |
$ |
( |
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$ |
( |
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Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Funds that invest in U.S. Treasury Securities |
$ | $ | $ |
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 from Registered Securities |
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: August 12, 2021 | LERER HIPPEAU ACQUISITION CORP. | |||||
By: | /s/ Eric Hippeau | |||||
Name: | Eric Hippeau | |||||
Title: | Chief Executive Officer |