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 | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
December 31, |
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June 30, 2022 |
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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Other assets |
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Investments held in Trust Account |
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Total Assets |
$ |
$ |
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|
|
|
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Liabilities and Shareholders’ Deficit: |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued expenses |
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Due to related party |
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Total current liabilities |
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Deferred legal fees |
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Deferred underwriting commissions |
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Derivative warrant liabilities |
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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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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 |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Liabilities and Shareholders’ Deficit |
$ |
$ |
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|
|
|
|
For the three months ended June 30, 2022 |
For the three months ended June 30, 2021 |
For the six months ended June 30, 2022 |
For the period January 13, 2021 (inception) through June 30, 2021 |
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General and administrative expenses |
$ | $ | $ | $ | ||||||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other income (expense) |
||||||||||||||||
Change in fair value of derivative warrant liabilities |
( |
) | ( |
) | ||||||||||||
Gain on settlement of underwriting fees |
||||||||||||||||
Financing costs – warrant liabilities |
( |
) | ||||||||||||||
Net gain on investments held in Trust Account |
||||||||||||||||
Total other income (expense) |
( |
) | ( |
) | ||||||||||||
Net income (loss) |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
||||||||||||||||
Basic and diluted net income (loss) per ordinary share |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted |
||||||||||||||||
Basic and diluted net income (loss) per ordinary share |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
For The Three and Six Months Ended June 30, 2022 |
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Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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|
|
|
|
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Balance - March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Remeasurement of Class A common stock subject to possible redemption amount |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Gain on settlement of underwriting fees |
— | — | — | — | — | |||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
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Balance - June 30, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Shares |
Additional |
Total |
||||||||||||||||||||||||||
Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - January 13, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— | |||||||||||||||||||||||||||
Accretion on Class A ordinary shares subject to |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
possible redemption |
||||||||||||||||||||||||||||
Sale of private placement warrants to Sponsor less fair value of private warrants |
— | — | — | — | — | |||||||||||||||||||||||
Forfeiture of Class B ordinary shares from Sponsor |
( |
) | ( |
) | — | — | ||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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|
|
|
|
|
|
|
|
|
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|
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Balance - March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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|
|
|
|
|
|
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Balance - June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, 2022 |
For the period January 13, 2021 (inception) through June 30, 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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General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares |
||||||||
General and administrative expenses paid by related party under promissory note |
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Change in fair value of derivative warrant liabilities |
( |
) | ||||||
Financing costs - warrant liabilities |
— | |||||||
Net gain on investments held in Trust Account |
( |
) | ( |
) | ||||
Gain on settlement of deferred underwriting fees |
( |
) | — | |||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Accounts payable |
||||||||
Accrued expenses |
( |
) | ||||||
Accrued expenses - related party |
||||||||
Deferred legal fees |
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Net cash used in operating activities |
( |
) | ( |
) | ||||
Cash Flows from Investing Activities: |
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Cash deposited in Trust Account |
( |
) | ||||||
Net cash used in investing activities |
( |
) | ||||||
Cash Flows from Financing Activities: |
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Proceeds from note payable to related party |
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Repayment of note payable to related party |
( |
) | ||||||
Proceeds received from initial public offering |
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Proceeds received from private placement |
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Offering costs paid |
( |
) | ||||||
Net cash provided by financing activities |
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Net (decrease) increase in cash |
( |
) | ||||||
Cash - beginning of the period |
||||||||
Cash - end of the period |
$ |
$ |
||||||
Supplemental disclosure of noncash investing and financing activities: |
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Remeasurement of Class A common stock subject to possible redemption amount |
$ | $ | ||||||
Offering costs included in accounts payable |
$ | $ | ||||||
Offering costs included in accrued expenses |
$ | $ | ||||||
Offering costs paid by related party under promissory note |
$ | $ | ||||||
Deferred underwriting commissions |
$ | $ | ||||||
Gain on settlement of underwriting fees |
$ | $ | ||||||
Forfeiture of Class B ordinary shares from Sponsor |
$ | $ |
• | Level 1, defined as observable inputs such as quoted prices 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, 2022 |
For the six months ended June 30, 2022 |
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Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income per ordinary share: |
||||||||||||||||
Numerator: |
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Allocation of net income |
$ |
$ |
$ |
$ |
||||||||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
||||||||||||||||
Basic and diluted net income per ordinary share |
$ |
$ |
$ |
$ |
||||||||||||
For the three months ended June 30, 2021 |
For the period January 13, 2021 (inception) through June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net (loss) per ordinary share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
||||||||||||||||
Basic and diluted net loss per ordinary share |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
Gross Proceeds |
$ | |||
Less: |
||||
Offering costs allocated to Class A shares subject to possible redemption |
( |
) | ||
Proceeds allocated to Public Warrants at issuance |
( |
) | ||
Plus: |
||||
Re-measurement on Class A ordinary shares subject to possible redemption amount |
||||
Class A ordinary shares subject to possible redemption at December 31, 2021 |
||||
Remeasurement of Class A common stock subject to possible redemption amount |
||||
|
|
|||
Class A ordinary shares subject to possible redemption at June 30, 2022 |
$ |
|||
|
|
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the last reported sale price of Class A ordinary shares for any |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the Reference Value equals or exceeds $ |
• | if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
||||||||||||
Investments held in Trust Account |
$ | $ | — | $ | — | |||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-public |
$ | $ | — | $ | — | |||||||
Derivative warrant liabilities-private |
$ | — | $ | — | $ |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account |
$ | $ | — | $ | — | |||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-public |
$ | $ | — | $ | — | |||||||
Derivative warrant liabilities-private |
$ | — | $ | — | $ |
June 30, 2022 |
December 31, 2021 |
|||||||
Share price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Expected life of the options to convert |
||||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
Public Warrants |
Private Warrants |
Total |
||||||||||
Derivative warrant liabilities at January 13, 2021 (inception) |
$ |
$ |
$ |
|||||||||
Issuance of Public and Private Warrants |
||||||||||||
Transfer to Level 1 |
( |
) |
( |
) | ||||||||
Change in fair value of derivative warrant liabilities |
||||||||||||
Derivative warrant liabilities at December 31, 2021 |
$ |
$ |
$ |
|||||||||
Public Warrants |
Private Warrants |
Total |
||||||||||
Derivative warrant liabilities at December 31, 2021 |
$ |
$ |
$ |
|||||||||
Change in fair value of derivative warrant liabilities |
( |
) |
( |
) | ||||||||
Derivative warrant liabilities at March 31, 2022 |
||||||||||||
Change in fair value of derivative warrant liabilities |
( |
) |
( |
) | ||||||||
Derivative warrant liabilities at June 30, 2022 |
$ |
$ |
$ |
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* | Filed herewith. |
** | Furnished. |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on |
OPAL FUELS INC. | ||
By: | /s/ Ann Anthony | |
Name: Ann Anthony | ||
Title: Chief Financial Officer |