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 Number) | |
nd Floor |
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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 | ||
one-half of one warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
20 | ||||
23 | ||||
23 | ||||
24 | ||||
24 | ||||
25 | ||||
26 | ||||
26 | ||||
26 | ||||
26 | ||||
June, 30, 2021 |
December 31, 2020 |
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ASSETS: |
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Current Assets: |
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Cash |
$ | $ | ||||||
Due from Sponsor |
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Prepaid expenses and other assets |
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Total Current Assets |
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Prepaid expenses – long term |
— |
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Investments held in trust account |
— | |||||||
Total Assets |
$ | $ | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable |
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Accrued expenses |
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State franchise tax accrual |
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Total Current Liabilities |
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Deferred underwriting discount and advisory fee |
— | |||||||
Warrant Liabilities |
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Total Liabilities |
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COMMITMENTS (Note 5) |
— | |||||||
Class A common stock subject to possible redemption, and |
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Stockholders’ Equity: |
— | |||||||
Preferred stock, $ |
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Class A common stock, $ and issued and outstanding (excluding 15,357,833 and 0 shares subject to possible redemption), as of June 30, 20 21 and December 31, 2020 |
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Class B common stock, $ |
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Additional paid-in capital |
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Accumulated surplus |
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Total Stockholders’ Equity |
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Total Liabilities and Stockholders’ Equity |
$ | |
$ | |
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Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
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Operating expenses: |
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General and Administrative expenses |
$ | $ | ||||||
State franchise taxes, other than income tax |
||||||||
Loss from operations |
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Other Expense (Income): |
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Transaction costs allocated to warrant liabilities |
||||||||
Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Interest income |
( |
) | ( |
) | ||||
Total other income |
( |
) | ( |
) | ||||
Net Income |
$ | $ |
||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption |
||||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption |
$ | $ | ||||||
Basic and diluted weighted average shares outstanding, Class A and B common stock |
||||||||
Basic and diluted net income per share, Class A and B common stock |
$ | $ |
Additional |
||||||||||||||||||||||||||||
Class A Common Stock |
Class B Common Stock |
Paid-in |
Accumulated |
Stockholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Surplus |
Equity |
||||||||||||||||||||||
Beginning Balance as of January 1, 2021 |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Class B Common Stock forfeited |
( |
) | ( |
) | ||||||||||||||||||||||||
Issuance of Class A Common Stock in initial public offering |
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Issuance of |
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Initial classification of Warrant Liabilities |
( |
) | ( |
) | ||||||||||||||||||||||||
Initial Class A Common Stock subject to redemption |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Change in Class A Common Stock subject in redemption |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Deferred Offering Costs |
( |
) | ( |
) | ||||||||||||||||||||||||
Class B Common Stock forfeited |
( |
) | ( |
) | ||||||||||||||||||||||||
Net Income |
— | — | — | — | — | |||||||||||||||||||||||
Balance as of June 30, 2021 |
$ | $ | |
$ | $ | |
$ | |||||||||||||||||||||
Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Stockholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Surplus (Deficit) |
Equity |
||||||||||||||||||||||
Beginning Balance as of April 1, 2021 |
$ | $ | $ | $ | ( |
$ | ||||||||||||||||||||||
Class B Common Stock forfeited |
( |
) | ( |
) | ||||||||||||||||||||||||
Change in Class A Common Stock subject to redemption |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Balance as of June 30, 2021 |
$ | |
$ | |
$ | $ | |
$ | ||||||||||||||||||||
Cash flow from operating activities: |
||||
Net income |
$ | |||
Adjustments to reconcile net income to net cash used in operating activities: |
||||
Trust income reinvested in Trust Account |
( |
) | ||
Change in fair value of warrants |
( |
) | ||
Transaction costs allocated to warrant liabilities |
||||
Changes in operating assets and liabilities: |
||||
Increase in accounts payable and accrued expenses |
||||
Increase in state franchise tax accrual |
||||
Increase in prepaid expenses and other assets |
( |
) | ||
Net cash used in operating activities |
( |
) | ||
Cash flows from investing activities: |
||||
Cash deposited in Trust Account |
( |
) | ||
Net cash used in investing activities |
( |
) | ||
Cash flows from financing activities: |
||||
Proceeds from issuance of Class A Common Stock and public warrants |
||||
Proceeds from issuance of Class B Common Stock |
||||
Proceeds from issuance of private placement warrants |
||||
Payment of underwriter discount and offering costs |
( |
) | ||
Net cash provided by financing activities |
||||
Net increase in cash |
||||
Cash at beginning of period |
||||
Cash at end of period |
$ | |||
Supplemental disclosure of non-cash financing activities: |
||||
Deferred underwriting discount and advisory fee |
$ | |||
Initial Value of Class A common stock subject to possible redemption |
$ | |||
Change in value of Class A common stock subject to possible redemption |
$ |
Three m o ended June 30, |
Six months ended June 30, |
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Numerator: Earnings allocable to Class A Common stock subject to possible redemption |
||||||||
Interest earned on investments held in Trust Account |
$ | $ | ||||||
Less: interest available to be withdrawn for payment of taxes |
$ | ( |
) | $ | ( |
) | ||
Net income allocable to Class A Common stock subject to possible redemption |
$ | $ | ||||||
Denominator: Weighted Average Class A Common stock subject to possible redemption |
||||||||
Basic and diluted weighted average shares outstanding |
||||||||
Basic and diluted net income per share, Class A Common stock subject to possible redemption |
$ | $ | ||||||
Non-Redeemable Common Stock |
||||||||
Numerator: Net Income Allocable to non- redeemable Class A and B Common Stock |
||||||||
Net Income |
$ | $ | ||||||
Net income allocable to Class A Common stock subject to possible redemption |
$ | $ | ||||||
Net Income allocable to non-redeemable Class A and B Common Stock |
$ | $ | ||||||
Denominator: Weighted Average Non-Redeemable Class A and B Common Stock |
||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable Class A and B Common stock |
||||||||
Basic and diluted net income per share, Non-redeemable Class A and B Common stock |
$ | $ | ||||||
Description |
Level |
June 30, 2021 |
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Assets: |
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Marketable securities held in Trust Account – U.S. Treasury Securities Money Market Fund |
1 | $ | |
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Liabilities: |
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Public Warrants |
1 | $ | ||||||
Private Placement Warrants |
3 | $ |
As of March 19, 2021 |
As of June 30, 2021 |
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Stock Price |
$ | $ |
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Exercise Price |
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Expected term |
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Risk-free rate |
% |
% | ||||||
Annual volatility |
% |
% | ||||||
Probability of successful acquisition |
% |
% | ||||||
Dividend yield |
% |
% |
Description |
Warrant Liabilities |
|||
Balance-beginning of period as of January 1, 2021 |
$ | |||
Issuance of Public and Private Placement Warrants |
||||
Changes in fair value of Public and Private Placement Warrants |
( |
) | ||
Transfer of Public Warrants to Level 1 |
( |
) | ||
Change in fair value of Private Placement Warrants |
( |
) | ||
Private Placement Warrant Liability as of June 30, 2021 |
$ | |||
• |
• |
• | In whole and not in part; |
• | At a price of $ |
• | Upon a minimum of 30 days’ prior written notice of redemption, referred to as the 30-day redemption period; and |
• | if, and only if, the last sale price of our Class A common stock equals or exceeds $ |
• | in whole and not in part; |
• | at a price of $ per Warrant, provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock determined by reference to the table set forth in the warrant agreement |
• | upon a minimum of |
• | if, and only if, the last sale price of the Class A Common Stock equals or exceeds $ |
Exhibit Number |
Description | |
31.1 | Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) | |
31.2 | Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) | |
32.1* | Certification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350 | |
32.2* | Certification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350 | |
101.INS | Inline XBRL Instance Document - the XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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) |
* |
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. |
Kadem Sustainable Impact Corporation | ||||||
(Registrant) | ||||||
Date: August 16, 2021 | By: | /s/ Charles Gassenheimer | ||||
Charles Gassenheimer | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Date: August 16, 2021 | By: | /s/ Golchehreh Abtahian | ||||
Golchehreh Abtahian | ||||||
Chief Financial Officer | ||||||
(Principal Financial and Accounting Officer) |