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) | |
th 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 | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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23 |
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24 |
September 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 |
— | |||||||
Investments held in trust account |
— | |||||||
Total assets |
$ | $ | ||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
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Current Liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued liabilities |
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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 6) |
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Class A common stock subject to possible redemption, |
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Stockholders’ (Deficit) Equity: |
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Preferred 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) Equity |
( |
) | ||||||
Total Liabilities and Stockholders’ (Deficit) Equity |
$ | $ | ||||||
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
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Operating expenses |
||||||||
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 B common stock |
||||||||
Basic and diluted net income per share, Class B common stock |
$ | $ |
Class A Common Stock |
Class B Common Stock |
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Shares |
Amount |
Shares |
Amount |
Additional Paid - in Capital |
Accumulated Deficit |
Stockholders’ (Deficit) Equity |
||||||||||||||||||||||
Balance as of January 1, 2021 |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Class B Common Stock forfeited |
— | — | ( |
) | ( |
) | — | |||||||||||||||||||||
Accretion of Class A common stock to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net Loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance as of March 31, 2021 ( restated ) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Class B Common Stock forfeited |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Net Income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of June 30, 2021 ( restated ) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net Income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
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|
|
|
Cash Flow from operating activities |
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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 |
||||
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|
|||
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 |
$ | |||
Accretion of Class A common stock to redemption amount |
$ |
For the three months ended |
For the nine months ended |
|||||||||||||||
September 30, 2021 (unaudited) |
September 30, 2021 (Unaudited) |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per share |
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Numerator |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator |
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Weighted average shares outstanding, basic and diluted |
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|
|
|
|
|
|
|
|
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Basic and diluted net income per share |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
As Previously Reported/Restated |
Adjustments |
As Restated |
||||||||||
Condensed Balance Sheet as of March 19, 2021, as previously Restated |
||||||||||||
Shares of Class A common stock subject to possible redemption |
||||||||||||
Shares of Class A common stock non-redeemable |
( |
) |
— |
|||||||||
Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Class A common stock, $ |
$ |
$ |
( |
) |
$ |
— |
||||||
Additional paid-in-capital |
$ |
$ |
( |
) |
— |
|||||||
Accumulated deficit |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Total stockholders’ (deficit) equity |
|
$ |
|
|
|
$ |
( |
) | |
$ |
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheet as of March 31, 2021 |
||||||||||||
Shares of Class A common stock subject to possible redemption |
||||||||||||
Shares of Class A common stock non-redeemable |
( |
) |
— |
|||||||||
Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Class A common stock, $ |
$ |
$ |
( |
) |
$ |
— |
||||||
Additional paid-in-capital |
$ |
$ |
( |
) |
— |
|||||||
Accumulated deficit |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Total stockholders’ (deficit) equity |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Condensed Balance Sheet as of June 30, 2021 |
||||||||||||
Shares of Class A common stock subject to possible redemption |
||||||||||||
Shares of Class A common stock non-redeemable |
( |
) |
— |
|||||||||
Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Class A common stock, $ |
$ |
$ |
( |
) |
$ |
— |
||||||
Additional paid-in-capital |
$ |
$ |
( |
) |
$ |
— |
||||||
Accumulated (deficit) su r plus |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total stockholders’ (deficit) equity |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Condensed Statement of Operations for the three months ended March 31, 2021 |
||||||||||||
Basic & diluted weighted average shares of class A common stock subject to possible redemption |
||||||||||||
Basic & diluted net income per share of Class A common stock subject to possible redemption |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||
Basic & diluted weighted average shares of non redeemable common stock |
( |
) |
||||||||||
Basic & diluted net income (loss) per share of non redeemable common stock |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Condensed Statement of Operations for the three months ended June 30, 2021 |
||||||||||||
Basic & diluted weighted average shares of class A common stock subject to possible redemption |
||||||||||||
Basic & diluted net income per share of Class A common stock subject to possible redemption |
$ |
— |
$ |
$ |
||||||||
Basic & diluted weighted average shares of non redeemable common stock |
( |
) |
||||||||||
Basic & diluted net income (loss) per share of non redeemable common stock |
$ |
$ |
( |
) |
$ |
|||||||
Condensed Statement of Operations for the six months ended June 30, 2021 |
||||||||||||
Basic & diluted weighted average shares of class A common stock subject to possible redemption |
||||||||||||
Basic & diluted net income per share of Class A common stock subject to possible redemption |
$ |
— |
$ |
$ |
||||||||
Basic & diluted weighted average shares of non redeemable common stock |
( |
) |
||||||||||
Basic & diluted net income (loss) per share of non redeemable common stock |
$ |
$ |
( |
) |
$ |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Statement of Changes in Stockholders’ (Deficit) Equity for the three months ended March 31, 2021 |
||||||||||||
Issuance of Class A common stock in initial public offering |
$ |
$ |
( |
) |
$ |
— |
||||||
Issuance of private placement warrants |
$ |
$ |
( |
) |
$ |
— |
||||||
Initial classification of warrant liabilities |
$ |
( |
) |
$ |
$ |
— |
||||||
Class A common stock subject to possible redemption |
$ |
( |
) |
$ |
$ |
— |
||||||
Deferred offering costs |
$ |
( |
) |
$ |
$ |
— |
||||||
Accretion of Class A common stock to redemption amount |
$ |
— |
$ |
$ |
||||||||
Condensed Statement of Changes in Stockholders’ (Deficit) Equity for the three months ended June 30, 2021 |
||||||||||||
Change in Class A common stock subject to possible redemption |
$ |
( |
) |
$ |
$ |
— |
||||||
Condensed Statement of Changes in Stockholders’ (Deficit) Equity for the six months ended June 30, 2021 |
||||||||||||
Issuance of Class A common stock in initial public offering |
$ |
$ |
( |
) |
$ |
— |
||||||
Issuance of private placement warrants |
$ |
$ |
( |
) |
$ |
— |
||||||
Initial classification of warrant liabilities |
$ |
( |
) |
$ |
$ |
— |
||||||
Class A common stock subject to possible redemption |
$ |
( |
) |
$ |
$ |
— |
||||||
Deferred offering costs |
$ |
( |
) |
$ |
$ |
— |
||||||
Change in Class A common stock subject to possible redemption |
$ |
( |
) |
$ |
$ |
— |
||||||
Accretion of Class A common stock to redemption amount |
$ |
— |
$ |
$ |
||||||||
Condensed Statement of Cash Flows for the three months ended March 31, 2021 |
||||||||||||
Supplemental disclosure of non-cash financing activities |
||||||||||||
Accretion of Class A common stock subject to possible redemption |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||
Initial value of Class A common Stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
— |
||||||
Change in value of Class A common stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
— |
||||||
Condensed Statement of Cash Flows for the six months June 30, 2021 |
||||||||||||
Supplemental disclosure of non-cash financing activities |
||||||||||||
Accretion of Class A common stock subject to possible redemption |
— |
$ |
( |
) |
$ |
( |
) | |||||
Initial value of Class A common Stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
— |
||||||
Change in value of Class A common stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
— |
Description |
Level |
September 30, 2021 |
||||||
Assets: |
||||||||
Marketable securities held in Trust Account - U.S. Treasury Securities Money Market Fund |
1 | $ | ||||||
Liabilities: |
||||||||
Public Warrants |
1 | $ | ||||||
Private Placement Warrants |
3 | $ |
As of March 19, 2021 |
As of September 30, 2021 |
|||||||
Stock Price |
$ | $ | ||||||
Exercise Price |
||||||||
Expected term |
||||||||
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 Warrants |
( |
) | ||
Transfer of Public Warrants to Level 1 |
( |
) | ||
Change in fair value of Private Placement Warrants |
( |
) | ||
|
|
|||
Private Placement Warrant Liability as of September 30, 2021 |
$ | |||
|
|
As of September 30, 2021 |
||||
Gross Proceeds |
$ | |||
Less: |
||||
Proceeds allocated to Public Warrants |
( |
) | ||
Class A common stock issuance costs |
( |
) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
( |
) | ||
|
|
|
|
|
Class A common stock subject to possible redemption |
$ |
• | |
• | |
• |
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 $ |
• | 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: November 19, 2021 | By: | /s/ Charles Gassenheimer | ||||
Charles Gassenheimer Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Date: November 19, 2021 | By: | /s/ Golchehreh Abtahian | ||||
Golchehreh Abtahian | ||||||
Chief Financial Officer | ||||||
(Principal Financial and Accounting Officer) |