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.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half of one Redeemable Warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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19 |
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23 |
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23 |
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23 |
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23 |
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23 |
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24 |
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24 |
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24 |
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24 |
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25 |
March 31, 2022 |
December 31, 2021 |
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(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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Marketable securities held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
Due to related party |
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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 and Contingencies (Note 6) |
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Class A common stock subject to possible redemption, |
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Stockholders’ Deficit |
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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’ Deficit |
( |
) |
( |
) | ||||
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TOTAL LIABILITIES, COMMITMENTS AND CONTINGENCIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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Three Months Ended March 31, 2022 |
For the Period from January 26, 2021 (Inception) through March 31, 2021 |
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Operating and formation costs |
$ | $ | ||||||
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Loss from operations |
( |
) |
( |
) | ||||
Other income (expense): |
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Interest earned on marketable securities held in Trust Account |
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Unrealized loss on marketable securities held in Trust Account |
( |
) | ||||||
Change in fair value of warrant liabilities |
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Total Other income, net |
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Net income (loss) |
$ |
$ |
( |
) | ||||
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Basic and diluted weighted average shares outstanding, Class A common stock |
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Basic and diluted net income per share, Class A common stock |
$ |
$ | ||||||
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Basic and diluted weighted average shares outstanding, Class B common stock |
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Basic and diluted net income (loss) per share, Class B common stock |
$ |
$ |
( |
) | ||||
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance — December 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2022 |
$ |
$ |
$ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance — January 26, 2021 (Inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B common stock to Sponsor |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Three Months Ended March 31, 2022 |
For the Period from January 26, 2021 (Inception) through March 31, 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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Change in fair value of warrants liabilities |
( |
) | ||||||
Interest earned on marketable securities held in Trust Account |
( |
) | ||||||
Unrealized loss on marketable securities held in Trust Account |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accrued expenses |
( |
) | ||||||
Due to related party |
( |
) | ||||||
Net cash used in operating activities |
( |
) |
( |
) | ||||
Cash Flows from Financing Activities: |
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Proceeds from promissory note – related party |
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Repayment of promissory note – related party |
( |
) | ||||||
Payment of offering costs |
( |
) | ||||||
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 included in accrued offering costs |
$ | $ | ||||||
Offering costs paid by Sponsor in exchange for the issuance of Founder Shares |
$ | $ | ||||||
Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A common stock issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A common stock subject to possible redemption |
$ |
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Three Months Ended March 31, 2022 |
For the period from January 26, 2021 (inception) Through March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per common share |
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Numerator: |
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Allocation of net income (loss), as adjusted |
$ | $ | $ | |
$ | ( |
) | |||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) |
$ | $ | $ | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the last reported sale price of the shares of Class A common stock for any a period ending on the third trading day prior to the date on which the Company sends to the notice of redemption to the warrant holders equals or exceeds $ |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description |
Level |
March 31, 2022 |
Level |
December 31, 2021 |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | 1 | $ | ||||||||||||
Liabilities: |
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Warrant liabilities – Public Warrants |
1 | $ | 1 | $ | ||||||||||||
Warrant liabilities – Private Placement Warrants |
3 | 3 |
March 31, 2022 |
December 31, 2021 |
September 17, 2021 (Initial Measurement) |
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Stock price |
$ | $ | $ | |||||||||
Exercise price |
$ | $ | $ | |||||||||
Expected term (in years) |
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Volatility |
% | % | % | |||||||||
Risk-free rate |
% | % | % | |||||||||
Dividend yield |
% | % | % |
Private Placement |
Public |
Warrant Liabilities |
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Initial measurement on September 17, 2021 |
$ | $ | $ | |||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Transfer to Level 1 |
( |
) | ( |
) | ||||||||
Change in fair value |
( |
) | ( |
) | ||||||||
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Fair value as of December 31, 2021 |
$ |
$ |
$ |
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Change in fair value |
( |
) | ( |
) | ||||||||
Fair value as of March 31, 2022 |
$ |
$ |
$ |
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* | Filed herewith. |
** | Furnished herewith. |
SIERRA LAKE ACQUISITION CORP. | ||||||
Date: May 13, 2022 | By: | /s/ Charles Alutto | ||||
Name: | Charles Alutto | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: May 13, 2022 | By: | /s/ Robert Ryder | ||||
Name: | Robert Ryder | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |