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 |
The | |||
The | ||||
The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Item 1. |
Financial Statements | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 19 | ||||
Item 3. |
Quantitative and Qualitative Disclosures Regarding Market Risk | 22 | ||||
Item 4. |
Controls and Procedures | 22 | ||||
Item 1. |
Legal Proceedings | 23 | ||||
Item 1A. |
Risk Factors | 23 | ||||
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds | 23 | ||||
Item 3. |
Defaults Upon Senior Securities | 23 | ||||
Item 4. |
Mine Safety Disclosures | 23 | ||||
Item 5. |
Other Information | 23 | ||||
Item 6. |
Exhibits | 24 | ||||
25 |
June 30, 2022 |
December 31, 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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Prepaid expenses - Long-term |
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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 |
$ | $ | ||||||
Accrued offering costs |
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Income taxes payable |
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Total Current Liabilities |
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Deferred underwriting fee payable |
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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 |
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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 AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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Three Months Ended June 30, |
Six Months Ended June 30, |
For the Period from January 14, 2021 (Inception) through June 30, |
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2022 |
2021 |
2022 |
2021 |
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Operating and formation costs |
$ | $ | — | $ | $ | |||||||||||
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Loss from operations |
( |
) |
( |
) |
( |
) | ||||||||||
Other income: |
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Interest earned on marketable securities held in Trust Account |
— | — | ||||||||||||||
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Loss before provision for income taxes |
( |
) | — | ( |
) | |||||||||||
Provision for income taxes |
( |
) | — | ( |
) | — | ||||||||||
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Net loss |
$ |
( |
) |
$ | $ |
( |
) |
$ |
( |
) | ||||||
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Basic and diluted weighted average shares outstanding, Class A common stock |
— | — | ||||||||||||||
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Basic and diluted net loss 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 loss per share, Class B common stock |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
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Class A |
Class B |
Additional |
Total |
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Common Stock |
Common Stock |
Paid-in |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance — December 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – June 30, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A |
Class B |
Additional |
Total |
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Common Stock |
Common Stock |
Paid-in |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance — January 14, 2021 (Inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B common stock to Initial Stockholders |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance — March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Net loss |
— | — | — | — | — | |||||||||||||||||||||||
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Balance — June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Six Months Ended June 30, 2022 |
For the Period from January 14, 2021 (Inception) Through June 30, 2021 |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Interest earned on marketable securities held in Trust Account |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accrued expenses |
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Income taxes payable |
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Net cash used in operating activities |
( |
) |
( |
) | ||||
Cash Flows from Financing Activities: |
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Proceeds from issuance of Class B common stock to the Sponsor |
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Advances from related party |
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Proceeds from promissory note - related party |
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Payment of offering costs |
( |
) | ( |
) | ||||
Net cash (used in) 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 |
$ | $ | ||||||
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 June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
For the Period from January 14, 2021 (Inception) through June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net loss per common stock |
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Numerator: |
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Allocation of net loss |
$ | ( |
) | $ | ( |
) | $ | — | — | $ | ( |
) | $ | ( |
) | $ | — | $ | ( |
) | ||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
— | — | ||||||||||||||||||||||||||||||
Basic and diluted net loss per common stock |
$ | ( |
) | $ | ( |
) | $ | — | — | $ | ( |
) | $ | ( |
) | $ | — | $ | ( |
) |
• | 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. |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the reported last reported sale price of the Class A common stock equals or exceeds $ |
June 30, 2022 |
December 31, 2021 |
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Level |
Amount |
Level |
Amount |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | 1 | $ |
* | Filed herewith. |
LIONHEART III CORP | ||||||
Date: August 10, 2022 | By: | /s/ Ophir Sternberg | ||||
Name: | Ophir Sternberg | |||||
Title: | Chairman, President and Chief Executive Officer (Principal Executive Officer) |
Date: August 10, 2022 | By: | /s/ Paul Rapisarda | ||||
Name: | Paul Rapisarda | |||||
Title: | Chief Financial Officer and Secretary (Principal Financial and Accounting Officer) |