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 | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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1 |
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1 |
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3 |
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4 |
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5 |
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17 |
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20 |
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20 |
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21 |
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21 |
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21 |
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21 |
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21 |
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21 |
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22 |
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23 |
ASSETS |
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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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Investments Held in Trust Account |
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Total assets |
$ | |||
LIABILITIES, REDEEMABLE CLASS A COMMON STOCK AND STOCKHOLDER’S DEFICIT |
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LIABILITIES |
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Current liabilities |
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Accrued expenses |
$ | |||
Accrued offering costs |
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Franchise tax payable |
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Total current liabilities |
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Non-current liabilities |
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Deferred underwriter fee payable |
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Warrant liability |
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Total non-current liabilities |
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Total liabilities |
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Commitments and contingencies |
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Redeemable Class A Common stock |
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Redeemable Class A common stock, $ |
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STOCKHOLDER’S 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 |
( |
) | ||
Total Stockholder’s Deficit |
( |
) | ||
Total Liabilities, Redeemable Class A Common Stock and Stockholder’s Deficit |
$ | |||
(1) | Includes up to |
For the Period From | ||||||||
For the Three Months | February 16, 2021 (inception) |
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Ended September 30, 2021 |
through September 30, 2021 |
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General and administrative expenses |
$ | $ | ||||||
Formation costs |
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Franchise tax expenses |
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Loss from operations |
( |
) | ( |
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Other expense |
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Change in fair value of derivative warrant liabilities |
( |
) | ( |
) | ||||
Offering costs associated with derivative warrant liabilities |
( |
) | ( |
) | ||||
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Total other expense |
( |
) | ( |
) | ||||
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Net loss allocable to common shareholders |
$ | ( |
) | $ | ( |
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Weighted average of shares outstanding of Class A redeemable common shares, basic and diluted |
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Basic and diluted net loss per share, Class A redeemable common shares |
$ | ( |
) | $ | ( |
) | ||
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Weighted average of shares of Class B non-redeemable common shares (1) |
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Basic and diluted net loss per share, Class B non-redeemable common shares (1) |
$ | ( |
) | $ | ( |
) | ||
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(1) | Excludes up to |
Stockholders’ Equity (Deficit) |
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Class A Common Stock subject to possible redemption |
Class B Common Stock |
Additional |
Accumulated |
Total stockholder’s |
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Shares |
Amount |
Shares |
Amount |
paid-in capital |
deficit |
equity (deficit) |
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Balance, February 16, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B common stock to Sponsor (1) |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||
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Balance, June 30, 2021 |
( |
) |
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Sale of units in initial public offering, less allocation to derivative warrant liabilities, gross |
— | — | — | — | — | |||||||||||||||||||||||
Offering costs |
— | ( |
) | — | — | — | — | |||||||||||||||||||||
Private placement of warrants, includes excess cash received of $ |
— | — | — | — | ||||||||||||||||||||||||
Deemed dividend to Class A Stockholders |
— | — | — | ( |
) | ( |
) | ( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance, September 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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(1) | Includes up to |
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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Change in fair value of derivative warrant liabilities |
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Offering costs associated with derivative warrant liabilities |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Accrued expenses |
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Franchise tax payable |
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Net cash used in operating activities |
( |
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Cash Flows from Investing Activities |
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Cash deposited in Trust Account |
( |
) | ||
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Net cash used in investing activities |
( |
) | ||
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Cash Flows from Financing Activities |
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Proceeds from issuance of Class B common stock to Sponsor |
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Proceeds from Sponsor note |
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Repayment of Sponsor note |
( |
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Proceeds received from initial public offering, gross |
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Proceeds received from private placement |
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Offering costs paid |
( |
) | ||
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Net cash provided by financing activities |
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Net increase in Cash |
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Cash - Beginning of period |
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Cash - End of period |
$ | |||
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Supplemental disclosures of non-cash activities: |
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Offering costs included in accrued offering costs |
$ | |||
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Deferred underwriting commissions |
$ | |||
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Deemed dividend to Class A stockholders |
$ | |||
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• | 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. |
For the Three Months Ended September 30, 2021 |
For the period from February 16, 2021 (inception) through September 30, 2021 |
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Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net loss per common share |
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Numerator: |
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Allocation of net loss, as adjusted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
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Basic and diluted weighted average common shares outstanding |
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Basic and diluted net loss per common share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the closing price of the common stock equals or exceeds $ period commencing after the warrants become exercisable and ending three trading days before the Company sends the notice of redemption to the warrant holders. |
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: |
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Investments held in Trust Account - Treasury Securities Money Market Fund |
$ | $ | $ | |||||||||
Liabilities: |
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Public Warrants |
$ | $ | $ | |||||||||
Private Placement Warrants |
$ | $ | $ |
Inputs |
Public Warrants |
Private Placement Warrants |
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Exercise price |
$ | $ | ||||||
Stock Price at Issuance Date |
$ | $ | ||||||
Expected term (years) |
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Probability of Acquisition |
% | % | ||||||
Volatility |
% pre-merger and % post-merger |
% | ||||||
Risk-free rate |
% | % |
Change in fair value of warrant liabilities |
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Derivative warrant liabilities at February 16, 2021 (inception) |
$ | |||
Issuance of public and private warrants at August 30, 2021 |
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Change in fair value of derivative warrant liabilities |
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Derivative warrant liabilities at September 30, 2021 |
$ | |||
* | Filed herewith |
** | Furnished herewith |
Cascadia Acquisition Corp. | ||||||
Date: November 15, 2021 | By: | /s/ Jamie Boyd | ||||
Name: | Jamie Boyd | |||||
Title: | Chief Executive Officer & Chief Financial Officer | |||||
(Principal Executive Officer) |