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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March 31, 2022 (Unaudited) |
December 31, 2021 | |||||||
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 |
$ | $ | |
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LIABILITIES, REDEEMABLE CLASS A COMMON STOCK AND STOCKHOLDERS’ 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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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, Redeemable Class A Common Stock and Stockholders’ Deficit |
$ | $ |
For the Period From | ||||||||
For the Three Months | February 16, 2021 (inception) |
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Ended March 31, 2022 | through March 31, 2021 | |||||||
General and administrative expenses |
$ | $ | ||||||
Franchise tax expense |
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Loss from operations |
( |
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Other income |
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Unrealized gain on investments held in Trust Account |
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Change in fair value of warrant liabilities |
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Total other income |
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Net income (loss) allocable to common stockholders |
$ | $ | ( |
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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 income 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 income (loss) per share, Class B non-redeemable common shares |
$ | $ | ( |
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(1) | For the period from February 16, 2021 (inception) through March 31, 2021, this excludes up to |
Stockholders’ Equity (Deficit) |
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Redeemable Class A Common Stock |
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 at February 16, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B common stock to Sponsor (1) |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | ( |
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Balance at March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Balance at December 31, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
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Net income |
— | — | ||||||||||||||||||||||||||
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Balance at March 31, 2022 |
$ |
$ |
$ |
$ |
( |
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$ |
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(1) | Includes up to |
For the Period From | ||||||||
For the Three Months | February 16, 2021 (inception) |
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Ended March 31, 2022 | through March 31, 2021 | |||||||
Cash Flows from Operating Activities |
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Net income (loss) |
$ | $ | ( |
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Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Unrealized gain on investments held in Trust Account |
( |
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Change in fair value of warrant liabilities |
( |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
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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 Financing Activities |
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Proceeds from issuance of Class B common stock to Sponsor |
— | |||||||
Proceeds from Sponsor note |
— | |||||||
Repayment of Sponsor note |
— | ( |
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Net cash provided by financing activities |
— | |||||||
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Net increase (decrease) in cash |
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Cash—Beginning of period |
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Cash—End of period |
$ | $ | ||||||
Supplemental disclosures of non-cash activities: |
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Offering costs included in accrued offering costs |
$ | — | $ | |||||
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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 March 31, 2022 |
For the period from February 16, 2021 (Inception) through March 31, 2021 |
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Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per common share |
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Numerator: |
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Allocation of net income (loss) |
$ | $ | $ | $ | ( |
) | ||||||||||
Denominator: |
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Basic and diluted weighted average common shares outstanding |
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Basic and diluted net income (loss) per common share |
$ | $ | $ | |
$ | ( |
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• | 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 $ |
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 |
$ | $ | $ | |||||||||
Liabilities: |
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Public Warrants |
$ | $ | $ | |||||||||
Private Placement Warrants |
$ | $ | $ |
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 |
$ | $ | $ | |||||||||
Liabilities: |
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Public Warrants |
$ | $ | $ | |||||||||
Private Placement Warrants |
$ | $ | $ |
101.INS* | Inline XBRL Instance Document—the 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 formatted as Inline XBRL and contained in Exhibit 101. |
* | Filed herewith |
** | Furnished herewith |
Cascadia Acquisition Corp. | ||||||
Date: May 16, 2022 | By: | /s/ Jamie Boyd | ||||
Name: | Jamie Boyd | |||||
Title: | Chief Executive Officer & Chief Financial Officer | |||||
(Principal Executive Officer) |