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 |
A | ||
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbols |
Name of each exchange on which registered | ||
and one-half of one redeemable warrant |
||||
☐ | Large accelerated filer | ☐ | Accelerated filer | |||
☒ | Non-accelerated filer |
Smaller reporting company | ||||
Emerging growth company |
Page |
||||||
Item 1. |
1 |
|||||
1 |
||||||
2 |
||||||
3 |
||||||
4 |
||||||
5 |
||||||
Item 2. |
18 |
|||||
Item 3. |
21 |
|||||
Item 4. |
21 |
|||||
Item 1. |
22 |
|||||
Item 1A. |
22 |
|||||
Item 2. |
22 |
|||||
Item 3. |
22 |
|||||
Item 4. |
22 |
|||||
Item 5. |
22 |
|||||
Item 6. |
23 |
|||||
24 |
Item 1. |
Interim Financial Statements (unaudited) |
March 31, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash |
$ | $ | ||||||
Prepaid expenses |
||||||||
|
|
|
|
|||||
Total current assets |
||||||||
Investments held in Trust Account |
||||||||
|
|
|
|
|||||
Total Assets |
$ |
$ |
||||||
|
|
|
|
|||||
Liabilities, Redeemable Class A Ordinary Shares and Shareholders’ Deficit: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accounts payable—related party |
— | |||||||
Accrued expenses |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
Derivative warrant liabilities |
||||||||
Deferred underwriting commissions |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption, $ |
||||||||
Shareholders’ Deficit: |
||||||||
Preference shares, $ |
||||||||
Class A ordinary shares, $ non-redeemable shares issued and outstanding |
||||||||
Class B ordinary shares; $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total shareholders’ deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Liabilities, Redeemable Class A Ordinary Shares and Shareholders’ Deficit |
$ |
$ |
||||||
|
|
|
|
For the Three Months Ended March 31, 2022 |
For the Period From February 19, 2021 (Inception) Through March 31, 2021 |
|||||||
General and administrative expenses |
$ | $ | ||||||
Administrative expenses—related party |
— | |||||||
|
|
|
|
|||||
Loss from operations |
( |
) | ( |
) | ||||
Other income: |
||||||||
Change in fair value of derivative warrant liabilities |
— | |||||||
Interest income |
— | |||||||
Income from investments held in Trust Account |
— | |||||||
|
|
|
|
|||||
Total other income |
— | |||||||
|
|
|
|
|||||
Net income (loss) |
$ |
$ |
( |
) | ||||
|
|
|
|
|||||
Basic and diluted weighted average shares outstanding of Class A ordinary shares |
— | |||||||
|
|
|
|
|||||
Basic and diluted net income per ordinary share, Class A ordinary shares |
$ | $ | — | |||||
|
|
|
|
|||||
Basic and diluted weighted average shares outstanding of Class B ordinary shares |
||||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per ordinary share, Class B ordinary shares |
$ | $ | ( |
|||||
|
|
|
|
For the Three Months Ended March 31, 2022 |
||||||||||||||||||||
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance—December 31, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
Net income |
— | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance—March 31, 2022 (unaudited) |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
For the Period From February 19, 2021 (Inception) Through March 31, 2021 |
||||||||||||||||||||
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholder’s Equity |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance—February 19, 2021 (inception) |
$ |
$ |
$ |
$ |
||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— | |||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance—March 31, 2021 (unaudited) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2022 |
For the Period From February 19, 2021 (Inception) Through March 31, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares |
||||||||
Income from investments held in Trust Account |
( |
) | ||||||
Change in fair value of derivative warrant liabilities |
( |
) | ||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
||||||||
Accounts payable |
||||||||
Accounts payable—related party |
( |
) | ||||||
Accrued expenses |
( |
) | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
( |
) | ||||||
|
|
|
|
|||||
Net change in cash |
( |
) | ||||||
Cash—beginning of the period |
||||||||
|
|
|
|
|||||
Cash—end of the period |
$ |
$ |
||||||
|
|
|
|
|||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Deferred offering costs included in accrued expenses |
$ | $ | ||||||
Payment of deferred offering costs by the Sponsor in exchange for the issuance of Class B ordinary shares |
$ | $ |
• | 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 19, 2021 (Inception) Through March 31, 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income ( loss) per ordinary share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income (loss) |
$ | $ | $ | $ | ( |
) | ||||||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income ( loss) per ordinary share |
$ | $ | $ | $ | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of as the “30-day redemption period”; and |
• | if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $ within a period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of Class A ordinary shares equals or exceeds $ within the period ending three trading days before the Company sends the notice of redemption to the warrant holders; and |
• | if the closing price of the Class A ordinary shares for any within a ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $ |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account (1) |
$ | |
$ | $ | ||||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities—Public warrant |
$ | $ | $ | |||||||||
Derivative warrant liabilities—Private warrant |
$ | $ | $ |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account (1) |
$ | |
$ | |
$ | |||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities—Public warrant |
$ | $ | $ | |||||||||
Derivative warrant liabilities—Private warrant |
$ | $ | $ |
(1) | Includes $ |
March 31, 2022 |
December 31, 2021 |
|||||||
Exercise price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Stock price |
$ | $ | ||||||
Expected term (years) |
||||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % | ||||||
Probability of business combination |
% | % |
Derivative warrant liabilities at December 31, 2021 - Level 3 |
$ | |||
Transfer of Public Warrants from Level 3 to level 1 |
|
|
( |
) |
Change in fair value of derivative warrant liabilities |
( |
) | ||
|
|
|||
Derivative warrant liabilities at March 31, 2022 - Level 3 |
$ | |||
|
|
ITEM 1. |
LEGAL PROCEEDINGS |
ITEM 1A. |
RISK FACTORS |
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. |
MINE SAFETY DISCLOSURES |
ITEM 5. |
OTHER INFORMATION |
ITEM 6. |
EXHIBITS |
* | Filed herewith. |
** | 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. |
ASCENDANT DIGITAL ACQUISITION CORP. III | ||
By: | /s/ Mark Gerhard | |
Name: Mark Gerhard | ||
Title: Chief Executive Officer and Director (Principal Executive Officer) |
By: | /s/ Riaan Hodgson | |
Name: Riaan Hodgson | ||
Title: Chief Operating Officer and Director (Principal Financial and Accounting Officer) |