|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which
registered
|
||
|
|
|
||
|
|
|
||
|
|
|
☐ Large accelerated filer
|
☐ Accelerated filer
|
|
☒
|
|
|
|
PART I – FINANCIAL INFORMATION
|
3 |
Item 1. Condensed Financial Statements
|
|
3 |
|
4 |
|
5 |
|
6 |
|
7
|
|
21 |
|
25 | |
25 | |
26 | |
26 | |
26 | |
26 | |
26 | |
26 | |
26 | |
27 |
JUNE 30,
2022
|
DECEMBER 31,
2021
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash
|
$
|
|
$
|
|
||||
Prepaid expenses
|
|
|
||||||
Total current assets
|
|
|
||||||
Marketable securities held in Trust Account
|
|
|
||||||
Total Assets
|
$
|
|
$
|
|
||||
LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
|
$
|
|
||||
Due to related party
|
|
|
||||||
Accrued expenses
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Deferred underwriting fees payable
|
|
|
||||||
Derivative warrant liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and Contingencies (Note 5)
|
||||||||
Class A ordinary shares subject to possible redemption,
|
|
|
||||||
Shareholders’ deficit
|
||||||||
Preference shares, $
|
|
|
||||||
Class A ordinary shares, $
|
|
|
||||||
Class B ordinary shares, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ deficit
|
(
|
)
|
(
|
)
|
||||
Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit
|
$
|
|
$
|
|
|
For The Three Months Ended
June 30, 2022
|
For The Three Months Ended June 30, 2021
|
For The Six Months Ended June 30, 2022
|
|||||||||
|
||||||||||||
Formation and operating costs
|
$
|
|
$
|
|
$
|
|
||||||
Loss from operations
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Change in fair value of derivative warrant liabilities
|
|
|
|
|||||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account
|
|
|
|
|||||||||
Compensation expense
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted
|
|
|||||||||||
Basic and diluted net income (loss) per share, Class A subject to possible redemption
|
$ |
$
|
|
$ | ||||||||
Weighted average shares outstanding of Class B non-redeemable ordinary shares, basic and diluted
|
|
|
||||||||||
Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares
|
$ | $ | ( |
) | $ |
|
Ordinary Shares Subject to Possible Redemption
|
|
|
Ordinary Shares
|
|
|
Additional Paid-In Capital
|
|
Accumulated Deficit
|
|
Total Shareholders’
Deficit
|
|||||||||||||||||
Class A
|
Class B
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balance as of January 1, 2022
|
|
$
|
|
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||||||||
Share based compensation to Directors
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Net income
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Balance as of March 31, 2022 (unaudited)
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
|
||||||||||||||||||||||||||||
Share based compensation to Directors
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Net income
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Balance as of June 30, 2022 (unaudited)
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
Ordinary Shares Subject to Possible Redemption
|
Ordinary Shares
|
Additional Paid-In Capital
|
|
Accumulated Deficit
|
Total Shareholders’
Deficit
|
|||||||||||||||||||||||
Class A
|
Class B
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balance as of January 1, 2021
|
|
$
|
|
|
|
$
|
|
$
|
|
$
|
||||||||||||||||||
Balance as of March 31, 2021 (unaudited)
|
|
$
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
|
||||||||||||||||||||||||||||
Issuance of ordinary shares to Sponsor
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Share based compensation to Directors
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Net loss
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance as of June 30, 2021 (unaudited)
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|
For The Six
Months Ended
June 30, 2022
|
For The Period From
April 1, 2021
(Inception) Through
June 30, 2021
|
||||||
Cash Flows from Operating Activities
|
||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Compensation expense
|
|
|
||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account
|
(
|
)
|
|
|||||
Formation and operating expenses funded by note payable through Sponsor
|
|
|
||||||
Change in fair value of derivative warrant liabilities
|
(
|
)
|
|
|||||
Formation and operating expenses paid in exchange for Founder Shares
|
|
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid and other assets
|
|
|
||||||
Accounts payable
|
(
|
)
|
|
|||||
Accrued expenses
|
|
|
||||||
Net cash used in operating activities
|
(
|
)
|
|
|||||
Cash Flows from Financing Activities
|
||||||||
Repayment of note payable and advances from related party
|
(
|
)
|
|
|||||
Offering costs paid
|
(
|
)
|
|
|||||
Net cash used in financing activities
|
(
|
)
|
|
|||||
|
||||||||
Net (decrease) increase in cash
|
(
|
)
|
|
|||||
Cash - beginning of period
|
|
|
||||||
Cash - end of period
|
$
|
|
$
|
|
||||
|
||||||||
Supplemental disclosure of noncash investing and financing activities:
|
||||||||
Offering costs included in accounts payable
|
$
|
|
$
|
|
||||
Offering costs included in accrued expenses
|
$
|
(
|
)
|
$
|
|
|||
Offering costs paid through promissory note - related party
|
$
|
(
|
)
|
$
|
|
•
|
Level 1, defined as observable inputs such as quoted prices 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 June 30, 2022
|
For The
Three
Months
Ended June 30, 2021
|
For The Six Months
Ended June 30, 2022
|
|||||||||
Redeemable Class A Ordinary Shares
|
||||||||||||
Numerator: Net income (loss) allocable to Redeemable Class A Ordinary Shares
|
||||||||||||
Net income (loss) allocable to Redeemable Class A Ordinary Shares
|
$
|
|
$
|
|
$
|
|
||||||
|
||||||||||||
Denominator: Weighted Average Share Outstanding, Redeemable Class A Ordinary Shares
|
||||||||||||
Basic and diluted weighted average shares outstanding, Redeemable Class A
|
||||||||||||
Basic and diluted net income (loss) per share, Class A subject to possible redemption
|
$ | $ |
$
|
|||||||||
|
||||||||||||
Non-Redeemable Class B Ordinary Shares
|
||||||||||||
Numerator: Net income (loss) allocable to non-redeemable Class B Ordinary Shares
|
||||||||||||
Net income (loss) allocable to non-redeemable Class B Ordinary Shares
|
$
|
|
$ | ( |
) |
$
|
|
|||||
|
||||||||||||
Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares
|
||||||||||||
Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares
|
$ | $ | ( |
) | $ |
•
|
in whole and not in part;
|
•
|
at a price of $
|
•
|
upon a minimum of
|
•
|
if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $
|
•
|
in whole and not in part;
|
•
|
at a price of $
|
•
|
if, and only if, the closing price of Class A ordinary shares equals or exceeds $
|
•
|
if the closing price of the Class A ordinary shares for any
|
Level 1
|
Level 2 | Level 3 | Total | |||||||||||||
Assets
|
||||||||||||||||
Marketable securities held in Trust Account
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
Liabilities:
|
||||||||||||||||
Public Warrants
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Private Placement Warrants
|
|
|
|
|
||||||||||||
Total liabilities
|
$
|
|
$
|
|
$
|
|
$
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Marketable securities held in Trust Account
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
Liabilities:
|
||||||||||||||||
Public Warrants
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Private Placement Warrants
|
|
|
|
|
||||||||||||
Total liabilities
|
$
|
|
$
|
|
$
|
|
$
|
|
Derivative warrant liabilities at April 1, 2021 (inception)
|
$
|
|
||
Issuance of Public and Private Warrants - Level 3 measurements
|
|
|||
Change in fair value of derivative warrant liabilities with Level 3 inputs
|
(
|
)
|
||
Derivative warrant liabilities at December 31, 2021 with Level 3 inputs
|
$
|
|
||
Transfer out of level 3
|
(
|
)
|
||
Derivative warrant liabilities at June 30, 2022 with Level 3 inputs
|
$
|
|
Public
Warrant |
Private
Warrant
|
Total
|
||||||||||
Fair value at January 1, 2022
|
$
|
|
$
|
|
$
|
|
||||||
Change in fair value
|
|
|
|
|
|
|
||||||
Fair value as of June 30, 2022
|
$
|
|
$
|
|
$
|
|
As of December 31, 2021
|
||||
Volatility
|
|
%
|
||
Underlying stock price
|
$
|
|
||
Expected time until merger (years)
|
|
|||
Risk-free rate
|
|
%
|
||
Dividend yield
|
|
%
|
ITEM 2. |
Management’s Discussion and Analysis for Financial Condition and Results of Operations
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings.
|
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
|
Exhibit
Number
|
Description
|
|
Rule 13a-14(a)/15d-14(a) Certification of the Company’s Principal Executive and Principal Financial Officer.
|
||
Section 1350 Certification of the Company’s Principal Executive and Principal Financial Officer. The information contained in this Exhibit shall not be deemed filed with the Securities
and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933, as amended.
|
||
101.INS**
|
XBRL Instance Document
|
|
101.CAL**
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.SCH**
|
XBRL Taxonomy Extension Schema Document
|
|
101.DEF**
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB**
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
101.PRE**
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
BULLPEN PARLAY ACQUISITION COMPANY
|
||
By:
|
/s/ David VanEgmond
|
|
David VanEgmond
|
||
Chief Executive Officer and Director
|
||
Date:
|
August 5, 2022
|