Delaware | 85-2693583 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbols | Name of each exchange on which registered | ||
Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant | FSSIU | The Nasdaq Stock Market LLC | ||
Class A common stock, par value $0.0001 per share | FSSI | The Nasdaq Stock Market LLC | ||
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | FSSIW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
Page | |||
Part I. Financial Information | |||
1 | |||
1 | |||
2 | |||
3 | |||
4 | |||
5 | |||
Part II. Other Information | |||
Item 1. |
March 31, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 954,334 | $ | 107,601 | $ | 736,821 | $ | 107,601 | ||||||||
Prepaid expenses | 615,637 | — | 419,230 | 0 | ||||||||||||
Total Current Assets | 1,569,971 | 107,601 | 1,156,051 | 107,601 | ||||||||||||
Deferred offering costs | — | 289,437 | 0 | 289,437 | ||||||||||||
Marketable securities held in Trust Account | 258,760,562 | — | 258,773,105 | 0 | ||||||||||||
TOTAL ASSETS | $ | 260,330,533 | $ | 397,038 | $ | 259,929,156 | $ | 397,038 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities – Accrued offering costs | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accrued expenses | $ | 119,435 | $ | 3,952 | $ | 284,452 | $ | 3,952 | ||||||||
Accrued offering costs | 55,212 | 222,038 | 5,000 | 222,038 | ||||||||||||
Promissory note – related party | — | 150,000 | 0 | 150,000 | ||||||||||||
Total Current Liabilities | 174,647 | 375,990 | 289,452 | 375,990 | ||||||||||||
Warrant liability | 14,078,750 | — | ||||||||||||||
Warrant liabilities | 15,084,375 | 0 | ||||||||||||||
Deferred underwriting fee payable | 9,056,250 | — | 9,056,250 | 0 | ||||||||||||
Total Liabilities | 23,309,647 | 375,990 | 24,430,077 | 375,990 | ||||||||||||
Commitments (Note 7) | 0 | 0 | ||||||||||||||
Class A common stock subject to possible redemption 23,201,141 and no shares at redemption value at March 31, 2021 and December 31, 2020, respectively | 232,020,878 | — | ||||||||||||||
Class A common stock subject to possible redemption; 25,875,000 and 0 shares at redemption value at September 30, 2021 and December 31, 2020, respectively | 258,750,000 | 0 | ||||||||||||||
Stockholders’ Equity | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | — | — | ||||||||||||||
Class A common stock, $0.0001 par value; 300,000,000 shares authorized; 2,673,859 and no shares issued and outstanding (excluding 23,201,141 and no shares subject to possible redemption) at March 31, 2021 and December 31, 2020, respectively | 267 | — | ||||||||||||||
Class B common stock, $0.0001 par value; 30,000,000 shares authorized; 6,468,750 shares issued and outstanding at March 31, 2021 and December 31, 2020 (1) | 647 | 647 | ||||||||||||||
Stockholders’ (Deficit) Equity | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued or outstanding | 0 | 0 | ||||||||||||||
Class A common stock, $0.0001 par value, 300,000,000 shares authorized; 0 shares issued and outstanding (excluding 25,875,000 and 0 shares subject to possible redemption) at September 30, 2021 and December 31, 2020 | 0 | 0 | ||||||||||||||
Class B common stock, $0.0001 par value; 30,000,000 shares authorized; 6,468,750 shares issued and outstanding at September 30, 2021 and December 31, 2020 (1) | 647 | 647 | ||||||||||||||
Additional paid-in capital | 5,315,813 | 24,353 | 0 | 24,353 | ||||||||||||
Accumulated deficit | (316,719 | ) | (3,952 | ) | (23,251,568 | ) | (3,952 | ) | ||||||||
Total Stockholders’ Equity | 5,000,008 | 21,048 | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 260,330,533 | $ | 397,038 | ||||||||||||
Total Stockholders’ (Deficit) Equity | (23,250,921 | ) | 21,048 | |||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ | 259,929,156 | $ | 397,038 |
(1) | At December 31, 2020, included up to 843,750 shares subject to forfeiture if the over-allotment option |
Operating and formation costs | $ | 189,500 | ||
Loss from operations | (189,500 | ) | ||
Other income: | ||||
Interest earned on marketable securities held in Trust Account | 10,562 | |||
Transaction costs allocable to warrant liability | (536,079 | ) | ||
Change in fair value of warrants | 402,250 | |||
Other income, net | (123,267 | ) | ||
Loss before income taxes | (312,767 | ) | ||
Benefit (provision) for income taxes | — | |||
Net loss | $ | (312,767 | ) | |
Basic and diluted weighted average shares outstanding, Class A common stock subject to redemption | 23,179,757 | |||
Basic and diluted net income per share, Class A common stock subject to redemption | $ | (0.00 | ) | |
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | 8,023,651 | |||
Basic and diluted net loss per share, Non-redeemable common stock | $ | (0.04 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | For the Period from August 25, 2020 (Inception) through September 30, | ||||||||||
2021 | 2021 | 2020 | ||||||||||
Operating and formation costs | $ | 249,741 | $ | 718,226 | $ | 659 | ||||||
Loss from operations | (249,741 | ) | (718,226 | ) | (659 | ) | ||||||
Other income (expenses): | ||||||||||||
Change in fair value of warrant liabilities | 7,441,625 | (603,375 | ) | 0 | ||||||||
Transaction cost – warrants | 0 | (536,079 | ) | 0 | ||||||||
Interest earned on marketable securities held in Trust Account | 3,330 | 23,105 | 0 | |||||||||
Total other income (expenses), net | 7,444,955 | (1,116,349 | ) | 0 | ||||||||
Net income (loss) | $ | 7,195,214 | $ | (1,834,575 | ) | $ | (659 | ) | ||||
Weighted-average shares outstanding, Class A common stock | 25,875,000 | 23,126,374 | 0 | |||||||||
Basic and diluted earnings (loss) per share, Class A common stock | $ | 0.22 | $ | (0.06 | ) | $ | 0 | |||||
Weighted-average shares outstanding, Class B common stock | 6,468,750 | 6,379,121 | 5,625,000 | |||||||||
Basic and diluted income (loss) per share, Class B common stock | $ | 0.22 | $ | (0.06 | ) | $ | 0 |
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance — January 1, 2021 | 0 | $ | 0 | 6,468,750 | $ | 647 | $ | 24,353 | $ | (3,952 | ) | $ | 21,048 | |||||||||||||||
Accretion for Class A common stock subject to redemption amount | — | — | — | — | (2,033,353 | ) | (21,413,041 | ) | (23,446,394 | ) | ||||||||||||||||||
Net loss | — | 0 | — | 0 | 0 | (312,767 | ) | (312,767 | ) | |||||||||||||||||||
Balance – March 31, 2021 (Restated) | 0 | 0 | 6,468,750 | 647 | 0 | (21,729,760 | ) | (21,729,113 | ) | |||||||||||||||||||
Net Loss | — | 0 | — | 0 | 0 | (8,717,022 | ) | (8,717,022 | ) | |||||||||||||||||||
Balance – June 30, 2021 (Restated) | 0 | 0 | 6,468,750 | 647 | 0 | (30,446,782 | ) | (30,446,135 | ) | |||||||||||||||||||
Net Income | — | 0 | — | 0 | 0 | 7,195,214 | 7,195,214 | |||||||||||||||||||||
Balance – September 30, 2021 | 0 | $ | 0 | 6,468,750 | $ | 647 | $ | 0 | $ | (23,251,568 | ) | $ | (23,250,921 | ) |
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balance — January 1, 2021 | — | $ | — | 6,468,750 | $ | 647 | $ | 24,353 | $ | (3,952 | ) | $ | 21,048 | |||||||||||||||
Sale of 25,875,000 Units, net of underwriting discounts, initial fair value of public warrants and other offering costs | 25,875,000 | 2,588 | — | — | 235,301,017 | — | 235,303,605 | |||||||||||||||||||||
Cash paid in excess of fair value for private warrants | — | — | — | — | 2,009,000 | — | 2,009,000 | |||||||||||||||||||||
Class A common stock subject to possible redemption | (23,201,141 | ) | (2,321 | ) | — | — | (232,018,557 | ) | — | (232,020,878 | ) | |||||||||||||||||
Net loss | — | — | — | — | — | (312,767 | ) | (312,767 | ) | |||||||||||||||||||
Balance – March 31, 2021 | 2,673,859 | $ | 267 | 6,468,750 | $ | 647 | $ | 5,315,813 | $ | (316,719 | ) | $ | 5,000,008 |
Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
Balance – August 25, 2020 (inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Issuance of Class B common stock to Sponsor | 6,468,750 | 647 | 24,353 | 0 | 25,000 | |||||||||||||||
Net loss | — | 0 | 0 | (659 | ) | (659 | ) | |||||||||||||
Balance – September 30, 2020 | 6,468,750 | $ | 647 | $ | 24,353 | $ | (659 | ) | $ | 24,341 |
Nine Months Ended September 30, | For The Period From August 25, 2020 (Inception) Through September 30, | |||||||||||
2021 | 2020 | |||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net loss | $ | (312,767 | ) | $ | (1,834,575 | ) | $ | (659 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Interest earned on marketable securities held in Trust Account | (10,562 | ) | (23,105 | ) | 0 | |||||||
Change in fair value of warrant liability | (402,250 | ) | ||||||||||
Change in fair value of warrant liabilities | 603,375 | 0 | ||||||||||
Transaction costs incurred in connection with IPO | 536,079 | 536,079 | 0 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid expenses | (615,637 | ) | (419,230 | ) | 0 | |||||||
Accrued expenses | 115,483 | 280,501 | 659 | |||||||||
Net cash used in operating activities | (689,654 | ) | (856,955 | ) | 0 | |||||||
Cash Flows from Investing Activities: | ||||||||||||
Investment of cash in Trust Account | (258,750,000 | ) | (258,750,000 | ) | 0 | |||||||
Cash withdrawn from Trust Account to pay for franchise and income taxes | — | |||||||||||
Net cash used in investing activities | (258,750,000 | ) | (258,750,000 | ) | 0 | |||||||
Cash Flows from Financing Activities: | ||||||||||||
Proceeds from sale of Units, net of underwriting discounts paid | 253,575,000 | 253,575,000 | 25,000 | |||||||||
Proceeds from sale of Private Placement Warrants | 7,175,000 | 7,175,000 | 0 | |||||||||
Proceeds from promissory note - related party | 0 | 150,000 | ||||||||||
Repayment of promissory note – related party | (150,000 | ) | (150,000 | ) | 0 | |||||||
Payment of offering costs | (313,613 | ) | (363,825 | ) | (67,000 | ) | ||||||
Net cash provided by financing activities | 260,286,387 | 260,236,175 | 108,000 | |||||||||
Net Change in Cash | 846,733 | 629,220 | 108,000 | |||||||||
Cash – Beginning of period | 107,601 | 107,601 | 0 | |||||||||
Cash – End of period | $ | 954,334 | $ | 736,821 | $ | 108,000 | ||||||
Non-Cash investing and financing activities: | ||||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||
Offering costs included in accrued offering costs | $ | 55,212 | $ | 5,000 | $ | 162,392 | ||||||
Initial classification of warrant liability | $ | 14,481,000 | ||||||||||
Initial classification of Class A common stock subject to possible redemption | $ | 246,278,570 | $ | 258,750,000 | $ | 0 | ||||||
Change in value of Class A common stock subject to possible redemption | $ | (14,257,692 | ) | |||||||||
Deferred underwriting fee payable | $ | 9,056,250 | $ | 9,056,250 | $ | 0 |
Balance Sheet as of January 29, 2021 (audited) | As Previously Reported | Adjustment | As Restated | |||||||||
Class A common stock subject to possible redemption | $ | 231,797,570 | $ | 26,952,430 | $ | 258,750,000 | ||||||
Class A common stock | $ | 270 | $ | (270 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 5,539,119 | $ | (5,539,119 | ) | $ | 0 | |||||
Accumulated deficit | $ | (540,031 | ) | $ | (21,413,041 | ) | $ | (21,953,072 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,005 | $ | (26,952,430 | ) | $ | (21,952,425 | ) | ||||
Balance Sheet as of March 31, 2021 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 232,020,878 | $ | 26,729,122 | $ | 258,750,000 | ||||||
Class A common stock | $ | 267 | $ | (267 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 5,315,813 | $ | (5,315,813 | ) | $ | 0 | |||||
Accumulated deficit | $ | (316,719 | ) | $ | (21,413,041 | ) | $ | (21,729,760 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,008 | $ | (26,729,121 | ) | $ | (21,729,113 | ) | ||||
Balance Sheet as of June 30, 2021 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 223,303,860 | $ | 35,446,140 | $ | 258,750,000 | ||||||
Class A common stock | $ | 354 | $ | (354 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 14,032,744 | $ | (14,032,744 | ) | $ | 0 | |||||
Accumulated deficit | $ | (9,033,741 | ) | $ | (21,413,041 | ) | $ | (30,446,782 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,004 | $ | (35,446,139 | ) | $ | (30,446,135 | ) |
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended March 31, 2021 (Unaudited) | ||||||||||||
Sale of 25,875,000 Units, net of underwriter discounts and offering expenses | $ | 235,303,605 | $ | (235,303,605 | ) | $ | 0 | |||||
Cash paid in excess of fair value for private warrants | $ | 2,009,000 | $ | (2,009,000 | ) | $ | 0 | |||||
Initial value of common stock subject to redemption | $ | (232,020,878 | ) | $ | 232,020,878 | $ | 0 | |||||
Accretion for Class A common stock to redemption amount | $ | 0 | $ | (23,446,394 | ) | $ | (23,446,394 | ) | ||||
Total Shareholders’ Equity (Deficit) | $ | 5,000,008 | $ | (26,729,121 | ) | $ | (21,729,113 | ) | ||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (Unaudited) | ||||||||||||
Change in value of Class A common stock subject to redemption | $ | 8,717,018 | $ | (8,717,018 | ) | $ | 0 | |||||
Total Shareholders’ Equity (Deficit) | $ | 5,000,004 | $ | (35,446,139 | ) | $ | (30,446,135 | ) | ||||
Statement of Cash Flows for the Three Months Ended March 31, 2021 (Unaudited) | ||||||||||||
Initial classification of Class A common stock subject to possible redemption | $ | 246,278,570 | $ | (246,278,570 | ) | $ | 0 | |||||
Change in value of common stock subject to redemption | $ | (14,257,692 | ) | $ | 14,257,692 | $ | 0 | |||||
Statement of Cash Flows for the Six Months Ended June 30, 2021 (Unaudited) | ||||||||||||
Initial classification of Class A common stock subject to possible redemption | $ | 246,278,570 | $ | (246,278,570 | ) | $ | 0 | |||||
Change in value of common stock subject to redemption | $ | (22,974,710 | ) | $ | 22,974,710 | $ | 0 | |||||
Statement of Operations For the Three Months Ended March 31, 2021 | ||||||||||||
Weighted-average shares outstanding, Class A common stock | 23,179,737 | (5,642,257 | ) | 17,537,500 | ||||||||
Basic and diluted loss per share, Class A common stock | $ | 0 | $ | (0.01 | ) | $ | (0.01 | ) | ||||
Weighted-average shares outstanding, Class B common stock | 8,023,651 | (1,826,776 | ) | 6,196,875 | ||||||||
Basic and diluted loss per share, Class B common stock | $ | (0.04 | ) | $ | 0.03 | $ | (0.01 | ) | ||||
Statement of Operations For the Three Months Ended June 30, 2021 | ||||||||||||
Weighted-average shares outstanding, Class A common stock | 23,201,141 | 2,673,859 | $ | 25,875,000 | ||||||||
Basic and diluted loss per share, Class A common stock | $ | 0 | $ | (0.27 | ) | $ | (0.27 | ) | ||||
Weighted-average shares outstanding, Class B common stock | 9,142,609 | (2,673,859 | ) | 6,468,750 | ||||||||
Basic and diluted loss per share, Class B common stock | $ | (0.95 | ) | $ | 0.68 | $ | (0.27 | ) | ||||
Statement of Operations For the Six Months Ended June 30, 2021 | ||||||||||||
Weighted-average shares outstanding, Class A common stock | 23,192,559 | (1,463,277 | ) | 21,729,282 | ||||||||
Basic and diluted loss per share, Class A common stock | $ | 0 | $ | (0.32 | ) | $ | (0.32 | ) | ||||
Weighted-average shares outstanding, Class B common stock | 8,586,221 | (2,252,657 | ) | 6,333,654 | ||||||||
Basic and diluted loss per share, Class B common stock | $ | (1.05 | ) | $ | 0.73 | $ | (0.32 | ) |
As Previously Reported | Adjustments | As Revised | ||||||||||
Balance sheet as of January 29, 2021 (audited) | ||||||||||||
Warrant Liability | $ | — | $ | 14,481,000 | $ | 14,481,000 | ||||||
Class A Common Stock Subject to Possible Redemption | 246,278,570 | (14,481,000 | ) | 231,797,570 | ||||||||
Class A Common Stock | 125 | 145 | 270 | |||||||||
Additional Paid-in Capital | 5,003,185 | 535,934 | 5,539,119 | |||||||||
Accumulated Deficit | (3,952 | ) | (536,079 | ) | (540,031 | ) |
Gross proceeds | $ | 258,750,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | $ | (9,315,000 | ) | |
Class A common stocks issuance costs | $ | (14,131,394 | ) | |
Plus: | ||||
Accretion of carrying value to redemption value | $ | 23,446,394 | ||
Class A common stocks subject to possible redemption | $ | 258,750,000 |
Three Months Ended March 31, 2021 | ||||
Class A common stock subject to possible redemption | ||||
Numerator: Earnings allocable to Class A common stock subject to possible redemption | ||||
Interest earned on marketable securities held in Trust Account | $ | 10,562 | ||
Less: interest available to be withdrawn for payment of taxes | (10,562 | ) | ||
Net income attributable | $ | — | ||
Denominator: Weighted Average Class A common stock subject to possible redemption | ||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption | 23,179,757 | |||
Basic and diluted net income per share, Class A common stock subject to possible redemption | $ | 0.00 | ||
Non-Redeemable Common Stock | ||||
Numerator: Net Loss minus Net Earnings | ||||
Net loss | $ | (312,767 | ) | |
Less: Net income allocable to Class A common stock subject to possible redemption | — | |||
Non-Redeemable Net Loss | $ | (312,767 | ) | |
Denominator: Weighted Average Non-redeemable Common stock | ||||
Basic and diluted weighted average shares outstanding, Non-redeemable Common stock | 8,023,651 | |||
Basic and diluted net loss per share, Non-redeemable Common stock | $ | (0.04 | ) |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | For the Period from July 31, 2020 (Inception) Through September 30, 2020 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic and diluted net income (loss) per common share | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 5,756,171 | $ | 1,439,043 | $ | (1,437,938 | ) | $ | (396,637 | ) | $ | 0 | $ | (659 | ) | |||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 25,875,000 | 6,468,750 | 23,126,374 | 6,379,121 | 0 | 5,625,000 | ||||||||||||||||||
Basic and diluted net income (loss) per common share | $ | 0.22 | $ | 0.22 | $ | (0.06 | ) | $ | (0.06 | ) | $ | 0 | $ | (0.00 | ) |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description | Level | March 31, 2021 | ||||||
Assets: | ||||||||
Marketable securities held in Trust Account | 1 | $ | 258,760,562 | |||||
Liabilities: | ||||||||
Warrant Liability – Public Warrants | 1 | 9,056,250 | ||||||
Warrant Liability – Private Placement Warrants | 3 | 5,022,500 |
Description | Level | September 30, 2021 | ||||||
Assets: | ||||||||
Marketable securities held in Trust Account | 1 | $ | 258,773,105 | |||||
Liabilities: | ||||||||
Warrant Liability – Public Warrants | 1 | | 9,703,125 | |||||
Warrant Liability – Private Placement Warrants | 3 | 5,381,250 |
January 29, 2021 (Initial Measurement) | March 31, 2021 | |||||||||||
Input | Public Warrants | Private Warrants | Private Warrants | |||||||||
Market price of public shares | $ | 9.64 | $ | 9.64 | 9.71 | |||||||
Risk-free rate | 0.51 | % | 0.51 | % | 0.97 | % | ||||||
Dividend yield | 0.00 | % | 0.00 | % | 0.00 | % | ||||||
Volatility | 14.2 | % | 14.2 | % | 13.1 | % | ||||||
Exercise price | $ | 11.50 | $ | 11.50 | 11.50 | |||||||
Effective expiration date | 6/13/26 | 6/13/26 | 6/13/26 | |||||||||
One-touch hurdle | $ | 18.12 |
Input | ||||
Market price of public shares | $ | 9.77 | ||
Risk-free rate | 0.94 | % | ||
Dividend yield | 0.00 | % | ||
Volatility | 14.3 | % | ||
Exercise price | $ | 11.50 | ||
Effective expiration date | 6/13/26 |
| Private Placement | Public | Warrant Liabilities | |||||||||
Fair value as of January 1, 2021 | $ | — | $ | — | $ | — | ||||||
Initial measurement on January 29th, 2021 | 5,166,000 | 9,315,000 | 14,481,000 | |||||||||
Change in valuation inputs or other assumptions | (143,500 | ) | (258,750 | ) | (402,250 | ) | ||||||
Fair value as of March 31, 2021 | 5,022,500 | 9,056,250 | 14,078,750 |
| Private Placement | Public | Warrant Liabilities | |||||||||
Fair value as of January 1, 2021 | $ | 0 | $ | 0 | $ | 0 | ||||||
Initial measurement on January 29, 2021 | 5,166,000 | 9,315,000 | 14,481,000 | |||||||||
Change in valuation inputs or other assumptions | 215,250 | (258,750 | ) | (43,500 | ) | |||||||
Transfer to Level 1 | 0 | (9,056,250 | ) | (9,056,250 | ) | |||||||
Fair value as of September 30, 2021 | $ | 5,381,250 | $ | 0 | $ | 5,381,250 |
Item 2. |
Item 3. |
Item 4. |
Item 1. |
Item 1A. |
Item 3. |
Item 4. |
Item 5. |
Item 6. |
No. | Description of Exhibit | |
Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase 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 |
* | Filed herewith. |
FORTISTAR SUSTAINABLE SOLUTIONS CORP. | ||
Date: | By: | /s/ Nadeem Nisar |
Name: | Nadeem Nisar | |
Title: | Chief Executive Officer | |
(Principal Executive Officer) | ||
Date: | By: | /s/ Scott Contino |
Name: | Scott Contino | |
Title: | Chief Financial Officer | |
(Principal Financial and Accounting Officer) |