☒ | 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 |
Cayman Islands | 001-40879 | 87-2010879 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
216 East 45th Street 13th Floor | 10017 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and a fraction of one redeemable warrant | NFYS.U | New York Stock Exchange | ||
Class A ordinary shares included as part of the units | NFYS | New York Stock Exchange | ||
Redeemable warrants included as part of the units | NFYS.WS | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
PART I. FINANCIAL INFORMATION | Page No. | |
Item 1. | 1 | |
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
| September 30, 2022 | December 31, 2021 | ||||||
| (unaudited) | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash | $ | 379,815 | $ | 811,442 | ||||
Prepaid expenses | 263,517 | 276,800 | ||||||
Due from Sponsor | — | 100,000 | ||||||
Total Current Assets | 643,332 | 1,188,242 | ||||||
Marketable securities held in Trust Account | 347,100,758 | 345,030,847 | ||||||
Prepaid expenses, non-current | 25,476 | 187,908 | ||||||
Total Assets | $ | 347,769,566 | $ | 346,406,997 | ||||
| ||||||||
LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES SUBJECT TO REDEMPTION AND SHAREHOLDERS’ DEFICIT | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 263,086 | $ | 36,312 | ||||
Accrued offering costs | 4,999 | 204,142 | ||||||
Total Current Liabilities | 268,085 | 240,454 | ||||||
Warrant liabilities | 2,565,315 | 12,949,000 | ||||||
Deferred underwriting commission | 12,075,000 | 12,075,000 | ||||||
Total liabilities | 14,908,400 | 25,264,454 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 6) | ||||||||
Redeemable Class A Ordinary Shares subject to Possible Redemption: | ||||||||
Class A ordinary shares, $0.0001 par value, 300,000,000 shares authorized, 34,500,000 shares issued and outstanding subject to possible redemption | 347,100,758 | 345,030,847 | ||||||
| ||||||||
Shareholders’ deficit: | ||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | — | — | ||||||
Class B ordinary shares, $0.0001 par value, 30,000,000 shares authorized, 8,625,000 shares issued and outstanding | 863 | 863 | ||||||
Additional paid-in capital | — | — | ||||||
Accumulated deficit | (14,240,455 | ) | (23,889,167 | ) | ||||
Total Shareholders’ Deficit | (14,239,592 | ) | (23,888,304 | ) | ||||
Total Liabilities, Redeemable Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 347,769,566 | 346,406,997 |
| September 30, 2021 | |||
| (unaudited) | |||
ASSETS | ||||
Current assets: | ||||
Cash | $ | 633 | ||
Deferred offering costs | 610,851 | |||
Total Current Assets | 611,484 | |||
Total Assets | $ | 611,484 | ||
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Current Liabilities: | ||||
Accrued expenses | $ | 11,043 | ||
Accrued offering costs | 395,859 | |||
Note payable - Sponsor | 195,625 | |||
Total Current Liabilities | 602,527 | |||
| ||||
Commitments and contingencies (Note 6) | 0 | |||
| ||||
Shareholders’ Equity: | ||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized;0ne issued and outstanding | 0 | |||
Class A ordinary shares, $0.0001 par value; 300,000,000 shares authorized; 0ne issued and outstanding | 0 | |||
Class B ordinary shares, $0.0001 par value; 30,000,000 shares authorized; 8,625,000 shares issued and outstanding(1)(2) | 863 | |||
Additional paid-in capital | 24,137 | |||
Accumulated deficit | (16,043 | ) | ||
Total Shareholders’ Equity | 8,957 | |||
Total Liabilities and Shareholders’ Equity | $ | 611,484 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Period March 3, 2021 (Inception) Through September 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
EXPENSES | ||||||||||||||||
Administration fee - related party | $ | 30,000 | $ | — | $ | 90,000 | $ | — | ||||||||
General and administrative | 124,243 | 5,000 | 644,973 | 16,043 | ||||||||||||
TOTAL EXPENSES | 154,243 | 5,000 | 734,973 | 16,043 | ||||||||||||
OTHER INCOME (LOSS) | ||||||||||||||||
Income earned on Investments held in Trust Account | 1,624,641 | — | 2,069,911 | — | ||||||||||||
Change in fair value of derivative warrant liabilities | 1,618,685 | — | 10,383,685 | — | ||||||||||||
TOTAL OTHER INCOME (LOSS) | 3,243,326 | — | 12,453,596 | — | ||||||||||||
Net income (loss) | $ | 3,089,083 | $ | (5,000 | ) | $ | 11,718,623 | $ | (16,043 | ) | ||||||
Weighted average number of Class A ordinary shares outstanding, basic and diluted | 34,500,000 | — | 34,500,000 | — | ||||||||||||
Basic and diluted net income per Class A ordinary share | $ | 0.08 | $ | — | $ | 0.28 | $ | — | ||||||||
Weighted average number of Class B ordinary shares outstanding, basic and diluted (1) | 8,625,000 | 7,500,000 | 8,625,000 | 7,500,000 | ||||||||||||
Basic and diluted net income (loss) per Class B ordinary share | $ | 0.03 | $ | (0.00 | ) | $ | 0.22 | $ | (0.00 | ) |
(1) | Share amounts for the periods ended exclude an aggregate of up to 1,125,000 shares of Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note |
| For the Three Months Ended September 30, 2021 | For the Period from March 3, 2021 (Inception) Through September 30, 2021 | ||||||
| (unaudited) | (unaudited) | ||||||
Formation and operating costs | $ | 5,000 | $ | 16,043 | ||||
Net loss | $ | (5,000 | ) | $ | (16,043 | ) | ||
| ||||||||
Weighted average shares outstanding, basic and diluted(1)(2) | 7,500,000 | 7,500,000 | ||||||
| ||||||||
Basic and diluted net loss per ordinary share | $ | (0.00 | ) | $ | (0.00 | ) |
Class B Ordinary Shares | Additional Paid-In | Accumulated | Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||
Balance as of December 31, 2021 | 8,625,000 | $ | 863 | $ | — | $ | (23,889,167 | ) | $ | (23,888,304 | ) | |||||||||
Current period accretion of Class A ordinary shares to redemption value | — | — | — | (59,056 | ) | (59,056 | ) | |||||||||||||
Net income | — | — | — | 5,657,484 | 5,657,484 | |||||||||||||||
Balance as of March 31, 2022 | 8,625,000 | $ | 863 | $ | — | $ | (18,290,739 | ) | $ | (18,289,876 | ) | |||||||||
Current period accretion of Class A ordinary shares to redemption value | — | — | — | (386,214 | ) | (386,214 | ) | |||||||||||||
Net income | — | — | — | 2,972,056 | 2,972,056 | |||||||||||||||
Balance as of June 30, 2022 | 8,625,000 | $ | 863 | $ | — | $ | (15,704,897 | ) | $ | (15,704,034 | ) | |||||||||
Current period accretion of Class A ordinary shares to redemption value | — | — | — | (1,624,641 | ) | (1,624,641 | ) | |||||||||||||
Net income | — | — | — | 3,089,083 | 3,089,083 | |||||||||||||||
Balance as of September 30, 2022 | 8,625,000 | $ | 863 | $ | — | $ | (14,240,455 | ) | $ | (14,239,592 | ) |
Class B Ordinary Shares | Additional Paid-In | Accumulated | Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
Balance as of March 3, 2021 (inception) | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Issuance of Class B ordinary shares to Sponsor (1) | 8,625,000 | 863 | 24,137 | — | 25,000 | |||||||||||||||
Net loss | — | — | — | (8,530 | ) | (8,530 | ) | |||||||||||||
Balance as of March 31, 2021 | 8,625,000 | $ | 863 | $ | 24,137 | $ | (8,530 | ) | $ | 16,470 | ||||||||||
Net loss | — | — | — | (2,513 | ) | (2,513 | ) | |||||||||||||
Balance as of June 30, 2021 | 8,625,000 | $ | 863 | $ | 24,137 | $ | (11,043 | ) | $ | 13,957 | ||||||||||
Net loss | — | — | — | (5,000 | ) | (5,000 | ) | |||||||||||||
Balance as of September 30, 2021 | 8,625,000 | $ | 863 | $ | 24,137 | $ | (16,043 | ) | $ | 8,957 |
(1) | Share amounts for the periods ended include an aggregate of up to 1,125,000 shares of Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note |
Class B Ordinary Shares | Additional | Total | ||||||||||||||||||
Shares | Amount | Paid-in Capital | Accumulated Deficit | Shareholders’ Equity | ||||||||||||||||
Balance, March 3, 2021 (inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Issuance of Class B ordinary shares to Sponsor(1)(2) | 8,625,000 | 863 | 24,137 | 0 | 25,000 | |||||||||||||||
Net loss | — | 0 | 0 | (11,043 | ) | (11,043 | ) | |||||||||||||
Balance, June 30, 2021 (unaudited) | 8,625,000 | $ | 863 | $ | 24,137 | $ | (11,043 | ) | $ | 13,957 | ||||||||||
Net loss | — | 0 | 0 | (5,000 | ) | (5,000 | ) | |||||||||||||
Balance, September 30, 2021 (unaudited) | 8,625,000 | $ | 863 | $ | 24,137 | $ | (16,043 | ) | $ | 8,957 |
For The Period From March 3, 2021 (inception) Through September 30, 2021 | ||||
(unaudited) | ||||
Cash flows from operating activities: | ||||
Net loss | $ | (16,043 | ) | |
Adjustment to reconcile net loss to net cash used in operating activities: | ||||
Change in accrued expenses | 11,043 | |||
Net cash used in operating activities | (5,000 | ) | ||
Cash flows from financing activities: | ||||
Proceeds from Sponsor note | 52,000 | |||
Payment of offering costs | (46,367 | ) | ||
Net cash from financing activities | 5,633 | |||
Net change in cash | 633 | |||
Cash at beginning of period | 0 | |||
Cash at end of period | $ | 633 | ||
Non-cash financing activities: | ||||
Deferred offering costs included in accrued offering costs | $ | 395,859 | ||
Deferred offering costs paid by related party | $ | 168,625 | ||
Deferred offering costs paid by related party in exchange for Class B ordinary shares | $ | 25,000 |
For the Nine Months Ended September 30, 2022 | For the Period From March 3, 2021 (Inception)Through September 30, 2021 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net income (loss) | $ | 11,718,623 | $ | (16,043 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Income earned on Investments held in Trust Account | (2,069,911 | ) | — | |||||
Change in fair value of derivative liabilities | (10,383,685 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 175,715 | — | ||||||
Accounts payable and accrued expenses | 226,774 | 11,043 | ||||||
Net Cash Used In Operating Activities | (332,484 | ) | (5,000 | ) | ||||
Cash Flows From Investing Activities: | ||||||||
Proceeds from redemption of U.S. government treasury obligations | 1,728,212,616 | — | ||||||
Purchase of U.S. government treasury obligations | (1,728,212,616 | ) | — | |||||
Net Cash used in Investing Activities | — | — | ||||||
Cash Flows From Financing Activities: | ||||||||
Proceeds from repayment of due from Sponsor | 100,000 | 52,000 | ||||||
Payment of offering costs | (199,143 | ) | (46,367 | ) | ||||
Net Cash (Used In) Provided By Financing Activities | (99,143 | ) | 5,633 | |||||
Net change in cash | (431,627 | ) | 633 | |||||
Cash at beginning of period | 811,442 | — | ||||||
Cash at end of period | $ | 379,815 | $ | 633 | ||||
Supplemental disclosure of non-cash financing activities: | ||||||||
Deferred offering costs included in accrued offering costs | $ | — | $ | 395,859 | ||||
Deferred offering costs paid by related party | $ | — | $ | 168,625 | ||||
Deferred offering costs paid by related party in exchange for Class B ordinary shares | $ | — | $ | 25,000 | ||||
Current period accretion of Class A ordinary shares to redemption value | $ | 2,069,911 | $ | — |
Gross proceeds | $ | 345,000,000 | ||
Less: | ||||
Issuance costs allocated to Class A ordinary shares | (32,658,945 | ) | ||
Proceeds allocated to Public Warrants | (11,212,500 | ) | ||
(43,871,445 | ) | |||
Plus: | ||||
Remeasurement adjustment of carrying value to redemption value | 43,902,292 | |||
Balance, December 31, 2021 | $ | 345,030,847 | ||
Remeasurement adjustment of carrying value to redemption value | 2,069,911 | |||
Balance, September 30, 2022 | $ | 347,100,758 |
For the Three Months Ended | ||||
September 30, 2022 | ||||
Net income | $ | 3,089,083 | ||
Accretion of temporary equity to redemption value | (1,624,641 | ) | ||
Net income including accretion of temporary equity to redemption value | $ | 1,464,442 |
For the Three Months Ended | ||||||||
September 30, 2022 | ||||||||
Redeemable | Non-Redeemable | |||||||
Basic and diluted net income per share: | ||||||||
Numerator: | ||||||||
Allocation of net income including accretion of temporary equity | $ | 1,171,553 | $ | 292,889 | ||||
Allocation of accretion of temporary equity to redeemable shares | 1,624,641 | — | ||||||
Allocation of net income | $ | 2,796,194 | $ | 292,889 | ||||
Denominator: | ||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | ||||||
Basic and diluted net income per ordinary share | $ | 0.08 | $ | 0.03 |
For the Three Months Ended September 30, 2021 | ||||
Numerator: Net loss | $ | (5,000 | ) | |
Denominator: Basic and diluted weighted average Class B ordinary shares outstanding | 7,500,000 | |||
Basic and diluted net loss per share, Class B ordinary shares | (0.00 | ) |
For the Nine Months Ended September 30, 2022 | ||||
Net income | $ | 11,718,623 | ||
Accretion of temporary equity to redemption value | (2,069,911 | ) | ||
Net income including accretion of temporary equity to redemption value | $ | 9,648,712 |
For the Nine Months Ended | ||||||||
September 30, 2022 | ||||||||
Redeemable | Non-Redeemable | |||||||
Basic and diluted net income per share: | ||||||||
Numerator: | ||||||||
Allocation of net income including accretion of temporary equity | $ | 7,718,969 | $ | 1,929,743 | ||||
Allocation of accretion of temporary equity to redeemable shares | 2,069,911 | - | ||||||
Allocation of net income | $ | 9,788,880 | $ | 1,929,743 | ||||
Denominator: | ||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | ||||||
Basic and diluted net income per ordinary share | $ | 0.28 | $ | 0.22 |
For the Period From March 3, 2021 (inception) Through September 30, 2021 | ||||
Numerator: Net loss | (16,043 | ) | ||
Denominator: Basic and diluted weighted average Class B ordinary shares outstanding | 7,500,000 | |||
Basic and diluted net loss per share, Class B ordinary shares | (0.00 | ) |
● | 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 or 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. |
• | if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. |
• | if, and only if, the last reported sale price of the Class A ordinary share equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and |
Description | Level | September 30, 2022 | December 31, 2021 | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account | 1 | $ | 347,100,758 | $ | 345,030,847 | |||||||
Liabilities: | ||||||||||||
Warrant liability – Private Placement Warrants | 2 | $ | 873,090 | $ | 4,324,000 | |||||||
Warrant liability – Public Warrants | 1 | 1,692,225 | 8,625,000 | |||||||||
$ | 2,565,315 | $ | 12,949,000 |
Private Placement Warrants | Public Warrants | Total | ||||||||||
Fair value at December 31, 2021 | $ | 4,324,000 | $ | 8,625,000 | $ | 12,949,000 | ||||||
Change in fair value | (3,450,910 | ) | (6,932,775 | ) | (10,383,685 | ) | ||||||
Fair value at September 30, 2022 | $ | 873,090 | $ | 1,692,225 | $ | 2,565,315 |
Item 2. | Management’s Discussion and Analysis of 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 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. |
Exhibit Number | Description | |
101.INS* | Inline XBRL Instance 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 Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
** | Furnished. |
ENPHYS ACQUISITION CORP. | ||
Date: November 21, 2022 | By: | /s/ Pär Lindström |
Name: Pär Lindström | ||
Title: Chief Financial Officer |