☒ | 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) |
100 Wall Street 20th Floor | 10005 | |
(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. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
September 30, | December 31, | |||||||||||||||
| June 30, 2023 | December 31, 2022 | 2023 | 2022 | ||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
ASSETS | ||||||||||||||||
Current Assets: | ||||||||||||||||
Cash | $ | 8,226 | $ | 272,922 | $ | 43,178 | $ | 272,922 | ||||||||
Prepaid expenses | 120,011 | 201,178 | 32,250 | 201,178 | ||||||||||||
Total Current Assets | 128,237 | 474,100 | 75,428 | 474,100 | ||||||||||||
Cash and marketable securities held in Trust Account | 358,074,839 | 350,168,339 | ||||||||||||||
Marketable securities held in Trust Account | 362,782,255 | 350,168,339 | ||||||||||||||
Total Assets | $ | 358,203,076 | $ | 350,642,439 | $ | 362,857,683 | $ | 350,642,439 | ||||||||
| ||||||||||||||||
LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT | ||||||||||||||||
Current Liabilities: | ||||||||||||||||
Accounts payable and accrued expenses | $ | 267,322 | $ | 249,758 | $ | 409,745 | $ | 249,758 | ||||||||
Accrued offering costs | 4,999 | 4,999 | 4,999 | 4,999 | ||||||||||||
Advances from Sponsor | 60,000 | — | ||||||||||||||
Total Current Liabilities | 272,321 | 254,757 | 474,744 | 254,757 | ||||||||||||
Derivative warrant liabilities | 1,310,115 | 2,353,500 | 1,833,115 | 2,353,500 | ||||||||||||
Deferred underwriting fees | 12,075,000 | 12,075,000 | 12,075,000 | 12,075,000 | ||||||||||||
Total Liabilities | 13,657,436 | 14,683,257 | 14,382,859 | 14,683,257 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||
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 | 358,074,839 | 350,168,339 | 362,782,255 | 350,168,339 | ||||||||||||
| ||||||||||||||||
Shareholders’ deficit: | ||||||||||||||||
Preferred 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 | 863 | 863 | ||||||||||||
Additional paid-in capital | - | - | — | — | ||||||||||||
Accumulated deficit | (13,530,062 | ) | (14,210,020 | ) | (14,308,294 | ) | (14,210,020 | ) | ||||||||
Total Shareholders’ Deficit | (13,529,199 | ) | (14,209,157 | ) | (14,307,431 | ) | (14,209,157 | ) | ||||||||
Total Liabilities, Redeemable Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 358,203,076 | 350,642,439 | $ | 362,857,683 | 350,642,439 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||
Administration fee - related party | $ | 30,000 | $ | 30,000 | $ | 60,000 | $ | 60,000 | $ | 30,000 | $ | 30,000 | $ | 90,000 | $ | 90,000 | ||||||||||||||||
General and administrative expenses | 151,497 | 363,858 | 303,427 | 520,730 | 225,232 | 124,243 | 528,659 | 644,973 | ||||||||||||||||||||||||
TOTAL EXPENSES | 181,497 | 393,858 | 363,427 | 580,730 | 255,232 | 154,243 | 618,659 | 734,973 | ||||||||||||||||||||||||
OTHER INCOME | ||||||||||||||||||||||||||||||||
Income earned on cash and marketable securities held in Trust Account | 4,138,987 | 386,214 | 7,906,500 | 445,270 | ||||||||||||||||||||||||||||
Income earned on marketable securities held in Trust Account | 4,707,416 | 1,624,641 | 12,613,916 | 2,069,911 | ||||||||||||||||||||||||||||
Change in fair value of derivative warrant liabilities | 1,827,885 | 2,979,700 | 1,043,385 | 8,765,000 | (523,000 | ) | 1,618,685 | 520,385 | 10,383,685 | |||||||||||||||||||||||
TOTAL OTHER INCOME | 5,966,872 | 3,365,914 | 8,949,885 | 9,210,270 | 4,184,416 | 3,243,326 | 13,134,301 | 12,453,596 | ||||||||||||||||||||||||
Net income | $ | 5,785,375 | $ | 2,972,056 | $ | 8,586,458 | $ | 8,629,540 | $ | 3,929,184 | $ | 3,089,083 | $ | 12,515,642 | $ | 11,718,623 | ||||||||||||||||
Weighted average number of Class A ordinary shares outstanding, basic and diluted | 34,500,000 | 34,500,000 | 34,500,000 | 34,500,000 | 34,500,000 | 34,500,000 | 34,500,000 | 34,500,000 | ||||||||||||||||||||||||
Basic and diluted net income per Class A ordinary share | $ | 0.16 | $ | 0.07 | $ | 0.24 | $ | 0.20 | $ | 0.12 | $ | 0.08 | $ | 0.36 | $ | 0.28 | ||||||||||||||||
Weighted average number of Class B ordinary shares outstanding, basic and diluted | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | ||||||||||||||||||||||||
Basic and diluted net income per Class B ordinary share | $ | 0.04 | $ | 0.06 | $ | 0.02 | $ | 0.19 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per Class B ordinary share | $ | (0.02 | ) | $ | 0.03 | $ | (0.00 | ) | $ | 0.22 |
Class B Ordinary Shares | Additional Paid-In | Accumulated | Shareholders’ | Class B Ordinary Shares | Additional Paid-In | Accumulated | Shareholders’ | |||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | Shares | Amount | Capital | Deficit | Deficit | |||||||||||||||||||||||||||||||
Balance as of January 1, 2023 | 8,625,000 | $ | 863 | $ | - | $ | (14,210,020 | ) | $ | (14,209,157 | ) | 8,625,000 | $ | 863 | $ | - | $ | (14,210,020 | ) | $ | (14,209,157 | ) | ||||||||||||||||||
Accretion of Class A ordinary shares to redemption value | - | - | - | (3,767,513 | ) | (3,767,513 | ) | - | - | - | (3,767,513 | ) | (3,767,513 | ) | ||||||||||||||||||||||||||
Net income | - | - | - | 2,801,083 | 2,801,083 | - | - | - | 2,801,083 | 2,801,083 | ||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | 8,625,000 | $ | 863 | $ | - | $ | (15,176,450 | ) | $ | (15,175,587 | ) | 8,625,000 | $ | 863 | $ | - | $ | (15,176,450 | ) | $ | (15,175,587 | ) | ||||||||||||||||||
Accretion of Class A ordinary shares to redemption value | - | - | - | (4,138,987 | ) | (4,138,987 | ) | - | - | - | (4,138,987 | ) | (4,138,987 | ) | ||||||||||||||||||||||||||
Net income | - | - | - | 5,785,375 | 5,785,375 | - | - | - | 5,785,375 | 5,785,375 | ||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | 8,625,000 | $ | 863 | $ | - | $ | (13,530,062 | ) | $ | (13,529,199 | ) | 8,625,000 | $ | 863 | $ | - | $ | (13,530,062 | ) | $ | (13,529,199 | ) | ||||||||||||||||||
Accretion of Class A ordinary shares to redemption value | - | - | - | (4,707,416 | ) | (4,707,416 | ) | |||||||||||||||||||||||||||||||||
Net income | - | - | - | 3,929,184 | 3,929,184 | |||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | 8,625,000 | $ | 863 | $ | - | $ | (14,308,294 | ) | $ | (14,307,431 | ) |
Class B Ordinary Shares | Additional Paid-In | Accumulated | Shareholders’ | Class B Ordinary Shares | Additional Paid-In | Accumulated | Shareholders’ | |||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | Shares | Amount | Capital | Deficit | Deficit | |||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | 8,625,000 | $ | 863 | $ | - | $ | (23,889,167 | ) | $ | (23,888,304 | ) | 8,625,000 | $ | 863 | $ | - | $ | (23,889,167 | ) | $ | (23,888,304 | ) | ||||||||||||||||||
Accretion of Class A ordinary shares to redemption value | - | - | - | (59,056 | ) | (59,056 | ) | - | - | - | (59,056 | ) | (59,056 | ) | ||||||||||||||||||||||||||
Net income | - | - | - | 5,657,484 | 5,657,484 | - | - | - | 5,657,484 | 5,657,484 | ||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 8,625,000 | $ | 863 | $ | - | $ | (18,290,739 | ) | $ | (18,289,876 | ) | 8,625,000 | $ | 863 | $ | - | $ | (18,290,739 | ) | $ | (18,289,876 | ) | ||||||||||||||||||
Accretion of Class A ordinary shares to redemption value | - | - | - | (386,214 | ) | (386,214 | ) | - | - | - | (386,214 | ) | (386,214 | ) | ||||||||||||||||||||||||||
Net income | - | - | - | 2,972,056 | 2,972,056 | - | - | - | 2,972,056 | 2,972,056 | ||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 8,625,000 | $ | 863 | $ | - | $ | (15,704,897 | ) | $ | (15,704,034 | ) | 8,625,000 | $ | 863 | $ | - | $ | (15,704,897 | ) | $ | (15,704,034 | ) | ||||||||||||||||||
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 | ) |
For the Six Months Ended | For the Nine Months Ended | |||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||
Net income | $ | 8,586,458 | $ | 8,629,540 | $ | 12,515,642 | $ | 11,718,623 | ||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||||
Accreted income on investment held in Trust Account | (7,906,500 | ) | (445,270 | ) | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Realized gains on investment held in Trust Account | (7,908,618 | ) | (2,069,911 | ) | ||||||||||||
Change in fair value of derivative warrant liabilities | (1,043,385 | ) | (8,765,000 | ) | (520,385 | ) | (10,383,685 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses | 81,167 | 9,879 | 168,928 | 175,715 | ||||||||||||
Other assets | - | 77,976 | ||||||||||||||
Accounts payable and accrued expenses | 17,564 | 350,859 | 159,987 | 226,774 | ||||||||||||
Net Cash Used In Operating Activities | (264,696 | ) | (142,016 | ) | ||||||||||||
Net Cash Provided By (Used In) Operating Activities | 4,415,554 | (332,484 | ) | |||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||
Proceeds from redemption of U.S. government treasury obligations | 1,775,224,853 | 345,280,102 | ||||||||||||||
Purchase of U.S. government treasury obligations | (1,417,150,014 | ) | (345,280,102 | ) | ||||||||||||
Net Cash Provided By Investing Activities | 358,074,839 | - | ||||||||||||||
Proceeds from redemption of securities held in Trust Account | 2,133,301,809 | 1,728,212,616 | ||||||||||||||
Purchase of securities held in Trust Account | (2,138,007,107 | ) | (1,728,212,616 | ) | ||||||||||||
Net Cash Used In Investing Activities | (4,705,298 | ) | — | |||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||
Proceeds from repayment of due from Sponsor | - | 100,000 | — | 100,000 | ||||||||||||
Proceeds from Sponsor advances | 60,000 | — | ||||||||||||||
Payment of offering costs | - | (164,143 | ) | — | (199,143 | ) | ||||||||||
Net Cash used in Financing Activities | - | (64,143 | ) | |||||||||||||
Net Cash Provided By (Used in) Financing Activities | 60,000 | (99,143 | ) | |||||||||||||
Net change in cash, cash equivalents and restricted cash | 357,810,143 | (206,159 | ) | |||||||||||||
Net change in cash and cash equivalents | (229,744 | ) | (431,627 | ) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 272,922 | 811,442 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 358,083,065 | $ | 605,283 | ||||||||||||
Cash, and cash equivalents at beginning of period | 272,922 | 811,442 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 43,178 | $ | 379,815 | ||||||||||||
Supplemental disclosure of non-cash financing activities: | ||||||||||||||||
Accretion of Class A ordinary shares to redemption value | $ | 7,906,500 | $ | 445,270 | $ | 12,613,916 | $ | 2,069,911 |
Gross proceeds, October 8, 2021 | $ | 345,000,000 | $ | 345,000,000 | ||||
Less: | ||||||||
Issuance costs allocated to Class A ordinary shares | (32,658,945 | ) | (32,658,945 | ) | ||||
Proceeds allocated to Public Warrants | (11,212,500 | ) | (11,212,500 | ) | ||||
(43,871,445 | ) | (43,871,445 | ) | |||||
Plus: | ||||||||
Remeasurement adjustment of carrying value to redemption value | 43,902,292 | 43,902,292 | ||||||
Balance, December 31, 2021 | $ | 345,030,847 | $ | 345,030,847 | ||||
Remeasurement adjustment of carrying value to redemption value | 5,137,492 | 5,137,492 | ||||||
Balance, December 31, 2022 | 350,168,339 | 350,168,339 | ||||||
Remeasurement adjustment of carrying value to redemption value | 7,906,500 | 12,613,916 | ||||||
Balance, June 30, 2023 | $ | 358,074,839 | ||||||
Balance, September 30, 2023 | $ | 362,782,255 |
For the Three Months Ended | ||||||||
June 30, 2023 | For the Three Months Ended September 30, 2023 | |||||||
Net income | $ | 5,785,375 | $ | 3,929,184 | ||||
Accretion of temporary equity to redemption value | (4,138,987 | ) | (4,707,416 | ) | ||||
Net income including accretion of temporary equity to redemption value | $ | 1,646,388 | ||||||
Net loss including accretion of temporary equity to redemption value | $ | (778,232 | ) |
For the Three Months Ended | For the Three Months Ended | |||||||||||||||
June 30, 2023 | September 30, 2023 | |||||||||||||||
Redeemable | Non-Redeemable | Redeemable | Non-Redeemable | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Basic and diluted net income (loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income including accretion of temporary equity | $ | 1,317,110 | $ | 329,278 | ||||||||||||
Allocation of net loss including accretion of temporary equity | $ | (622,586 | ) | $ | (155,646 | ) | ||||||||||
Allocation of accretion of temporary equity to Class A Ordinary shares | 4,138,987 | - | 4,707,416 | - | ||||||||||||
Allocation of net income (loss) | $ | 5,456,097 | $ | 329,278 | $ | 4,084,830 | $ | (155,646 | ) | |||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | ||||||||||||
Basic and diluted net income per ordinary share | $ | 0.16 | $ | 0.04 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.12 | $ | (0.02 | ) |
For the Three Months Ended | ||||||||
June 30, 2022 | For the Three Months Ended September 30, 2022 | |||||||
Net income | $ | 2,972,056 | $ | 3,089,083 | ||||
Accretion of temporary equity to redemption value | (386,214 | ) | (1,624,641 | ) | ||||
Net income including accretion of temporary equity to redemption value | $ | 2,585,842 | $ | 1,464,442 |
For the Three Months Ended | For the Three Months Ended | |||||||||||||||
June 30, 2022 | September 30, 2022 | |||||||||||||||
Redeemable | Non-Redeemable | Redeemable | Non-Redeemable | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income including accretion of temporary equity | $ | 2,068,674 | $ | 517,168 | $ | 1,171,553 | $ | 292,889 | ||||||||
Allocation of accretion of temporary equity to Class A Ordinary shares | 386,214 | - | 1,624,641 | - | ||||||||||||
Allocation of net income | $ | 2,454,888 | $ | 517,168 | $ | 2,796,194 | $ | 292,889 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | ||||||||||||
Basic and diluted net income per ordinary share | $ | 0.07 | $ | 0.06 | $ | 0.08 | $ | 0.03 |
For the Six Months Ended | ||||||||
June 30, 2023 | For the Nine Months Ended September 30, 2023 | |||||||
Net income | $ | 8,586,458 | $ | 12,515,642 | ||||
Accretion of temporary equity to redemption value | (7,906,500 | ) | (12,613,916 | ) | ||||
Net income including accretion of temporary equity to redemption value | $ | 679,958 | $ | (98,274 | ) |
For the Six Months Ended | For the Nine Months Ended | |||||||||||||||
June 30, 2023 | September 30, 2023 | |||||||||||||||
Redeemable | Non-Redeemable | Redeemable | Non-Redeemable | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Basic and diluted net income (loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income including accretion of temporary equity | $ | 543,966 | $ | 135,992 | ||||||||||||
Allocation of net loss including accretion of temporary equity | $ | (78,619 | ) | $ | (19,655 | ) | ||||||||||
Allocation of accretion of temporary equity to Class A Ordinary shares | 7,906,500 | - | 12,613,916 | - | ||||||||||||
Allocation of net income (loss) | $ | 8,450,466 | $ | 135,992 | $ | 12,535,297 | $ | (19,655 | ) | |||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | ||||||||||||
Basic and diluted net income per ordinary share | $ | 0.24 | $ | 0.02 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.36 | $ | (0.00 | ) |
For the Six Months Ended | ||||||||
June 30, 2022 | ||||||||
For the Nine Months Ended September 30, 2022 | ||||||||
Net income | $ | 8,629,540 | $ | 11,718,623 | ||||
Accretion of temporary equity to redemption value | (445,270 | ) | (2,069,911 | ) | ||||
Net income including accretion of temporary equity to redemption value | $ | 8,184,270 | $ | 9,648,712 |
For the Six Months Ended | For the Nine Months Ended | |||||||||||||||
June 30, 2022 | September 30, 2022 | |||||||||||||||
Redeemable | Non-Redeemable | Redeemable | Non-Redeemable | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income including accretion of temporary equity | $ | 6,547,416 | $ | 1,636,854 | $ | 7,718,969 | $ | 1,929,743 | ||||||||
Allocation of accretion of temporary equity to Class A Ordinary shares | 445,270 | - | 2,069,911 | - | ||||||||||||
Allocation of net income | $ | 6,992,686 | $ | 1,636,854 | $ | 9,788,880 | $ | 1,929,743 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | ||||||||||||
Basic and diluted net income per ordinary share | $ | 0.20 | $ | 0.19 | $ | 0.28 | $ | 0.22 |
• | 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 | June 30, 2023 | December 31, 2022 | Level | September 30, 2023 | December 31, 2022 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and Marketable Securities held in Trust Account | 1 | $ | 358,074,839 | $ | 350,168,339 | |||||||||||||||||||
Marketable Securities held in Trust Account | 1 | $ | 362,782,255 | $ | 350,168,339 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative warrant liabilities – Private Placement Warrants | 2 | $ | 445,890 | $ | 801,000 | 2 | $ | 623,890 | $ | 801,000 | ||||||||||||||
Derivative warrant liabilities – Public Warrants | 1 | 864,225 | 1,552,500 | 1 | 1,209,225 | 1,552,500 | ||||||||||||||||||
$ | 1,310,115 | $ | 2,353,500 | $ | 1,833,115 | $ | 2,353,500 |
Private Placement Warrants | Public Warrants | Total | Private Placement Warrants | Public Warrants | Total | |||||||||||||||||||
Fair value at December 31, 2022 | $ | 801,000 | $ | 1,552,500 | $ | 2,353,500 | $ | 801,000 | $ | 1,552,500 | $ | 2,353,500 | ||||||||||||
Change in fair value | (355,110 | ) | (688,275 | ) | (1,043,385 | ) | (177,110 | ) | (343,275 | ) | (520,385 | ) | ||||||||||||
Fair value at June 30, 2023 | $ | 445,890 | $ | 864,225 | $ | 1,310,115 | ||||||||||||||||||
Fair value at September 30, 2023 | $ | 623,890 | $ | 1,209,225 | $ | 1,833,115 |
Private Placement Warrants | Public Warrants | Total | Private Placement Warrants | Public Warrants | Total | |||||||||||||||||||
Fair value at December 31, 2021 | $ | 4,324,000 | $ | 8,625,000 | $ | 12,949,000 | $ | 4,324,000 | $ | 8,625,000 | $ | 12,949,000 | ||||||||||||
Change in fair value | (2,900,000 | ) | (5,865,000 | ) | (8,765,000 | ) | (3,450,910 | ) | (6,932,775 | ) | (10,383,685 | ) | ||||||||||||
Fair value at June 30, 2022 | $ | 1,424,000 | $ | 2,760,000 | $ | 4,184,000 | ||||||||||||||||||
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: | By: | /s/ Pär Lindström |
Name: Pär Lindström | ||
Title: Chief Financial Officer |