☒ | 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 |
Delaware | 001-39948 | 85-3310839 | ||
(State or other jurisdiction of | (Commission File Number) | (IRS Employer Identification No.) |
515 North Flagler Drive, Suite 520 West Palm Beach, FL | 33401 | |
(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 common share, $0.0001 par value, and one-third of one redeemable warrant | TLGA.U | NYSE | ||
Class A common shares included as part of the units | TLGA | NYSE | ||
Redeemable warrants included as part of the units | TLGA WS | NYSE |
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. | ||||||||
Item 3. | 26 | |||||||
Item 4. | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | 27 | |||||||
Item 4. | ||||||||
Item | ||||||||
Item | ||||||||
Item 1. | Condensed Financial Statements |
March 31, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash | $ | 258,437 | $ | 500 | ||||
Prepaid expenses | 785,836 | — | ||||||
Total current assets | 1,044,273 | 500 | ||||||
Investments held in Trust Account | 400,003,874 | — | ||||||
Deferred offering costs | — | 318,261 | ||||||
Total Assets | $ | 401,048,147 | $ | 318,761 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 18,000 | $ | 750 | ||||
Accrued expenses | 106,250 | 157,261 | ||||||
Note payable - related party | — | 138,142 | ||||||
Franchise tax payable | 49,207 | 937 | ||||||
Total current liabilities | 173,457 | 297,090 | ||||||
Derivative warrant liabilities | 21,666,670 | — | ||||||
Deferred underwriting commissions | 14,000,000 | — | ||||||
Total Liabilities | 35,840,127 | 297,090 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock, $0.0001 par value; 36,020,801 and -0- | 360,208,010 | — | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding as of March 31, 2021 and December 31, 2020 | 0— | — | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 3,979,199 and -0- shares issued and outstanding (excluding36,020,801 shares subject to possible redemption) as of March 31, 2021 and December 31, 2020, respectively | 398 | — | ||||||
Class F common stock, $0.0001 par value; 20,000,000 shares authorized; 10,000,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020 | 1,000 | 1,000 | ||||||
Additional paid-in capital | — | 24,000 | ||||||
Retained earnings (accumulated deficit) | 4,998,612 | (3,329 | ) | |||||
Total stockholders’ equity | 5,000,010 | 21,671 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 401,048,147 | $ | 318,761 | ||||
September 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 37,618 | $ | 500 | ||||
Prepaid expenses | 365,391 | — | ||||||
Total current assets | 403,009 | 500 | ||||||
Investments held in Trust Account | 400,016,098 | — | ||||||
Deferred offering costs | — | 318,261 | ||||||
Total Assets | $ | 400,419,107 | $ | 318,761 | ||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit): | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 270,064 | $ | 750 | ||||
Accrued expenses | 1,760,330 | 157,261 | ||||||
Working Capital Loan - related party | 570,000 | — | ||||||
Franchise tax payable | 148,385 | 937 | ||||||
Note Payable - related party | — | 138,142 | ||||||
Total current liabilities | 2,748,779 | 297,090 | ||||||
Derivative warrant liabilities | 13,733,330 | — | ||||||
Deferred underwriting commissions | 14,000,000 | — | ||||||
Total Liabilities | 30,482,109 | 297,090 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock subject to possible redemption, $0.0001 par value; 40,000,000 and-0- shares at redemption value of share as of September 30, 2021 and December 31, 2020, respectively | 400,000,000 | — | ||||||
Stockholders’ Equity (Deficit): | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding as of September 30, 2021 and December 31, 2020 | 0— | — | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 0 non-redeemable shares issued or outstanding as of September 30, 2021 and December 31, 2020, respectively | 0 | — | ||||||
Class F common stock, $0.0001 par value; 20,000,000 shares authorized; 10,000,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 1,000 | 1,000 | ||||||
Additional paid-in capital | — | 24,000 | ||||||
Accumulated deficit | (30,064,002 | ) | (3,329 | ) | ||||
Total stockholders’ equity (deficit) | (30,063,002 | ) | 21,671 | |||||
Total Liabilities and Stockholders’ Equity (Deficit) | $ | 400,419,107 | $ | 318,761 | ||||
General and administrative expenses | $ | 273,069 | ||
General and administrative expenses - related party | 14,000 | |||
Franchise tax expense | 97,996 | |||
Loss from operations | (385,065 | ) | ||
Offering costs allocated to derivative warrant liabilities | (1,413,340 | ) | ||
Change in fair value of derivative warrant liabilities | 12,866,660 | |||
Income from investments held in Trust Account | 3,874 | |||
Earnings before income taxes | 11,072,129 | |||
Income tax expense | 0 | |||
Net income | $ | 11,072,129 | ||
Weighted average shares outstanding of Class A common stock | 40,000,000 | |||
Basic and diluted net income per share, Class A common stock | $ | 0.00 | ||
Weighted average shares outstanding of Class F common stock | 10,000,000 | |||
Basic and diluted net income per share, Class F common stock | $ | 1.11 | ||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||
General and administrative expenses | $ | 161,058 | $ | 3,337,532 | ||||
General and administrative expenses - related party | 22,000 | 57,000 | ||||||
Franchise tax expenses | 59,808 | 207,119 | ||||||
Loss from operations | (242,866 | ) | (3,601,651 | ) | ||||
Offering costs associated with derivative warrant liabilities | 0 | (1,413,340 | ) | |||||
Change in fair value of derivative warrant liabilities | 4,933,340 | 20,800,000 | ||||||
Income from investments held in Trust Account | 6,145 | 16,098 | ||||||
Earnings before income taxes | 4,696,619 | 15,801,107 | ||||||
Income tax expense | 0 | 0 | ||||||
Net income | $ | 4,696,619 | $ | 15,801,107 | ||||
Weighted average shares outstanding of Class A common stock | 40,000,000 | 35,457,875 | ||||||
Basic and diluted net income per share, Class A common stock | $ | 0.09 | $ | 0.35 | ||||
Weighted average shares outstanding of Class F common stock | 10,000,000 | 9,858,059 | ||||||
Basic and diluted net income per share, Class F common stock | $ | 0.09 | $ | 0.35 | ||||
Retained | ||||||||||||||||||||||||||||
Common Stock | Earnings / | Total | ||||||||||||||||||||||||||
Class A | Class F | Additional Paid-In | (Accumulated | Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit) | Equity | ||||||||||||||||||||||
Balance -– January 1, 2021 | — | $ | — | 10,000,000 | $ | 1,000 | $ | 24,000 | $ | (3,329 | ) | $ | 21,671 | |||||||||||||||
Sale of units in initial public offering, less fair value of Public Warrants, | 40,000,000 | 4,000 | — | — | 375,462,670 | — | 375,466,670 | |||||||||||||||||||||
Offering costs | — | — | — | — | (21,352,450 | ) | — | (21,352,450 | ) | |||||||||||||||||||
Common stock subject to possible redemption | (36,020,801 | ) | (3,602 | ) | — | — | (354,134,220 | ) | (6,070,188 | ) | (360,208,010 | ) | ||||||||||||||||
Net income | — | — | — | — | — | 11,072,129 | 11,072,129 | |||||||||||||||||||||
Balance - March 31, 2021 (unaudited) | 3,979,199 | $ | 398 | 10,000,000 | $ | 1,000 | $ | — | $ | 4,998,612 | $ | 5,000,010 | ||||||||||||||||
Common Stock | Total | |||||||||||||||||||||||||||
Class A | Class F | Additional Paid-In | Accumulated | Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance - January 1, 2021, as restated | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 24,000 | $ | (3,329 | ) | $ | 21,671 | |||||||||||||||
Accretion of Class A common stock subject to possible redemption amount | — | — | — | — | (24,000 | ) | (45,861,780 | ) | (45,885,780 | ) | ||||||||||||||||||
Net income | — | — | — | — | — | 11,072,129 | 11,072,129 | |||||||||||||||||||||
Balance - March 31, 2021 (unaudited), a s restated | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (34,792,980 | ) | $ | (34,791,980 | ) | ||||||||||||||
Net income | — | — | — | — | — | 32,359 | 32,359 | |||||||||||||||||||||
Balance - June 30, 2021 (unaudited), as restated | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (34,760,621 | ) | $ | (34,759,621 | ) | ||||||||||||||
Net income | — | — | — | — | — | 4,696,619 | 4,696,619 | |||||||||||||||||||||
Balance - September 30, 2021 (unaudited) | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (30,064,002 | ) | $ | (30,063,002 | ) | ||||||||||||||
Cash Flows from Operating Activities: | ||||
Net income | $ | 11,072,129 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
General and administrative expenses paid by related party under note payable | 1,530 | |||
Offering costs allocated to derivative warrant liabilities | 1,413,340 | |||
Change in fair value of derivative warrant liabilities | (12,866,660 | ) | ||
Income from investments held in Trust Account | (3,874 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (785,836 | ) | ||
Accounts payable | 18,000 | |||
Accrued expenses | 21,250 | |||
Franchise tax payable | 48,270 | |||
Net cash used in operating activities | (1,081,851 | ) | ||
Cash Flows from Investing Activities | ||||
Cash deposited in Trust Account | (400,000,000 | ) | ||
Net cash used in investing activities | (400,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Repayment of note payable to related party | (192,312 | ) | ||
Proceeds received from initial public offering, gross | 400,000,000 | |||
Proceeds received from private placement | 10,000,000 | |||
Offering costs paid | (8,467,900 | ) | ||
Net cash provided by financing activities | 401,339,788 | |||
Net change in cash | 257,937 | |||
Cash - beginning of the period | 500 | |||
Cash - end of the period | $ | 258,437 | ||
Supplemental disclosure of noncash activities: | ||||
Deferred offering costs included in accrued expenses | $ | 85,000 | ||
Deferred offering costs paid by related party under promissory note | $ | 51,890 | ||
Accounts payable paid through promissory note | $ | 750 | ||
Deferred underwriting commissions in connection with the initial public offering | $ | 14,000,000 | ||
Initial value of common stock subject to possible redemption | $ | 343,866,050 | ||
Change in value of Class A common shares subject to possible redemption | $ | (16,341,960 | ) |
Cash Flows from Operating Activities: | ||||
Net income | $ | 15,801,107 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
General and administrative expenses paid by related party under note payable | 1,530 | |||
Offering costs allocated to derivative warrant liabilities | 1,413,340 | |||
Change in fair value of derivative warrant liabilities | (20,800,000 | ) | ||
Income from investments held in Trust Account | (16,098 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (365,391 | ) | ||
Accounts payable | 270,064 | |||
Accrued expenses | 1,675,330 | |||
Franchise tax payable | 147,448 | |||
Net cash used in operating activities | (1,872,670 | ) | ||
Cash Flows from Investing Activities | ||||
Cash deposited in Trust Account | (400,000,000 | ) | ||
Net cash used in investing activities | (400,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Repayment of note payable to related party | (192,312 | ) | ||
Proceeds received from initial public offering, gross | 400,000,000 | |||
Proceeds received from private placement | 10,000,000 | |||
Working Capital Loan - related party | 570,000 | |||
Offering costs paid | (8,467,900 | ) | ||
Net cash provided by financing activities | 401,909,788 | |||
Net change in cash | 37,118 | |||
Cash - beginning of the period | 500 | |||
Cash - end of the period | $ | 37,618 | ||
Supplemental disclosure of noncash activities: | ||||
Deferred offering costs included in accrued expenses | $ | 85,000 | ||
Deferred offering costs paid by related party under promissory note | $ | 51,890 | ||
Accounts payable paid through promissory note | $ | 750 | ||
Deferred underwriting commissions in connection with the initial public offering | $ | 14,000,000 |
As of March 31, 2021 | As Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 401,048,147 | $ | 401,048,147 | ||||||||
Total liabilities | $ | 35,840,127 | $ | 35,840,127 | ||||||||
Class A common stock subject to possible redemption | 360,208,010 | 39,791,990 | 400,000,000 | |||||||||
Preferred stock | 0 | 0 | 0 | |||||||||
Class A common stock | 398 | (398 | ) | 0 | ||||||||
Class F common stock | 1,000 | 0 | 1,000 | |||||||||
Additional paid-in capital | 0 | 0 | 0 | |||||||||
Accumulated deficit | 4,998,612 | (39,791,592 | ) | (34,792,980 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,010 | $ | (39,791,990 | ) | $ | (34,791,980 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | $ | 401,048,147 | $ | 0 | $ | 401,048,147 | ||||||
As Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Initial value of Class A common stock subject to possible redemption | $ | 343,866,050 | $ | (343,866,050 | ) | $ | 0 | |||||
Change in value of Class A common stock subject to possible redemption | $ | (16,341,960 | ) | $ | 16,341,960 | $ | 0 |
As of June 30, 2021 | As Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 400,720,163 | $ | 400,720,163 | ||||||||
Total liabilities | $ | 35,479,784 | $ | 35,479,784 | ||||||||
Class A common stock subject to possible redemption | $ | 360,240,370 | $ | 39,759,630 | $ | 400,000,000 | ||||||
Preferred stock | 0 | 0 | 0 | |||||||||
Class A common stock | 398 | (398 | ) | 0 | ||||||||
Class F common stock | 1,000 | 0 | 1,000 | |||||||||
Additional paid-in capital | 0 | 0 | 0 | |||||||||
Retained earnings (accumulated deficit) | 4,998,611 | (39,759,232 | ) | (34,760,621 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,009 | $ | (39,759,630 | ) | $ | (34,759,621 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | $ | 400,720,163 | $ | 0 | $ | 400,720,163 | ||||||
As Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Initial value of Class A common stock subject to possible redemption | $ | 347,732,720 | $ | (347,732,720 | ) | $ | 0 | |||||
Change in value of Class A common stock subject to possible redemption | $ | 6,437,462 | $ | (6,437,462 | ) | $ | 0 |
Earnings Per Share for Class A common stock | ||||||||||||
As Reported | Adjustment | As Adjusted | ||||||||||
Form 10-Q (March 31, 2021) - For the three months ended March 31, 2021 | ||||||||||||
Net income | $ | 11,072,129 | $ | 0 | $ | 11,072,129 | ||||||
Weighted average shares outstanding | 40,000,000 | (13,777,778 | ) | 26,222,222 | ||||||||
Basic and diluted earnings per share | $ | 0.00 | $ | 0.31 | $ | 0.31 | ||||||
Form 10-Q (June 30, 2021) - Three months ended June 30, 2021 | ||||||||||||
Net income | $ | 32,359 | $ | 0 | $ | 32,359 | ||||||
Weighted average shares outstanding | 40,000,000 | 0 | 40,000,000 | |||||||||
Basic and diluted earnings per share | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
Form 10-Q (June 30, 2021) - For the six months ended June 30, 2021 | ||||||||||||
Net income | $ | 11,104,488 | $ | 0 | $ | 11,104,488 | ||||||
Weighted average shares outstanding | 40,000,000 | (6,850,829 | ) | 33,149,171 | ||||||||
Basic and diluted earnings per share | $ | 0.00 | $ | 0.26 | $ | 0.26 |
Earnings Per Share for Class F common stock | ||||||||||||
As Reported | Adjustment | As Adjusted | ||||||||||
Form 10-Q (March 31, 2021) - For the three months ended March 31, 2021 | ||||||||||||
Net Income | $ | 11,072,129 | $ | 0 | $ | 11,072,129 | ||||||
Weighted average shares outstanding | 10,000,000 | (430,556 | ) | 9,569,444 | ||||||||
Basic and diluted earnings per share | $ | (0.10 | ) | $ | 0.41 | $ | 0.31 | |||||
Form 10-Q (June 30, 2021) - Three months ended June 30, 2021 | ||||||||||||
Net income | $ | 32,359 | $ | 0 | $ | 32,359 | ||||||
Weighted average shares outstanding | 10,000,000 | 0 | 10,000,000 | |||||||||
Basic and diluted earnings per share | $ | 0.23 | $ | (0.23 | ) | $ | 0.00 | |||||
Form 10-Q (June 30, 2021) - For the six months ended June 30, 2021 | ||||||||||||
Net income | $ | 11,104,488 | $ | 0 | $ | 11,104,488 | ||||||
Weighted average shares outstanding | 9,785,912 | (0 | ) | 9,785,912 | ||||||||
Basic and diluted earnings per share | $ | 0.18 | $ | 0.08 | $ | 0.26 |
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||
Class A | Class F | Class A | Class F | |||||||||||||
Basic and diluted net income (loss) per common stock: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 3,757,295 | $ | 939,324 | $ | 12,363,724 | $ | 3,437,383 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average common stock outstanding | 40,000,000 | 10,000,000 | 35,457,875 | 9,858,059 | ||||||||||||
Basic and diluted net income (loss) per common stock | $ | 0.09 | $ | 0.09 | $ | 0.35 | $ | 0.35 | ||||||||
Gross proceeds from Initial Public Offering | $ | 400,000,000 | ||
Less: | ||||
Fair value of Public Warrants at issuance | (24,533,330 | ) | ||
Offering costs allocated to Class A common stock subject to possible redemption | (21,284,250 | ) | ||
Plus: | ||||
Accretion on Class A common stock subject to possible redemption amount | 45,817,580 | |||
Class A common stock subject to possible redemption | $ | 400,000,000 | ||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | 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 - Money market fund | $ | 400,003,874 | $ | — | $ | — | ||||||||||||||||||
Investments held in Trust Account—Money market fund | $ | 400,016,098 | $ | — | $ | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative warrant liabilities - Public warrants | $ | 7,600,000 | — | — | ||||||||||||||||||||
Derivative warrant liabilities - Private placement warrants | $ | — | $ | — | $ | 14,066,670 | ||||||||||||||||||
Derivative warrant liabilities—Public warrants | $ | 7,600,000 | — | — | ||||||||||||||||||||
Derivative warrant liabilities—Private placement warrants | $ | — | $ | — | $ | 6,133,330 | ||||||||||||||||||
Working Capital loan—related party | $ | — | $ | — | $ | 570,000 |
February 1, 2021 | March 31, 202 1 | September 30, 2021 | ||||||||||
Exercise price | $ | 11.50 | $ | 11.50 | $ | 11.50 | ||||||
Stock price | $ | 9.40 | $ | 9.68 | $ | 9.85 | ||||||
Term (yrs) | 5 | 5 | 5 | |||||||||
Volatility | 31.0 | % | 29.0 | % | 16.0 | % | ||||||
Risk-free rate | 0.69 | % | 0.92 | % | 0.55 | % |
Level 3 - Derivative warrant liabilities at December 31, 2020 | $ | 0 | ||
Issuance of Public and Private Warrants | 34,533,330 | |||
Transfer of Public Warrants to Level 1 | (24,533,330 | ) | ||
Change in fair value of derivative warrant liabilities | 4,066,670 | |||
Level 3 - Derivative warrant liabilities at March 31, 2021 | $ | 14,066,670 | ||
Derivative Warrant Liabilities | Working Capital Loans - Related Party | |||||||
Level 3—Derivative warrant liabilities at January 1, 2021 | $ | — | $ | — | ||||
Issuance of Public and Private Placement Warrants | 38,400,000 | — | ||||||
Transfer of Public Warrants to Level 1 | (24,533,330 | ) | — | |||||
Change in fair value of derivative warrant liabilities | 200,000 | — | ||||||
Level 3—Derivative warrant liabilities at March 31, 2021 | 14,066,670 | — | ||||||
Change in fair value of derivative warrant liabilities | (6,066,670 | ) | 0 | |||||
Issuance of working capital loan—related party | 0 | 100,000 | ||||||
Level 3—Derivative warrant liabilities and working capital loans- related party at June 30, 2021 | 8,000,000 | 100,000 | ||||||
Change in fair value of derivative warrant liabilities and working capital loan | (1,866,670 | ) | — | |||||
Issuance of working capital loan—related party | — | 470,000 | ||||||
Level 3—Derivative warrant liabilities and working capital loans- related party at September 30, 2021 | $ | 6,133,330 | $ | 570,000 | ||||
As of February 1 , 2021 | ||||||||||||
As Previously Reported | Restatement Adjustments | As Restated | ||||||||||
Balance Sheet | ||||||||||||
Total assets | $ | 402,379,699 | $ | 0 | $ | 402,379,699 | ||||||
Liabilities and stockholders’ equity | ||||||||||||
Total current liabilities | $ | 1,113,641 | $ | 0 | $ | 1,113,641 | ||||||
Deferred underwriting commissions | 14,000,000 | 0 | 14,000,000 | |||||||||
Derivative warrant liabilities | 0 | 34,533,330 | 34,533,330 | |||||||||
Total liabilities | 15,113,641 | 384,533,330 | 49,646,971 | |||||||||
Class A common stock, $0.0001 par value; shares subject to possible redemption | 382,266,050 | (38,400,000 | ) | 347,732,720 | ||||||||
Stockholders’ equity | ||||||||||||
Prefer r ed shares- $0.0001 par value | 0 | 0 | 0 | |||||||||
Class A common stock - $0.0001 par value | 177 | 346 | 523 | |||||||||
Class F common stock - $0.0001 par value | 1,000 | 0 | 1,000 | |||||||||
Additional paid-in-capital | 5,060,183 | 5,279,664 | 10,339,847 | |||||||||
Accumulated deficit | (61,352 | ) | (5,280,010 | ) | (5,341,362 | ) | ||||||
Total stockholders’ equity | 5,000,008 | 0 | 5,000,008 | |||||||||
Total liabilities and stockholders’ equity | $ | 402,379,699 | $ | 0 | $ | 402,379,699 | ||||||
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. |
* | 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. |
Dated: | TLG ACQUISITION ONE CORP. | |||||
By: | /s/ John Michael Lawrie | |||||
Name: | John Michael Lawrie | |||||
Title: | Chief Executive Officer (Principal Executive Officer) |