☒ | 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 | 001-39784 | 85-3046972 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File | (I.R.S. Employer Identification |
667 Madison Avenue, New York,New York | 10065 | |
(Address of principal executive offices) | (Zip Code) |
Title of Each Class: | Trading Symbol: | Name of Each Exchange on Which Registered: | ||
CAPS TM , each consisting of one share of Class A common stock andone-fourth of one redeemable warrant | PCPC.U | The New York Stock Exchange | ||
Class A common stock, par value $0.0001 per share | PCPC | The New York Stock Exchange | ||
Redeemable warrants, each whole warrant | PCPC WS | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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26 |
Item 1. | Condensed Financial Statements |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Assets: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 777,501 | $ | 1,336,674 | $ | 561,945 | $ | 1,336,674 | ||||||||
Prepaid expenses | 293,964 | 412,626 | 260,089 | 412,626 | ||||||||||||
Total current assets | 1,071,465 | 1,749,300 | 822,034 | 1,749,300 | ||||||||||||
Investments held in Trust Account | 414,013,681 | 414,001,166 | 414,029,696 | 414,001,166 | ||||||||||||
Total Assets | $ | 415,085,146 | $ | 415,750,466 | $ | 414,851,730 | $ | 415,750,466 | ||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||
Liabilities and Stockholders’ Deficit: | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 23,400 | $ | 76,800 | $ | 1,837 | $ | 76,800 | ||||||||
Accrued expenses | 80,500 | 186,500 | 55,000 | 186,500 | ||||||||||||
Franchise tax payable | 93,502 | 11,625 | 141,050 | 11,625 | ||||||||||||
Total current liabilities | 197,402 | 274,925 | 197,887 | 274,925 | ||||||||||||
Derivative warrant liabilities | 9,034,850 | 16,481,150 | 6,366,660 | 16,481,150 | ||||||||||||
Total Liabilities | 9,232,252 | 16,756,075 | 6,564,547 | 16,756,075 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||||
Class A common stock subject to possible redemption, $0.0001 par value; 16,560,000 shares at $25.00 per share as of September 30, 2021 and December 31, 2020 | 414,000,000 | 414,000,000 | ||||||||||||||
Stockholders’ Deficit: | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0— | — | ||||||||||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 245,600 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 25 | 25 | ||||||||||||||
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 120,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 12 | 12 | ||||||||||||||
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 83 | 83 | ||||||||||||||
Additional paid-in capital | 0 | 0 | ||||||||||||||
Accumulated deficit | (5,712,937 | ) | (15,005,729 | ) | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||||
Total stockholders’ deficit | (5,712,817 | ) | (15,005,609 | ) | ||||||||||||
Class A common stock, $0.0001 par value; 16,034,115 and 15,759,775 shares subject to possible redemption at $25.00 per share as of June 30, 2021 and December 31, 2020, respectively | 400,852,875 | 393,994,375 | ||||||||||||||
Total Liabilities and Stockholders’ Deficit | $ | 414,851,730 | $ | 415,750,466 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0— | — | ||||||||||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 771,485 and 1,045,825 shares issued and outstanding (excluding 16,034,115 and 15,759,775 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively | 77 | 105 | ||||||||||||||
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 120,000 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 12 | 12 | ||||||||||||||
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 83 | 83 | ||||||||||||||
Additional paid-in capital | 3,305,313 | 10,163,785 | ||||||||||||||
Retained earnings (accumulated deficit) | 1,694,534 | (5,163,969 | ) | |||||||||||||
Total stockholders’ equity | 5,000,019 | 5,000,016 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 415,085,146 | $ | 415,750,466 | ||||||||||||
For Months Ended June | For the Six Months Ended June 30, 2 | |||||||
General and administrative expenses | $ | 247,563 | $ | 379,150 | ||||
General and administrative expenses - related party | 60,000 | 123,030 | ||||||
Franchise tax expense | 49,315 | 98,132 | ||||||
Total operating expenses | 356,878 | 600,312 | ||||||
Other income | ||||||||
Change in fair value of derivative warrant liabilities | 42,020 | 7,446,300 | ||||||
Gain on investments held in Trust Account | 6,292 | 12,515 | ||||||
Net income (loss) | $ | (308,566 | ) | $ | 6,858,503 | |||
Weighted average shares outstanding of redeemable Class A common stock, basic and diluted | 16,560,000 | 16,560,000 | ||||||
Basic and diluted net loss per share, redeemable Class A common stock | $ | 0— | $ | 0— | ||||
Weighted average shares outstanding of non-redeemable Class A, Class B and Class F common stock, basic and diluted | 1,193,600 | 1,193,600 | ||||||
Basic and diluted net loss per share, non-redeemable Class A, Class B and Class F common stock | $ | (0.26 | ) | $ | 5.75 | |||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | For the Period from September 11, 2020 (Inception) Through September 30, 2020 | ||||||||||
General and administrative expenses | $ | 140,054 | $ | 519,203 | $ | 5,000 | ||||||
General and administrative expenses - related party | 60,000 | 183,030 | — | |||||||||
Franchise tax expense | 49,863 | 147,995 | — | |||||||||
Total operating expenses | (249,917 | ) | (850,228 | ) | (5,000 | ) | ||||||
Other income | ||||||||||||
Change in fair value of derivative warrant liabilities | 2,668,190 | 10,114,490 | — | |||||||||
Gain on investments held in Trust Account | 16,016 | 28,530 | — | |||||||||
Net income (loss) | $ | 2,434,289 | $ | 9,292,792 | $ | (5,000 | ) | |||||
Weighted average shares outstanding of Class A common stock, basic and diluted | 16,805,600 | 16,805,600 | — | |||||||||
Basic and diluted net income per share, Class A common stock | $ | 0.14 | $ | 0.52 | $ | — | ||||||
Weighted average shares outstanding of Class B common stock, basic and diluted | 120,000 | 120,000 | 120,000 | |||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.14 | $ | 0.52 | $ | (0.01 | ) | |||||
Weighted average shares outstanding of Class F common stock, basic and diluted | 828,000 | 828,000 | 828,000 | |||||||||
Basic and diluted net income (loss) per share, Class F common stock | $ | 0.14 | $ | 0.52 | $ | (0.01 | ) | |||||
Common Stock | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | ||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance - December 31, 2020 | 1,045,825 | $ | 105 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 10,163,785 | $ | (5,163,969 | ) | $ | 5,000,016 | ||||||||||||||||||||
Class A common stock subject to possible redemption | (286,683 | ) | (29 | ) | — | — | — | — | (7,167,046 | ) | — | (7,167,075 | ) | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 7,167,069 | 7,167,069 | |||||||||||||||||||||||||||
Balance - March 31, 2021 | 759,142 | 76 | 120,000 | 12 | 828,000 | 83 | 2,996,739 | 2,003,100 | 5,000,010 | |||||||||||||||||||||||||||
Class A common stock subject to possible redemption | 12,343 | 1 | — | — | — | — | 308,574 | — | 308,575 | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (308,566 | ) | (308,566 | ) | |||||||||||||||||||||||||
Balance - June 30, 2021 | 771,485 | $ | 77 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 3,305,313 | $ | 1,694,534 | $ | 5,000,019 | |||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Additional Paid- In Capital | Accumulated Deficit | |||||||||||||||||||||||||||||
Balance - December 31, 2020 | 245,600 | $ | 25 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 0 | $ | (15,005,729 | ) | $ | (15,005,609 | ) | |||||||||||||||||||
Net incom e | — | — | — | — | — | — | — | 7,167,069 | 7,167,069 | |||||||||||||||||||||||||||
Balance - March 31, 2021 (Unaudited), as restated, see Note 1 | 245,600 | 25 | 120,000 | 12 | 828,000 | 83 | 0 | (7,838,660 | ) | (7,838,540 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (308,566 | ) | (308,566 | ) | |||||||||||||||||||||||||
Balance - June 30, 2021 (Unaudited), as restated, see Note 1 | 245,600 | 25 | 120,000 | 12 | 828,000 | 83 | 0 | (8,147,226 | ) | (8,147,106 | ) | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 2,434,289 | 2,434,289 | |||||||||||||||||||||||||||
Balance - September 30, 2021 (Unaudited) | 245,600 | $ | 25 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 0 | $ | (5,712,937 | ) | $ | (5,712,817 | ) | |||||||||||||||||||
For The Period From September 11, 2020 (Inception) Through September 30, 2020 | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Additional Paid- In Capital | Accumulated Deficit | |||||||||||||||||||||||||||||
Balance - September 11, 2020 (inception) | 0— | $ | 0— | 0— | $ | 0— | 0— | $ | 0— | $ | 0— | $ | 0— | $ | 0— | |||||||||||||||||||||
Issuance of Class B common stock to Sponsor | — | — | 120,000 | 12 | — | — | 18,738 | — | 18,750 | |||||||||||||||||||||||||||
Issuance of Class F common stock to Sponsor | — | — | — | — | 690,000 | 69 | 6,181 | — | 6,250 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | (5,000 | ) | (5,000 | ) | |||||||||||||||||||||||||
Balance - September 30, 2020 (unaudited) | 0— | $ | 0— | 120,000 | $ | 12 | 690,000 | $ | 69 | $ | 24,919 | $ | (5,000 | ) | $ | 20,000 | ||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | For the Period From September 11, 2020 (Inception) Through September 30, 2020 | |||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net income | $ | 6,858,503 | ||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Net income (loss) | $ | 9,292,792 | $ | (5,000 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||
Change in fair value of derivative warrant liabilities | (7,446,300 | ) | (10,114,490 | ) | ||||||||
Gain on investments held in Trust Account | (12,515 | ) | (28,530 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid expenses | 118,662 | 152,537 | ||||||||||
Accounts payable | (53,400 | ) | (74,963 | ) | ||||||||
Accrued expenses | (106,000 | ) | (131,500 | ) | ||||||||
Franchise tax payable | 81,877 | 129,425 | ||||||||||
Net cash used in operating activities | (559,173 | ) | (774,729 | ) | — | |||||||
Net change in cash | (559,173 | ) | (774,729 | ) | — | |||||||
Cash - beginning of the period | 1,336,674 | 1,336,674 | — | |||||||||
Cash - end of the period | $ | 777,501 | $ | 561,945 | $ | — | ||||||
Supplemental disclosure of noncash activities: | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | (6,858,500 | ) | |||||||||
Def ffering costs paid in exchange for issuance of Class B common stock to Sponsorerred o | $ | 0— | $ | 18,750 | ||||||||
Deferred o ffering costs paid in exchange for issuance of Class F common stock to Sponsor | $ | 0— | $ | 6,250 | ||||||||
Deferred o ffering costs included in accrued expenses | $ | 0— | $ | 5,000 |
As of March 31, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 415,447,939 | $ | — | $ | 415,447,939 | ||||||
Total liabilities | $ | 9,286,479 | $ | — | $ | 9,286,479 | ||||||
Class A common stock subject to possible redemption | 401,161,450 | 12,838,550 | 414,000,000 | |||||||||
Preferred stock | 0— | 0— | 0— | |||||||||
Class A common stock | 76 | (51 | ) | 25 | ||||||||
Class B common stock | 12 | — | 12 | |||||||||
Class F common stock | 83 | — | 83 | |||||||||
Additional paid-in capital | 2,996,739 | (2,996,739 | ) | — | ||||||||
Retained earnings (accumulated deficit) | 2,003,100 | (9,841,760 | ) | (7,838,660 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,010 | $ | (12,838,550 | ) | $ | (7,838,540 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | $ | 415,447,939 | $ | — | $ | 415,447,939 | ||||||
For the Three Months Ended March 31, 2021 (unaudited) | ||||||||||||
As Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | (7,167,075 | ) | $ | 7,167,075 | $ | 0— |
As of June 30, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 415,085,146 | $ | — | $ | 415,085,146 | ||||||
Total liabilities | $ | 9,232,252 | $ | — | $ | 9,232,252 | ||||||
Class A common stock subject to possible redemption | 400,852,875 | 13,147,125 | 414,000,000 | |||||||||
Preferred stock | 0— | 0— | 0— | |||||||||
Class A common stock | 77 | (52 | ) | 25 | ||||||||
Class B common stock | 12 | — | 12 | |||||||||
Class F common stock | 83 | — | 83 | |||||||||
Additional paid-in capital | 3,305,313 | (3,305,313 | ) | 0 | ||||||||
Retained earnings (accumulated deficit) | 1,694,534 | (9,841,760 | ) | (8,147,226 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,019 | $ | (13,147,125 | ) | $ | (8,147,106 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | $ | 415,085,146 | $ | — | $ | 415,085,146 | ||||||
For the Six Months Ended June 30, 2021 (unaudited) | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | (6,858,500 | ) | $ | 6,858,500 | $ | 0— |
Earnings Per Share | ||||||||||||
As Reported (1) | Adjustment | As Restated | ||||||||||
For the three months ended March 31, 2021 (unaudited) | ||||||||||||
Net income | $ | 7,167,069 | $ | — | $ | 7,167,069 | ||||||
Class A common stock | ||||||||||||
Weighted average shares outstanding | — | 16,805,600 | 16,805,600 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.40 | $ | 0.40 | ||||||
Class B common stock | ||||||||||||
Weighted average shares outstanding | — | 120,000 | 120,000 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.40 | $ | 0.40 | ||||||
Class F common stock | ||||||||||||
Weighted average shares outstanding | — | 828,000 | 828,000 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.40 | $ | 0.40 | ||||||
Class A redeemable common stock | ||||||||||||
Weighted average shares outstanding | 16,560,000 | (16,560,000 | ) | — | ||||||||
Basic and diluted income per share | $ | — | $ | — | $ | — | ||||||
Class A non-redeemable, Class B, and Class F common stock | ||||||||||||
Weighted average shares outstanding | 1,193,600 | (1,193,600 | ) | — | ||||||||
Basic and diluted income per share | $ | 6.00 | $ | (6.00 | ) | $ | — |
Earnings Per Share | ||||||||||||
As Reported (1) | Adjustment | As Restated | ||||||||||
For the three months ended June 30, 2021 ( unaudite )d | ||||||||||||
Net loss | $ | (308,566 | ) | $ | — | $ | (308,566 | ) | ||||
Class A common stock | ||||||||||||
Weighted average shares outstanding | — | 16,805,600 | 16,805,600 | |||||||||
Basic and diluted los s per share | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Class B common stock | ||||||||||||
Weighted average shares outstanding | — | 120,000 | 120,000 | |||||||||
Basic and diluted los s per share | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Class F common stock | ||||||||||||
Weighted average shares outstanding | — | 828,000 | 828,000 | |||||||||
Basic and diluted l os s per share | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Class A redeemable common stock | ||||||||||||
Weighted average shares outstanding | 16,560,000 | (16,560,000 | ) | — | ||||||||
Basic and diluted los s per share | $ | — | $ | — | $ | — | ||||||
Class A non-redeemable, Class B, and Class F common stock | ||||||||||||
Weighted average shares outstanding | 1,193,600 | (1,193,600 | ) | — | ||||||||
Basic and diluted los s per share | $ | (0.26 | ) | $ | 0.26 | $ | — |
Earnings Per Share | ||||||||||||
As Reported (1) | Adjustment | As Restated | ||||||||||
For the six months ended June 30, 2021 (unaudited) | ||||||||||||
Net income | $ | 6,858,503 | $ | — | $ | 6,858,503 | ||||||
Class A common stock | ||||||||||||
Weighted average shares outstanding | — | 16,805,600 | 16,805,600 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.39 | $ | 0.39 | ||||||
Class B common stock | ||||||||||||
Weighted average shares outstanding | — | 120,000 | 120,000 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.39 | $ | 0.39 | ||||||
Class F common stock | ||||||||||||
Weighted average shares outstanding | — | 828,000 | 828,000 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.39 | $ | 0.39 | ||||||
Class A redeemable common stock | ||||||||||||
Weighted average shares outstanding | 16,560,000 | (16,560,000 | ) | — | ||||||||
Basic and diluted income per share | $ | — | $ | — | $ | — | ||||||
Class A non-redeemable, Class B, and Class F common stock | ||||||||||||
Weighted average shares outstanding | 1,193,600 | (1,193,600 | ) | — | ||||||||
Basic and diluted income per share | $ | 5.75 | $ | (5.75 | ) | $ | — |
( 1 ) | In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company revised its earnings per share calculation to allocate income and losses shared pro rata between all classes of shares. This presentation differs from the previously presented method of earnings per share, which was similar to the two-class method. |
For the Three Months Ended June 30, 2021 | For the Six Months Ended June 30, 2021 | |||||||
Redeemable Class A common stock | ||||||||
Numerator: Income allocable to redeemable Class A common stock | ||||||||
Income from investments held in Trust Account | $ | 6,292 | $ | 12,515 | ||||
Less: Company’s portion available to be withdrawn to pay taxes | (6,292 | ) | (12,515 | ) | ||||
Net income attributable | $ | 0 | $ | 0 | ||||
Denominator: Weighted average redeemable Class A common stock | ||||||||
Basic and diluted weighted average shares outstanding, redeemable Class A common stock | 16,560,000 | 16,560,000 | ||||||
Basic and diluted net income per share, redeemable Class A common stock | $ | 0 | $ | 0 | ||||
Non-redeemable Class A, Class B and Class F common stock | ||||||||
Numerator: Net income (loss) minus net income allocable to non-redeemable Class A, Class B and Class F common stock | ||||||||
Net income (loss) | $ | (308,566 | ) | $ | 6,858,503 | |||
Net income allocable to redeemable Class A common stock | 0 | 0 | ||||||
Net income (loss) attributable | $ | (308,566 | ) | $ | 6,858,503 | |||
Denominator: Weighted average non-redeemable Class A, Class B and Class F common stock | ||||||||
Basic and diluted weighted average shares outstanding, non-redeemable Class A, Class B and Class F common stock | 1,193,600 | 1,193,600 | ||||||
Basic and diluted net loss per share, non-redeemable Class A, Class B and Class F common stock | $ | (0.26 | ) | $ | 5.75 | |||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||
Basic and diluted net income per common share: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income | $ | 2,304,304 | $ | 16,454 | $ | 113,531 | $ | 8,796,579 | $ | 62,812 | $ | 433,401 | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average common shares outstanding | 16,805,600 | 120,000 | 828,000 | 16,805,600 | 120,000 | 828,000 | ||||||||||||||||||
Basic and diluted net income per common share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.52 | $ | 0.52 | $ | 0.52 | ||||||||||||
Gross proceeds | $ | 414,000,000 | ||
Less: | ||||
Fair value of Public Warrants at issuance | (11,509,200 | ) | ||
Offering costs allocated to Class A common stock subject to possible redemption | (4,323,061 | ) | ||
Plus: | ||||
Accretion on Class A common stock subject to possible redemption amount | 15,832,261 | |||
Class A common stock subject to possible redemption | $ | 414,000,000 | ||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Quoted Active Markets (Level 1) | Significant Other Observable (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments held in Trust Account | $ | 414,013,681 | $ | 0— | $ | 0— | $ | 414,029,696 | $ | 0— | $ | 0— | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative warrant liabilities—Public | $ | 8,901,000 | $ | 0— | ||||||||||||||||||||
Derivative warrant liabilities—Private | $ | 133,850 | ||||||||||||||||||||||
Derivative warrant liabilities - Public warrants | $ | 6,272,100 | $ | 0— | $ | 0— | ||||||||||||||||||
Derivative warrant liabilities - Private placement warrants | $ | 0— | $ | 0— | $ | 94,560 |
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 | $ | 414,001,166 | $ | 0— | $ | 0— | $ | 414,001,166 | $ | 0— | $ | 0— | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative warrant liabilities—Public | $ | 0— | $ | 0— | $ | 16,228,800 | ||||||||||||||||||
Derivative warrant liabilities—Private | 252,350 | |||||||||||||||||||||||
Derivative warrant liabilities - Public warrants | $ | 0— | $ | 0— | $ | 16,228,800 | ||||||||||||||||||
Derivative warrant liabilities - Private placement warrants | $ | 0— | $ | 0— | $ | 252,350 |
As of June 30, 2021 | As of December 31, 2020 | As of September 30, 2021 | ||||||||||
Exercise price | $ | 28.75 | $ | 28.75 | $ | 28.75 | ||||||
Unit price | $ | 24.51 | $ | 25.13 | $ | 24.35 | ||||||
Volatility | 15.08 | % | 23.00 | % | 12.16 | % | ||||||
Expected life of the options to convert | 5.00 | 5.00 | 5.00 | |||||||||
Risk-free rate | 0.87 | % | 0.59 | % | 0.98 | % | ||||||
Dividend yield | 0.00 | % | 0.00 | % | 0.00 | % |
Derivative warrant liabilities at Level 3, December 31, 2020 | 16,481,150 | |||
Transfer out of Level 3, Public Warrants | (8,942,400 | ) | ||
Change in fair value of derivative warrant liabilities - Level 3 | (7,404,900 | ) | ||
Derivative warrant liabilities at Level 3, June 30, 2021 | $ | 133,850 |
Derivative warrant liabilities at December 31, 2020 | $ | 16,481,150 | ||
Transfer of Public Warrants to Level 1 | (8,942,400 | ) | ||
Change in fair value of derivative warrant liabilities | (7,404,280 | ) | ||
Derivative warrant liabilities at March 31, 2021 | 134,470 | |||
Change in fair value of derivative warrant liabilities | (620 | ) | ||
Derivative warrant liabilities at June 30, 2021 | 133,850 | |||
Change in fair value of derivative warrant liabilities | (39,290 | ) | ||
Derivative warrant liabilities at September 30, 2021 | $ | 94,560 | ||
* | Filed herewith. |
** | 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. |
PERIPHAS CAPITAL PARTNERING CORPORATION | ||||||||
By: | /s/ Sanjeev Mehra | |||||||
Name: | Sanjeev Mehra | |||||||
Title: | Chief Executive Officer | |||||||
(Principal Executive Officer) |
By: | /s/ John Bowman | |||||||
Name: | John Bowman | |||||||
Title: | Chief Financial Officer | |||||||
(Principal Financial and Accounting Officer) |