☒ | 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 | 98-1555920 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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 one redeemable warrant | FINMU | The Nasdaq Capital Markets | ||
Class A Ordinary Shares included as part of the units | FINM | The Nasdaq Capital Markets | ||
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 | FINMW | The Nasdaq Capital Markets |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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18 | ||||
21 | ||||
22 | ||||
Part II. Other Information | ||||
23 | ||||
23 | ||||
23 | ||||
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24 | ||||
25 |
June 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 425,128 | $ | — | ||||
Prepaid expenses | 594,001 | — | ||||||
Total Current Assets | 1,019,129 | — | ||||||
Deferred offering costs | — | 464,908 | ||||||
Investments held in Trust Account | 414,086,925 | — | ||||||
TOTAL ASSETS | $ | 415,106,054 | $ | 464,908 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 316,320 | $ | 0 | ||||
Accrued offering costs | 0 | 298,420 | ||||||
Promissory note – related party | 0 | 146,488 | ||||||
Total Current Liabilities | 316,320 | 444,908 | ||||||
Warrant liabilities | 24,370,933 | — | ||||||
Deferred underwriting fee payable | 14,490,000 | — | ||||||
Total Liabilities | 39,177,253 | 444,908 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption 37,092,880 and 0 shares at $10.00 per share redemption value as of June 30, 2021 and December 31, 2020, respectively | 370,928,800 | — | ||||||
Shareholders’ Equity | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0ne issued or outstanding | 0— | 0— | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 4,307,120 and 0 shares issued and outstanding (excluding 37,092,880 and no shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively | 431 | — | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 10,350,000 shares issued and outstanding as of June 30, 2021 and December 31, 2020 (1) | 1,035 | 1,035 | ||||||
Additional paid-in capital | 425,584 | 23,965 | ||||||
Retained earnings/(Accumulated deficit) | 4,572,951 | (5,000 | ) | |||||
Total Shareholders’ Equity | 5,000,001 | 20,000 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 415,106,054 | $ | 464,908 | ||||
March 31, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 5,290 | $ | 5,290 | ||||
Prepaid expenses | 564,393 | 604,540 | ||||||
Total Current Assets | 569,683 | 609,830 | ||||||
Cash and investments held in Trust Account | 414,338,419 | 414,167,667 | ||||||
TOTAL ASSETS | $ | 414,908,102 | $ | 414,777,497 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 680,611 | $ | 616,504 | ||||
Promissory note – related party | 466,952 | 254,148 | ||||||
Total Current Liabilities | 1,147,563 | 870,652 | ||||||
Warrant liabilities | 5,989,467 | 14,250,800 | ||||||
Deferred underwriting fee payable | 14,490,000 | 14,490,000 | ||||||
Total Liabilities | 21,627,030 | 29,611,452 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 41,400,000 shares subject to possible redemption at redemption value at March 31, 2022, and December 31, 2021 | 414,000,000 | 414,000,000 | ||||||
Shareholders’ Deficit | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0ne | 0— | 0— | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 10,350,000 shares issued and outstanding as of March 31, 2022, and December 31, 2021 | 1,035 | 1,035 | ||||||
Additional paid-in capital | 0— | — | ||||||
Accumulated deficit | (20,719,963 | ) | (28,834,990 | ) | ||||
Total Shareholders’ Deficit | (20,718,928 | ) | (28,833,955 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 414,908,102 | $ | 414,777,497 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2021 | |||||||
Operating and formation costs | $ | 44,527 | $ | 1,911,507 | ||||
Loss from operations | (44,527 | ) | (1,911,507 | ) | ||||
Other income (expense): | ||||||||
Change in fair value of warrant liabilities | (9,294,000 | ) | 6,402,533 | |||||
Interest earned on investments held in Trust Account | 70,027 | 86,925 | ||||||
Other income (expense), net | (9,223,973 | ) | 6,489,458 | |||||
Net (loss) income | $ | (9,268,500 | ) | $ | 4,577,951 | |||
Weighted average shares outstanding of Class A redeemable ordinary shares | 41,400,000 | 41,400,000 | ||||||
Basic and diluted income per share, Class A redeemable ordinary shares | $ | 0.00 | $ | 0.00 | ||||
Weighted average shares outstanding of Class B non-redeemable ordinary shares | 10,350,000 | 10,238,122 | ||||||
Basic and diluted net (loss) income per share, Class B non-redeemable ordinary shares | $ | (0.90 | ) | $ | 0.44 | |||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Operating and formation costs | $ | 317,058 | $ | 1,866,980 | ||||
Loss from operations | (317,058 | ) | (1,866,980 | ) | ||||
Other income: | ||||||||
Interest earned on investments held in Trust Account | 170,752 | 16,898 | ||||||
Change in fair value of warrant liabilities | 8,261,333 | 15,696,533 | ||||||
Total other income | 8,432,085 | 15,713,431 | ||||||
Net income | $ | 8,115,027 | $ | 13,846,451 | ||||
Weighted average shares outstanding, Class A Ordinary Shares | 41,400,000 | 14,785,714 | ||||||
Basic and diluted net income per share, Class A Ordinary Shares | $ | 0.16 | $ | 0.57 | ||||
Basic and diluted weighted average shares outstanding, Class B Ordinary Shares | 10,350,000 | 9,482,143 | ||||||
Basic and diluted net income per share, Class B Ordinary Shares | $ | 0.16 | $ | 0.57 | ||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings | Total Shareholders’ Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – January 1, 2021 | 0 | $ | 0 | 10,350,000 | $ | 1,035 | $ | 23,965 | $ | (5,000 | ) | $ | 20,000 | |||||||||||||||
Sale of 41,400,000 Units, net of warrant liabilities related to public warrants, underwriting discounts and offering expenses | 41,400,000 | 4,140 | — | — | 371,258,176 | — | 371,262,316 | |||||||||||||||||||||
Cash paid in excess of fair value of Private Placement Warrants | — | — | — | — | 68,534 | — | 68,534 | |||||||||||||||||||||
Class A ordinary shares subject to possible redemption | (38,019,730 | ) | (3,802 | ) | — | — | (371,350,675 | ) | (8,842,823 | ) | (380,197,300 | ) | ||||||||||||||||
Net income | — | — | — | — | — | 13,846,451 | 13,846,451 | |||||||||||||||||||||
Balance – March 31, 2021 (unaudited) | 3,380,270 | 338 | 10,350,000 | 1,035 | 0 | 4,998,628 | 5,000,001 | |||||||||||||||||||||
Change in value of Class A ordinary shares subject to possible redemption | 926,850 | 93 | — | — | 425,584 | 8,842,823 | 9,268,500 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (9,268,500 | ) | (9,268,500 | ) | |||||||||||||||||||
Balance – June 30, 2021 (unaudited) | 4,307,120 | $ | 431 | 10,350,000 | $ | 1,035 | $ | 425,584 | $ | 4,572,951 | $ | 5,000,001 | ||||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – January 1, 2022 | 0 | $ | 0 | 10,350,000 | $ | 1,035 | $ | 0 | $ | (28,834,990 | ) | $ | (28,833,955 | ) | ||||||||||||||
Net incom e | — | — | — | — | — | 8,115,027 | 8,115,027 | |||||||||||||||||||||
Balance – March 31, 2022 (unaudited) | 0 | $ | 0 | 10,350,000 | $ | 1,035 | $ | 0 | $ | (20,719,963 | ) | $ | (20,718,928 | ) | ||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Equity (Deficit) | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – January 1, 2021 | 0 | $ | 0 | 10,350,000 | $ | 1,035 | $ | 23,965 | $ | (5,000 | ) | $ | 20,000 | |||||||||||||||
Accretion for Class A Ordinary Shares subject to redemption | — | — | — | — | (92,499 | ) | (42,645,185 | ) | (42,737,684 | ) | ||||||||||||||||||
Sale of 6,853,333 Private Placement Warrant s | — | — | — | — | 68,534 | — | 68,534 | |||||||||||||||||||||
Net income | — | — | — | — | — | 13,846,451 | 13,846,451 | |||||||||||||||||||||
Balance – March 31, 2021 (unaudited) | 0 | $ | 0 | 10,350,000 | $ | 1,035 | $ | 0 | $ | (28,803,734 | ) | $ | (28,802,699 | ) | ||||||||||||||
Cash Flows from Operating Activities: | ||||
Net income | $ | 4,577,951 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest earned on investments held in Trust Account | (86,925 | ) | ||
Change in fair value of warrants | (6,402,533 | ) | ||
Transaction costs associated with the Initial Public Offering | 1,172,873 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (594,001 | ) | ||
Accounts payable and accrued expenses | 316,320 | |||
Net cash used in operating activities | (1,016,315 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash into Trust Account | (414,000,000 | ) | ||
Net cash used in investing activities | (414,000,000 | ) | ||
Cash Flows from Financing Activities | ||||
Proceeds from sale of Units, net of underwriting discounts paid | 405,720,000 | |||
Proceeds from sale of Private Placement Warrants | 10,280,000 | |||
Repayment of promissory note – related party | (146,488 | ) | ||
Payment of offering costs | (412,069 | ) | ||
Net cash provided by financing activities | 415,441,443 | |||
Net Change in Cash | 425,128 | |||
Cash – Beginning of period | 0 | |||
Cash – End of period | $ | 425,128 | ||
Non-Cash investing and financing activities: | ||||
Initial classification of Class A ordinary shares subject to possible redemption | $ | 365,177,970 | ||
Change in value of Class A ordinary shares subject to possible redemption | $ | 5,750,824 | ||
Deferred underwriting fee payable | $ | 14,490,000 | ||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 8,115,027 | $ | 13,846,451 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Change in fair value of warrant liabilities | (8,261,333 | ) | (15,696,533 | ) | ||||
Interest earned on investments held in Trust Account | (170,752 | ) | (16,898 | ) | ||||
Transaction costs allocated to warrants | 0 | 1,172,873 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 40,147 | (593,675 | ) | |||||
Accounts payable and accrued expenses | 64,107 | 174,794 | ||||||
Net cash used in operating activities | (212,804 | ) | (1,112,988 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash into trust Account | 0 | (414,000,000 | ) | |||||
Net cash used in investing activities | 0 | (414,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from sale of Units, net of underwriting discount paid | 0 | 405,720,000 | ||||||
Proceeds from sale of private placement Units | 0 | 10,280,000 | ||||||
Proceeds from promissory note—related party | 212,804 | 0 | ||||||
Repayment of promissory note – related party | 0 | (146,488 | ) | |||||
Payment of offering costs | 0 | (109,466 | ) | |||||
Net cash provided by financing activities | 212,804 | 415,744,046 | ||||||
Net Change in Cash | 0 | 631,058 | ||||||
Cash – Beginning of period | 5,290 | 0 | ||||||
Cash – End of period | $ | 5,290 | $ | 631,058 | ||||
Non-Cash investing and financing activities: | ||||||||
Offering costs included in accrued offering costs | $ | 0 | $ | 4,183 | ||||
Accretion for Class A ordinary shares subject to redemption | $ | 0 | $ | 414,000,000 | ||||
Deferred underwriting fee payable | $ | — | $ | 14,490,000 | ||||
Gross proceeds | $ | 414,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (20,562,000 | ) | ||
Class A ordinary shares issuance costs | (22,175,684 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 42,737,684 | |||
Class A ordinary shares subject to possible redemption | $ | 414,000,000 | ||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2021 | 2021 | |||||||||||
Redeemable Class A Ordinary Shares | ||||||||||||
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares | ||||||||||||
Interest Income | $ | 70,027 | $ | 86,925 | ||||||||
Redeemable Net Income | $ | 70,027 | $ | 86,925 | ||||||||
Denominator: Weighted Average Redeemable Class A Ordinary Shares | ||||||||||||
Redeemable Class A Ordinary Shares, Basic and Diluted | 41,400,000 | 41,400,000 | ||||||||||
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares | $ | 0.00 | $ | 0.00 | ||||||||
Non-Redeemable B Ordinary Shares | ||||||||||||
Numerator: Net Income (Loss) minus Redeemable Net Earnings | ||||||||||||
Net Income (Loss) | $ | (9,268,500 | ) | $ | 4,577,951 | |||||||
Redeemable Net Income | (70,027 | ) | (86,925 | ) | ||||||||
Non-Redeemable Net Income (Loss) | $ | (9,338,527 | ) | $ | 4,491,026 | |||||||
Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares | ||||||||||||
Non-Redeemable Class B Ordinary Shares, Basic and Diluted | 10,350,000 | 10,238,122 | ||||||||||
Income (Loss)/Basic and Diluted Non-Redeemable Class B Ordinary Shares | $ | (0.90 | ) | $ | 0.44 | |||||||
Three Months Ended March 31, | ||||||||||||||||
2022 | 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per ordinary share | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income, as adjusted | $ | 6,492,022 | $ | 1,623,005 | $ | 8,436,248 | $ | 5,410,203 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 41,400,000 | 10,350,000 | 14,785,714 | 9,482,143 | ||||||||||||
Basic and diluted net income per ordinary share | $ | 0.16 | $ | 0.16 | $ | 0.57 | $ | 0.57 |
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. |
Held-To-Maturity | Level | Amortized Cost | Gross Holding Loss | Fair Value | ||||||||||||||
June 30, 2021 | U.S. Treasury Securities (Mature on 7/15/2021) | 1 | $ | 414,073,508 | $ | (5,790 | ) | $ | 414,067,718 | |||||||||
Held-To-Maturity | Level | Amortized Cost | Gross Holding Gain (Loss) | Fair Value | ||||||||||||
March 31, 2022 | U.S. Treasury Securities (Mature on 05/12/22) | 1 | $ | 414,334,193 | $ | 30,481 | $ | 414,364,674 | ||||||||
December 31, 2021 | U.S. Treasury Securities | 1 | $ | 414,167,019 | $ | 8,555 | $ | 414,175,574 | ||||||||
Description | Level | June 30, 2021 | ||||||
Liabilities: | ||||||||
Warrant Liabilities – Public Warrants | 1 | $ | 16,284,000 | |||||
Warrant Liabilities – Private Placement Warrants | 2 | $ | 8,086,933 |
Description | Level | March 31, 2022 | December 31, 2021 | |||||||||
Liabilities: | ||||||||||||
Warrant Liabilities – Public Warrants | 1 | 4,002,000 | 9,522,000 | |||||||||
Warrant Liabilities – Private Placement Warrants | 2 | 1,987,467 | 4,728,800 |
June 30, 2021 | ||||
Stock Price | $ | 9.68 | ||
Exercise Price | $ | 11.50 | ||
Volatility | 18.40 | % | ||
Term (years) | 0.54 | |||
Dividend Yield | 0.00 | % | ||
Risk Free Rate | 0.96 | % |
Private Placement | Public | Warrant Liabilities | Private Placement | Public | Warrant Liabilities | |||||||||||||||||||
Fair value as of January 1, 2021 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Initial measurement on January 15, 2021 | 10,211,466 | 20,562,000 | 30,773,466 | |||||||||||||||||||||
Change in fair value | (5,808,533 | ) | (10,488,000 | ) | (15,696,533 | ) | ||||||||||||||||||
Initial measurement on January 15th, 2021 | 10,211,466 | 20,562,000 | 30,773,466 | |||||||||||||||||||||
Change in valuation inputs or other assumptions | (5,808,533 | ) | (10,488,000 | ) | (15,696,533 | ) | ||||||||||||||||||
Transfer to Level 1 | 0 | (10,074,000 | ) | (10,074,000 | ) | 0 | (10,074,000 | ) | (10,074,000 | ) | ||||||||||||||
Transfer to Level 2 | (5,002,933 | ) | 0 | (5,002,933 | ) | (5,002,933 | ) | 0 | (5,002,933 | ) | ||||||||||||||
Fair value as of June 30, 2021 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
Fair value as of December 31, 2021 and March 31, 2022 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
Item 2. |
Item 3. |
ITEM 4. | CONTROLS AND PROCEDURES |
No. | Description of Exhibit | |
31.1* | 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 | |
31.2* | 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 | |
32.1* | 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 | |
32.2* | 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* | 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 Labels 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. |
MARLIN TECHNOLOGY CORPORATION | ||||||
Date: | By: | /s/ Nick Kaiser | ||||
Name: | Nick Kaiser | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: | By: | /s/ Michael Nutting | ||||
Name: | Michael Nutting | |||||
Title: | Chief Financial Officer and Director | |||||
(Principal Financial and Accounting Officer) |