☒ | 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 | N/A | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Boundary Hall Cricket Square Grand Cayman Cayman Islands | ||
(Address of principal executive offices) | KY1-1102 (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 redeemable warrantone-fourth of one | RKTAU | The New York Stock Exchange | ||
Class A ordinary shares, par value $0.0001 par value | RKTA | The New York Stock Exchange | ||
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | RKTAW | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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ITEM 1. | FINANCIAL STATEMENTS. |
June 30, 2021 | ||||
(unaudited) | ||||
Assets: | ||||
Current assets | ||||
Cash | $ | 1,001,295 | ||
Prepaid expenses | 278,268 | |||
Total current assets | 1,279,563 | |||
Other Assets | 194,099 | |||
Cash and Securities held in Trust Account | 267,004,311 | |||
Total Assets | $ | 268,477,973 | ||
Liabilities and Shareholders’ Equity | ||||
Current liabilities | ||||
Accrued offering costs and expenses | $ | 115,000 | ||
Due to related party | 12,580 | |||
Total current liabilities | 127,580 | |||
Deferred underwriting fee | 9,345,000 | |||
Warrant liability | 15,285,133 | |||
Total liabilities | 24,757,713 | |||
Commitments and Contingencies | 0 | |||
Class A ordinary shares subject to possible redemption, 23,872,025 shares at redemption value | 238,720,250 | |||
Shareholders’ Equity: | ||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0 | |||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 2,827,975 shares issued and outstanding (excluding 23,872,025 shares subject to possible redemption) | 283 | |||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 6,675,000 shares issued and outstanding | 668 | |||
Additional paid-in capital | 3,806,328 | |||
Retained earnings | 1,192,731 | |||
Total shareholders’ equity | 5,000,010 | |||
Total Liabilities and Shareholders’ Equity | $ | 268,477,973 | ||
June 30, 2022 (Unaudited) | December 31, 2021 | |||||||
ASSETS: | ||||||||
Cash | $ | 758,698 | $ | 904,957 | ||||
Prepaid expense | 194,099 | 270,569 | ||||||
Total current assets | 952,797 | 1,175,526 | ||||||
Other assets | — | 59,835 | ||||||
Investments held in Trust Account | 267,414,500 | 267,013,476 | ||||||
TOTAL ASSETS | $ | 268,367,297 | $ | 268,248,837 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
Accrued expenses | $ | 569,858 | $ | 381,140 | ||||
Total current liabilities | 569,858 | 381,140 | ||||||
Deferred underwriting fee | 9,345,000 | 9,345,000 | ||||||
Warrant liabilities | 2,008,835 | 8,848,042 | ||||||
Total Liabilities | 11,923,693 | 18,574,182 | ||||||
Commitments Contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 26,700,000 shares at June 30, 2022 and December 31, 202 1 (at redemption value of $10.00 per share) | 267,414,500 | 267,013,476 | ||||||
Shareholders’ Deficit: | ||||||||
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding | — | — | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 0ne issued and outstanding (excluding 26,700,000 shares subject to possible redemption at June 30, 2022 and December 31, 2021) | — | — | ||||||
Class B ordinary shares, $0.0001 par value, 20,000,000 shares authorized, 6,675,000 and 6,675,000 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 668 | 668 | ||||||
Additional paid-in capital | — | — | ||||||
Accumulated deficit | (10,971,564 | ) | (17,339,489 | ) | ||||
Total Shareholders’ Deficit | (10,970,896 | ) | (17,338,821 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 268,367,297 | $ | 268,248,837 | ||||
For the three months ended June 30, 2021 | For the period from January 27, 2021 (inception) through June 30, 2021 | |||||||
Operating costs | $ | 141,258 | $ | 175,422 | ||||
Loss from Operations | (141,258 | ) | (175,422 | ) | ||||
Other income (expense): | ||||||||
Interest earned on cash and marketable securities held in Trust Account | 4,058 | 4,311 | ||||||
Offering costs allocated to warrants | 0 | (561,706 | ) | |||||
Change in fair value of warrant liability | 2,178,131 | 1,925,548 | ||||||
Total other income | 2,182,189 | 1,368,548 | ||||||
Net income | $ | 2,040,931 | $ | 1,192,731 | ||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 23,670,175 | 23,577,240 | ||||||
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption | $ | 0.00 | $ | 0.00 | ||||
Weighted average shares outstanding, Non-redeemable Class A and Class B ordinary shares | 9,704,825 | 8,482,870 | ||||||
Basic and diluted net income per ordinary share, Non-redeemable Class A and Class B ordinary shares | $ | 0.21 | $ | 0.14 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | For the Period from January 27, 2021 (Inception) through June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Formation and operating costs | $ | 226,717 | $ | 141,258 | $ | 471,282 | $ | 175,422 | ||||||||
Loss from operations | (226,717 | ) | (141,258 | ) | (471,282 | ) | (175,422 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest earned on cash and marketable securities held in Trust Account | 379,232 | 4,058 | 401,024 | 4,311 | ||||||||||||
Transaction costs allocable to warrants | — | — | (561,706 | ) | ||||||||||||
Unrealized gain on fair value changes of warrants | 2,418,041 | 2,178,131 | 6,839,207 | 1,925,548 | ||||||||||||
Total other income, net | 2,797,273 | 2,182,189 | 7,240,231 | 1,368,153 | ||||||||||||
Net income | $ | 2,570,556 | $ | 2,040,931 | $ | 6,768,949 | $ | 1,192,731 | ||||||||
Weighted average shares outstanding, Redeemable Class A ordinary shares | 26,700,000 | 26,700,000 | 26,700,000 | 16,815,484 | ||||||||||||
Basic and diluted net income per ordinary share, Redeemable Class A ordinary shares | $ | 0.08 | $ | 0.06 | $ | 0.20 | $ | 0.05 | ||||||||
Weighted average shares outstanding, Non-redeemable Class B ordinary shares | 6,675,000 | 6,675,000 | 6,675,000 | 6,300,645 | ||||||||||||
Basic and diluted net income per ordinary share, Non-redeemable Class B ordinary shares | $ | 0.08 | $ | 0.06 | $ | 0.20 | $ | 0.05 | ||||||||
Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders’ Deficit | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of December 31, 2021 | — | $ | — | 6,675,000 | $ | 668 | $ | — | $ | (17,339,489 | ) | $ | (17,338,821 | ) | ||||||||||||||
Net incom e | — | — | — | — | — | 4,198,393 | 4,198,393 | |||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | — | — | — | — | — | (21,792 | ) | (21,792 | ) | |||||||||||||||||||
Balance as of March 31, 2022 | — | — | 6,675,000 | 668 | — | (13,162,888 | ) | (13,162,220 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 2,570,556 | 2,570,556 | |||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | — | — | — | — | — | (379,232 | ) | (379,232 | ) | |||||||||||||||||||
Balance as of June 30, 2022 | — | $ | — | 6,675,000 | $ | 668 | $ | — | $ | (10,971,564 | ) | $ | (10,970,896 | ) | ||||||||||||||
Class A Ordinary shares | Class B Ordinary shares | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Total Shareholder’s Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of January 27, 2021 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | 7,187,500 | 719 | 24,281 | — | 25,000 | |||||||||||||||||||||
Sale of 26,700,000 Units, net of underwriting discount and offering expenses | 26,700,000 | 2,670 | — | — | 252,370,540 | — | 252,373,210 | |||||||||||||||||||||
Sale of 4,893,333 Private Placement warrants | — | — | — | — | 7,340,000 | — | 7,340,000 | |||||||||||||||||||||
Initial classification of warrant liability | — | — | — | — | (17,210,681 | ) | — | (17,210,681 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (848,200 | ) | (848,200 | ) | |||||||||||||||||||
Class A ordinary shares subject to possible redemption | (23,667,932 | ) | (2,367 | ) | — | — | (236,676,953 | ) | — | (236,679,320 | ) | |||||||||||||||||
Balance as of March 31, 2021 (unaudited) | 3,032,068 | $ | 303 | 7,187,500 | $ | 719 | $ | 5,847,187 | $ | (848,200) | $ | 5,000,009 | ||||||||||||||||
Forfeiture of Class B Ordinary Shares by Sponsor | — | (512,500 | ) | (51 | ) | 51 | — | — | ||||||||||||||||||||
Net income | — | — | — | — | — | 2,040,931 | 2,040,931 | |||||||||||||||||||||
Class A ordinary shares subject to possible redemption | (204,093 | ) | (20 | ) | — | — | (2,040,910 | ) | — | (2,040,930 | ) | |||||||||||||||||
Balance as of June 30, 2021 (unaudited) | 2,827,975 | $ | 283 | 6,675,000 | $ | 668 | $ | 3,806,328 | $ | 1,192,731 | $ | 5,000,010 | ||||||||||||||||
Ordinary Shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders’ Deficit | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of January 27, 2021 (inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | 7,187,500 | 719 | 24,281 | — | 25,000 | |||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | — | — | — | — | (24,281 | ) | (24,473,190 | ) | (24,497,471 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (848,200 | ) | (848,200 | ) | |||||||||||||||||||
Balance as of March 31, 2021 | — | — | 7,187,500 | 719 | — | (25,321,390 | ) | (25,320,671 | ) | |||||||||||||||||||
Forfeiture of Class B shares by Sponsor | — | — | (512,500 | ) | (51 | ) | — | 51 | — | |||||||||||||||||||
Net income | — | — | — | — | — | 2,040,931 | 2,040,931 | |||||||||||||||||||||
Balance as of June 30, 2021 | — | $ | — | 6,675,000 | $ | 668 | $ | — | $ | (23,280,408 | ) | $ | (23,279,740 | ) | ||||||||||||||
Cash flows from Operating Activities: | ||||
Net income | $ | 1,192,731 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest earned on cash and on marketable securities held in Trust Account | (4,311 | ) | ||
Offering costs allocated to warrants | 561,706 | |||
Change in fair value of warrant liability | (1,925,548 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (278,268 | ) | ||
Other assets | (194,099 | ) | ||
Accrued expenses | 15,000 | |||
Due to related party | 12,580 | |||
Net cash used in operating activities | (620,209 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash in Trust Account | (267,000,000 | ) | ||
Net cash used in investing activities | (267,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from sale of Units, net of underwriting discounts | 261,660,000 | |||
Proceeds from sale of Private Warrants | 7,340,000 | |||
Proceeds from issuance of Class B shares to Sponsor | 25,000 | |||
Proceeds from issuance of promissory note to Sponsor | 125,491 | |||
Payments on promissory note issued to Sponsor | (125,491 | ) | ||
Payment of deferred offering costs | (403,496 | ) | ||
Net cash provided by financing activities | 268,621,504 | |||
Net change in cash | 1,001,295 | |||
Cash, beginning of period | 0 | |||
Cash, end of the period | $ | 1,001,295 | ||
Supplemental disclosure of cash flow information: | ||||
Initial recognition of ordinary shares subject to possible redemption | $ | 221,526,083 | ||
Change in ordinary shares subject to possible redemption | $ | 17,194,167 | ||
Deferred underwriter fee charged to additional paid-in capital | $ | 9,345,000 | ||
Initial recognition of warrant liability | $ | 17,210,681 | ||
Accrued offering costs | $ | 100,000 | ||
For the Six Months Ended June 30, 2022 | For the period from January 27, 2021 (Inception) through June 30, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 6,768,949 | $ | 1,192,731 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Interest earned on marketable securities held in Trust Account | (401,024 | ) | (4,311 | ) | ||||
Transaction costs incurred in connection with Initial Public Offering | — | 561,706 | ||||||
Unrealized loss on fair value changes of warrants | (6,839,207 | ) | (1,925,548 | ) | ||||
Changes in current assets and current liabilities: | ||||||||
Prepaid assets | 76,470 | (278,268 | ) | |||||
Other assets | 59,835 | (194,099 | ) | |||||
Accounts payable and accrued expense | 188,718 | 15,000 | ||||||
Due to related parties | — | 12,580 | ||||||
Net cash used in operating activities | (146,259 | ) | (620,209 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Purchase of investment held in Trust Account | — | (267,000,000 | ) | |||||
Net cash used in investing activities | — | (267,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from Initial Public Offering, net of underwriters’ fees | — | 261,660,000 | ||||||
Proceeds from promissory note – related party | — | 125,491 | ||||||
Proceeds from issuance of Class B shares to initial shareholders | — | 25,000 | ||||||
Proceeds from private placement | — | 7,340,000 | ||||||
Repayment of Sponsor loan | — | (125,491 | ) | |||||
Payments of offering costs | — | (403,496 | ) | |||||
Net cash provided by financing activities | — | 268,621,504 | ||||||
Net Change in Cash | (146,259 | ) | 1,001,295 | |||||
Cash – Beginning | 904,957 | — | ||||||
Cash – Ending | $ | 758,698 | $ | 1,001,295 | ||||
Supplemental Disclosure of Non-cash Financing Activities: | ||||||||
Deferred underwriting commissions charged to additional paid in capital | $ | — | $ | 9,345,000 | ||||
Original value of Class A ordinary shares subject to possible redemption | $ | — | $ | 221,526,083 | ||||
Change in value of Class A ordinary shares subject to possible redemption | $ | 401,024 | $ | 17,194,167 | ||||
Initial classification of warrant liability | $ | — | $ | 17,210,681 | ||||
Accrued offering costs | $ | — | $ | 100,000 | ||||
As of March 25, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Total assets | $ | 252,351,898 | $ | — | $ | 252,351,898 | ||||||
Liabilities and shareholders’ equity: | ||||||||||||
Total current liabilities | $ | 847,645 | $ | — | $ | 847,645 | ||||||
Warrant liability | — | 16,228,167 | 16,228,167 | |||||||||
Total liabilities | 9,597,645 | 16,228,167 | 25,825,812 | |||||||||
Class A ordinary share, $0.0001 par value; shares subject to possible redemption | 237,754,250 | (16,228,167 | ) | 221,526,083 | ||||||||
Shareholders’ equity | ||||||||||||
Preference shares - $0.0001 par value | — | — | — | |||||||||
Class A ordinary shares - $0.0001 par value | 122 | 162 | 284 | |||||||||
Class B ordinary shares - $0.0001 par value | 719 | — | 719 | |||||||||
Additional paid-in-capital | 5,016,413 | 561,544 | 5,577,957 | |||||||||
Accumulated deficit | (17,251 | ) | (561,706 | ) | (578,957 | ) | ||||||
Total shareholders’ equity | 5,000,003 | — | 5,000,003 | |||||||||
Total liabilities and shareholders’ equity | $ | 252,351,898 | $ | — | $ | 252,351,898 | ||||||
Gross proceeds | $ | 267,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (9,874,575 | ) | ||
Class A ordinary shares issuance costs | (14,626,790 | ) | ||
Plus: | ||||
Remeasurement of carrying value to redemption value | 24,501,365 | |||
Interest earned on investments held in Trust account | 13,476 | |||
Class A ordinary shares subject to possible redemption, 12/31/2021 | 267,013,476 | |||
Interest earned on investments held in Trust account | 401,024 | |||
Class A ordinary shares subject to possible redemption, 06/30/2022 | $ | 267,414,500 | ||
Three Months Ended June 30, 2021 | For the period from January 27, 2021 (inception) through June 30, 2021 | |||||||
Redeemable Class A Ordinary Shares | ||||||||
Interest earned on cash and marketable securities held in Trust Account | $ | 4,058 | $ | 4,311 | ||||
Net income allocable to redeemable Class A ordinary shares | $ | 3,628 | $ | 3,854 | ||||
Basic and diluted weighted average redeemable Class A shares outstanding | 23,670,175 | 23,577,240 | ||||||
Basic and diluted net income per share | $ | 0.00 | $ | 0.00 | ||||
Non-redeemable Class A and Class B Ordinary Shares | ||||||||
Net income | $ | 2,040,931 | $ | 1,192,731 | ||||
Less: Income attributable to ordinary shares subject to possible redemption | (3,628 | ) | (3,854 | ) | ||||
Adjusted net income | $ | 2,037,303 | $ | 1,188,877 | ||||
Weighted average shares outstanding, basic and diluted | 9,704,825 | 8,482,870 | ||||||
Basic and diluted net income per ordinary share | $ | 0.21 | $ | 0.14 | ||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | For the Period from January 27, 2021 (Inception) through June 30, 2021 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Net income per share for Class A ordinary shares: | ||||||||||||||||||||||||||||||||
Net income | $ | 2,570,556 | $ | 2,570,556 | $ | 2,040,931 | $ | 2,040,931 | $ | 6,768,949 | $ | 6,768,949 | $ | 1,192,731 | $ | 1,192,731 | ||||||||||||||||
Less: Allocation of income to Class B ordinary shares | 514,111 | 2,056,445 | 408,186 | 1,632,745 | 1,353,790 | 5,415,159 | 325,097 | 867,634 | ||||||||||||||||||||||||
Adjusted net income | 2,056,445 | 514,111 | 1,632,745 | 408,186 | 5,415,159 | 1,353,790 | 867,634 | 325,097 | ||||||||||||||||||||||||
Weighted average shares outstanding of Class A ordinary shares | 26,700,000 | 6,675,000 | 26,700,000 | 6,675,000 | 26,700,000 | 6,675,000 | 16,815,484 | 6,300,645 | ||||||||||||||||||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.08 | $ | 0.08 | $ | 0.06 | $ | 0.06 | $ | 0.20 | $ | 0.20 | $ | 0.05 | $ | 0.05 |
Level 1 — | Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. | |
Level 2 — | Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. | |
Level 3 — | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
June 30, 2022 | 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 | $ | 267,414,500 | $ | 267,414,500 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Public Warrants Liability | $ | 1,156,778 | $ | 1,156,778 | $ | — | $ | — | ||||||||
Private Placement Warrants Liability | 852,057 | — | — | 852,057 | ||||||||||||
$ | 2,008,835 | $ | 1,156,778 | $ | — | $ | 852,057 | |||||||||
June 30, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | December 31, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
U.S. Money Market held in Trust Account | $ | 267,004,311 | $ | 267,004,311 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
Investments held in Trust Account | $ | 267,013,476 | $ | 267,013,476 | $ | — | $ | — | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Public Warrants Liability | $ | 8,811,000 | $ | 8,811,000 | $ | 0 | $ | 0 | $ | 5,073,000 | $ | 5,073,000 | $ | — | $ | — | ||||||||||||||||
Private Placement Warrants Liability | 6,474,133 | 0 | 0 | 6,474,133 | 3,775,042 | — | — | 3,775,042 | ||||||||||||||||||||||||
$ | 15,285,133 | $ | 8,811,000 | $ | 0 | $ | 6,474,133 | $ | 8,848,042 | $ | 5,073,000 | $ | — | $ | 3,775,042 | |||||||||||||||||
Fair Value at January 1, 2021 | $ | — | ||
Initial fair value of public and private warrants issued at IPO | 16,228,167 | |||
Initial fair value of public and private warrants issued at over-allotment option exercise | 982,514 | |||
Change in fair value of public and private warrants | (1,925,548 | ) | ||
Transfer of public warrants to Level 1 | (8,811,000 | ) | ||
Fair Value at June 30, 2021 | $ | 6,474,133 | ||
Fair Value at December 31, 2021 | $ | 3,775,042 | ||
Change in fair value of private warrants | (1,896,014 | ) | ||
Fair Value at March 31, 2022 | 1,879,028 | |||
Change in fair value of private warrants | (1,026,971 | ) | ||
Fair Value at June 30, 2022 | $ | 852,057 | ||
Inputs | (Initial Measurement) March 25, 2021 | June 30, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||
Risk-free interest rate | 1.08 | % | 1.01 | % | 3.02 | % | 1.35 | % | ||||||||
Expected term remaining (years) | 6.08 | 5.82 | 5.73 | 5.95 | ||||||||||||
Expected volatility | 24.4 | % | 31.1 | % | 16 | % | 13.10 | % | ||||||||
Share price | $ | 9.632 | $ | 9.700 | $ | 9.78 | $ | 9.80 |
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. |
* | Filed herewith. |
** | Furnished. |
ROCKET INTERNET GROWTH OPPORTUNITIES CORP. | ||||||
Date: August | /s/ Soheil Mirpour | |||||
Name: | Soheil Mirpour | |||||
Title: | Chief Executive Officer (Principal Executive Officer) |