☒ | 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 | 85-2738750 | |
(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 share of Class A Common Stock and Warrantone-half of one redeemable | GFX.U | The New York Stock Exchange | ||
Class A Common Stock, par value $0.0001 per share | GFX | The New York Stock Exchange | ||
Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 | GFX WS | The New York Stock Exchange |
Large, accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||
Part I. Financial Information | ||||
Item 1. Interim Financial Statements | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
Part II. Other Information | ||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | (Restated, see Note 2) | ||||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Current Assets : | ||||||||||||||||
Cash | $ | 698,254 | $ | 990,870 | $ | 31,969 | $ | 990,870 | ||||||||
Prepaid expenses | 345,471 | 543,350 | 266,438 | 543,350 | ||||||||||||
Total Current Assets | 1,043,725 | 1,534,220 | 298,407 | 1,534,220 | ||||||||||||
Cash and marketable securities held in Trust Account | 345,084,175 | 345,009,370 | ||||||||||||||
Marketable securities held in Trust Account | 345,133,328 | 345,009,370 | ||||||||||||||
TOTAL ASSETS | $ | 346,127,900 | $ | 346,543,590 | $ | 345,431,735 | $ | 346,543,590 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||
Current Liabilities—Accrued expenses | $ | 801,663 | $ | 71,510 | $ | 303,642 | $ | 71,510 | ||||||||
Convertible promissory note – related party , at fair value | 102,100 | 0 | ||||||||||||||
Deferred underwriting fee payable | 12,075,000 | 12,075,000 | 12,075,000 | 12,075,000 | ||||||||||||
Warrant liabilities | 24,319,500 | 37,394,500 | 16,213,000 | 37,394,500 | ||||||||||||
Total Liabilities | 37,196,163 | 49,541,010 | 28,693,742 | 49,541,010 | ||||||||||||
Commitments | 0 | 0 | 0 | 0 | ||||||||||||
Class A common stock subject to possible redemption 30,392,064 and 29,200,257 shares at $10.00 redemption value at June 30, 2021 and December 31, 2020, respectively | 303,931,730 | 292,002,570 | ||||||||||||||
Stockholders’ Equity | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2021 and December 31, 2020 | 0 | 0 | ||||||||||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 4,107,936 and 5,299,743 issued and outstanding (excluding 30,392,064 and 29,200,257 shares subject to possible redemption), at June 30, 2021 and December 30, 2020, respectively | 411 | 530 | ||||||||||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding at June 30, 2021 and December 31, 2020 | 863 | 863 | ||||||||||||||
Class A common stock subject to possible redemption; 34,500,000 shares at redemption value at September 30, 2021 and December 31, 2020 | 345,000,000 | 345,000,000 | ||||||||||||||
Stockholders’ Deficit | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 0 | 0 | ||||||||||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized 0 shares issued and outstanding (excluding 34,500,000 shares subject to possible redemption) at September 30, 2021 and December 31, 2020 | 0 | 0 | ||||||||||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 863 | 863 | ||||||||||||||
Additional paid-in capital | 3,730,689 | 15,659,730 | 0 | 0 | ||||||||||||
Retained earnings (Accumulated deficit) | 1,268,044 | (10,661,113 | ) | |||||||||||||
Accumulated deficit | (28,262,870 | ) | (47,998,283 | ) | ||||||||||||
Total Stockholders’ Equity | 5,000,007 | 5,000,010 | ||||||||||||||
Total Stockholders’ Deficit | (28,262,007 | ) | (47,997,420 | ) | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 346,127,900 | $ | 346,543,590 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 345,431,735 | $ | 346,543,590 | ||||||||||||
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||
General and administrative expenses | $ | 260,702 | $ | 1,220,648 | ||||
Loss from operations | (260,702 | ) | (1,220,648 | ) | ||||
Other income (expense): | ||||||||
Interest earned on marketable securities held in Trust Account | 14,658 | 77,770 | ||||||
Unrealized loss on marketable securities held in Trust Account | (1,243 | ) | (2,965 | ) | ||||
Change in fair value of warrant liability | (5,753,000 | ) | 13,075,000 | |||||
Other (expense) income, net | (5,739,585 | ) | 13,149,805 | |||||
(Loss) income before income taxes | (6,000,287 | ) | 11,929,157 | |||||
(Provision) Benefit for income taxes | 0 | 0 | ||||||
Net (loss) income | $ | (6,000,287 | ) | $ | 11,929,157 | |||
Basic and diluted weighted average shares outstanding, Class A common stock subject to redemption | 30,991,337 | 44,781,537 | ||||||
Basic and diluted net income per share, Class A common stock subject to redemption | $ | (0.00 | ) | $ | 0.00 | |||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | 12,133,663 | 13,924,743 | ||||||
Basic and diluted net loss per share, Non-redeemable common stock | $ | (0.49 | ) | $ | 0.86 | |||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | For the Period from August 24, 2020 (inception) through September 30, 2020 | ||||||||||
General and administrative expenses | $ | 367,297 | $ | 1,587,945 | $ | 422 | ||||||
Loss from operations | (367,297 | ) | (1,587,945 | ) | (422 | ) | ||||||
Other income: | ||||||||||||
Interest earned on investments held in Trust Account | 39,274 | 117,044 | 0 | |||||||||
Unrealized gain on marketable securities held in Trust Account | 9,879 | 6,914 | 0 | |||||||||
Change in fair value of convertible promissory note | 17,900 | 17,900 | 0 | |||||||||
Change in fair value of warrant liabilities | 8,106,500 | 21,181,500 | 0 | |||||||||
Total other income | 8,173,553 | 21,323,358 | 0 | |||||||||
Net income (loss) | $ | 7,806,256 | $ | 19,735,413 | $ | (422 | ) | |||||
Basic and diluted weighted average shares outstanding, Class A common stock | 34,500,000 | 34,500,000 | 0 | |||||||||
Basic and diluted net income per share, Class A common stock | $ | 0.18 | $ | 0.46 | $ | 0 | ||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 8,625,000 | 8,625,000 | 7,500,000 | |||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.18 | $ | 0.46 | $ | (0.00 | ) | |||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance—January 1, 2021 ( restated , See Note 2) | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (47,998,283 | ) | $ | (47,997,420 | ) | ||||||||||||||
Net income | — | — | — | — | — | 17,929,444 | 17,929,444 | |||||||||||||||||||||
Balance—March 31, 2021 ( restated , See Note 2) | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (30,068,839 | ) | $ | (30,067,976 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (6,000,287 | ) | (6,000,287 | ) | |||||||||||||||||||
Balance—June 30, 2021 ( restated , See Note 2) | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (36,069,126 | ) | $ | (36,068,263 | ) | ||||||||||||||
Net income | — | — | — | — | — | 7,806,256 | 7,806,256 | |||||||||||||||||||||
Balance—September 30, 2021 | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (28,262,870 | ) | $ | (28,262,007 | ) | ||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance—August 24, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B common stock to Sponsor | — | — | 8,625,000 | 863 | 24,137 | 0 | 25,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (422 | ) | (422 | ) | |||||||||||||||||||
Balance—September 30, 2020 | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 24,137 | $ | (422 | ) | $ | 24,578 | |||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | (Accumulated Deficit) Retained | Total Stockholders’ Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Earnings | ||||||||||||||||||||||||
Balance—January 1, 2021 | 5,299,743 | $ | 530 | 8,625,000 | $ | 863 | $ | 15,659,730 | $ | (10,661,113 | ) | $ | 5,000,010 | |||||||||||||||
Change in Class A common stock subject to possible redemption | (1,791,080 | ) | (179 | ) | — | — | (17,929,270 | ) | — | (17,929,449 | ) | |||||||||||||||||
Net income | — | — | — | — | — | 17,929,444 | 17,929,444 | |||||||||||||||||||||
Balance—March 31, 2021 | 3,508,663 | $ | 351 | 8,625,000 | $ | 863 | $ | (2,269,540 | ) | $ | 7,268,331 | $ | 5,000,005 | |||||||||||||||
Change in Class A common stock subject to possible redemption | 599,273 | 60 | — | — | 6,000,229 | — | 6,000,289 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (6,000,287 | ) | (6,000,287 | ) | |||||||||||||||||||
Balance—June 30, 2021 | 4,107,936 | $ | 411 | 8,625,000 | $ | 863 | $ | 3,730,689 | $ | 1,268,044 | $ | 5,000,007 | ||||||||||||||||
Cash Flows from Operating Activities | ||||
Net income | $ | 11,929,157 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Change in fair value of warrant liability | (13,075,000 | ) | ||
Interest earned on marketable securities held in Trust Account | (77,770 | ) | ||
Unrealized loss on marketable securities held in Trust Account | 2,965 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | 197,879 | |||
Accrued expenses | 730,153 | |||
Net cash used in operating activities | (292,616 | ) | ||
Net Change in Cash | (292,616 | ) | ||
Cash—Beginning of period | 990,870 | |||
Cash—End of period | $ | 698,254 | ||
Non-Cash investing and financing activities: | ||||
Change in Class A common stock subject to possible redemption | $ | 11,929,160 | ||
Nine months Ended September 30, 2021 | For the Period from August 24, 2020 (Inception) Through September 30, 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 19,735,413 | $ | (422 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of convertible promissory note | (17,900 | ) | 0 | |||||
Change in fair value of warrant liabilities | (21,181,500 | ) | 0 | |||||
Interest earned on investments held in Trust Account | (117,044 | ) | 0 | |||||
Unrealized gain on marketable securities held in Trust Account | (6,914 | ) | 0 | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 276,912 | 0 | ||||||
Accrued expenses | 232,132 | 422 | ||||||
Net cash used in operating activities | (1,078,901 | ) | 0 | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from convertible promissory note—related party | 120,000 | 0 | ||||||
Net cash provided by financing activities | 120,000 | 0 | ||||||
Net Change in Cash | (958,901 | ) | 0 | |||||
Cash – Beginning of period | 990,870 | 0 | ||||||
Cash – End of period | $ | 31,969 | $ | 0 | ||||
Condensed Balance Sheet as of December 22, 2020 | As Previously Reported | Adjustment | As Restated | |||||||||
Class A common stock subject to possible redemption | $ | 300,553,370 | $ | 44,446,630 | $ | 345,000,000 | ||||||
Class A common stock | $ | 444 | $ | (444 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 6,958,516 | $ | (6,958,516 | ) | $ | 0 | |||||
Accumulated deficit | $ | (1,959,821 | ) | $ | (37,487,670 | ) | $ | (39,447,491 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,002 | $ | (44,446,630 | ) | $ | (39,446,628 | ) | ||||
Number of shares subject to redemptio n | 30,055,337 | 4,444,663 | 34,500,000 | |||||||||
Condensed Balance Sheet as of December 31, 2020 | ||||||||||||
Class A common stock subject to possible redemption | $ | 292,002,570 | $ | 52,997,430 | $ | 345,000,000 | ||||||
Class A common stock | $ | 530 | $ | (530 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 15,659,730 | $ | (15,659,730 | ) | $ | 0 | |||||
Accumulated deficit | $ | (10,661,113 | ) | $ | (37,337,170 | ) | $ | (47,998,283 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,010 | $ | (52,997,430 | ) | $ | (47,997,420 | ) | ||||
Number of shares subject to redemption | 29,200,257 | 5,299,743 | 34,500,000 | |||||||||
Condensed Balance Sheet as of March 31, 2021 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 309,932,019 | $ | 35,008,742 | $ | 345,020,760 | ||||||
Class A common stock | $ | 351 | $ | (351 | ) | $ | 0 | |||||
Additional paid-in capital | $ | $ | 0 | $ | 0 | |||||||
Accumulated deficit | $ | 4,998,791 | $ | (35,008,391 | ) | $ | (30,089,600 | ) | ||||
Total Stockholders’ Equity (Deficit) | $ | 5,000,005 | $ | (35,008,742 | ) | $ | (30,088,737 | ) | ||||
Number of shares subject to redemption | 30,991,337 | 3,508,663 | 34,500,000 | |||||||||
Condensed Balance Sheet as of June 30, 2021 | ||||||||||||
Class A common stock subject to possible redemption | $ | 303,931,730 | $ | 41,080,860 | $ | 345,012,590 | ||||||
Class A common stock | $ | 411 | $ | (411 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 3,730,689 | $ | (3,730,689 | ) | $ | 0 | |||||
Retained earnings | $ | 1,268,044 | $ | (37,349,760 | ) | $ | (36,081,716 | ) | ||||
Total Stockholders’ Equity (Deficit) | $ | 5,000,007 | $ | (41,080,860 | ) | $ | (36,080,853 | ) | ||||
Number of shares subject to redemption | 30,392,064 | 4,107,936 | 34,500,000 | |||||||||
Condensed Statement of Cash Flows for the period from August 24, 2020 (inception) through December 31, 2020 | As Previously Reported | Adjustment | As Restated | |||||||||
Non-cash Investing and Financing Activities: | ||||||||||||
Initial classification of Class A common stock subject to possible redemption | $ | 300,553,370 | $ | 44,446,630 | $ | 345,000,000 | ||||||
Change in value of Class A common stock subject to possible redemption | (8,550,800 | ) | 8,550,800 | 0 | ||||||||
Condensed Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited) | ||||||||||||
Non-cash Investing and Financing Activities: | ||||||||||||
Change in value of Class A common stock subject to possible redemption | 17,929,449 | (17,908,689 | ) | 20,760 | ||||||||
Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited) | ||||||||||||
Non-cash Investing and Financing Activities: | ||||||||||||
Change in value of Class A common stock subject to possible redemption | 11,929,160 | (11,916,570 | ) | 12,590 | ||||||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the period from August 24, 2020 (inception) through December 31, 2020 | As Previously Reported | Adjustment | As Restated | |||||||||
Sales of 34,500,000 Units, net of underwriting discounts | 307,638,693 | (307,638,693 | ) | 0 | ||||||||
Change in value of common stock subject to redemption | (292,002,570 | ) | 292,002,570 | 0 | ||||||||
Accretion for Class A common stock to redemption amount | 0 | (37,361,307 | ) | (37,361,307 | ) | |||||||
Total stockholders’ equity (deficit) | 5,000,010 | (52,997,430 | ) | (47,997,420 | ) | |||||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the three months ended March 30, 2021 | ||||||||||||
Change in value of common stock subject to redemption | (17,929,449 | ) | 17,929,449 | 0 | ||||||||
Total stockholders’ equity (deficit) | 5,000,005 | (35,067,981 | ) | (30,067,976 | ) | |||||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the three months ended June 30, 2021 | ||||||||||||
Change in value of common stock subject to redemption | (11,929,160 | ) | 11,929,160 | 0 | ||||||||
Total s tockholders’e quity (d eficit) | 5,000,007 | (41,068,270 | ) | (36,068,263 | ) |
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption | Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption | Basic and diluted weighted average shares outstanding, non- redeemable Class B common stock | Basic and diluted net income (loss) per share, non- redeemable Class B common stock | |||||||||||||
For the period from August 24, 2020 (inception) through December 31, 2020 | ||||||||||||||||
As Previously Reported | 29,200,257 | $ | 0 | 7,985,905 | $ | (1.33 | ) | |||||||||
Adjustment | 5,299,743 | $ | (0.25 | ) | (400,821 | ) | $ | 1.08 | ||||||||
As Restated | 34,500,000 | $ | (0.25 | ) | 7,585,084 | $ | (0.25 | ) | ||||||||
For the three months ended March 31, 2021 | ||||||||||||||||
As Previously Reported | 29,200,257 | $ | 0 | 13,924,743 | $ | 1.29 | ||||||||||
Adjustment | 5,299,743 | $ | 0.42 | (5,299,743 | ) | $ | (0.87 | ) | ||||||||
As Restated | 34,500,000 | $ | 0.42 | 8,625,000 | $ | 0.42 | ||||||||||
For the three months ended June 30, 2021 | ||||||||||||||||
As Previously Reported | 30,991,337 | $ | 0 | 12,133,663 | $ | (0.49 | ) | |||||||||
Adjustment | 3,508,663 | $ | (0.14 | ) | (3,508,663 | ) | $ | 0.35 | ||||||||
As Restated | 34,500,000 | $ | (0.14 | ) | 8,625,000 | $ | (0.14 | ) | ||||||||
For the six months ended June 30, 2021 | ||||||||||||||||
As Previously Reported | 44,781,537 | $ | 0 | 13,924,743 | $ | 0.86 | ||||||||||
Adjustment | (10,281,537 | ) | $ | 0.28 | (5,299,743 | ) | $ | (0.58 | ) | |||||||
As Restated | 34,500,000 | $ | 0.28 | 8,625,000 | $ | 0.28 | ||||||||||
Gross proceeds | $ | 345,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (18,975,000 | ) | ||
Class A common stock issuance costs | (18,386,307 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value 1 | 37,361,307 | |||
Class A common stock subject to possible redemption | $ | 345,000,000 | ||
1 | Recognized during the quarter ended December 31, 2020. |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||
Class A common stock subject to possible redemption | ||||||||
Numerator: Earnings allocable to Class A common stock subject to possible redemption | ||||||||
Interest earned on marketable securities held in Trust Account | $ | 14,658 | $ | 77,770 | ||||
Unrealized loss on marketable securities held in Trust Account | (1,243 | ) | (2,965 | ) | ||||
Less: interest available to be withdrawn for payment of taxes | (13,415 | ) | (74,805 | ) | ||||
Net income attributable to class A Common Stock subject to possible redemption | $ | 0 | $ | 0 | ||||
Denominator: Weighted Average Class A common stock subject to possible redemption | ||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption | 30,991,337 | 30,100,745 | ||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption | $ | 0 | $ | 0 | ||||
Non-Redeemable Common Stock | ||||||||
Numerator: Net Loss minus Net Earnings | ||||||||
Net (Loss) Income | $ | (6,000,287 | ) | $ | 11,929,157 | |||
Net (loss) income attributable to Non-redeemable common stock | $ | (6,000,287 | ) | $ | 11,929,157 | |||
Denominator: Weighted Average Non-redeemable Common stock | ||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable Class A & Class B Common stock | 12,133,663 | 13,924,743 | ||||||
Basic and diluted net loss per share, Non-redeemable Common stock | $ | (0.49 | ) | $ | 0.86 | |||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | For the Period from August 24, 2020 (Inception) Through September 30, 2020 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic and diluted net income (loss) per common share | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 6,245,005 | $ | 1,561,251 | $ | 15,788,330 | $ | 3,947,083 | $ | 0 | $ | (422 | ) | |||||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | — | 7,500,000 | ||||||||||||||||||
Basic and diluted net income (loss) per common share | $ | 0.18 | $ | 0.18 | $ | 0.46 | $ | 0.46 | $ | 0 | $ | (0.00 | ) |
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. |
Description | Description | Level | June 30, 2021 | December 31, 2020 | Level | September 30, 2021 | Level | December 31, 2020 | ||||||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||||||
Marketable securities held in Trust Account | Marketable securities held in Trust Account | 1 | $ | 345,084,175 | $ | 345,009,370 | 1 | $ | 345,133,328 | 1 | $ | 345,009,370 | ||||||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||||||||||
Warrant liability – Public Warrants | 1 | 16,042,500 | $ | 24,667,500 | ||||||||||||||||||||||||||||
Warrant liability – Private Placement Warrants | 3 | 8,277,000 | $ | 12,727,000 | ||||||||||||||||||||||||||||
Warrant liability—Public Warrants | 1 | 10,695,000 | 1 | $ | 24,667,500 | |||||||||||||||||||||||||||
Warrant liability—Private Placement Warrants | 2 | 5,518,000 | 3 | $ | 12,727,000 | |||||||||||||||||||||||||||
Convertible Promissory Note | 3 | 102,100 | — |
Input | June 30, 2021 | December 31, 2020 | ||||||
Risk-free interest rate | 0.86 | % | 0.41 | % |
Term (years) | 5 | 5 | ||||||||||||||
Trading days per year | 252 | 252 | ||||||||||||||
Expected volatility | 16.6 | % | 22.9 | % | ||||||||||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||||||||||
Stock Price | $ | 9.72 | $ | 9.68 |
Input | Private Placement Warrants December 31, 2020 | Public Warrants December 31, 2020 | ||||||
Risk-free interest rate | 0.41 | % | 0.41 | % | ||||
Term (years) | 5 | 5 | ||||||
Trading days per year | 252 | 252 | ||||||
Expected volatility | 22.9 | % | 22.9 | % | ||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Stock Price | $ | 9.68 | $ | 9.68 |
Private Placement | Public Warrants | Warrant Liabilities | ||||||||||
Fair value as of January 1, 2021 | $ | 12,727,000 | $ | 24,667,500 | $ | 37,394,500 | ||||||
Change in fair value | (6,408,000 | ) | — | (6,408,000 | ) | |||||||
Transfer to Level 1 | — | (24,667,500 | ) | (24,667,500 | ) | |||||||
Fair value as of March 31, 2021 | 6,319,000 | 0— | 6,319,000 | |||||||||
Change in fair value | 1,958,000 | — | 1,958,000 | |||||||||
Fair value as of June 30, 2021 | 8,277,000 | 0— | 8,277,000 | |||||||||
Change in fair value | (2,759,000 | ) | — | (2,759,000 | ) | |||||||
Transfer to Level 2 | (5,518,000 | ) | — | (5,518,000 | ) | |||||||
Fair value as of September 30, 2021 | $ | 0— | $ | 0— | $ | 0— | ||||||
Fair value as of January 1, 2021 | $ | 12,727,000 | ||
Change in valuation inputs or other assumptions | (4,450,000 | ) | ||
Fair value as of June 30, 2021 | $ | 8,277,000 | ||
September 30, 2021 | ||||
Risk-free interest rate | $ | 1.02 | % | |
Time to Expiration (in years) | $ | 5.73 | ||
Expected volatility | 13.0 | % | ||
Exercise price | $ | 11.50 | ||
Dividend yield | 0.00 | % | ||
Stock Price | $ | 9.75 | ||
Probability of transaction | 75.04 | % |
Fair value as of January 1, 2021 | $ | 0— | ||||||
Proceeds received through Convertible Promissory Note | 120,000 | |||||||
Change in fair value | (17,900 | ) | ||||||
Fair value as of September 30, 2021 | $ | 102,100 | ||||||
Exhibit No. | Description | |
31.1* | Certification of Chief Executive Officer (Principal Executive Officer) required by Rule 13a-14(a) or Rule 15d-14(a). | |
31.2* | Certification of Chief Financial Officer (Principal Financial and Accounting Officer) required by | |
32.1** | Certification of Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
32.2** | Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
10.1* | Promissory Note dated September 13, 2021 | |
101.INS* | XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File – The cover page XBRL tags are embedded within the inline XBRL document. |
* | Filed herewith. |
** | Furnished herewith. |
GOLDEN FALCON ACQUISITION CORP. | ||||||
Date: | By: | /s/ Makram Azar | ||||
Name: | Makram Azar | |||||
Title: | ||||||
Date: | By: | /s/ Eli Muraidekh | ||||
Name: | Eli Muraidekh | |||||
Title: |