☒ | 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 | 98-1572684 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
277 Park Avenue, 29th New York, NY | 10172 | |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, par value $0.0001, and one-fifth of one redeemable warrant | ACQRU | The Nasdaq Stock Market LLC | ||
Class A ordinary shares, par value $0.0001 per share | ACQR | The Nasdaq Stock Market LLC | ||
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | ACQRW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page No. | ||||||
1 | ||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | ||||||
Item 1. | Condensed Financial Statements |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 1,556,501 | $ | — | $ | 1,435,699 | $ | — | ||||||||
Prepaid expenses | 1,216,448 | 13,162 | 1,015,642 | 13,162 | ||||||||||||
Total current assets | 2,772,949 | 13,162 | 2,451,341 | 13,162 | ||||||||||||
Investments held in Trust Account | 495,931,971 | — | 495,938,352 | — | ||||||||||||
Deferred offering costs associated with initial public offering | — | 111,335 | — | 111,335 | ||||||||||||
Total Assets | $ | 498,704,920 | $ | 124,497 | $ | 498,389,693 | $ | 124,497 | ||||||||
Liabilities and Shareholders’ Equity: | ||||||||||||||||
Total Liabilities,- Shares Subject To Possible Redemption and Shareholders’ Equity (Deficit): | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 76,349 | $ | 52,989 | $ | 66,490 | $ | 52,989 | ||||||||
Accrued expenses | 105,321 | 58,385 | 102,375 | 58,385 | ||||||||||||
Note payable – related party | — | 4,053 | ||||||||||||||
Note payable - related party | — | 4,053 | ||||||||||||||
Total current liabilities | 181,670 | 115,427 | 168,865 | 115,427 | ||||||||||||
Deferred underwriting commissions | 17,356,818 | — | 17,356,818 | — | ||||||||||||
Derivative warrant liabilities | 21,086,630 | — | 19,946,820 | — | ||||||||||||
Total liabilities | 38,625,118 | 115,427 | 37,472,503 | 115,427 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares; 45,507,980 and -0- | 455,079,800 | — | ||||||||||||||
Shareholders’ Equity: | ||||||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0ne issued and outstanding at June 30, 2021 and December 31, 2020 | 0— | — | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 4,082,928 and -0- -0- | 408 | — | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 12,397,727 and 12,506,250 shares issued and outstanding at June 30, 2021 and December 31, 2020 (1) | 1,240 | 1,251 | ||||||||||||||
Class A ordinary shares subject to possible redemption; 49,590,908 and -0- | 495,909,080 | — | ||||||||||||||
Shareholders’ Equity (Deficit): | ||||||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0ne issued and outstanding at September 30, 2021 and December 31, 2020 | 0— | — | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 0 nonredeemable Class A ordinary shares issued or outstandinshares authorized; g | — | — | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 12,397,727 and 12,506,250 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 1,240 | 1,251 | ||||||||||||||
Additional paid-in capital | 6,043,867 | 23,749 | — | 23,749 | ||||||||||||
Accumulated deficit | (1,045,513 | ) | (15,930 | ) | (34,993,130 | ) | (15,930 | ) | ||||||||
Total shareholders’ equity | 5,000,002 | 9,070 | ||||||||||||||
Total shareholders’ equity (deficit) | (34,991,890 | ) | 9,070 | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 498,704,920 | $ | 124,497 | ||||||||||||
Total Liabilities, Class A Ordinary Shares Subject To Possible Redemption and Shareholders’ Equity (Deficit) | $ | 498,389,693 | $ | 124,497 | ||||||||||||
For the Three Months Ended June 30, 2021 | For the Six Months Ended June 30, 2021 | For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||
General and administrative expenses | $ | 280,345 | $ | 380,575 | $ | 278,803 | $ | 659,378 | ||||||||
Administrative expenses - related party | 30,000 | 37,419 | 30,000 | 67,419 | ||||||||||||
Loss from operations | (310,345 | ) | (417,994 | ) | (308,803 | ) | (726,797 | ) | ||||||||
Other income (expenses) | ||||||||||||||||
Change in fair value of derivative warrant liabilities | (3,039,510 | ) | — | 1,139,810 | 1,139,810 | |||||||||||
Financing costs - derivative warrant liabilities | — | (634,480 | ) | — | (634,480 | ) | ||||||||||
Interest income from investments held in Trust Account | 17,726 | 22,891 | 6,381 | 29,272 | ||||||||||||
Net loss | $ | (3,332,129 | ) | $ | (1,029,583 | ) | ||||||||||
Net income (loss) | $ | 837,388 | $ | (192,195 | ) | |||||||||||
Basic and diluted weighted average shares outstanding of Class A ordinary shares subject to possible redemption | 45,837,531 | 45,785,402 | ||||||||||||||
Weighted average number of Class A ordinary shares - basic and diluted | 49,590,908 | 37,056,942 | ||||||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.00 | $ | 0.00 | ||||||||||||
Basic and diluted net income (loss) per share, Class A | $ | 0.01 | $ | (0.00 | ) | |||||||||||
Basic and Non-redeemable ordinary shares (1) | 16,151,104 | 14,163,615 | ||||||||||||||
Weighted average number of Class B ordinary shares – basic and diluted | 12,397,727 | 12,007,284 | ||||||||||||||
Basic and diluted net income per share, Non-redeemable ordinary shares | $ | (0.21 | ) | $ | (0.07 | ) | ||||||||||
Basic and diluted net income (loss) per share, Class B | $ | 0.01 | $ | (0.00 | ) | |||||||||||
Ordinary Shares | Additional Paid-in Capital | Total Shareholders’ Equity (Deficit) | ||||||||||||||||||||||||||
Class A | Class B | Accumulated Deficit | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance - December 31, 2020 | 0 | $ | 0 | 12,506,250 | $ | 1,251 | $ | 23,749 | $ | (15,930 | ) | $ | 9,070 | |||||||||||||||
Excess of cash received over fair value of private placement warrants | — | — | — | — | 3,540,732 | — | 3,540,732 | |||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption | — | — | — | — | (3,564,481 | ) | (34,785,016 | ) | (38,349,497 | ) | ||||||||||||||||||
Net income | — | — | — | — | — | 2,302,546 | 2,302,546 | |||||||||||||||||||||
Balance - March- 31, 2021 (unaudited) (restated) (1) | 0 | 0 | 12,506,250 | 1,251 | 0 | (32,498,400 | ) | (32,497,149 | ) | |||||||||||||||||||
Forfeiture of Class B ordinary shares | — | — | (108,523 | ) | (11 | ) | 11 | — | — | |||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption | — | — | — | — | (11 | ) | 11 | — | ||||||||||||||||||||
Net loss | — | — | — | — | — | (3,332,129 | ) | (3,332,129 | ) | |||||||||||||||||||
Balance - June 30, 2021 (unaudited) (restated) (1) | 0 | 0 | 12,397,727 | 1,240 | 0 | (35,830,518 | ) | (35,829,278 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 837,388 | 837,388 | |||||||||||||||||||||
Balance - September 30, 2021 (unaudited) | 0 | $ | 0 | 12,397,727 | $ | 1,240 | $ | 0 | $ | (34,993,130 | ) | $ | (34,991,890 | ) | ||||||||||||||
(1) |
Ordinary Shares | Additional Paid-in Capital | Total Shareholders’ Equity | ||||||||||||||||||||||||||
Class A | Class B | Accumulated Deficit | ||||||||||||||||||||||||||
Shares | Amount | Shares (1) | Amount | |||||||||||||||||||||||||
Balance - December 31, 2020 | — | $ | — | 12,506,250 | $ | 1,251 | $ | 23,749 | $ | (15,930 | ) | $ | 9,070 | |||||||||||||||
Sale of units in initial public offering, less fair value of public warrants | 49,590,908 | 4,959 | — | — | 484,894,941 | — | 484,899,900 | |||||||||||||||||||||
Offering costs | — | — | — | — | (27,340,317 | ) | — | (27,340,317 | ) | |||||||||||||||||||
Excess of cash received over fair value of private placement warrants | — | — | — | — | 3,540,732 | — | 3,540,732 | |||||||||||||||||||||
Shares subject to possible redemption | (45,841,193 | ) | (4,584 | ) | — | — | (458,407,346 | ) | — | (458,411,930 | ) | |||||||||||||||||
Net income | — | — | — | — | — | 2,302,546 | 2,302,546 | |||||||||||||||||||||
Balance - March 31, 2021 (unaudited) | 3,749,715 | 375 | 12,506,250 | 1,251 | 2,711,759 | 2,286,616 | 5,000,001 | |||||||||||||||||||||
Forfeiture of Class B ordinary shares | — | — | (108,523 | ) | (11 | ) | 11 | — | — | |||||||||||||||||||
Shares subject to possible redemption | 333,213 | 33 | — | — | 3,332,097 | — | 3,332,130 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (3,332,129 | ) | (3,332,129 | ) | |||||||||||||||||||
Balance - June 30, 2021 (unaudited) | 4,082,928 | $ | 408 | 12,397,727 | $ | 1,240 | $ | 6,043,867 | $ | (1,045,513 | ) | $ | 5,000,002 | |||||||||||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (1,029,583 | ) | $ | (192,195 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Interest income from investments held in Trust Account | (22,891 | ) | (29,272 | ) | ||||
Financing costs - derivative warrant liabilities | 634,480 | 634,480 | ||||||
Change in fair value of derivative warrant liabilities | (1,139,810 | ) | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | (1,203,286 | ) | (1,002,480 | ) | ||||
Accounts payable | 60,860 | 51,001 | ||||||
Accrued expenses | 35,321 | 32,375 | ||||||
Net cash used in operating activities | (1,525,099 | ) | (1,645,901 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | (495,909,080 | ) | (495,909,080 | ) | ||||
Net cash used in investing activities | (495,909,080 | ) | (495,909,080 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Repayment of note payable to related party | (170,558 | ) | (170,558 | ) | ||||
Proceeds received from initial public offering, gross | 495,909,080 | 495,909,080 | ||||||
Proceeds received from private placement | 13,618,182 | 13,618,182 | ||||||
Offering costs paid | (10,366,024 | ) | (10,366,024 | ) | ||||
Net cash provided by financing activities | 498,990,680 | |||||||
Net cash provided by financing -activities | 498,990,680 | |||||||
Net increase in cash | 1,556,501 | |||||||
Net increase - in cash | 1,435,699 | |||||||
Cash - beginning of the period | 0 | 0 | ||||||
Cash - end of the period | $ | 1,556,501 | $ | 1,435,699 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Supplemental disclosure - of noncash investing and financing activities: | ||||||||
Offering costs included in accrued expenses | $ | 70,000 | $ | 70,000 | ||||
Offering costs paid by related party under promissory note | $ | 129,005 | $ | 129,005 | ||||
Reversal of accrued expenses | $ | 58,385 | $ | 58,385 | ||||
Outstanding accounts payable balance paid by related party under note payable | $ | 37,500 | $ | 37,500 | ||||
Deferred underwriting commissions | $ | 17,356,818 | $ | 17,356,818 | ||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 455,454,240 | ||||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (374,440 | ) |
As of March 11, 2021 | As Reported, As Revised | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to redemption at $10.00 per share | $ | 455,454,240 | $ | 40,454,840 | $ | 495,909,080 | ||||||
Class A ordinary shares | 405 | (405 | ) | — | ||||||||
Additional paid-in capital | 5,677,145 | (5,677,145 | ) | — | ||||||||
Accumulated deficit | (678,794 | ) | (34,777,290 | ) | (35,456,084 | ) | ||||||
Total shareholders’ equity (deficit) | $ | 5,000,007 | $ | (40,454,840 | ) | $ | (35,454,833 | ) | ||||
Number of Class A ordinary shares subject to redemption | 45,545,424 | 4,045,484 | 49,590,908 | |||||||||
Number of Class A ordinary shares in permanent equity | 4,045,484 | (4,045,484 | ) | — |
As of March 31, 2021 | As Previously Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to redemption at $10.00 per share | $ | 458,411,930 | $ | 37,497,150 | $ | 495,909,080 | ||||||
Class A ordinary shares | 375 | (375 | ) | — | ||||||||
Additional paid-in capital | 2,711,759 | (2,711,759 | ) | — | ||||||||
Retained earnings (accumulated deficit) | 2,286,616 | (34,785,016 | ) | (32,498,400 | ) | |||||||
Total shareholders’ equity (deficit) | $ | 5,000,001 | $ | (37,497,150 | ) | $ | (32,497,149 | ) | ||||
Number of Class A ordinary shares subject to redemption | 45,841,193 | 3,749,715 | 49,590,908 | |||||||||
Number of Class A ordinary shares in permanent equity | 3,749,715 | (3,749,715 | ) | — |
Three Months Ended March 31, 2021 | As Previously Reported | Adjustment | As Restated | |||||||||
Sale of Shares in Initial Public Offering, Gross | ||||||||||||
Class A ordinary shares, par value $0.0001 | $ | 4,959 | $ | (4,959 | ) | $ | — | |||||
Additional paid-in capital | $ | 484,894,941 | $ | (484,894,941 | ) | $ | — | |||||
Total shareholders’ equity (deficit) | $ | 484,899,900 | $ | (484,899,900 | ) | $ | — | |||||
Offering Costs | ||||||||||||
Additional paid-in capital | $ | (27,340,317 | ) | $ | 27,340,317 | $ | — | |||||
Total shareholders’ equity (deficit) | $ | (27,340,317 | ) | $ | 27,340,317 | $ | — | |||||
Class A ordinary shares Subject to Possible Redemption | ||||||||||||
Class A ordinary shares, par value $0.0001 | $ | (4,584 | ) | $ | 4,584 | $ | — | |||||
Additional paid-in capital | $ | (458,407,346 | ) | $ | 458,407,346 | $ | — | |||||
Total shareholders’ equity (deficit) | $ | (458,411,930 | ) | $ | 458,411,930 | $ | — | |||||
Accretion of Class A ordinary shares to Redemption Amount | ||||||||||||
Additional paid-in capital | $ | — | $ | (3,564,481 | ) | $ | (3,564,481 | ) | ||||
Accumulated deficit | $ | — | $ | (34,785,016 | ) | $ | (34,785,016 | ) | ||||
Total shareholders’ equity (deficit) | $ | — | $ | (38,349,497 | ) | $ | (38,349,497 | ) |
Form 10-Q: three months ended March 31, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities | ||||||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 455,454,240 | $ | (455,454,240 | ) | $ | — | |||||
Change in value of Class A ordinary shares subject to possible redemption | $ | 2,957,690 | $ | (2,957,690 | ) | $ | — |
As of June 30, 2021 | As Previously Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to redemption at $10.00 per share | $ | 455,079,800 | $ | 40,829,280 | $ | 495,909,080 | ||||||
Class A ordinary shares | 408 | (408 | ) | — | ||||||||
Additional paid-in capital | 6,043,867 | (6,043,867 | ) | — | ||||||||
Accumulated deficit | (1,045,513 | ) | (34,785,005 | ) | (35,830,518 | ) | ||||||
Total shareholders’ equity (deficit) | $ | 5,000,002 | $ | (40,829,280 | ) | $ | (35,829,278 | ) | ||||
Number of Class A ordinary shares subject to redemption | 45,507,980 | 4,082,928 | 49,590,908 | |||||||||
Number of Class A ordinary shares in permanent equity | 4,082,928 | (4,082,928 | ) | — |
Three Months Ended June 30, 2021 | As Previously Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares Subject to Possible Redemption | ||||||||||||
Class A ordinary shares, par value $0.0001 | $ | 33 | $ | (33 | ) | $ | — | |||||
Additional paid-in capital | $ | 3,332,097 | $ | (3,332,097 | ) | $ | — | |||||
Total shareholders’ equity (deficit) | $ | 3,332,130 | $ | (3,332,130 | ) | $ | — | |||||
Accretion of Class A ordinary shares to Redemption Amount | ||||||||||||
Additional paid-in capital | $ | — | $ | (11 | ) | $ | (11 | ) | ||||
Accumulated deficit | $ | — | $ | 11 | $ | 11 |
Form 10-Q: six months ended June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities | ||||||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 455,454,240 | $ | (455,454,240 | ) | $ | — | |||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (374,440 | ) | $ | 374,440 | $ | — |
EPS for Class A ordinary share (redeemable) | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Form 10-Q (March 31, 2021) - three months ended March 31, 2021 | ||||||||||||
Weighted average shares outstanding | 45,559,508 | (33,988,296 | ) | 11,571,212 | ||||||||
Basic and diluted earnings per share | $ | — | $ | 0.10 | $ | 0.10 | ||||||
Form 10-Q (June 30, 2021) - three months ended June 30, 2021 | ||||||||||||
Weighted average shares outstanding | 45,837,531 | 3,753,377 | 49,590,908 | |||||||||
Basic and diluted earnings per share | $ | — | $ | (0.05 | ) | $ | (0.05 | ) | ||||
Form 10-Q (June 30, 2021) - six months ended June 30, 2021 | ||||||||||||
Weighted average shares outstanding | 45,785,402 | (15,099,315 | ) | 30,686,087 | ||||||||
Basic and diluted earnings per share | $ | — | $ | (0.02 | ) | $ | (0.02 | ) |
EPS for Class B ordinary share (non-redeemable) | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Form 10-Q (March 31, 2021) - three months ended March 31, 2021 | ||||||||||||
Weighted average shares outstanding - basic | 12,154,044 | (940,660 | ) | 11,213,384 | ||||||||
Weighted average shares outstanding - diluted | 12,154,044 | 243,683 | 12,397,727 | |||||||||
Basic and diluted earnings per share | $ | 0.19 | $ | (0.09 | ) | $ | 0.10 | |||||
Form 10-Q (June 30, 2021) - three months ended June 30, 2021 | ||||||||||||
Weighted average shares outstanding | 16,151,104 | (3,753,377 | ) | 12,397,727 | ||||||||
Basic and diluted earnings per share | $ | (0.21 | ) | $ | 0.16 | $ | (0.05 | ) | ||||
Form 10-Q (June 30, 2021) - six months ended June 30, 2021 | ||||||||||||
Weighted average shares outstanding | 14,163,615 | (2,354,788 | ) | 11,808,827 | ||||||||
Basic and diluted earnings per share | $ | (0.07 | ) | $ | 0.05 | $ | (0.02 | ) |
For the Three Months Ended June 30, 2021 | For the Six Months Ended June 30, 2021 | |||||||
Class A Ordinary shares subject to possible redemption | ||||||||
Numerator: Earnings allocable to Ordinary shares subject to possible redemption | ||||||||
Income from investments held in Trust Account | $ | 16,267 | $ | 21,007 | ||||
Less: Company’s portion available to be withdrawn to pay taxes | 0— | 0— | ||||||
Net income attributable | $ | 16,267 | $ | 21,007 | ||||
Denominator: Weighted average Class A ordinary shares subject to possible redemption | ||||||||
Basic and diluted weighted average shares outstanding | 45,837,531 | 45,785,402 | ||||||
Basic and diluted net income per share | $ | 0.00 | $ | 0.00 | ||||
Non-Redeemable Ordinary Shares | ||||||||
Numerator: Net Loss minus Net Earnings |
Net loss | $ | (3,332,129 | ) | $ | (1,029,583 | ) | ||
Net income allocable to Class A ordinary shares subject to possible redemption | (16,267 | ) | (21,007 | ) | ||||
Non-redeemable | $ | (3,348,396 | ) | $ | (1,050,590 | ) | ||
Denominator: weighted average Non-redeemable | ||||||||
Basic Non-redeemable ordinary shares | 16,151,104 | 14,163,615 | ||||||
Basic and diluted net loss per share, Non-redeemable | $ | (0.21 | ) | $ | (0.07 | ) | ||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss)- basic and diluted | $ | 669,910 | $ | 167,478 | $ | (145,160 | ) | $ | (47,035 | ) | ||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average common shares outstanding | 49,590,908 | 12,397,727 | 37,056,942 | 12,007,284 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.01 | $ | 0.01 | $ | (0.00 | ) | $ | (0.00 | ) | ||||||
Diluted net income per ordinary share | $ | 0.01 | $ | 0.01 | $ | (0.00 | ) | $ | (0.00 | ) | ||||||
Gross proceeds | $ | 495,909,080 | ||
Less: | ||||
Proceeds allocated to public warrants | (11,009,180 | ) | ||
Class A ordinary share issuance costs | (27,340,317 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 38,349,497 | |||
Class A ordinary share subject to possible redemption | $ | 495,909,080 | ||
Description | 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 | $ | 495,931,971 | $ | 0— | $ | 0— | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public | $ | 11,009,180 | $ | 0— | $ | — | ||||||
Derivative warrant liabilities - Private | $ | 0— | $ | 10,077,450 | $ | 0— |
Description | 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 | $ | 495,938,352 | $ | 0— | $ | 0— | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public | $ | 10,414,090 | $ | 0— | $ | — | ||||||
Derivative warrant liabilities - Private | $ | 0— | $ | 9,532,730 | $ | 0— |
As of March 9, 2021 | As of June 30, 2021 | |||||||
Volatility | 17.0 | % | 15.0 | % | ||||
Stock price | $ | 10.00 | $ | 10.00 | ||||
Expected life of the options to convert | 5 | 5 | ||||||
Risk-free rate | 0.83 | % | 0.92 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % |
Level 3 - Derivative warrant liabilities at December 31, 2020 | $ | 0 | ||
Issuance of derivative warrant liabilities | (21,086,630 | ) | ||
Change in fair value of derivative warrant liabilities | (3,039,510 | ) | ||
Level 3 | (18,047,120 | ) | ||
Transfer of Public Warrants to Level 1 | (9,422,270 | ) | ||
Transfer of Private Warrants to Level 2 | (8,624,850 | ) | ||
Level 3 | 0 | |||
Change in fair value of derivative warrant liabilities | 0 | |||
Level 3 - Derivative warrant liabilities at September 30, 2021 | $ | 0 | ||
Item 2. | Management’s Discussion and Analysis of |
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 from Registered Securities |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits. |
101.INS | Inline XBRL Instance Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH | Inline XBRL Taxonomy Extension Schema 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) |
INDEPENDENCE HOLDINGS CORP. | ||||||
Date: | /s/ John Lawrence Furlong | |||||
Name: | John Lawrence Furlong | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: | /s/ Jaskaran Heir | |||||
Name: | Jaskaran Heir | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |