☒ | 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 | 85-2832589 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Symbol(s) | Name of each exchange on which registered | |||
Units, each consisting of one share of Class A Common Stock one-third of one Redeemable Warrant | CTAQU | The | ||||
Class A Common Stock, par value $0.0001 per share | CTAQ | The | ||||
Warrants, each exercisable for one share Class A Common Stock for $11.50 per share | CTAQW | The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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PART II – OTHER INFORMATION | ||||||||
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September 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 318,445 | $ | 835,208 | ||||
Prepaid expenses | 429,167 | 700,867 | ||||||
Total Current Assets | 747,612 | 1,536,075 | ||||||
Investment and marketable securities held in Trust Account | 402,529,236 | 402,507,131 | ||||||
TOTAL ASSETS | $ | 403,276,848 | $ | 404,043,206 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
Current liabilities - accrued expenses | $ | 159,115 | $ | 90,763 | ||||
Warrant liability | 8,915,834 | 17,831,667 | ||||||
Deferred underwriting fee payable | 15,137,500 | 15,137,500 | ||||||
TOTAL LIABILITIES | 24,212,449 | 33,059,930 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock subject to possible redemption, 40,250,000 shares at $10.00 per share as of September 30, 2021 and December 31, 2020, respectively | 402,500,000 | 402,500,000 | ||||||
Stockholders’ Deficit | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0— | 0— | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 900,000 shares issued and outstanding (excluding 40,250,000 subject to possible redemption) at September 30, 2021 and December 31, 2020 | 90 | 90 | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 10,062,500 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 1,006 | 1,006 | ||||||
Accumulated deficit | (23,436,697 | ) | (31,517,820 | ) | ||||
Total Stockholders’ Deficit | (23,435,601 | ) | (31,516,724 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 403,276,848 | $ | 404,043,206 | ||||
June 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 140,476 | $ | 73,952 | ||||
Prepaid expenses | 192,167 | 324,500 | ||||||
Total Current Assets | 332,643 | 398,452 | ||||||
Cash and marketable securities held in Trust Account | 402,947,153 | 402,568,921 | ||||||
TOTAL ASSETS | $ | 403,279,796 | $ | 402,967,373 | ||||
LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT | ||||||||
Current liabilities | ||||||||
Accrued expenses | $ | 58,186 | $ | 265,999 | ||||
Income taxes payable | 72,899 | — | ||||||
Advances from related party | 200,000 | — | ||||||
Total Current Liabilities | 331,085 | 265,999 | ||||||
Convertible note | 178,300 | — | ||||||
Warrant liabilities | 2,194,667 | 9,464,500 | ||||||
Deferred underwriting fee payable | 15,137,500 | 15,137,500 | ||||||
TOTAL LIABILITIES | 17,841,552 | 24,867,999 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock subject to possible redemption, 40,250,000 shares at approximately $10.01 and $10.00 pershare as of June 30, 2022 and December 31, 2021, respectively | 402,766,594 | 402,500,000 | ||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0— | 0— | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 900,000 shares issued and outstanding (excluding 40,250,000 subject to possible redemption) at June 30, 2022 and December 31, 2021 | 90 | 90 | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 10,062,500 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 1,006 | 1,006 | ||||||
Accumulated deficit | (17,329,446 | ) | (24,401,722 | ) | ||||
TOTAL STOCKHOLDERS’ DEFICIT | (17,328,350 | ) | (24,400,626 | ) | ||||
TOTAL LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT | $ | 403,279,796 | $ | 402,967,373 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | For the Period from August 31, 2020 (Inception) through September 30, | ||||||||||
2021 | 2021 | 2020 | ||||||||||
Operating and formation costs | $ | 311,899 | $ | 898,492 | $ | 1,000 | ||||||
Loss from operations | (311,899 | ) | (898,492 | ) | (1,000 | ) | ||||||
Other income: | ||||||||||||
Interest income - bank | 2 | 2 | 0 | |||||||||
Interest earned on investments and marketable securities held in Trust Account | 27,529 | 63,780 | 0 | |||||||||
Change in fair value of warrant liabilities | 3,977,833 | 8,915,833 | 0 | |||||||||
Total other income | 4,005,364 | 8,979,615 | 0 | |||||||||
Net income (loss) | $ | 3,693,465 | $ | 8,081,123 | $ | (1,000 | ) | |||||
Weighted average shares outstanding, Class A common stock | 41,150,000 | 41,150,000 | 0 | |||||||||
Basic and diluted income per share, Class A common stock | $ | 0.07 | $ | 0.16 | $ | 0 | ||||||
Weighted average shares outstanding, Class B common stock | 10,062,500 | 10,062,500 | 8,750,000 | |||||||||
Basic and diluted income per share, Class B common stock | $ | 0.07 | $ | 0.16 | $ | 0 | ||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating and formation costs | $ | 308,619 | $ | 347,695 | $ | 583,022 | $ | 586,593 | ||||||||
Loss from operations | (308,619 | ) | (347,695 | ) | (583,022 | ) | (586,593 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest earned on cash and marketable securities held in Trust Account | 532,675 | 707 | 603,257 | 36,251 | ||||||||||||
Change in fair value of warrant liabilities | 2,606,167 | (1,508,833 | ) | 7,269,834 | 4,938,000 | |||||||||||
Change in fair value of convertible note | 45,300 | — | 121,700 | — | ||||||||||||
Total other income (expense), net | 3,184,142 | (1,508,126 | ) | 7,994,791 | 4,974,251 | |||||||||||
Income (loss) before provision for income taxes | 2,875,523 | (1,855,821 | ) | 7,411,769 | 4,387,658 | |||||||||||
Provision for income taxes | (72,899 | ) | — | (72,899 | ) | — | ||||||||||
Net income (loss) | $ | 2,802,624 | $ | (1,855,821 | ) | $ | 7,338,870 | $ | 4,387,658 | |||||||
Weighted average shares outstanding, Class A common stock | 41,150,000 | 41,150,000 | 41,150,000 | 41,150,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | 0.05 | $ | (0.04 | ) | $ | 0.14 | $ | 0.09 | |||||||
Weighted average shares outstanding, Class B common stock | 10,062,500 | 10,062,500 | 10,062,500 | 10,062,500 | ||||||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.05 | $ | (0.04 | ) | $ | 0.14 | $ | 0.09 | |||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance – January 1, 2021 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | 0 | $ | (31,517,820 | ) | $ | (31,516,724 | ) | ||||||||||||||
Net income | — | — | — | — | — | 6,243,479 | 6,243,479 | |||||||||||||||||||||
Balance – March 31, 2021 | 900,000 | 90 | 10,062,500 | 1,006 | — | (25,274,341 | ) | (25,273,245 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (1,855,821 | ) | (1,855,821 | ) | |||||||||||||||||||
Balance – June 30, 2021 | 900,000 | 90 | 10,062,500 | 1,006 | 0 | (27,130,162 | ) | (27,129,066 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 3,693,465 | 3,693,465 | |||||||||||||||||||||
Balance – September 30, 2021 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | 0 | $ | (23,436,697 | ) | $ | (23,435,601 | ) | ||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance – December 31, 2021 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | — | $ | (24,401,722 | ) | $ | (24,400,626 | ) | ||||||||||||||
Net income | — | — | — | — | — | 4,536,246 | 4,536,246 | |||||||||||||||||||||
Balance – March 31, 2022 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | — | $ | (19,865,476 | ) | $ | (19,864,380 | ) | ||||||||||||||
Accretion for Class A common stock subject to possible redemption amount | — | — | — | — | — | (266,594 | ) | (266,594 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 2,802,624 | 2,802,624 | |||||||||||||||||||||
Balance – June 30, 2022 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | — | $ | (17,329,446 | ) | $ | (17,328,350 | ) | ||||||||||||||
Class B Common Stock | Additional Paid-in | Retained Earnings / (Accumulated | Total Stockholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit) | Equity | ||||||||||||||||
Balance – August 31, 2020 (inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Issuance of Class B common stock to Sponsor | 10,062,500 | 1,006 | 23,994 | — | 25,000 | |||||||||||||||
Net loss | — | — | — | (1,000 | ) | (1,000 | ) | |||||||||||||
Balance – September 30, 2020 | 10,062,500 | $ | 1,006 | $ | 23,994 | $ | (1,000 | ) | $ | 24,000 | ||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance – December 31, 2020 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | — | $ | (31,517,820 | ) | $ | (31,516,724 | ) | ||||||||||||||
Net income | — | — | — | — | — | 6,243,479 | 6,243,479 | |||||||||||||||||||||
Balance – March 31, 2021 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | — | $ | (25,274,341 | ) | $ | (25,273,245 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (1,855,821 | ) | (1,855,821 | ) | |||||||||||||||||||
Balance – June 31, 2021 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | — | $ | (27,130,162 | ) | $ | (27,129,066 | ) | ||||||||||||||
Nine Months Ended September 30, | For The Period From August 31, 2020 (Inception) Through September 30, | |||||||
2021 | 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 8,081,123 | $ | (1,000 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned on investments and marketable securities held in Trust Account | (63,780 | ) | 0 | |||||
Change in fair value of warrant liabilities | (8,915,833 | ) | 0 | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 271,700 | 0 | ||||||
Accrued expenses | 68,352 | 1,000 | ||||||
Net cash used in operating activities | (558,438 | ) | 0 | |||||
Cash Flows from Investing Activities: | ||||||||
Cash withdrawn from Trust Account to pay franchise taxes | 41,675 | 0 | ||||||
Net cash provided by investing activities | 41,675 | 0 | ||||||
Net Change in Cash | (516,763 | ) | 0 | |||||
Cash – Beginning of period | 835,208 | 0 | ||||||
Cash – End of period | $ | 318,445 | $ | 0 | ||||
For the Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 7,338,870 | $ | 4,387,658 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Interest earned on cash and marketable securities held in Trust Account | (603,232 | ) | (36,251 | ) | ||||
Change in fair value of convertible note | (121,700 | ) | — | |||||
Change in fair value of warrant liabilities | (7,269,834 | ) | (4,938,000 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 132,333 | 166,200 | ||||||
Accrued expenses | (207,812 | ) | 8,693 | |||||
Income taxes payable | 72,899 | — | ||||||
Net cash used in operating activities | (658,476 | ) | (411,700 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash withdrawn from Trust Account to pay franchise and income taxes | 225,000 | 41,675 | ||||||
Net cash provided by investing activities | 225,000 | 41,675 | ||||||
Cash Flows from Financing Activities: | ||||||||
Advances from related party | 253,671 | — | ||||||
Repayment of advances from related party | (53,671 | ) | — | |||||
Proceeds from convertible promissory note | 300,000 | — | ||||||
Net cash provided by financing activities | 500,000 | — | ||||||
Net Change in Cash | 66,524 | (370,025 | ) | |||||
Cash – Beginning | 73,952 | 835,208 | ||||||
Cash – Ending | $ | 140,476 | $ | 465,183 | ||||
Balance Sheet as of December 31, 2020 (audited) | As Previously Reported | Adjustment | As Restated | |||||||||
Class A common stock subject to possible redemption | $ | 365,983,270 | $ | 36,516,730 | $ | 402,500,000 | ||||||
Class A common stock | $ | 455 | $ | (365 | ) | $ | 90 | |||||
Additional paid-in capital | $ | 5,843,734 | $ | (5,843,734 | ) | $ | 0 | |||||
Accumulated Deficit | $ | (845,189 | ) | $ | (30,672,631 | ) | $ | (31,517,820 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,006 | $ | (36,516,730 | ) | $ | (31,516,724 | ) | ||||
Statement of Operations for the period from August 31, 2020 (inception) through December 31, 2020 (audited) | ||||||||||||
Weighted average shares outstanding, Class A redeemable common stock | 40,250,000 | (34,515,984 | ) | 5,734,016 | ||||||||
Basic and diluted net income per share, Class A redeemable common stock | $ | 0 | $ | (0.06 | ) | $ | (0.06 | ) | ||||
Weighted average shares outstanding, Class A and Class B non-redeemable common stock | 10,194,207 | (2,441,133 | ) | 7,753,074 | ||||||||
Basic and diluted net income per share, Class A and Class B non-redeemable common stock | $ | (0.08 | ) | $ | 0.02 | $ | (0.06 | ) |
Gross proceeds | $ | 402,500,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (17,710,000 | ) | ||
Class A common stocks issuance costs | (21,590,535 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 39,300,535 | |||
Class A common stocks subject to possible redemption | $ | 402,500,000 | ||
Gross proceeds | $ | 402,500,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (17,710,000 | ) | ||
Class A common stock issuance costs | (21,590,535 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 39,300,535 | |||
Class A common stock subject to possible redemption, December 31, 2021 | $ | 402,500,000 | ||
Plus: | ||||
Accretion of carrying value to redemption value | 266,594 | |||
Class A common stock subject to possible redemption, June 30, 2022 | $ | 402,766,594 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | For the Period from August 31, 2020 (Inception) Through September 30, 2020 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic and diluted net income per common share | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 2,967,754 | $ | 725,711 | $ | 6,493,302 | $ | 1,587,821 | $ | 0 | $ | (1,000 | ) | |||||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 41,150,000 | 10,062,500 | 41,150,000 | 10,062,500 | 0 | 8,750,000 | ||||||||||||||||||
Basic and diluted net income per common share | $ | 0.07 | $ | 0.07 | $ | 0.16 | $ | 0.16 | $ | 0 | $ | 0.00 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net income (loss) per share of common stock | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 2,251,950 | $ | 550,674 | $ | (1,491,180 | ) | $ | (364,641 | ) | $ | 5,896,890 | $ | 1,441,980 | $ | 3,525,548 | $ | 862,110 | ||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 41,150,000 | 10,062,500 | 41,150,000 | 10,062,500 | 41,150,000 | 10,062,500 | 41,150,000 | 10,062,500 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per share of common stock | $ | 0.05 | $ | 0.05 | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.14 | $ | 0.14 | $ | 0.09 | $ | 0.09 |
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 |
Held-To-Maturity | Amortized Cost | Gross Holding Gain | Fair Value | |||||||||||
September 30, 2021 | U.S. Treasury Securities (Matures on 12/09/2021) | $ | 201,267,523 | $ | 4,413 | $ | 201,271,936 | |||||||
December 31, 2020 | U.S. Treasury Securities (Matured on 03/18/2021) | $ | 201,256,191 | $ | 1,629 | $ | 201,257,820 | |||||||
Held-To-Maturity | Level | Amortized Cost | Gross Holding Gain | Fair Value | ||||||||||||||
June 30, 2022 | U.S. Treasury Securities (Matures on 08/09/22) | 1 | $ | 201,541,099 | $ | (122,069 | ) | $ | 201,419,030 | |||||||||
December 31, 2021 | U.S. Treasury Securities (Matures on 03/10/22) | 1 | $ | 201,302,605 | $ | 14,537 | $ | 201,317,142 |
Description | Level | June 30, 2022 | December 31, 2021 | |||||||||
Assets: | ||||||||||||
Investments – U.S Treasury Securities Money Market Fund | 1 | $ | 201,405,171 | $ | 201,265,665 | |||||||
Liabilities: | ||||||||||||
Warrant Liabilities – Public Warrants | 1 | $ | 2,146,667 | $ | 9,257,500 | |||||||
Warrant Liabilities – Private Placement Warrants | 2 | $ | 48,000 | $ | 207,000 | |||||||
Convertible Note – Related Party | 3 | $ | 178,300 | $ | — |
Description | Level | September 30, 2021 | December 31, 2020 | |||||||||
Liabilities: | ||||||||||||
Warrant Liability – Public Warrants | 1 | $ | 8,720,834 | $ | 17,441,667 | |||||||
Warrant Liability – Placement Warrants | 2 | $ | 195,000 | $ | 390,000 |
Private Placement | Public | Warrant Liabilities (Level 3) | ||||||||||
Fair value as of January 1, 2021 | $ | 390,000 | $ | 17,441,667 | $ | 17,831,667 | ||||||
Transfers to Level 1 | 0 | (17,441,667 | ) | (17,441,667 | ) | |||||||
Change in fair value | (141,000 | ) | 0 | (141,000 | ) | |||||||
Fair value as of March 31, 2021 | $ | 249,000 | $ | 0— | $ | 249,000 | ||||||
Change in fair value | 33,000 | — | 33,000 | |||||||||
Fair value as of June 30, 2021 | $ | 282,000 | $ | 0— | $ | 282,000 | ||||||
Change in F airV alue | (87,000 | ) | — | (87,000 | ) | |||||||
Transfer to Level 2 | (195,000 | ) | — | (195,000 | ) | |||||||
Fair value as of September 30, 2021 | $ | 0 | $ | 0 | $ | 0 | ||||||
June 30, 2022 | ||||
Principal Amount | $ | 300,000 | ||
Conversion Price | $ | 10.00 | ||
Value per Share | $ | 9.85 | ||
Warrant Price | $ | 0.16 | ||
Probability of Transaction | 60.00 | % |
Convertible Promissory Note | ||||
Fair value as of January 1, 2022 | $ | — | ||
Proceeds received through convertible note – Related Party | 300,000 | |||
Change in valuation inputs or other assumptions | (76,400 | ) | ||
Fair value as of March 31, 2022 | $ | 223,600 | ||
Change in valuation inputs or other assumptions | (45,300 | ) | ||
Fair value as of June 30, 2022 | $ | 178,300 |
* | Filed herewith. |
** | Furnished. |
CARNEY TECHNOLOGY ACQUISITION CORP. II | |||||||||
Date: August 11, 2022 | By: | /s/ David Roberson | |||||||
Name: | David Roberson | ||||||||
Title: | Chief Executive Officer, Chief Financial Officer and Chairman of the Board of Directors | ||||||||
(Principal Executive Officer and Principal Financial Officer) |