☒ | 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 | 85-2533565 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
400 Perimeter Center Terrace Suite 151 Atlanta, Georgia | 30346 | |
(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 share of Class A common stock and one-half of one redeemable warrant | ALTUU | The Nasdaq Stock Market LLC | ||
Class A common stock, par value $0.0001 per share | ALTU | The Nasdaq Stock Market LLC | ||
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share | ALTUW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | 19 | |||||
Item 3. | 22 | |||||
Item 4. | 23 | |||||
Item 1. | 24 | |||||
Item 1A. | 24 | |||||
Item 2. | 24 | |||||
Item 3. | 25 | |||||
Item 4. | 25 | |||||
Item 5. | 25 | |||||
Item 6. | 25 | |||||
27 |
September 30, 2021 (Unaudited) | December 31, 2020 | September 30, 2021 (Unaudited) | December 31, 2020 (As restated) | |||||||||||||
Assets: | (As Restated | ) | ||||||||||||||
Current Assets | ||||||||||||||||
Cash and cash equivalents | $ | 134,055 | $ | 764,329 | $ | 134,055 | $ | 764,329 | ||||||||
Prepaid expense | 294,133 | 634,511 | 294,133 | 634,511 | ||||||||||||
Total current assets | 428,188 | 1,398,840 | 428,188 | 1,398,840 | ||||||||||||
Investments held in Trust Account | 300,019,322 | 300,000,082 | 300,019,322 | 300,000,082 | ||||||||||||
Total assets | $ | 300,447,510 | $ | 301,398,922 | $ | 300,447,510 | $ | 301,398,922 | ||||||||
Liabilities and Stockholders’ Deficit: | ||||||||||||||||
Current Liabilities | ||||||||||||||||
Accounts payable | $ | 232,057 | $ | 137,178 | $ | 232,057 | $ | 137,178 | ||||||||
Due to related party | 92,089 | 2,885 | 92,089 | 2,885 | ||||||||||||
Total current liabilities | 324,146 | 140,063 | 324,146 | 140,063 | ||||||||||||
Warrant liability | 16,033,950 | 33,807,463 | 16,033,950 | 33,807,463 | ||||||||||||
Deferred legal fee | 4,594,437 | 0 | 4,594,437 | 0 | ||||||||||||
Deferred underwriting fee | 10,500,000 | 10,500,000 | 10,500,000 | 10,500,000 | ||||||||||||
Total liabilities | 31,452,533 | 44,447,526 | 31,452,533 | 44,447,526 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Class A common stock subject to possible redemption, 30,000,000 and 30,000,000 shares subject to possible redemption at redemption value at September 30, 2021 and December 31, 2020, respectively | 300,000,000 | 300,000,000 | ||||||||||||||
Class A common stock subject to possible redemption, $0.0001 par value, 30,000,000 and 30,000,000 shares subject to possible redemption at redemptionvalue of $10.00 per share at September 30, 2021 and December 31, 2020, respectively | 300,000,000 | 300,000,000 | ||||||||||||||
Stockholders’ deficit: | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding | 0— | 0— | ||||||||||||||
Class A common stock, $0.0001 par value, 280,000,000 shares authorized | 0— | 0— | ||||||||||||||
Class B common stock, $0.0001 par value, 20,000,000 shares authorized, 7,500,000 and 7,500,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 750 | 750 | ||||||||||||||
Preferred stock, $0.0001 par value , 1,000,000 shares authorized; 0 shares issuedor outstanding | 0— | 0— | ||||||||||||||
Class A common stock, $0.0001 par value, 280,000,000 shares authorized ; 0 shares issued or outstanding | 0— | 0— | ||||||||||||||
Class B common stock, $0.0001 par value, 20,000,000 shares authorized ; 7,500,000 and 7,500,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 750 | 750 | ||||||||||||||
Additional paid-in capital | 0— | 0— | 0— | 0— | ||||||||||||
Accumulated deficit | (31,005,773 | ) | (43,049,354 | ) | (31,005,773 | ) | (43,049,354 | ) | ||||||||
Total stockholders’ deficit | (31,005,023 | ) | (43,048,604 | ) | (31,005,023 | ) | (43,048,604 | ) | ||||||||
Total liabilities and stockholders’ deficit | $ | 300,447,510 | $ | 301,398,922 | $ | 300,447,510 | $ | 301,398,922 | ||||||||
For the three months ended | For the period from August 12, 2020 (inception) through | For the nine months ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | For the three months ended September 30, 2021 | For the period from August 12, 2020 (inception) through September 30, 2020 | For the nine months ended September 30, 2021 | |||||||||||||||||||
Formation and operating costs | $ | 4,903,000 | $ | 6,108 | $ | 5,749,195 | $ | 4,903,000 | $ | 6,108 | $ | 5,749,195 | ||||||||||||
Loss from operations | (4,903,000 | ) | (6,108 | ) | (5,749,195 | ) | (4,903,000 | ) | (6,108 | ) | (5,749,195 | ) | ||||||||||||
Other income | ||||||||||||||||||||||||
Interest Income | 3 | 0 | 23 | 3 | 0 | 23 | ||||||||||||||||||
Interest income earned on Trust | 6,165 | 0 | 19,240 | 6,165 | 0 | 19,240 | ||||||||||||||||||
Unrealized gain on change in fair value of warrants | 4,327,824 | 0 | 17,773,513 | 4,327,824 | 0 | 17,773,513 | ||||||||||||||||||
Total other income | 4,333,992 | 0 | 17,792,776 | 4,333,992 | 0 | 17,792,776 | ||||||||||||||||||
Net income (loss) | $ | (569,008 | ) | $ | (6,108 | ) | $ | 12,043,581 | $ | (569,008 | ) | $ | (6,108 | ) | $ | 12,043,581 | ||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 30,000,000 | 0 | 30,000,000 | 30,000,000 | 0 | 30,000,000 | ||||||||||||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | (0.02 | ) | $ | 0 | $ | 0.32 | $ | (0.02 | ) | $ | 0 | $ | 0.32 | ||||||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 7,500,000 | 6,250,000 | 7,500,000 | 7,500,000 | 6,250,000 | 7,500,000 | ||||||||||||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | (0.02 | ) | $ | (0.00 | ) | $ | 0.32 | $ | (0.02 | ) | $ | (0.00 | ) | $ | 0.32 | ||||||||
Class B | Additional Paid-In Capital | Retained Earnings | Total Stockholders’ Equity | |||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of August 12, 2020, (inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Class B common stock issued to Sponsor | 7,187,500 | 719 | 24,281 | 25,000 | ||||||||||||||||
Net loss | — | — | — | (6,108 | ) | (6,108 | ) | |||||||||||||
Balance as of September 30, 2020 (unaudited) | 7,187,500 | $ | 719 | $ | 24,281 | $ | (6,108 | ) | $ | 18,892 | ||||||||||
Class B | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of August 12, 2020, (inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Class B common stock issued to Sponsor | 7,187,500 | 719 | 24,281 | 25,000 | ||||||||||||||||
Net loss | — | — | — | (6,108 | ) | (6,108 | ) | |||||||||||||
Balance as of September 30, 2020 (unaudited) | 7,187,500 | $ | 719 | $ | 24,281 | $ | (6,108 | ) | $ | 18,892 | ||||||||||
Class B | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of December 31, 2020, as restated | 7,500,000 | $ | 750 | $ | 0 | $ | (43,049,354 | ) | $ | (43,048,604 | ) | |||||||||
Net loss | — | — | — | (6,456,287 | ) | (6,456,287 | ) | |||||||||||||
Balance as of March 31, 2021 (unaudited), as restated | 7,500,000 | $ | 750 | $ | 0 | $ | (49,505,641 | ) | $ | (49,504,891 | ) | |||||||||
Net income | — | — | — | 19,068,876 | 19,068,876 | |||||||||||||||
Balance as of June 30, 2021 (unaudited), as restated | 7,500,000 | $ | 750 | $ | 0 | $ | (30,436,765 | ) | $ | (30,436,015 | ) | |||||||||
Net loss | — | — | — | (569,008 | ) | (569,008 | ) | |||||||||||||
Balance as of September 30, 2021 (unaudited) | 7,500,000 | $ | 750 | $ | 0 | $ | (31,005,773 | ) | $ | (31,005,023 | ) | |||||||||
Class B | Additional Paid-In Capital | Retained Earnings | Total Stockholders’ Deficit | |||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of December 31, 2020, as restated | 7,500,000 | $ | 750 | $ | 0 | $ | (43,049,354 | ) | $ | (43,048,604 | ) | |||||||||
Net loss | — | — | — | (6,456,287 | ) | (6,456,287 | ) | |||||||||||||
Balance as of March 31, 2021 (unaudited), as restated | 7,500,000 | $ | 750 | $ | 0 | $ | (49,505,641 | ) | $ | (49,504,891 | ) | |||||||||
Net income | — | — | — | 19,068,876 | 19,068,876 | |||||||||||||||
Balance as of June 30, 2021 (unaudited), as restated | 7,500,000 | $ | 750 | $ | 0 | $ | (30,436,765 | ) | $ | (30,436,015 | ) | |||||||||
Net loss | — | — | — | (569,008 | ) | (569,008 | ) | |||||||||||||
Balance as of September 30, 2021 (unaudited) | 7,500,000 | $ | 750 | $ | 0 | $ | (31,005,773 | ) | $ | (31,005,023 | ) | |||||||||
For the Nine Months Ended September 30, | For the period from August 12, 2020 (inception) through September 30, | |||||||
2021 | 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 12,043,581 | $ | (6,108 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned on investments held in Trust Account | (19,240 | ) | 0 | |||||
Unrealized gain on change in fair value of warrant liability | (17,773,513 | ) | 0 | |||||
Changes in current assets and current liabilities: | ||||||||
Prepaid assets | 340,379 | 0 | ||||||
Deferred legal fee | 4,594,437 | 0 | ||||||
Due to related party | 89,204 | 0 | ||||||
Accounts payable | 94,878 | 846 | ||||||
Net cash used in operating activities | (630,274 | ) | (5,262 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from issuance of Class B Common Stock | 0 | 25,000 | ||||||
Proceeds from issuance of promissory note related party | 0 | 275,000 | ||||||
Payment of deferred offering costs | 0 | (74,781 | ) | |||||
Net cash provided by financing activities | 0 | 225,219 | ||||||
Net Change in Cash | (630,274 | ) | 219,957 | |||||
Cash—Beginning | 764,329 | 0 | ||||||
Cash—Ending | $ | 134,055 | $ | 219,957 | ||||
Supplemental disclosure of noncash financing activities | ||||||||
Deferred offering costs included in accrued offering costs and expenses | $ | 0 | $ | 345,200 |
Balance Sheet as of December 31, 2020 (as revised in footnote 2 of form 10K/A filed on June 1, 2021) | ||||||||||||
Common Stock subject to possible redemption ($) | $ | 251,951,390 | $ | 48,048,610 | $ | 300,000,000 | ||||||
Common stocks Class A, $0.0001 par value | 481 | (481 | ) | 0 | ||||||||
Common stocks Class B, $0.0001 par value | 750 | 0 | 750 | |||||||||
Additional Paid in Capital | 12,116,008 | (12,116,008 | ) | 0 | ||||||||
Accumulated Deficit | (7,117,234 | ) | (35,932,120 | ) | (43,049,354 | ) | ||||||
Total Stockholders’ Equity (Deficit) | $ | 5,000,005 | $ | (48,048,609 | ) | $ | (43,048,604 | ) | ||||
Number of shares subject to redemption | 25,195,139 | 4,804,861 | 30,000,000 | |||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of March 31, 2021 (per form 10-Q filed on June 3, 2021) | ||||||||||||
Class A common stock subject to possible redemption | $ | 245,495,100 | $ | 54,504,900 | $ | 300,000,000 | ||||||
Class A common stock | 545 | (545 | ) | 0 | ||||||||
Additional paid in capital | 18,572,234 | (18,572,234 | ) | 0 | ||||||||
Accumulated deficit | (13,573,521 | ) | (35,932,120 | ) | (49,505,641 | ) | ||||||
Statement of Operations for the three months ended March 31, 2021 (per form 10-Q filed on June 3, 2021) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 30,000,000 | 0 | 30,000,000 | |||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | 0 | $ | (0.17 | ) | $ | (0.17 | ) | ||||
Basic and diluted weighted average shares outstanding, Class B common stock | 7,500,000 | 0 | 7,500,000 | |||||||||
Basic and diluted net loss per share, Class B common stock | $ | (0.86 | ) | $ | 0.69 | $ | (0.17 | ) | ||||
Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2021 (per form 10-Q filed on June 3, 2021) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | 6,456,290 | $ | (6,456,290 | ) | $ | 0 | |||||
Statement of Cash Flows for the three months ended March 31, 2021 (per form 10-Q filed on June 3, 2021) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | (6,456,290 | ) | $ | 6,456,290 | $ | 0 |
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Class A common stock subject to possible redemption | $ | 264,563,980 | $ | 35,436,020 | $ | 300,000,000 | ||||||
Class A common stock | 354 | (354 | ) | 0 | ||||||||
Additional paid in capital | 0 | 0 | 0 | |||||||||
Accumulated deficit | 4,998,900 | (35,435,665 | ) | (30,436,765 | ) | |||||||
Statement of Operations for the three months ended June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 30,000,000 | 0 | 30,000,000 | |||||||||
Basic and diluted net income per share, Class A common stock | $ | 0 | $ | 0.51 | $ | 0.51 | ||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 7,500,000 | 0 | 7,500,000 | |||||||||
Basic and diluted net income per share, Class B common stock | $ | 2.54 | $ | (2.03 | ) | $ | 0.51 | |||||
Statement of Operations for the six months ended June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 30,000,000 | 0 | 30,000,000 | |||||||||
Basic and diluted net income per share, Class A common stock | $ | 0 | $ | 0.34 | $ | 0.34 | ||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 7,500,000 | 0 | 7,500,000 | |||||||||
Basic and diluted net income per share, Class B common stock | $ | 1.68 | $ | (1.34 | ) | $ | 0.34 | |||||
Statement of Changes in Stockholders’ Equity for the three months ended June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | (19,068,880 | ) | $ | 19,068,880 | $ | 0 | |||||
Statement of Cash Flows for the six months ended June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | 12,612,590 | $ | (12,612,590 | ) | $ | 0 |
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | (455,206 | ) | $ | (113,802 | ) | $ | 9,634,865 | $ | 2,408,716 | ||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 30,000,000 | 7,500,000 | 30,000,000 | 7,500,000 | ||||||||||||
Basic and diluted net income (loss) per share | $ | (0.02 | ) | $ | (0.02 | ) | $ | 0.32 | $ | 0.32 |
For the Period from August 12, 2020 (inception) through September 30, 2020 | ||||||||
Class A | Class B | |||||||
Basic and diluted net income per share: | ||||||||
Numerator: | ||||||||
Allocation of net loss | $ | 0 | $ | (6,108 | ) | |||
Denominator: | ||||||||
Weighted-average shares outstanding | 0 | 6,250,000 | ||||||
Basic and diluted net loss per share | $ | 0 | $ | (0.00 | ) |
Gross proceeds from IPO | $ | 300,000,000 | $ | 300,000,000 | ||||
Less: | ||||||||
Proceeds allocated to Public Warrants | (19,987,400 | ) | (19,987,400 | ) | ||||
Common stock issuance costs | (15,968,970 | ) | (15,968,970 | ) | ||||
Plus: | ||||||||
Accretion of carrying value to redemption value | 35,956,370 | 35,956,370 | ||||||
Contingently redeemable common stock | $ | 300,000,000 | ||||||
Class A common stock subject to possible redemption | $ | 300,000,000 | ||||||
September 30, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Money Market Funds held in Trust Account | $ | 300,019,322 | $ | 300,019,322 | $ | — | $ | — | ||||||||
$ | 300,019,322 | $ | 300,019,322 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Warrant Liability – Public Warrants | $ | 10,200,000 | $ | 10,200,000 | $ | — | $ | — | ||||||||
Warrant Liability – Private Placement Warrants | $ | 5,833,950 | $ | — | $ | — | $ | 5,833,950 | ||||||||
$ | 16,033,950 | $ | 10,200,000 | $ | — | $ | 5,833,950 | |||||||||
December 31, 2020 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Money Market Funds held in Trust Account | $ | 300,000,082 | $ | 300,000,082 | $ | — | $ | — | ||||||||
$ | 300,000,082 | $ | 300,000,082 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Warrant Liability – Public Warrants | $ | 21,995,964 | $ | — | $ | — | $ | 21,995,964 | ||||||||
Warrant Liability – Private Placement Warrants | $ | 11,811,499 | $ | — | $ | — | $ | 11,811,499 | ||||||||
$ | 33,807,463 | $ | — | $ | — | $ | 33,807,463 | |||||||||
Input | September 30, 2021 | |||
Expected term (years) | 5.48 | |||
Expected volatility | 12.9 | % | ||
Risk-free interest rate | 1.06 | % | ||
Fair value of the common stock price | $ | 9.84 |
Input | December 31, 2020 | |||
Expected term (years) | 5.85 | |||
Expected volatility | 24.2 | % | ||
Risk-free interest rate | 0.48 | % | ||
Fair value of the common stock price | $ | 9.63 |
Warrant Liability | ||||
Fair value as of December 31, 2020 | $ | 33,807,463 | ||
Transfer out of Level 3 to Level 1 | (10,200,000 | ) | ||
Revaluation of warrant liability included in other income within the statement of operations for the nine months ended September 30, 2021 | (17,773,513 | ) | ||
Fair value as of September 30, 2021 | $ | 5,833,950 | ||
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. |
* |
** |
ALTITUDE ACQUISITION CORP. | ||||||
Date: | By: | /s/ Gary Teplis | ||||
Name: Gary Teplis | ||||||
Title: Chief Executive Officer | ||||||
(Principal Executive Officer) |