☒ | 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 | 001-39521 | 85-1669324 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
137 Newbury Street, 7th Floor Boston, Massachusetts | 02116 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
CAPS ™ , each consisting of one share of Class A common stock andone-fourth of one redeemable warrant | ENPC.U | The New York Stock Exchange | ||
Class A common stock, par value $0.0001 per share | ENPC | The New York Stock Exchange | ||
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of | ENPC WS | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page No. | ||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | ||||||
Item 3. | ||||||
25 | ||||||
Item | ||||||
PART II. OTHER INFORMATION | ||||||
Item 1. | 27 | |||||
Item 1A. | 27 | |||||
Item 2. | ||||||
Item 3. | 27 | |||||
Item 4. | 27 | |||||
Item 5. | 27 | |||||
Item 6. | 27 | |||||
28 |
September 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 188,593 | $ | 888,097 | $ | 172,102 | $ | 93,862 | ||||||||
Prepaid expenses | 290,354 | 440,771 | 55,630 | 206,980 | ||||||||||||
Total current assets | 478,947 | 1,328,868 | 227,732 | 300,842 | ||||||||||||
Investments held in Trust Account | 414,042,541 | 414,011,571 | 414,553,871 | 414,052,978 | ||||||||||||
Total Assets | $ | 414,521,488 | $ | 415,340,439 | $ | 414,781,603 | $ | 414,353,820 | ||||||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit: | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 237,243 | $ | 80,044 | $ | 68,037 | $ | 68,735 | ||||||||
Accounts payable - related party | 100,000 | — | ||||||||||||||
Accrued expenses | 12,319 | 107,000 | 8,529,600 | 953,135 | ||||||||||||
Franchise tax payable | 190,518 | 104,159 | 17,978 | 174,603 | ||||||||||||
Income tax payable | 45,295 | — | ||||||||||||||
Convertible note - related party | 1,548,481 | — | ||||||||||||||
Total current liabilities | 440,080 | 291,203 | 10,309,391 | 1,196,473 | ||||||||||||
Convertible Note—related party | 180,000 | 0— | ||||||||||||||
Warrant liabilities | 8,507,835 | 10,929,780 | ||||||||||||||
Convertible note - related party, long term | — | 430,000 | ||||||||||||||
Derivative warrant liabilities | 9,559,720 | 7,135,560 | ||||||||||||||
Total Liabilities | 9,127,915 | 11,220,983 | 19,869,111 | 8,762,033 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Class A common stock subject to possible redemption; $0.0001 par value; 41,400,000 shares at $10.00 per share as of September 30, 2021 and December 31, 2020 | 414,000,000 | 414,000,000 | ||||||||||||||
Class A common stock subject to possible redemption; $0.0001 par value; 41,400,000 shares issued and outstanding at $10.00 per share redemption value as of June 30, 2022 and December 31, 2021 | 414,070,397 | 414,000,000 | ||||||||||||||
Stockholders’ Deficit: | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued or outstanding as of September 30, 2021 and December 31, 2020 | 0 | 0 | ||||||||||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 614,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 61 | 61 | ||||||||||||||
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 300,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 30 | 30 | ||||||||||||||
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 83 | 83 | ||||||||||||||
Additional paid-in capital | 0 | 0 | ||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 ne issued or outstanding as of June 30, 2022 and December 31, 2021 | — | — | ||||||||||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 614,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021, net of shares subject to possible redemption | 61 | 61 | ||||||||||||||
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 300,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 30 | 30 | ||||||||||||||
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 83 | 83 | ||||||||||||||
Accumulated deficit | (8,606,601 | ) | (9,880,718 | ) | (19,158,079 | ) | (8,408,387 | ) | ||||||||
Total stockholders’ deficit | (8,606,427 | ) | (9,880,544 | ) | (19,157,905 | ) | (8,408,213 | ) | ||||||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit | $ | 414,521,488 | $ | 415,340,439 | $ | 414,781,603 | $ | 414,353,820 | ||||||||
For the Period from | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | June 22, 2020 (Inception) through September 30, 2020 | ||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | ||||||||||||||
Operating expenses | ||||||||||||||||
General and administrative expenses | $ | 308,210 | $ | 44,807 | $ | 849,209 | $ | 52,307 | ||||||||
Administrative fee—related party | 60,000 | 0 | 180,000 | 0 | ||||||||||||
Franchise tax expense | 50,411 | 49,863 | 149,589 | 54,296 | ||||||||||||
Loss from Operations | (418,621 | ) | (94,670 | ) | (1,178,798 | ) | (106,603 | ) | ||||||||
Change in fair value of warrant liabilities | 1,482,770 | 1,468,960 | 2,421,945 | 1,468,960 | ||||||||||||
Offering costs associated with public and private warrants | 0 | (182,130 | ) | 0 | (182,130 | ) | ||||||||||
Income from investments held in Trust Account | 10,437 | 1,134 | 30,970 | 1,134 | ||||||||||||
Net income | $ | 1,074,586 | $ | 1,193,294 | $ | 1,274,117 | $ | 1,181,361 | ||||||||
Weighted average shares outstanding of Class A common stock, basic and diluted | 42,014,000 | 5,936,761 | 42,014,000 | 5,407,743 | ||||||||||||
Basic and diluted net income per share, Class A common stock | $ | 0.02 | $ | 0.17 | $ | 0.03 | $ | 0.18 | ||||||||
Weighted average shares outstanding of Class B common stock, basic and diluted | 300,000 | 300,000 | 300,000 | 300,000 | ||||||||||||
Basic and diluted net income per share, Class B common stock | $ | 0.02 | $ | 0.17 | $ | 0.03 | $ | 0.18 | ||||||||
Weighted average shares outstanding of Class F common stock, basic and diluted | 828,000 | 735,261 | 828,000 | 733,901 | ||||||||||||
Basic and diluted net income per share, Class F common stock | $ | 0.02 | $ | 0.17 | $ | 0.03 | $ | 0.18 | ||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||
Operating expenses | ||||||||||||||||
General and administrative expenses | $ | 8,017,728 | $ | 264,448 | $ | 8,515,784 | $ | 540,999 | ||||||||
Administrative fee - related party | 60,000 | 60,000 | 120,000 | 120,000 | ||||||||||||
Franchise tax expense | 49,863 | 49,863 | 74,949 | 99,178 | ||||||||||||
Loss from operations | (8,127,591 | ) | (374,311 | ) | (8,710,733 | ) | (760,177 | ) | ||||||||
Change in fair value of derivative warrant liabilities | (6,303,635 | ) | (1,058,025 | ) | (2,424,160 | ) | 939,175 | |||||||||
Income from investments held in Trust Account | 474,293 | 10,324 | 500,893 | 20,533 | ||||||||||||
Income (loss) before income tax expense | (13,956,933 | ) | (1,422,012 | ) | (10,634,000 | ) | 199,531 | |||||||||
Income tax expense | 45,295 | — | 45,295 | — | ||||||||||||
Net income (loss) | $ | (14,002,228 | ) | $ | (1,422,012 | ) | $ | (10,679,295 | ) | $ | 199,531 | |||||
Weighted average shares outstanding of Class A common stock, basic and diluted | 42,014,000 | 42,014,000 | 42,014,000 | 42,014,000 | ||||||||||||
Basic and diluted net (loss) income per share of Class A common stock | $ | (0.32 | ) | $ | (0.03 | ) | $ | (0.25 | ) | $ | 0.00 | |||||
Weighted average shares outstanding of Class B common stock, basic and diluted | 300,000 | 300,000 | 300,000 | 300,000 | ||||||||||||
Basic and diluted net (loss) income per share of Class B common stock | $ | (0.32 | ) | $ | (0.03 | ) | $ | (0.25 | ) | $ | 0.00 | |||||
Weighted average shares outstanding of Class F common stock, basic and diluted | 828,000 | 828,000 | 828,000 | 828,000 | ||||||||||||
Basic and diluted net (loss) income per share of Class F common stock | $ | (0.32 | ) | $ | (0.03 | ) | $ | (0.25 | ) | $ | 0.00 | |||||
Common Stock | Total | |||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Additional Paid-In | Accumulated | Stockholders’ | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||
Balance—December 31, 2020 | 614,000 | $ | 61 | 300,000 | $ | 30 | 828,000 | $ | 83 | $ | 0 | $ | (9,880,718 | ) | $ | (9,880,544 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | — | — | 1,621,543 | 1,621,543 | |||||||||||||||||||||||||||
Balance—March 31, 2021 (unaudited) | 614,000 | 61 | 300,000 | 30 | 828,000 | 83 | 0 | (8,259,175 | ) | (8,259,001 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (1,422,012 | ) | (1,422,012 | ) | |||||||||||||||||||||||||
Balance—June 30, 2021 (unaudited) | 614,000 | 61 | 300,000 | 30 | 828,000 | 83 | 0 | (9,681,187 | ) | (9,681,013 | ) | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 1,074,586 | 1,074,586 | |||||||||||||||||||||||||||
Balance—September 30, 2021 (unaudited) | 614,000 | $ | 61 | 300,000 | $ | 30 | 828,000 | $ | 83 | $ | 0 | $ | (8,606,601 | ) | $ | (8,606,427 | ) | |||||||||||||||||||
Common Stock | Additional | Total | ||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Paid-In | Accumulated | Stockholders’ | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||
Balance - December 31, 2021 | 614,000 | $ | 61 | 300,000 | $ | 30 | 828,000 | $ | 83 | $ | — | $ | (8,408,387 | ) | $ | (8,408,213 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | — | — | 3,322,933 | 3,322,933 | |||||||||||||||||||||||||||
Balance - March 31, 2022 (unaudited) | 614,000 | 61 | 300,000 | 30 | 828,000 | 83 | — | (5,085,454 | ) | (5,085,280 | ) | |||||||||||||||||||||||||
Increase in redemption value of Class A common stock subject to possible redemption | — | — | — | — | — | — | — | (70,397 | ) | (70,397 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (14,002,228 | ) | (14,002,228 | ) | |||||||||||||||||||||||||
Balance - June 30, 2022 (unaudited) | 614,000 | $ | 61 | 300,000 | $ | 30 | 828,000 | $ | 83 | $ | — | $ | (19,158,079 | ) | $ | (19,157,905 | ) | |||||||||||||||||||
Common Stock | Total | |||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Additional Paid-In | Accumulated | Stockholders’ | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||
Balance—June 22, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||
Issuance of Class B common stock to Sponsor | — | — | 300,000 | 30 | — | — | 18,720 | — | 18,750 | |||||||||||||||||||||||||||
Issuance of Class F common stock to Sponsor | — | — | — | — | 828,000 | 83 | 6,167 | — | 6,250 | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (92,756 | ) | (92,756 | ) | |||||||||||||||||||||||||
Balance—June 30, 2020 (unaudited) | 0 | 0 | 300,000 | 30 | 828,000 | 83 | 24,887 | (92,756 | ) | (67,756 | ) | |||||||||||||||||||||||||
Excess cash received over the fair value of the private warrants | 614,000 | 61 | — | — | — | — | 5,932,709 | — | 5,932,770 | |||||||||||||||||||||||||||
Accretion on Class A common stock subject to possible redemption amount | — | — | — | — | — | — | (5,957,596 | ) | (12,188,968 | ) | (18,146,564 | ) | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 1,193,294 | 1,193,294 | |||||||||||||||||||||||||||
Balance—September 30, 2020 (unaudited) | 614,000 | $ | 61 | 300,000 | $ | 30 | 828,000 | $ | 83 | $ | 0 | $ | (11,088,430 | ) | $ | (11,088,256 | ) | |||||||||||||||||||
Common Stock | Additional | Total | ||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Paid-In | Accumulated | Stockholders’ | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||
Balance - December 31, 2020 | 614,000 | $ | 61 | 300,000 | $ | 30 | 828,000 | $ | 83 | $ | — | $ | (9,880,718 | ) | $ | (9,880,544 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | — | — | 1,621,543 | 1,621,543 | |||||||||||||||||||||||||||
Balance - March 31, 2021 (unaudited) | 614,000 | 61 | 300,000 | 30 | 828,000 | 83 | — | (8,259,175 | ) | (8,259,001 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (1,422,012 | ) | (1,422,012 | ) | |||||||||||||||||||||||||
Balance - June 30, 2021 (unaudited) | 614,000 | $ | 61 | 300,000 | $ | 30 | 828,000 | $ | 83 | $ | — | $ | (9,681,187 | ) | $ | (9,681,013 | ) | |||||||||||||||||||
For the Period from | ||||||||
For the Nine Months Ended | June 22, 2020 (Inception) | |||||||
September 30, 2021 | through September 30, 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 1,274,117 | $ | 1,181,361 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (2,421,945 | ) | (1,468,960 | ) | ||||
General and administrative expenses paid by related party under note payable | — | 29,287 | ||||||
Offering costs associated with derivative warrant liabilities | — | 182,130 | ||||||
Interest income from investments held in Trust Account | (30,970 | ) | (1,134 | ) | ||||
Changes in assets and liabilities: | ||||||||
Prepaid expenses | 150,417 | (16,392 | ) | |||||
Accounts payable | 157,199 | 24,130 | ||||||
Accrued expenses | (94,681 | ) | 9,536 | |||||
Franchise tax payable | 86,359 | 54,297 | ||||||
Net cash used in operating activities | (879,504 | ) | (5,745 | ) | ||||
Cash Flows from Investing Activities | ||||||||
Cash deposited in Trust Account | — | (414,000,000 | ) | |||||
Net cash used in investing activities | — | (414,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds received from initial public offering, gross | — | 414,000,000 | ||||||
Proceeds received from private placement | — | 6,140,000 | ||||||
Proceeds from Convertible Note—related party | 180,000 | — | ||||||
Repayment of note payable to related party | — | (171,450 | ) | |||||
Offering costs paid | — | (4,516,431 | ) | |||||
Net cash provided by financing activities | 180,000 | 415,452,119 | ||||||
Net change in cash | (699,504 | ) | 1,446,374 | |||||
Cash—beginning of the period | 888,097 | 0 | ||||||
Cash—end of the period | $ | 188,593 | $ | 1,446,374 | ||||
Supplemental disclosure of noncash activities: | ||||||||
Offering costs paid in exchange for issuance of Class B common stock to Sponsor | $ | — | $ | 18,750 | ||||
Offering costs paid in exchange for issuance of Class F common stock to Sponsor | $ | — | $ | 6,250 | ||||
Offering costs included in accrued expenses | $ | — | $ | 85,000 | ||||
Offering costs included in accounts payable | $ | — | $ | 1,600 | ||||
Offering costs paid through note payable | $ | — | $ | 142,163 |
For the Six Months Ended | ||||||||
June 30, 2022 | June 30, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | (10,679,295 | ) | $ | 199,531 | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of derivative warrant liabilities | 2,424,160 | (939,175 | ) | |||||
Interest income from investments held in Trust Account | (500,893 | ) | (20,533 | ) | ||||
Changes in assets and liabilities: | ||||||||
Prepaid expenses | 151,350 | 115,041 | ||||||
Accounts payable | (698 | ) | 43,130 | |||||
Accounts payable - related party | 100,000 | — | ||||||
Accrued expenses | 7,576,465 | 49,000 | ||||||
Franchise tax payable | (156,625 | ) | 35,948 | |||||
Income tax payable | 45,295 | — | ||||||
Net cash used in operating activities | (1,040,241 | ) | (517,058 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from convertible note - related party | 1,118,481 | 0— | ||||||
Net cash provided by financing activities | 1,118,481 | 0— | ||||||
Net change in cash | 78,240 | (517,058 | ) | |||||
Cash - beginning of the period | 93,862 | 888,097 | ||||||
Cash - end of the period | $ | 172,102 | $ | 371,039 | ||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||
Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income | $ | 1,017,206 | $ | 7,263 | $ | 50,117 | $ | 1,206,082 | $ | 8,612 | $ | 59,423 | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted average common stock outstanding, basic and diluted | 42,014,000 | 300,000 | 828,000 | 42,014,000 | 300,000 | 828,000 | ||||||||||||||||||
Basic and diluted net income per share of common stock | $ | 0.02 | $ | 0.02 | $ | 0.02 | $ | 0.03 | $ | 0.03 | $ | 0.03 | ||||||||||||
For the Three Months Ended | For the Period from June 22, 2020 (Inception) | For the Three Months Ended June 30, 2022 | For the Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | through September 30, 2020 | Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||||||||||||||||||||||||||
Basic net loss per common stock: | ||||||||||||||||||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of net income | $ | 877,322 | $ | 44,334 | $ | 271,638 | $ | 847,000 | $ | 46,989 | $ | 287,372 | ||||||||||||||||||||||||||||||||||||
Allocation of net loss | $ | (13,636,123 | ) | $ | (97,368 | ) | $ | (268,737 | ) | $ | (1,384,832 | ) | $ | (9,888 | ) | $ | (27,292 | ) | ||||||||||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common stock outstanding, basic and diluted | 5,936,761 | 300,000 | 735,261 | 5,407,743 | 300,000 | 733,901 | 42,014,000 | 300,000 | 828,000 | 42,014,000 | 300,000 | 828,000 | ||||||||||||||||||||||||||||||||||||
Basic and diluted net income per share of common stock | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.18 | $ | 0.18 | $ | 0.18 | ||||||||||||||||||||||||||||||||||||
Basic and diluted net loss per share of common stock | $ | (0.32 | ) | $ | (0.32 | ) | $ | (0.32 | ) | $ | (0.03 | ) | $ | (0.03 | ) | $ | (0.03 | ) | ||||||||||||||||||||||||||||||
�� |
For the Six Months Ended June 30, 2022 | For the Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||
Basic net (loss) income per common stock: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net (loss) income | $ | (10,400,072 | ) | $ | (74,261 | ) | $ | (204,962 | ) | $ | 194,314 | $ | 1,388 | $ | 3,829 | |||||||||
Denominator: | ||||||||||||||||||||||||
Weighted average common stock outstanding, basic and diluted | 42,014,000 | 300,000 | 828,000 | 42,014,000 | 300,000 | 828,000 | ||||||||||||||||||
Basic and diluted net (loss) income per share of common stock | $ | (0.25 | ) | $ | (0.25 | ) | $ | (0.25 | ) | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
Gross proceeds from Initial Public Offering | $ | 414,000,000 | ||
Less: | ||||
Fair value of Public Warrants at issuance | (13,558,500 | ) | ||
Offering costs allocated to Class A common stock subject t o possible redemption | (4,588,064 | ) | ||
Plus: | ||||
Accretion on Class A common stock subject to possible redemption value | 18,146,564 | |||
Class A common stock subject to possible redemption | $ | 414,000,000 | ||
Gross proceeds from Initial Public Offering | $ | 414,000,000 | ||
Less: | ||||
Fair value of Public Warrants at issuance | (13,558,500 | ) | ||
Offering costs allocated to Class A common stock subject to possible redemption | (4,588,064 | ) | ||
Plus: | ||||
Accretion on Class A common stock subject to possible redemption value | 18,146,564 | |||
Class A common stock subject to possible redemption as of December 31, 2021 | 414,000,000 | |||
Increase in redemption value of Class A common stock subject to redemption | 70,397 | |||
Class A common stock subject to possible redemption as of June 30, 2022 | $ | 414,070,397 | ||
Fair Value Measured as of September 30, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments held in Trust Account—U.S. Treasury Securities | $ | 414,042,541 | $ | — | $ | — | $ | 414,042,541 | ||||||||
Liabilities: | ||||||||||||||||
Warrant liabilities—public warrants | $ | 8,383,500 | $ | — | $ | — | $ | 8,383,500 | ||||||||
Warrant liabilities—private warrants | $ | — | $ | — | $ | 124,335 | $ | 124,335 |
Fair Value Measured as of December 31, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments held in Trust Account—U.S. Treasury Securities | $ | 414,011,571 | $ | — | $ | — | $ | 414,011,571 | ||||||||
Liabilities: | ||||||||||||||||
Warrant liabilities—public warrants | $ | 10,764,000 | $ | — | $ | — | $ | 10,764,000 | ||||||||
Warrant liabilities—private warrants | $ | — | $ | — | $ | 165,780 | $ | 165,780 |
Fair Value Measured as of June 30, 2022 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments held in Trust Account - U.S. Treasury Securities | $ | 414,553,871 | $ | — | $ | — | $ | 414,553,871 | ||||||||
Liabilities: | ||||||||||||||||
Warrant liabilities - Public Warrants | $ | 9,418,500 | $ | — | $ | — | $ | 9,418,500 | ||||||||
Warrant liabilities - Private Placement Warrants | $ | — | $ | — | $ | 141,220 | $ | 141,220 |
Fair Value Measured as of December 31, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments held in Trust Account - U.S. Treasury Securities | $ | 414,052,978 | $ | — | $ | — | $ | 414,052,978 | ||||||||
Liabilities: | ||||||||||||||||
Warrant liabilities - Public Warrants | $ | 7,027,650 | $ | — | $ | — | $ | 7,027,650 | ||||||||
Warrant liabilities - Private Placement Warrants | $ | — | $ | — | $ | 107,910 | $ | 107,910 |
September 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Exercise price | $ | 11.50 | $ | 11.50 | $ | 11.50 | $ | 11.50 | ||||||||
Stock Price | $ | 9.82 | $ | 10.01 | ||||||||||||
Stock price | $ | 9.99 | $ | 9.81 | ||||||||||||
Term (in years) | 5.00 | 5.00 | 5.00 | 5.00 | ||||||||||||
Volatility | 16.10 | % | 17.00 | % | 11.00 | % | 14.20 | % | ||||||||
Risk-free interest rate | 1.17 | % | 0.56 | % | 3.01 | % | 1.34 | % | ||||||||
Dividend yield | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||
Probability of success | 90.00 | % | 80.00 | % |
Level 3 warrant liabilities at December 31, 2020 | $ | 165,780 | ||
Change in fair value of warrant liabilities | (30,700 | ) | ||
Level 3 warrant liabilities at March 31, 2021 | 135,080 | |||
Change in fair value of warrant liabilities | 23,025 | |||
Level 3 warrant liabilities at June 30, 2021 | 158,105 | |||
Change in fair value of warrant liabilities | (33,770 | ) | ||
Level 3 warrant liabilities at September 30, 2021 | $ | 124,335 | ||
Level 3 warrant liabilities as of December 31, 2021 | $ | 107,910 | ||
Change in fair value of warrant liabilities | (60,325 | ) | ||
Level 3 warrant liabilities as of March 31, 2022 | 47,585 | |||
Change in fair value of warrant liabilities | 93,635 | |||
Level 3 warrant liabilities as of June 30, 2022 | $ | 141,220 | ||
Level 3 warrant liabilities as of December 31, 2020 | $ | 165,780 | ||
Change in fair value of warrant liabilities | (30,700 | ) | ||
Level 3 warrant liabilities as of March 31, 2021 | 135,080 | |||
Change in fair value of warrant liabilities | 23,025 | |||
Level 3 warrant liabilities as of June 30, 2021 | $ | 158,105 | ||
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
EXECUTIVE NETWORK PARTNERING CORPORATION | ||
By: | /s/ Alex Dunn | |
Name: | Alex Dunn | |
Title: | Chief Executive Officer, Chief Financial Officer and |