☒ | 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 | 85-2624164 | |
(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 one-half of one Redeemable Warrant | OHAAU | The Nasdaq Stock Market LLC | ||
Class A Common Stock, par value $0.0001 per share | OHAA | The Nasdaq Stock Market LLC | ||
Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 | OHAAW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | ||||||
March 31, | December 31, | |||||||
2022 | 2021 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 440,480 | $ | 670,998 | ||||
Prepaid expenses and other assets | 424,399 | 388,711 | ||||||
Total current assets | 864,879 | 1,059,709 | ||||||
OTHER ASSETS | ||||||||
Prepaid expenses and other assets | 212,682 | 300,657 | ||||||
Deferred tax asset | 5,506 | 5,506 | ||||||
Investments held in Trust Account | 127,788,442 | 127,771,830 | ||||||
TOTAL ASSETS | 128,871,509 | 129,137,702 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 72,153 | $ | 44,252 | ||||
Franchise tax payable | 50,000 | 34,902 | ||||||
Due to affiliate | 0 | 20,000 | ||||||
TOTAL LIABILITIES | 122,153 | 99,154 | ||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | ||||||
Class A common stock subject to possible redemption, $0.0001 par value, 12,650,000 shares at redemption value of $10.10 per share | 127,765,000 | 127,765,000 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0ne issued and outstanding | 0— | 0— | ||||||
Class A common stock; $0.0001 par value; 100,000,000 shares authorized; 0 shares issued and outstanding (excluding 12,650,000 shares subject to possible redemption) | 0— | 0— | ||||||
Common stock $0.0001 par value; 10,000,000 shares authorized; 3,162,500 shares issued and outstanding | 316 | 316 | ||||||
Additional paid-in capital | 1,621,335 | 1,621,335 | ||||||
Accumulated deficit | (637,295 | ) | (348,103 | ) | ||||
Total stockholders’ equity | 984,356 | 1,273,548 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 128,871,509 | $ | 129,137,702 | ||||
September 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | $ | 205,001 | $ | 670,998 | ||||
Prepaid expenses and other assets | 385,124 | 388,711 | ||||||
Total current assets | 590,125 | 1,059,709 | ||||||
OTHER ASSETS | ||||||||
Prepaid expenses and other assets | 27,345 | 300,657 | ||||||
Deferred tax asset | 5,506 | 5,506 | ||||||
Investments held in Trust Account | 128,507,233 | 127,771,830 | ||||||
TOTAL ASSETS | $ | 129,130,209 | $ | 129,137,702 | ||||
LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 87,144 | $ | 44,252 | ||||
Franchise tax payable | 127,777 | 34,902 | ||||||
Due to affiliate | — | 20,000 | ||||||
Income taxes payable | 209,462 | — | ||||||
TOTAL LIABILITIES | 424,383 | 99,154 | ||||||
COMMITMENTS AND CONTINGENCIES (NOTE 6) | ||||||||
Class A common stock subject to possible redemption, $0.0001 par value, 12,650,000 shares at redemption value of $10.13 and $10.10 per share as of September 30, 2022 and December 31, 2021, respectively | 128,169,994 | 127,765,000 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of September 30, 2022 and December 31, 2021 | — | — | ||||||
Class A common stock; $0.0001 par value; 100,000,000 shares authorized; none issued and outstanding as of September 30, 2022 and December 31, 2021 (excluding 12,650,000 shares subject to possible redemption) | — | — | ||||||
Common stock $0.0001 par value; 10,000,000 shares authorized; 3,162,500 shares issued and outstanding as of September 30, 2022 and December 31, 2021 | 316 | 316 | ||||||
Additional paid-in capital | 1,216,341 | 1,621,335 | ||||||
Accumulated deficit | (680,825 | ) | (348,103 | ) | ||||
Total stockholders’ equity | 535,832 | 1,273,548 | ||||||
TOTAL LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ EQUITY | $ | 129,130,209 | $ | 129,137,702 | ||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
OPERATING EXPENSES | ||||||||||||||||
General and administrative | $ | 217,576 | $ | 47,744 | $ | 765,788 | $ | 57,362 | ||||||||
Franchise tax | 50,000 | — | 152,187 | — | ||||||||||||
Total operating expenses | (267,576 | ) | (47,744 | ) | (917,975 | ) | (57,362 | ) | ||||||||
OTHER INCOME (LOSS) | ||||||||||||||||
Interest income on investments held in Trust Account | 621,047 | — | 794,715 | 6 | ||||||||||||
Total other income (loss) | 621,047 | — | 794,715 | 6 | ||||||||||||
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 353,471 | (47,744 | ) | (123,260 | ) | (57,356 | ) | |||||||||
Provision for income taxes | (195,049 | ) | — | (209,462 | ) | — | ||||||||||
NET INCOME (LOSS) | $ | 158,422 | $ | (47,744 | ) | $ | (332,722 | ) | $ | (57,356 | ) | |||||
Weighted average shares outstanding of Class A common stock | 12,650,000 | — | 12,650,000 | — | ||||||||||||
Basic and diluted net loss per share, Class A | $ | 0.01 | — | $ | (0.02 | ) | — | |||||||||
Weighted average shares outstanding of common stock | 3,162,500 | 3,162,500 | 3,162,500 | 3,162,500 | ||||||||||||
Basic and diluted net loss per share, common stock | $ | 0.01 | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||
Common stock | ||||||||||||||||||||||||||||
Class A | Common stock | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional P aid-inC apital | Accumulated D eficit | Total S tockholders’E quity | ||||||||||||||||||||||
Balance, December 31, 2021 | — | $ | — | 3,162,500 | $ | 316 | $ | 1,621,335 | $ | (348,103 | ) | $ | 1,273,548 | |||||||||||||||
Net loss | — | — | — | — | — | (289,192 | ) | (289,192 | ) | |||||||||||||||||||
Balance, March 31, 2022 (Unaudited) | — | — | 3,162,500 | 316 | 1,621,335 | (637,295 | ) | 984,356 | ||||||||||||||||||||
Net loss | — | — | — | — | — | (201,952 | ) | (201,952 | ) | |||||||||||||||||||
Balance, June 30, 2022 (Unaudited) | — | — | 3,162,500 | 316 | 1,621,335 | (839,247 | ) | 782,404 | ||||||||||||||||||||
Accretion of Class A common stock subject to possible redemption | — | — | — | — | (404,994 | ) | — | (404,994 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 158,422 | 158,422 | |||||||||||||||||||||
Balance, September 30, 2022 (Unaudited) | — | $ | — | 3,162,500 | $ | 316 | $ | 1,216,341 | $ | (680,825 | ) | $ | 535,832 | |||||||||||||||
For the three months ended March 31, 2022 | For the three months ended March 31, 2021 | |||||||
OPERATING EXPENSES | ||||||||
General and administrative | $ | 253,616 | $ | — | ||||
Franchise tax | 52,188 | — | ||||||
Total expenses | 305,804 | — | ||||||
OTHER INCOME (EXPENSE) | ||||||||
Interest income on investments held in Trust Account and other interest | 16,612 | 3 | ||||||
Total other income | 16,612 | 3 | ||||||
NET INCOME (LOSS) | $ | (289,192 | ) | $ | 3 | |||
Weighted average shares outstanding of Class A common stock | 12,650,000 | — | ||||||
Basic and diluted net income (loss) per share, Class A | $ | (0.02 | ) | $ | — | |||
Weighted average shares outstanding of Class B common stock | 3,162,500 | 3,162,500 | ||||||
Basic and diluted net income ( loss ) per share, Class B | $ | (0.02 | ) | $ | — | |||
Common stock | ||||||||||||||||||||||||||||
Class A | Common stock | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional P aid-inC apital | Accumulated D eficit | Total S tockholder’sE quity (D eficit) | ||||||||||||||||||||||
Balance, December 31, 2020 | — | $ | — | 3,162,500 | $ | 316 | $ | 24,684 | $ | (1,000 | ) | $ | 24,000 | |||||||||||||||
Net income | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||
Balance, March 31, 2021 (Unaudited) | — | — | 3,162,500 | 316 | 24,684 | (997 | ) | 24,003 | ||||||||||||||||||||
Net loss | — | — | — | — | — | (9,615 | ) | (9,615 | ) | |||||||||||||||||||
Balance, June 30, 2021 (Unaudited) | — | — | 3,162,500 | 316 | 24,684 | (10,612 | ) | 14,388 | ||||||||||||||||||||
Net loss | — | — | — | — | — | (47,744 | ) | (47,744 | ) | |||||||||||||||||||
Balance, September 30, 2021 (Unaudited) | — | $ | — | 3,162,500 | $ | 316 | $ | 24,684 | $ | (58,356 | ) | $ | (33,356 | ) | ||||||||||||||
Common stock | ||||||||||||||||||||||||||||
Class A | Common stock | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional paid-in capital | Accumulated deficit | Total stockholders’ equity | ||||||||||||||||||||||
Balance, December 31, 2021 | 0 | $ | 0 | 3,162,500 | $ | 316 | $ | 1,621,335 | $ | (348,103 | ) | $ | 1,273,548 | |||||||||||||||
Net loss | — | — | — | — | — | (289,192 | ) | (289,192 | ) | |||||||||||||||||||
Balance, March 31, 2022 (unaudited) | 0 | 0 | 3,162,500 | $ | 316 | $ | 1,621,335 | $ | (637,295 | ) | $ | 984,356 | ||||||||||||||||
Common stock | ||||||||||||||||||||||||||||
Class A | Common stock | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional paid-in capital | Accumulated deficit | Total stockholder’s equity | ||||||||||||||||||||||
Balance, December 31, 2020 | 3,162,500 | $ | 316 | $ | 24,684 | $ | (1,000 | ) | $ | 24,000 | ||||||||||||||||||
Net loss | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||
Balance, March 31, 2021 (unaudited) | 0 | 0 | 3,162,500 | $ | 316 | $ | 24,684 | $ | (997 | ) | $ | 24,003 | ||||||||||||||||
For the Nine Months Ended September 30, | ||||||||
2022 | 2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net loss | $ | (332,722 | ) | $ | (57,356 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Interest income on investments held in Trust Account | (794,715 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | 276,899 | — | ||||||
Accounts payable and accrued expenses | 42,892 | 19,285 | ||||||
Franchise tax payable | 92,875 | — | ||||||
Due to affiliate | (20,000 | ) | — | |||||
Income taxes payable | 209,462 | |||||||
Net cash used in operating activities | (525,309 | ) | (38,071 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Cash withdrawn from Trust Account for tax purposes | 59,312 | — | ||||||
Net cash provided by investing activities | 59,312 | — | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Payment of Deferred Offering Costs | — | (81,895 | ) | |||||
Proceeds from issuance of common stock to Sponsor | — | — | ||||||
Proceeds from notes payable—related party | — | 175,000 | ||||||
Net cash provided by financing activities | — | 93,105 | ||||||
NET CHANGE IN CASH | (465,997 | ) | 55,034 | |||||
CASH, BEGINNING OF THE PERIOD | 670,998 | 25,000 | ||||||
CASH, END OF THE PERIOD | $ | 205,001 | $ | 80,034 | ||||
Supplemental disclosure of noncash activities: | ||||||||
Payment of deferred offering costs by notes payable—related party | $ | — | $ | 27,295 | ||||
Deferred offering costs included in accrued offering costs | $ | — | $ | 22,295 | ||||
Conversion of due to affiliate through issuance of Notes Payable | $ | — | $ | 25,000 | ||||
For the three months e nded March 31,2022 | For the three months e nded March 31,2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | (289,192 | ) | $ | 3 | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest income on investments held in Trust Account | (16,612 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | 52,287 | — | ||||||
Due to affiliate | (20,000 | ) | — | |||||
Accounts payable and accrued exp | 27,901 | — | ||||||
Franchise tax payable | 15,098 | — | ||||||
Net cash flows (used in) provided by operating activities | (230,518 | ) | 3 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from related party note | — | 75,000 | ||||||
Net cash flows provided by financing activities | — | 75,000 | ||||||
NET CHANGE IN CASH | (230,518 | ) | 75,003 | |||||
CASH, BEGINNING OF THE PERIOD | 670,998 | 25,000 | ||||||
CASH, END OF THE PERIOD | $ | 440,480 | $ | 100,003 | ||||
Deferred tax assets | $ | 74,048 | ||
Deferred tax liabilities | 0 | |||
Valuation allowance for deferred tax assets | (68,542 | ) | ||
Net deferred tax assets | $ | 5,506 | ||
Capitalized expenses before business combination | $ | 74,048 | ||
Total | $ | 74,048 | ||
Gross proceeds | $ | 126,500,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (8,420,695 | ) | ||
Class A common stock issuance costs | (245,233 | ) | ||
Plus: Accretion of carrying value to redemption value | 9,930,928 | |||
Class A common stock subject to possible redemption | $ | 127,765,000 | ||
Gross proceeds | $ | 126,500,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (8,420,695 | ) | ||
Class A common stock issuance costs | (245,233 | ) | ||
Plus: Accretion of carrying value to redemption value | 9,930,928 | |||
Class A common stock subject to possible redemption, December 31, 2021 | 127,765,000 | |||
Add: | ||||
Accretion of carrying value to redemption value | 404,994 | |||
Class A common stock subject to possible redemption, September 30, 2022 | $ | 128,169,994 | ||
2022 | 2021 | |||||||||||||||
Class A Common Stock | Common stock | Class A Common Stock | Common Stock | |||||||||||||
Basic and diluted net income (loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 126,738 | $ | 31,684 | $ | — | $ | (47,744 | ) | |||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding | 12,650,000 | 3,162,500 | — | 3,162,500 | ||||||||||||
Basic and diluted net income (loss) per share | $ | 0.01 | $ | 0.01 | $ | — | $ | (0.02 | ) |
Class A common stock | Class B common stock | |||||||
Basic and diluted net loss per share | ||||||||
Numerator: | ||||||||
Allocation of net loss | $ | (234,307 | ) | $ | (54,885 | ) | ||
Denominator: | ||||||||
Weighted average shares outstanding | 12,650,000 | 3,162,500 | ||||||
Basic and dilution net loss per share | $ | (0.02 | ) | $ | (0.02 | ) |
Class A common stock | Class B common stock | 2022 | 2021 | |||||||||||||||||||||
Basic and diluted net income per share | ||||||||||||||||||||||||
Class A Common Stock | Common Stock | Class A Common Stock | Common Stock | |||||||||||||||||||||
Basic and diluted net income (loss) per share: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income | $ | — | $ | 3 | ||||||||||||||||||||
Allocation of net income (loss) | $ | (266,178 | ) | $ | (66,544 | ) | $ | — | $ | (57,356 | ) | |||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted average shares outstanding | — | 3,162,500 | 12,650,000 | 3,162,500 | — | 3,162,500 | ||||||||||||||||||
Basic and dilution net income per share | $ | — | $ | — | ||||||||||||||||||||
Basic and diluted net income (loss) per share | $ | (0.02 | ) | $ | (0.02 | ) | $ | — | $ | (0.02 | ) |
Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Securities | 1 | $ | 127,788,442 | 0 | 0 |
Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Securities | 1 | $ | 128,507,233 | — | — |
Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Securities | 1 | $ | 127,771,830 | 0 | 0 |
Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Securities | 1 | $ | 127,771,830 | — | — |
Table of Contents ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
101.INS* | Inline XBRL Instance | ||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | ||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||
104* | Cover Page Interactive Data |
* | 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 |
OPY ACQUISITION CORP. I | ||||||
Date: | By: | /s/ Jonathan B. Siegel | ||||
Name: | Jonathan B. Siegel | |||||
Title: | Chief Executive Officer and Director (Principal Executive Officer) | |||||
Date: | By: | /s/ Daniel E. Geffken | ||||
Name: | Daniel E. Geffken | |||||
Title: | Chief Financial Officer and Director (Principal Financial and Accounting Officer) |