☒ | 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 | 98-1578373 | |
(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 Class A ordinary share, $0.0001 par value, and one-half of one redeemable public warrant | WNNR.U | New York Stock Exchange | ||
Class A ordinary shares, $0.0001 par value | WNNR | New York Stock Exchange | ||
Public warrants, each whole warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | WNNR WS | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 1,232,145 | $ | 0 | $ | 962,305 | $ | — | ||||||||
Prepaid expenses and other current assets | 607,027 | 0 | 643,720 | 2,049 | ||||||||||||
Due from Sponsor | 0 | 2,049 | ||||||||||||||
Total Current Assets | 1,839,172 | 2,049 | 1,606,025 | 2,049 | ||||||||||||
Prepaid insurance, long-term | 464,906 | 0 | 318,093 | — | ||||||||||||
Deferred offering costs | 0 | 595,599 | — | 595,599 | ||||||||||||
Marketable securities held in Trust Account | 235,771,759 | 0 | 236,084,239 | — | ||||||||||||
TOTAL ASSETS | $ | 238,075,837 | $ | 597,648 | $ | 238,008,357 | $ | 597,648 | ||||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accrued expenses | $ | 51,720 | $ | 0 | $ | 21,800 | $ | — | ||||||||
Accrued offering costs | 85,000 | 342,955 | 85,000 | 342,955 | ||||||||||||
Advance from related party | 0 | 240,554 | — | 240,554 | ||||||||||||
Total Current Liabilities | 136,720 | 0 | 106,800 | 583,509 | ||||||||||||
Deferred legal fee | 10,000 | — | ||||||||||||||
Deferred underwriting fee payable | 8,050,000 | 0 | 8,050,000 | — | ||||||||||||
Total Liabilities | 8,186,720 | 583,509 | 8,166,800 | 583,509 | ||||||||||||
Commitments and Contingencies (see Note 6) | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares subject to possible redemption; $0.0001 par value; 23,000,000 and 0 shares issued and outstanding at redemption value of $10.25 per share as of March 31, 2022 and December 31, 2021, respectively | 235,750,000 | 0 | ||||||||||||||
Class A ordinary shares subject to possible redemption; $0.0001 par value; 23,000,000 and 0 shares issued and outstanding at redemption value of $10.26 per share as of June 30, 2022 and December 31, 2021, respectively | 236,084,239 | — | ||||||||||||||
Shareholders’ (Deficit) Equity | �� | |||||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0ne issued and outstanding | 0 | 0 | — | — | ||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0 shares issued and outstanding (excluding 23,000,000 and no shares subject to possible redemption) as of March 31, 2022 and December 31, 2021, respectively | 0 | 0 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 (1) | 575 | 575 | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 0 shares issued and outstanding (excluding 23,000,000 and no shares subject to possible redemption) as of June 30, 2022 and December 31, 2021, respectively | — | — | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021(1) | 575 | 575 | ||||||||||||||
Additional paid-in capital | 0 | 24,425 | — | 24,425 | ||||||||||||
Accumulated deficit | (5,861,458 | ) | (10,861 | ) | (6,243,257 | ) | (10,861 | ) | ||||||||
Total Shareholders’ (Deficit) Equity | (5,860,883 | ) | 14,139 | (6,242,682 | ) | 14,139 | ||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | $ | 238,075,837 | $ | 597,648 | $ | 238,008,357 | $ | 597,648 | ||||||||
(1) | Included an aggregate of up to 750,000 Class B ordinary shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised (see Note 5). On November 17, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for 0 consideration, thereby reducing the aggregate number of Class B ordinary shares outstanding to 5,750,000 founder shares. All share andper-share amounts have been retroactively restated to reflect the reverse share split on Founder Shares (see Note 5). |
Three Months Ended March 31, | For the Period from January 20, 2021 (Inception) Through March 31, | Three Months Ended June 30, | Six Months Ended June 30, | For the Period from January 20, 2021 (Inception) Through June 30, | ||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Formation costs, professional fees and general and administrative costs | $ | 298,212 | $ | 5,000 | $ | 360,040 | $ | 4,192 | $ | 658,252 | $ | 9,192 | ||||||||||||
Loss from operations | (298,212 | ) | (5,000 | ) | (360,040 | ) | (4,192 | ) | (658,252 | ) | (9,192 | ) | ||||||||||||
Other income: | ||||||||||||||||||||||||
Interest earned on marketable securities held in Trust Account | 21,759 | — | 312,480 | — | 334,239 | — | ||||||||||||||||||
Other income, net | 21,759 | — | 312,480 | — | 334,239 | — | ||||||||||||||||||
Net loss | $ | (276,453 | ) | $ | (5,000 | ) | $ | (47,560 | ) | $ | (4,192 | ) | $ | (324,013 | ) | $ | (9,192 | ) | ||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares | 18,655,556 | — | 23,000,000 | — | 20,839,779 | — | ||||||||||||||||||
Basic and diluted net loss per share, Class A ordinary shares | $ | (0.01 | ) | $ | — | $ | (0.00 | ) | $ | — | $ | (0.01 | ) | $ | — | |||||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares | 5,608,333 | 5,000,000 | 5,750,000 | 5,000,000 | (1) | 5,679,558 | 5,000,000 | (1) | ||||||||||||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.00 | ) | ||||||
(1) | Excluded an aggregate of up to 750,000 Class B ordinary shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised (see Note 5). On November 17, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for 0 consideration, thereby reducing the aggregate number of Class B ordinary shares outstanding to 5,750,000 founder shares. All share andper-share amounts have been retroactively restated to reflect the reverse share split on Founder Shares (see Note 5). |
Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | |||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | Shares | Amount | Capital | Deficit | Equity | |||||||||||||||||||||||||||||||
Balance – January 20, 2021 (Inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor (1) | 5,750,000 | 575 | 24,425 | 0 | 25,000 | 5,750,000 | 575 | 24,425 | — | 25,000 | ||||||||||||||||||||||||||||||
Net loss | — | 0 | 0 | (5,000 | ) | (5,000 | ) | — | — | — | (5,000 | ) | (5,000 | ) | ||||||||||||||||||||||||||
Balance – March 31, 2021 | 5,750,000 | $ | 575 | $ | 24,425 | $ | (5,000 | ) | $ | 20,000 | 5,750,000 | $ | 575 | $ | 24,425 | $ | (5,000 | ) | $ | 20,000 | ||||||||||||||||||||
Net loss | — | — | — | (4,192 | ) | (4,192 | ) | |||||||||||||||||||||||||||||||||
Balance – June 30, 2021 | 5,750,000 | $ | 575 | $ | 24,425 | $ | (9,192 | ) | $ | 15,808 | ||||||||||||||||||||||||||||||
Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | |||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Deficit | (Deficit) Equity | Shares | Amount | Capital | Deficit | Equity (Deficit) | |||||||||||||||||||||||||||||||
Balance – January 1, 2022 | 5,750,000 | $ | 575 | $ | 24,425 | $ | (10,861 | ) | $ | 14,139 | 5,750,000 | $ | 575 | $ | 24,425 | $ | (10,861 | ) | $ | 14,139 | ||||||||||||||||||||
Sale of 13,550,000 Private Placement Warrants | — | — | 13,550,000 | — | 13,550,000 | — | — | 13,550,000 | — | 13,550,000 | ||||||||||||||||||||||||||||||
Proceeds allocated to Public Warrants | — | — | 6,440,000 | — | 6,440,000 | — | — | 6,440,000 | — | 6,440,000 | ||||||||||||||||||||||||||||||
Forfeiture of Class B shares by Sponsor for reissuance to Anchor Investor | (1,430,923 | ) | (143 | ) | 143 | — | — | (1,430,923 | ) | (143 | ) | 143 | — | — | ||||||||||||||||||||||||||
Purchase of Class B shares by Anchor Investor including excess fair value over purchase price | 1,430,923 | 143 | 10,408,888 | — | 10,409,031 | 1,430,923 | 143 | 10,408,888 | — | 10,409,031 | ||||||||||||||||||||||||||||||
Value of transaction costs allocated to fair value equity instruments | — | — | (707,430 | ) | — | (707,430 | ) | — | — | (707,430 | ) | — | (707,430 | ) | ||||||||||||||||||||||||||
Accretion for Class A ordinary shares to redemption amount | — | — | (29,716,026 | ) | (5,574,144 | ) | (35,290,170 | ) | — | — | (29,716,026 | ) | (5,574,144 | ) | (35,290,170 | ) | ||||||||||||||||||||||||
Net loss | — | — | — | (276,453 | ) | (276,453 | ) | — | — | — | (276,453 | ) | (276,453 | ) | ||||||||||||||||||||||||||
Balance – March 31, 2022 | 5,750,000 | $ | 575 | $ | 0 | $ | (5,861,458 | ) | $ | (5,860,883 | ) | 5,750,000 | $ | 575 | $ | — | $ | (5,861,458 | ) | $ | (5,860,883 | ) | ||||||||||||||||||
Accretion for Class A ordinary shares to redemption amount | — | — | — | (334,239 | ) | (334,239 | ) | |||||||||||||||||||||||||||||||||
Net loss | — | — | — | (47,560 | ) | (47,560 | ) | |||||||||||||||||||||||||||||||||
Balance – June 30, 2022 | 5,750,000 | $ | 575 | $ | — | $ | (6,243,257 | ) | $ | (6,242,682 | ) | |||||||||||||||||||||||||||||
(1) | Included an aggregate of up to 750,000 Class B ordinary shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised (see Note 5). On November 17, 2021, the Sponsor surrendered an aggregate of 1,437,500 Class B ordinary shares for 0 consideration, thereby reducing the aggregate number of Class B ordinary shares outstanding to 5,750,000 founder shares. All share andper-share amounts have been retroactively restated to reflect the reverse share split on Founder Shares (see Note 5). |
Three Months Ended March 31, | For the Period from January 20, 2021 (Inception) Through March 31, | Six months Ended June 30, | For the Period from January 20, 2021 (Inception) Through June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net loss | $ | (276,453 | ) | $ | (5,000 | ) | $ | (324,013 | ) | $ | (9,192 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Formation cost paid by Sponsor in exchange for issuance of Founder Shares | 0 | 5,000 | — | 5,000 | ||||||||||||
Interest earned on marketable securities held in Trust Account | (21,759 | ) | 0 | (334,239 | ) | — | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses and other current assets | (19,777 | ) | 0 | (641,671 | ) | — | ||||||||||
Prepaid insurance, short-term | (587,250 | ) | 0 | |||||||||||||
Prepaid insurance, long-term | (464,906 | ) | 0 | (318,093 | ) | — | ||||||||||
Due from Sponsor | 2,049 | 0 | ||||||||||||||
Accrued expenses | 51,720 | 0 | 21,800 | 3,967 | ||||||||||||
Deferred legal fee payable | 10,000 | — | ||||||||||||||
Net cash used in operating activities | (1,316,376 | ) | 0 | (1,586,216 | ) | (225 | ) | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Investment of cash in Trust Account | (235,750,000 | ) | 0 | (235,750,000 | ) | — | ||||||||||
Net cash used in investing activities | (235,750,000 | ) | 0 | (235,750,000 | ) | — | ||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Proceeds from issuance of Class B ordinary shares to Anchor Investor | 6,221 | 0 | 6,221 | — | ||||||||||||
Proceeds from sale of Units, net of underwriting discounts paid | 225,400,000 | 0 | 225,400,000 | — | ||||||||||||
Proceeds from sale of Private Placement Warrants | 13,550,000 | 0 | 13,550,000 | — | ||||||||||||
Proceeds from promissory note – related party | 75 | 160,406 | 75 | 176,231 | ||||||||||||
Repayment of promissory note – related party | (240,629 | ) | 0 | (240,629 | ) | — | ||||||||||
Payment of offering costs | (417,146 | ) | (160,406 | ) | (417,146 | ) | (176,006 | ) | ||||||||
Net cash provided by financing activities | 238,298,521 | 0 | 238,298,521 | 225 | ||||||||||||
Net Change in Cash | 1,232,145 | 0 | 962,305 | — | ||||||||||||
Cash – Beginning of period | 0 | 0 | — | — | ||||||||||||
Cash – End of period | $ | 1,232,145 | $ | 0 | $ | 962,305 | $ | — | ||||||||
Non-Cash investing and financing activities: | ||||||||||||||||
Offering costs included in accrued offering costs | $ | 85,000 | $ | 200,000 | $ | 85,000 | $ | 252,191 | ||||||||
Offering costs paid directly by Sponsor in exchange for the issuance of Class B ordinary shares | $ | 0 | $ | 20,000 | $ | — | $ | 20,000 | ||||||||
Excess fair value of Founder shares attributable to Anchor Investor | $ | 10,402,810 | — | |||||||||||||
Initial classification of ordinary shares subject to possible redemption | $ | 235,750,000 | $ | 0 | $ | 235,750,000 | $ | — | ||||||||
Excess fair value of Founder shares attributable to Anchor Investor | $ | 10,402,810 | $ | 0 | ||||||||||||
Accretion for Class A ordinary shares to redemption amount | $ | 35,290,170 | $ | 0 | $ | 35,624,409 | $ | — | ||||||||
Deferred underwriting fee payable | $ | 8,050,000 | $ | 0 | $ | 8,050,000 | $ | — | ||||||||
As of March 31, 2022 | ||||
Gross proceeds | $ | 230,000,000 | ||
Less: | ||||
Proceeds Allocated to Public Warrants | (6,440,000 | ) | ||
Class A ordinary shares issuance costs | (23,100,170 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 35,290,170 | |||
Class A ordinary shares subject to possible redemption | $ | 235,750,000 | ||
Three Months Ended June 30, | Six Months Ended June 30, | For the Period from January 20, 2021 (inception) through June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | For the Period from January 20, 2021 (inception) through March 31, 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||||||||||||||
Basic and diluted net loss per ordinary share | ||||||||||||||||||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of net loss, as adjusted | $ | (212,554 | ) | $ | (63,899 | ) | $ | 0 | $ | (5,000 | ) | $ | (38,048 | ) | $ | (9,512 | ) | $ | — | $ | (4,192 | ) | $ | (254,620 | ) | $ | (69,393 | ) | $ | — | $ | (9,192 | ) | |||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 18,655,556 | 5,608,333 | 0 | 5,000,000 | 23,000,000 | 5,750,000 | — | 5,000,000 | 20,839,779 | 5,679,558 | — | 5,000,000 | ||||||||||||||||||||||||||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | — | $ | (0.00 | ) |
• | if, and only if, the last reported sale price of the Class A Ordinary Shares has been at least $18.00 per share (subject to adjustment in compliance with the public warrant agreement) for any ten trading days within the 20-trading-day |
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 liability. | |
Description | Level | March 31, 2022 | December 31, 2021 | Level | June 30, 2022 | December 31, 2021 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Marketable securities held in Trust Account | 1 | $ | 235,771,759 | $ | 0 | 1 | $ | 236,084,239 | $ | — |
* | Filed herewith. |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filedon January 19, 2022and incorporated by reference herein. |
ANDRETTI ACQUISITION CORP. | ||||||
Date: | By: | /s/ William J. Sandbrook | ||||
Name: | William J. Sandbrook | |||||
Title: | Co-Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) | |||||
Date: | By: | /s/ William M. Brown | ||||
Name: | William M. Brown | |||||
Title: | ||||||
(Principal |