☒ | 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 | 85-1023777 | |
(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, $0.0001 par value, and one-fourth of one warrant | CCV.U | The New York Stock Exchange | ||
Shares of Class A common stock | CCV | The New York Stock Exchange | ||
Warrants included as part of the units | CCV WS | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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March 31, | December 31, | |||||||
2022 | 2021 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 22,947 | $ | 206,841 | ||||
Prepaid expenses | 335,999 | 357,311 | ||||||
Total current assets | 358,946 | 564,152 | ||||||
Cash and marketable securities held in Trust Account | 500,171,592 | 500,030,740 | ||||||
TOTAL ASSETS | $ | 500,530,538 | $ | 500,594,892 | ||||
LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT | ||||||||
Current liabilities | ||||||||
Current liabilities - Accrued expenses | $ | 947,042 | $ | 334,508 | ||||
Convertible promissory note - related party, net of discount | 913,415 | 861,464 | ||||||
Conversion option liability | 6,700 | 145,441 | ||||||
Deferred legal fee | 64,000 | 0 | ||||||
Warrant liabilities | 14,335,000 | 23,140,000 | ||||||
Deferred underwriting fee payable | 17,500,000 | 17,500,000 | ||||||
Total liabilities | 33,766,157 | 41,981,413 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 6) | 0 | 0 | ||||||
Class A common stock subject to possible redemption, 50,000,000 shares at redemption value as of March 31, 2022 and December 31, 2021 | 500,000,000 | 500,000,000 | ||||||
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; 400,000,000 shares authorized 0ne issued or outstanding as of March 31, 2022 and December 31, 2021 (excluding 50,000,000 shares subject to pos redemption)s ible | 0— | 0— | ||||||
Class B common stock, $0.0001 par value; 100,000,000 shares authorized; 12,500,000 shares issued and outstanding a s of March 31, 2022 and December 31, 2021 | 1,250 | 1,250 | ||||||
Additional paid-in capital | 0— | 0— | ||||||
Accumulated deficit | (33,236,869 | ) | (41,387,771 | ) | ||||
Total stockholders’ deficit | (33,235,619 | ) | (41,386,521 | ) | ||||
TOTAL LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT | $ | 500,530,538 | $ | 500,594,892 | ||||
June 30, 2022 | December 31, 2021 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 162,544 | $ | 206,841 | ||||
Prepaid expenses | 219,686 | 357,311 | ||||||
Total current assets | 382,230 | 564,152 | ||||||
Cash and marketable securities held in Trust Account | 500,214,183 | 500,030,740 | ||||||
TOTAL ASSETS | $ | 500,596,413 | $ | 500,594,892 | ||||
LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT | ||||||||
Current liabilities | ||||||||
Accrued expenses | $ | 985,695 | $ | 334,508 | ||||
Income taxes payable | 96,307 | — | ||||||
Total Current liabilities | 1,082,002 | 334,508 | ||||||
Convertible promissory note - related party, net of discount | 965,366 | 861,464 | ||||||
Conversion option liability | — | 145,441 | ||||||
Deferred legal fee | 91,000 | — | ||||||
Warrant liabilities | 7,755,000 | 23,140,000 | ||||||
Deferred underwriting fee payable | 17,500,000 | 17,500,000 | ||||||
Total liabilities | 27,393,368 | 41,981,413 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 6) | 0 | 0 | ||||||
Class A common stock subject to possible redemption, 50,000,000 shares at redemption value as of June 30, 2022 and December 31, 2021 | 500,000,000 | 500,000,000 | ||||||
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; 400,000,000 shares authorized 0ne issued or outstanding as of June 30, 2022 and December 31, 2021 (excluding 50,000,000 shares subject to possible redemption) | 0— | 0— | ||||||
Class B common stock, $0.0001 par value; 100,000,000 shares authorized; 12,500,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 1,250 | 1,250 | ||||||
Additional paid-in capital | 0— | 0— | ||||||
Accumulated deficit | (26,798,205 | ) | (41,387,771 | ) | ||||
Total stockholders’ deficit | (26,796,955 | ) | (41,386,521 | ) | ||||
TOTAL LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT | $ | 500,596,413 | $ | 500,594,892 | ||||
For the Three Months Ended | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
March 31, | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Operating and formation costs | $ | 881,740 | $ | 317,997 | ||||||||||||||||||||
Formation and operating costs | $ | 615,869 | $ | 602,453 | $ | 1,497,609 | $ | 920,450 | ||||||||||||||||
Loss from operations | (881,740 | ) | (317,997 | ) | (615,869 | ) | (602,453 | ) | (1,497,609 | )�� | (920,450 | ) | ||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Change in fair value of warrant liabilities | 8,805,000 | (5,475,000 | ) | 6,580,000 | (17,325,000 | ) | 15,385,000 | (22,800,000 | ) | |||||||||||||||
Interest earned on marketable securities held in Trust Account | 147,809 | 94,460 | 720,560 | 3,975 | 868,369 | 98,435 | ||||||||||||||||||
Unrealized loss on marketable securities held in Trust Account | (6,957 | ) | (3,961 | ) | (104,469 | ) | (22,921 | ) | (111,426 | ) | (26,882 | ) | ||||||||||||
Change in fair value of conversion option liability | 138,741 | — | 6,700 | — | 145,441 | — | ||||||||||||||||||
Interest expense - debt discount | (51,951 | ) | — | (51,951 | ) | — | (103,902 | ) | — | |||||||||||||||
Other income (expense), net | 9,032,642 | (5,384,501 | ) | |||||||||||||||||||||
Total other income (expense), net | 7,150,840 | (17,343,946 | ) | 16,183,482 | (22,728,447 | ) | ||||||||||||||||||
Income (Loss) before provision for income taxes | 6,534,971 | (17,946,399 | ) | 14,685,873 | (23,648,897 | ) | ||||||||||||||||||
Provision for income taxes | (96,307 | ) | — | (96,307 | ) | — | ||||||||||||||||||
Net income (loss) | $ | 8,150,902 | $ | (5,702,498 | ) | $ | 6,438,664 | $ | (17,946,399 | ) | $ | 14,589,566 | $ | (23,648,897 | ) | |||||||||
Basic and diluted weighted average shares outstanding of Class A common stock | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||||
Basic and diluted net income (loss) income per share, Class A common stock | $ | 0.13 | $ | (0.09 | ) | |||||||||||||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | 0.10 | $ | (0.29 | ) | $ | 0.23 | $ | (0.38 | ) | ||||||||||||||
Basic and diluted weighted average shares outstanding of Class B common stock | 12,500,000 | 12,500,000 | 12,500,000 | 12,500,000 | 12,500,000 | 12,500,000 | ||||||||||||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.13 | $ | (0.09 | ) | $ | 0.10 | $ | (0.29 | ) | $ | 0.23 | $ | (0.38 | ) | |||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance — January 1, 2022 | 0 | $ | 0 | 12,500,000 | $ | 1,250 | $ | 0 | $ | (41,387,771 | ) | $ | (41,386,521 | ) | — | $ | — | 12,500,000 | $ | 1,250 | $ | — | $ | (41,387,771 | ) | $ | (41,386,521 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 8,150,902 | 8,150,902 | — | — | — | — | — | 8,150,902 | 8,150,902 | ||||||||||||||||||||||||||||||||||||||||||
Balance — March 31, 2022 | 0 | $ | 0 | 12,500,000 | $ | 1,250 | $ | 0 | $ | (33,236,869 | ) | $ | (33,235,619 | ) | — | $ | — | 12,500,000 | $ | 1,250 | $ | — | $ | (33,236,869 | ) | $ | (33,235,619 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 6,438,664 | 6,438,664 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance — June 30, 2022 | — | $ | — | 12,500,000 | $ | 1,250 | $ | — | $ | (26,798,205 | ) | $ | (26,796,955 | ) | ||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance — January 1, 2021 | 0 | $ | 0 | 12,500,000 | $ | 1,250 | $ | 0 | $ | (43,506,825 | ) | $ | (43,505,575 | ) | — | $ | — | 12,500,000 | $ | 1,250 | $ | — | $ | (43,506,825 | ) | $ | (43,505,575 | ) | ||||||||||||||||||||||||||||
Remeasurement adjustment on redeemable common stock | — | — | — | — | — | (16,948 | ) | (16,948 | ) | — | — | — | — | — | (16,948 | ) | (16,948 | ) | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (5,702,498 | ) | (5,702,498 | ) | — | — | — | — | — | (5,702,498 | ) | (5,702,498 | ) | ||||||||||||||||||||||||||||||||||||||
Balance — March 31, 2021 | 0 | $ | 0 | 12,500,000 | $ | 1,250 | $ | 0 | $ | (49,226,271 | ) | $ | (49,225,021 | ) | — | $ | — | 12,500,000 | $ | 1,250 | $ | — | $ | (49,226,271 | ) | $ | (49,225,021 | ) | ||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (17,946,399 | ) | (17,946,399 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance — June 30, 2021 | — | $ | — | 12,500,000 | $ | 1,250 | $ | — | $ | (67,172,670 | ) | $ | (67,171,420 | ) | ||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||
March 31, | March 31, | |||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 8,150,902 | $ | (5,702,498 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (8,805,000 | ) | 5,475,000 | |||||
Amortization of debt discount | 51,951 | — | ||||||
Interest earned on marketable securities held in Trust Account | (147,809 | ) | (94,460 | ) | ||||
Unrealized loss on marketable securities held in Trust Account | 6,957 | 3,961 | ||||||
Change in value of conversion option liability | (138,741 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 21,312 | (626,854 | ) | |||||
Accrued expenses | 676,534 | 87,749 | ||||||
Net cash used in operating activities | (183,894 | ) | (857,102 | ) | ||||
Net change in cash | (183,894 | ) | (857,102 | ) | ||||
Cash – Beginning of period | 206,841 | 1,505,116 | ||||||
Cash – End of period | $ | 22,947 | $ | 648,014 | ||||
Non-cash investing and financing activities: | ||||||||
Remeasurement adjustment on redeemable common stock | $ | 0 | $ | 16,948 | ||||
For the Six Months Ended June 30, | For the Six Months Ended June 30, | |||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 14,589,566 | $ | (23,648,897 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (15,385,000 | ) | 22,800,000 | |||||
Amortization of debt discount | 103,902 | — | ||||||
Interest earned on marketable securities held in Trust Account | (868,369 | ) | (98,435 | ) | ||||
Unrealized loss on marketable securities held in Trust Account | 111,426 | 26,882 | ||||||
Change in value of conversion option liability | (145,441 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 137,625 | (528,434 | ) | |||||
Accrued expenses | 742,187 | 184,582 | ||||||
Income taxes payable | 96,307 | — | ||||||
Net cash used in operating activities | (617,797 | ) | (1,264,302 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash withdrawn from Trust Account for working capital purposes | 573,500 | — | ||||||
Net cash provided by investing activities | 573,500 | — | ||||||
Net change in cash | (44,297 | ) | (1,264,302 | ) | ||||
Cash – Beginning of period | 206,841 | 1,505,116 | ||||||
Cash – End of period | $ | 162,544 | $ | 240,814 | ||||
Supplementary cash flow information: | ||||||||
Cash paid for income taxes | $ | 2,691 | $ | — | ||||
Gross proceeds | $ | 500,000,000 | $ | 500,000,000 | ||||
Less: | ||||||||
Proceeds allocated to Public Warrants | $ | (12,375,000 | ) | $ | (12,375,000 | ) | ||
Class A common stock issuance costs | $ | (26,303,933 | ) | $ | (26,303,933 | ) | ||
Plus: | ||||||||
Remeasurement of carrying value to redemption value | $ | 38,661,985 | $ | 38,661,985 | ||||
Class A common stock subject to possible redemption, December 31, 2020 | $ | 499,983,052 | $ | 499,983,052 | ||||
Plus: | ||||||||
Remeasurement of carrying value to redemption value | $ | 16,948 | $ | 16,948 | ||||
Class A common stock subject to possible redemption, December 31, 2021 | $ | 500,000,000 | $ | 500,000,000 | ||||
Plus: | ||||||||
Remeasurement of carrying value to redemption value | $ | 0 | $ | — | ||||
Class A common stock subject to possible redemption, March 31, 2022 | $ | 500,000,000 | ||||||
Class A common stock subject to possible redemption, June 30, 2022 | $ | 500,000,000 |
For The Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 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 income (loss) per common share | ||||||||||||||||||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 6,520,722 | $ | 1,630,180 | $ | (4,561,998 | ) | $ | (1,140,500 | ) | ||||||||||||||||||||||||||||||||||||||
Allocation of net income (loss) | $ | 5,150,931 | $ | 1,287,733 | $ | (14,357,119 | ) | (3,589,280 | ) | $ | 11,671,653 | $ | 2,917,913 | $ | (18,919,118 | ) | $ | (4,729,779 | ) | |||||||||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted weighted average stock outstanding | 50,000,000 | 12,500,000 | 50,000,000 | 12,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 50,000,000 | 12,500,000 | 50,000,000 | 12,500,000 | 50,000,000 | 12,500,000 | 50,000,000 | 12,500,000 | ||||||||||||||||||||||||||||||||||||||||
Basic and diluted net income (loss) per common share | $ | 0.13 | $ | 0.13 | $ | (0.09 | ) | $ | (0.09 | ) | $ | 0.10 | $ | 0.10 | $ | (0.29 | ) | $ | (0.29 | ) | $ | 0.23 | $ | 0.23 | $ | (0.38 | ) | $ | (0.38 | ) |
March 31, 2022 | December 31, 2021 | October 22, 2021 Borrowing (Initial Measurement) | August 30, 2021 Borrowing (Initial Measurement) | June 30, 2022 | December 31, 2021 | October 22, 2021 Borrowing (Initial Measurement) | August 30, 2021 Borrowing (Initial Measurement) | |||||||||||||||||||||||||
Underlying warrant value | $ | 0.0067 | $ | 0.1454 | $ | 0.1607 | $ | 0.2228 | $ | 0.0000 | $ | 0.1454 | $ | 0.1607 | $ | 0.2228 | ||||||||||||||||
Exercise price | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Holding period | 0.29 | .29 | 0.25 | 0.25 | 0.29 | .29 | 0.25 | 0.25 | ||||||||||||||||||||||||
Risk-free rate % | 2.40 | % | 1.34 | % | 1.33 | % | 0.91 | % | 2.99 | % | 1.34 | % | 1.33 | % | 0.91 | % | ||||||||||||||||
Volatility % | 8.1 | % | 14.7 | % | 15.5 | % | 17.7 | % | 3.5 | % | 14.7 | % | 15.5 | % | 17.7 | % | ||||||||||||||||
Dividend yield % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % |
Fair value as of January 1, 2022 | $ | 145,441 | $ | 145,441 | ||||
Change in fair value | (138,741 | ) | (138,741 | ) | ||||
Fair value as of March 31, 2022 | $ | 6,700 | $ | 6,700 | ||||
Change in fair value | (6,700 | ) | ||||||
Fair value as of June 30, 2022 | $ | — |
• | if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $18.00 per share for any twenty (20)-trading days within a thirty (30)-trading day period ending on the third business day prior to the notice of redemption to the Public Warrant holders; and |
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 | $ | 500,171,592 | $ | 500,030,740 | 1 | $ | 500,214,183 | $ | 500,030,740 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Warrant liabilities – Public Warrants | 1 | 7,625,000 | 12,250,000 | 1 | 4,125,000 | 12,250,000 | ||||||||||||||||||
Warrant liabilities – Private Placement Warrants | 3 | 6,710,000 | 10,890,000 | 3 | 3,630,000 | 10,890,000 | ||||||||||||||||||
Convertible Option Liability | 3 | 6,700 | 145,441 | 3 | — | 145,441 |
Private Warrants As of March 31, 2022 | Private Warrants As of December 31, 2021 | |||||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Stock price | $ | 9.86 | $ | 9.85 | ||||
Volatility | 8.1 | % | 14.7 | % | ||||
Probability of completing a Business Combination | 0 | % | 0 | % | ||||
Term | 5.29 | 5.29 | ||||||
Risk-free rate | 2.40 | % | 1.34 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % |
Private Warrants As of June 30, 2022 | Private Warrants As of December 31, 2021 | |||||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Stock price | $ | 9.85 | $ | 9.85 | ||||
Volatility | 3.5 | % | 14.7 | % | ||||
Probability of completing a Business Combination | — | % | — | % | ||||
Term | 5.29 | 5.29 | ||||||
Risk-free rate | 2.99 | % | 1.34 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % |
Private Placement | Public | Warrant Liabilities | Private Placement | Public | Warrant Liabilities | |||||||||||||||||||
Fair value as of December 31, 2021 | $ | 10,890,000 | 12,250,000 | 23,140,000 | $ | 10,890,000 | $ | 12,250,000 | $ | 23,140,000 | ||||||||||||||
Change in valuation inputs or other assumptions | (4,180,000 | ) | (4,625,000 | ) | (8,805,000 | ) | (4,180,000 | ) | (4,625,000 | ) | (8,805,000 | ) | ||||||||||||
Fair value as of March 31, 2022 | 6,710,000 | 7,625,000 | 14,335,000 | 6,710,000 | 7,625,000 | 14,335,000 | ||||||||||||||||||
Change in valuation inputs or other assumptions | (3,080,000 | ) | (3,500,000 | ) | (6,580,000 | ) | ||||||||||||||||||
Fair value as of June 30, 2022 | $ | 3,630,000 | $ | 4,125,000 | $ | 7,755,000 |
Private Placement | ||||
Value of level 3 liabilities as of December 31, 2021 | $ | 10,890,000 | ||
Change in valuation inputs or other assumptions | (4,180,000 | ) | ||
Value of level 3 liabilities as of March 31, 2022 | $ | 6,710,000 | ||
Change in valuation inputs or other assumptions | (3,080,000 | ) | ||
Fair value as of June 30, 2022 | $ | 3,630,000 |
No. | Description of Exhibit | |
31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2** | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
Exhibit 104 | Cover Page Interactive Data |
* | Filed herewith. |
** | Furnished herewith. |
CHURCHILL CAPITAL CORP V | ||||||
Date: | By: | /s/ Michael Klein | ||||
Name: | Michael Klein | |||||
Title: | Chief Executive Officer and President | |||||
(Principal Executive Officer) | ||||||
Date: | By: | /s/ Jay Taragin | ||||
Name: | Jay Taragin | |||||
Title: | Chief Financial Officer | |||||
(Principal Accounting and Financial Officer) |