☒ | 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 | 85-4136140 | |
(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-sixth of one redeemable warrant | NSTC.U | The New York Stock Exchange | ||
Class A Common Stock, par value $0.0001 per share | NSTC | The New York Stock Exchange | ||
Redeemable warrants, exercisable for shares of Class A Common Stock at an exercise price of $11.50 per share | NSTC WS | The 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 | September 30, 2021 | June 30, 2022 | September 30, 2021 | |||||||||||||
(Unaudited) | (Unaudited) | (Audited) | ||||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash | $ | 387,890 | $ | 1,040,030 | $ | 259,627 | $ | 1,040,030 | ||||||||
Prepaid expenses | 6,682 | 6,682 | 15 | 6,682 | ||||||||||||
Total Current Assets | 394,572 | 1,046,712 | 259,642 | 1,046,712 | ||||||||||||
Investments held in Trust Account | 400,034,438 | 400,021,007 | ||||||||||||||
Marketable securities held in Trust Account | 400,611,429 | 400,021,007 | ||||||||||||||
TOTAL ASSETS | $ | 400,429,010 | $ | 401,067,719 | $ | 400,871,071 | $ | 401,067,719 | ||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accrued expenses | $ | 128,712 | $ | 356,449 | $ | 200,909 | $ | 356,449 | ||||||||
Accrued offering costs | 8,250 | 27,550 | — | 27,550 | ||||||||||||
Income taxes payable | 17,745 | — | ||||||||||||||
Total Current Liabilities | 136,962 | 383,999 | 218,654 | 383,999 | ||||||||||||
Warrant liabilities | 7,223,333 | 16,252,500 | 3,611,667 | 16,252,500 | ||||||||||||
Deferred underwriting fee payable | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | ||||||||||||
Total Liabilities | 21,360,295 | 30,636,499 | 17,830,321 | 30,636,499 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Class A common stock subject to possible redemption 40,000,000 shares at redemption value, as of March 31, 2022, and September 30, 2021 | 400,000,000 | 400,000,000 | ||||||||||||||
Class A common stock subject to possible redemption 40,000,000 shares at redemption value, as of June 30, 2022, and September 30, 2021 | 400,293,684 | 400,000,000 | ||||||||||||||
Stockholders’ Deficit | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding | 0— | 0 | 0— | — | ||||||||||||
Class A common stock, $0.0001 par value; 125,000,000 shares authorized; 0 shares issued and outstanding (excluding 40,000,000 shares subject to possible redemption) as of March 31, 2022, and September 30, 2021 | 0— | 0 | ||||||||||||||
Class B common stock, $0.0001 par value; 25,000,000 shares authorized; 10,000,000 shares issued and outstanding as of March 31, 2022 and September 30, 2021 | 1,000 | 1,000 | ||||||||||||||
Class A common stock, $0.0001 par value; 125,000,000 shares authorized; 0 shares issued and outstanding (excluding 40,000,000 shares subject to possible redemption) as of June 30, 2022, and September 30, 2021 | 0— | — | ||||||||||||||
Class B common stock, $0.0001 par value; 25,000,000 shares authorized; 10,000,000 shares issued and outstanding as of June 30, 2022 and September 30, 2021 | 1,000 | 1,000 | ||||||||||||||
Additional paid-in capital | 0 | 0 | — | — | ||||||||||||
Accumulated deficit | (20,932,285 | ) | (29,569,780 | ) | (17,253,934 | ) | (29,569,780 | ) | ||||||||
Total Stockholders’ Deficit | (20,931,285 | ) | (29,568,780 | ) | (17,252,934 | ) | (29,568,780 | ) | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 400,429,010 | $ | 401,067,719 | $ | 400,871,071 | $ | 401,067,719 | ||||||||
Three Months Ended March 31, | Six Months Ended March 31, | For the Period from November 30, 2020 (Inception) through March 31, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating and formation costs | $ | 163,021 | $ | 111,519 | $ | 405,102 | $ | 112,394 | ||||||||
Loss from operations | (163,021 | ) | (111,519 | ) | (405,102 | ) | (112,394 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Change in fair value of warrants | 7,223,334 | (295,500 | ) | 9,029,167 | (295,500 | ) | ||||||||||
Transaction costs allocated to warrant liability | — | (377,083 | ) | — | (377,083 | ) | ||||||||||
Interest earned on marketable securities held in Trust Account | 5,588 | 3,951 | 13,430 | 3,951 | ||||||||||||
Unrealized gain on marketable securities held in Trust Account | — | 244 | — | 244 | ||||||||||||
Other income (loss), net | 7,228,922 | (668,388 | ) | 9,042,597 | (668,388 | ) | ||||||||||
Net income (loss) | $ | 7,065,901 | $ | (779,907 | ) | $ | 8,637,495 | $ | (780,782 | ) | ||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 40,000,000 | 12,000,000 | 40,000,000 | 8,925,620 | ||||||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | 0.14 | $ | (0.04 | ) | $ | 0.17 | $ | (0.05 | ) | ||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 10,000,000 | 9,125,000 | 10,000,000 | 7,727,273 | ||||||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.14 | $ | (0.04 | ) | $ | 0.17 | $ | (0.05 | ) | ||||||
Three Months Ended June 30, | Nine Months Ended June 30, | For the Period from November 30, 2020 (Inception) through June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating and formation costs | $ | 198,877 | $ | 162,863 | $ | 603,979 | $ | 274,382 | ||||||||
Loss from operations | (198,877 | ) | (162,863 | ) | (603,979 | ) | (274,382 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Change in fair value of warrants | 3,611,666 | (3,940,000 | ) | 12,640,833 | (4,235,500 | ) | ||||||||||
Transaction costs allocated to warrant liabilities | — | — | — | (377,083 | ) | |||||||||||
Interest earned on marketable securities held in Trust Account | 576,991 | 11,909 | 590,421 | 15,860 | ||||||||||||
Unrealized loss on marketable securities held in Trust Account | — | (244 | ) | — | — | |||||||||||
Other income (loss), net | 4,188,657 | (3,928,335 | ) | 13,231,254 | (4,596,723 | ) | ||||||||||
Income (loss) before benefit from (provision for) income taxes | 3,989,780 | (4,091,198 | ) | 12,627,275 | (4,871,105 | ) | ||||||||||
Provision for income taxes | (17,745 | ) | — | (17,745 | ) | — | ||||||||||
Net income (loss) | $ | 3,972,035 | $ | (4,091,198 | ) | $ | 12,609,530 | $ | (4,871,105 | ) | ||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 40,000,000 | 40,000,000 | 40,000,000 | 22,264,151 | ||||||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | 0.08 | $ | (0.08 | ) | $ | 0.25 | $ | (0.16 | ) | ||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 10,000,000 | 10,000,000 | 10,000,000 | 8,702,830 | ||||||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.08 | $ | (0.08 | ) | $ | 0.25 | $ | (0.16 | ) | ||||||
Class A | Class B | Additional | Total | Class A | Class B | Additional | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Common Stock | Paid-in | Accumulated | Stockholders’ | Common Stock | Common Stock | Paid-in | Accumulated | Stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Deficit | Capital | Deficit | Deficit | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | |||||||||||||||||||||||||||||||||||||||||||
Balance – September 30, 2021 | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (29,569,780 | ) | $ | (29,568,780 | ) | — | $ | — | 10,000,000 | $ | 1,000 | $ | — | $ | (29,569,780 | ) | $ | (29,568,780 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,571,594 | 1,571,594 | — | — | — | — | — | 1,571,594 | 1,571,594 | ||||||||||||||||||||||||||||||||||||||||||
Balance – December 31, 2021 | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | (27,998,186 | ) | $ | (27,997,186 | ) | — | — | 10,000,000 | 1,000 | — | (27,998,186 | ) | (27,997,186 | ) | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 7,065,901 | 7,065,901 | — | — | — | — | — | 7,065,901 | 7,065,901 | ||||||||||||||||||||||||||||||||||||||||||
Balance – March 31, 2022 | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | (20,932,285 | ) | $ | (20,931,285 | ) | — | — | 10,000,000 | 1,000 | — | (20,932,285 | ) | (20,931,285 | ) | ||||||||||||||||||||||||||||||||||
Remeasurement adjusted to shares subject to redemption | (293,684 | ) | (293,684 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 3,972,035 | 3,972,035 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance – June 30, 2022 | — | $ | — | 10,000,000 | $ | 1,000 | $ | — | $ | (17,253,934 | ) | $ | (17,252,934 | ) | ||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance – November 30, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B common stock to Sponsor | — | — | 10,062,500 | 1,006 | 23,994 | 0 | 25,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (875 | ) | (875 | ) | |||||||||||||||||||
Balance –December 31, 2020 | 0 | $ | 0 | 10,062,500 | $ | 1,006 | $ | 23,994 | $ | (875 | ) | $ | 24,125 | |||||||||||||||
Cash paid in excess of fair value of Private Placement Warrants | — | — | — | — | 273,000 | — | 273,000 | |||||||||||||||||||||
Remeasurement adjusted to shares subject to redemption | — | — | — | — | (296,994 | ) | (28,337,911 | ) | (28,634,905 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (779,032 | ) | (779,032 | ) | |||||||||||||||||||
Balance –March 31, 2021 | 0 | $ | 0 | 10,062,500 | $ | 1,006 | $ | 0 | $ | (29,117,818 | ) | $ | (29,116,812 | ) | ||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance – November 30, 2020 (inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Class B common stock to Sponsor | — | — | 10,062,500 | 1,006 | 23,994 | — | 25,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (875 | ) | (875 | ) | |||||||||||||||||||
Balance –December 31, 2020 | — | — | 10,062,500 | 1,006 | 23,994 | (875 | ) | 24,125 | ||||||||||||||||||||
Cash paid in excess of fair value of Private Placement Warrants | — | — | — | — | 273,000 | — | 273,000 | |||||||||||||||||||||
Remeasurement adjusted to shares subject to redemption | — | — | — | — | (296,994 | ) | (28,337,911 | ) | (28,634,905 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (779,032 | ) | (779,032 | ) | |||||||||||||||||||
Balance –March 31, 2021 | — | — | 10,062,500 | 1,006 | — | (29,117,818 | ) | (29,116,812 | ) | |||||||||||||||||||
Remeasurement adjusted to shares subject to redemption | — | — | — | — | (6 | ) | 881 | 875 | ||||||||||||||||||||
Forfeiture of Founder Shares | — | — | (62,500 | ) | (6 | ) | 6 | — | — | |||||||||||||||||||
Net loss | — | — | — | — | — | (4,091,198 | ) | (4,091,198 | ) | |||||||||||||||||||
Balance –June 30, 2021 | — | $ | — | 10,000,000 | $ | 1,000 | $ | — | $ | (33,208,135 | ) | $ | (33,207,135 | ) | ||||||||||||||
Six Months Ended March 31, | For The Period from November 30, 2020 (Inception) Through March 31, | Nine Months Ended June 30, | For The Period from November 30, 2020 (Inception) Through June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net income (loss) | $ | 8,637,495 | $ | (780,782 | ) | $ | 12,609,530 | $ | (4,871,105 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
Change in fair value of warrant liabilities | (9,029,167 | ) | 295,500 | (12,640,833 | ) | 4,235,500 | ||||||||||
Transaction costs allocated to warrant liability | — | 377,083 | ||||||||||||||
Transaction costs allocated to warrant liabilities | — | 377,083 | ||||||||||||||
Interest earned on marketable securities held in Trust Account | (13,430 | ) | (3,951 | ) | (590,421 | ) | (15,860 | ) | ||||||||
Unrealized gain on marketable securities held in Trust Account | — | (244 | ) | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses | 6,667 | (6,680 | ) | |||||||||||||
Income taxes payable | 17,745 | — | ||||||||||||||
Accrued expenses | (227,738 | ) | 112,278 | (155,541 | ) | 158,965 | ||||||||||
Net cash used in operating activities | (632,840 | ) | (116 | ) | (752,853 | ) | (122,097 | ) | ||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Investment of cash into Trust Account | — | (400,000,000 | ) | — | (400,000,000 | ) | ||||||||||
Net cash provided by investing activities | — | (400,000,000 | ) | |||||||||||||
Net cash used in investing activities | — | (400,000,000 | ) | |||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Proceeds from sale of Units, net of underwriting discounts paid | — | 392,000,000 | — | 392,000,000 | ||||||||||||
Proceeds from sale of Private Placements Warrants | — | 9,750,000 | — | 9,750,000 | ||||||||||||
Repayment of promissory note – related party | 0 | (150,000 | ) | — | (150,000 | ) | ||||||||||
Payment of offering costs | (19,300 | ) | (458,113 | ) | (27,550 | ) | (473,563 | ) | ||||||||
Net cash (used in) provided by financing activities | (19,300 | ) | 401,141,887 | |||||||||||||
Net cash ( used in) provided by financing activities | (27,550 | ) | 401,126,437 | |||||||||||||
Net Change in Cash | (652,140 | ) | 1,141,771 | (780,403 | ) | 1,004,340 | ||||||||||
Cash – Beginning of period | 1,040,030 | 150,000 | 1,040,030 | 150,000 | ||||||||||||
Cash – End of period | $ | 387,890 | $ | 1,291,771 | $ | 259,627 | $ | 1,154,340 | ||||||||
Non-Cash investing and financing activities: | ||||||||||||||||
Offering costs included in accrued offering costs | $ | — | $ | 20,500 | $ | — | $ | 5,050 | ||||||||
Remeasurement of Class A common stock to redemption amount | $ | — | $ | 28,634,905 | $ | 293,684 | $ | 28,363,530 | ||||||||
Deferred underwriting fee payable | $ | — | $ | 14,000,000 | $ | — | $ | 14,000,000 | ||||||||
Forfeiture of Founder Shares | $ | — | $ | (6 | ) | |||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | Six Months Ended March 31, 2022 | For the Period from November 30, 2020 (Inception) through March 31, 2021 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net income (loss) per common stock | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 5,652,721 | $ | 1,413,180 | $ | (443,024 | ) | (336,883 | ) | $ | 6,909,996 | 1,727,499 | $ | (418,484 | ) | $ | (362,298 | ) | ||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares | 40,000,000 | 10,000,000 | 12,000,000 | 9,125,000 | 40,000,000 | 10,000,000 | 8,925,620 | 7,727,273 | ||||||||||||||||||||||||
Basic and diluted net (loss) per | $ | 0.14 | $ | 0.14 | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.17 | $ | 0.17 | $ | (0.05 | ) | $ | (0.05 | ) |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Nine Months Ended June 30, 2022 | For the Period from November 30, 2020 (Inception) through June 30, 2021 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net income (loss) per common stock | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 3,177,628 | $ | 794,407 | $ | (3,272,258 | ) | $ | (818,065 | ) | $ | 10,087,624 | $ | 2,521,906 | $ | (3,502,150 | ) | $ | (1,368,955 | ) | ||||||||||||
Denominator: | �� | |||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | 22,264,151 | 8,702,830 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per common stock | $ | 0.08 | $ | 0.08 | $ | (0.08 | ) | $ | (0.08 | ) | $ | 0.25 | $ | 0.25 | $ | (0.16 | ) | $ | (0.16 | ) |
Description | Level | March 31, 2022 | Level | September 30, 2021 | ||||||||||||
Assets: | ||||||||||||||||
Investments held in Trust Account – U.S Treasury Securities Money Market Fund | 1 | $ | 400,034,438 | 1 | $ | 400,021,007 | ||||||||||
Liabilities: | ||||||||||||||||
Warrant Liability – Public | 1 | $ | 2,933,333 | 1 | $ | 6,600,000 | ||||||||||
Warrant Liability – Private Warrants Placement | 2 | 4,290,000 | 2 | 9,652,500 |
Description | Level | June 30, 2022 | Level | September 30, 2021 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Marketable securities held in Trust Account – U.S Treasury Securities Money Market Fund | 1 | $ | 400,611,429 | 1 | $ | 400,021,007 | ||||||||||||||
Liabilities: | ||||||||||||||||||||
Warrant Liabilities – Public | 1 | $ | 1,466,667 | 1 | $ | 6,600,000 | ||||||||||||||
Warrant Liabilities – Private Warrants Placement | 2 | $ | 2,145,000 | 2 | $ | 9,652,500 |
* | Filed herewith. |
** | Furnished. |
NORTHERN STAR INVESTMENT CORP. III | ||||||
Date: | By: | /s/ Joanna Coles | ||||
Name: | Joanna Coles | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: | By: | /s/ James Brady | ||||
Name: | James Brady | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |