10-Q☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934☒ March 31,June 30, 2021☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934☐ (§Large accelerated filer ☐ Accelerated filer ☐ ☒ Smaller reporting company ☒ Emerging growth company ☒ July 23, 2021,August 15, 2022, 22,037,500 shares of common stock, par value $0.0001 per share, were issued and outstanding.
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March 31, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 237,448 | $ | — | ||||
Prepaid expenses | 840,249 | — | ||||||
Total Current Assets | 1,077,697 | — | ||||||
Deferred offering costs | — | 110,125 | ||||||
Cash and marketable securities held in Trust Account | 172,510,390 | — | ||||||
TOTAL ASSETS | $ | 173,588,087 | $ | 110,125 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 89,650 | $ | 450 | ||||
Promissory note – related party | 350,000 | 85,302 | ||||||
Total Current Liabilities | 439,650 | 85,752 | ||||||
Warrant liability | 135,375 | — | ||||||
Total Liabilities | 575,025 | 85,752 | ||||||
Commitments | ||||||||
Common stock subject to possible redemption 16,801,305 and no shares at redemption value as of March 31, 2021 and December 31, 2020, respectively | 168,013,053 | — | ||||||
Stockholders’ Equity | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | — | — | ||||||
Common stock, $0.0001 par value; 50,000,000 shares authorized; 5,236,195 and 4,312,500 shares issued and outstanding (excluding 16,801,305 and no shares subject to possible redemption) as of March 31, 2021 and December 31, 2020, respectively (1) | 524 | 431 | ||||||
Additional paid-in capital | 5,158,306 | 24,569 | ||||||
Retained earnings (Accumulated deficit) | (158,821 | ) | (627 | ) | ||||
Total Stockholders’ Equity | 5,000,009 | 24,373 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 173,588,087 | $ | 110,125 |
June 30, 2021 | December 31, 2020 | |||||||
(Unaudited) (Restated) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 133,058 | $ | — | ||||
Prepaid expenses | 708,607 | — | ||||||
Total Current Assets | 841,665 | — | ||||||
Deferred offering costs | — | 110,125 | ||||||
Cash and marketable securities held in Trust Account | 172,529,691 | — | ||||||
TOTAL ASSETS | $ | 173,371,356 | $ | 110,125 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accrued expenses | $ | 142,909 | $ | 450 | ||||
Promissory note – related party | 350,000 | 85,302 | ||||||
Total Current Liabilities | 492,909 | 85,752 | ||||||
Warrant liability | 156,750 | — | ||||||
Total Liabilities | 649,659 | 85,752 | ||||||
Commitments | ||||||||
Common stock subject to possible redemption; $0.0001 par value; 17,250,000 and 0 shares at redemption value as of June 30, 2021 and December 31, 2020, respectively | 172,500,000 | — | ||||||
Stockholders’ Equity | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0ne issued or outstanding | — | — | ||||||
Common stock, $0.0001 par value; 50,000,000 shares authorized; 4,787,500 and 4,312,500 shares issued and outstanding (excluding 17,250,000 and 0 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively (1) | 479 | 431 | ||||||
Additional paid-in capital | 554,160 | 24,569 | ||||||
Accumulated deficit | (332,942 | ) | (627 | ) | ||||
Total Stockholders’ Equity | 221,697 | 24,373 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 173,371,356 | $ | 110,125 | ||||
(1) | At December 31, 2020, included up to 562,500 shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (see Note |
FOR THE THREE MONTHS ENDED MARCH 31, 2021
Operation and formation costs | 220,267 | |||
Loss from operations | (220,267 | ) | ||
Other income, net: | ||||
Interest earned on marketable securities held in Trust Account | 10,390 | |||
Transaction costs incurred in connection with warrant liability | (567 | ) | ||
Change in fair value of warrant liability | 52,250 | |||
Loss before income taxes | (158,194 | ) | ||
Provision for income taxes | — | |||
Net loss | $ | (158,194 | ) | |
Weighted average shares outstanding of redeemable common stock | 16,187,069 | |||
Basic and diluted income per share, redeemable common stock | $ | 0.00 | ||
Weighted average shares outstanding of non-redeemable common stock | 4,583,244 | |||
Basic and diluted net loss per share, non-redeemable common stock | $ | (.03 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2021 | |||||||
Formation and operational costs | $ | 289,297 | $ | 509,564 | ||||
Loss from operations | (289,297 | ) | (509,564 | ) | ||||
Other (expense) income: | ||||||||
Interest earned on marketable securities held in Trust Account | 19,301 | 29,691 | ||||||
Interest income – bank | 6 | 6 | ||||||
Change in fair value of warrant liability | (21,375 | ) | 30,875 | |||||
Change in fair value of overallotment liability | — | (134,105 | ) | |||||
Transaction costs associated with Initial Public Offering | — | (17,428 | ) | |||||
Total Other (expense) income, net | (2,068 | ) | 177,249 | |||||
Net loss | $ | (291,365 | ) | $ | (332,315 | ) | ||
Basic and diluted weighted average shares outstanding, common stock | 22,037,500 | 17,939,227 | ||||||
Basic and diluted loss per share, common stock | $ | (0.01 | ) | $ | (0.02 | ) | ||
Common Stock | Additional Paid | (Accumulated Deficit) Retained | Total Stockholders’ | |||||||||||||||||
Shares | Amount | in Capital | Earnings | Equity | ||||||||||||||||
Balance – January 1, 2021 | 4,312,500 | $ | 431 | $ | 24,569 | $ | (627 | ) | $ | 24,373 | ||||||||||
Sale of 17,250,000 Units, net of underwriting discount and offering expenses | 17,250,000 | 1,725 | 168,582,216 | — | 168,583,941 | |||||||||||||||
Sale of 475,000 Private Placement Units | 475,000 | 48 | 4,562,894 | — | 4,562,942 | |||||||||||||||
Common stock subject to possible redemption | (16,801,305 | ) | (1,680 | ) | (168,011,373 | ) | — | (168,013,053 | ) | |||||||||||
Net loss | — | — | — | (158,194 | ) | (158,194 | ) | |||||||||||||
Balance – March 31, 2021 | 5,236,195 | $ | 524 | $ | 5,158,306 | $ | (158,821 | ) | $ | 5,000,009 |
Common Stock | Additional Paid in | Accumulated | Total Stockholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
Balance – January 1, 2021 | 4,312,500 | $ | 431 | $ | 24,569 | $ | (627 | ) | $ | 24,373 | ||||||||||
Fair value of Public Warrants | — | — | 6,780,799 | — | 6,780,799 | |||||||||||||||
Sale of 475,000 Private Placement Units | 475,000 | 48 | 4,562,894 | — | 4,562,942 | |||||||||||||||
Elimination of over-allotment option liability | — | — | 614,257 | — | 614,257 | |||||||||||||||
Allocated value of transaction costs to warrants | — | — | (165,442 | ) | — | (165,442 | ) | |||||||||||||
Accretion of common stock to redemption value | — | — | (11,262,350 | ) | — | (11,262,350 | ) | |||||||||||||
Net loss | — | — | — | (40,950 | ) | (40,950 | ) | |||||||||||||
Balance – March 31, 2021 | 4,787,500 | $ | 479 | $ | 554,160 | $ | (41,577 | ) | $ | 513,062 | ||||||||||
Net loss | — | — | — | (291,365 | ) | (291,365 | ) | |||||||||||||
Balance – June 30, 2021 | 4,787,500 | $ | 479 | $ | 554,160 | $ | (332,942 | ) | $ | 221,697 | ||||||||||
Cash Flows from Operating Activities: | ||||
Net loss | $ | (158,194 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Change in fair value of warrant liability | (52,250 | ) | ||
Interest earned on marketable securities held in Trust Account | (10,390 | ) | ||
Transaction costs incurred in connection with warrant liability | 567 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (840,249 | ) | ||
Accounts payable and accrued expenses | 89,200 | |||
Net cash used in operating activities | (971,316 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash into Trust Account | (172,500,000 | ) | ||
Net cash used in investing activities | (172,500,000 | ) | ||
Cash Flows from Financing Activities | ||||
Proceeds from sale of Units, net of underwriting discounts paid | $ | 169,050,000 | ||
Proceeds from sale of Private Placement Units | 4,750,000 | |||
Repayment of promissory note – related party | (85,302 | ) | ||
Promissory note – related party | 350,000 | |||
Payment of offering costs | (355,934 | ) | ||
Net cash provided by financing activities | 173,708,764 | |||
Net Change in Cash | 237,448 | |||
Cash – Beginning of period | — | |||
Cash – End of period | $ | 237,448 | ||
Non-Cash investing and financing activities: | ||||
Initial Classification of Warrant Liability | $ | 5,625 | ||
Initial classification of common stock subject to possible redemption | $ | 168,170,685 | ||
Change in value of common stock subject to possible redemption | $ | (157,632 | ) |
Cash Flows from Operating Activities: | ||||
Net loss | $ | (332,315 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Change in fair value of warrant liability | (30,875 | ) | ||
Change in fair value of overallotment liability | (134,105 | ) | ||
Interest earned on marketable securities held in Trust Account | (29,691 | ) | ||
Transaction costs associated with Initial Public Offering | 17,428 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (708,607 | ) | ||
Accrued expenses | 142,459 | |||
Net cash used in operating activities | (1,075,706 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash into Trust Account | $ | (172,500,000 | ) | |
Net cash used in investing activities | (172,500,000 | ) | ||
Cash Flows from Financing Activities | ||||
Proceeds from sale of Units, net of underwriting discounts paid | $ | 169,050,000 | ||
Proceeds from sale of Private Placement Units | 4,750,000 | |||
Repayment of promissory note – related party | (85,302 | ) | ||
Promissory note – related party | 350,000 | |||
Payment of offering costs | (355,934 | ) | ||
Net cash provided by used in financing activities | 173,708,764 | |||
Net Change in Cash | 133,058 | |||
Cash – Beginning of period | — | |||
Cash – End of period | $ | 133,058 | ||
Non-Cash investing and financing activities: | ||||
Initial classification of Warrant Liability | $ | 187,625 | ||
MARCH 31,
3.
4.
ASTREA ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2021
(Unaudited)
ASTREA ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2021
(Unaudited)
$400,000 in loans through August 16, 2022 if needed (see Note 5).
On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). Specifically, the SEC Statement focused on certain settlement terms and provisions related to certain tender offers following a business combination, which terms are similar to those contained in the warrant agreement.
In further consideration of the SEC Statement,future events considered outside the Company’s management further evaluated the Warrants under Accounting Standards Codification (“ASC”) Subtopic 815-40, Contracts in Entity’s Own Equity. ASC Section 815-40-15 addresses equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock. Under ASC Section 815-40-15, a warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation withcontrol. Therefore, management concluded that the Company’s Private Warrants are not indexed to the Company’sredemption value should include all shares of common stock subject to possible redemption, resulting in the manner contemplated by ASC Section 815-40-15 because the holdercommon stock subject to possible redemption being equal to their redemption value. This resulted in a restatement of the instrument is not an input into the pricing of a fixed-for-fixed option on equity shares. In addition, based on management’s evaluation, the Company’s audit committee, in consultation with management, concluded that the tender offer provision fails the “classified in stockholders’ equity” criteria as contemplated by ASC Section 815-40-25.
As a result of the above, the Company should have classified the Warrants as derivative liabilities in its previously issued financial statement as of February 8, 2021. Under this accounting treatment, the Company is required to measure the fairinitial carrying value of the Warrants atcommon stock subject to possible redemption with the endoffset recorded to additional
As Previously Reported (1) | Adjustment related to Common Stock Subject to Possible Redemption | Adjustment related to Overallotment Liability | As Restated | |||||||||||||
Condensed Balance Sheet as of June 30, 2021 (unaudited) | ||||||||||||||||
Common stock subject to possible redemption | $ | 167,721,690 | $ | 4,778,310 | $ | — | $ | 172,500,000 | ||||||||
Common stock | $ | 527 | $ | (48 | ) | $ | — | $ | 479 | |||||||
Additional paid-in capital | $ | 5,449,666 | $ | (4,778,262 | ) | $ | (117,244) | $ | 554,160 | |||||||
Accumulated deficit | $ | (450,186 | ) | $ | — | $ | 117,244 | $ | (332,942 | ) | ||||||
Total Stockholders’ Equity (Deficit) | $ | 5,000,007 | $ | (4,778,310 | ) | $ | — | $ | 221,697 | |||||||
Number of Shares subject to possible redemption | 16,772,169 | 477,831 | — | 17,250,000 | ||||||||||||
Condensed Statement of Operations for the Three Months Ended June 30, 2021 (Unaudited) | ||||||||||||||||
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption | 16,801,305 | (16,801,305 | ) | — | — | |||||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | 5,236,195 | (5,236,195 | ) | — | — | |||||||||||
Basic and diluted net loss per share, Non-redeemable common stock | $ | (0.06 | ) | $ | 0.06 | $ | — | $ | — | |||||||
Basic and diluted weighted average shares outstanding, Common stock | — | 22,037,500 | — | 22,037,500 | ||||||||||||
Basic and diluted net loss per share, Common stock | $ | — | (0.01 | ) | $ | — | $ | (0.01 | ) |
MARCH 31,
The Company’s accounting for the Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported investments held in trust or cash.
As | ||||||||||||
Previously | As | |||||||||||
Reported | Adjustments | Revised | ||||||||||
Balance sheet as of February 8, 2021 (audited) | ||||||||||||
Warrant Liability | $ | — | $ | 187,625 | $ | 187,625 | ||||||
Total liabilities | 136,136 | 187,625 | 323,761 | |||||||||
Common Stock Subject to Possible Redemption | 145,858,310 | (187,625 | ) | 145,670,685 | ||||||||
Common Stock | 515 | 2 | 517 | |||||||||
Additional Paid-in Capital | 5,000,1116 | 565 | 5,000,681 | |||||||||
Accumulated Deficit | (627 | ) | (567 | ) | (1,194 | ) |
Condensed Statement of Operations for the Six months ended June 30, 2021 (Unaudited) | ||||||||||||||||
Transaction costs | $ | (567 | ) | — | $ | (16,871 | ) | $ | (17,428 | ) | ||||||
Change in fair value of overallotment liability | $ | — | — | $ | 134,105 | $ | 134,105 | |||||||||
Net loss | $ | (449,559 | ) | — | $ | 117,244 | $ | (332,315 | ) | |||||||
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption | 27,584,102 | (27,584,102 | ) | — | — | |||||||||||
Basic and diluted net income per share, Common stock subject to possible redemption | $ | — | — | $ | — | $ | — | |||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | 4,211,844 | (4,211,844 | ) | — | — | |||||||||||
Basic and diluted net loss per share, Non-redeemable common stock | $ | (0.11 | ) | $ | 0.11 | $ | — | $ | — | |||||||
Basic and diluted weighted average shares outstanding, Common stock | — | 17,939,227 | — | 17,939,227 | ||||||||||||
Basic and diluted net loss per share, Common stock | $ | — | $ | (0.03 | ) | $ | 0.01 | $ | (0.02 | ) | ||||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months ended June 30, 2021 (Unaudited) | ||||||||||||||||
Total shareholders’ equity (deficit) | $ | 5,000,009 | $ | (4,778,310 | ) | $ | — | $ | 221,697 | |||||||
Condensed Statement of Cash Flows for the Six months ended June 30, 2021 (Unaudited) | ||||||||||||||||
Net loss | $ | (449,559 | ) | $ | — | $ | 117,244 | $ | (332,315 | ) | ||||||
Change in fair value of overallotment liability | $ | — | $ | — | $ | (134,105 | ) | $ | (134,105 | ) | ||||||
Transactions costs | $ | 567 | $ | — | $ | 16,871 | $ | 17,428 | ||||||||
Non-cash investing and financing activities | ||||||||||||||||
Initial classification of common stock ordinary shares subject to possible redemption | $ | 168,170,685 | $ | 4,329,315 | $ | — | $ | 172,500,000 | ||||||||
Change in value of common stock ordinary shares subject to possible redemption | $ | (448,995 | ) | $ | 448,995 | $ | — | | $ | — | ||||||
Accretion of common stock subject to possible redemption | $ | — | (3,916,059 | ) | $ | (7,346,291 | ) | $ | (11,262,350 | ) |
(1) | As previously filed with the SEC on August 23, 2021 |
ASTREA ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2021
(Unaudited)
(Restated)
sheet.
Gross proceeds | $ | 172,500,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | 6,780,799 | |||
Common stock issuance costs | 3,733,189 | |||
Overallotment Liability | 748,362 | |||
Plus: | ||||
Adjustment of carrying value to redemption value | 11,262,350 | |||
Common stock subject to possible redemption | $ | 172,500,000 | ||
ASTREA ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2021
(Unaudited)
Net income (loss) per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, excluding shares of common stock subject to forfeiture (Restated)
The Company’s statement of operations includes a presentation of income (loss) per share for common stock subject to possible redemption in a manner similar to the two-class method of income (loss) per share.FASB ASC Topic 260, “Earnings Per Share”. Net income (loss) per common share basic and diluted, for common stock subject to possible redemption is calculated by dividing the proportionate share ofnet income or loss on marketable securities held by the Trust Account, net of applicable franchise and income taxes,(loss) by the weighted average number of shares of common stock subject to possible redemption outstanding since original issuance.
Net income (loss) per share, basic and diluted, for non-redeemable common stock is calculated by dividing the net income (loss), adjusted for income or loss on marketable securities attributable to common stock subject to possible redemption, by the weighted average number of non-redeemable common stock outstanding for the period.
Non-redeemable common stock includes Founder Shares and non-redeemablerespective periods. Accretion associated with the redeemable shares of common stock is excluded from income (loss) per common share as thesethe redemption value approximates fair value.
(loss) per common share is the same as basic net income (loss) per common share for the periods presented.
Three Months Ended March 31, 2021 | ||||
Common stock subject to possible redemption | ||||
Numerator: Earnings allocable to Common stock subject to possible redemption | ||||
Interest earned on marketable securities held in Trust Account | $ | 10,390 | ||
Less: interest available to be withdrawn for payment of taxes | (10,390 | ) | ||
Net income attributable | $ | — | ||
Denominator: Weighted Average Common stock subject to possible redemption | ||||
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption | 16,817,069 | |||
Basic and diluted net income per share, Common stock subject to possible redemption | $ | 0.00 | ||
Non-Redeemable Common Stock | ||||
Numerator: Net Loss minus Net Earnings | ||||
Net loss | $ | (158,194 | ) | |
Less: Net income allocable to Common stock subject to possible redemption | — | |||
Non-Redeemable Net Loss | $ | (158,194 | ) | |
Denominator: Weighted Average Non-redeemable Common stock | ||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | 4,583,244 | |||
Basic and diluted net loss per share, Non-redeemable common stock | $ | (0.03 | ) |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||
Basic and diluted net income ( loss) per common stock | ||||||||
Numerator: | ||||||||
Allocation of net income (loss), as adjusted | $ | (291,365 | ) | $ | (332,315 | ) | ||
Denominator: | ||||||||
Basic and diluted weighted average shares outstanding | 22,037,500 | 17,939,227 | ||||||
Basic and diluted net income (loss) per common stock | $ | (0.01 | ) | $ | (0.02 | ) |
ASTREA ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2021
(Unaudited)
ASTREA ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2021
(Unaudited)
( as restated)
(Restated)
ASTREA ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2021
(Unaudited)
(Restated)
ASTREA ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2021
(Unaudited)
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, 2021 | ||||||
Assets: | ||||||||
Marketable securities held in Trust Account | 1 | $ | 172,510,390 | |||||
Liabilities: | ||||||||
Warrant Liability – Private Placement Warrants | 3 | $ | 135,375 |
Description | Level | June 30, 2021 | ||||||
Assets: | ||||||||
Marketable securities held in Trust Account | 1 | $ | 172,529,691 | |||||
Liabilities: | ||||||||
Warrant Liability – Private Placement Warrants | 3 | $ | 156,750 |
Input | February 8, 2021 (Initial Measurement) | |||
Risk-free interest rate | 0.54 | % | ||
Effective expiration date | 6/23/2026 | |||
Dividend yield | 0.00 | % | ||
Expected volatility | 15.1 | % | ||
Exercise price | $ | 11.50 | ||
Unit Price | $ | 9.61 |
ASTREA ACQUISITION CORP.
NOTES TO CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2021
(Unaudited)
Input | February 8, 2021 (Initial Measurement) | |||
Risk-free interest rate | 0.54 | % | ||
Effective expiration date | 6/23/2026 | |||
Dividend yield | 0.00 | % | ||
Expected volatility | 15.1 | % | ||
Exercise price | $ | 11.50 | ||
Unit Price | $ | 9.61 |
Input | ||||
Risk-free interest rate | 0.97 | % | ||
Effective expiration date | 6/23/2026 | |||
Dividend yield | 0.00 | % | ||
Expected volatility | 11.7 | % | ||
Exercise price | $ | 11.50 | ||
Unit Price | $ | 9.64 |
Input | ||||
Risk-free interest rate | 0.86 | % | ||
Effective expiration date | 6/23/2026 | |||
Dividend yield | 0.00 | % | ||
Expected volatility | 13.4 | % | ||
Exercise price | $ | 11.50 | ||
Unit Price | $ | 9.66 |
Private Warrant Liability | ||||
Fair value as of August 11, 2020 | $ | — | ||
Initial measurement on February 8, 2021 (IPO) | 169,850 | |||
Initial measurement on February 18, 2021 (Over allotment) | 17,775 | |||
Change in valuation inputs or other assumptions | (52,250 | ) | ||
Fair value as of March 31, 2021 | $ | 135,375 |
Private Warrant Liability | ||||
Fair value as of August 11, 2020 | $ | 0— | ||
Initial measurement on February 8, 2021 (IPO) | 169,850 | |||
Initial measurement on February 18, 2021 (Over allotment) | 17,775 | |||
Change in valuation inputs or other assumptions | (30,875 | ) | ||
Fair value as of June 30, 2021 | $ | 156,750 | ||
Overallotment Option | ||||
Fair value as of August 11, 2020 | $ | — | ||
Fair value at issuance February 8, 2021 | 748,362 | |||
Change in fair value February 18, 2021 | (134,105 | ) | ||
Elimination of overallotment liability February 18, 2021 | (614,257 | ) | ||
Fair Value at June 30, 2021 | $ | — | ||
(as restated)
$6.
We will need to raise additional capital through loans or additional investments from its initial stockholders, officers or directors. If
Substantial doubt has since been alleviated as described in Note 1, and therefore we do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking
We account (Restated)
sheet.
We apply the two-class method in calculating earnings per share. (Restated)
value approximates fair value.
a timely basis.
We have
Followingrestatement to the issuanceinitial carrying value of the SEC Statement, ourcommon stock subject to possible redemption with the offset recorded to additional
Moreover, because
* | Filed herewith. |
ASTREA ACQUISITION CORP. | ||||||
Date: | By: | /s/ Felipe Gonzalez | ||||
Name: | Felipe Gonzalez | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: | By: | /s/ Jose Luis Cordova | ||||
Name: | Jose Luis Cordova | |||||
Title: | Chief Financial Officer and Director | |||||
(Principal Financial and Accounting Officer) |
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