☒ | 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 | 001-39784 | 85-3046972 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
667 Madison Avenue, 15th Floor New York, New York | ||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class: | Trading Symbol: | Name of Each Exchange on Which Registered: | ||
CAPS TM , each consisting of one share of Class A common stock andone-fourth of one redeemable warrant | PCPC.U | The New York Stock Exchange | ||
Class A common stock, par value $0.0001 per share | PCPC | The New York Stock Exchange | ||
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $28.75 per share | PCPC WS | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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Item 1. |
September 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash | $ | 561,945 | $ | 1,336,674 | ||||
Prepaid expenses | 260,089 | 412,626 | ||||||
Total current assets | 822,034 | 1,749,300 | ||||||
Investments held in Trust Account | 414,029,696 | 414,001,166 | ||||||
Total Assets | $ | 414,851,730 | $ | 415,750,466 | ||||
Liabilities and Stockholders’ Deficit: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,837 | $ | 76,800 | ||||
Accrued expenses | 55,000 | 186,500 | ||||||
Franchise tax payable | 141,050 | 11,625 | ||||||
Total current liabilities | 197,887 | 274,925 | ||||||
Derivative warrant liabilities | 6,366,660 | 16,481,150 | ||||||
Total Liabilities | 6,564,547 | 16,756,075 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock subject to possible redemption, $0.0001 par value; 16,560,000 shares at $25.00 per share as of September 30, 2021 and December 31, 2020 | 414,000,000 | 414,000,000 | ||||||
Stockholders’ Deficit: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0— | — | ||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 245,600 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 25 | 25 | ||||||
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 120,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 12 | 12 | ||||||
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 83 | 83 | ||||||
Additional paid-in capital | 0 | 0 | ||||||
Accumulated deficit | (5,712,937 | ) | (15,005,729 | ) | ||||
Total stockholders’ deficit | (5,712,817 | ) | (15,005,609 | ) | ||||
Total Liabilities and Stockholders’ Deficit | $ | 414,851,730 | $ | 415,750,466 | ||||
March 31, 2022 | December 31, 2021 | |||||||
(unaudited) | ||||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash | $ | 228,611 | $ | 470,895 | ||||
Prepaid expenses | 209,423 | 198,172 | ||||||
Total current assets | 438,034 | 669,067 | ||||||
Investments held in Trust Account | 414,165,850 | 414,091,576 | ||||||
Total Assets | $ | 414,603,884 | $ | 414,760,643 | ||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 136,818 | $ | 25,210 | ||||
Accrued expenses | 142,875 | 74,510 | ||||||
Franchise tax payable | 49,365 | 190,790 | ||||||
Total current liabilities | 329,058 | 290,510 | ||||||
Derivative warrant liabilities | 3,109,040 | 6,848,900 | ||||||
Total Liabilities | 3,438,098 | 7,139,410 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock subject to possible redemption, $0.0001 par value; 16,560,000 shares at redemption value of $25.00 per share as of March 31, 2022 and December 31, 2021 | 414,000,000 | 414,000,000 | ||||||
Stockholders’ Deficit: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued or outstanding as of March 31, 2022 and December 31, 2021 | 0— | — | ||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 245,600 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 25 | 25 | ||||||
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 120,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 12 | 12 | ||||||
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 83 | 83 | ||||||
Additional paid-in capital | 0 | 0 | ||||||
Accumulated deficit | (2,834,334 | ) | (6,378,887 | ) | ||||
Total stockholders’ deficit | (2,834,214 | ) | (6,378,767 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit | $ | 414,603,884 | $ | 414,760,643 | ||||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | For the Period from September 11, 2020 (Inception) Through September 30, 2020 | ||||||||||
General and administrative expenses | $ | 140,054 | $ | 519,203 | $ | 5,000 | ||||||
General and administrative expenses - related party | 60,000 | 183,030 | — | |||||||||
Franchise tax expense | 49,863 | 147,995 | — | |||||||||
Total operating expenses | (249,917 | ) | (850,228 | ) | (5,000 | ) | ||||||
Other income | ||||||||||||
Change in fair value of derivative warrant liabilities | 2,668,190 | 10,114,490 | — | |||||||||
Gain on investments held in Trust Account | 16,016 | 28,530 | — | |||||||||
Net income (loss) | $ | 2,434,289 | $ | 9,292,792 | $ | (5,000 | ) | |||||
Weighted average shares outstanding of Class A common stock, basic and diluted | 16,805,600 | 16,805,600 | — | |||||||||
Basic and diluted net income per share, Class A common stock | $ | 0.14 | $ | 0.52 | $ | — | ||||||
Weighted average shares outstanding of Class B common stock, basic and diluted | 120,000 | 120,000 | 120,000 | |||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.14 | $ | 0.52 | $ | (0.01 | ) | |||||
Weighted average shares outstanding of Class F common stock, basic and diluted | 828,000 | 828,000 | 828,000 | |||||||||
Basic and diluted net income (loss) per share, Class F common stock | $ | 0.14 | $ | 0.52 | $ | (0.01 | ) | |||||
Common Stock | ||||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Additional Paid- In Capital | Accumulated Deficit | |||||||||||||||||||||||||||||
Balance - December 31, 2020 | 245,600 | $ | 25 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 0 | $ | (15,005,729 | ) | $ | (15,005,609 | ) | |||||||||||||||||||
Net incom e | — | — | — | — | — | — | — | 7,167,069 | 7,167,069 | |||||||||||||||||||||||||||
Balance - March 31, 2021 (Unaudited), as restated, see Note 1 | 245,600 | 25 | 120,000 | 12 | 828,000 | 83 | 0 | (7,838,660 | ) | (7,838,540 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (308,566 | ) | (308,566 | ) | |||||||||||||||||||||||||
Balance - June 30, 2021 (Unaudited), as restated, see Note 1 | 245,600 | 25 | 120,000 | 12 | 828,000 | 83 | 0 | (8,147,226 | ) | (8,147,106 | ) | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 2,434,289 | 2,434,289 | |||||||||||||||||||||||||||
Balance - September 30, 2021 (Unaudited) | 245,600 | $ | 25 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 0 | $ | (5,712,937 | ) | $ | (5,712,817 | ) | |||||||||||||||||||
For The Period From September 11, 2020 (Inception) Through September 30, 2020 | ||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Additional Paid- In Capital | Accumulated Deficit | |||||||||||||||||||||||||||||
Balance - September 11, 2020 (inception) | 0— | $ | 0— | 0— | $ | 0— | 0— | $ | 0— | $ | 0— | $ | 0— | $ | 0— | |||||||||||||||||||||
Issuance of Class B common stock to Sponsor | — | — | 120,000 | 12 | — | — | 18,738 | — | 18,750 | |||||||||||||||||||||||||||
Issuance of Class F common stock to Sponsor | — | — | — | — | 690,000 | 69 | 6,181 | — | 6,250 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | (5,000 | ) | (5,000 | ) | |||||||||||||||||||||||||
Balance - September 30, 2020 (unaudited) | 0— | $ | 0— | 120,000 | $ | 12 | 690,000 | $ | 69 | $ | 24,919 | $ | (5,000 | ) | $ | 20,000 | ||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | For the Period From September 11, 2020 (Inception) Through September 30, 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 9,292,792 | $ | (5,000 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of derivative warrant liabilities | (10,114,490 | ) | ||||||
Gain on investments held in Trust Account | (28,530 | ) | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 152,537 | |||||||
Accounts payable | (74,963 | ) | ||||||
Accrued expenses | (131,500 | ) | ||||||
Franchise tax payable | 129,425 | |||||||
Net cash used in operating activities | (774,729 | ) | — | |||||
Net change in cash | (774,729 | ) | — | |||||
Cash - beginning of the period | 1,336,674 | — | ||||||
Cash - end of the period | $ | 561,945 | $ | — | ||||
Supplemental disclosure of noncash activities: | ||||||||
Def ffering costs paid in exchange for issuance of Class B common stock to Sponsorerred o | $ | 0— | $ | 18,750 | ||||
Deferred o ffering costs paid in exchange for issuance of Class F common stock to Sponsor | $ | 0— | $ | 6,250 | ||||
Deferred o ffering costs included in accrued expenses | $ | 0— | $ | 5,000 |
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
General and administrative expenses | $ | 160,216 | $ | 131,587 | ||||
General and administrative expenses - related party | 60,000 | 63,030 | ||||||
Franchise tax expense | 49,365 | 48,817 | ||||||
Total operating expenses | (269,581 | ) | (243,434 | ) | ||||
Other income: | ||||||||
Change in fair value of derivative warrant liabilities | 3,739,860 | 7,404,280 | ||||||
Gain on investments held in Trust Account | 74,274 | 6,223 | ||||||
Net income | $ | 3,544,553 | $ | 7,167,069 | ||||
Weighted average shares outstanding of Class A common stock, basic and diluted | 16,805,600 | 16,805,600 | ||||||
Basic and diluted net income per share, Class A common stock | $ | 0.20 | $ | 0.40 | ||||
Weighted average shares outstanding of Class B common stock, basic and diluted | 120,000 | 120,000 | ||||||
Basic and diluted net income per share, Class B common stock | $ | 0.20 | $ | 0.40 | ||||
Weighted average shares outstanding of Class F common stock, basic and diluted | 828,000 | 828,000 | ||||||
Basic and diluted net income per share, Class F common stock | $ | 0.20 | $ | 0.40 | ||||
For the Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||
Common Stock | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Additional | Accumulated Deficit | ||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Paid- i n Capital | ||||||||||||||||||||||||||||||
Balance - December 31, 2021 | 245,600 | $ | 25 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 0 | $ | (6,378,887 | ) | $ | (6,378,767 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | — | — | 3,544,553 | 3,544,553 | |||||||||||||||||||||||||||
Balance - March 31, 2022 (unaudited) | 245,600 | $ | 25 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 0 | $ | (2,834,334 | ) | $ | (2,834,214 | ) | |||||||||||||||||||
For the Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||
Common Stock | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||
Class A | Class B | Class F | Additional | Accumulated Deficit | ||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Paid- i n Capital | ||||||||||||||||||||||||||||||
Balance - December 31, 2020 | 245,600 | $ | 25 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 0 | $ | (15,005,729 | ) | $ | (15,005,609 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | — | — | 7,167,069 | 7,167,069 | |||||||||||||||||||||||||||
Balance - March 31, 2021 (unaudited) | 245,600 | $ | 25 | 120,000 | $ | 12 | 828,000 | $ | 83 | $ | 0 | $ | (7,838,660 | ) | $ | (7,838,540 | ) | |||||||||||||||||||
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 3,544,553 | $ | 7,167,069 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Change in fair value of derivative warrant liabilities | (3,739,860 | ) | (7,404,280 | ) | ||||
Gain on investments held in Trust Account | (74,274 | ) | (6,223 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | (11,251 | ) | 60,323 | |||||
Accounts payable | 111,608 | (29,565 | ) | |||||
Accrued expenses | 68,365 | (72,943 | ) | |||||
Franchise tax payable | (141,425 | ) | 37,192 | |||||
Net cash used in operating activities | (242,284 | ) | (248,427 | ) | ||||
Net change in cash | (242,284 | ) | (248,427 | ) | ||||
Cash - beginning of the period | 470,895 | 1,336,674 | ||||||
Cash - end of the period | $ | 228,611 | $ | 1,088,247 | ||||
As of March 31, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 415,447,939 | $ | — | $ | 415,447,939 | ||||||
Total liabilities | $ | 9,286,479 | $ | — | $ | 9,286,479 | ||||||
Class A common stock subject to possible redemption | 401,161,450 | 12,838,550 | 414,000,000 | |||||||||
Preferred stock | 0— | 0— | 0— | |||||||||
Class A common stock | 76 | (51 | ) | 25 | ||||||||
Class B common stock | 12 | — | 12 | |||||||||
Class F common stock | 83 | — | 83 | |||||||||
Additional paid-in capital | 2,996,739 | (2,996,739 | ) | — | ||||||||
Retained earnings (accumulated deficit) | 2,003,100 | (9,841,760 | ) | (7,838,660 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,010 | $ | (12,838,550 | ) | $ | (7,838,540 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | $ | 415,447,939 | $ | — | $ | 415,447,939 | ||||||
For the Three Months Ended March 31, 2021 (unaudited) | ||||||||||||
As Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | (7,167,075 | ) | $ | 7,167,075 | $ | 0— |
As of June 30, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 415,085,146 | $ | — | $ | 415,085,146 | ||||||
Total liabilities | $ | 9,232,252 | $ | — | $ | 9,232,252 | ||||||
Class A common stock subject to possible redemption | 400,852,875 | 13,147,125 | 414,000,000 | |||||||||
Preferred stock | 0— | 0— | 0— | |||||||||
Class A common stock | 77 | (52 | ) | 25 | ||||||||
Class B common stock | 12 | — | 12 | |||||||||
Class F common stock | 83 | — | 83 | |||||||||
Additional paid-in capital | 3,305,313 | (3,305,313 | ) | 0 | ||||||||
Retained earnings (accumulated deficit) | 1,694,534 | (9,841,760 | ) | (8,147,226 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,019 | $ | (13,147,125 | ) | $ | (8,147,106 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | $ | 415,085,146 | $ | — | $ | 415,085,146 | ||||||
For the Six Months Ended June 30, 2021 (unaudited) | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | (6,858,500 | ) | $ | 6,858,500 | $ | 0— |
Earnings Per Share | ||||||||||||
As Reported (1) | Adjustment | As Restated | ||||||||||
For the three months ended March 31, 2021 (unaudited) | ||||||||||||
Net income | $ | 7,167,069 | $ | — | $ | 7,167,069 | ||||||
Class A common stock | ||||||||||||
Weighted average shares outstanding | — | 16,805,600 | 16,805,600 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.40 | $ | 0.40 | ||||||
Class B common stock | ||||||||||||
Weighted average shares outstanding | — | 120,000 | 120,000 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.40 | $ | 0.40 | ||||||
Class F common stock | ||||||||||||
Weighted average shares outstanding | — | 828,000 | 828,000 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.40 | $ | 0.40 | ||||||
Class A redeemable common stock | ||||||||||||
Weighted average shares outstanding | 16,560,000 | (16,560,000 | ) | — | ||||||||
Basic and diluted income per share | $ | — | $ | — | $ | — | ||||||
Class A non-redeemable, Class B, and Class F common stock | ||||||||||||
Weighted average shares outstanding | 1,193,600 | (1,193,600 | ) | — | ||||||||
Basic and diluted income per share | $ | 6.00 | $ | (6.00 | ) | $ | — |
Earnings Per Share | ||||||||||||
As Reported (1) | Adjustment | As Restated | ||||||||||
For the three months ended June 30, 2021 ( unaudite )d | ||||||||||||
Net loss | $ | (308,566 | ) | $ | — | $ | (308,566 | ) | ||||
Class A common stock | ||||||||||||
Weighted average shares outstanding | — | 16,805,600 | 16,805,600 | |||||||||
Basic and diluted los s per share | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Class B common stock | ||||||||||||
Weighted average shares outstanding | — | 120,000 | 120,000 | |||||||||
Basic and diluted los s per share | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Class F common stock | ||||||||||||
Weighted average shares outstanding | — | 828,000 | 828,000 | |||||||||
Basic and diluted l os s per share | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Class A redeemable common stock | ||||||||||||
Weighted average shares outstanding | 16,560,000 | (16,560,000 | ) | — | ||||||||
Basic and diluted los s per share | $ | — | $ | — | $ | — | ||||||
Class A non-redeemable, Class B, and Class F common stock | ||||||||||||
Weighted average shares outstanding | 1,193,600 | (1,193,600 | ) | — | ||||||||
Basic and diluted los s per share | $ | (0.26 | ) | $ | 0.26 | $ | — |
Earnings Per Share | ||||||||||||
As Reported (1) | Adjustment | As Restated | ||||||||||
For the six months ended June 30, 2021 (unaudited) | ||||||||||||
Net income | $ | 6,858,503 | $ | — | $ | 6,858,503 | ||||||
Class A common stock | ||||||||||||
Weighted average shares outstanding | — | 16,805,600 | 16,805,600 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.39 | $ | 0.39 | ||||||
Class B common stock | ||||||||||||
Weighted average shares outstanding | — | 120,000 | 120,000 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.39 | $ | 0.39 | ||||||
Class F common stock | ||||||||||||
Weighted average shares outstanding | — | 828,000 | 828,000 | |||||||||
Basic and diluted income per share | $ | — | $ | 0.39 | $ | 0.39 | ||||||
Class A redeemable common stock | ||||||||||||
Weighted average shares outstanding | 16,560,000 | (16,560,000 | ) | — | ||||||||
Basic and diluted income per share | $ | — | $ | — | $ | — | ||||||
Class A non-redeemable, Class B, and Class F common stock | ||||||||||||
Weighted average shares outstanding | 1,193,600 | (1,193,600 | ) | — | ||||||||
Basic and diluted income per share | $ | 5.75 | $ | (5.75 | ) | $ | — |
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||
Basic and diluted net income per common share: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income | $ | 2,304,304 | $ | 16,454 | $ | 113,531 | $ | 8,796,579 | $ | 62,812 | $ | 433,401 | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average common shares outstanding | 16,805,600 | 120,000 | 828,000 | 16,805,600 | 120,000 | 828,000 | ||||||||||||||||||
Basic and diluted net income per common share | $ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.52 | $ | 0.52 | $ | 0.52 | ||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Class A | Class B | Class F | Class A | Class B | Class F | |||||||||||||||||||
Basic and diluted net income per common share: | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income | $ | 3,355,282 | $ | 23,958 | $ | 165,312 | $ | 6,784,365 | $ | 48,444 | $ | 334,261 | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average common shares outstanding | 16,805,600 | 120,000 | 828,000 | 16,805,600 | 120,000 | 828,000 | ||||||||||||||||||
Basic and diluted net income per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 0.40 | $ | 0.40 | ||||||||||||
Gross proceeds | $ | 414,000,000 | ||
Less: | ||||
Fair value of Public Warrants at issuance | (11,509,200 | ) | ||
Offering costs allocated to Class A common stock subject to possible redemption | (4,323,061 | ) | ||
Plus: | ||||
Accretion on Class A common stock subject to possible redemption amount | 15,832,261 | |||
Class A common stock subject to possible redemption | $ | 414,000,000 | ||
Description | Quoted Active Markets (Level 1) | Significant Other Observable (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account | $ | 414,029,696 | $ | 0— | $ | 0— | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public warrants | $ | 6,272,100 | $ | 0— | $ | 0— | ||||||
Derivative warrant liabilities - Private placement warrants | $ | 0— | $ | 0— | $ | 94,560 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account | $ | 414,165,850 | $ | 0— | $ | 0— | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public warrants | $ | 3,063,600 | $ | 0— | $ | 0— | ||||||
Derivative warrant liabilities - Private placement warrants | $ | 0— | $ | 0— | $ | 45,440 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account | $ | 414,029,696 | $ | 0— | $ | 0— | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public warrants | $ | 6,748,200 | $ | 0— | $ | 0 | ||||||
Derivative warrant liabilities - Private placement warrants | $ | 0— | $ | 0— | $ | 100,700 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account | $ | 414,001,166 | $ | 0— | $ | 0— | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public warrants | $ | 0— | $ | 0— | $ | 16,228,800 | ||||||
Derivative warrant liabilities - Private placement warrants | $ | 0— | $ | 0— | $ | 252,350 |
As of September 30, 2021 | ||||
Exercise price | $ | 28.75 | ||
Unit price | $ | 24.35 | ||
Volatility | 12.16 | % | ||
Expected life of the options to convert | 5.00 | |||
Risk-free rate | 0.98 | % | ||
Dividend yield | 0.00 | % |
As of March 31, 2022 | As of December 31, 2021 | |||||||
Exercise price | $ | 28.75 | $ | 28.75 | ||||
Unit price | $ | 24.53 | $ | 24.37 | ||||
Volatility | 5.16 | % | 12.10 | % | ||||
Expected life of the options to convert | 5.00 | 5.00 | ||||||
Risk-free rate | 2.42 | % | 1.26 | % | ||||
Dividend yield | 0.00 | % | 0.00 | % |
Derivative warrant liabilities at December 31, 2020 | $ | 16,481,150 | ||
Transfer of Public Warrants to Level 1 | (8,942,400 | ) | ||
Change in fair value of derivative warrant liabilities | (7,404,280 | ) | ||
Derivative warrant liabilities at March 31, 2021 | 134,470 | |||
Change in fair value of derivative warrant liabilities | (620 | ) | ||
Derivative warrant liabilities at June 30, 2021 | 133,850 | |||
Change in fair value of derivative warrant liabilities | (39,290 | ) | ||
Derivative warrant liabilities at September 30, 2021 | $ | 94,560 | ||
2022 | 2021 | |||||||
Derivative warrant liabilities as of January 1, | $ | 100,700 | $ | 16,481,150 | ||||
Transfer of Public Warrants to Level 1 | 0 | (8,942,400 | ) | |||||
Change in fair value of derivative warrant liabilities | (55,260 | ) | (7,404,280 | ) | ||||
Derivative warrant liabilities as of March 31, | $ | 45,440 | $ | 134,470 | ||||
* | 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 |
PERIPHAS CAPITAL PARTNERING CORPORATION | ||||
By: | /s/ Sanjeev Mehra | |||
Name: | Sanjeev Mehra | |||
Title: | Chief Executive Officer | |||
(Principal Executive Officer) |
By: | /s/ | |||
Name: | ||||
Title: | Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |