☒ | 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 | 001-39948 | 85-3310839 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
515 North Flagler Drive, Suite 520 West Palm Beach, FL | 33401 | |
(Address Of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Units, each consisting of one Class A common share, $0.0001 par value, and one-third of one redeemable warrant | TLGA.U | NYSE | ||
Class A common shares included as part of the units | TLGA | NYSE | ||
Redeemable warrants included as part of the units | TLGA WS | NYSE |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
Item 1. | 1 | |||||
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2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | ||||||
27 |
Item 1. | Condensed Financial Statements |
September 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 37,618 | $ | 500 | ||||
Prepaid expenses | 365,391 | — | ||||||
Total current assets | 403,009 | 500 | ||||||
Investments held in Trust Account | 400,016,098 | — | ||||||
Deferred offering costs | — | 318,261 | ||||||
Total Assets | $ | 400,419,107 | $ | 318,761 | ||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit): | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 270,064 | $ | 750 | ||||
Accrued expenses | 1,760,330 | 157,261 | ||||||
Working Capital Loan - related party | 570,000 | — | ||||||
Franchise tax payable | 148,385 | 937 | ||||||
Note Payable - related party | — | 138,142 | ||||||
Total current liabilities | 2,748,779 | 297,090 | ||||||
Derivative warrant liabilities | 13,733,330 | — | ||||||
Deferred underwriting commissions | 14,000,000 | — | ||||||
Total Liabilities | 30,482,109 | 297,090 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock subject to possible redemption, $0.0001 par value; 40,000,000 and-0- shares at redemption value of share as of September 30, 2021 and December 31, 2020, respectively | 400,000,000 | — | ||||||
Stockholders’ Equity (Deficit): | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding as of September 30, 2021 and December 31, 2020 | 0— | — | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 0 non-redeemable shares issued or outstanding as of September 30, 2021 and December 31, 2020, respectively | 0 | — | ||||||
Class F common stock, $0.0001 par value; 20,000,000 shares authorized; 10,000,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 1,000 | 1,000 | ||||||
Additional paid-in capital | — | 24,000 | ||||||
Accumulated deficit | (30,064,002 | ) | (3,329 | ) | ||||
Total stockholders’ equity (deficit) | (30,063,002 | ) | 21,671 | |||||
Total Liabilities and Stockholders’ Equity (Deficit) | $ | 400,419,107 | $ | 318,761 | ||||
June 30, 2022 Unaudited | December 31, 2021 | |||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash | $ | 49,108 | $ | 48,491 | ||||
Prepaid expenses | 709,660 | 105,654 | ||||||
Total current assets | 758,768 | 154,145 | ||||||
Investments held in Trust Account | 400,624,473 | 400,023,684 | ||||||
Total Assets | $ | 401,383,241 | $ | 400,177,829 | ||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,513 | $ | 48,917 | ||||
Accrued expenses | 1,618,641 | 2,428,864 | ||||||
Working Capital Loan - related party | 2,820,000 | 920,000 | ||||||
Income tax payable | 57,686 | 0 — | ||||||
Franchise tax payable | 20,000 | 121,425 | ||||||
Total current liabilities | 4,520,840 | 3,519,206 | ||||||
Derivative warrant liabilities | 1,600,000 | 10,600,000 | ||||||
Deferred underwriting commissions | 14,000,000 | 14,000,000 | ||||||
Total Liabilities | 20,120,840 | 28,119,206 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock subject to possible redemption, $0.0001 par value; 40,000,000 shares at redemption value $10.003 and $10.000 per share as of June 30, 2022 and December 31, 2021of approximately | 400,117,010 | 400,000,000 | ||||||
Stockholders’ Deficit: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding as of June 30, 2022 and December 31, 2021 | 0— | 0— | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 0 non-redeemable shares issued and outstanding as of June 30, 2022 and December 31, 2021 | — | — | ||||||
Class F common stock, $0.0001 par value; 20,000,000 shares authorized; 10,000,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 1,000 | 1,000 | ||||||
Additional paid-in capital | 0— | 0— | ||||||
Accumulated deficit | (18,855,609 | ) | (27,942,377 | ) | ||||
Total stockholders’ deficit | (18,854,609 | ) | (27,941,377 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit | $ | 401,383,241 | $ | 400,177,829 | ||||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||
General and administrative expenses | $ | 161,058 | $ | 3,337,532 | ||||
General and administrative expenses - related party | 22,000 | 57,000 | ||||||
Franchise tax expenses | 59,808 | 207,119 | ||||||
Loss from operations | (242,866 | ) | (3,601,651 | ) | ||||
Offering costs associated with derivative warrant liabilities | 0 | (1,413,340 | ) | |||||
Change in fair value of derivative warrant liabilities | 4,933,340 | 20,800,000 | ||||||
Income from investments held in Trust Account | 6,145 | 16,098 | ||||||
Earnings before income taxes | 4,696,619 | 15,801,107 | ||||||
Income tax expense | 0 | 0 | ||||||
Net income | $ | 4,696,619 | $ | 15,801,107 | ||||
Weighted average shares outstanding of Class A common stock | 40,000,000 | 35,457,875 | ||||||
Basic and diluted net income per share, Class A common stock | $ | 0.09 | $ | 0.35 | ||||
Weighted average shares outstanding of Class F common stock | 10,000,000 | 9,858,059 | ||||||
Basic and diluted net income per share, Class F common stock | $ | 0.09 | $ | 0.35 | ||||
For t he Three Months Ended June 30, | For t he Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
General and administrative expenses | $ | 84,749 | $ | 2,903,405 | $ | 158,982 | $ | 3,176,474 | ||||||||
General and administrative expenses—related party | 21,000 | 21,000 | 41,500 | 35,000 | ||||||||||||
Franchise tax expenses | 50,000 | 49,315 | 138,844 | 147,311 | ||||||||||||
Loss from operations | (155,749 | ) | (2,973,720 | ) | (339,326 | ) | (3,358,785 | ) | ||||||||
Offering costs associated with derivative warrant liabilities | 0— | 0— | 0— | (1,413,340 | ) | |||||||||||
Change in fair value of derivative warrant liabilities | 2,400,000 | 3,000,000 | 9,000,000 | 15,866,660 | ||||||||||||
Income from investments held in Trust Account | 568,143 | 6,079 | 600,790 | 9,953 | ||||||||||||
Net icome before income taxes | 2,812,394 | 32,359 | 9,261,464 | 11,104,488 | ||||||||||||
Income tax expense | (57,686 | ) | 0— | (57,686 | ) | 0— | ||||||||||
Net income | $ | 2,754,708 | $ | 32,359 | $ | 9,203,778 | $ | 11,104,488 | ||||||||
Weighted average shares outstanding of Class A common stock | 40,000,000 | 40,000,000 | 40,000,000 | 33,149,171 | ||||||||||||
Basic and diluted net income per share, Class A common stock | $ | 0.06 | $ | 0.00 | $ | 0.18 | $ | 0.26 | ||||||||
Weighted average shares outstanding of Class F common stock, basic | 10,000,000 | 10,000,000 | 10,000,000 | 9,785,912 | ||||||||||||
Basic net income per share, Class F common stock | $ | 0.06 | $ | 0.00 | $ | 0.18 | $ | 0.26 | ||||||||
Weighted average shares outstanding of Class F common stock, diluted | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||
Diluted net income per share, Class F common stock | $ | 0.06 | $ | 0.00 | $ | 0.18 | $ | 0.26 | ||||||||
Common Stock | Total | |||||||||||||||||||||||||||
Class A | Class F | Additional Paid-In | Accumulated | Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance—December 31, 2021 | 0— | $ | 0— | 10,000,000 | $ | 1,000 | $ | 0— | $ | (27,942,377 | ) | $ | (27,941,377 | ) | ||||||||||||||
Net income | — | — | — | — | 0— | 6,449,070 | 6,449,070 | |||||||||||||||||||||
Balance—March 31, 2022 (unaudited) | 0— | 0— | 10,000,000 | 1,000 | 0— | (21,493,307 | ) | (21,492,307 | ) | |||||||||||||||||||
Increase in redemption value of Class A common stock subject to possible redemption | — | — | — | — | — | (117,010 | ) | (117,010 | ) | |||||||||||||||||||
Net income | — | — | — | — | 0— | 2,754,708 | 2,754,708 | |||||||||||||||||||||
Balance—June 30, 2022 (unaudited) | 0— | $ | 0— | 10,000,000 | $ | 1,000 | $ | 0— | $ | (18,855,609 | ) | $ | (18,854,609 | ) | ||||||||||||||
Common Stock | Total | |||||||||||||||||||||||||||
Class A | Class F | Additional Paid-In | Accumulated | Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance - January 1, 2021, as restated | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 24,000 | $ | (3,329 | ) | $ | 21,671 | |||||||||||||||
Accretion of Class A common stock subject to possible redemption amount | — | — | — | — | (24,000 | ) | (45,861,780 | ) | (45,885,780 | ) | ||||||||||||||||||
Net income | — | — | — | — | — | 11,072,129 | 11,072,129 | |||||||||||||||||||||
Balance - March 31, 2021 (unaudited), a s restated | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (34,792,980 | ) | $ | (34,791,980 | ) | ||||||||||||||
Net income | — | — | — | — | — | 32,359 | 32,359 | |||||||||||||||||||||
Balance - June 30, 2021 (unaudited), as restated | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (34,760,621 | ) | $ | (34,759,621 | ) | ||||||||||||||
Net income | — | — | — | — | — | 4,696,619 | 4,696,619 | |||||||||||||||||||||
Balance - September 30, 2021 (unaudited) | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (30,064,002 | ) | $ | (30,063,002 | ) | ||||||||||||||
Common Stock | Total | |||||||||||||||||||||||||||
Class A | Class F | Additional Paid-In | Accumulated | Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance—January 1, 2021 | 0— | $ | 0— | 10,000,000 | $ | 1,000 | $ | 24,000 | $ | (3,329 | ) | $ | 21,671 | |||||||||||||||
Accretion of Class A common stock subject to possible redemption amount | — | — | — | — | (24,000 | ) | (45,861,780 | ) | (45,885,780 | ) | ||||||||||||||||||
Net income | — | — | — | — | 0— | 11,072,129 | 11,072,129 | |||||||||||||||||||||
Balance—March 31, 2021 (unaudited) | 0— | 0— | 10,000,000 | 1,000 | 0— | (34,792,980 | ) | (34,791,980 | ) | |||||||||||||||||||
Net income | — | — | — | — | 0— | 32,359 | 32,359 | |||||||||||||||||||||
Balance—June 30, 2021 (unaudited) | 0— | $ | 0— | 10,000,000 | $ | 1,000 | $ | 0— | $ | (34,760,621 | ) | $ | (34,759,621 | ) | ||||||||||||||
Cash Flows from Operating Activities: | ||||
Net income | $ | 15,801,107 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
General and administrative expenses paid by related party under note payable | 1,530 | |||
Offering costs allocated to derivative warrant liabilities | 1,413,340 | |||
Change in fair value of derivative warrant liabilities | (20,800,000 | ) | ||
Income from investments held in Trust Account | (16,098 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (365,391 | ) | ||
Accounts payable | 270,064 | |||
Accrued expenses | 1,675,330 | |||
Franchise tax payable | 147,448 | |||
Net cash used in operating activities | (1,872,670 | ) | ||
Cash Flows from Investing Activities | ||||
Cash deposited in Trust Account | (400,000,000 | ) | ||
Net cash used in investing activities | (400,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Repayment of note payable to related party | (192,312 | ) | ||
Proceeds received from initial public offering, gross | 400,000,000 | |||
Proceeds received from private placement | 10,000,000 | |||
Working Capital Loan - related party | 570,000 | |||
Offering costs paid | (8,467,900 | ) | ||
Net cash provided by financing activities | 401,909,788 | |||
Net change in cash | 37,118 | |||
Cash - beginning of the period | 500 | |||
Cash - end of the period | $ | 37,618 | ||
Supplemental disclosure of noncash activities: | ||||
Deferred offering costs included in accrued expenses | $ | 85,000 | ||
Deferred offering costs paid by related party under promissory note | $ | 51,890 | ||
Accounts payable paid through promissory note | $ | 750 | ||
Deferred underwriting commissions in connection with the initial public offering | $ | 14,000,000 |
For t he Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 9,203,778 | $ | 11,104,488 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
General and administrative expenses paid by related party under note payable | — | 1,530 | ||||||
Offering costs allocated to derivative warrant liabilities | — | 1,413,340 | ||||||
Change in fair value of derivative warrant liabilities | (9,000,000 | ) | (15,866,660 | ) | ||||
Income from investments held in Trust Account | (600,790 | ) | (9,953 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | (604,006 | ) | (633,364 | ) | ||||
Accounts payable | (44,404 | ) | 459,024 | |||||
Accrued expenses | (810,222 | ) | 2,070,568 | |||||
Income tax payable | 57,686 | — | ||||||
Franchise tax payable | (101,425 | ) | 97,585 | |||||
Net cash used in operating activities | (1,899,383 | ) | (1,363,442 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | — | (400,000,000 | ) | |||||
Net cash used in investing activities | — | (400,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Repayment of note payable to related party | — | (192,312 | ) | |||||
Proceeds received from initial public offering, gross | �� | — | 400,000,000 | |||||
Proceeds received from private placement | — | 10,000,000 | ||||||
Working Capital Loan - related party | 1,900,000 | 100,000 | ||||||
Offering costs paid | — | (8,467,900 | ) | |||||
Net cash provided by financing activities | 1,900,000 | 401,439,788 | ||||||
Net change in cash | 617 | 76,346 | ||||||
Cash - beginning of the period | 48,491 | 500 | ||||||
Cash - end of the period | $ | 49,108 | $ | 76,846 | ||||
Supplemental disclosure of noncash activities: | ||||||||
Deferred offering costs included in accrued expenses | $ | — | $ | 85,000 | ||||
Deferred offering costs paid by related party under promissory note | $ | — | $ | 51,890 | ||||
Accounts payable paid through promissory note | $ | — | $ | 750 | ||||
Deferred underwriting commissions in connection with the initial public offering | $ | — | $ | 14,000,000 |
As of March 31, 2021 | As Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 401,048,147 | $ | 401,048,147 | ||||||||
Total liabilities | $ | 35,840,127 | $ | 35,840,127 | ||||||||
Class A common stock subject to possible redemption | 360,208,010 | 39,791,990 | 400,000,000 | |||||||||
Preferred stock | 0 | 0 | 0 | |||||||||
Class A common stock | 398 | (398 | ) | 0 | ||||||||
Class F common stock | 1,000 | 0 | 1,000 | |||||||||
Additional paid-in capital | 0 | 0 | 0 | |||||||||
Accumulated deficit | 4,998,612 | (39,791,592 | ) | (34,792,980 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,010 | $ | (39,791,990 | ) | $ | (34,791,980 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | $ | 401,048,147 | $ | 0 | $ | 401,048,147 | ||||||
As Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Initial value of Class A common stock subject to possible redemption | $ | 343,866,050 | $ | (343,866,050 | ) | $ | 0 | |||||
Change in value of Class A common stock subject to possible redemption | $ | (16,341,960 | ) | $ | 16,341,960 | $ | 0 |
As of June 30, 2021 | As Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 400,720,163 | $ | 400,720,163 | ||||||||
Total liabilities | $ | 35,479,784 | $ | 35,479,784 | ||||||||
Class A common stock subject to possible redemption | $ | 360,240,370 | $ | 39,759,630 | $ | 400,000,000 | ||||||
Preferred stock | 0 | 0 | 0 | |||||||||
Class A common stock | 398 | (398 | ) | 0 | ||||||||
Class F common stock | 1,000 | 0 | 1,000 | |||||||||
Additional paid-in capital | 0 | 0 | 0 | |||||||||
Retained earnings (accumulated deficit) | 4,998,611 | (39,759,232 | ) | (34,760,621 | ) | |||||||
Total stockholders’ equity (deficit) | $ | 5,000,009 | $ | (39,759,630 | ) | $ | (34,759,621 | ) | ||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit) | $ | 400,720,163 | $ | 0 | $ | 400,720,163 | ||||||
As Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Initial value of Class A common stock subject to possible redemption | $ | 347,732,720 | $ | (347,732,720 | ) | $ | 0 | |||||
Change in value of Class A common stock subject to possible redemption | $ | 6,437,462 | $ | (6,437,462 | ) | $ | 0 |
Earnings Per Share for Class A common stock | ||||||||||||
As Reported | Adjustment | As Adjusted | ||||||||||
Form 10-Q (March 31, 2021) - For the three months ended March 31, 2021 | ||||||||||||
Net income | $ | 11,072,129 | $ | 0 | $ | 11,072,129 | ||||||
Weighted average shares outstanding | 40,000,000 | (13,777,778 | ) | 26,222,222 | ||||||||
Basic and diluted earnings per share | $ | 0.00 | $ | 0.31 | $ | 0.31 | ||||||
Form 10-Q (June 30, 2021) - Three months ended June 30, 2021 | ||||||||||||
Net income | $ | 32,359 | $ | 0 | $ | 32,359 | ||||||
Weighted average shares outstanding | 40,000,000 | 0 | 40,000,000 | |||||||||
Basic and diluted earnings per share | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
Form 10-Q (June 30, 2021) - For the six months ended June 30, 2021 | ||||||||||||
Net income | $ | 11,104,488 | $ | 0 | $ | 11,104,488 | ||||||
Weighted average shares outstanding | 40,000,000 | (6,850,829 | ) | 33,149,171 | ||||||||
Basic and diluted earnings per share | $ | 0.00 | $ | 0.26 | $ | 0.26 |
Earnings Per Share for Class F common stock | ||||||||||||
As Reported | Adjustment | As Adjusted | ||||||||||
Form 10-Q (March 31, 2021) - For the three months ended March 31, 2021 | ||||||||||||
Net Income | $ | 11,072,129 | $ | 0 | $ | 11,072,129 | ||||||
Weighted average shares outstanding | 10,000,000 | (430,556 | ) | 9,569,444 | ||||||||
Basic and diluted earnings per share | $ | (0.10 | ) | $ | 0.41 | $ | 0.31 | |||||
Form 10-Q (June 30, 2021) - Three months ended June 30, 2021 | ||||||||||||
Net income | $ | 32,359 | $ | 0 | $ | 32,359 | ||||||
Weighted average shares outstanding | 10,000,000 | 0 | 10,000,000 | |||||||||
Basic and diluted earnings per share | $ | 0.23 | $ | (0.23 | ) | $ | 0.00 | |||||
Form 10-Q (June 30, 2021) - For the six months ended June 30, 2021 | ||||||||||||
Net income | $ | 11,104,488 | $ | 0 | $ | 11,104,488 | ||||||
Weighted average shares outstanding | 9,785,912 | (0 | ) | 9,785,912 | ||||||||
Basic and diluted earnings per share | $ | 0.18 | $ | 0.08 | $ | 0.26 |
For t he Six Months EndedJune 30, 2022 | For t he Six Months EndedJune 30, 2021 | |||||||||||||||
Class A | Class F | Class A | Class F | |||||||||||||
Basic and diluted net income per common stock: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income, basic | $ | 7,363,022 | $ | 1,840,756 | $ | 8,573,515 | $ | 2,530,973 | ||||||||
Allocation of net income, diluted | 7,363,022 | 1,840,756 | 8,530,977 | 2,573,511 | ||||||||||||
Denominator: | ||||||||||||||||
Basic weighted average common stock outstanding | 40,000,000 | 10,000,000 | 33,149,171 | 9,785,912 | ||||||||||||
Diluted weighted average common stock outstanding | 40,000,000 | 10,000,000 | 33,149,171 | 10,000,000 | ||||||||||||
Basic net income per common stock | $ | 0.18 | $ | 0.18 | $ | 0.26 | $ | 0.26 | ||||||||
Diluted net income per common stock | $ | 0.18 | $ | 0.18 | $ | 0.26 | $ | 0.26 | ||||||||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||
Class A | Class F | Class A | Class F | |||||||||||||
Basic and diluted net income (loss) per common stock: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 3,757,295 | $ | 939,324 | $ | 12,363,724 | $ | 3,437,383 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average common stock outstanding | 40,000,000 | 10,000,000 | 35,457,875 | 9,858,059 | ||||||||||||
Basic and diluted net income (loss) per common stock | $ | 0.09 | $ | 0.09 | $ | 0.35 | $ | 0.35 | ||||||||
For The Three Months Ended June 30, 2022 | For The Three Months Ended June 30, 2021 | |||||||||||||||
Class A | Class F | Class A | Class F | |||||||||||||
Basic and diluted net income per common stock: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income, basic | $ | 2,203,766 | $ | 550,942 | $ | 25,887 | $ | 6,472 | ||||||||
Allocation of net income, diluted | 2,203,766 | 550,942 | 25,887 | 6,472 | ||||||||||||
Denominator: | ||||||||||||||||
Basic weighted average common stock outstanding | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | ||||||||||||
Diluted weighted average common stock outstanding | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | ||||||||||||
Basic net income per common stock | $ | 0.06 | $ | 0.06 | $ | 0.00 | $ | 0.00 | ||||||||
Diluted net income per common stock | $ | 0.06 | $ | 0.06 | $ | 0.00 | $ | 0.00 | ||||||||
Gross proceeds from Initial Public Offering | $ | 400,000,000 | ||
Less: | ||||
Fair value of Public Warrants at issuance | (24,533,330 | ) | ||
Offering costs allocated to Class A common stock subject to possible redemption | (21,284,250 | ) | ||
Plus: | ||||
Accretion on Class A common stock subject to possible redemption amount | 45,817,580 | |||
Class A common stock subject to possible redemption as of December 31, 2021 | 400,000,000 | |||
Increase in redemption value of Class A common stock subject to possible redemption | 117,010 | |||
Class A common stock subject to possible redemption as of June 30, 2022 | $ | 400,117,010 | ||
Gross proceeds from Initial Public Offering | $ | 400,000,000 | ||
Less: | ||||
Fair value of Public Warrants at issuance | (24,533,330 | ) | ||
Offering costs allocated to Class A common stock subject to possible redemption | (21,284,250 | ) | ||
Plus: | ||||
Accretion on Class A common stock subject to possible redemption amount | 45,817,580 | |||
Class A common stock subject to possible redemption | $ | 400,000,000 | ||
Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | ||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account—Money market fund | $ | 400,624,473 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities—Public warrants | $ | 1,066,670 | — | — | ||||||||
Derivative warrant liabilities—Private placement warrants | $ | — | $ | 533,330 | $ | |||||||
Working Capital Loan—related party | $ | — | $ | — | $ | 2,820,000 |
Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Other Unobservable Inputs | ||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account—Money market fund | $ | 400,023,684 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities-Public warrants | $ | 6,933,330 | — | — | ||||||||
Derivative warrant liabilities—Private placement warrants | $ | — | $ | — | $ | 3,666,670 | ||||||
Working Capital Loan—related party | $ | — | $ | — | $ | 920,000 |
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—Money market fund | $ | 400,016,098 | $ | — | $ | — | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities—Public warrants | $ | 7,600,000 | — | — | ||||||||
Derivative warrant liabilities—Private placement warrants | $ | — | $ | — | $ | 6,133,330 | ||||||
Working Capital loan—related party | $ | — | $ | — | $ | 570,000 |
December 31, 2021 | ||||
Exercise price | $ | 11.50 | ||
Stock price | $ | 9.73 | ||
Term (yrs) | 5 | |||
Volatility | 10.5 | % | ||
Risk-free rate | 1.44 | % |
September 30, 2021 | ||||
Exercise price | $ | 11.50 | ||
Stock price | $ | 9.85 | ||
Term (yrs) | 5 | |||
Volatility | 16.0 | % | ||
Risk-free rate | 0.55 | % |
Derivative Warrant Liabilities | Working Capital Loans- Related Party | |||||||
Level 3 - Instruments January 1, 2021 | $ | — | $ | — | ||||
Issuance of Public and Private Placement Warrants | 38,400,000 | — | ||||||
Transfer of Public Warrants to Level 1 | (24,533,330 | ) | — | |||||
Change in fair value of derivative warrant liabilities | (10,200,000 | ) | — | |||||
Working capital loan - related party | — | 920,000 | ||||||
Level 3 - Instruments at December 31, 2021 | 3,666,670 | 920,000 | ||||||
Transfer of Private Placement Warrants from Level 3 to Level 2 | (3,666,670 | ) | — | |||||
Working capital loan - related party | — | 1,400,000 | ||||||
Level 3 - Instruments at March 31, 2022 | 0— | 2,320,000 | ||||||
Working capital loan - related party | — | 500,000 | ||||||
Level 3 - Instruments at June 30, 2022 | $ | 0— | $ | 2,820,000 | ||||
Level 3—Derivative warrant liabilities at January 1, 2021 | $ | — | ||
Issuance of Public and Private Placement Warrants | 34,533,330 | |||
Transfer of Public Warrants to Level 1 | (24,533,330 | ) | ||
Change in fair value of derivative warrant liabilities | 4,066,670 | |||
Level 3—Derivative warrant liabilities at March 31, 2021 | 14,066,670 | |||
Change in fair value of derivative warrant liabilities | (6,066,670 | ) | ||
Working capital loan—related party | 100,000 | |||
Level 3—Derivative warrant liabilities and working capital loans—related party at June 30, 2021 | $ | 8,100,000 | ||
Derivative Warrant Liabilities | Working Capital Loans - Related Party | |||||||
Level 3—Derivative warrant liabilities at January 1, 2021 | $ | — | $ | — | ||||
Issuance of Public and Private Placement Warrants | 38,400,000 | — | ||||||
Transfer of Public Warrants to Level 1 | (24,533,330 | ) | — | |||||
Change in fair value of derivative warrant liabilities | 200,000 | — | ||||||
Level 3—Derivative warrant liabilities at March 31, 2021 | 14,066,670 | — | ||||||
Change in fair value of derivative warrant liabilities | (6,066,670 | ) | 0 | |||||
Issuance of working capital loan—related party | 0 | 100,000 | ||||||
Level 3—Derivative warrant liabilities and working capital loans- related party at June 30, 2021 | 8,000,000 | 100,000 | ||||||
Change in fair value of derivative warrant liabilities and working capital loan | (1,866,670 | ) | — | |||||
Issuance of working capital loan—related party | — | 470,000 | ||||||
Level 3—Derivative warrant liabilities and working capital loans- related party at September 30, 2021 | $ | 6,133,330 | $ | 570,000 | ||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of |
Item 3. | Defaults upon Senior Securities. |
Item 4. | Mine Safety Disclosures. |
Item 5. | Other Information. |
Item 6. | Exhibits. |
* | 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 Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Dated: | TLG ACQUISITION ONE CORP. | |||||||
By: | /s/ John Michael Lawrie | |||||||
Name: | John Michael Lawrie | |||||||
Title: | Chief Executive Officer | |||||||
(Principal Executive Officer) |