☒ | 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 | 85-2533565 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
400 Perimeter Center Terrace Suite 151 Atlanta, Georgia | 30346 | |
(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 share of Class A common stock and one-half of one redeemable warrant | ALTUU | The Nasdaq Stock Market LLC | ||
Class A common stock, par value $0.0001 per share | ALTU | The Nasdaq Stock Market LLC | ||
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share | ALTUW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
Item 1. | ||||||
3 | ||||||
Condensed Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021 | 3 | |||||
4 | ||||||
5 | ||||||
Unaudited Condensed Statements of Cash Flows for the six months ended June 30, 2022 and 2021 | 6 | |||||
Notes to Unaudited Condensed Financial Statements | 7 | |||||
Item 2. | ||||||
Item 3. | 21 | |||||
Item 4. | Controls and Procedures | 21 | ||||
Item 1. | Legal Proceedings | 22 | ||||
Item 1A. | ||||||
Item 2. | ||||||
22 | ||||||
Item 3. | Defaults Upon Senior Securities | 22 | ||||
Item 4. | Mine Safety Disclosures | 22 | ||||
Item 5. | Other Information | 22 | ||||
Item 6. | Exhibits | 23 | ||||
Signatures | 24 | |||||
September 30, 2021 (Unaudited) | December 31, 2020 (As restated) | |||||||
Assets: | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 134,055 | $ | 764,329 | ||||
Prepaid expense | 294,133 | 634,511 | ||||||
Total current assets | 428,188 | 1,398,840 | ||||||
Investments held in Trust Account | 300,019,322 | 300,000,082 | ||||||
Total assets | $ | 300,447,510 | $ | 301,398,922 | ||||
Liabilities and Stockholders’ Deficit: | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 232,057 | $ | 137,178 | ||||
Due to related party | 92,089 | 2,885 | ||||||
Total current liabilities | 324,146 | 140,063 | ||||||
Warrant liability | 16,033,950 | 33,807,463 | ||||||
Deferred legal fee | 4,594,437 | 0 | ||||||
Deferred underwriting fee | 10,500,000 | 10,500,000 | ||||||
Total liabilities | 31,452,533 | 44,447,526 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock subject to possible redemption, $0.0001 par value, 30,000,000 and 30,000,000 shares subject to possible redemption at redemptionvalue of $10.00 per share at September 30, 2021 and December 31, 2020, respectively | 300,000,000 | 300,000,000 | ||||||
Stockholders’ deficit: | ||||||||
Preferred stock, $0.0001 par value , 1,000,000 shares authorized; 0 shares issuedor outstanding | 0— | 0— | ||||||
Class A common stock, $0.0001 par value, 280,000,000 shares authorized ; 0 shares issued or outstanding | 0— | 0— | ||||||
Class B common stock, $0.0001 par value, 20,000,000 shares authorized ; 7,500,000 and 7,500,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 750 | 750 | ||||||
Additional paid-in capital | 0— | 0— | ||||||
Accumulated deficit | (31,005,773 | ) | (43,049,354 | ) | ||||
Total stockholders’ deficit | (31,005,023 | ) | (43,048,604 | ) | ||||
Total liabilities and stockholders’ deficit | $ | 300,447,510 | $ | 301,398,922 | ||||
For the three months ended September 30, 2021 | For the period from August 12, 2020 (inception) through September 30, 2020 | For the nine months ended September 30, 2021 | ||||||||||
Formation and operating costs | $ | 4,903,000 | $ | 6,108 | $ | 5,749,195 | ||||||
Loss from operations | (4,903,000 | ) | (6,108 | ) | (5,749,195 | ) | ||||||
Other income | ||||||||||||
Interest Income | 3 | 0 | 23 | |||||||||
Interest income earned on Trust | 6,165 | 0 | 19,240 | |||||||||
Unrealized gain on change in fair value of warrants | 4,327,824 | 0 | 17,773,513 | |||||||||
Total other income | 4,333,992 | 0 | 17,792,776 | |||||||||
Net income (loss) | $ | (569,008 | ) | $ | (6,108 | ) | $ | 12,043,581 | ||||
Basic and diluted weighted average shares outstanding, Class A common stock | 30,000,000 | 0 | 30,000,000 | |||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | (0.02 | ) | $ | 0 | $ | 0.32 | |||||
Basic and diluted weighted average shares outstanding, Class B common stock | 7,500,000 | 6,250,000 | 7,500,000 | |||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | (0.02 | ) | $ | (0.00 | ) | $ | 0.32 | ||||
Class B | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of August 12, 2020, (inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Class B common stock issued to Sponsor | 7,187,500 | 719 | 24,281 | 25,000 | ||||||||||||||||
Net loss | — | — | — | (6,108 | ) | (6,108 | ) | |||||||||||||
Balance as of September 30, 2020 (unaudited) | 7,187,500 | $ | 719 | $ | 24,281 | $ | (6,108 | ) | $ | 18,892 | ||||||||||
Class B | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||
Common Stock | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of December 31, 2020, as restated | 7,500,000 | $ | 750 | $ | 0 | $ | (43,049,354 | ) | $ | (43,048,604 | ) | |||||||||
Net loss | — | — | — | (6,456,287 | ) | (6,456,287 | ) | |||||||||||||
Balance as of March 31, 2021 (unaudited), as restated | 7,500,000 | $ | 750 | $ | 0 | $ | (49,505,641 | ) | $ | (49,504,891 | ) | |||||||||
Net income | — | — | — | 19,068,876 | 19,068,876 | |||||||||||||||
Balance as of June 30, 2021 (unaudited), as restated | 7,500,000 | $ | 750 | $ | 0 | $ | (30,436,765 | ) | $ | (30,436,015 | ) | |||||||||
Net loss | — | — | — | (569,008 | ) | (569,008 | ) | |||||||||||||
Balance as of September 30, 2021 (unaudited) | 7,500,000 | $ | 750 | $ | 0 | $ | (31,005,773 | ) | $ | (31,005,023 | ) | |||||||||
June 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
Assets: | ||||||||
Current Assets | ||||||||
Cash | $ | 164,251 | $ | 43,054 | ||||
Prepaid expenses | 99,038 | 187,288 | ||||||
Total current assets | 263,289 | 230,342 | ||||||
Investments held in Trust Account | 50,642,618 | 300,026,796 | ||||||
Total assets | $ | 50,905,907 | $ | 300,257,138 | ||||
Liabilities, Class A common stock subject to possible redemption and Stockholders’ Deficit: | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 323,166 | $ | 174,803 | ||||
Income tax payable | 8,780 | 0— | ||||||
Advances from Sponsor | 888,423 | 100,000 | ||||||
Due to related party | 182,089 | 122,089 | ||||||
Total current liabilities | 1,402,458 | 396,892 | ||||||
Warrant liability | 2,923,694 | 13,449,283 | ||||||
Deferred legal fee | 5,135,098 | 3,733,738 | ||||||
Deferred underwriting fee | 10,500,000 | 10,500,000 | ||||||
Total liabilities | 19,961,250 | 28,079,913 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A common stock subject to possible redemption, $0.0001 par value, 5,055,051 and 30,000,000 shares subject to possible redemption at redemption value of $10.00 per share at June 30, 2022 and December 31, 2021, respectively | 50,550,510 | 300,000,000 | ||||||
Stockholders’ deficit: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued or outstanding at June 30, 2022 and December 31, 2021 | 0— | 0— | ||||||
Class A common stock, $0.0001 par value, 280,000,000 shares authorized ; 0 res issued or outstanding at June 30, 2022 and December 31, 2021, respectivelynon-redeemable sha | 0— | 0— | ||||||
Class B common stock, $0.0001 par value, 20,000,000 shares authorized, 7,500,000 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 750 | 750 | ||||||
Additional paid-in capital | 0— | 0— | ||||||
Accumulated deficit | (19,606,603 | ) | (27,823,525 | ) | ||||
Total stockholders’ deficit | (19,605,853 | ) | (27,822,775 | ) | ||||
Total liabilities, Class A common stock subject to possible redemption and stockholders’ deficit | $ | 50,905,907 | $ | 300,257,138 | ||||
For the Nine Months Ended September 30, | For the period from August 12, 2020 (inception) through September 30, | |||||||
2021 | 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 12,043,581 | $ | (6,108 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned on investments held in Trust Account | (19,240 | ) | 0 | |||||
Unrealized gain on change in fair value of warrant liability | (17,773,513 | ) | 0 | |||||
Changes in current assets and current liabilities: | ||||||||
Prepaid assets | 340,379 | 0 | ||||||
Deferred legal fee | 4,594,437 | 0 | ||||||
Due to related party | 89,204 | 0 | ||||||
Accounts payable | 94,878 | 846 | ||||||
Net cash used in operating activities | (630,274 | ) | (5,262 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from issuance of Class B Common Stock | 0 | 25,000 | ||||||
Proceeds from issuance of promissory note related party | 0 | 275,000 | ||||||
Payment of deferred offering costs | 0 | (74,781 | ) | |||||
Net cash provided by financing activities | 0 | 225,219 | ||||||
Net Change in Cash | (630,274 | ) | 219,957 | |||||
Cash—Beginning | 764,329 | 0 | ||||||
Cash—Ending | $ | 134,055 | $ | 219,957 | ||||
Supplemental disclosure of noncash financing activities | ||||||||
Deferred offering costs included in accrued offering costs and expenses | $ | 0 | $ | 345,200 |
For the three months ended June 30, 2022 | For the three months ended June 30, 2021 | For the six months ended June 30, 2022 | For the six months ended June 30, 2021 | |||||||||||||
Formation and operating costs | $ | 1,518,182 | $ | 379,837 | $ | 2,446,400 | $ | 846,195 | ||||||||
Loss from operations | (1,518,182 | ) | (379,837 | ) | (2,446,400 | ) | (846,195 | ) | ||||||||
Other income | ||||||||||||||||
Interest income | — | 8 | 1 | 20 | ||||||||||||
Interest income earned on Trust | 304,269 | 6,828 | 311,869 | 13,075 | ||||||||||||
Unrealized gain on change in fair value of warrants | 987,781 | 19,441,877 | 10,525,589 | 13,445,689 | ||||||||||||
Total other income | 1,292,050 | 19,448,713 | 10,837,459 | 13,458,784 | ||||||||||||
Income (loss) before income tax provision | (226,132 | ) | 19,068,876 | 8,391,059 | 12,612,589 | |||||||||||
Income tax provision | (8,780 | ) | — | (8,780 | ) | — | ||||||||||
Net income (loss) | $ | (234,912 | ) | $ | 19,068,876 | $ | 8,382,279 | $ | 12,612,589 | |||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 25,339,955 | 30,000,000 | 27,657,104 | 30,000,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | (0.01 | ) | $ | 0.51 | $ | 0.24 | $ | 0.34 | |||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 7,500,000 | 7,500,000 | 7,500,000 | 7,500,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | (0.01 | ) | $ | 0.51 | $ | 0.24 | $ | 0.34 | |||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of December 31, 2021 | — | $ | — | 7,500,000 | $ | 750 | $ | — | $ | (27,823,525 | ) | $ | (27,822,775 | ) | ||||||||||||||
Net income | — | — | — | — | — | 8,617,191 | 8,617,191 | |||||||||||||||||||||
Balance as of March 31, 2022 (unaudited) | — | $ | — | 7,500,000 | $ | 750 | $ | — | $ | (19,206,334 | ) | $ | (19,205,584 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (234,912 | ) | (234,912 | ) | |||||||||||||||||||
Accretion of Class A common stock to redemption value | — | — | — | — | — | (165,357 | ) | (165,357 | ) | |||||||||||||||||||
Balance as of June 30, 2022 (unaudited) | — | $ | — | 7,500,000 | $ | 750 | $ | — | $ | (19,606,603 | ) | $ | (19,605,853 | ) | ||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of December 31, 2020 | — | $ | — | 7,500,000 | $ | 750 | $ | — | $ | (43,049,354 | ) | $ | (43,048,604 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (6,456,287 | ) | (6,456,287 | ) | |||||||||||||||||||
Balance as of March 31, 2021 (unaudited) | — | $ | — | 7,500,000 | $ | 750 | $ | — | $ | (49,505,641 | ) | $ | (49,504,891 | ) | ||||||||||||||
Net income | — | — | — | — | — | 19,068,876 | 19,068,876 | |||||||||||||||||||||
Balance as of June 30, 2021 (unaudited) | — | $ | — | 7,500,000 | $ | 750 | $ | — | $ | (30,436,765 | ) | $ | (30,436,015 | ) | ||||||||||||||
For the six months ended June 30, 2022 | For the six months ended June 30, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 8,382,279 | $ | 12,612,589 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Interest income earned on Trust | (311,869 | ) | (13,075 | ) | ||||
Unrealized gain on change in fair value of warrants | (10,525,589 | ) | (13,445,689 | ) | ||||
Changes in current assets and current liabilities: | ||||||||
Prepaid expenses | 88,250 | 220,835 | ||||||
Due to related party | 60,000 | 59,205 | ||||||
Deferred legal fee | 1,401,360 | — | ||||||
Income tax payable | 8,780 | — | ||||||
Advances from Sponsor | 788,423 | — | ||||||
Accounts payable and accrued expenses | 148,363 | 9,440 | ||||||
Net cash provided by (used in) operating activities | 39,997 | (556,695 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Funds withdrawn from Trust Account | 81,200 | — | ||||||
Net cash provided by investing activities | 81,200 | — | ||||||
Net Change in Cash | 121,197 | (556,695 | ) | |||||
Cash-Beginning | 43,054 | 764,329 | ||||||
Cash-Ending | $ | 164,251 | $ | 207,634 | ||||
Supplemental Disclosure of Non-cash Financing Activities: | ||||||||
Payment from Trust Account in connection with redemption of shares | $ | 249,614,847 | $ | — | ||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of March 31, 2021 (per form 10-Q filed on June 3, 2021) | ||||||||||||
Class A common stock subject to possible redemption | $ | 245,495,100 | $ | 54,504,900 | $ | 300,000,000 | ||||||
Class A common stock | 545 | (545 | ) | 0 | ||||||||
Additional paid in capital | 18,572,234 | (18,572,234 | ) | 0 | ||||||||
Accumulated deficit | (13,573,521 | ) | (35,932,120 | ) | (49,505,641 | ) | ||||||
Statement of Operations for the three months ended March 31, 2021 (per form 10-Q filed on June 3, 2021) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 30,000,000 | 0 | 30,000,000 | |||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | 0 | $ | (0.17 | ) | $ | (0.17 | ) | ||||
Basic and diluted weighted average shares outstanding, Class B common stock | 7,500,000 | 0 | 7,500,000 | |||||||||
Basic and diluted net loss per share, Class B common stock | $ | (0.86 | ) | $ | 0.69 | $ | (0.17 | ) | ||||
Statement of Changes in Stockholders’ Equity for the three months ended March 31, 2021 (per form 10-Q filed on June 3, 2021) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | 6,456,290 | $ | (6,456,290 | ) | $ | 0 | |||||
Statement of Cash Flows for the three months ended March 31, 2021 (per form 10-Q filed on June 3, 2021) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | (6,456,290 | ) | $ | 6,456,290 | $ | 0 |
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Class A common stock subject to possible redemption | $ | 264,563,980 | $ | 35,436,020 | $ | 300,000,000 | ||||||
Class A common stock | 354 | (354 | ) | 0 | ||||||||
Additional paid in capital | 0 | 0 | 0 | |||||||||
Accumulated deficit | 4,998,900 | (35,435,665 | ) | (30,436,765 | ) | |||||||
Statement of Operations for the three months ended June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 30,000,000 | 0 | 30,000,000 | |||||||||
Basic and diluted net income per share, Class A common stock | $ | 0 | $ | 0.51 | $ | 0.51 | ||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 7,500,000 | 0 | 7,500,000 | |||||||||
Basic and diluted net income per share, Class B common stock | $ | 2.54 | $ | (2.03 | ) | $ | 0.51 | |||||
Statement of Operations for the six months ended June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 30,000,000 | 0 | 30,000,000 | |||||||||
Basic and diluted net income per share, Class A common stock | $ | 0 | $ | 0.34 | $ | 0.34 | ||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 7,500,000 | 0 | 7,500,000 | |||||||||
Basic and diluted net income per share, Class B common stock | $ | 1.68 | $ | (1.34 | ) | $ | 0.34 | |||||
Statement of Changes in Stockholders’ Equity for the three months ended June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | (19,068,880 | ) | $ | 19,068,880 | $ | 0 | |||||
Statement of Cash Flows for the six months ended June 30, 2021 (per form 10-Q filed on August 13, 2021) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | 12,612,590 | $ | (12,612,590 | ) | $ | 0 |
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | (455,206 | ) | $ | (113,802 | ) | $ | 9,634,865 | $ | 2,408,716 | ||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 30,000,000 | 7,500,000 | 30,000,000 | 7,500,000 | ||||||||||||
Basic and diluted net income (loss) per share | $ | (0.02 | ) | $ | (0.02 | ) | $ | 0.32 | $ | 0.32 |
For the three months ended June 30, 2022 | For the three months ended June 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | (181,263 | ) | $ | (53,649 | ) | $ | 15,255,101 | $ | 3,813,775 | ||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 25,339,955 | 7,500,000 | 30,000,000 | 7,500,000 | ||||||||||||
Basic and diluted net income (loss) per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.51 | $ | 0.51 |
For the six months ended June 30, 2022 | For the six months ended June 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income | $ | 6,594,103 | $ | 1,788,176 | $ | 10,090,071 | $ | 2,522,518 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 27,657,104 | 7,500,000 | 30,000,000 | 7,500,000 | ||||||||||||
Basic and diluted net income per share | $ | 0.24 | $ | 0.24 | $ | 0.34 | $ | 0.34 |
For the Period from August 12, 2020 (inception) through September 30, 2020 | ||||||||
Class A | Class B | |||||||
Basic and diluted net income per share: | ||||||||
Numerator: | ||||||||
Allocation of net loss | $ | 0 | $ | (6,108 | ) | |||
Denominator: | ||||||||
Weighted-average shares outstanding | 0 | 6,250,000 | ||||||
Basic and diluted net loss per share | $ | 0 | $ | (0.00 | ) |
Gross proceeds from IPO | $ | 300,000,000 | $ | 300,000,000 | ||||
Less: | ||||||||
Proceeds allocated to Public Warrants | (19,987,400 | ) | (19,987,400 | ) | ||||
Common stock issuance costs | (15,968,970 | ) | (15,968,970 | ) | ||||
Payment from Trust Account in connection with redemption of shares | (249,614,847 | ) | ||||||
Plus: | ||||||||
Accretion of carrying value to redemption value | 35,956,370 | 36,121,727 | ||||||
Class A common stock subject to possible redemption | $ | 300,000,000 | $ | 50,550,510 | ||||
Gross proceeds from IPO | $ | 300,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (19,987,400 | ) | ||
Common stock issuance costs | (15,968,970 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 35,956,370 | |||
Class A common stock subject to possible redemption | $ | 300,000,000 | ||
June 30, 2022 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Mutual Funds held in Trust Account | $ | 50,642,618 | $ | 50,642,618 | $ | — | $ | — | ||||||||
$ | 50,642,618 | $ | 50,642,618 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Warrant Liability - Public Warrants | $ | 1,873,500 | $ | 1,873,500 | $ | — | $ | — | ||||||||
Warrant Liability - Private Placement Warrants | $ | 1,050,194 | $ | — | $ | — | $ | 1,050,194 | ||||||||
$ | 2,923,694 | $ | 1,873,500 | $ | — | $ | 1,050,194 | |||||||||
September 30, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Money Market Funds held in Trust Account | $ | 300,019,322 | $ | 300,019,322 | $ | — | $ | — | ||||||||
$ | 300,019,322 | $ | 300,019,322 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Warrant Liability – Public Warrants | $ | 10,200,000 | $ | 10,200,000 | $ | — | $ | — | ||||||||
Warrant Liability – Private Placement Warrants | $ | 5,833,950 | $ | — | $ | — | $ | 5,833,950 | ||||||||
$ | 16,033,950 | $ | 10,200,000 | $ | — | $ | 5,833,950 | |||||||||
December 31, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Mutual Funds held in Trust Account | $ | 300,026,796 | $ | 300,026,796 | $ | — | $ | — | ||||||||
$ | 300,026,796 | $ | 300,026,796 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Warrant Liability - Public Warrants | $ | 8,626,500 | $ | 8,626,500 | $ | — | $ | — | ||||||||
Warrant Liability - Private Placement Warrants | $ | 4,822,783 | $ | — | $ | — | $ | 4,822,783 | ||||||||
$ | 13,449,283 | $ | 8,626,500 | $ | — | $ | 4,822,783 | |||||||||
December 31, 2020 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Money Market Funds held in Trust Account | $ | 300,000,082 | $ | 300,000,082 | $ | — | $ | — | ||||||||
$ | 300,000,082 | $ | 300,000,082 | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Warrant Liability – Public Warrants | $ | 21,995,964 | $ | — | $ | — | $ | 21,995,964 | ||||||||
Warrant Liability – Private Placement Warrants | $ | 11,811,499 | $ | — | $ | — | $ | 11,811,499 | ||||||||
$ | 33,807,463 | $ | — | $ | — | $ | 33,807,463 | |||||||||
Input | June 30, 2022 | |||
Expected term (years) | 5.32 | |||
Expected volatility | 13.8 | % | ||
Risk-free interest rate | 3.02 | % | ||
Fair value of the common stock price | $ | 9.91 | ||
Exercise price | $ | 11.50 |
Input | September 30, 2021 | |||
Expected term (years) | 5.48 | |||
Expected volatility | 12.9 | % | ||
Risk-free interest rate | 1.06 | % | ||
Fair value of the common stock price | $ | 9.84 |
Input | December 31, 2021 | |||
Expected term (years) | 5.37 | |||
Expected volatility | 12.4 | % | ||
Risk-free interest rate | 1.29 | % | ||
Fair value of the common stock price | $ | 9.90 | ||
Exercise price | $ | 11.50 |
Input | December 31, 2020 | |||
Expected term (years) | 5.85 | |||
Expected volatility | 24.2 | % | ||
Risk-free interest rate | 0.48 | % | ||
Fair value of the common stock price | $ | 9.63 |
Warrant Liability | ||||
Fair value as of December 31, 2021 | $ | 4,822,783 | ||
Change in fair value | (3,428,308 | ) | ||
Fair value as of March 31, 2022 | 1,394,475 | |||
Change in fair value | (344,281 | ) | ||
Fair value as of June 30, 2022 | $ | 1,050,194 | ||
Warrant Liability | ||||||||
Warrant Liability | ||||||||
Fair value as of December 31, 2020 | $ | 33,807,463 | $ | 33,807,463 | ||||
Transfer out of Level 3 to Level 1 | (10,200,000 | ) | (25,500,000 | ) | ||||
Revaluation of warrant liability included in other income within the statement of operations for the nine months ended September 30, 2021 | (17,773,513 | ) | ||||||
Change in fair value | 5,996,188 | |||||||
Fair value as of September 30, 2021 | $ | 5,833,950 | ||||||
Fair value as of March 31, 2021 | 14,303,651 | |||||||
Change in fair value | (6,657,377 | ) | ||||||
Fair value as of June 30, 2021 | $ | 7,646,274 | ||||||
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. |
* | Filed herewith |
** | Furnished herewith |
ALTITUDE ACQUISITION CORP. | |||||||||
Date: | By: | /s/ Gary Teplis | |||||||
Name: Gary Teplis | |||||||||
Title: Chief Executive Officer | |||||||||
(Principal Executive Officer) | |||||||||
Date: August 17, 2022 | By: | /s/ Farris Griggs | |||||||
Name: Farris Griggs | |||||||||
Title: Chief Financial Officer | |||||||||
(Principal Financial and Accounting Officer) |