| Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies | Note
1 - Description of Organization, Business Operations and Basis of Presentation and Summary of Significant Accounting Policies Organization
and General Good
Works Acquisition Corp. (the “Company”) was incorporated in Delaware on June 24, 2020. The Company is a blank check
company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities (the “Business Combination”). The
Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with
early stage and emerging growth companies. As
of December 31, 2020, the Company had not commenced any operations. All activity for the period from June 24, 2020 (inception)
through December 31, 2020, relates to the Company’s formation and initial public offering (“IPO”), and, since
the completion of the IPO, searching for a target to consummate a Business Combination. The Company will not generate any operating
revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income
in the form of interest income from the proceeds derived from the Public Offering and placed in the Trust Account (defined below).
The Company has selected December 31 as its fiscal year end. IPO On October 22, 2020, the Company
completed the sale of 15,000,000 units (the “Units” and, with respect to the shares of common stock included in the Units
being offered, the “Public Shares”) at $10.00 per Unit, generating gross proceeds of $150,000,000 which is described in Note
3. Simultaneous
with the closing of the IPO, the Company completed the sale of 228,000 Private Units (the “Private Units”) at a price
of $10.00 per Private Unit in a private placement to certain funds and accounts managed by Magnetar Financial LLC, Mint Tower
Capital Management B.V., Periscope Capital Inc., and Polar Asset Management Partners Inc. (collectively, the “Anchor Investors”),
generating gross proceeds of $2,228,000, which is described in Note 4. In
connection with the IPO, the underwriters were granted a 45-day option from the date of the prospectus (the “Over-Allotment
Option”) to purchase up to 2,250,000 additional units to cover over-allotments (the “Over-Allotment Units”),
if any. On October 26, 2020, the underwriters purchased an additional 1,500,000 Units pursuant to the partial exercise of the
Over-Allotment Option, generating additional gross proceeds of $15,000,000. On
November 17, 2020, the underwriters purchased an additional 500,000 Units pursuant to the partial exercise of the Over-Allotment
Option, generating gross proceeds of $5,000,000. The
Over-Allotment Units were sold at an offering price of $10.00 per Over-Allotment Unit, generating aggregate additional gross proceeds
of $20,000,000 to the Company. On
November 17, 2020, the underwriters canceled the remainder of the Over-Allotment Option. In connection with the cancellation of
the remainder of the Over-Allotment Option, on November 17, 2020, the Company cancelled an aggregate of 62,500 shares of common
stock issued to I-B Good Works LLC, the Company’s sponsor (“Sponsor”). Initial
Business Combination The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering
and the sale of the Private Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully.
The Company must complete a Business Combination having an aggregate fair market value of at least 80% of the assets held in the
Trust Account (as defined below) (excluding taxes payable on income earned on the Trust Account) at the time of the agreement
to enter into an initial Business Combination. The Company will only complete a Business Combination if the post-transaction company
owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in
the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as
amended (the “Investment Company Act”). Management agreed that an amount equal to at least $10.00 per Unit sold in
the Public Offering will be held in a trust account (“Trust Account”), located in the United States and invested
only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with
a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund
selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company,
until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as
described below. The
Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity
to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection
with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as
to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the
Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion
of the amount then in the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned
on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. In the event of
a complete liquidation of the Company, the Trust Account could be further reduced by up to $100,000 for expenses of the liquidation).
There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The
Public Shares subject to redemption will be recorded at redemption value and classified as temporary equity upon the completion
of the Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards
Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with
a Business Combination only if the Company has net tangible assets of at least $5,000,001 immediately before or after such consummation
of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of
the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote
for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the
“Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of
the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC containing substantially
the same information as would be included in a proxy statement prior to completing a Business Combination. If, however, stockholder
approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons,
the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant
to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor, an
affiliate of I-Bankers Securities, Inc.(“I-Bankers Securities”), the representative of the underwriters for the Company’s
Public Offering, and the Company’s management and directors have agreed to vote their Founder Shares and any Public Shares
purchased during or after the Public Offering (a) in favor of approving a Business Combination and (b) not to convert
any shares in connection with a stockholder vote to approve a Business Combination or sell any shares to the Company in a tender
offer in connection with a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares
irrespective of whether they vote for or against the proposed transaction or don’t vote at all. Sponsor
and the Company’s management and Directors have agreed (a) to waive their redemption rights with respect to their Founder
Shares and any Public Shares held by them in connection with the completion of a Business Combination, (b) to waive their
rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company fails to consummate
a Business Combination and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation that
would affect a public stockholders’ ability to convert or sell their shares to the Company in connection with a Business
Combination or affect the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company
does not complete a Business Combination, unless the Company provides the public stockholders with the opportunity to redeem their
Public Shares in conjunction with any such amendment. The
Company will have until 21 months from the closing of the Public Offering to complete a Business Combination (the “Combination
Period”). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business
days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company
to pay taxes, divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’
rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining
stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations
under Delaware law to provide for claims of creditors and the requirements of other applicable law. In
order to protect the amounts held in the Trust Account, Sponsor has agreed to be liable to the Company if and to the extent any
claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the
Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below $10.00 per
Public Share, except as to any claims by a third party who executed an agreement with the Company waiving any right, title, interest
or claim of any kind they may have in or to any monies held in the Trust Account and except as to any claims under the Company’s
indemnity of the underwriters of Public Offering against certain liabilities, including liabilities under the Securities Act of
1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable
against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The
Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors
by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company
does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held
in the Trust Account. Liquidity
and Capital Resources As
of December 31, 2020, we had cash of $1,276,364. 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 in-depth due diligence and negotiating a Business Combination
are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to
our Business Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or
because we become obligated to redeem a significant number of our public shares upon consummation of our Business Combination,
in which case we may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance
with applicable securities laws, we would only complete such financing simultaneously with the completion of our Business Combination.
If we are unable to complete our Business Combination because we do not have sufficient funds available to us, we will be forced
to cease operations and liquidate the Trust Account. In addition, following our Business Combination, if cash on hand is insufficient,
we may need to obtain additional financing in order to meet our obligations. Risks
and Uncertainties Management
continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus
could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company,
the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty. Summary
of Significant Accounting Policies Basis
of Presentation The
accompanying financial statements of the Company is presented in U.S. dollars in conformity with accounting principles generally
accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities
and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments)
have been made that are necessary to present fairly the financial position, and the results of its operations and its cash flows. As
described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for
the period from June 24, 2020 (Inception) through December 31, 2020 the (“Affected Period”), is restated in this Annual
Report on Form 10-K/A (Amendment No. 1) (this “Annual Report”) to correct the misapplication of accounting guidance
related to the Company’s warrants in the Company’s previously issued audited and unaudited condensed financial statements
for such periods. The restated financial statements are indicated as “Restated” in the audited and unaudited
condensed financial statements and accompanying notes, as applicable. See Note 2—Restatement of Previously Issued Financial
Statements for further discussion. Emerging
Growth Company The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the
Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from
various reporting requirements that are applicable to other public companies that are not emerging growth companies including,
but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic
reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation
and stockholder approval of any golden parachute payments not previously approved. Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial
accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared
effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised
financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and
comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised
and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt
the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s
financial statements with another public company which is neither an emerging growth company nor an emerging growth company which
has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used. Use
of Estimates The
preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses during the reporting period. Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect
of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual
results could differ significantly from those estimates. Cash
and Cash Equivalents The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash
equivalents. The Company did not have any cash equivalents as of December 31, 2020. Investment
Held in Trust Account Investment
held in Trust Account consist of United States Treasury securities. The Company classifies its United States Treasury securities
as held-to-maturity in accordance with FASB ASC Topic 320 “Investments - Debt and Equity Securities.” Held-to-maturity
securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury
securities are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts. A
decline in the market value of held-to-maturity securities below cost that is deemed to be other than temporary, results in an
impairment that reduces the carrying costs to such securities’ fair value. The impairment is charged to earnings and a new
cost basis for the security is established. To determine whether an impairment is other than temporary, the Company considers
whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating
the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes
the reasons for the impairment, the severity and the duration of the impairment, changes in value subsequent to year-end, forecasted
performance of the investee, and the general market condition in the geographic area or industry the investee operates in. Premiums
and discounts are amortized or accreted over the life of the related held-to-maturity security as an adjustment to yield using
the effective-interest method. Such amortization and accretion is included in the “interest income” line item in the
statements of operations. Interest income is recognized when earned. Fair
Value Measurements FASB
ASC Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value, the methods used
to measure fair value and the expanded disclosures about fair value measurements. Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between the buyer and the seller at the measurement
date. In determining fair value, the valuation techniques consistent with the market approach, income approach and cost approach
shall be used to measure fair value. ASC 820 establishes a fair value hierarchy for inputs, which represent the assumptions used
by the buyer and seller in pricing the asset or liability. These inputs are further defined as observable and unobservable inputs.
Observable inputs are those that buyer and seller would use in pricing the asset or liability based on market data obtained from
sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs that the buyer
and seller would use in pricing the asset or liability developed based on the best information available in the circumstances. The
fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1
— Valuations based on unadjusted
quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation
adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly
available in an active market, valuation of these securities does not entail a significant degree of judgment.
Level 2 — Valuations based on (i) quoted prices in active
markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets,
(iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated
by market through correlation or other means.
Level 3 — Valuations based on inputs that are unobservable
and significant to the overall fair value measurement. The
fair value of the Company’s certain assets and liabilities, which qualify as financial instruments under ASC 820, “Fair
Value Measurements and Disclosures,” approximates the carrying amounts represented in the condensed balance sheet. The fair
values of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses, due to related parties are estimated
to approximate the carrying values as of December 31, 2020 due to the short maturities of such instruments. The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis at
December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such
fair value:
Fair Value Measured as of December 31, 2020
Level 1 Level 2 Level 3 Total
Assets:
U.S. Money Market held in Trust Account $ 203 $ - $ - $ 203
U.S. Treasury Securities held in Trust Account 170,027,139 - - 170,027,139
$ 170,027,342 $ - $ - $ 170,027,342
Liabilities:
Private stock warrant liabilities (Restated) $ - $ - $ 123,070 $ 123,070
Public stock warrant liabilities (Restated) $ 9,044,608 $ - $ - $ 9,044,608
$ 9,044,608 $ - $ 123,070 $ 9,167,678 As of December 31, 2020, the estimated fair value of Public Warrants
was determined by their public trading price and the fair value of the Private Placement Warrants was determined using a Black Sholes
valuation model using Level 3 inputs. Significant inputs to the valuation are as follows:
At Issuance As of
Exercise price $ 11.50 $ 11.50
Stock price $ 9.40 $ 9.95
Volatility 23.0 % 18.4 %
Probability of completing a Business Combination 88.3 % 88.3 %
Term 5.61 5.42
Risk-free rate 0.42 % 0.42 %
Dividend yield 0.0 % 0.0 % We issued Public Warrants at the closing of our
initial public offering on October 22, 2020 and upon exercise of the underwriter’s overallotment option on October 26 and November
17, 2020. The assumptions on each of the dates were materially the same and are presented as one under the “At Issuance” column. Risk-free interest rate: Dividend yield: Volatility: traded on the NASDAQ Capital Market. Remaining term: The
change in fair value of the derivative warrant liabilities through December 31, 2020 is as follows:
Warrant liabilities at June 24, 2020 (inception) $ -
Issuance of public and private warrants 10,405,912
Change in fair value of warrant liabilities (1,238,234 )
Warrant liabilities at December 31, 2020 $ 9,167,678 Concentration
of Credit Risk Financial
instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution,
which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At December 31, 2020, the Company has not experienced
losses on this account and management believes the Company is not exposed to significant risks on such account. Fair
Value of Financial Instruments The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily
due to their short-term nature. Derivative warrant liabilities The
Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates
all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain
features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including
whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The 8,500,000 Public Warrants
issued in connection with the Initial Public Offering and the 114,000 Private Placement Warrants are recognized as derivative liabilities
in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the
instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised,
and any change in fair value is recognized in the Company’s statement of operations. The fair value of warrants issued in connection
with our initial public offering and private placement were initially measured at fair value using the Black Sholes method for Private
Warrants and a Monte Carlo simulation model for Public Warrants. Subsequent to being publicly traded, we use the publicly traded warrant
price for Public Warrants and the Black Sholes method for Private Warrants to estimate fair value at each measurement date. Common
Stock Subject to Possible Redemption The
Company accounts for its common stock subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing
Liabilities from Equity.” Common stock subject to mandatory redemption (if any) is classified as a liability instrument
and is measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that
are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within
the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’
equity. The Company’s common stock feature certain redemption rights that is considered to be outside of the Company’s
control and subject to the occurrence of uncertain future events. Accordingly, common stock subject to possible redemption is
presented at redemption value as temporary equity, outside of the stockholders’ equity section of the Company’s balance
sheet. Offering
Costs The
Company complies with the requirements of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A
- “Expenses of Offering”. Offering costs consist principally of professional and registration fees incurred through
the balance sheet date that are related to the IPO and were charged to stockholders’ equity upon the completion of the IPO.
Accordingly, as of December 31, 2020, offering costs in the aggregate of $870,120 have been charged to stockholders’ equity
(consisting of $450,000 in underwriters’ discount and approximately $420,120 of other cash expenses). Income
Taxes The
Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred
tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial
statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are
expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred
tax assets to the amount expected to be realized. ASC
740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more
likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties
related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for
interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result
in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by
major taxing authorities since inception. Net
Income (Loss) Per Common Share Net income (loss) per share
is computed by dividing income by the weighted-average number of shares of common stock outstanding during the period, excluding shares
of common stock subject to forfeiture. The Company has not considered the effect of the warrants sold in the Initial Public Offering and
private placement to purchase shares in the calculation of diluted income per share, since the exercise of the warrants are contingent
upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s statement
of income include a presentation of net income (loss) per share for common shares subject to possible redemption in a manner similar to
the two-class method of net income 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 of income or loss on marketable securities held by the Trust Account, net
of applicable franchise and income taxes, by the weighted average number 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-redeemable shares of common stock as these shares do not have any redemption features.
Non-redeemable common stock participates in the income or loss on marketable securities based on non-redeemable shares’
proportionate interest. The
following table reflects the calculation of basic and diluted net income (loss) per common share:
For the Period
Restated
Common stock subject to possible redemption
Numerator: Earnings allocable to Common stock subject to possible redemption
Income from investments held in Trust Account $ 27,342
Less: income from investments held in Trust Account used to pay for income taxes and franchise taxes (32,804 )
Net loss attributable to Common stock subject to possible redemption $ (5,462 )
Denominator: Weighted average common stock subject to possible redemption
Basic and diluted weig |
