☒ | 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 | 85-1960216 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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, $0.0001 par value, and one half of one redeemable warrant | NMMCU | Nasdaq Capital Market | ||
Shares of Class A common stock | NMMC | Nasdaq Capital Market | ||
Redeemable warrants included as part of the units | NMMCW | Nasdaq Capital Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
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March 31, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (As Restated) | (Unaudited) | (Restated – See Note 2) | |||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash | $ | 816,214 | $ | 971,469 | $ | 576,437 | $ | 971,469 | ||||||||
Prepaid expenses | 313,656 | 328,114 | 179,500 | 328,114 | ||||||||||||
Total Current Assets | 1,129,870 | 1,299,583 | 755,937 | 1,299,583 | ||||||||||||
Marketable securities held in Trust Account | 132,255,046 | 132,253,093 | 132,259,019 | 132,253,093 | ||||||||||||
TOTAL ASSETS | $ | 133,384,916 | $ | 133,552,676 | $ | 133,014,956 | $ | 133,552,676 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Accounts payable and accrued expenses | 205,237 | 124,265 | ||||||||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||
Accrued expenses | 272,834 | 124,265 | ||||||||||||||
Total Current Liabilities | 205,237 | 124,265 | 272,834 | 124,265 | ||||||||||||
Deferred underwriting fee payable | 4,628,750 | 4,628,750 | 4,628,750 | 4,628,750 | ||||||||||||
Warrant liabilities – Private Warrants | 4,619,000 | 5,673,000 | 3,740,000 | 5,673,000 | ||||||||||||
Warrant liabilities – Public Warrants | 7,274,000 | 8,927,000 | 5,885,125 | 8,927,000 | ||||||||||||
Total Liabilities | 16,726,987 | 19,353,015 | 14,526,709 | 19,353,015 | ||||||||||||
Commitments and Contingencies | ||||||||||||||||
Commitments and Contingencies (Note 7) | 0 | 0 | ||||||||||||||
Class A common stock subject to possible redemption, 11,165,366 and 10,919,966 shares at redemption value as of March 31, 2021 and December 31, 2020, respectively | 111,657,920 | 109,199,660 | ||||||||||||||
Class A common stock subject to possible redemption, 13,225,000 shares at redemption value as of September 30, 2021 and December 31, 2020 | 132,250,000 | 132,250,000 | ||||||||||||||
Stockholders’ Equity | ||||||||||||||||
Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding | — | — | ||||||||||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 2,059,634 and 2,305,034 shares issued and outstanding (excluding 11,165,366 and 10,919,966 shares subject to possible redemption) as of March 31, 2021 and December 31, 2020, respectively | 206 | 231 | ||||||||||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 3,306,250 shares issued and outstanding as of March 31, 2021 and December 31, 2020 | 331 | 331 | ||||||||||||||
Stockholders’ Deficit | ||||||||||||||||
Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 | ||||||||||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 0 issued and outstanding (excluding 13,225,000 shares subject to possible redemption) as of September 30, 2021 and December 31, 2020 | 0 | 0 | ||||||||||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 3,306,250 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 331 | 331 | ||||||||||||||
Additional paid-in capital | 7,104,553 | 9,562,788 | 0 | 0 | ||||||||||||
Accumulated deficit | (2,105,081 | ) | (4,563,349 | ) | (13,762,084 | ) | (18,050,670 | ) | ||||||||
Total Stockholders’ Equity | 5,000,009 | 5,000,001 | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 133,384,916 | $ | 133,552,676 | ||||||||||||
Total Stockholders’ Deficit | (13,761,753 | ) | (18,050,339 | ) | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 133,014,956 | $ | 133,552,676 |
Operating costs | $ | 250,685 | ||
Loss from operations | (250,685 | ) | ||
Other income: | ||||
Interest earned on marketable securities held in Trust Account | 1,953 | |||
Change in fair value of warrants liabilities | 2,707,000 | |||
Net income | $ | 2,458,268 | ||
Basic and diluted weighted average shares outstanding, Common stock subject to possible redemption | 10,919,966 | |||
Basic and diluted net income per share, Common Stock subject to possible redemption | $ | 0.00 | ||
Basic and diluted weighted average shares outstanding, Non-redeemable Common stock | 5,611,284 | |||
Basic and diluted net income per share, Non-redeemable Common Stock | $ | 0.44 |
Three Months Ended September 30, | For the Period from July 14, 2020 (Inception) through September 30, | Nine Months Ended September 30, | For the Period from July 14, 2020 (Inception) through September 30, | |||||||||||||
2021 | 2020 (Restated – See Note 2) | 2021 | 2020 (Restated – See Note 2) | |||||||||||||
Operating costs | $ | 203,208 | $ | 18,185 | $ | 692,215 | $ | 18,185 | ||||||||
Loss from operations | (203,208 | ) | (18,185 | ) | (692,215 | ) | (18,185 | ) | ||||||||
Other income (loss): | ||||||||||||||||
Transaction costs allocated to warrants | 0 | (355,812 | ) | 0 | (355,812 | ) | ||||||||||
Interest earned on marketable securities held in Trust Account | 1,997 | 443 | 5,926 | 443 | ||||||||||||
Change in fair value of warrant liability | 4,401,125 | (41,000 | ) | 4,974,875 | (41,000 | ) | ||||||||||
Total other income (loss), net | 4,403,122 | (396,369 | ) | 4,980,801 | (396,369 | ) | ||||||||||
Net income (loss) | $ | 4,199,914 | $ | (414,554 | ) | $ | 4,288,586 | $ | (414,554 | ) | ||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 13,225,000 | 1,356,410 | 13,225,000 | 1,356,410 | ||||||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | 0.25 | $ | (0.10 | ) | $ | 0.26 | $ | (0.10 | ) | ||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 3,306,250 | 2,919,231 | 3,306,250 | 2,919,231 | ||||||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.25 | $ | (0.10 | ) | $ | 0.26 | $ | (0.10 | ) |
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance – January 1, 2021 (Restated – See Note 2) | 0 | $ | 0 | 3,306,250 | $ | 331 | $ | 0 | $ | (18,050,670 | ) | $ | (18,050,339 | ) | ||||||||||||||
Net income | — | 0 | — | 0 | 0 | 2,458,268 | 2,458,268 | |||||||||||||||||||||
Balance – March 31, 2021 (Restated – See Note 2) | 0 | $ | 0 | 3,306,250 | $ | 331 | $ | 0 | $ | (15,592,402 | ) | $ | (15,592,071 | ) | ||||||||||||||
Net loss | — | 0 | — | 0 | 0 | (2,369,596 | ) | (2,369,596 | ) | |||||||||||||||||||
Balance – June 30, 2021 (Restated – See Note 2) | 0 | $ | 0 | 3,306,250 | $ | 331 | $ | 0 | $ | (17,961,998 | ) | $ | (17,961,667 | ) | ||||||||||||||
Net income | — | 0 | — | 0 | 0 | 4,199,914 | 4,199,914 | |||||||||||||||||||||
Balance – September 30, 2021 (Restated – See Note 2) | 0 | $ | 0 | 3,306,250 | $ | 331 | $ | 0 | $ | (13,762,084 | ) | $ | (13,761,753 | ) |
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balance – July 14, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B common stock to Sponsor | 0 | 0 | 3,306,250 | 331 | 24,669 | 0 | 25,000 | |||||||||||||||||||||
Measurement adjustment of common stock subject to redemption amount | — | — | — | — | (24,669 | ) | (13,487,321 | ) | (13,511,990 | ) | ||||||||||||||||||
Net loss | — | 0 | — | 0 | 0 | (414,554 | ) | (414,554 | ) | |||||||||||||||||||
Balance – September 30, 2020 (Restated – See Note 2) | 0 | $ | 0 | 3,306,250 | 331 | 0 | (13,901,875 | ) | (13,901,544 | ) |
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balance – January 1, 2021 (As Restated) | 2,305,034 | $ | 231 | 3,306,250 | $ | 331 | $ | 9,562,788 | $ | (4,563,349 | ) | $ | 5,000,001 | |||||||||||||||
Change in value of common stock subject to possible redemption, Warrants | (245,400 | ) | (25 | ) | — | — | (2,458,235 | ) | — | (2,458,260 | ) | |||||||||||||||||
Net income | — | — | — | — | — | 2,458,268 | 2,458,268 | |||||||||||||||||||||
Balance – March 31, 2021 | 2,059,634 | $ | 206 | 3,306,250 | $ | 331 | $ | 7,104,553 | $ | (2,105,081 | ) | $ | 5,000,009 |
Nine Months Ended September 30, | For The Period From July 14, 2020 (Inception) Through September 30, | |||||||
2021 | 2020 | |||||||
(Restated – See Note 2) | ||||||||
Cash Flows from Operating Activities: | | |||||||
Net income (loss) | $ | 4,288,586 | $ | (414,554 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned on marketable securities held in Trust Account | (5,926 | ) | (443 | ) | ||||
Change in fair value of warrant liability | (4,974,875 | ) | 41,000 | |||||
Transaction costs allocated to warrants | 0 | 355,812 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 148,614 | (385,967 | ) | |||||
Accrued expenses | 148,569 | 0 | ||||||
Net cash used in operating activities | (395,032 | ) | (404,152 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash in Trust Account | 0 | (132,250,000 | ) | |||||
Net cash used in investing activities | 0 | (132,250,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from issuance of Class B common stock to Sponsor | 0 | 25,000 | ||||||
Proceeds from sale of Units, net of underwriting discounts paid | 0 | 129,832,700 | ||||||
Proceeds from sale of Private Placement Warrants | 0 | 4,145,000 | ||||||
Proceeds from promissory note – related party | 0 | 75,000 | ||||||
Repayment of promissory note – related party | 0 | (75,000 | ) | |||||
Payment of offering costs | 0 | (339,752 | ) | |||||
Net cash provided by financing activities | 0 | 133,662,948 | ||||||
Net Change in Cash | (395,032 | ) | 1,008,796 | |||||
Cash – Beginning of period | 971,469 | 0 | ||||||
Cash – End of period | $ | 576,437 | $ | 1,008,796 | ||||
Non-Cash investing and financing activities: | ||||||||
Measurement adjustment of Class A common stock subject to redemption amount | $ | 0 | $ | (13,511,990 | ) | |||
Deferred underwriting fee payable | $ | 0 | $ | 4,628,750 |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
Cash Flows from Operating Activities: | | |||
Net income | $ | 2,458,268 | ||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest expenses (earned) on marketable securities held in Trust Account | (1,953 | ) | ||
Change in fair value of warrants liabilities | (2.707,000 | ) | ||
Changes in operating assets and liabilities: | | |||
Prepaid expenses | 14,458 | |||
Accounts payable and accrued expenses | 80,972 | |||
Net cash used in operating activities | (155,255 | ) | ||
Net Change in Cash | (155,255 | ) | ||
Cash — Beginning | 971,469 | |||
Cash — Ending | $ | 816,214 | ||
Non-Cash investing and financing activities: | | |||
Change in value of Class A common stock subject to possible redemption | $ | 2,458,260 |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of September 22, 2020 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 113,349,840 | $ | 18,900,160 | $ | 132,250,000 | ||||||
Class A common stock | $ | 189 | $ | (189 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 5,412,650 | $ | (5,412,650 | ) | $ | 0 | |||||
Accumulated deficit | $ | (413,164 | ) | $ | (13,487,321 | ) | $ | (13,900,485 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,006 | $ | (18,900,160 | ) | $ | (13,900,154 | ) | ||||
Number of Class A common stock subject to possible redemption | 11,334,984 | 1,890,160 | 13,225,000 | |||||||||
Balance Sheet as of September 30, 2020 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 113,348,455 | $ | 18,901,545 | $ | 132,250,000 | ||||||
Class A common stock | $ | 189 | $ | (189 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 5,414,035 | $ | (5,414,035 | ) | $ | 0 | |||||
Accumulated deficit | $ | (414,554 | ) | $ | (13,487,321 | ) | $ | (13,901,875 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,001 | $ | (18,901,545 | ) | $ | (13,901,544 | ) | ||||
Number of Class A common stock subject to possible redemption | 11,334,808 | 1,890,192 | 13,225,000 | |||||||||
Balance Sheet as of December 31, 2020 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 109,199,660 | $ | 23,050,340 | $ | 132,250,000 | ||||||
Class A common stock | $ | 231 | $ | (231 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 9,562,788 | $ | (9,562,788 | ) | $ | 0 | |||||
Accumulated deficit | $ | (4,563,349 | ) | $ | (13,487,321 | ) | $ | (18,050,670 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,001 | $ | (23,050,340 | ) | $ | (18,050,339 | ) | ||||
Number of Class A common stock subject to possible redemption | 10,919,966 | 2,305,034 | 13,225,000 | |||||||||
Balance Sheet as of March 31, 2021 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 111,657,920 | $ | 20,592,080 | $ | 132,250,000 | ||||||
Class A common stock | $ | 206 | $ | (206 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 7,104,553 | $ | (7,104,553 | ) | $ | 0 | |||||
Accumulated deficit | $ | (2,105,081 | ) | $ | (13,487,321 | ) | $ | (15,592,402 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,009 | $ | (20,592,080 | ) | $ | (15,592,071 | ) | ||||
Number of Class A common stock subject to possible redemption | 11,165,366 | 2,059,634 | 13,225,000 | |||||||||
Balance Sheet as of June 30, 2021 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 109,288,323 | $ | 22,961,677 | $ | 132,250,000 | ||||||
Class A common stock | $ | 230 | $ | (230 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 9,474,126 | $ | (9,474,126 | ) | $ | 0 | |||||
Accumulated deficit | $ | (4,474,677 | ) | $ | (13,487,321 | ) | $ | (17,961,998 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,010 | $ | (22,961,677 | ) | $ | (17,961,667 | ) | ||||
Number of Class A common stock subject to possible redemption | 10,928,252 | 2,296,748 | 13,225,000 | |||||||||
Statement of Operations for the Period From July 14, 2020 (inception) through September 30, 2020 (unaudited) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 11,334,984 | (9,978,574 | ) | 1,356,410 | ||||||||
Basic and diluted net loss per share, Class A common stock | $ | 0 | (0.10 | ) | $ | (0.10 | ) | |||||
Basic and diluted weighted average shares outstanding, Class B common stock | 2,684,663 | 234,568 | 2,919,231 | |||||||||
Basic and diluted net loss per share, Class B common stock | $ | (0.31 | ) | $ | 0.21 | $ | (0.10 | ) | ||||
Statement of Operations for the Period From July 14, 2020 (inception) through December 31, 2020 (unaudited) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 11,334,822 | (3,555,410 | ) | 7,779,412 | ||||||||
Basic and diluted net loss per share, Class A common stock | $ | 0 | (0.42 | ) | $ | (0.42 | ) | |||||
Basic and diluted weighted average shares outstanding, Class B common stock | 4,240,546 | (1,111,870 | ) | 3,128,676 | ||||||||
Basic and diluted net loss per share, Class B common stock | $ | (1.08 | ) | $ | 0.66 | $ | (0.42 | ) | ||||
Statement of Operations for the Three Months ended March 31, 2021 (unaudited) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 10,919,966 | 2,305,034 | 13,225,000 | |||||||||
Basic and diluted net loss per share, Class A common stock | $ | 0 | 0.15 | $ | 0.15 | |||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 5,611,284 | (2,305,034 | ) | 3,306,250 | ||||||||
Basic and diluted net loss per share, Class B common stock | $ | 0.44 | $ | (0.29 | ) | $ | 0.15 | |||||
Statement of Operations for the Three Months ended June 30, 2021 (unaudited) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 11,165,366 | 2,059,634 | 13,225,000 | |||||||||
Basic and diluted net loss per share, Class A common stock | $ | 0 | (0.14 | ) | $ | (0.14 | ) | |||||
Basic and diluted weighted average shares outstanding, Class B common stock | 5,365,884 | (2,059,634 | ) | 3,306,250 | ||||||||
Basic and diluted net loss per share, Class B common stock | $ | (0.44 | ) | $ | 0.30 | $ | (0.14 | ) | ||||
Statement of Operations for the Six Months ended June 30, 2021 (unaudited) | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 11,043,344 | 2,181,656 | 13,225,000 | |||||||||
Basic and diluted net loss per share, Class A common stock | $ | 0 | 0.01 | $ | 0.01 | |||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 5,487,906 | (2,181,656 | ) | 3,306,250 | ||||||||
Basic and diluted net loss per share, Class B common stock | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | |||||
Statement of Cash Flows for the Period From July 14, 2020 (inception) through September 30, 2020 (unaudited) | ||||||||||||
Supplemental non-cash disclosure: Initial classification of common stock subject to possible redemption | $ | 113,349,840 | $ | (113,349,840 | ) | $ | 0 | |||||
Supplemental non-cash disclosure: Change in value of common stock subject to possible redemption | $ | (1,385 | ) | $ | 1,385 | $ | 0 | |||||
Supplemental non-cash disclosure: Measurement adjustment of Class A common stock subject to redemption amount | $ | 0 | $ | (13,511,990 | ) | $ | (13,511,990 | ) | ||||
Statement of Cash Flows for the Period From July 14, 2020 (inception) through December 31, 2020 (unaudited) | ||||||||||||
Supplemental non-cash disclosure: Initial classification of common stock subject to possible redemption | $ | 113,349,840 | $ | (113,349,840 | ) | $ | 0 | |||||
Supplemental non-cash disclosure: Change in value of common stock subject to possible redemption | $ | (4,150,180 | ) | $ | 4,150,180 | $ | 0 | |||||
Supplemental non-cash disclosure: Measurement adjustment of Class A common stock subject to redemption amount | $ | 0 | $ | (13,511,990 | ) | $ | (13,511,990 | ) | ||||
Statement of Cash Flows for the three months ended March 31, 2021 (unaudited) | ||||||||||||
Supplemental non-cash disclosure: Change in value of common stock subject to possible redemption | $ | 2,458,260 | $ | (2,458,260 | ) | $ | 0 | |||||
Statement of Cash Flows for the six months ended June 30, 2021 (unaudited) | ||||||||||||
Supplemental non-cash disclosure: Change in value of common stock subject to possible redemption | $ | 88,663 | $ | (88,663 | ) | $ | 0 | |||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the Period Ended September 30, 2020 (unaudited) | ||||||||||||
Sale of 13,225,000 Units, net of underwriter discounts and offering expenses | $ | 118,738,010 | $ | (118,738,010 | ) | $ | 0 | |||||
Class A Common Stock subject to possible redemption | $ | (113,348,455 | ) | $ | 113,348,455 | $ | 0 | |||||
Accretion for Class A Common Stock to redemption amount | $ | 0 | $ | (13,511,990 | ) | $ | (13,511,990 | ) | ||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the Period Ended December 31, 2020 (unaudited) | ||||||||||||
Class A Common Stock subject to possible redemption | $ | 4,148,795 | $ | (4,148,795 | ) | $ | 0 | |||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2021 (unaudited) | ||||||||||||
Class A Common Stock subject to possible redemption | $ | (2,458,260 | ) | $ | 2,458,260 | $ | 0 | |||||
Condensed Statement of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (unaudited) | ||||||||||||
Class A Common Stock subject to possible redemption | $ | 2,369,597 | $ | (2,369,597 | ) | $ | 0 |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
Gross proceeds | $ | 132,250,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | $ | (6,482,000 | ) | |
Class A common stock issuance costs | (7,029,990 | ) | ||
Plus: | ||||
Measurement adjustment of carrying value to redemption value | $ | 13,511,990 | ||
Class A common stock subject to possible redemption | $ | 132,250,000 |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
For the Three Months Ended March 31, 2021 | ||||
Common stock subject to possible redemption | ||||
Numerator: Earnings allocable to Common stock subject to possible redemption | ||||
Interest earned on marketable securities held in Trust Account | $ | 1,953 | ||
Less: Income and franchise taxes | (1,953 | ) | ||
Net loss allocable to shares subject to possible redemption | $ | — | ||
Denominator: Weighted Average Common stock subject to possible redemption | ||||
Basic and diluted weighted average shares outstanding | 10,919,966 | |||
Basic and diluted net income per share | $ | 0.00 | ||
Non-Redeemable Common Stock | ||||
Numerator: Net income minus Net Earnings | ||||
Net income | $ | 2,458,268 | ||
Net income allocable to Common stock subject to possible redemption | — | |||
Non-Redeemable net income | $ | 2,458,268 | ||
Denominator: Weighted Average Non-Redeemable Common Stock | ||||
Basic and diluted weighted average shares outstanding | 5,611,284 | |||
Basic and diluted net income per share | $ | 0.44 |
Three Months Ended September 30, 2021 | For the Period from July 14, 2020 (Inception) through September 30, 2020 | Nine Months Ended September 30, 2021 | For the Period from July 14, 2020 (Inception) through September 30, 2020 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net income (loss) per common stock | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 3,359,931 | $ | 839,983 | $ | (131,514 | ) | $ | (283,040 | ) | $ | 34,308,469 | $ | 857,717 | $ | (131,514 | ) | $ | (283,040 | ) | ||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average stock outstanding | 13,225,000 | 3,306,250 | 1,356,410 | 2,919,231 | 13,225,000 | 3,306,250 | 1,356,410 | 2,919,231 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per common stock | $ | 0.25 | $ | 0.25 | $ | (0.10 | ) | $ | (0.10 | ) | $ | 0.26 | $ | 0.26 | $ | (0.10 | ) | $ | (0.10 | ) |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description | Level | March 31, 2021 | December 31, 2020 | Level | September 30, 2021 | December 31, 2020 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Marketable securities held in Trust Account | 1 | $ | 132,255,046 | $ | 132,253,093 | 1 | $ | 132,259,019 | $ | 132,253,093 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Warrant Liability – Public Warrants | 1 | $ | 7,274,000 | 8,927,000 | 1 | $ | 5,885,125 | 8,927,000 | ||||||||||||||||
Warrant Liability – Private Placement Warrants | 3 | $ | 4,619,000 | 5,673,000 | 3 | $ | 3,740,000 | 5,673,000 |
Table of Contents |
NORTH MOUNTAIN MERGER CORP. NOTES TO CONDENSED FINANCIAL STATEMENTS SEPTEMBER 30, 2021 (Unaudited) |
Input | March 31, 2021 | |||
Common Stock Price | $ | 9.92 | ||
Expected term (years) | 5.48 | |||
Expected Volatility (Private Placement Warrants) derived from Monte Carlo Simulation | 16.00 | % | ||
Estimated probability of successful business combination | 100.00 | % | ||
Exercise Price | $ | 11.50 | ||
Risk-free rate of interest | 1.03 | % |
Input | September 30, 2021 | |||
Common Stock Price | $ | 9.79 | ||
Expected term (years) | 5.50 | |||
Expected Volatility (Private Placement Warrants) derived from Monte Carlo Simulation | 15.14 | % | ||
Estimated probability of successful business combination | 90.00 | % | ||
Exercise Price | $ | 11.50 | ||
Risk-free rate of interest | 1.15 | % |
| Private Placement | Public | Warrant Liabilities | Private Placement | ||||||||||||
Fair value as of January 1, 2021 | $ | 5,673,000 | $ | 8,927,000 | $ | 14,600,000 | $ | 5,673,000 | ||||||||
Change in valuation inputs or other assumptions | (1,054,000 | ) | (1,653,000 | ) | (2,707,000 | ) | ||||||||||
Change in fair value | (1,054,000 | ) | ||||||||||||||
Fair value as of March 31, 2021 | $ | 4,619,000 | $ | 7,274,000 | $ | 11,893,000 | 4,619,000 | |||||||||
Change in fair value | 811,000 | |||||||||||||||
Fair value as of June 30, 2021, | 5,430,000 | |||||||||||||||
Change in fair value | (1,690,000 | ) | ||||||||||||||
Fair value as of September 30, 2021 | $ | 3,740,000 |
Item 2. |
Item 3. |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. | Defaults Upon Senior Securities. |
Item 4. | Mine Safety Disclosures. |
Item 5. | Other Information. |
No. | Description of Exhibit | |
Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed herewith. |
NORTH MOUNTAIN MERGER CORP. | ||
Date: | By: | /s/ Charles B. Bernicker |
Name: | Charles B. Bernicker | |
Title: | Chief Executive Officer and Chief Financial Officer | |
(Principal Executive, Financial and Accounting Officer) | ||
Date: | By: | /s/ Nicholas Dermatas |
Name: | Nicholas Dermatas | |
Title: | Chief Financial Officer | |
(Principal Financial and Accounting Officer) |