Cayman Islands, KY1-1104 | N/A | |
(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 | ||
Class A ordinary shares, par value $0.0001 per share | HTPA | The New York Stock Exchange | ||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | HTPA.W | The New York Stock Exchange | ||
Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant | HTPA.U | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
Page | |||
Part I. Financial Information | |||
Item 1. Financial Statements | |||
1 | |||
2 | |||
3 | |||
4 | |||
5 | |||
15 | |||
17 | |||
17 | |||
Part II. Other Information | |||
17 | |||
17 | |||
18 | |||
18 | |||
18 | |||
18 | |||
19 | |||
20 |
Item 1. | Interim Financial Statements. |
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 215,682 | $ | 459,749 | $ | 215,682 | $ | 459,749 | ||||||||
Prepaid expenses | 726,171 | 998,675 | 726,171 | 998,675 | ||||||||||||
Total Current Assets | 941,853 | 1,458,424 | 941,853 | 1,458,424 | ||||||||||||
Investment securities held in Trust Account | 300,102,702 | 300,011,579 | ||||||||||||||
Investments held in Trust Account | 300,102,702 | 300,011,579 | ||||||||||||||
TOTAL ASSETS | $ | 301,044,555 | $ | 301,470,003 | $ | 301,044,555 | $ | 301,470,003 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accounts payable and accrued expenses | $ | 885,580 | $ | 120,564 | $ | 885,580 | $ | 120,564 | ||||||||
Total Current Liabilities | 885,580 | 120,564 | 885,580 | 120,564 | ||||||||||||
Warrant liabilities | 16,920,000 | 17,126,666 | 16,920,000 | 17,126,666 | ||||||||||||
Deferred underwriting fee payable | 10,500,000 | 10,500,000 | 10,500,000 | 10,500,000 | ||||||||||||
Total Liabilities | 28,305,580 | 27,747,230 | 28,305,580 | 27,747,230 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares subject to possible redemption 26,773,897 and 26,872,277 shares at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively | 267,738,970 | 268,722,770 | 267,738,970 | 268,722,770 | ||||||||||||
Shareholders’ Equity | ||||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued or outstanding | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 3,226,103 and 3,127,723 shares issued and outstanding (excluding 26,773,897 and 26,872,277 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively | 323 | 313 | 323 | 313 | ||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 7,500,000 and 7,906,250 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively(1) | 750 | 791 | 750 | 791 | ||||||||||||
Additional paid-in capital | 10,227,096 | 9,243,265 | 10,227,096 | 9,243,265 | ||||||||||||
Accumulated deficit | (5,228,164 | ) | (4,244,366 | ) | (5,228,164 | ) | (4,244,366 | ) | ||||||||
Total Shareholders’ Equity | 5,000,005 | 5,000,003 | 5,000,005 | 5,000,003 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 301,044,555 | $ | 301,470,003 | $ | 301,044,555 | $ | 301,470,003 |
(1) | As of December 31, 2020 included up to 406,250 Class B ordinary shares subject to forfeiture as a result of the underwriters’ election to partially exercise its over-allotment option. The remaining over-allotment option expired unexercised on January 21, 2021 and, as a result, 406,250 Class B ordinary shares were forfeited (see Note 5). |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2021 | 2021 | 2021 | 2021 | |||||||||||||
General and administrative expenses | $ | 737,447 | $ | 1,281,586 | $ | 737,447 | $ | 1,281,586 | ||||||||
Loss from operations | (737,447 | ) | (1,281,586 | ) | (737,447 | ) | (1,281,586 | ) | ||||||||
Other income: | ||||||||||||||||
Change in fair value of warrant liability | 2,566,666 | 206,666 | ||||||||||||||
Interest earned on marketable securities held in Trust Account | 45,812 | 91,122 | ||||||||||||||
Change in fair value of warrant liabilities | 2,566,666 | 206,666 | ||||||||||||||
Interest earned on investments held in Trust Account | 45,812 | 91,122 | ||||||||||||||
Total other income | 2,612,478 | 297,788 | 2,612,478 | 297,788 | ||||||||||||
Net income (loss) | $ | 1,875,031 | $ | (983,798 | ) | $ | 1,875,031 | $ | (983,798 | ) | ||||||
Weighted average shares outstanding of Class A redeemable ordinary shares | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | ||||||||||||
Basic and diluted income (loss) per share, Class A redeemable ordinary shares | $ | 0 | $ | 0 | ||||||||||||
Basic and diluted income per share, Class A redeemable ordinary shares | $ | 0 | $ | 0 | ||||||||||||
Weighted average shares outstanding of Class A and B non-redeemable ordinary shares | 7,500,000 | 7,500,000 | ||||||||||||||
Basic and diluted net loss (loss) per share, Class A and B non-redeemable ordinary shares | $ | 0.24 | $ | (0.14 | ) | |||||||||||
Weighted average shares outstanding of Class B non-redeemable ordinary shares | 7,500,000 | 7,500,000 | ||||||||||||||
Basic and diluted net loss (loss) per share, Class B non-redeemable ordinary shares | $ | 0.24 | $ | (0.14 | ) |
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity | Shares | Amount | Shares | Amount | Capital | Deficit | Equity | |||||||||||||||||||||||||||||||||||||||||||
Balance — January 1, 2021 | 3,127,723 | $ | 313 | 7,906,250 | $ | 791 | $ | 9,243,265 | $ | (4,244,366 | ) | $ | 5,000,003 | 3,127,723 | $ | 313 | 7,906,250 | $ | 791 | $ | 9,243,265 | $ | (4,244,366 | ) | $ | 5,000,003 | ||||||||||||||||||||||||||||||
Forfeiture of Founder Shares | — | — | (406,250 | ) | (41 | ) | 41 | — | 0 | — | — | (406,250 | ) | (41 | ) | 41 | — | 0 | ||||||||||||||||||||||||||||||||||||||
Change in value of Class A ordinary shares subject to redemption | 285,883 | 28 | — | — | 2,858,802 | — | 2,858,830 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in Class A ordinary shares subject to redemption | 285,883 | 28 | — | — | 2,858,802 | — | 2,858,830 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | 0 | (2,858,829 | ) | (2,858,829 | ) | — | — | — | — | 0 | (2,858,829 | ) | (2,858,829 | ) | ||||||||||||||||||||||||||||||||||||||
Balance – March 31, 2021 | 3,413,606 | $ | 341 | 7,500,000 | $ | 750 | $ | 12,102,108 | $ | (7,103,195 | ) | $ | 5,000,004 | 3,413,606 | $ | 341 | 7,500,000 | $ | 750 | $ | 12,102,108 | $ | (7,103,195 | ) | $ | 5,000,004 | ||||||||||||||||||||||||||||||
Change in value of Class A ordinary shares subject to redemption | (187,503 | ) | (18 | ) | — | — | (1,875,012 | ) | 0 | (1,875,030 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Change in Class A ordinary shares subject to redemption | (187,503 | ) | (18 | ) | — | — | (1,875,012 | ) | 0 | (1,875,030 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 0 | 1,875,031 | 1,875,031 | — | — | — | — | 0 | 1,875,031 | 1,875,031 | ||||||||||||||||||||||||||||||||||||||||||
Balance – June 30, 2021 | 3,226,103 | $ | 323 | 7,500,000 | $ | 750 | $ | 10,227,096 | $ | (5,228,164 | ) | $ | 5,000,005 | 3,226,103 | $ | 323 | 7,500,000 | $ | 750 | $ | 10,227,096 | $ | (5,228,164 | ) | $ | 5,000,005 |
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (983,798 | ) | $ | (983,798 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (206,666 | ) | (206,666 | ) | ||||
Interest earned on marketable securities held in Trust Account | (91,122 | ) | ||||||
Interest earned on investments held in Trust Account | (91,122 | ) | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 272,504 | 272,504 | ||||||
Accounts payable and accrued expenses | 765,016 | 765,016 | ||||||
Net cash used in operating activities | (244,067 | ) | (244,067 | ) | ||||
Net Change in Cash | (244,067 | ) | (244,067 | ) | ||||
Cash – Beginning of period | 459,749 | 459,749 | ||||||
Cash – End of period | $ | 215,682 | $ | 215,682 | ||||
Non-Cash investing and financing activities: | ||||||||
Initial classification Class A ordinary shares subject to possible redemption | $ | 262,772,770 | ||||||
Change in value of Class A ordinary shares subject to possible redemption | (983,800 | ) | (983,800 | ) | ||||
Forfeiture of Founder Shares | (41 | ) | (41 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2021 | 2021 | 2021 | 2021 | |||||||||||||
Redeemable Class A Ordinary Shares | ||||||||||||||||
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares | ||||||||||||||||
Interest Income | $ | 45,812 | $ | 91,122 | ||||||||||||
Interest earned on investments in Trust Account | $ | 45,812 | $ | 91,122 | ||||||||||||
Redeemable Net Earnings | $ | 45,812 | $ | 91,122 | $ | 45,812 | $ | 91,122 | ||||||||
Denominator: Weighted Average Redeemable Class A Ordinary Shares | ||||||||||||||||
Redeemable Class A Ordinary Shares, Basic and Diluted | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | ||||||||||||
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Non-Redeemable Class A and B Ordinary Shares | ||||||||||||||||
Numerator: Net Income (Loss) minus Redeemable Net Earnings | ||||||||||||||||
Net Income (Loss) | $ | 1,875,031 | $ | (983,798 | ) | $ | 1,875,031 | $ | (983,798 | ) | ||||||
Less: Redeemable Net Earnings | (45,812 | ) | (91,122 | ) | (45,812 | ) | (91,122 | ) | ||||||||
Non-Redeemable Net Income (Loss) | $ | 1,829,219 | $ | (1,074,920 | ) | $ | 1,829,219 | $ | (1,074,920 | ) | ||||||
Denominator: Weighted Average Non-Redeemable Class A and B Ordinary Shares | ||||||||||||||||
Non-Redeemable Class A and B Ordinary Shares, Basic and Diluted (1) | 7,500,000 | 7,500,000 | ||||||||||||||
Earnings (Loss)/Basic and Diluted Non-Redeemable Class A and B Ordinary Shares | $ | 0.24 | $ | (0.14 | ) | |||||||||||
Non-Redeemable Class Ordinary Shares, Basic and Diluted (1) | 7,500,000 | 7,500,000 | ||||||||||||||
Earnings (Loss)/Basic and Diluted Non-Redeemable Class B Ordinary Shares | $ | 0.24 | $ | (0.14 | ) |
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and |
• | if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted). |
• | in whole and not in part; |
• | at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; |
• | if, and only if, the Reference Value equal or exceeds $10.00 per public share (as adjusted); and |
• | if the Reference Value is less than $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
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. |
Held-To-Maturity | Amortized Cost | Gross Holding Loss | Fair Value | |||||||||||
December 31, 2020 | U.S. Treasury Securities (Matured on 06/03/2021) | $ | 300,010,878 | $ | (21,416 | ) | $ | 299,989,462 |
Description | Level | June 30, 2021 | December 31, 2020 | Level | June 30, 2021 | December 31, 2020 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Marketable securities held in Trust Account | 1 | $ | 300,094,122 | $ | 299,989,462 | |||||||||||||||||||
Money Market Fund held in Trust Account | 1 | $ | 300,102,702 | $ | 0 | |||||||||||||||||||
U.S. Treasurey Securities held in Trust Account | 1 | $ | 0 | $ | 300,010,878 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Warrant Liability – Public Warrants | 1 | $ | 11,000,000 | $ | 11,100,000 | 1 | $ | 11,000,000 | $ | 0 | ||||||||||||||
Warrant Liability – Public Warrants | 3 | $ | 0 | $ | 11,100,000 | |||||||||||||||||||
Warrant Liability – Private Placement Warrants | 3 | $ | 5,920,000 | $ | 6,026,666 | 3 | $ | 5,920,000 | $ | 6,026,666 |
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||
Stock Price | $ | 9.78 | $ | 10.00 | $ | 9.73 | $ | 10.00 | ||||||||
Exercise price | $ | 11.50 | $ | 11.50 | $ | 11.50 | $ | 11.50 | ||||||||
Risk-free interest rate | 0.92 | % | 0.36 | % | 0.87 | % | 0.36 | % | ||||||||
Expected volatility | 24.00 | % | 21.21 | % | 18.25 | % | 21.21 | % | ||||||||
Probability of Business Combination | 80.0 | % | 80.0 | % | 80.0 | % | 80.0 | % |
Private Placement | Public | Warrant Liabilities | ||||||||||
Fair value as of January 1, 2021 | $ | 6,026,666 | $ | 11,100,000 | $ | 17,126,666 | ||||||
Transfers to Level 1 | 0 | (12,500,000 | ) | (11,100,000 | ) | |||||||
Change in fair value | 960,000 | 1,400,000 | 960,000 | |||||||||
Fair value as of March 31, 2021 | $ | 6,986,666 | $ | 0 | $ | 6,986,666 | ||||||
Change in fair value | (1,066,666 | ) | 0 | (1,066,666 | ) | |||||||
Fair value as of June 30, 2021 | 5,920,000 | 0 | 5,920,000 |
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 Proceeds. |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
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. |
HIGHLAND TRANSCEND PARTNERS I CORP. | ||
Date: August | By: | /s/ Ian Friedman |
Name: | Ian Friedman | |
Title: | Chief Executive Officer | |
(Principal Executive Officer) | ||
Date: August | By: | /s/ Paul Maeder |
Name: | Paul Maeder | |
Title: | Chief Financial Officer | |
(Principal Financial and Accounting Officer) |