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 | |||
Part II. Other Information | |||
Item 1. | Interim Financial Statements. |
June 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 215,682 | $ | 459,749 | ||||
Prepaid expenses | 726,171 | 998,675 | ||||||
Total Current Assets | 941,853 | 1,458,424 | ||||||
Investment securities held in Trust Account | 300,102,702 | 300,011,579 | ||||||
TOTAL ASSETS | $ | 301,044,555 | $ | 301,470,003 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 885,580 | $ | 120,564 | ||||
Total Current Liabilities | 885,580 | 120,564 | ||||||
Warrant liabilities | 16,920,000 | 17,126,666 | ||||||
Deferred underwriting fee payable | 10,500,000 | 10,500,000 | ||||||
Total Liabilities | 28,305,580 | 27,747,230 | ||||||
Commitments and Contingencies | 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 | ||||||
Shareholders’ Equity | ||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued or outstanding | 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 | ||||||
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 | ||||||
Additional paid-in capital | 10,227,096 | 9,243,265 | ||||||
Accumulated deficit | (5,228,164 | ) | (4,244,366 | ) | ||||
Total Shareholders’ Equity | 5,000,005 | 5,000,003 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 301,044,555 | $ | 301,470,003 |
September 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | Revised | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 654,082 | $ | 459,749 | ||||
Prepaid expenses | 610,811 | 998,675 | ||||||
Total Current Assets | 1,264,893 | 1,458,424 | ||||||
Investments held in Trust Account | 300,110,102 | 300,011,579 | ||||||
TOTAL ASSETS | $ | 301,374,995 | $ | 301,470,003 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 2,506,887 | $ | 120,564 | ||||
Promissory note - related party | 700,000 | 0 | ||||||
Total Current Liabilities | 3,206,887 | 120,564 | ||||||
Warrant liabilities | 23,000,000 | 17,126,666 | ||||||
Deferred underwriting fee payable | 10,500,000 | 10,500,000 | ||||||
Total Liabilities | 36,706,887 | 27,747,230 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption 30,000,000 shares at $10.00 per share as of September 30, 2021 and December 31, 2020, respectively | 300,000,000 | 300,000,000 | ||||||
Shareholders’ Deficit | ||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued or outstanding | 0 | 0 | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized | 0 | 0 | ||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 7,500,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 750 | 791 | ||||||
Additional paid-in capital | 0 | 0 | ||||||
Accumulated deficit | (35,332,642 | ) | (26,278,018 | ) | ||||
Total Shareholders’ Deficit | (35,331,892 | ) | (26,277,227 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 301,374,995 | $ | 301,470,003 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2021 | |||||||
General and administrative expenses | $ | 737,447 | $ | 1,281,586 | ||||
Loss from operations | (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 | ||||||
Total other income | 2,612,478 | 297,788 | ||||||
Net income (loss) | $ | 1,875,031 | $ | (983,798 | ) | |||
Weighted average shares outstanding of Class A redeemable ordinary shares | 30,000,000 | 30,000,000 | ||||||
Basic and diluted income (loss) 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 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2021 | 2021 | |||||||
General and administrative expenses | $ | 1,998,268 | $ | 3,279,854 | ||||
Loss from operations | (1,998,268 | ) | (3,279,854 | ) | ||||
Other loss: | ||||||||
Change in fair value of warrant liabilities | (6,080,000 | ) | (5,873,334 | ) | ||||
Interest earned on investments held in Trust Account | 7,401 | 98,523 | ||||||
Total other loss, net | (6,072,599 | ) | (5,774,811 | ) | ||||
Net loss | $ | (8,070,867 | ) | $ | (9,054,665 | ) | ||
Weighted average shares outstanding of Class A ordinary shares | 30,000,000 | 30,000,000 | ||||||
Basic and diluted loss per share, Class A ordinary shares | $ | (0.22 | ) | $ | (0.24 | ) | ||
Weighted average shares outstanding of Class B ordinary shares | 7,500,000 | 7,500,000 | ||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | (0.22 | ) | $ | (0.24 | ) |
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | ||||||||||||||||||||||||
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 | |||||||||||||||
Forfeiture of Founder Shares | — | — | (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 | |||||||||||||||||||||
Net loss | — | — | — | — | 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 | |||||||||||||||
Change in value of 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 | |||||||||||||||||||||
Balance – June 30, 2021 | 3,226,103 | $ | 323 | 7,500,000 | $ | 750 | $ | 10,227,096 | $ | (5,228,164 | ) | $ | 5,000,005 |
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance – January 1, 2021 | 0 | $ | 0 | 7,906,250 | $ | 791 | $ | 0 | $ | (26,278,018 | ) | $ | (26,277,227 | ) | ||||||||||||||
Forfeiture of Founders Shares | 0 | 0 | (406,250) | (41) | 0 | 41 | 0 | |||||||||||||||||||||
Net loss | — | — | — | — | 0 | (2,858,829 | ) | (2,858,829 | ) | |||||||||||||||||||
Balance – March 31, 2021 (unaudited) | 0 | $ | 0 | 7,500,000 | $ | 750 | $ | 0 | $ | (29,136,806 | ) | $ | (29,136,056 | ) | ||||||||||||||
Net income | — | — | — | 0 | 1,875,031 | 1,875,031 | ||||||||||||||||||||||
Balance – June 30, 2021 (unaudited) | 0 | $ | 0 | 7,500,000 | $ | 750 | $ | 0 | $ | (27,261,775 | ) | $ | (27,261,025 | ) | ||||||||||||||
Net loss | — | — | — | — | 0 | (8,070,867 | ) | (8,070,867 | ) | |||||||||||||||||||
Balance – September 30, 2021 (unaudited) | 0 | $ | 0 | 7,500,000 | $ | 750 | $ | 0 | $ | (35,332,642 | ) | $ | (35,331,892 | ) |
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (983,798 | ) | $ | (9,054,665 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (206,666 | ) | 5,873,334 | |||||
Interest earned on marketable securities held in Trust Account | (91,122 | ) | ||||||
Interest earned on investments held in Trust Account | (98,523 | ) | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 272,504 | 387,864 | ||||||
Accounts payable and accrued expenses | 765,016 | 2,386,323 | ||||||
Net cash used in operating activities | (244,067 | ) | (505,667 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from promissory note - related party | 700,000 | |||||||
Net cash provided by financing activities | 700,000 | |||||||
Net Change in Cash | (244,067 | ) | 194,333 | |||||
Cash – Beginning of period | 459,749 | 459,749 | ||||||
Cash – End of period | $ | 215,682 | $ | 654,082 | ||||
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 | ) | ||||||
Forfeiture of Founder Shares | (41 | ) | (41 | ) |
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of December 31, 2020 (audited) | ||||||||||||
Class A ordinary share subject to possible redemption | $ | 268,722,770 | $ | 31,277,230 | $ | 300,000,000 | ||||||
Class A ordinary share | $ | 313 | $ | (313 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 9,243,265 | $ | (9,243,265 | ) | $ | 0 | |||||
Accumulated deficit | $ | (4,244,366 | ) | $ | (22,033,652 | ) | $ | (26,278,018 | ) | |||
Total Shareholders’ Equity (Deficit) | $ | 5,000,003 | $ | (31,277,230 | ) | $ | (26,277,227 | ) |
Gross proceeds | $ | 300,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | $ | (8,800,000 | ) | |
Class A ordinary shares issuance costs | $ | (16,511,195 | ) | |
Plus: | ||||
Accretion of carrying value to redemption value | $ | 25,311,195 | ||
Class A ordinary shares subject to possible redemption | $ | 300,000,000 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2021 | |||||||
Redeemable Class A Ordinary Shares | ||||||||
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares | ||||||||
Interest Income | $ | 45,812 | $ | 91,122 | ||||
Redeemable Net Earnings | $ | 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 | ||||||
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares | $ | 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 | ) | |||
Less: Redeemable Net Earnings | (45,812 | ) | (91,122 | ) | ||||
Non-Redeemable Net Income (Loss) | $ | 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 | ) |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net loss per ordinary share | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net loss, as adjusted | $ | (6,456,694 | ) | $ | (1,614,173 | ) | $ | (7,243,732 | ) | $ | (1,810,933 | ) | ||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 30,000,000 | 7,500,000 | 30,000,000 | 7,500,000 | ||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.22 | ) | $ | (0.22 | ) | $ | (0.24 | ) | $ | (0.24 | ) |
• | 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 | September 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 | $ | 300,110,102 | $ | 0 | |||||||||||||||||||
| | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Warrant Liability – Public Warrants | 1 | $ | 11,000,000 | $ | 11,100,000 | 1 | $ | 15,000,000 | $ | 0 | ||||||||||||||
Warrant Liability – Public Warrants | 3 | $ | 0 | $ | 11,100,000 | |||||||||||||||||||
Warrant Liability – Private Placement Warrants | 3 | $ | 5,920,000 | $ | 6,026,666 | 3 | $ | 8,000,000 | $ | 6,026,666 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
Stock Price | $ | 9.78 | $ | 10.00 | $ | 9.92 | $ | 10.00 | ||||||||
Exercise price | $ | 11.50 | $ | 11.50 | $ | 11.50 | $ | 11.50 | ||||||||
Risk-free interest rate | 0.92 | % | 0.36 | % | 0.98 | % | 0.36 | % | ||||||||
Expected volatility | 24.00 | % | 21.21 | % | 22.8 | % | 21.21 | % | ||||||||
Probability of Business Combination | 80.0 | % | 80.0 | % | 80.0 | % | 80.0 | % |
Private Placement | Public | Warrant Liabilities | Private Placement | Public | Warrant Liabilities | |||||||||||||||||||
Fair value as of January 1, 2021 | $ | 6,026,666 | $ | 11,100,000 | $ | 17,126,666 | $ | 6,026,666 | $ | 11,100,000 | $ | 17,126,666 | ||||||||||||
Transfers to Level 1 | 0 | (12,500,000 | ) | (11,100,000 | ) | 0 | (12,500,000 | ) | (11,100,000 | ) | ||||||||||||||
Change in fair value | 960,000 | 1,400,000 | 960,000 | 960,000 | 1,400,000 | 960,000 | ||||||||||||||||||
Fair value as of March 31, 2021 | $ | 6,986,666 | $ | 0 | $ | 6,986,666 | $ | 6,986,666 | $ | 0 | $ | 6,986,666 | ||||||||||||
Change in fair value | (1,066,666 | ) | 0 | (1,066,666 | ) | (1,066,666 | ) | 0 | (1,066,666 | ) | ||||||||||||||
Fair value as of June 30, 2021 | 5,920,000 | 0 | 5,920,000 | 5,920,000 | 0 | 5,920,000 | ||||||||||||||||||
Change in fair value | 2,080,000 | 0 | 2,080,000 | |||||||||||||||||||||
Fair value as of September 30, 2021 | $ | 8,000,000 | 0 | $ | 8,000,000 |
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: | By: | /s/ Ian Friedman |
Name: | Ian Friedman | |
Title: | Chief Executive Officer | |
(Principal Executive Officer) | ||
Date: | By: | /s/ Paul Maeder |
Name: | Paul Maeder | |
Title: | Chief Financial Officer | |
(Principal Financial and Accounting Officer) |