☒ | 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 | 85-4326385 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
650 California Street, Suite 2700 San Francisco, CA | 94108 | |
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Class A common stock, par value $0.01 per share | FACA | The New York Stock Exchange |
Redeemable warrants, each one whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | FACA WS | The New York Stock Exchange |
Units, each consisting of one share of Class A common stock and one-fourth of one redeemable warrant | FACA.U | The New York Stock Exchange |
Large accelerated filer ☐ | Accelerated filer ☐ | |
Non-accelerated filer ☒ | Smaller reporting company ☒ | |
Emerging growth company ☒ |
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32 |
March 31, 2022 | December 31, 2021 | |||||||||||||||
September 30, 2022 (Unaudited) | December 31, 2021 | |||||||||||||||
Assets: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 521,243 | $ | 769,595 | $ | 302,396 | $ | 769,595 | ||||||||
Prepaid Expenses | 263,499 | 296,843 | 141,827 | 296,843 | ||||||||||||
Total current assets | 784,742 | 1,066,438 | 444,223 | 1,066,438 | ||||||||||||
Cash and securities held in Trust Account | 287,608,179 | 287,549,179 | ||||||||||||||
Cash and marketable securities held in Trust Account | 289,011,840 | 287,549,179 | ||||||||||||||
Other non-current assets | 0 | 39,850 | — | 39,850 | ||||||||||||
Total Assets | $ | 288,392,921 | $ | 288,655,467 | $ | 289,456,063 | $ | 288,655,467 | ||||||||
Liabilities, Redeemable Common Stock and Stockholders’ Deficit | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accrued offering costs and expenses | $ | 362,834 | $ | 317,099 | ||||||||||||
Advance from related party | 22,657 | 0 | ||||||||||||||
Accounts payable, accrued offering costs and expenses | $ | 479,393 | $ | 317,099 | ||||||||||||
Income taxes payable | 295,144 | — | ||||||||||||||
Total current liabilities | 385,491 | 317,099 | 774,537 | 317,099 | ||||||||||||
Deferred underwriting fee | 10,062,500 | 10,062,500 | 10,062,500 | 10,062,500 | ||||||||||||
Warrant liability | 8,771,458 | 14,454,374 | 741,250 | 14,454,374 | ||||||||||||
Total liabilities | 19,219,449 | 24,833,973 | 11,578,287 | 24,833,973 | ||||||||||||
Commitments and Contingencies (See Note 6) | 0 | 0 | ||||||||||||||
Class A Common Stock subject to possible redemption; 28,750,000 shares at redemption value of $10.00 per share, at March 31, 2022 and December 31, 2021 | 287,500,000 | 287,500,000 | ||||||||||||||
Class A Common Stock subject to possible redemption; 28,750,000 shares at redemption value at September 30, 2022 and December 31, 2021 | 288,685,382 | 287,500,000 | ||||||||||||||
Stockholders’ Deficit: | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized;NaN issued and outstanding | 0 | 0 | ||||||||||||||
Class A common stock, $0.01 par value; 100,000,000 shares authorized; 0 shares issued and outstanding (excluding 28,750,000 shares subject to possible redemption) at March 31, 2022 and December 31, 2021 | 0 | 0 | ||||||||||||||
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 3,194,444 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 319 | 319 | ||||||||||||||
Class L common stock, $0.0001 par value; 15,000,000 shares authorized; 9,126,984 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 913 | 913 | ||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | — | — | ||||||||||||||
Class A common stock, $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding (excluding 28,750,000 shares subject to possible redemption) at September 30, 2022 and December 31, 2021 | — | — | ||||||||||||||
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 3,194,444 shares issued and outstanding at September 30, 2022 and December 31, 2021 | 319 | 319 | ||||||||||||||
Class L common stock, $0.0001 par value; 15,000,000 shares authorized; 9,126,984 shares issued and outstanding at September 30, 2022 and December 31, 2021 | 913 | 913 | ||||||||||||||
Additional paid-in capital | 0 | 0 | — | — | ||||||||||||
Accumulated deficit | (18,327,760 | ) | (23,679,738 | ) | (10,808,838 | ) | (23,679,738 | ) | ||||||||
Total stockholders’ deficit | (18,326,528 | ) | (23,678,506 | ) | ||||||||||||
Total Stockholders’ Deficit | (10,807,606 | ) | (23,678,506 | ) | ||||||||||||
Total Liabilities, Redeemable Common Stock and Stockholders’ Deficit | $ | 288,392,921 | $ | 288,655,467 | $ | 289,456,063 | $ | 288,655,467 |
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Formation and operating costs | $ | 352,889 | $ | 169,986 | $ | 1,141,398 | $ | 489,192 | ||||||||
Loss from operations | (352,889 | ) | (169,986 | ) | (1,141,398 | ) | (489,192 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest earned on cash and marketable securities held in Trust Account | 1,282,021 | 20,526 | 1,779,700 | 24,018 | ||||||||||||
Offering costs allocated to warrants | — | — | — | (621,678 | ) | |||||||||||
Fair value of private warrants in excess of proceeds received | — | (155,000 | ) | — | (155,000 | ) | ||||||||||
Change in fair value of warrant liability | 1,482,500 | 4,231,875 | 13,713,124 | 5,930,000 | ||||||||||||
Total other income, net | 2,764,521 | 4,097,401 | 15,492,824 | 5,177,340 | ||||||||||||
Income before provision for income taxes | 2,411,632 | 3,927,415 | 14,351,426 | 4,688,148 | ||||||||||||
Provision for income taxes | 294,038 | — | 295,144 | — | ||||||||||||
Net income | $ | 2,117,594 | $ | 3,927,415 | $ | 14,056,282 | $ | 4,688,148 | ||||||||
Weighted average shares outstanding, Class A common stock subject to possible redemption | 28,750,000 | 28,750,000 | 28,750,000 | 23,168,498 | ||||||||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption | $ | 0.05 | $ | 0.10 | $ | 0.34 | $ | 0.13 | ||||||||
Weighted average shares outstanding, Non-redeemable Class B common stock | 3,194,444 | 3,194,444 | 3,194,444 | 3,113,553 | ||||||||||||
Basic and diluted net income per share, Non-redeemable Class B common stock | $ | 0.05 | $ | 0.10 | $ | 0.34 | $ | 0.13 | ||||||||
Weighted average shares outstanding, Non-redeemable Class L common stock | 9,126,984 | 9,126,984 | 9,126,984 | 8,895,866 | ||||||||||||
Basic and diluted net income per share, Non-redeemable Class L common stock | $ | 0.05 | $ | 0.10 | $ | 0.34 | $ | 0.13 |
Class A Common stock | Class B Common stock | Class L Common stock | Additional Paid-in | Accumulated | Total Stockholders’ | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||||||||
Balance as of January 1, 2022 | — | $ | — | 3,194,444 | $ | 319 | 9,126,984 | $ | 913 | $ | — | $ | (23,679,738 | ) | $ | (23,678,506 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | — | — | 5,351,978 | 5,351,978 | |||||||||||||||||||||||||||
Balance as of March 31, 2022 | — | — | 3,194,444 | 319 | 9,126,984 | 913 | — | (18,327,760 | ) | (18,326,528 | ) | |||||||||||||||||||||||||
Accretion of Class A common stock subject to possible redemption to redemption value | — | — | — | — | — | — | — | (248,505 | ) | (248,505 | ) | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 6,586,710 | 6,586,710 | |||||||||||||||||||||||||||
Balance as of June 30, 2022 | — | — | 3,194,444 | 319 | 9,126,984 | 913 | $ | — | (11,989,555 | ) | (11,988,323 | ) | ||||||||||||||||||||||||
Accretion of Class A common stock subject to possible redemption to redemption value | — | — | — | — | — | — | — | (936,877 | ) | (936,877 | ) | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 2,117,594 | 2,117,594 | |||||||||||||||||||||||||||
Balance as of September 30, 2022 | — | $ | — | 3,194,444 | $ | 319 | 9,126,984 | $ | 913 | $ | — | $ | (10,808,838 | ) | $ | (10,807,606 | ) |
Class A Common stock | Class B Common stock | Class L Common stock | Additional Paid-in | Accumulated | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Deficit | (Deficit) | ||||||||||||||||||||||||||||
Balance as of January 1, 2021 | — | $ | — | 3,194,444 | $ | 319 | 9,126,984 | $ | 913 | $ | 23,768 | $ | (8,134 | ) | $ | 16,866 | ||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 1,850,115 | 1,850,115 | |||||||||||||||||||||||||||
Remeasurement of Class A common stock subject to possible redemption to redemption value | — | — | — | — | — | — | (23,768 | ) | (26,604,441 | ) | (26,628,209 | ) | ||||||||||||||||||||||||
Balance as of March 31, 2021 | — | — | 3,194,444 | 319 | 9,126,984 | 913 | — | (24,762,460 | ) | (24,761,228 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (1,089,382 | ) | (1,089,382 | ) | |||||||||||||||||||||||||
Accretion of Class A common stock subject to possible redemption to redemption value | — | — | — | — | — | — | — | (3,492 | ) | (3,492 | ) | |||||||||||||||||||||||||
Balance as of June 30, 2021 | — | — | 3,194,444 | 319 | 9,126,984 | 913 | — | (25,855,334 | ) | (25,854,102 | ) | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 3,927,415 | 3,927,415 | |||||||||||||||||||||||||||
Accretion of Class A common stock subject to possible redemption to redemption value | — | — | — | — | — | — | — | (20,526 | ) | (20,526 | ) | |||||||||||||||||||||||||
Balance as of September 30, 2021 | — | $ | — | 3,194,444 | $ | 319 | 9,126,984 | $ | 913 | $ | — | $ | (21,948,445 | ) | $ | (21,947,213 | ) |
For the three months ended March 31, 2022 | For the three months ended March 31, 2021 | |||||||
Formation and operating costs | $ | 389,938 | $ | 91,123 | ||||
Loss from Operations | (389,938 | ) | (91,123 | ) | ||||
Other income (loss): | ||||||||
Interest earned on cash and securities held in Trust Account | 59,000 | 0 | ||||||
Offering costs allocated to warrants | 0 | (621,678 | ) | |||||
Fair value of private warrants in excess of proceeds received | 0 | (155,000 | ) | |||||
Change in fair value of warrant liability | 5,682,916 | 2,717,916 | ||||||
Total other income, net | 5,741,916 | 1,941,238 | ||||||
Net income | $ | 5,351,978 | $ | 1,850,115 | ||||
Weighted average shares outstanding, Class A common stock subject to possible redemption | 28,750,000 | 11,819,444 | ||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption | $ | 0.13 | $ | 0.08 | ||||
Weighted average shares outstanding, Non-redeemable Class B common stock | 3,194,444 | 2,949,073 | ||||||
Basic and diluted net income per share, Non-redeemable Class B common stock | $ | 0.13 | $ | 0.08 | ||||
Weighted average shares outstanding, Non-redeemable Class L common stock | 9,126,984 | 8,425,926 | ||||||
Basic and diluted net income per share, Non-redeemable Class L common stock | $ | 0.13 | $ | 0.08 |
For the nine months ended September 30, | ||||||||
2022 | 2021 | |||||||
Cash flows from Operating Activities: | ||||||||
Net income | $ | 14,056,282 | $ | 4,688,148 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Interest earned on cash and marketable securities held in Trust Account | (1,779,700 | ) | (24,018 | ) | ||||
Offering costs allocated to warrants | — | 621,678 | ||||||
Fair value of private warrants in excess of proceeds received | — | 155,000 | ||||||
Change in fair value of warrant liability | (13,713,124 | ) | (5,930,000 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 155,016 | (308,523 | ) | |||||
Other non-current assets | 39,850 | (114,671 | ) | |||||
Accounts payable, accrued offering costs and expenses | 162,294 | 181,635 | ||||||
Income taxes payable | 295,144 | — | ||||||
Net cash used in operating activities | (784,238 | ) | (730,751 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash in Trust Account | — | (287,500,000 | ) | |||||
Cash withdrawn from Trust Account for franchise taxes | 317,039 | — | ||||||
Net cash provided by (used in) investing activities | 317,039 | (287,500,000 | ) | |||||
Cash flows from Financing Activities: | ||||||||
Proceeds from sale of Units, net of underwriting discount | — | 281,750,000 | ||||||
Proceeds from issuance of Private Placement Warrants | — | 7,750,000 | ||||||
Proceeds from promissory note – related party | — | 115,492 | ||||||
Repayment of promissory note – related party | — | (115,492 | ) | |||||
Advances from related party | 535,885 | — | ||||||
Repayment of advances from related party | (535,885 | ) | — | |||||
Payment of offering costs | — | (440,512 | ) | |||||
Net cash provided by financing activities | — | 289,059,488 | ||||||
Net change in cash | (467,199 | ) | 828,737 | |||||
Cash, beginning of the period | 769,595 | 25,000 | ||||||
Cash, end of the period | $ | 302,396 | $ | 853,737 | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Deferred underwriters’ discount payable charged to additional paid-in capital | $ | — | $ | 10,062,500 | ||||
Initial classification of warrant liability | $ | — | $ | 18,901,875 | ||||
Initial classification of common stock subject to possible redemption | $ | — | $ | 287,500,000 | ||||
Accretion of Class A common stock subject to possible redemption to redemption value | $ | 1,185,382 | $ | 24,019 |
Class A Common stock | Class B Common stock | Class L Common stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholder’s Deficit | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | 0 | $ | 0 | 3,194,444 | $ | 319 | 9,126,984 | $ | 913 | $ | 0 | $ | (23,679,738 | ) | $ | (23,678,506 | ) | |||||||||||||||||||
Net income | — | 0 | — | 0 | — | 0 | 0 | 5,351,978 | 5,351,978 | |||||||||||||||||||||||||||
Balance as of March 31, 2022 (unaudited) | 0 | $ | 0 | 3,194,444 | $ | 319 | 9,126,984 | $ | 913 | $ | 0 | $ | (18,327,760 | ) | $ | (18,326,528 | ) |
Class A Common stock | Class B Common stock | Class L Common stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholder’s Equity (Deficit) | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance as of January 1, 2021 | 0 | $ | 0 | 3,194,444 | $ | 319 | 9,126,984 | $ | 913 | $ | 23,768 | $ | (8,134 | ) | $ | 16,866 | ||||||||||||||||||||
Remeasurement of Class A common stock subject to possible redemption | — | 0 | — | 0 | — | 0 | (23,768 | ) | (26,604,441 | ) | (26,628,209 | ) | ||||||||||||||||||||||||
Net income | — | 0 | — | 0 | — | 0 | 0 | 1,850,115 | 1,850,115 | |||||||||||||||||||||||||||
Balance as of March 31, 2021 (unaudited) | 0 | $ | 0 | 3,194,444 | $ | 319 | 9,126,984 | $ | 913 | $ | 0 | $ | (24,762,460 | ) | $ | (24,761,228 | ) |
For the three months ended March 31, | For the three months ended March 31, | |||||||
2022 | 2021 | |||||||
Cash flows from Operating Activities: | ||||||||
Net income | $ | 5,351,978 | $ | 1,850,115 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Interest earned on cash and marketable securities held in Trust Account | (59,000 | ) | 0 | |||||
Offering costs allocated to warrants | 0 | 621,678 | ||||||
Fair value of private warrants in excess of proceeds received | 0 | 155,000 | ||||||
Change in fair value of warrant liability | (5,682,916 | ) | (2,717,916 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 33,344 | (586,663 | ) | |||||
Other non-current assets | 39,850 | 0 | ||||||
Accrued offering costs and expenses | 68,392 | 46,765 | ||||||
Net cash used in operating activities | (248,352 | ) | (631,021 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash in Trust Account | 0 | (287,500,000 | ) | |||||
Net cash used in investing activities | 0 | (287,500,000 | ) | |||||
Cash flows from Financing Activities: | ||||||||
Proceeds from sale of Units, net of underwriting discount | 0 | 281,750,000 | ||||||
Proceeds from issuance of Private Placement Warrants | 0 | 7,750,000 | ||||||
Proceeds from promissory note – related party | 0 | 115,492 | ||||||
Repayment of promissory note – related party | 0 | (115,492 | ) | |||||
Payment of offering costs | 0 | (408,062 | ) | |||||
Net cash provided by financing activities | 0 | 289,091,938 | ||||||
Net change in cash | (248,352 | ) | 960,917 | |||||
Cash, beginning of the period | 769,595 | 25,000 | ||||||
Cash, end of the period | $ | 521,243 | $ | 985,917 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Deferred underwriters’ discount payable charged to additional paid-in capital | $ | 0 | $ | 10,062,500 | ||||
Initial classification of warrant liability | $ | 0 | $ | 18,901,875 | ||||
Initial classification of common stock subject to possible redemption | $ | 0 | $ | 287,500,000 |
Gross Proceeds from Initial Public Offering | $ | 287,500,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (10,996,875 | ) | ||
Issuance costs related to Class A ordinary shares | (16,253,262 | ) | ||
Plus: | ||||
Issuance costs allocated to warrants | 621,678 | |||
Remeasurement of Class A common stock to redemption value | 26,628,459 | |||
Class A common stock subject to possible redemption, December 31, 2021 | 287,500,000 | |||
Plus: | ||||
Accretion of Class A common stock to redemption value | 1,185,382 | |||
Class A common stock subject to possible redemption, September 30, 2022 | $ | 288,685,382 |
For the three months ended March 31, 2022 | For the three months ended March 31, 2021 | |||||||
Redeemable Class A Common Stock | ||||||||
Numerator: Net income allocable to Class A Common Stock | $ | 3,746,385 | $ | 942,783 | ||||
Denominator: Basic and diluted weighted average shares outstanding, Class A common stock | 28,750,000 | 11,819,444 | ||||||
Basic and diluted net income per share of common stock | $ | 0.13 | $ | 0.08 | ||||
Non-Redeemable Class B Common Stock | ||||||||
Numerator: Net income allocable to Non-Redeemable Stock | $ | 416,265 | $ | 235,234 | ||||
Denominator: Weighted Average Non-Redeemable stock | ||||||||
Basic and diluted weighted average shares outstanding | 3,194,444 | 2,949,073 | ||||||
Basic and diluted net income per share of common stock | $ | 0.13 | $ | 0.08 | ||||
Non-Redeemable Class L Common Stock | ||||||||
Numerator: Net income allocable to Non-Redeemable Stock | $ | 1,189,328 | $ | 672,098 | ||||
Denominator: Weighted Average Non-Redeemable stock | ||||||||
Basic and diluted weighted average shares outstanding | 9,126,984 | 8,425,926 | ||||||
Basic and diluted net income per share of common stock | $ | 0.13 | $ | 0.08 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Redeemable Class A Common Stock | ||||||||||||||||
Numerator: Net income allocable to Class A Common Stock | $ | 1,482,316 | $ | 2,749,191 | $ | 9,839,398 | $ | 3,087,657 | ||||||||
Denominator: Basic and diluted weighted average shares outstanding, Class A common stock | 28,750,000 | 28,750,000 | 28,750,000 | 23,168,498 | ||||||||||||
Basic and diluted net income per share of common stock | $ | 0.05 | $ | 0.10 | $ | 0.34 | $ | 0.13 | ||||||||
Non-Redeemable Class B Common Stock | ||||||||||||||||
Numerator: Net income allocable to Non-Redeemable Stock | $ | 164,702 | $ | 305,466 | $ | 1,093,266 | $ | 414,942 | ||||||||
Denominator: Weighted Average Non-Redeemable stock | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 3,194,444 | 3,194,444 | 3,194,444 | 3,113,553 | ||||||||||||
Basic and diluted net income per share of common stock | $ | 0.05 | $ | 0.10 | $ | 0.34 | $ | 0.13 | ||||||||
Non-Redeemable Class L Common Stock | ||||||||||||||||
Numerator: Net income allocable to Non-Redeemable Stock | $ | 470,576 | $ | 872,759 | $ | 3,123,618 | $ | 1,185,549 | ||||||||
Denominator: Weighted Average Non-Redeemable stock | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 9,126,984 | 9,126,984 | 9,126,984 | 8,895,866 | ||||||||||||
Basic and diluted net income per share of common stock | $ | 0.05 | $ | 0.10 | $ | 0.34 | $ | 0.13 |
● | 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”); and |
● | if, and only if, the last reported sale price of the Class A common stock for any 20 trading days within a 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders (which we refer to as the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A common stock and equity-linked securities). |
● | 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 by reference to the “fair market value” of the Class A common stock (as defined below in the immediately following paragraph) except as otherwise described below; |
● | if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A common stock and equity-linked securities); and |
● | if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A common stock and equity-linked securities), 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 — | 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. |
March 31, 2022 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | September 30, 2022 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Public Warrant Liability | $ | 5,103,125 | $ | 5,103,125 | $ | 0 | $ | 0 | $ | 431,250 | $ | 431,250 | $ | — | $ | — | ||||||||||||||||
Private Placement Warrant Liability | 3,668,333 | 0 | 3,668,333 | 0 | 310,000 | — | 310,000 | — | ||||||||||||||||||||||||
Total | $ | 8,771,458 | $ | 5,103,125 | $ | 3,668,333 | $ | 0 | $ | 741,250 | $ | 431,250 | $ | 310,000 | $ | — |
December 31, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | December 31, 2021 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Public Warrant Liability | $ | 8,409,374 | $ | 8,409,374 | $ | 0 | $ | 0 | $ | 8,409,374 | $ | 8,409,374 | $ | — | $ | — | ||||||||||||||||
Private Placement Warrant Liability | 6,045,000 | 0 | 6,045,000 | 0 | 6,045,000 | — | 6,045,000 | — | ||||||||||||||||||||||||
Total | $ | 14,454,374 | $ | 8,409,374 | $ | 6,045,000 | $ | 0 | $ | 14,454,374 | $ | 8,409,374 | $ | 6,045,000 | $ | — |
Level 3 Warrant Liabilities | ||||
Fair Value as of December 31, 2020 | $ | 0 | ||
Initial measurement on February 23, 2021 | 18,901,875 | |||
Change in valuation as of March 31, 2021 | (2,717,916 | ) | ||
Fair Value as of March 31, 2021 | $ | 16,183,959 |
Level 3 Warrant Liabilities | ||||
Fair Value as of December 31, 2020 | $ | — | ||
Initial measurement on February 23, 2021 | 18,901,875 | |||
Change in valuation as of March 31, 2021 | (2,717,916 | ) | ||
Fair Value as of March 31, 2021 | 16,183,959 | |||
Change in valuation as of June 30, 2021 | 864,791 | |||
Transfer of Public Warrants to Level 1 | (9,918,750 | ) | ||
Transfer of Private Warrants to Level 2 | (7,130,000 | ) | ||
Fair Value as of June 30, 2021 | $ | — |
Carrying Value as of March 31, 2022 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value as of March 31, 2022 | |||||||||||||
U.S. Treasury Securities | $ | 287,607,933 | $ | 0 | $ | (4,359 | ) | $ | 287,603,574 | |||||||
$ | 287,607,933 | $ | 0 | $ | (4,359 | ) | $ | 287,603,574 |
Carrying Value as of September 30, 2022 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value as of September 30, 2022 | |||||||||||||
U.S. Treasury Securities | $ | 289,010,813 | $ | — | $ | (8,889 | ) | $ | 289,001,924 | |||||||
$ | 289,010,813 | $ | — | $ | (8,889 | ) | $ | 289,001,924 |
Carrying Value as of December 31, 2021 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value as of December 31, 2021 | |||||||||||||
U.S. Treasury Securities | $ | 287,548,366 | $ | 2,435 | $ | 0 | $ | 287,550,801 | ||||||||
$ | 287,548,366 | $ | 2,435 | $ | 0 | $ | 287,550,801 |
Carrying Value as of December 31, 2021 | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value as of December 31, 2021 | |||||||||||||
U.S. Treasury Securities | $ | 287,548,366 | $ | 2,435 | $ | — | $ | 287,550,801 | ||||||||
$ | 287,548,366 | $ | 2,435 | $ | — | $ | 287,550,801 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. | Defaults |
Item 4. | Mine Safety Disclosures. |
Item 5. | Other Information. |
Item 6. | Exhibits. |
Exhibit Number | Description | |
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certification of Chief Executive Officer (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 Chief Financial Officer (Principal Financial and Accounting 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 Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Figure Acquisition Corp. I | |||
By: | /s/ Thomas J. Milani | ||
Name: | Thomas J. Milani | ||
Dated: | Title: | Chief Financial Officer |