☒ | 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 | 86-2016556 | |
(State or other jurisdiction of incorporation or organization) | ( |
3282 Northside Pkwy Suite 275 Atlanta, Georgia (Address Of Principal Executive Offices) | 30327 (Zip Code) |
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 per share, and one-half of one redeemable warrant | HMA.U | The New York Stock Exchange |
Class A common stock, par value $0.0001 per share | HMA | The New York Stock Exchange |
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | HMA.WS | 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. | 1 | |
1 | ||
2 | ||
3 | ||
5 | ||
6 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Item 1. | Financial Statements |
September 30, 2022 | December 31, 2021 | March 31, | December 31, | |||||||||||||
(Unaudited) | (Audited) | 2023 | 2022 | |||||||||||||
Assets | ||||||||||||||||
Cash | $ | 533,981 | $ | 25,722 | $ | 68,477 | $ | 234,169 | ||||||||
Prepaid expenses | 362,739 | 26,800 | 337,854 | 340,119 | ||||||||||||
Total current assets | 896,720 | 52,522 | 406,331 | 574,288 | ||||||||||||
Prepaid insurance, long-term | 105,104 | — | — | 20,604 | ||||||||||||
Deferred offering costs | — | 719,111 | ||||||||||||||
Marketable securities held in Trust Account | 198,456,935 | — | 202,047,211 | 200,125,818 | ||||||||||||
Total Assets | $ | 199,458,759 | $ | 771,633 | $ | 202,453,542 | $ | 200,720,710 | ||||||||
Liabilities Commitments and Contingencies, and Stockholders’ (Deficit) Equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accrued offering costs and expenses | $ | 308,484 | $ | 674,229 | ||||||||||||
Promissory note – related party | — | 86,414 | ||||||||||||||
Liabilities Commitments and Contingencies, and Stockholders’ Deficit | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accounts payable and accrued expenses | $ | 476,496 | $ | 297,990 | ||||||||||||
Income taxes payable | 212,495 | — | 987,650 | 418,334 | ||||||||||||
Total current liabilities | 520,979 | 760,643 | 1,464,146 | 716,324 | ||||||||||||
Warrant liability | 2,231,304 | — | 1,825,613 | 811,384 | ||||||||||||
Deferred tax liability | — | 134,127 | ||||||||||||||
Deferred underwriting fee payable | 6,736,426 | — | 6,736,426 | 6,736,426 | ||||||||||||
Total liabilities | 9,488,709 | 760,643 | ||||||||||||||
Total Liabilities | 10,026,185 | 8,398,261 | ||||||||||||||
Commitments and Contingencies (Note 6) | | |||||||||||||||
Temporary Equity | ||||||||||||||||
Class A common stock subject to possible redemptions, $0.0001 par value, 19,246,931 and no shares at redemption value of $10.29 at September 30, 2022 and December 31, 2021, respectively | 198,076,068 | — | ||||||||||||||
Class A common stock subject to possible redemptions, $0.0001 par value, 19,246,931 at redemption value of $10.44 and $10.36 at March 31, 2023 and December 31, 2022, respectively | 200,996,689 | 199,359,550 | ||||||||||||||
Stockholders’ (Deficit) Equity | — | |||||||||||||||
Stockholders’ Deficit | ||||||||||||||||
Preferred stock, $0.0001 par value, 2,500,000 shares authorized; no shares issued or outstanding | — | — | — | — | ||||||||||||
Class A common stock, $0.0001 par value; 250,000,000 shares authorized; none issued and outstanding (excluding 19,246,931 and no shares subject to possible redemption) at September 30, 2022 and December 31, 2021, respectively | — | — | ||||||||||||||
Class B common stock, $0.0001 par value; 25,000,000 shares authorized; 4,811,732 and 5,031,250 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 481 | 503 | ||||||||||||||
Class A common stock, $0.0001 par value; 250,000,000 shares authorized; none issued and outstanding (excluding 19,246,931 shares subject to possible redemption) at March 31, 2023 and December 31, 2022 | — | — | ||||||||||||||
Class B common stock, $0.0001 par value; 25,000,000 shares authorized; 4,811,732 shares issued and outstanding at March 31, 2023 and December 31, 2022 | 481 | 481 | ||||||||||||||
Additional paid-in capital | 126,789 | 24,497 | 126,789 | 126,789 | ||||||||||||
Accumulated deficit | (8,233,288 | ) | (14,010 | ) | (8,696,602 | ) | (7,164,371 | ) | ||||||||
Total stockholders' (deficit) equity | (8,106,018 | ) | 10,990 | |||||||||||||
Total Liabilities, Commitments and Contingencies, and Stockholders’ (Deficit) Equity | $ | 199,458,759 | $ | 771,633 | ||||||||||||
Total Stockholders’ Deficit | (8,569,332 | ) | (7,037,101 | ) | ||||||||||||
Total Liabilities, Commitments and Contingencies, and Stockholders’ Deficit | $ | 202,453,542 | $ | 200,720,710 |
For the Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Formation costs, operating costs, and general and administrative costs | $ | 568,002 | $ | 474,354 | ||||
Loss from Operations | (568,002 | ) | (474,354 | ) | ||||
Other income (expense): | ||||||||
Warrant issuance costs | — | (788,506 | ) | |||||
Change in fair value of warrant liability | (1,014,229 | ) | 7,918,351 | |||||
Change in fair value of over-allotment option liability | — | 99,343 | ||||||
Interest earned on marketable securities held in Trust Account | 2,122,328 | 18,008 | ||||||
Total other income, net | 1,108,099 | 7,247,196 | ||||||
Income before provision for income taxes | 540,097 | 6,772,842 | ||||||
Provision for income taxes | (435,189 | ) | — | |||||
Net income | $ | 104,908 | $ | 6,772,842 | ||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to redemption | 19,246,931 | 13,939,723 | ||||||
Basic and diluted net income per Class A common stock subject to redemption | $ | 0.00 | $ | 0.36 | ||||
Basic weighted average shares outstanding, Class B common stock(1) | 4,811,732 | 4,651,597 | ||||||
Basic and diluted net income per Class B common stock | $ | 0.00 | $ | 0.36 |
For the three months ended September 30, | For the period from February 10, 2021 (inception) to September 30, 2021 | |||||||||||||||
2022 | 2021 | For the nine months ended September 30, 2022 | ||||||||||||||
Formation costs, operating costs, and general and administrative costs | $ | 77,934 | $ | 104 | $ | 907,318 | $ | 1,034 | ||||||||
Loss from Operations | (77,934 | ) | (104 | ) | (907,318 | ) | (1,034 | ) | ||||||||
Other income: | ||||||||||||||||
Warrant issuance costs | — | — | (788,506 | ) | — | |||||||||||
Change in fair value of warrant liability | 754,032 | — | 8,956,805 | — | ||||||||||||
Change in fair value of over-allotment option liability | — | — | 99,343 | — | ||||||||||||
Interest earned on marketable securities held in Trust Account | 896,394 | — | 1,175,892 | — | ||||||||||||
Total other income, net | 1,650,426 | — | 9,443,534 | — | ||||||||||||
Income (loss) before provision for income taxes | 1,572,492 | (104 | ) | 8,536,216 | (1,034 | ) | ||||||||||
Provision for income taxes | (175,623 | ) | — | (212,495 | ) | — | ||||||||||
Net income (loss) | $ | 1,396,869 | $ | (104 | ) | $ | 8,323,721 | $ | (1,034 | ) | ||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to redemption | 19,246,931 | — | 17,497,302 | — | ||||||||||||
Basic and diluted net income (loss) per Class A common stock subject to redemption | $ | 0.06 | $ | — | $ | 0.37 | $ | — | ||||||||
Basic weighted average shares outstanding, Class B common stock(1) | 4,811,732 | 4,375,000 | 4,758,940 | 4,375,000 | ||||||||||||
Basic net income (loss) per Class B common stock | $ | 0.06 | $ | (0.00 | ) | $ | 0.37 | $ | (0.00 | ) | ||||||
Diluted weighted average shares outstanding, Class B common stock(1) | 4,811,732 | 4,375,000 | 4,811,732 | 4,375,000 | ||||||||||||
Diluted net income (loss) per Class B common stock | $ | 0.06 | $ | (0.00 | ) | $ | 0.37 | $ | (0.00 | ) |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of January 1, 2022 | — | $ | — | 5,031,250 | $ | 503 | $ | 24,497 | $ | (14,010 | ) | $ | 10,990 | |||||||||||||||
Sale of 17,500,000 units through public offering | 17,500,000 | 1,750 | — | — | 174,998,250 | — | 175,000,000 | |||||||||||||||||||||
Sale of 1,746,931 units through public offering-OA | 1,746,931 | 175 | — | — | 17,469,135 | — | 17,469,310 | |||||||||||||||||||||
Sale of 9,875,000 Private Placement Warrants | — | — | — | — | 9,875,000 | — | 9,875,000 | |||||||||||||||||||||
Sale of 786,119 Private Placement Warrants-OA | — | — | — | — | 786,119 | — | 786,119 | |||||||||||||||||||||
Underwriters’ discount | — | — | — | — | (3,500,000 | ) | — | (3,500,000 | ) | |||||||||||||||||||
Underwriters’ discount-OA | — | — | — | — | (349,386 | ) | — | (349,386 | ) | |||||||||||||||||||
Offering expenses reimbursed by underwriter | — | — | — | — | 437,500 | — | 437,500 | |||||||||||||||||||||
Offering expenses reimbursed by underwriter - OA | — | — | — | — | 43,673 | — | 43,673 | |||||||||||||||||||||
Deferred underwriter Discount | — | — | — | — | (6,125,000 | ) | — | (6,125,000 | ) | |||||||||||||||||||
Deferred underwriter Discount-OA | — | — | — | — | (611,426 | ) | — | (611,426 | ) | |||||||||||||||||||
Offering costs closed to APIC | — | — | — | — | (1,570,209 | ) | — | (1,570,209 | ) | |||||||||||||||||||
Warrant issuance costs | — | — | — | — | 788,506 | — | 788,506 | |||||||||||||||||||||
Incentives to bankers to participate in private placement | — | — | — | — | 805,493 | — | 805,493 | |||||||||||||||||||||
Warrant liability recognition | — | — | — | — | (11,188,109 | ) | — | (11,188,109 | ) | |||||||||||||||||||
Initial classification of over-allotment liability | — | — | — | — | (226,132 | ) | — | (226,132 | ) | |||||||||||||||||||
Forfeiture of 219,518 shares of Class B common stock | — | — | (219,518 | ) | (22 | ) | 22 | — | — | |||||||||||||||||||
Remeasurement for Class A common stock to redemption value | (19,246,931 | ) | (1,925 | ) | — | — | (181,531,144 | ) | (15,747,974 | ) | (197,281,043 | ) | ||||||||||||||||
Net income | — | — | — | — | — | 6,772,842 | 6,772,842 | |||||||||||||||||||||
Balance as of March 31, 2022 | — | $ | — | 4,811,732 | $ | 481 | $ | 126,789 | $ | (8,989,142 | ) | $ | (8,861,872 | ) | ||||||||||||||
Remeasurement for Class A common stock to redemption value | — | — | — | — | — | (129,754 | ) | (129,754 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 154,010 | 154,010 | |||||||||||||||||||||
Balance as of June 30, 2022 | — | $ | — | 4,811,732 | $ | 481 | $ | 126,789 | $ | (8,964,886 | ) | $ | (8,837,616 | ) | ||||||||||||||
Remeasurement for Class A common stock to redemption value | — | — | — | — | — | (665,271 | ) | (665,271 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 1,396,869 | 1,396,869 | |||||||||||||||||||||
Balance as of September 30, 2022 | — | $ | — | | 4,811,732 | $ | 481 | $ | 126,789 | $ | (8,233,288 | ) | $ | (8,106,018 | ) |
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance as of January 1, 2023 | — | $ | — | 4,811,732 | $ | 481 | $ | 126,789 | $ | (7,164,371 | ) | $ | (7,037,101 | ) | ||||||||||||||
Remeasurement for Class A common stock to redemption value | — | — | — | — | — | (1,637,139 | ) | (1,637,139 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 104,908 | 104,908 | |||||||||||||||||||||
Balance as of March 31, 2023 | — | $ | — | 4,811,732 | $ | 481 | $ | 126,789 | $ | (8,696,602 | ) | $ | (8,569,332 | ) |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Stockholders’ Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance as of February 10, 2021 (inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Class B common stock issued to Sponsor | — | — | 5,031,250 | $ | 503 | $ | 24,497 | — | 25,000 | |||||||||||||||||||
Net loss | — | — | — | — | — | (860 | ) | (860 | ) | |||||||||||||||||||
Balance as of March 31, 2021 | — | $ | — | 5,031,250 | $ | 503 | $ | 24,497 | $ | (860 | ) | $ | 24,140 | |||||||||||||||
Net loss | — | — | — | — | — | (70 | ) | (70 | ) | |||||||||||||||||||
Balance as of June 30, 2021 | — | $ | — | 5,031,250 | $ | 503 | $ | 24,497 | $ | (930 | ) | $ | 24,070 | |||||||||||||||
Net loss | — | — | — | — | — | (104 | ) | (104 | ) | |||||||||||||||||||
Balance as of September 30, 2021 | — | $ | — | 5,031,250 | $ | 503 | $ | 24,497 | $ | (1,034 | ) | $ | 23,966 |
For the nine months ended September 30, 2022 | For the period from February 10, 2021 (inception) through September 30, 2021 | |||||||
Cash flows from Operating Activities: | ||||||||
Net income (loss) | $ | 8,323,721 | $ | (1,034 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned on marketable securities held in Trust Account | (1,175,892 | ) | — | |||||
Change in fair value of warrant liability | (8,956,805 | ) | — | |||||
Change in over-allotment option liability | (99,343 | ) | — | |||||
Warrant issuance costs | 788,506 | — | ||||||
Changes in current assets and current liabilities: | ||||||||
Prepaid expenses | (441,043 | ) | — | |||||
Accrued offering costs and expenses | (329,810 | ) | 860 | |||||
Income taxes payable | 212,495 | — | ||||||
Net cash used in operating activities | (1,678,171 | ) | (174 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash in Trust Account | (197,281,043 | ) | — | |||||
Net cash used in investing activities | (197,281,043 | ) | — | |||||
Cash flows from Financing Activities: | ||||||||
Proceeds from issuance of Founder Shares | — | 25,000 | ||||||
Proceeds from promissory note – related party | — | 1,000 | ||||||
Proceeds from sale of Units, net of underwriting discounts paid | 171,500,000 | — | ||||||
Proceeds from the partial exercise of over-allotment option, net of underwriting discounts paid | 17,906,043 | — | ||||||
Proceeds from the sale of Private Placement Warrants | 9,875,000 | — | ||||||
Proceeds from reimbursement by underwriters of offering costs | 481,174 | — | ||||||
Receipt of overpayment from related party | 16,055 | |||||||
Payment of promissory note – related party | (142,124 | ) | — | |||||
Payment of deferred offering costs | (168,675 | ) | — | |||||
Net cash provided by financing activities | 199,467,473 | 26,000 | ||||||
Net change in cash | 508,259 | 25,826 | ||||||
Cash, beginning of the period | 25,722 | — | ||||||
Cash, end of the period | $ | 533,981 | $ | 25,826 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Deferred offering cost included in accrued offering costs | $ | — | $ | 273,380 | ||||
Initial value of Class A common stock subject to possible redemption | $ | 197,281,043 | $ | — | ||||
Remeasurement for Class A common stock to redemption amount | $ | 795,025 | $ | — | ||||
Payment of offering costs made by sponsor | $ | 39,655 | $ | — | ||||
Deferred underwriting fee payable | $ | 6,736,426 | $ | — | ||||
Deferred offering cost charged to Additional paid-in capital | $ | 867,336 | $ | — |
Class A Common Stock | Class B Common Stock | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||
Balance as of January 1, 2022 | — | $ | — | 5,031,250 | $ | 503 | $ | 24,497 | $ | (14,010 | ) | $ | 10,990 | |||||||||||||||
Sale of 17,500,000 units through public offering | 17,500,000 | 1,750 | — | — | 174,998,250 | — | 175,000,000 | |||||||||||||||||||||
Sale of 1,746,931 units through public offering-OA | 1,746,931 | 175 | — | — | 17,469,135 | — | 17,469,310 | |||||||||||||||||||||
Sale of 9,875,000 Private Placement Warrants | — | — | — | — | 9,875,000 | — | 9,875,000 | |||||||||||||||||||||
Sale of 786,119 Private Placement Warrants-OA | — | — | — | — | 786,119 | — | 786,119 | |||||||||||||||||||||
Underwriters’ discount | — | — | — | — | (3,500,000 | ) | — | (3,500,000 | ) | |||||||||||||||||||
Underwriters’ discount-OA | — | — | — | — | (349,386 | ) | — | (349,386 | ) | |||||||||||||||||||
Offering expenses reimbursed by underwriter | — | — | — | — | 437,500 | — | 437,500 | |||||||||||||||||||||
Offering expenses reimbursed by underwriter - OA | — | — | — | — | 43,673 | — | 43,673 | |||||||||||||||||||||
Deferred underwriter Discount | — | — | — | — | (6,125,000 | ) | — | (6,125,000 | ) | |||||||||||||||||||
Deferred underwriter Discount-OA | — | — | — | — | (611,426 | ) | — | (611,426 | ) | |||||||||||||||||||
Offering costs closed to APIC | — | — | — | — | (1,570,209 | ) | — | (1,570,209 | ) | |||||||||||||||||||
Warrant issuance costs | — | — | — | — | 788,506 | — | 788,506 | |||||||||||||||||||||
Incentives to bankers to participate in private placement | — | — | — | — | 805,493 | — | 805,493 | |||||||||||||||||||||
Warrant liability recognition | — | — | — | — | (11,188,109 | ) | — | (11,188,109 | ) | |||||||||||||||||||
Initial classification of over-allotment liability | — | — | — | — | (226,132 | ) | — | (226,132 | ) | |||||||||||||||||||
Forfeiture of 219,518 shares of Class B common stock | — | — | (219,518 | ) | (22 | ) | 22 | — | — | |||||||||||||||||||
Remeasurement for Class A common stock to redemption value | (19,246,931 | ) | (1,925 | ) | — | — | (181,531,144 | ) | (15,747,974 | ) | (197,281,043 | ) | ||||||||||||||||
Net income | — | — | — | — | — | 6,772,842 | 6,772,842 | |||||||||||||||||||||
Balance as of March 31, 2022 | — | $ | — | 4,811,732 | $ | 481 | $ | 126,789 | $ | (8,989,142 | ) | $ | (8,861,872 | ) |
For the Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Cash flows from Operating Activities: | ||||||||
Net income | $ | 104,908 | $ | 6,772,842 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Interest earned on marketable securities held in Trust Account | (2,122,328 | ) | (18,008 | ) | ||||
Deferred tax benefit | (134,127 | ) | — | |||||
Change in fair value of warrant liability | 1,014,229 | (7,918,351 | ) | |||||
Change in over-allotment option liability | — | (99,343 | ) | |||||
Warrant issuance costs | — | 788,506 | ||||||
Changes in current assets and current liabilities: | ||||||||
Prepaid expenses | 22,869 | (600,934 | ) | |||||
Accounts payable and accrued expenses | 178,506 | (367,131 | ) | |||||
Income taxes payable | 569,316 | — | ||||||
Due to related party | — | 20,000 | ||||||
Net cash used in operating activities | (366,627 | ) | (1,422,419 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash in Trust Account | — | (197,281,043 | ) | |||||
Cash withdrawn from Trust Account to pay franchise and income taxes | 200,935 | — | ||||||
Net cash provided by (used in) investing activities | 200,935 | (197,281,043 | ) | |||||
Cash flows from Financing Activities: | ||||||||
Proceeds from sale of Units, net of underwriting discounts paid | — | 171,500,000 | ||||||
Proceeds from the partial exercise of over-allotment option, net of underwriting discounts paid | — | 17,906,043 | ||||||
Proceeds from the sale of Private Placement Warrants | — | 9,875,000 | ||||||
Proceeds from reimbursement by underwriters of offering costs | — | 481,173 | ||||||
Payment of promissory note – related party | — | (142,124 | ) | |||||
Payment of deferred offering costs | — | (148,225 | ) | |||||
Net cash provided by financing activities | — | 199,471,867 | ||||||
Net change in cash | (165,692 | ) | 768,405 | |||||
Cash, beginning of the period | 234,169 | 25,722 | ||||||
Cash, end of the period | $ | 68,477 | $ | 794,127 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Deferred offering cost included in accrued offering costs | $ | — | $ | 5,000 | ||||
Initial value of Class A common stock subject to possible redemption, including accretion of carrying value to redemption value of $20,960,700 | $ | — | $ | 197,281,043 | ||||
Remeasurement for Class A common stock to redemption amount | $ | 1,637,139 | $ | 20,822,946 | ||||
Deferred underwriting fee payable | $ | — | $ | 6,736,426 | ||||
Deferred offering cost charged to Additional paid-in capital | $ | — | $ | 434,836 |
Gross proceeds | $ | 192,469,310 | $ | 192,469,310 | ||||
Less: Proceeds allocated to liability classified warrants and over-allotment | (5,514,364 | ) | (5,514,364 | ) | ||||
Less: Class A common stock issuance costs | (10,634,603 | ) | (10,634,603 | ) | ||||
Add: Accretion of carrying value to redemption value | 20,960,700 | |||||||
Add: Remeasurement of carrying value to redemption value | 20,960,700 | 2,078,507 | ||||||
Class A common stock subject to possible redemption, 12/31/21 | $ | 197,281,043 | ||||||
Class A common stock subject to possible redemption, 12/31/22 | $ | 199,359,550 | ||||||
Add: Remeasurement of carrying value to redemption value | 795,025 | 1,637,139 | ||||||
Class A common stock subject to possible redemption, 09/30/22 | $ | 198,076,068 | ||||||
Class A common stock subject to possible redemption, 03/31/23 | $ | 200,996,689 |
Class A Common Stock | ||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | For The Period From February 10, 2021 (inception) Through | |||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||||
Basic and diluted net income per common stock: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income, as adjusted | $ | 1,117,495 | $ | 6,543,902 | $ | — | $ | — | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted-average shares outstanding | 19,246,931 | 17,497,302 | — | — | ||||||||||||
Basic and diluted net income per common stock | $ | 0.06 | $ | 0.37 | $ | — | $ | — |
Class B Common Stock | ||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | For The Period From February 10, 2021 (inception) Through | |||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||||
Basic net income (loss) per common stock: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 279,374 | $ | 1,779,819 | $ | (104 | ) | $ | (1,034 | ) | ||||||
Denominator: | ||||||||||||||||
Basic weighted-average shares outstanding | 4,811,732 | 4,758,940 | 4,375,000 | 4,375,000 | ||||||||||||
Diluted net income (loss) per common stock | $ | 0.06 | $ | 0.37 | $ | (0.00 | ) | $ | (0.00 | ) | ||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 279,374 | $ | 1,795,305 | $ | (104 | ) | $ | (1,034 | ) | ||||||
Denominator: | ||||||||||||||||
Diluted weighted-average shares outstanding | 4,811,732 | 4,811,732 | 4,375,000 | 4,375,000 | ||||||||||||
Diluted net income (loss) per common stock | $ | 0.06 | $ | 0.37 | $ | (0.00 | ) | $ | (0.00 | ) |
For the Three Months Ended March 31, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per common stock | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income, as adjusted | $ | 83,926 | $ | 20,982 | $ | 5,078,259 | $ | 1,694,583 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 19,246,931 | 4,811,732 | 13,939,723 | 4,651,597 | ||||||||||||
Basic and diluted net income per common stock | $ | 0.00 | $ | 0.00 | $ | 0.36 | $ | 0.36 |
September 30, 2022 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | March 31, 2023 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Marketable securities held in Trust Account | $ | 198,456,935 | $ | 198,456,935 | $ | — | $ | — | $ | 202,047,211 | $ | 202,047,211 | $ | — | $ | — | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Warrant liability – Private Placement Warrants | $ | 1,172,723 | $ | — | $ | 1,172,723 | $ | — | $ | 959,501 | $ | — | $ | 959,501 | $ | — | ||||||||||||||||
Warrant liability – Public Warrants | 1,058,581 | 1,058,581 | — | — | 866,112 | 866,112 | — | — | ||||||||||||||||||||||||
$ | 2,231,304 | $ | 1,058,581 | $ | 1,172,723 | $ | — | $ | 1,825,613 | $ | 866,112 | $ | 959,501 | $ | — |
December 31, 2022 | Quoted Prices In Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Marketable securities held in Trust Account | $ | 200,125,818 | $ | 200,125,818 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Warrant liability – Private Placement Warrants | $ | 426,445 | $ | — | $ | 426,445 | $ | — | ||||||||
Warrant liability – Public Warrants | 384,939 | 384,939 | — | — | ||||||||||||
$ | 811,384 | $ | 384,939 | $ | 426,445 | $ | — |
Initial Measurement | ||||||||
September 30, | January 25, | |||||||
Input: | 2022 | 2022 | ||||||
Risk-free interest rate | — | 1.65 | % | |||||
Term (in tears) | — | 6.01 | ||||||
Expected volatility | — | 9.50 | % | |||||
Exercise price | $ | — | $ | 11.50 | ||||
Stock price | $ | — | $ | 9.72 |
Private Placement | Public | Warrant Liabilities | ||||||||||
Fair value as of January 1, 2022 | $ | — | $ | — | $ | — | ||||||
Initial measurement on January 25, 2022 | 5,899,877 | 5,288,232 | 11,188,109 | |||||||||
Change in fair value | (4,727,154 | ) | (3,887,055 | ) | (8,614,209 | ) | ||||||
Transfer to Level 1 | — | (1,401,177 | ) | (1,401,177 | ) | |||||||
Transfer to Level 2 | (1,172,723 | ) | — | (1,172,723 | ) | |||||||
Fair value as of December 31, 2022 | $ | — | $ | — | $ | — |
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 1.A. | 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. |
Exhibit | ||
Number | Description | |
Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-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) and 15(d)-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* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104* | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document, which is contained in Exhibit 101). |
Dated: | HEARTLAND MEDIA ACQUISITION CORP. | |
By: | /s/ Robert S. Prather, Jr. | |
Name: | Robert S. Prather, Jr. | |
Title: | Chief Executive Officer |