☒ | 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 |
Cayman Islands | 001-40072 | 98-1568635 | ||
(State or other jurisdiction of | (Commission File Number) | (IRS Employer Identification No.) |
Ally Bridge Group, NY 430 Park Avenue, 12th Floor | 10022 | ||||
(Address Of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Class A Ordinary Shares, $0.0001 par value | ABGI | The Nasdaq Capital Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 1. | 19 | |||||
Item | ||||||
Item | ||||||
Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities | ||||||
19 | ||||||
Item | 19 | |||||
Item 4. | 19 | |||||
Item 5. | 20 | |||||
Item 6. | 20 | |||||
21 |
September 30, 2021 | December 31, 2020 | |||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 703,509 | $ | 58,175 | $ | 617,654 | $ | 58,175 | ||||||||
Prepaid expenses | 549,098 | 178 | 451,047 | 178 | ||||||||||||
Total current assets | 1,252,607 | 58,353 | 1,068,701 | 58,353 | ||||||||||||
Investments held in Trust Account | 150,652,448 | — | 150,654,723 | — | ||||||||||||
Deferred offering costs associated with the initial public offering | — | 243,825 | — | 243,825 | ||||||||||||
Total Assets | $ | 151,905,055 | $ | 302,178 | $ | 151,723,424 | $ | 302,178 | ||||||||
�� | ||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||
Liabilities, Class A Ordinary Shares Subject to Redemption and Shareholders’ Equity (Deficit) | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 42,461 | $ | — | $ | 39,468 | $ | — | ||||||||
Accrued expenses | 169,350 | 202,000 | 206,534 | 202,000 | ||||||||||||
Note payable - related party | — | 100,000 | — | 100,000 | ||||||||||||
Total current liabilities | 211,811 | 302,000 | 246,002 | 302,000 | ||||||||||||
Deferred underwriting commissions | 5,272,750 | — | 5,272,750 | — | ||||||||||||
Total liabilities | 5,484,561 | 302,000 | 5,518,752 | 302,000 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 14,142,049 and 0 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively | 141,420,490 | — | ||||||||||||||
Shareholders’ Equity | ||||||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 15,065,000 and -0- | 150,650,000 | — | ||||||||||||||
Shareholders’ Equity (Deficit) | ||||||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0ne issued and outstanding | 0— | — | 0 | — | ||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 1,424,251 and 0 shares issued and outstanding (excluding 14,142,049 and 0 shares subject to possible redemption) as of June 30, 2021 and December 31, 2020, respectively | 142 | — | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 3,766,250 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | 377 | 377 | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;501,300 and -0- | 50 | — | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 3,766,250 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 377 | 377 | ||||||||||||||
Additional paid-in capital | 5,401,305 | 24,623 | — | 24,623 | ||||||||||||
Accumulated deficit | (401,820 | ) | (24,822 | ) | (4,445,755 | ) | (24,822 | ) | ||||||||
Total shareholders’ equity | 5,000,004 | 178 | ||||||||||||||
Total shareholders’ equity (deficit) | (4,445,328 | ) | 178 | |||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 151,905,055 | $ | 302,178 | ||||||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) | $ | 151,723,424 | $ | 302,178 | ||||||||||||
For the Three Months | For the Six Months | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||
Ended June 30, 2021 | Ended June 30, 2021 | |||||||||||||||
General and administrative expenses | $ | 184,893 | $ | 329,446 | $ | 188,098 | $ | 517,544 | ||||||||
General and administrative expenses - related party | 30,000 | 50,000 | 30,000 | 80,000 | ||||||||||||
Loss from operations | (214,893 | ) | (379,446 | ) | (218,098 | ) | (597,544 | ) | ||||||||
Income from investments held in Trust Account | 2,275 | 2,448 | 2,275 | 4,723 | ||||||||||||
Net loss | $ | (212,618 | ) | $ | (376,998 | ) | $ | (215,823 | ) | $ | (592,821) | |||||
Basic and diluted weighted average shares outstanding of Class A redeemable ordinary shares | 15,065,000 | 15,065,000 | ||||||||||||||
Basic and diluted weighted average shares outstanding of Class A ordinary shares | 15,566,300 | 12,772,349 | ||||||||||||||
Basic and diluted net loss per ordinary share, Class A redeemable ordinary shares | $ | 0.00 | $ | 0.00 | ||||||||||||
Basic and diluted net loss per ordinary share, Class A ordinary shares | $ | (0.01 | ) | $ | (0.04 | ) | ||||||||||
Basic and diluted weighted average shares outstanding of Class A and Class B non-redeemable ordinary shares | 4,267,550 | 3,998,849 | ||||||||||||||
Basic and diluted weighted average shares outstanding of Class B ordinary shares | 3,766,250 | 3,678,077 | ||||||||||||||
�� | ||||||||||||||||
Basic and diluted net loss per ordinary share, Class A and Class B non-redeemable ordinary shares | $ | (0.05 | ) | $ | (0.09 | ) | ||||||||||
Basic and diluted net loss per ordinary share, Class B ordinary shares | $ | (0.01) | $ | (0.04) | ||||||||||||
Ordinary Shares | Additional Paid-in | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary Shares | Additional | Total | Class A | Class B | Accumulated | Shareholders’ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2020 | — | $ | — | 3,766,250 | $ | 377 | $ | 24,623 | $ | (24,822 | ) | $ | 178 | 0 | $ | 0 | 3,766,250 | $ | 377 | $ | 24,623 | $ | (24,822 | ) | $ | 178 | ||||||||||||||||||||||||||||||
Sale of Class A ordinary shares in initial public offering, gross | 15,065,000 | 1,507 | — | — | 150,648,493 | — | 150,650,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | — | — | — | — | (8,865,685 | ) | — | (8,865,685 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Sale of private placement shares to Sponsor in private placement | 501,300 | 50 | — | — | 5,012,950 | — | 5,013,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares subject to possible redemption | (14,163,311 | ) | (1,417 | ) | — | — | (141,631,694 | ) | — | (141,633,111 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Sale of shares to Sponsor in private placement | 501,300 | 50 | — | — | 5,012,950 | — | 5,013,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of Class A ordinary shares subject to redemption | — | — | — | — | (5,037,573 | ) | (3,828,112 | ) | (8,865,685 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (164,380 | ) | (164,380 | ) | — | — | — | — | — | (164,380 | ) | (164,380 | ) | ||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2021 (unaudited) | 1,402,989 | 140 | 3,766,250 | 377 | 5,188,687 | (189,202 | ) | 5,000,002 | 501,300 | 50 | 3,766,250 | 377 | 0 | (4,017,314 | ) | (4,016,887 | ) | |||||||||||||||||||||||||||||||||||||||
Shares subject to possible redemption | 21,262 | 2 | — | — | 212,618 | — | 212,620 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (212,618 | ) | (212,618 | ) | — | — | — | — | — | (212,618 | ) | (212,618 | ) | ||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2021 (unaudited) | 1,424,251 | $ | 142 | 3,766,250 | $ | 377 | $ | 5,401,305 | $ | (401,820 | ) | $ | 5,000,004 | 501,300 | $ | 50 | 3,766,250 | $ | 377 | $ | 0 | $ | (4,229,932 | ) | $ | (4,229,505 | ) | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (215,823 | ) | (215,823 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance - September 30, 2021 (unaudited) | 501,300 | $ | 50 | 3,766,250 | $ | 377 | $ | 0 | $ | (4,445,755 | ) | $ | (4,445,328 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (376,998 | ) | $ | (592,821 | ) | ||
Income from investments held in Trust Account | (2,448 | ) | (4,723 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | (548,920 | ) | (450,869 | ) | ||||
Accounts payable | 8,061 | 39,468 | ||||||
Accrued expenses | 99,350 | 136,535 | ||||||
Net cash used in operating activities | (820,955 | ) | (872,410 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | (150,650,000 | ) | (150,650,000 | ) | ||||
Net cash used in investing activities | (150,650,000 | ) | (150,650,000 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Payment of note payable to related party | (100,000 | ) | (100,000 | ) | ||||
Proceeds received from initial public offering, gross | 150,650,000 | 150,650,000 | ||||||
Proceeds received from private placement | 5,013,000 | 5,013,000 | ||||||
Offering costs paid | (3,446,711 | ) | (3,481,111 | ) | ||||
Net cash provided by financing activities | 152,116,289 | 152,081,889 | ||||||
Net change in cash | 645,334 | 559,479 | ||||||
Cash - beginning of the period | 58,175 | 58,175 | ||||||
Cash - end of the period | $ | 703,509 | $ | 617,654 | ||||
Supplemental disclosure of noncash financing activities: | ||||||||
Offering costs included in accounts payable | $ | 34,400 | ||||||
Offering costs included in accrued expenses | $ | 70,000 | $ | 70,000 | ||||
Reversal of offering costs included in accrued expenses in prior year | $ | 202,000 | $ | 202,000 | ||||
Deferred underwriting commissions | $ | 5,272,750 | $ | 5,272,750 | ||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 141,766,820 | ||||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (346,330 | ) |
As of March 31, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to possible redemption | $ | 141,633,111 | $ | 9,016,889 | $ | 150,650,000 | ||||||
Class A ordinary shares | $ | 140 | $ | (90 | ) | $ | 50 | |||||
Additional paid-in capital | $ | 5,188,687 | $ | (5,188,687 | ) | $ | — | |||||
Accumulated deficit | $ | (189,202 | ) | $ | (3,828,112 | ) | $ | (4,017,314 | ) | |||
Total shareholders’ equity (deficit) | $ | 5,000,002 | $ | (9,016,889 | ) | $ | (4,016,887 | ) | ||||
Shares of Class A ordinary shares subject to possible redemption | 14,163,311 | 901,689 | 15,065,000 | |||||||||
Shares of Class A non-redeemable ordinary shares | 1,402,989 | (901,689 | ) | 501,300 |
Three Months Ended March 31, 2021 (unaudited) | ||||||||||||
Supplemental Disclosure of Noncash Financing Activities: | As Reported | Adjustment | As Restated | |||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 141,766,820 | $ | (141,766,820 | ) | $ | 0 | |||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (133,709 | ) $ | 133,709 | $ | 0 |
As of June 30, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to possible redemption | $ | 141,420,490 | $ | 9,229,510 | $ | 150,650,000 | ||||||
Class A ordinary shares | $ | 142 | $ | (92 | ) | $ | 50 | |||||
Additional paid-in capital | $ | 5,401,305 | $ | (5,401,305 | ) | $ | 0 | |||||
Accumulated defici t | $ | (401,820 | ) | $ | (3,828,113 | ) | $ | (4,229,933 | ) | |||
Total shareholders’ equity (deficit) | $ | 5,000,004 | $ | (9,229,510 | ) | $ | (4,229,506 | ) | ||||
Shares of Class A ordinary shares subject to possible redemption | 14,142,049 | 922,951 | 15,065,000 | |||||||||
Shares of Class A non-redeemable ordinary shares | 1,424,251 | (922,951 | ) | 501,300 |
Six Months Ended June 30, 2021 (unaudited) | ||||||||||||
Supplemental Disclosure of Noncash Financing Activities: | As Reported | Adjustment | As Restated | |||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 141,766,820 | $ | (141,766,820 | ) | $ | 0 | |||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (346,330 | ) | $ | 346,330 | $ | 0 |
Earnings Per Share | ||||||||||||
As Reported | Adjustment | As Restated | ||||||||||
For the three months ended March 31, 2021 (unaudited) | ||||||||||||
Net loss | $ | (164,380 | ) | $ | — | $ | (164,380 | ) | ||||
Weighted average shares outstanding - Class A ordinary shares | 15,065,000 | (7,973,686 | ) | 7,091,314 | ||||||||
Basic and diluted earnings per ordinary share - Class A ordinary shares | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Weighted average shares outstanding - Class B ordinary shares | 3,727,162 | (228,370 | ) | 3,498,792 | ||||||||
Basic and diluted earnings per ordinary shares - Class B ordinary shares | $ | (0.04 | ) | $ | 0.02 | $ | (0.02 | ) | ||||
For three months ended June 30, 2021 (unaudited) | ||||||||||||
Net loss | $ | (212,618 | ) | $ | — | $ | (212,618 | ) | ||||
Weighted average shares outstanding - Class A ordinary shares | 15,065,000 | 501,300 | 15,566,300 | |||||||||
Basic and diluted earnings per ordinary share - Class A ordinary shares | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | ||||
Weighted average shares outstanding - Class B ordinary shares | 4,267,550 | (501,300 | ) | 3,766,250 | ||||||||
Basic and diluted earnings per ordinary shares - Class B ordinary shares | $ | (0.05 | ) | $ | 0.04 | $ | (0.01 | ) | ||||
For the six months ended June 30, 2021 (unaudited) | ||||||||||||
Net loss | $ | (376,998 | ) | $ | — | $ | (376,998 | ) | ||||
Weighted average shares outstanding - Class A ordinary shares | 15,065,000 | (3,712,781 | ) | 11,352,219 | ||||||||
Basic and diluted earnings per ordinary share - Class A ordinary shares | $ | — | $ | (0.03 | ) | $ | (0.03 | ) | ||||
Weighted average shares outstanding - Class B ordinary shares | 3,998,849 | — | 3,633,260 | |||||||||
Basic and diluted earnings per ordinary shares - Class B ordinary shares | $ | (0.09 | ) | $ | 0.06 | $ | (0.03 | ) |
For the Three Months Ended June 30, 2021 | For the Six Months Ended June 30, 2021 | |||||||
Class A redeemable ordinary shares | ||||||||
Numerator: Income allocable to Class A redeemable ordinary shares | ||||||||
Income from investments held in Trust Account | $ | 2,275 | $ | 2,448 | ||||
Net income attributable to Class A redeemable ordinary shares | $ | 2,275 | $ | 2,448 | ||||
Denominator: Weighted average Class A redeemable ordinary shares | ||||||||
Basic and diluted weighted average shares outstanding of Class A redeemable ordinary shares | 15,065,000 | 15,065,000 | ||||||
Basic and diluted net income per ordinary share, Class A redeemable ordinary shares | $ | 0.00 | $ | 0.00 | ||||
Class A and Class B non-redeemable ordinary shares | ||||||||
Numerator: Net loss minus net income allocable to Class A redeemable ordinary shares | ||||||||
Net loss | $ | (212,618 | ) | $ | (376,998 | ) | ||
Net income allocable to Class A redeemable ordinary shares | (2,275 | ) | (2,448 | ) | ||||
Net loss attributable to Class A and Class B non-redeemable ordinary shares | $ | (214,893 | ) | $ | (379,446 | ) | ||
Denominator: weighted average Class A and Class B non-redeemable ordinary shares | ||||||||
Basic and diluted weighted average shares outstanding of Class A and Class B non-redeemable ordinary shares | 4,267,550 | 3,998,849 | ||||||
Basic and diluted net loss per ordinary share, Class A and Class B non-redeemable ordinary shares | $ | (0.05 | ) | $ | (0.09 | ) | ||
For the Three Months Ended September 30, 2021 | For the 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 | $ | (173,778 | ) | $ | (42,045 | ) | $ | (460,275 | ) | $ | (132,546 | ) | ||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 15,566,300 | 3,766,250 | 12,772,349 | 3,678,077 | ||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.04 | ) | ||||
Gross proceeds | $ | 150,650,000 | ||
Less: | ||||
Class A ordinary shares issuance costs | (8,865,685 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 8,865,685 | |||
Class A ordinary shares subject to possible redemption | $ | 150,650,000 | ||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||||
Investments in U.S. Treasury money market funds | $ | 150,652,448 | 0— | 0— | $ | 150,654,723 | 0— | 0 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities |
None. Item 4. Mine Safety Disclosures |
Item 5. Other Information. |
Item 6. Exhibits. |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Date |
* | Filed herewith. |
** | Furnished. herewith. |
Dated: | ABG Acquisition Corp. I | |||||
By: | /s/ Daniel Johnson | |||||
Name: | Daniel Johnson | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |