☒ | 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 | 001-40109 | 85-4281417 | ||||
(State or other jurisdiction of incorporation) | incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||
853 Broadway, 17th Floor New York, New York | 10010 | |||||
(Address of Principal Executive Offices) | (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 and one-third of one redeemable warrant | HUGSU | New York Stock Exchange | ||
Class A common stock, par value $0.0001 per share | HUGS | 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 | HUGSW | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page No. | ||||||
2 | ||||||
Item 1. | 2 | |||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
Item 2. | 17 | |||||
Item 3. | 19 | |||||
Item 4. | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | ||||||
June 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash | $ | 770,670 | $ | 24,120 | ||||
Deferred offering costs associated with proposed public offering | — | 255,000 | ||||||
Prepaid expenses | 479,586 | — | ||||||
Total current assets | 1,250,256 | 279,120 | ||||||
Marketable securities held in trust account | 287,505,711 | — | ||||||
Other assets | 301,557 | — | ||||||
Total assets | $ | 289,057,524 | $ | 279,120 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 51,231 | $ | — | ||||
Franchise tax payable | 100,000 | — | ||||||
Due to related party | 1,567 | — | ||||||
Accrued offering and formation costs | 16,050 | 265,000 | ||||||
Total current liabilities | 168,848 | 265,000 | ||||||
Warrant liabilities | 11,266,966 | — | ||||||
Deferred underwriting compensation | 15,812,500 | — | ||||||
Deferred legal fees | 613,708 | — | ||||||
Total liabilities | 27,862,022 | 265,000 | ||||||
Commitments and Contingencies (Note 5) | 0 | 0 | ||||||
Common stock subject to possible redemption, 25,619,550 shares at redemption value | 256,195,500 | — | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0— | 0— | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 3,130,450 shares and -0- -0- | 313 | — | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,934,500 shares issued and outstanding, as of June 30, 2021 and December 31, 2020 | 693 | 693 | ||||||
Additional paid-in capital | 2,457,282 | 23,427 | ||||||
Retained earnings (accumulated deficit) | 2,541,714 | (10,000 | ) | |||||
Total stockholders’ equity | 5,000,002 | 14,120 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 289,057,524 | $ | 279,120 | ||||
September 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash | $ | 631,308 | $ | 24,120 | ||||
Deferred offering costs associated with proposed public offering | — | 255,000 | ||||||
Prepaid expenses | 469,504 | — | ||||||
Total current assets | 1,100,812 | 279,120 | ||||||
Marketable securities held in trust account | 287,510,052 | — | ||||||
Other assets | 187,387 | — | ||||||
Total assets | $ | 288,798,251 | $ | 279,120 | ||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 19,650 | $ | — | ||||
Franchise tax payable | 150,000 | — | ||||||
Accrued offering and formation costs | 23,995 | 265,000 | ||||||
Total current liabilities | 193,645 | 265,000 | ||||||
Warrant liabilities | 9,339,814 | — | ||||||
Deferred underwriting compensation | 15,812,500 | — | ||||||
Deferred legal fees | 613,708 | — | ||||||
Total liabilities | 25,959,667 | 265,000 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Common stock subject to possible redemption, 28,750,000 shares at $10.00 redemption value | 287,500,000 | — | ||||||
Stockholders’ Equity ( Deficit) : | ||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0ne issued or outstanding | 0— | 0— | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 0ne issued or outstanding (excluding 28,750,000 and 0 | 0 | — | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,934,500 shares issued and outstanding | 693 | 693 | ||||||
Additional paid-in capital | 0 | 23,427 | ||||||
Retained earnings (accumulated deficit) | (24,662,109 | ) | (10,000 | ) | ||||
Total stockholders’ (deficit) equity | (24,661,416 | ) | 14,120 | |||||
Total Liabilities and Stockholders’ (Deficit) Equity | $ | 288,798,251 | $ | 279,120 | ||||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||
Formation and operating costs | $ | 238,414 | $ | 549,959 | ||||
Franchise tax expense | 50,000 | 150,000 | ||||||
Loss from operations | (288,414 | ) | (699,959 | ) | ||||
Other Income (Expense): | ||||||||
Change in fair value of warrant liabilities | 1,927,152 | 5,642,686 | ||||||
Offering costs allocated to derivative warrant liabilities | 0 | (757,984 | ) | |||||
Interest on marketable securities | 4,342 | 10,052 | ||||||
Net Income | $ | 1,643,080 | $ | 4,194,795 | ||||
Weighted average shares outstanding of Class A common stock, basic and diluted | 28,750,000 | 22,536,630 | ||||||
Basic and diluted net income per share of Class A common stock | $ | 0.05 | $ | 0.14 | ||||
Weighted average shares outstanding of Class B common stock, basic and diluted | 6,934,500 | 6,934,500 | ||||||
Basic and diluted net income per share of Class B common stock | $ | 0.05 | $ | 0.14 | ||||
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||
Formation and operating costs | $ | 249,424 | $ | 311,547 | ||||
Franchise tax expense | 100,000 | 100,000 | ||||||
Loss from operations | (349,424 | ) | (411,547 | ) | ||||
Other Income (Expense): | ||||||||
Change in fair value of warrant liabilities | (869,466 | ) | 3,715,534 | |||||
Offering costs allocated to derivative warrant liabilities | 0 | (757,984 | ) | |||||
Interest on marketable securities | 4,295 | 5,711 | ||||||
Net Income (Loss) | (1,214,595 | ) | 2,551,714 | |||||
Weighted average shares outstanding of Class A common stock, basic and diluted | 28,750,000 | 28,750,000 | ||||||
Basic and diluted net income per share of Class A common stock | $ | 0.00 | $ | 0.00 | ||||
Weighted average shares outstanding of Class B common stock, basic and diluted | 6,934,500 | 6,934,500 | ||||||
Basic and diluted net loss per share of Class B common stock | $ | (0.18 | ) | $ | 0.37 | |||
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | |||||||||||||||||
Class B | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||
Balance as of January 1, 2021 | 6,934,500 | $ | 693 | $ | 23,427 | $ | (10,000 | ) | $ | 14,120 | ||||||||||
Excess cash received over fair value of Private Placement Warrants | — | — | 146,667 | — | 146,667 | |||||||||||||||
Accretion of Class A Common Stock to redemption value | — | — | (170,094 | ) | (28,804,744 | ) | (28,974,838 | ) | ||||||||||||
Net income | — | — | — | 3,766,309 | 3,766,309 | |||||||||||||||
Balance as of March 31, 2021 (as restated) | 6,934,500 | $ | 693 | $ | 0 | $ | (25,048,435 | ) | $ | (25,047,742 | ) | |||||||||
Accretion of Class A Common Stock to redemption for offering cost s incurred in the period | — | — | — | (42,160 | ) | (42,160 | ) | |||||||||||||
Net loss | — | — | — | (1,214,594 | ) | (1,214,594 | ) | |||||||||||||
Balance as of June 30, 2021 (as restated) | 6,934,500 | $ | 693 | $ | — | $ | (26,305,189 | ) | $ | (26,304,496 | ) | |||||||||
Net income | — | — | — | 1,643,080 | 1,643,080 | |||||||||||||||
Balance as of September 30, 2021 | 6,934,500 | $ | 693 | $ | — | $ | (24,662,109 | ) | $ | (24,661,416 | ) | |||||||||
Common Stock | Additional Paid- In Capital | Retained Earnings | Total | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | (Accumulated Deficit) | Stockholders’ Equity | |||||||||||||||||||||||
Balance as of January 1, 2021 | — | $ | — | 6,934,500 | $ | 693 | $ | 23,427 | $ | (10,000 | ) | $ | 14,120 | |||||||||||||||
Sale of Units in initial public offering, less fair value of public warrants | 28,750,000 | 2,875 | — | — | 274,367,958 | — | 274,370,833 | |||||||||||||||||||||
Offering costs | — | — | — | — | (15,845,672 | ) | — | (15,845,672 | ) | |||||||||||||||||||
Excess of cash received over fair value of warrants sold to Sponsor | — | — | — | — | 146,667 | — | 146,667 | |||||||||||||||||||||
Change in Class A common stock subject to possible redemption | (25,745,225 | ) | (2,575 | ) | — | — | (257,449,675 | ) | — | (257,452,250 | ) | |||||||||||||||||
Net income | — | — | — | — | — | 3,766,309 | 3,766,309 | |||||||||||||||||||||
Balance as of March 31, 2021(unaudited) | 3,004,775 | $ | 300 | 6,934,500 | $ | 693 | $ | 1,242,705 | $ | 3,756,309 | $ | 5,000,007 | ||||||||||||||||
Offering costs related to Initial Public Offering | — | — | — | — | (42,160 | ) | — | (42,160 | ) | |||||||||||||||||||
Change in Class A common stock subject to possible redemption | 125,675 | 13 | — | — | 1,256,737 | — | 1,256,750 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (1,214,595 | ) | (1,214,595 | ) | |||||||||||||||||||
Balance as of June 30, 2021 (unaudited) | 3,130,450 | $ | 313 | 6,934,500 | $ | 693 | $ | 2,457,282 | $ | 2,541,714 | $ | 5,000,002 | ||||||||||||||||
For the Nine Months ended September 30, 2021 | ||||
Cash Flows from Operating Activities | ||||
Net income | $ | 4,194,795 | ||
Adjustments to reconcile net income to net cash used in operating activities | ||||
Change in fair value of warrant liabilities | (5,642,686 | ) | ||
Offering costs allocated to derivative warrant liabilities | 757,984 | |||
Interest earned on marketable securities in Trust Account | (10,052 | ) | ||
Changes in operating assets and liabilities | ||||
Prepaid expenses | (469,504 | ) | ||
Other assets | (187,387 | ) | ||
Accounts payable | 19,650 | |||
Franchise tax payable | 150,000 | |||
Accrued expenses | 13,995 | |||
Net cash used by operating activities | (1,173,205 | ) | ||
Cash Flows from Investing Activities | ||||
Cash deposited in Trust Account | (287,500,000 | ) | ||
Net cash used in investing activities | (287,500,000 | ) | ||
Cash Flows from Financing Activities | ||||
Proceeds from issuance of Class A common stock and warrants | 289,500,000 | |||
Proceeds from note payable and advances from related party | 336,017 | |||
Repayment of note payable and advances from related party | (336,017 | ) | ||
Payment of offering costs | (219,607 | ) | ||
Net cash provided by financing activities | 289,280,393 | |||
Net increase in cash | 607,188 | |||
Cash—beginning of period | 24,120 | |||
Cash—end of period | $ | 631,308 | ||
Supplemental disclosure of noncash investing and financing activities: | ||||
Deferred legal fees | $ | 613,708 | ||
Deferred underwriting compensation | $ | 15,812,500 | ||
Deferred offering costs included in accrued expenses | $ | 255,000 | ||
For the six months ended June 30, 2021 | ||||
Cash Flows from Operating Activities | ||||
Net income | $ | 2,551,714 | ||
Adjustments to reconcile net income to net cash used in operating activities | ||||
Amortization of prepaid insurance | 174,769 | |||
Change in fair value of warrant liabilities | (3,715,534 | ) | ||
Offering costs allocated to derivative warrant liabilities | 757,984 | |||
Interest earned on marketable securities in Trust Account | (5,711 | ) | ||
Formation and operating expenses funded by Sponsor | 1,567 | |||
Changes in operating assets and liabilities | ||||
Prepaid expenses | (541,426 | ) | ||
Other assets | (414,486 | ) | ||
Accounts payable | 31,231 | |||
Franchise tax payable | 100,000 | |||
Accrued expenses | 6,050 | |||
Net cash used by operating activities | (1,053,842 | ) | ||
Cash Flows from Investing Activities | ||||
Cash deposited in Trust Account | (287,500,000 | ) | ||
Net cash used in investing activities | (287,500,000 | ) | ||
Cash Flows from Financing Activities | ||||
Proceeds from issuance of Class A common stock and warrants | 289,500,000 | |||
Proceeds from note payable and advances from related party | 334,000 | |||
Repayment of note payable and advances from related party | (334,000 | ) | ||
Payment of offering costs | (199,608 | ) | ||
Net cash provided by financing activities | 289,300,392 | |||
Net increase in cash | 746,550 | |||
Cash—beginning of period | 24,120 | |||
Cash—end of period | $ | 770,670 | ||
Supplemental disclosure of noncash investing and financing activities: | ||||
Change in value of Class A common stock subject to possible redemption | $ | 1,272,990 | ||
Warrant liabilities in connection with initial public offering and private placement | $ | 14,982,500 | ||
Deferred offering costs included in accounts payable | $ | 20,000 | ||
Deferred legal fees | $ | 613,708 | ||
Deferred underwriting compensation | $ | 15,812,500 | ||
As of June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet | ||||||||||||
Common stock subject to possible redemption | $ | 256,195,500 | $ | 31,304,500 | $ | 287,500,000 | ||||||
Stockholders’ equity (deficit) | ||||||||||||
Class A common stock - $0.0001 par value | 313 | (313 | ) | — | ||||||||
Class B common stock - $0.0001 par value | 693 | — | 693 | |||||||||
Additional paid-in capital | 2,457,282 | (2,457,282 | ) | — | ||||||||
Accumulated deficit | 2,541,714 | (28,846,903 | ) | (26,305,189 | ) | |||||||
Total Stockholders’ equity (deficit) | $ | 5,000,002 | $ | (31,304,498 | ) | $ | (26,304,496 | ) | ||||
Three Months Ended June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Statement of Operations | ||||||||||||
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted | 28,750,000 | — | 28,750,000 | |||||||||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted | 6,934,500 | — | 6,934,500 | |||||||||
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption | $ | 0.00 | $ | (0.03 | ) | $ | (0.03 | ) | ||||
Basic and diluted net income (loss) per share, Class B non-redeemable common stock | $ | (0.18 | ) | $ | 0.15 | $ | (0.03 | ) | ||||
Six Months Ended June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Statement of Operations | ||||||||||||
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted | 28,750,000 | (9,371,547 | ) | 19,378,453 | ||||||||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted | 6,934,500 | — | 6,934,500 | |||||||||
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption | $ | 0.00 | $ | 0.10 | $ | 0.10 | ||||||
Basic and diluted net income (loss) per share, Class B non-redeemable common stock | $ | 0.37 | $ | (0.27 | ) | $ | 0.10 |
As of March 31, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet | ||||||||||||
Common stock subject to possible redemption | $ | 257,452,250 | $ | 30,047,750 | $ | 287,500,000 | ||||||
Stockholders’ equity (deficit) | ||||||||||||
Class A common stock - $0.0001 par value | 300 | (300 | ) | — | ||||||||
Class B common stock - $0.0001 par value | 693 | — | 693 | |||||||||
Additional paid-in capital | 1,242,705 | (1,242,705 | ) | — | ||||||||
Accumulated deficit | 3,756,309 | (28,804,744 | ) | (25,048,435 | ) | |||||||
Total Stockholders’ equity (deficit) | $ | 5,000,007 | $ | (30,047,749 | ) | $ | (25,047,742 | ) |
Three Months Ended March 31, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Statement of Operations | ||||||||||||
Weighted average shares outstanding of Class A common stock subject to possible redemption, basic and diluted | 25,500,411 | (15,597,633 | ) | 9,902,778 | ||||||||
Weighted average shares outstanding of Class B non-redeemable common stock, basic and diluted | 6,934,500 | — | 6,934,500 | |||||||||
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption | $ | 0.00 | $ | 0.22 | $ | 0.22 | ||||||
Basic and diluted net income (loss) per share, Class B non-redeemable common stock | $ | 0.54 | $ | (0.32 | ) | $ | 0.22 | |||||
As of March 1, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet | ||||||||||||
Common stock subject to possible redemption | $ | 254,922,510 | $ | 32,577,490 | $ | 287,500,000 | ||||||
Stockholders’ equity (deficit) | ||||||||||||
Class A common stock - $0.0001 par value | 326 | (326 | ) | — | ||||||||
Class B common stock - $0.0001 par value | 693 | — | 693 | |||||||||
Additional paid-in capital | 5,772,419 | (5,772,419 | ) | — | ||||||||
Accumulated deficit | (773,434 | ) | (28,804,744 | ) | (29,578,178 | ) | ||||||
Total Stockholders’ equity (deficit) | $ | 5,000,004 | $ | (34,577,489 | ) | $ | (29,577,485 | ) | ||||
Gross proceeds | $ | 287,500,000 | ||
Less: | ||||
Proceeds allocated to public warrants | (13,129,167 | ) | ||
Class A shares offering costs at closing | (15,845,671 | ) | ||
Additional offering costs incurred during the three months ended June 30, 2021 | (42,160 | ) | ||
Plus: | ||||
Total accretion of carrying value to redemption value | 29,016,998 | |||
Class A common stock subject to possible redemption | $ | 287,500,000 | ||
Held-To-Maturity | Level | Fair Value | Level | Fair Value | ||||||||||||
U.S. Treasury Marketable securities held in Trust Account—U.S. Treasury Securities Money Market Fund | 1 | $ | 287,505,711 | 1 | $ | 287,510,052 | ||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Warrant liabilities: | ||||||||||||||||||||||||||||||||
Public Warrants | $ | 9,870,833 | $ | 0 | $ | 0 | $ | 0 | $ | 8,193,750 | $ | 0 | $ | 0 | $ | 8,193,750 | ||||||||||||||||
Private Placement Warrants | 0 | 0 | 1,396,133 | 1,396,133 | 0 | 0 | 1,146,064 | 1,146,064 | ||||||||||||||||||||||||
Total warrant liabilities | $ | 9,870,000 | $ | 0 | $ | 1,396,133 | $ | 11,266,966 | $ | 8,193,750 | $ | 0 | $ | 1,146,064 | $ | 9,339,814 | ||||||||||||||||
As of June 30, 2021 | As of September 30, 2021 | |||||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
IPO price | $ | 10.00 | $ | 10.00 | ||||
Implied stock price range (or underlying asset price) | $ | 9.70 | ||||||
Underlying asset price (per share) | $ | 9.71 | ||||||
Volatility | 16 | % | 14.25 | % | ||||
Term | 5.83 | |||||||
Time to Maturity (Years) | 5.71 | |||||||
Risk-free rate | 1.01 | % | 1.10 | % | ||||
Dividend yield | 0.0 | % | 0.00 | % |
Public Warrant Liability | Private Warrant Liability | Total | ||||||||||||||||||
Public | Private Placement | |||||||||||||||||||
Warrant Liability | Warrant Liability | |||||||||||||||||||
Fair value, March 1, 2021 | $ | 13,129,167 | $ | 1,853,333 | ||||||||||||||||
Recognized gain on change in fair value | (4,025,000 | ) | (560,000 | ) | ||||||||||||||||
Fair value, March 01, 2021 | $ | 13,129,167 | $ | 1,853,333 | $ | 14,982,500 | ||||||||||||||
Recognized loss on change in fair value | (4,025,000 | ) | (560,000 | ) | (4,585,000 | ) | ||||||||||||||
Fair value, March 31, 2021 | $ | 9,104,167 | $ | 1,293,333 | $ | 9,104,167 | $ | 1,293,333 | $ | 10,397,500 | ||||||||||
Recognized loss on change in fair value | 766,666 | 102,800 | ||||||||||||||||||
Recognized gain on change in fair value | 766,666 | 102,800 | 869,466 | |||||||||||||||||
Fair value, June 30, 2021 | $ | 9,870,833 | $ | 1,396,133 | $ | 9,870,833 | $ | 1,396,133 | $ | 11,266,966 | ||||||||||
Recognized loss on change in fair value | (1,677,083 | ) | (250,069 | ) | (1,927,152 | ) | ||||||||||||||
Fair value, September 30, 2021 | $ | 8,193,750 | $ | 1,146,064 | $ | 9,339,814 | ||||||||||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Gross proceeds | $ | 287,500,000 | ||
Less: | ||||
Proceeds allocated to public warrants | (13,129,167 | ) | ||
Class A shares offering costs at closing | (15,845,671 | ) | ||
Additional offering costs incurred during the three months ended June 30, 2021 | (42,160 | ) | ||
Plus: | ||||
Total accretion of carrying value to redemption value | | 29,016,998 | | |
Class A common stock subject to possible redemption | $ | 287,500,000 | ||
* | Filed herewith. |
** | Furnished. |
USHG ACQUISITION CORP. | ||||||
Date: | By: | /s/ Adam D. Sokoloff | ||||
Name: | Adam D. Sokoloff | |||||
Title: | Chief Executive Officer and Director (Principal Executive Officer) | |||||
Date: | By: | /s/ Tiffany F. Daniele | ||||
Name: | Tiffany F. Daniele | |||||
Title: | Chief Financial Officer (Principal Accounting and Financial Officer) |