☒ | 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 | 98-1586920 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
2229 San Felipe Street, Suite 1450 Houston, TX | 77019 | |
(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 Class A ordinary share, $0.0001 par value, and one-fifth of one redeemable warrant | PDOT.U | New York Stock Exchange | ||
Class A ordinary shares included as part of the units | PDOT | New York Stock Exchange | ||
Warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | PDOT WS | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||
Part I. Financial Information | ||||
Item 1. Financial Statements | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
24 | ||||
25 | ||||
26 | ||||
27 | ||||
27 | ||||
27 | ||||
28 | ||||
29 |
ASSETS | ||||
Current assets | ||||
Cash | $ | 433,796 | ||
Prepaid expenses | 611,174 | |||
Total current assets | 1,044,970 | |||
Investments held in Trust Account | 408,546,971 | |||
TOTAL ASSETS | $ | 409,591,941 | ||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||
Current liabilities | ||||
Accrued expenses | $ | 679,616 | ||
Total current liabilities | 676,616 | |||
Warrant liabilities | 14,853,934 | |||
Deferred underwriting fee payable | 14,295,917 | |||
Total Liabilities | 29,829,467 | |||
Commitments | 0 | |||
Class A ordinary shares subject to possible redemption 40,845,476 shares at $10.00 per share redemption value at September 30, 2021 | 408,454,760 | |||
Shareholders’ Deficit | ||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; NaN issued or outstanding | 0 | |||
Class A ordinary shares, $0.0001 par value; 300,000,000 shares authorized | 0 | |||
Class B ordinary shares, $0.0001 par value; 30,000,000 shares authorized; 10,211,369 shares issued and outstanding at September 30, 2021 | 1,021 | |||
Additional paid-in capital | 0 | |||
Accumulated Deficit | (28,693,307 | ) | ||
Total Shareholders’ Deficit | (28,692,286 | ) | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 409,591,941 | ||
Three Months Ended September 30, | For The Period from January 8, 2021 (Inception) Through September 30, | |||||||
2021 | 2021 | |||||||
General and administrative expenses | $ | 312,918 | $ | 1,071,594 | ||||
Loss from operations | (312,918 | ) | (1,071,594 | ) | ||||
Other income: | ||||||||
Change in fair value of warrant liabilities | 5,501,456 | 3,117,492 | ||||||
Transaction costs allocated to warrant liabilities | — | (465,914 | ) | |||||
Interest income – bank | 12 | 26 | ||||||
Interest earned on investments held in Trust Account | 43,088 | 92,211 | ||||||
Total other income, net | 5,544,556 | 2,743,815 | ||||||
Net income | $ | 5,231,638 | $ | 1,672,221 | ||||
Weighted average shares outstanding of Class A ordinary shares | 40,845,476 | 31,179,467 | ||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.10 | $ | 0.04 | ||||
Weighted average shares outstanding of Class B ordinary shares | 10,211,369 | 9,900,527 | ||||||
Basic and diluted net income per share, Class B ordinary shares | $ | 0.10 | $ | 0.04 | ||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance — January 8, 2021 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | 0 | 0 | 10,350,000 | 1,035 | 23,965 | 0 | 25,000 | |||||||||||||||||||||
Cash paid in excess of fair value of Private placement warrants | — | 0 | — | 0 | 203,382 | 0 | 203,382 | |||||||||||||||||||||
Accretion for Class A ordinary shares to redemption amount | — | 0 | — | 0 | (227,361 | ) | (30,365,528 | ) | (30,592,889 | ) | ||||||||||||||||||
Forfeiture of Founder Shares | 0 | 0 | (138,631 | ) | (14 | ) | 14 | 0 | 0 | |||||||||||||||||||
Net income | — | 0 | — | 0 | 0 | 3,281,083 | 3,281,083 | |||||||||||||||||||||
Balance – March 31, 2021 (unaudited) | 0 | 0 | 10,211,369 | 1,021 | 0 | (27,084,445 | ) | (27,083,424 | ) | |||||||||||||||||||
Net loss | — | 0 | — | 0 | 0 | (6,840,500 | ) | (6,840,500 | ) | |||||||||||||||||||
Balance – June 30, 2021 (unaudited) | 0 | 0 | 10,211,369 | 1,021 | 0 | (33,924,945 | ) | (33,923,924 | ) | |||||||||||||||||||
Net income | — | 0 | — | 0 | 0 | 5,231,638 | 5,231,638 | |||||||||||||||||||||
Balance – September 30, 2021 (unaudited) | 0 | $ | 0 | 10,211,369 | $ | 1,021 | $ | 0 | $ | (28,693,307 | ) | $ | (28,692,286 | ) | ||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance — January 8, 2021 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | 0 | 0 | 10,350,000 | 1,035 | 23,965 | 0 | 25,000 | |||||||||||||||||||||
Cash paid in excess of fair value of P rivateP lacementW arrants | — | 0 | — | 0 | 203,382 | 0 | 203,382 | |||||||||||||||||||||
Accretion for Class A ordinary shares to redemption amount | — | 0 | — | 0 | (227,361 | ) | (30,365,528 | ) | (30,592,889 | ) | ||||||||||||||||||
Forfeiture of Founder Share s | 0 | 0 | (138,631 | ) | (14 | ) | 14 | 0 | 0 | |||||||||||||||||||
Net income | — | 0 | — | 0 | 0 | 3,281,083 | 3,281,083 | |||||||||||||||||||||
Balance – March 31, 2021, as restated – see Note 2 (unaudited) | 0 | 0 | 10,211,369 | 1,021 | 0 | (27,084,445 | ) | (27,083,424 | ) | |||||||||||||||||||
Net loss | — | 0 | — | 0 | 0 | (6,840,500 | ) | (6,840,500 | ) | |||||||||||||||||||
Balance – June 30, 2021, as restated – see Note 2 (unaudited) | 0 | 0 | 10,211,369 | 1,021 | 0 | (33,924,945 | ) | (33,923,924 | ) | |||||||||||||||||||
Net income | — | 0 | — | 0 | 0 | 5,231,638 | 5,231,638 | |||||||||||||||||||||
Balance – September 30, 2021 (unaudited) | 0 | $ | 0 | 10,211,369 | $ | 1,021 | $ | 0 | $ | (28,693,307 | ) | $ | (28,692,286 | ) | ||||||||||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 1,672,221 | $ | 1,672,221 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Formation costs paid by sponsor | 5,000 | |||||||
Formation costs paid by S ponsor | 5,000 | |||||||
Interest earned on investments held in Trust Account | (92,211 | ) | (92,211 | ) | ||||
Change in fair value of warrant liabilities | (3,117,492 | ) | (3,117,492 | ) | ||||
Transaction costs allocated to warrant liabilities | 465,914 | 465,914 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | (611,174 | ) | (611,174 | ) | ||||
Accrued expenses | 679,616 | 679,616 | ||||||
Net cash used in operating activities | (998,126 | ) | (998,126 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash in Trust Account | (408,454,760 | ) | (408,454,760 | ) | ||||
Net cash used in investing activities | (408,454,760 | ) | (408,454,760 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from sale of Units, net of underwriting discounts paid | 400,285,665 | 400,285,665 | ||||||
Proceeds from sale of Private Placement Warrants | 10,169,095 | 10,169,095 | ||||||
Proceeds from promissory note – related party | 29,878 | |||||||
Repayment of promissory note – related party | (140,368 | ) | ||||||
Proceeds from P romissoryN ote – related party | 29,878 | |||||||
Repayment of P romissoryN ote – related party | (140,368 | ) | ||||||
Payment of offering costs | (457,588 | ) | (457,588 | ) | ||||
Net cash provided by financing activities | 409,886,682 | 409,886,682 | ||||||
Net Change in Cash | 433,796 | 433,796 | ||||||
Cash – Beginning of period | 0 | 0 | ||||||
Cash – End of period | $ | 433,796 | $ | 433,796 | ||||
Non-Cash investing and financing activities: | ||||||||
Offering costs paid by Sponsor in exchange for the issuance of founder shares | $ | 20,000 | ||||||
Offering costs paid by Sponsor in exchange for the issuance of F ounderS hares | $ | 20,000 | ||||||
Offering costs paid through promissory note | $ | 110,490 | ||||||
Offering costs paid through P romissoryN ote | $ | 110,490 | ||||||
Deferred underwriting fee payable | $ | 14,295,917 | $ | 14,295,917 | ||||
Forfeiture of founder shares | $ | (14 | ) | |||||
Forfeiture of F ounderS hares | $ | (14 | ) | |||||
Balance Sheet as of March 11, 2021 (audited) | As Previously Reported | Adjustment | As Revised | |||||||||
Class A ordinary shares subject to possible redemption | $ | 327,759,920 | $ | 32,240,080 | $ | 360,000,000 | ||||||
Class A ordinary shares | $ | 322 | $ | (322 | ) | $ | — | |||||
Additional paid-in capital | $ | 5,417,325 | $ | (5,417,325 | ) | $ | — | |||||
Accumulated deficit | $ | (418,679 | ) | $ | (26,822,433 | ) | $ | (27,241,112 | ) | |||
Total Shareholders’ Equity (Deficit) | $ | 5,000,003 | $ | (32,240,080 | ) | $ | (27,240,077 | ) | ||||
Number of shares subject to redemption | 32,775,992 | 3,224,008 | 36,000,000 |
As Previously Reported | Adjustment | As Restated | ||||||||||
Condensed Balance Sheet as of March 31, 2021 (unaudited) | ||||||||||||
Class A ordinary shares subject to possible redemption | $ | 376,371,330 | $ | 32,083,430 | $ | 408,454,760 | ||||||
Class A ordinary shares | $ | 321 | $ | (321 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 1,717,581 | $ | (1,717,581 | ) | $ | 0 | |||||
Retained earnings (accumulated deficit) | $ | 3,281,083 | $ | (30,365,528 | ) | $ | (27,084,445 | ) | ||||
Total Shareholders’ Equity (Deficit) | $ | 5,000,006 | $ | (32,083,430 | ) | $ | (27,083,424 | ) | ||||
Condensed Balance Sheet as of June 30, 2021 (unaudited) | ||||||||||||
Class A ordinary shares subject to possible redemption | $ | 369,530,830 | $ | 38,923,930 | $ | 408,454,760 | ||||||
Class A ordinary shares | $ | 390 | $ | (390 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 8,558,012 | $ | (8,558,012 | ) | $ | 0 | |||||
Accumulated deficit | $ | (3,559,417 | ) | $ | (30,365,528 | ) | $ | (33,924,945 | ) | |||
Total Shareholders’ Equity (Deficit) | $ | 5,000,006 | $ | (38,923,930 | ) | $ | (33,923,924 | ) | ||||
Condensed Statement of Changes in Shareholder’s Equity (Deficit) for the Period from January 8, 2021 (Inception) Through March 31, 2021 ( una udited) | ||||||||||||
Sale of 40,845,476 Units, net of underwriting discounts, offering costs, and initial fair value of Public Warrants | $ | 377,861,871 | $ | (377,861,871 | ) | $ | 0 | |||||
Class A ordinary shares subject to redemption | $ | (376,371,330 | ) | $ | 376,371,330 | $ | 0 | |||||
Accretion for Class A ordinary shares to redemption amount | $ | 0 | $ | (30,592,889 | ) | $ | (30,592,889 | ) | ||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (Unaudited) | ||||||||||||
Change in Class A ordinary shares to redemption amount | $ | 6,840,500 | $ | (6,840,500 | ) | $ | 0 | |||||
Condensed Statement of Operations for the Period from January 8, 2021 (Inception) Through March 31, 2021 (Unaudited) | ||||||||||||
Weighted average shares outstanding, Class A ordinary shares | 39,391,833 | (29,784,069 | ) | 9,607,764 | ||||||||
Basic and diluted net income per share Class A ordinary shares | $ | 0 | 0.27 | 0.27 | ||||||||
Weighted average shares outstanding, Class B ordinary shares | 9,223,147 | (6,821,206 | ) | 2,401,941 | ||||||||
Basic and diluted net income per share Class B ordinary shares | $ | 0.35 | (0.08 | ) | 0.27 | |||||||
Condensed Statement of Operations for the Three Months Ended June 30, 2021 (Unaudited) | ||||||||||||
Weighted average shares outstanding, Class A ordinary shares | 40,845,476 | 0 | 40,845,476 | |||||||||
Basic and diluted net loss per share Class A ordinary shares | $ | 0 | (0.13 | ) | (0.13 | ) | ||||||
Weighted average shares outstanding, Class B ordinary shares | 10,211,369 | 0 | 10,211,369 | |||||||||
Basic and diluted net loss per share Class B ordinary shares | $ | (0.67 | ) | 0.54 | (0.13 | ) | ||||||
Condensed Statement of Operations for the Period from January 8, 2021 (Inception) through June 30, 2021 (Unaudited) | ||||||||||||
Weighted average shares outstanding, Class A ordinary shares | 40,583,558 | (14,544,396 | ) | 26,039,162 | ||||||||
Basic and diluted net loss per share Class A ordinary shares | $ | 0 | (0.11 | ) | (0.11 | ) | ||||||
Weighted average shares outstanding, Class B ordinary shares | 9,761,639 | (3,251,849 | ) | 6,509,790 | ||||||||
Basic and diluted net loss per share Class B ordinary shares | $ | (0.37 | ) | 0.26 | (0.11 | ) | ||||||
Condensed Statement of Cash Flows for the Period from January 8, 2021 (Inception) through March 31, 2021 (Unaudited) | ||||||||||||
Non-cash investing and financing activities: | ||||||||||||
Initial classification ofordinary shares subject topossible redemption | $ | 327,759,920 | $ | (327,759,920 | ) | $ | 0 | |||||
Change in value of ordinary shares subject to possible redemption | $ | 48,611,410 | $ | (48,611,410 | ) | $ | 0 | |||||
Condensed Statement of Cash Flows for the Period from January 8, 2021 (Inception) through June 30, 2021 (Unaudited) | ||||||||||||
Non-cash investing and financing activities: | ||||||||||||
Initial classification of ordinary shares subject to possible redemption | $ | 327,759,920 | $ | (327,759,920 | ) | $ | 0 | |||||
Change in value of ordinary shares subject to possible redemption | $ | 41,759,884 | $ | (41,759,884 | ) | $ | 0 |
Gross proceeds | $ | 408,454,760 | ||
Less: | ||||
Proceeds allocated to Public Warrants | $ | (8,005,713 | ) | |
Class A ordinary shares issuance costs | $ | (22,587,176 | ) | |
Plus: | ||||
Accretion of carrying value to redemption value | $ | 30,592,889 | ||
Class A ordinary shares subject to possible redemption | $ | 408,454,760 | ||
Three Months Ended September 30, 2021 | For the Period from January 15, 2021 (inception) through September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per ordinary share | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income, as adjusted | $ | 4,156,173 | $ | 1,039,043 | $ | 1,241,562 | $ | 394,237 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 40,845,476 | 10,211,369 | 31,179,467 | 9,900,527 | ||||||||||||
Basic and diluted net income per ordinary share | $ | 0.10 | $ | 0.10 | $ | 0.04 | $ | 0.04 |
Description | Level | September 30, 2021 | ||||||
Assets: | ||||||||
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund | 1 | $ | 408,546,971 | |||||
Liabilities: | ||||||||
September 30, 2021 – Public Warrants | 1 | 6,616,967 | ||||||
September 30, 2021 – Private Placement Warrants | 2 | 8,236,967 |
Public | Private Placement | Warrant Liabilities | ||||||||||
Fair value as of Inception | $ | 0 | $ | 0 | $ | 0 | ||||||
Initial measurement on March 11, 2021 | 8,005,713 | 9,965,713 | 17,971,426 | |||||||||
Change in valuation inputs or other assumptions | (1,715,510 | ) | (2,135,510 | ) | (3,851,020 | ) | ||||||
Fair value as of March 31, 2021 | $ | 6,290,203 | $ | 7,830,203 | $ | 14,120,406 | ||||||
Change in valuation inputs or other assumptions | 2,777,492 | 2,457,492 | 6,234,984 | |||||||||
Transfer to Level 1 | (9,067,695 | ) | 0 | (9,067,695 | ) | |||||||
Transfer to Level 2 | 0 | (11,287,695 | ) | (11,287,695 | ) | |||||||
Fair value as of June 30, 2021 | 0 | 0 | 0 | |||||||||
Fair value as of September 30, 2021 | 0 | 0 | 0 | |||||||||
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Evaluation of Disclosure Controls and Procedures |
ITEM 1. LEGAL PROCEEDINGS. |
ITEM 1A. RISK FACTORS. |
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
ITEM 3. DEFAULTS UPON SENIOR SECURITIES. |
ITEM 4. MINE SAFETY DISCLOSURES. |
ITEM 5. OTHER INFORMATION. |
ITEM 6. EXHIBITS. |
No. | Description of Exhibit | |
31.1* | 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 | |
31.2* | 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 | |
32.1** | 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 | |
32.2** | 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.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | The cover page for the Company’s Quarterly Report |
* | Filed herewith. |
** | Furnished. |
PERIDOT ACQUISITION CORP. II | ||||||
Date: February 15, 2 | /s/ Preston Powell | |||||
Name: | Preston Powell | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: February 15, 22 | /s/ Stephen Wedemeyer | |||||
Name: | Stephen Wedemeyer | |||||
Title: | Chief Financial Officer (Principal Financial Officer and Accounting Officer) |