☒ | 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 | 001-39814 | 98-1563902 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
251 Lytton Avenue, Suite 200 | |||||
Palo Alto, CA | 94301 | ||||
(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 and one- third of one redeemable warrant | ||||
Class A ordinary share, par value $0.0001 per share | ||||
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | COOLU COOL COOLW | The Nasdaq Stock Market The Nasdaq Stock Market The Nasdaq Stock Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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Item 1. | 1 | ||||||||
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2 | |||||||||
3 | |||||||||
4 | |||||||||
5 | |||||||||
Item 2. | 18 | ||||||||
Item 3. | 22 | ||||||||
Item 4. | 22 | ||||||||
24 | |||||||||
Item 1. | 24 | ||||||||
Item 1A. | 24 | ||||||||
Item 2. | 24 | ||||||||
Item 3. | 24 | ||||||||
Item 4. | 24 | ||||||||
Item 5. | 24 | ||||||||
Item 6. | 24 | ||||||||
25 |
Item 1. | Financial |
September 30, | December 31, | March 31, | December 31, | |||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
(Unaudited) | ( Rest )ated | (unaudited) | ||||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 873,480 | $ | 1,916,935 | $ | 261,199 | $ | 646,558 | ||||||||
Prepaid expenses | 460,700 | 765,073 | 267,005 | 359,471 | ||||||||||||
Total current assets | 1,334,180 | 2,682,008 | 528,204 | 1,006,029 | ||||||||||||
Cash and marketable securities held in trust account | 400,129,908 | 400,005,705 | 400,176,322 | 400,142,570 | ||||||||||||
Total Assets | $ | 401,464,088 | $ | 402,687,713 | $ | 400,704,526 | $ | 401,148,599 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT | ||||||||||||||||
Current liabilities | ||||||||||||||||
Offering costs payable | $ | 74,313 | $ | 111,867 | 4,313 | $ | 74,313 | |||||||||
Accrued expenses | 112,530 | 50,030 | 300,156 | 121,030 | ||||||||||||
Total current liabilities | $ | 186,843 | $ | 161,897 | 304,469 | 195,343 | ||||||||||
Warrant liability | 16,822,667 | 21,561,333 | ||||||||||||||
Warrant liabilities | 6,070,667 | 14,520,000 | ||||||||||||||
Deferred underwriting fee payable | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | ||||||||||||
Total Liabilities | $ | 31,009,510 | $ | 35,723,230 | 20,375,136 | 28,715,343 | ||||||||||
COMMITMENTS | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares subject to possible redemption, 40,000,000 and 40,000,000 shares at redemption value of $10.00 as of September 30, 2021 and December 31, 2020, respectively | $ | 400,000,000 | $ | 400,000,000 | ||||||||||||
Shareholders’ Equity | ||||||||||||||||
Preference Shares, $.0001 par value, 1,000,000 shares authorized; NaN issued and outstanding | 0 | 0 | ||||||||||||||
Class A ordinary Shares, $.0001 par value, 300,000,000 shares authorized; 0 and 0 issued and outstanding (excluding 40,000,000 shares subject to possible redemption) as of September 30, 2021 and December 31, 2020, respectively | 0 | 0 | ||||||||||||||
Class B ordinary Shares, $.0001 par value, 30,000,000 shares authorized; 10,000,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 1,000 | 1,000 | ||||||||||||||
Class A ordinary shares subject to possible redemption, 40,000,000 shares at redemption value | 400,000,000 | 400,000,000 | ||||||||||||||
Shareholders’ Deficit | ||||||||||||||||
Preference Shares, $0.0001 par value, 1,000,000 shares authorized; NaN issued and outstanding | 0 | 0 | ||||||||||||||
Class A ordinary Shares, $0.0001 par value, 300,000,000 shares authorized; 0 issued and outstanding (excluding 40,000,000 shares subject to possible redemption) as of March 31, 2022 and December 31, 2021 | 0 | 0 | ||||||||||||||
Class B ordinary Shares, $0.0001 par value, 30,000,000 shares authorized; 10,000,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 1,000 | 1,000 | ||||||||||||||
Additional paid-in capital | 0 | 0 | 0 | 0 | ||||||||||||
Accumulated deficit | (29,546,422 | ) | (33,036,517 | ) | (19,671,610 | ) | (27,567,744 | ) | ||||||||
Total Shareholders’ Deficit | $ | (29,545,422 | ) | $ | (33,035,517 | ) | $ | (19,670,610 | ) | $ | (27,566,744 | ) | ||||
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO REDEMPTION AND SHAREHOLDERS’ EQUITY | $ | 401,464,088 | $ | 402,687,713 | ||||||||||||
TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT | $ | 400,704,526 | $ | 401,148,599 | ||||||||||||
For the three | For the three | |||||||||||||||
months ended | months ended | |||||||||||||||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | March 31, | March 31, | |||||||||||||
2022 | 2021 | |||||||||||||||
Operating and formation costs | $ | (479,586 | ) | $ | (1,372,774 | ) | $ | 586,951 | $ | 498,215 | ||||||
Loss from operations | (479,586 | ) | (1,372,774 | ) | (586,951 | ) | (498,215 | ) | ||||||||
Other Income (Expense): | ||||||||||||||||
Other Income: | ||||||||||||||||
Unrealized gain on marketable securities held in Trust Account | 40,687 | 124,203 | 33,752 | 69,530 | ||||||||||||
Change in fair value of warrant liabilities | 8,373,333 | 4,738,666 | 8,449,333 | 837,333 | ||||||||||||
Net income | $ | 7,934,434 | $ | 3,490,095 | $ | 7,896,134 | $ | 408,648 | ||||||||
Basic and diluted weighted average shares outstanding of Class A ordinary shares | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 | ||||||||||||
Basic and diluted net income per ordinary share, Class A | $ | 0.16 | $ | 0.07 | $ | 0.16 | $ | 0.01 | ||||||||
Basic and diluted weighted average shares outstanding of Class B ordinary shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||
Basic and diluted net income per ordinary share, Class B | $ | 0.16 | $ | 0.07 | $ | 0.16 | $ | 0.01 | ||||||||
Class A | Class B | Total Shareholders’ Deficit | ||||||||||||||||||||||||||
Ordinary Shares | Ordinary Shares | Additional Paid- in Capital | Accumulated Deficit | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance—January 1, 2021 | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (33,036,517 | ) | $ | (33,035,517 | ) | ||||||||||||||
Net income | — | 0 | — | 0 | 0 | 408,648 | 408,648 | |||||||||||||||||||||
Balance, March 31, 2021 | 0 | 0 | 10,000,000 | 1,000 | 0 | (32,627,869 | ) | (32,626,869 | ) | |||||||||||||||||||
Net loss | — | 0 | — | 0 | 0 | (4,852,987 | ) | (4,852,987 | ) | |||||||||||||||||||
Balance, June 30, 2021 | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (37,480,856 | ) | $ | (37,479,856 | ) | ||||||||||||||
Net income | — | 0 | — | 0 | 0 | 7,934,434 | 7,934,434 | |||||||||||||||||||||
Balance, September 30, 2021 | 0 | $ | 0 | 10,000,000 | $ | 1,000 | $ | 0 | $ | (29,546,422 | ) | $ | (29,545,422 | ) | ||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Ordinary Shares | Ordinary Shares | Total | ||||||||||||||||||||||||||
Additional Paid- | Accumulated | Shareholders’ | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | in Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance, January 1, 2022 | 0 | $ | 0— | 10,000,000 | $ | 1,000 | $ | 0— | $ | (27,567,744 | ) | $ | (27,566,744 | ) | ||||||||||||||
Net income | — | — | — | — | — | 7,896,134 | 7,896,134 | |||||||||||||||||||||
Balance, March 31, 2022 | 0 | $ | 0— | 10,000,000 | $ | 1,000 | $ | 0— | $ | (19,671,610 | ) | $ | (19,670,610 | ) | ||||||||||||||
Balance, January 1, 2021 | 0 | $ | 0— | 10,000,000 | $ | 1,000 | $ | 0— | $ | (33,036,517 | ) | $ | (33,035,517 | ) | ||||||||||||||
Net income | — | — | — | — | — | 408,648 | 408,648 | |||||||||||||||||||||
Balance, March 31, 2021 | 0 | $ | 0— | 10,000,000 | $ | 1,000 | $ | 0— | $ | (32,627,869 | ) | $ | (32,626,869 | ) | ||||||||||||||
For the three | For the three | |||||||||||
months ended | months ended | |||||||||||
March 31, | March 31, | |||||||||||
2022 | 2021 | |||||||||||
Cash Flows from Operating Activities | ||||||||||||
Net income | $ | 3,490,095 | $ | 7,896,134 | $ | 408,648 | ||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Unrealized gain on marketable securities held in Trust Account | (124,203 | ) | (33,752 | ) | (69,530 | ) | ||||||
Change in fair value of warrant liabilities | (4,738,666 | ) | (8,449,333 | ) | (837,333 | ) | ||||||
Changes in operating assets and liabilities: | ||||||||||||
Accrued expenses | 62,500 | |||||||||||
Prepaid expenses | 304,373 | 92,466 | 100,361 | |||||||||
Accrued expense s | 179,126 | 55,000 | ||||||||||
Net cash used in operating activities | (1,005,901 | ) | (315,359 | ) | (342,854 | ) | ||||||
Cash Flows from Financing Activities | ||||||||||||
Payment of offering costs | (37,554 | ) | (70,000 | ) | (37,554 | ) | ||||||
Net cash used in financing activities | (37,554 | ) | (70,000 | ) | (37,554 | ) | ||||||
Net change in cash | (1,043,455 | ) | (385,359 | ) | (380,408 | ) | ||||||
Cash at beginning of the period | 1,916,935 | 646,558 | 1,916,935 | |||||||||
Cash at end of the period | $ | 873,480 | $ | 261,199 | $ | 1,536,527 | ||||||
Non-cash financing activities: | ||||||||||||
Offering costs payable | $ | 4,313 | $ | 74,313 | ||||||||
As of December 21, 2020 | As Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to possible redemption | 383,579,030 | 16,420,970 | 400,000,000 | |||||||||
Class A ordinary shares, $0.001 par value | 164 | (164 | ) | 0 | ||||||||
Class B ordinary shares, $0.001 par value | 1,000 | 0 | 1,000 | |||||||||
Additional Paid in Capital | 5,078,725 | (5,078,725 | ) | 0 | ||||||||
Accumulated Deficit | (79,888 | ) | (11,342,081 | ) | (11,421,969 | ) | ||||||
Total Shareholders’ Equity | 5,000,001 | (16,420,970 | ) | (11,420,969 | ) | |||||||
Number of Class A ordinary shares subject to redemption | 38,357,903 | 1,642,097 | 40,000,000 | |||||||||
As of December 31, 2020 | As Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to possible redemption | 361,964,477 | 38,035,523 | 400,000,000 | |||||||||
Class A ordinary shares, $0.001 par value | 381 | (381 | ) | 0 | ||||||||
Class B ordinary shares, $0.001 par value | 1,000 | 0 | 1,000 | |||||||||
Additional Paid in Capital | 6,128,822 | (6,128,822 | ) | 0 | ||||||||
Accumulated Deficit | (1,130,197 | ) | (31,906,320 | ) | (33,036,517 | ) | ||||||
Total Shareholders’ Equity | 5,000,006 | (38,035,523 | ) | (33,035,517 | ) | |||||||
Number of Class A ordinary shares subject to redemption | 36,196,448 | 3,803,552 | 40,000,000 | |||||||||
As of March 31, 2021 | As Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to possible redemption | 362,373,120 | 37,626,880 | 400,000,000 | |||||||||
Class A ordinary shares, $0.001 par value | 376 | (376 | ) | 0 | ||||||||
Class B ordinary shares, $0.001 par value | 1,000 | 0 | 1,000 | |||||||||
Additional Paid in Capital | 5,720,182 | (5,720,182 | ) | 0 | ||||||||
Accumulated Deficit | (721,549 | ) | (31,906,322 | ) | (32,627,871 | ) | ||||||
Total Shareholders’ Equity | 5,000,009 | (37,626,880 | ) | (32,626,871 | ) | |||||||
Number of Class A ordinary shares subject to redemptio n | 36,237,312 | 3,762,688 | 40,000,000 | |||||||||
As of June 30, 2021 | As Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to possible redemption | 357,520,140 | 42,479,860 | 400,000,000 | |||||||||
Class A ordinary shares, $0.001 par value | 425 | (425 | ) | 0 | ||||||||
Class B ordinary shares, $0.001 par value | 1,000 | 0 | 1,000 | |||||||||
Additional Paid in Capital | 10,573,113 | (10,573,113 | ) | 0 | ||||||||
Accumulated Deficit | (5,574,536 | ) | (31,906,322 | ) | (37,480,858 | ) | ||||||
Total Shareholders’ Equity | 5,000,002 | (42,479,860 | ) | (37,479,858 | ) | |||||||
Number of Class A ordinary shares subject to redemptio n | 35,752,014 | 4,247,986 | 40,000,000 | |||||||||
EPS for Class A common stock (redeemable) | ||||||||||||
Form 10-K/A (December 30, 2020) – October 20, 2020 (inception) through December 31, 2020 | As Reported | Adjustment | As Restate d | |||||||||
Net loss | $ | (1,130,197 | ) | $ | 0 | $ | (1,130,197 | ) | ||||
Weighted average shares outstanding | 36,814,007 | $ | 3,185,993 | 40,000,000 | ||||||||
Basic and diluted earnings per share | $ | 0 | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Form 10-Q (March 31, 2021) – three months ended March 31, 2021 | ||||||||||||
Net income | $ | 408,648 | $ | 0 | $ | 408,648 | ||||||
Weighted average shares outstanding | 36,235,740 | $ | 3,764,260 | 40,000,000 | ||||||||
Basic and diluted earnings per share | $ | 0 | $ | 0.01 | $ | 0.01 | ||||||
Form 10-Q (June 30, 2021) – three months ended June 30, 2021 | ||||||||||||
Net loss | $ | (4,852,987 | ) | $ | 0 | $ | (4,852,987 | ) | ||||
Weighted average shares outstanding | 36,237,212 | $ | 3,762,788 | 40,000,000 | ||||||||
Basic and diluted earnings per share | $ | 0 | $ | (0.10 | ) | $ | (0.10 | ) | ||||
Form 10-Q (June 30, 2021) – six months ended June 30, 2021 | ||||||||||||
Net loss | $ | (4,444,339 | ) | $ | 0 | $ | (4,444,339 | ) | ||||
Weighted average shares outstanding | 36,216,943 | $ | 3,783,057 | 40,000,000 | ||||||||
Basic and diluted earnings per share | $ | 0 | $ | (0.09 | ) | $ | (0.09 | ) | ||||
EPS for Class B common stock (redeemable) | ||||||||||||
Form 10-K/A (June 30, 2021) – October 20, 2020 (inception) through December 31, 2020 | As Reported | Adjustment | As Restated | |||||||||
Net loss | $ | (1,130,197 | ) | $ | 0 | $ | (1,130,197 | ) | ||||
Weighted average shares outstanding | 9,637,149 | (739,580 | ) | 8,897,569 | ||||||||
Basic and diluted earnings per share | $ | (0.12 | ) | $ | 0.10 | $ | (0.02 | ) | ||||
Form 10-Q (March 31, 2021) – three months ended March 31, 2021 | ||||||||||||
Net income | $ | 408,648 | $ | 0 | $ | 408,648 | ||||||
Weighted average shares outstanding | 11,925,584 | (1,925,584 | ) | 10,000,000 | ||||||||
Basic and diluted earnings per share | $ | 0.03 | $ | (0.02 | ) | $ | 0.01 | |||||
Form 10-Q (June 30, 2021) – three months ended June 30, 2021 | ||||||||||||
Net loss | $ | (4,852,987 | ) | $ | 0 | $ | (4,852,987 | ) | ||||
Weighted average shares outstanding | 13,762,688 | (3,762,688 | ) | 10,000,000 | ||||||||
Basic and diluted earnings per share | $ | (0.35 | ) | $ | 0.25 | $ | (0.10 | ) | ||||
Form 10-Q (June 30, 2021) – six months ended June 30, 2021 | ||||||||||||
Net loss | $ | (4,444,339 | ) | $ | 0 | $ | (4,444,339 | ) | ||||
Weighted average shares outstanding | 13,783,007 | (3,783,007 | ) | 10,000,000 | ||||||||
Basic and diluted earnings per share | $ | (0.33 | ) | $ | 0.24 | $ | (0.09 | ) |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Gross proceeds | $ | 400,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (13,600,000 | ) | ||
Class A ordinary share issuance costs | (21,978,320 | ) | ||
Plus: | ||||
Remeasurement of carrying value to redemption value | 35,578,320 | |||
Class A ordinary shares subject to possible redemption | $ | 400,000,000 | ||
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 income (loss) per ordinary share: | ||||||||||||||||
N u merat o r : | ||||||||||||||||
Allocation of net income (loss) | $ | 6,347,547 | $ | 1,586,887 | $ | 2,792,076 | $ | 698,019 | ||||||||
De no min a tor: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.16 | $ | 0.16 | $ | 0.07 | $ | 0.07 | ||||||||
For the three months ended March 31, 2022 | For the three months ended March 31, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income | $ | 6,316,907 | $ | 1,579,227 | $ | 326,918 | $ | 81,730 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 40,000,000 | 10,000,000 | 40,000,000 | 10,000,000 | ||||||||||||
Basic and diluted net income per ordinary share | $ | 0.16 | $ | 0.16 | $ | 0.01 | $ | 0.01 | ||||||||
Description | March 31 | December 31, | ||||||||||
Level | 2022 | 2021 | ||||||||||
Assets: | ||||||||||||
Cash and Marketable securities held in trust account | 1 | $ | 400,176,322 | $ | 400,142,570 | |||||||
Description | Level | September 30, 2021 | December 31, 2020 | |||||||||
Assets: | ||||||||||||
Cash and Marketable securities held in trust account | 1 | $ | 400,129,908 | $ | 400,005,705 | |||||||
Description | Level | March 31, | Level | December 31, | ||||||||||||||||||||||||||||
Level | September 30, 2021 | Level | December 31, 2020 | 2022 | 2021 | |||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Warrant Liability – Public Warrants | 1 | $ | 10,666,666 | 3 | $ | 13,733,333 | 1 | $ | 3,866,667 | 1 | $ | 9,200,000 | ||||||||||||||||||||
Warrant Liability – Private Placement Warrants | 3 | $ | 6,156,000 | 3 | $ | 7,828,000 | 3 | $ | 2,204,000 | 3 | $ | 5,320,000 | ||||||||||||||||||||
Total Warrant Liability | $ | 16,822,666 | $ | 21,561,333 | $ | 6,070,667 | $ | 14,520,000 | ||||||||||||||||||||||||
Input | December 31, 2021 | March 31, 2022 | ||||||
Risk-free interest rate | 1.26 | % | 2.42 | % | ||||
Expected term (years) | 5.0 | 5.0 | ||||||
Expected volatility | 13.3 | % | 5.5 | % | ||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Fair value of the ordinary share price | $ | 10.00 | $ | 10.00 | ||||
Redemption threshold price | $ | 18.00 | $ | 18.00 | ||||
Redemption threshold days | | 20 days within any 30-day period | | | 20 days within any 30-day period | | ||
Redemption price | $ | 0.01 | $ | 0.01 | ||||
Probability of a successful acquisition | 90 | % | 90 | % |
Private Placement | Public | Warrant Liabilities | ||||||||||
Fair value as of December 31, 2020 | $ | 7,828,000 | $ | 13,733,333 | $ | 21,561,333 | ||||||
Change in valuation inputs or other assumptions | (1,672,000 | ) | (3,066,666 | ) | (4,738,666 | ) | ||||||
Fair value as of September 30, 2021 | $ | 6,156,000 | $ | 10,666,667 | $ | 16,822,667 | ||||||
Private Placement | Public | Warrant Liabilities | ||||||||||
Fair value as of December 3 1, 2021 | $ | 5,320,000 | $ | 9,200,000 | $ | 14,520,000 | ||||||
Change in valuation inputs or other assumptions | (3,116,000 | ) | (5,333,333 | ) | (8,449,333 | ) | ||||||
Fair value as of March 31, 2022 | $ | 2,204,000 | $ | 3,866,667 | $ | 6,070,667 | ||||||
Fair value as of December 31, 2020 | $ | 7,828,000 | $ | 13,733,333 | $ | 21,561,333 | ||||||
Change in valuation inputs or other assumptions | (304,000 | ) | (533,333 | ) | (837,333 | ) | ||||||
Fair value as of March 31, 2021 | $ | 7,524,000 | $ | 13,200,000 | $ | 20,724,000 | ||||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Item 4. Disclosure Controls and Procedures |
Item 1. Legal Proceedings |
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider our risk factors from those disclosed under “Item 1A. Risk Factors” included in our Form 10-K. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results. |
Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business combination, and results of operations. We are subject to laws and regulations enacted by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time and those changes could have a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete our initial business combination, and results of operations. On March 30, 2022, the SEC issued proposed rules relating to, among other items, enhancing disclosures in business combination transactions involving SPACs and private operating companies and increasing the potential liability of certain participants in proposed business combination transactions. These rules, if adopted, whether in the form proposed or in revised form, may materially increase the costs and time required to negotiate and complete an initial business combination and could potentially impair our ability to complete an initial business combination. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
* | Filed herewith. |
** | Furnished. |
CORNER GROWTH ACQUISITION CORP. | ||
By: | /s/ Jerome “Jerry” Letter | |
Name: | Jerome “Jerry” Letter | |
Title: | Chief Financial Officer and Chief Operating Officer |