☒ | 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 | 85-4249052 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
SCALE units, each consisting of one share of Class A common stock, $0.00001 par value, and one-fifth of one redeemable warrant | NDACU | The Nasdaq Stock Market LLC | ||
Shares of Class A common stock included as part of the SCALE units | NDAC | The Nasdaq Stock Market LLC | ||
Redeemable warrants included as part of the SCALE units | NDACW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 1,209,700 | $ | 25,000 | $ | 784,438 | $ | 1,102,919 | ||||||||
Prepaid expenses | 913,641 | 0 | 626,422 | 634,687 | ||||||||||||
Total Current Assets | 2,123,341 | 25,000 | 1,410,860 | 1,737,606 | ||||||||||||
Deferred offering costs | 0 | 305,000 | ||||||||||||||
Long term portion of prepaid insurance | 0 | 105,781 | ||||||||||||||
Marketable securities held in Trust Account | 345,023,401 | 0 | 345,063,493 | 345,030,690 | ||||||||||||
TOTAL ASSETS | $ | 347,146,742 | $ | 330,000 | $ | 346,474,353 | $ | 346,874,077 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accrued expenses | $ | 333,802 | $ | 5,000 | $ | 500,656 | $ | 491,165 | ||||||||
Accrued offering costs | 5,000 | 305,000 | ||||||||||||||
Total Current Liabilities | 338,802 | 310,000 | 500,656 | 491,165 | ||||||||||||
Warrant Liability | 6,060,657 | 0 | ||||||||||||||
Warrant Liabilities | 3,412,828 | 6,195,042 | ||||||||||||||
Deferred underwriting fee payable | 12,075,000 | 0 | 12,075,000 | 12,075,000 | ||||||||||||
Total Liabilities | 18,474,459 | 310,000 | 15,988,484 | 18,761,207 | ||||||||||||
Commitments | 0 | 0 | 0 | 0 | ||||||||||||
Class A common stock subject to possible redemption 34,500,000 and 0 shares at redemption value at September 30, 2021 and December 31, 2020, respectively | 345,000,000 | 0 | ||||||||||||||
Stockholders’ Equity (Deficit) | ||||||||||||||||
Class A common stock subject to possible redemption 34,500,000 shares at redemption value | 345,000,000 | 345,000,000 | ||||||||||||||
Stockholders’ Deficit | ||||||||||||||||
Preferred stock, $0.00001 par value; 1,000,000 shares authorized; 0ne issued or outstanding | 0 | 0 | 0 | 0 | ||||||||||||
Class A common stock, $0.00001 par value; 280,000,000 shares authorized; 1,035,000 and 0 shares issued and outstanding (excluding 34,500,000 and 0 shares subject to possible redemption) at September 30, 2021 and December 31, 2020, respectively | 10 | 0 | ||||||||||||||
Class B common stock, $0.00001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 86 | 86 | ||||||||||||||
Class A common stock, $0.00001 par value; 280,000,000 shares authorized; 1,035,000 shares issued and outstanding (excluding 34,500,000 shares subject to possible redemption) | 10 | 10 | ||||||||||||||
Class B common stock, $0.00001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and outstanding | 86 | 86 | ||||||||||||||
Additional paid-in capital | 0 | 24,914 | 0 | 0 | ||||||||||||
Accumulated deficit | (16,327,813 | ) | (5,000 | ) | (14,514,227 | ) | (16,887,226 | ) | ||||||||
Total Stockholders’ Equity (Deficit) | (16,327,717 | ) | 20,000 | |||||||||||||
Total Stockholders’ Deficit | (14,514,131 | ) | (16,887,130 | ) | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 347,146,742 | $ | 330,000 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 346,474,353 | $ | 346,874,077 | ||||||||||||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||
General and administrative expenses | $ | 522,957 | $ | 1,058,923 | ||||
Loss from operations | (522,957 | ) | (1,058,923 | ) | ||||
Other income (expense): | ||||||||
Interest earned on marketable securities held in Trust Account | 4,439 | 23,401 | ||||||
Change in fair value of warrant liability | 4,090,597 | 4,480,687 | ||||||
Transaction costs incurred in connection with warrant liabilities | — | (579,585 | ) | |||||
Compensation expense — warrants | — | (30,861 | ) | |||||
Other income, net | 4,095,036 | 3,893,642 | ||||||
Net income | $ | 3,572,079 | $ | 2,834,719 | ||||
Basic and diluted weighted average shares outstanding, Class A common stock | 35,535,000 | 27,638,333 | ||||||
Basic and diluted net income per share, Class A common stock | $ | 0.08 | $ | 0.08 | ||||
Basic and diluted weighted average shares outstanding, Class B common stock | 8,625,000 | 8,375,000 | ||||||
Basic and diluted net income per share, Class B common stock | $ | 0.08 | $ | 0.08 | ||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance—January 1, 2021 | 0 | $ | 0 | 8,625,000 | $ | 86 | $ | 24,914 | $ | (5,000 | ) | $ | 20,000 | |||||||||||||||
Sale of 1,035,000 Private Placement Units | 1,035,000 | 10 | — | — | 10,039,490 | — | 10,039,500 | |||||||||||||||||||||
Accretion for Class A common stock to redemption amount (1) | — | — | — | — | (10,064,404 | ) | (19,157,532 | ) | (29,221,936 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (1,333,304 | ) | (1,333,304 | ) | |||||||||||||||||||
Balance—March 31, 2021 (1) | 1,035,000 | 10 | 8,625,000 | 86 | 0 | (20,495,836 | ) | (20,495,740 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 595,944 | 595,944 | |||||||||||||||||||||
Balance—June 30, 2021 (1) | 1,035,000 | 10 | 8,625,000 | $ | 86 | $ | 0 | $ | (19,899,892 | ) | $ | (19,899,796 | ) | |||||||||||||||
Net income | — | — | — | — | — | 3,572,079 | 3,572,079 | |||||||||||||||||||||
Balance—September 30, 2021 | 1,035,000 | 10 | 8,625,000 | $ | 86 | $ | 0 | $ | (16,327,813 | ) | $ | (16,327,717 | ) | |||||||||||||||
Nine Months Ended September 30, 2021 | ||||
Cash Flows from Operating Activities: | ||||
Net income | 2,834,719 | |||
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Interest earned on marketable securities held in Trust Account | (23,401 | ) | ||
Change in fair value of warrant liability | (4,480,687 | ) | ||
Transaction costs associated with Initial Public Offering | 579,585 | |||
Compensation expense | 30,861 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (913,641 | ) | ||
Accrued expenses | 328,802 | |||
Net cash used in operating activities | (1,643,762 | ) | ||
Cash Flows from Investing Activities: | ||||
Investment of cash in Trust Account | (345,000,000 | ) | ||
Net cash used in investing activities | (345,000,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from sale of Units, net of underwriting discounts paid | 338,100,000 | |||
Proceeds from sale of Private Placement Units | 10,350,000 | |||
Proceeds from promissory note – related party | 188,890 | |||
Repayment of promissory note – related party | (188,890 | ) | ||
Payment of offering costs | (621,538 | ) | ||
Net cash provided by financing activities | 347,828,462 | |||
Net Change in Cash | 1,184,700 | |||
Cash—Beginning of period | 25,000 | |||
Cash—End of period | $ | 1,209,700 | ||
Supplemental disclosure of non-cash investing and financing activities: | ||||
Offering costs included in accrued offering costs | $ | 5,000 | ||
Initial classification of Class A common stock subject to possible redemption (1) | $ | 345,000,000 | ||
Accretion for initial redemption value | $ | 29,221,936 | ||
Deferred underwriting fee payable | $ | 12,075,000 | ||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||
General and administrative expenses | $ | 442,018 | $ | 121,235 | ||||
Loss from operations | (442,018 | ) | (121,235 | ) | ||||
Other income (expense): | ||||||||
Interest earned on marketable securities held in Trust Account | 32,803 | 6,441 | ||||||
Change in fair value of warrant liabilities | 2,782,214 | (638,925 | ) | |||||
Transaction costs incurred in connection with warrant liabilities | 0 | (579,585 | ) | |||||
Other income (expense), net | 2,815,017 | (1,212,069 | ) | |||||
Net income (loss) | $ | 2,372,999 | $ | (1,333,304 | ) | |||
Basic and diluted weighted average shares outstanding, Class A common stock | 35,535,000 | 10,660,500 | ||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | 0.05 | $ | (0.07 | ) | |||
Basic and diluted weighted average shares outstanding, Class B common stock | 8,625,000 | 7,837,500 | ||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.05 | $ | (0.07 | ) | |||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance—January 1, 2022 | 1,035,000 | $ | 10 | 8,625,000 | $ | 86 | $ | 0 | $ | (16,887,226 | ) | $ | (16,887,130 | ) | ||||||||||||||
Net income | — | — | — | — | — | 2,372,999 | 2,372,999 | |||||||||||||||||||||
Balance—March 31, 2022 | 1,035,000 | $ | 10 | 8,625,000 | $ | 86 | $ | 0 | $ | (14,514,227 | ) | $ | (14,514,131 | ) | ||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance—January 1, 2021 | 0 | $ | 0 | 8,625,000 | $ | 86 | $ | 24,914 | $ | (5,000 | ) | $ | 20,000 | |||||||||||||||
Sale of 1,035,000 Private Placement Units | 1,035,000 | 10 | — | — | 10,039,490 | — | 10,039,500 | |||||||||||||||||||||
Remeasurement for Class A common stock to redemption amount | — | — | — | — | (10,064,404 | ) | (19,157,532 | ) | (29,221,936 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (1,333,304 | ) | (1,333,304 | ) | |||||||||||||||||||
Balance—March 31, 2021 | 1,035,000 | $ | 10 | 8,625,000 | $ | 86 | $ | 0 | $ | (20,495,836 | ) | $ | (20,495,740 | ) | ||||||||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 2,372,999 | $ | (1,333,304 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Interest earned on marketable securities held in Trust Account | (32,803 | ) | (6,441 | ) | ||||
Change in fair value of warrant liabilities | (2,782,214 | ) | (638,925 | ) | ||||
Transaction costs associated with Initial Public Offering | 0 | 579,585 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 114,046 | (1,216,484 | ) | |||||
Accrued expenses | 9,491 | 55,080 | ||||||
Net cash used in operating activities | (318,481 | ) | (1,282,639 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash into Trust Account | 0 | (345,000,000 | ) | |||||
Net cash used in investing activities | 0 | (345,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from sale of Units, net of underwriting discounts paid | 0 | 338,100,000 | ||||||
Proceeds from sale of Private Placement Units | 0 | 10,350,000 | ||||||
Proceeds from promissory note – related party | 0 | 188,890 | ||||||
Repayment of promissory note –related party | 0 | (188,890 | ) | |||||
Payment of offering costs | 0 | (210,217 | ) | |||||
Net cash provided by financing activities | 0 | 348,239,783 | ||||||
Net Change in Cash | (318,481 | ) | 1,957,144 | |||||
Cash – Beginning of period | 1,102,919 | 25,000 | ||||||
Cash – End of period | $ | 784,438 | $ | 1,982,144 | ||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Offering costs included in accrued offering costs | $ | 0 | $ | 111,321 | ||||
Initial classification of warrant liability | $ | 0 | $ | 319,504,256 | ||||
Deferred underwriting fee payable | $ | — | $ | 10,541,344 | ||||
Initial classification of common stock subject to possible redemption | $ | 0 | $ | 345,000,000 | ||||
Balance Sheet as of March 4, 2021 (audited) | As Previously Reported | Adjustment | As Restated | |||||||||
Common stock subject to possible redemption | $ | 320,226,666 | $ | 24,773,334 | $ | 345,000,000 | ||||||
Common stock | $ | 36 | $ | (26 | ) | $ | 10 | |||||
Additional paid-in capital | $ | 5,615,776 | $ | (5,615,776 | ) | $ | — | |||||
Accumulated deficit | $ | (615,896 | ) | $ | (19,157,532 | ) | $ | (19,773,428 | ) | |||
Total Stockholders’ Equity (Deficit) | $ | 5,000,002 | $ | (24,773,334 | ) | $ | (19,773,332 | ) | ||||
Class A Common stock subject to possible redemption | 32,022,667 | 2,477,333 | 34,500,000 | |||||||||
Balance Sheet as of March 31, 2021 | ||||||||||||
Common stock subject to possible redemption | $ | 319,504,256 | $ | 25,495,744 | $ | 345,000,000 | ||||||
Common stock | $ | 36 | $ | (26 | ) | $ | 10 | |||||
Additional paid-in capital | $ | 6,338,186 | $ | (6,338,186 | ) | $ | 0 | |||||
Accumulated deficit | $ | (1,338,304 | ) | $ | (19,157,532 | ) | $ | (20,495,836 | ) | |||
Total Shareholders’ Equity (Deficit) | $ | 5,000,004 | $ | (25,495,744 | ) | $ | (20,495,740 | ) | ||||
Class A Common stock subject to possible redemption | 31,950,426 | 2,549,574 | 34,500,000 | |||||||||
Balance Sheet as of June 30, 2021 | ||||||||||||
Class A Common stock subject to possible redemption | $ | 320,100,199 | $ | 24,899,801 | $ | 345,000,000 | ||||||
Class A Common stock | $ | 35 | $ | (25 | ) | $ | 10 | |||||
Additional paid-in capital | $ | 5,742,244 | $ | (5,742,244 | ) | $ | — | |||||
Accumulated deficit | $ | (742,360 | ) | $ | (19,157,532 | ) | $ | (19,899,892 | ) | |||
Total Shareholders’ Equity (Deficit) | $ | 5,000,005 | $ | (24,899,801 | ) | $ | (19,899,796 | ) | ||||
Class A Common stock subject to possible redemption | 32,010,020 | 2,489,980 | 34,500,000 | |||||||||
Statement of Operations for the Three Months Ended March 31, 2021 | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption | 32,022,666 | (32,022,666 | ) | — | ||||||||
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption | $ | — | $ | — | $ | — | ||||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | 8,891,200 | (8,891,200 | ) | — | ||||||||
Basic and diluted net income (loss) per share, Non-redeemable common stock | $ | 0.15 | $ | (0.15 | ) | $ | — | |||||
Weighted average shares outstanding of Class A common stock | — | 10,660,500 | 10,660,500 | |||||||||
Basic and diluted net income per share, Class A common stock | $ | — | $ | (0.07 | ) | $ | (0.07 | ) | ||||
Weighted average shares outstanding of Class B common stock | — | 7,837,500 | 7,837,500 | |||||||||
Basic and diluted net income per share, Class B common stock | $ | — | $ | (0.07 | ) | $ | (0.07 | ) | ||||
Statement of Operations for the Three Months Ended June 30, 2021 | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption | 32,010,020 | (32,010,020 | ) | — | ||||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption | $ | — | $ | — | $ | — | ||||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | 12,209,862 | (12,209,862 | ) | — | ||||||||
Basic and diluted net loss (income) per share, Non-redeemable common stock | $ | 0.05 | $ | (0.05 | ) | $ | — | |||||
Weighted average shares outstanding of Class A common stock | — | 35,535,000 | 35,535,000 | |||||||||
Basic and diluted net loss per share, Class A common stock | $ | — | $ | 0.01 | $ | 0.01 | ||||||
Weighted average shares outstanding of Class B common stock | — | 8,625,000 | 8,625,000 | |||||||||
Basic and diluted net loss per share, Class B common stock | $ | — | $ | 0.01 | $ | 0.01 | ||||||
Statement of Operations for the Six Months Ended June 30, 2021 | ||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption | 32,010,020 | (32,010,020 | ) | — | ||||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption | $ | — | $ | — | $ | — | ||||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock | 10,559,699 | (10,559,699 | ) | — | ||||||||
Basic and diluted net income (loss) per share, Non-redeemable common stock | $ | (0.07 | ) | $ | 0.07 | $ | — | |||||
Weighted average shares outstanding of Class A common stock | — | 23,166,464 | 23,166,464 | |||||||||
Basic and diluted net income per share, Class A common stock | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Weighted average shares outstanding of Class B common stock | — | 8,233,425 | 8,233,425 | |||||||||
Basic and diluted net income per share, Class B common stock | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Statement of Stockholders’ Equity (Deficit) as of March 31, 2021 | ||||||||||||
Sale of 34,500,000 units (Class A Common stock subject to redemption), net of underwriting discounts | 315,778,064 | (315,778,064 | ) | $ | — | |||||||
Common stock subject to possible redemption | (319,504,256 | ) | 319,504,256 | $ | — | |||||||
Accretion for Class A common stock to redemption amount | — | (29,221,936 | ) | $ | (29,221,936 | ) | ||||||
Total Stockholders’ equity (deficit) | 5,000,004 | (25,495,744 | ) | $ | (20,495,740 | ) | ||||||
Statement of Stockholders’ Equity (Deficit) as of June 30, 2021 | ||||||||||||
Change in value of common stock subject to possible redemption | $ | 595,493 | $ | (595,493 | ) | $ | — | |||||
Total Stockholders’ Equity (Deficit) | $ | 5,000,005 | $ | (24,899,801 | ) | $ | (19,899,796 | ) | ||||
Statement of Cash Flows for the Three Months Ended March 31, 2021 | ||||||||||||
Initial classification of common stock subject to possible redemption | $ | 319,504,256 | $ | 25,495,744 | $ | 345,000,000 | ||||||
Change in value of Class A common stock subject to possible redemption | $ | 722,410 | $ | (722,410 | ) | $ | — | |||||
Statement of Cash Flows for the Six Months Ended June 30, 2021 | ||||||||||||
Initial classification of common stock subject to possible redemption | $ | 320,226,660 | $ | 24,773,340 | $ | 345,000,000 | ||||||
Change in value of Class A common subject to possible redemption | $ | (126,461 | ) | $ | 126,461 | $ | — |
Gross proceeds | $ | 345,000,000 | $ | 345,000,000 | ||||
Less: | ||||||||
Proceeds allocated to Public Warrants | $ | (10,199,983 | ) | $ | (10,199,983 | ) | ||
Class A common stock issuance costs | (19,021,953 | ) | (19,021,953 | ) | ||||
Plus: | ||||||||
Accretion of carrying value to redemption value | $ | 29,221,936 | ||||||
Remeasurement of carrying value to redemption value | $ | 29,221,936 | ||||||
Class A common stock subject to possible redemption | $ | 345,000,000 | $ | 345,000,000 | ||||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per common stock | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income, as adjusted | $ | 2,874,407 | $ | 697,672 | $ | 2,175,497 | $ | 659,222 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 35,535,000 | 8,625,000 | 27,638,333 | 8,375,000 | ||||||||||||
Basic and diluted net income per common stock | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income (loss) per common stock | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 1,909,523 | $ | 463,476 | $ | (768,390 | ) | $ | (564,914 | ) | ||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 35,535,000 | 8,625,000 | 10,660,500 | 7,837,500 | ||||||||||||
Basic and diluted net income (loss) per common stock | $ | 0.05 | $ | 0.05 | $ | (0.07 | ) | $ | (0.07 | ) |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
Description | Level | September 30, 2021 | Level | Amount | Level | Amount | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Marketable securities held in Trust Account | 1 | $ | 345,023,401 | 1 | $ | 345,063,493 | 1 | $ | 345,030,690 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Warrant Liability – Public Warrants | 1 | $ | 5,873,280 | 1 | $ | 3,312,000 | 1 | $ | 6,003,000 | |||||||||||||||||||
Warrant Liability – Private Placement Warrants | 3 | $ | 187,377 | 3 | $ | 100,828 | 3 | $ | 192,042 |
Input: | September 30, 2021 | March 4, 2021 (Initial Measurement) | ||||||||||||||||||
June 11, 2021 | ||||||||||||||||||||
March 31, 2022 | December 31, 2021 | Initial Measurement) | ||||||||||||||||||
Risk-free interest rate | 0.87 | % | 0.67 | % | 2.44 | % | 1.12 | % | 0.67 | % | ||||||||||
Expected term (years) | 4.42 | 5.0 | 3.92 | 4.17 | 5.0 | |||||||||||||||
Expected volatility | 16.85 | % | 33.2 | % | 9.80 | % | 17.40 | % | 33.2 | % | ||||||||||
Exercise price | $ | 11.50 | $ | 11.50 | $ | 11.50 | $ | 11.50 | $ | 11.50 | ||||||||||
Fair value of Units | $ | 9.77 | $ | 9.70 | $ | 9.77 | $ | 9.75 | $ | 9.70 |
Private Placement | Public | Warrant Liabilities | Private Placement | Public | Warrant Liabilities | |||||||||||||||||||
Fair value as of December 31, 2020 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Initial measurement on March 4, 2021 | 341,361 | 10,199,983 | 10,541,344 | 341,361 | 10,199,983 | 10,541,344 | ||||||||||||||||||
Change in fair value | 37,468 | 570,596 | 608,064 | (149,319 | ) | (401,983 | ) | (551,302 | ) | |||||||||||||||
Transfer to Level 1 on June 30, 2021 | — | (9,798,000 | ) | (9,798,000 | ) | |||||||||||||||||||
Fair value as of March 31, 2021 | 378,829 | 10,770,579 | 11,149,408 | |||||||||||||||||||||
Fair value as of December 31, 2021 | 192,042 | 0 | 192,042 | |||||||||||||||||||||
Change in fair value | (25,575 | ) | (972,579 | ) | (998,154 | ) | (91,214 | ) | 0 | (91,214 | ) | |||||||||||||
Transfer to Level 1 on June 30, 2021 | — | (9,798,000 | ) | (9,798,000 | ) | |||||||||||||||||||
Fair Value as of June 30, 2021 | 353,254 | — | 353,254 | |||||||||||||||||||||
Change in fair value | (165,877 | ) | — | (165,877 | ) | |||||||||||||||||||
Fair value as of September 30, 2021 | $ | 187,377 | $ | — | $ | 187,377 | ||||||||||||||||||
Fair value as of March 31, 2022 | $ | 100,828 | $ | 0 | $ | 100,828 |
* | The Certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are deemed furnished, but not filed, with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on |
NIGHTDRAGON ACQUISITION CORP. | ||||||
Date: | By: | /s/ Morgan Kyauk | ||||
Name: | Morgan Kyauk | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: | By: | /s/ Steve Simonian | ||||
Name: | Steve Simonian | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |