☒ | 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 | 85-2624164 | |
(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 | ||
Units, each consisting of one share of Class A Common Stock and one-half of one Redeemable Warrant | OHAAU | The Nasdaq Stock Market LLC | ||
Class A Common Stock, par value $0.0001 per share | OHAA | The Nasdaq Stock Market LLC | ||
Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 | OHAAW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page | ||||||
PART 1 – FINANCIAL INFORMATION | ||||||
Item 1. | 1 | |||||
Condensed Balance Sheets as of | 1 | |||||
Condensed Statements of Operations for the three and six months ended | 2 | |||||
Condensed Statements of Changes in Stockholders’ Equity for the three and six months ended | 3 | |||||
Condensed Statements of Cash Flows for the | 4 | |||||
Notes to Condensed Financial Statements | 5 | |||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | ||||||
21 | ||||||
23 |
June 30, | December 31, | |||||||||||||||
March 31, | December 31, | 2022 | 2021 | |||||||||||||
2022 | 2021 | (Unaudited) | ||||||||||||||
(unaudited) | ||||||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS | ||||||||||||||||
Cash | $ | 440,480 | $ | 670,998 | $ | 256,284 | $ | 670,998 | ||||||||
Prepaid expenses and other assets | 424,399 | 388,711 | 404,762 | 388,711 | ||||||||||||
Total current assets | 864,879 | 1,059,709 | 661,046 | 1,059,709 | ||||||||||||
OTHER ASSETS | ||||||||||||||||
Prepaid expenses and other assets | 212,682 | 300,657 | 120,520 | 300,657 | ||||||||||||
Deferred tax asset | 5,506 | 5,506 | 5,506 | 5,506 | ||||||||||||
Investments held in Trust Account | 127,788,442 | 127,771,830 | 127,945,498 | 127,771,830 | ||||||||||||
TOTAL ASSETS | 128,871,509 | 129,137,702 | $ | 128,732,570 | $ | 129,137,702 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
CURRENT LIABILITIES | 0 | 0 | ||||||||||||||
Accounts payable and accrued expenses | $ | 72,153 | $ | 44,252 | $ | 85,568 | $ | 44,252 | ||||||||
Franchise tax payable | 50,000 | 34,902 | 85,185 | 34,902 | ||||||||||||
Due to affiliate | 0 | 20,000 | — | 20,000 | ||||||||||||
Income taxes payable | 14,413 | — | ||||||||||||||
TOTAL LIABILITIES | 122,153 | 99,154 | 185,166 | 99,154 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | ||||||||||||||
COMMITMENTS AND CONTINGENCIES (NOTE 6) | ||||||||||||||||
Class A common stock subject to possible redemption, $0.0001 par value, 12,650,000 shares at redemption value of $10.10 per share | 127,765,000 | 127,765,000 | 127,765,000 | 127,765,000 | ||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0ne issued and outstanding | 0— | 0— | 0— | 0— | ||||||||||||
Class A common stock; $0.0001 par value; 100,000,000 shares authorized; 0 shares issued and outstanding (excluding 12,650,000 shares subject to possible redemption) | 0— | 0— | ||||||||||||||
Class A common stock; $0.0001 par value; 100,000,000 shares authorized; 0ne issued and outstanding (excluding 12,650,000 shares subject to possible redemption) | 0— | 0— | ||||||||||||||
Common stock $0.0001 par value; 10,000,000 shares authorized; 3,162,500 shares issued and outstanding | 316 | 316 | 316 | 316 | ||||||||||||
Additional paid-in capital | 1,621,335 | 1,621,335 | 1,621,335 | 1,621,335 | ||||||||||||
Accumulated deficit | (637,295 | ) | (348,103 | ) | (839,247 | ) | (348,103 | ) | ||||||||
Total stockholders’ equity | 984,356 | 1,273,548 | 782,404 | 1,273,548 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 128,871,509 | $ | 129,137,702 | ||||||||||||
TOTAL LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ EQUITY | $ | 128,732,570 | $ | 129,137,702 | ||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||
For the three months ended March 31, 2022 | For the three months ended March 31, 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||
General and administrative | $ | 253,616 | $ | — | $ | 294,595 | $ | 9,618 | $ | 548,212 | $ | 9,618 | ||||||||||||
Franchise tax | 52,188 | — | 50,000 | — | 102,187 | — | ||||||||||||||||||
Total expenses | 305,804 | — | 344,595 | 9,618 | 650,399 | 9,618 | ||||||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||||||
Interest income on investments held in Trust Account and other interest | 16,612 | 3 | ||||||||||||||||||||||
OTHER INCOME | ||||||||||||||||||||||||
Interest income on investments held in Trust Account | 157,056 | 3 | 173,668 | 6 | ||||||||||||||||||||
Total other income | 16,612 | 3 | 157,056 | 3 | 173,668 | 6 | ||||||||||||||||||
NET INCOME (LOSS) | $ | (289,192 | ) | $ | 3 | |||||||||||||||||||
LOSS BEFORE PROVISION FOR INCOME TAXES | (187,539) | (9,615) | (476,731) | (9,612) | ||||||||||||||||||||
Provision for income taxes | (14,413) | — | (14,413) | — | ||||||||||||||||||||
NET LOSS | $ | (201,952) | $ | (9,615) | $ | (491,144) | $ | (9,612) | ||||||||||||||||
Weighted average shares outstanding of Class A common stock | 12,650,000 | — | 12,650,000 | — | 12,650,000 | — | ||||||||||||||||||
Basic and diluted net income (loss) per share, Class A | $ | (0.02 | ) | $ | — | |||||||||||||||||||
Basic and diluted net loss per share, Class A | $ | (0.01) | — | $ | (0.03) | — | ||||||||||||||||||
Weighted average shares outstanding of Class B common stock | 3,162,500 | 3,162,500 | ||||||||||||||||||||||
Weighted average shares outstanding of common stock | 3,162,500 | 3,162,500 | 3,162,500 | 3,162,500 | ||||||||||||||||||||
Basic and diluted net income ( loss ) per share, Class B | $ | (0.02 | ) | $ | — | |||||||||||||||||||
Basic and diluted net loss per share, common stock | $ | (0.01) | $ | (0.00) | $ | (0.03) | $ | (0.00) | ||||||||||||||||
Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Common stock | Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional paid-in capital | Accumulated deficit | Total stockholders’ equity | Class A | Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional paid-in capital | Accumulated deficit | Total stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 0 | $ | 0 | 3,162,500 | $ | 316 | $ | 1,621,335 | $ | (348,103 | ) | $ | 1,273,548 | — | $ | — | 3,162,500 | $ | 316 | $ | 1,621,335 | $ | (348,103 | ) | $ | 1,273,548 | ||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (289,192 | ) | (289,192 | ) | — | — | — | — | — | (289,192 | ) | (289,192 | ) | ||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 (unaudited) | 0 | 0 | 3,162,500 | $ | 316 | $ | 1,621,335 | $ | (637,295 | ) | $ | 984,356 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 (Unaudited) | — | — | 3,162,500 | 316 | 1,621,335 | (637,295 | ) | 984,356 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (201,952 | ) | (201,952 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 (Unaudited) | — | $ | — | 3,162,500 | $ | 316 | $ | 1,621,335 | $ | (839,247 | ) | $ | 782,404 | |||||||||||||||||||||||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Common stock | Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional paid-in capital | Accumulated deficit | Total stockholder’s equity | Class A | Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional paid-in capital | Accumulated deficit | Total stockholder’s equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 3,162,500 | $ | 316 | $ | 24,684 | $ | (1,000 | ) | $ | 24,000 | — | $ | — | 3,162,500 | $ | 316 | $ | 24,684 | $ | (1,000 | ) | $ | 24,000 | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 (Unaudited) | — | — | 3,162,500 | 316 | 24,684 | (997 | ) | 24,003 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | 3 | 3 | — | — | — | — | — | (9,615 | ) | (9,615 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 (unaudited) | 0 | 0 | 3,162,500 | $ | 316 | $ | 24,684 | $ | (997 | ) | $ | 24,003 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 (Unaudited) | — | $ | — | 3,162,500 | $ | 316 | $ | 24,684 | $ | (10,612 | ) | $ | 14,388 | |||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, | ||||||||||||||||
For the three months e nded March 31,2022 | For the three months e nded March 31,2021 | 2022 | 2021 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||
Net income (loss) | $ | (289,192 | ) | $ | 3 | |||||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
Net loss | $ | (491,144 | ) | $ | (9,612 | ) | ||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||||
Interest income on investments held in Trust Account | (16,612 | ) | — | (173,668 | ) | — | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses and other assets | 52,287 | — | 164,086 | — | ||||||||||||
Due to affiliate | (20,000 | ) | — | |||||||||||||
Accounts payable and accrued exp | 27,901 | — | ||||||||||||||
Accounts payable and accrued expenses | 41,316 | 9,618 | ||||||||||||||
Franchise tax payable | 15,098 | — | 50,283 | — | ||||||||||||
Due to affiliates | (20,000 | ) | — | |||||||||||||
Income taxes payable | 14,413 | |||||||||||||||
Net cash flows (used in) provided by operating activities | (230,518 | ) | 3 | (414,714 | ) | 6 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||
Proceeds from related party note | — | 75,000 | ||||||||||||||
Proceeds from promissory note | — | 75,000 | ||||||||||||||
Net cash flows provided by financing activities | — | 75,000 | — | 75,000 | ||||||||||||
NET CHANGE IN CASH | (230,518 | ) | 75,003 | (414,714 | ) | 75,006 | ||||||||||
CASH, BEGINNING OF THE PERIOD | 670,998 | 25,000 | 670,998 | 25,000 | ||||||||||||
CASH, END OF THE PERIOD | $ | 440,480 | $ | 100,003 | $ | 256,284 | $ | 100,006 | ||||||||
Supplemental disclosure of noncash activities: | ||||||||||||||||
Deferred offering costs paid by notes payable—related party | $ | — | $ | 5,000 | ||||||||||||
Deferred offering costs included in accrued offering costs | $ | — | $ | 33,000 | ||||||||||||
Conversion of due to affiliate through issuance of Notes Payable | $ | — | $ | 30,000 | ||||||||||||
Deferred tax assets | $ | 74,048 | ||
Deferred tax liabilities | 0 | |||
Valuation allowance for deferred tax assets | (68,542 | ) | ||
Net deferred tax assets | $ | 5,506 | ||
Capitalized expenses before business combination | $ | 74,048 | ||
Total | $ | 74,048 | ||
Gross proceeds | $ | 126,500,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (8,420,695 | ) | ||
Class A common stock issuance costs | (245,233 | ) | ||
Plus: Accretion of carrying value to redemption value | 9,930,928 | |||
Class A common stock subject to possible redemption | $ | 127,765,000 |
Class A common stock | Class B common stock | |||||||
Basic and diluted net loss per share | ||||||||
Numerator: | ||||||||
Allocation of net loss | $ | (234,307 | ) | $ | (54,885 | ) | ||
Denominator: | ||||||||
Weighted average shares outstanding | 12,650,000 | 3,162,500 | ||||||
Basic and dilution net loss per share | $ | (0.02 | ) | $ | (0.02 | ) |
Class A common stock | Class B common stock | 2022 | 2021 | |||||||||||||||||||||
Basic and diluted net income per share | ||||||||||||||||||||||||
Basic and diluted net loss per share: | Class A common stock | C ommon stock | Class A c ommon stock | C ommon stock | ||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net income | $ | — | $ | 3 | ||||||||||||||||||||
Allocation of net loss | $ | (161,562 | ) | $ | (40,390 | ) | $ | — | $ | (9,616 | ) | |||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted average shares outstanding | — | 3,162,500 | 12,650,000 | 3,162,500 | — | 3,162,500 | ||||||||||||||||||
Basic and dilution net income per share | $ | — | $ | — | ||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | — | $ | (0.00 | ) |
2022 | 2021 | |||||||||||||||
Basic and diluted net loss per share: | Class A common stock | C ommon stock | Class A common stock | C ommon stock | ||||||||||||
Numerator: | ||||||||||||||||
Allocation of net loss | $ | (392,915 | ) | $ | (98,229 | ) | $ | — | $ | (9,612 | ) | |||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding | 12,650,000 | 3,162,500 | — | 3,162,500 | ||||||||||||
Basic and diluted net loss per share | $ | (0.03 | ) | $ | (0.03 | ) | $ | — | $ | (0.00 | ) |
Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
U.S. Treasury Securities | 1 | $ | 127,788,442 | 0 | 0 | 1 | $ | 127,945,498 | — | — |
Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Securities | 1 | $ | 127,771,830 | 0 | 0 |
Level | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
U.S. Treasury Securities | 1 | $ | 127,771,830 | — | — |
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.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing |
OPY ACQUISITION CORP. I | ||||||
Date: | By: | /s/ Jonathan B. Siegel | ||||
Name: | Jonathan B. Siegel | |||||
Title: | Chief Executive Officer and Director (Principal Executive Officer) | |||||
Date: | By: | /s/ Daniel E. Geffken | ||||
Name: | Daniel E. Geffken | |||||
Title: | Chief Financial Officer and Director (Principal Financial and Accounting Officer) |