(MARK ONE) |
☒ | 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 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
630 Ramona St. 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-half of one Redeemable Warrant | ENTFU | The Nasdaq Stock Market LLC | ||
Class A Ordinary Share, par value $0.0001 per share | ENTF | The Nasdaq Stock Market LLC | ||
Redeemable Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 | ENTFW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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March 31, | December 31, | |||||||
2022 | 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 511,867 | $ | 637,566 | ||||
Prepaid expenses and other current asset | 392,943 | 360,072 | ||||||
Total Current Assets | 904,810 | 997,638 | ||||||
Long-Term portion of Prepaid Insurance | 196,875 | 281,250 | ||||||
Investments held in Trust Account | 306,082,919 | 306,017,160 | ||||||
TOTAL ASSETS | $ | 307,184,604 | $ | 307,296,048 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
Current Liabilities | ||||||||
Accrued expenses | $ | 134,846 | $ | 102,703 | ||||
Advance from related parties | 3,671 | 0 | ||||||
Total Current Liabilities | 138,517 | 102,703 | ||||||
Sponsor Loan | 6,220,000 | 6,220,000 | ||||||
Deferred underwriting fee payable | 11,280,000 | 11,280,000 | ||||||
TOTAL LIABILITIES | 17,638,517 | 17,602,703 | ||||||
Commitments | 0 | 0 | ||||||
Class A ordinary shares subject to redemption; 30,000,000 shares issued and outstanding at $10.20 redemption value | 306,000,000 | 306,000,000 | ||||||
Shareholders’ Deficit | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaN issued and outstanding (excluding 30,000,000 subject to possible redemption) | 0 | 0 | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 700,000 issued and outstanding (excluding 30,000,000 subject to possible redemption) | 70 | 70 | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,500,000 shares issued and outstanding | 750 | 750 | ||||||
Additional paid-in capital | 0 | 0 | ||||||
Accumulated deficit | (16,454,733 | ) | (16,307,475 | ) | ||||
Total Shareholders’ Deficit | (16,453,913 | ) | (16,306,655 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 307,184,604 | $ | 307,296,048 | ||||
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 385,859 | $ | 637,566 | ||||
Prepaid expenses and other current asset s | 372,074 | 360,072 | ||||||
Total Current Assets | 757,933 | 997,638 | ||||||
Long-Term portion of Prepaid Insurance | 112,500 | 281,250 | ||||||
Investments held in Trust Account | 306,598,467 | 306,017,160 | ||||||
TOTAL ASSETS | $ | 307,468,900 | $ | 307,296,048 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
Current Liabilities | ||||||||
Accrued expenses | $ | 115,488 | $ | 102,703 | ||||
Total Current Liabilities | 115,488 | 102,703 | ||||||
Sponsor Loan | 6,220,000 | 6,220,000 | ||||||
Deferred underwriting fee payable | 11,280,000 | 11,280,000 | ||||||
TOTAL LIABILITIES | 17,615,488 | 17,602,703 | ||||||
Commitments | 0 | 0 | ||||||
Class A ordinary shares subject to redemption; 30,000,000 shares issued and outstanding at $10.22 and $10.20 redemption value as of June 30, 2022 and December 31, 2021, respectively | 306,598,467 | 306,000,000 | ||||||
Shareholders’ Deficit | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0 | — | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 700,000 issued and outstanding (excluding 30,000,000 | 70 | 70 | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,500,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 750 | 750 | ||||||
Accumulated deficit | (16,745,875 | ) | (16,307,475 | ) | ||||
Total Shareholders’ Deficit | (16,745,055 | ) | (16,306,655 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 307,468,900 | $ | 307,296,048 | ||||
Formation and operating costs | $ | 213,017 | ||
Loss from operations | (213,017 | ) | ||
Other income: | ||||
Interest earned on Investments held in Trust Account | 65,759 | |||
Net loss | $ | (147,258 | ) | |
Weighted average shares outstanding of Class A ordinary shares | 30,700,000 | |||
Basic and diluted net loss per share, Class A ordinary shares | $ | (0.00 | ) | |
Weighted average shares outstanding of Class B ordinary shares | 7,500,000 | |||
Basic and diluted net loss per share, Class B ordinary shares | $ | (0.00 | ) | |
Three Months Ended June 30, | Six Months Ended June 30, | For the period from May 3, 2021 (inception) through June 30, | ||||||||||
2022 | 2022 | 2021 | ||||||||||
Formation and operating costs | $ | 208,223 | $ | 421,240 | $ | — | ||||||
Loss from operations | (208,223 | ) | (421,240 | ) | — | |||||||
Other income: | ||||||||||||
Interest earned on Investments held in Trust Account | $ | 515,548 | $ | 581,307 | — | |||||||
Net income | $ | 307,325 | $ | 160,067 | $ | — | ||||||
Weighted average shares outstanding of Class A ordinary shares | 30,700,000 | 30,700,000 | — | |||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.01 | $ | 0.00 | $ | — | ||||||
Weighted average shares outstanding of Class B ordinary shares | 7,500,000 | 7,500,000 | — | |||||||||
Basic and diluted net income per share, Class B ordinary shares | $ | 0.01 | $ | 0.00 | $ | — | ||||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance — January 1, 2022 | 700,000 | $ | 70 | 7,500,000 | $ | 750 | $ | 0 | $ | (16,307,475 | ) | $ | (16,306,655 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (147,258 | ) | (147,258 | ) | |||||||||||||||||||
Balance — March 31, 2022 | 700,000 | $ | 70 | 7,500,000 | $ | 750 | $ | 0 | $ | (16,454,733 | ) | $ | (16,453,913 | ) | ||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance — January 1, 2022 | 700,000 | $ | 70 | 7,500,000 | $ | 750 | $ | — | $ | (16,307,475 | ) | $ | (16,306,655 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (147,258 | ) | (147,258 | ) | |||||||||||||||||||
Balance — March 31, 2022 | 700,000 | $ | 70 | 7,500,000 | $ | 750 | $ | — | $ | (16,454,733 | ) | $ | (16,453,913 | ) | ||||||||||||||
Accretion of Class A Ordinary Shares Subject to Redemption | — | — | — | — | — | (598,467 | ) | (598,467 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 307,325 | 307,325 | |||||||||||||||||||||
Balance — June 30, 2022 | 700,000 | $ | 70 | 7,500,000 | $ | 750 | $ | — | $ | (16,745,875 | ) | $ | (16,745,055 | ) | ||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance — May 3, 2021 (inception) | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Net loss | — | — | — | — | — | — | — | |||||||||||||||||||||
Balance — June 30, 2021 | — | — | — | — | — | — | — | |||||||||||||||||||||
Cash Flows from Operating Activities: | ||||
Net loss | $ | (147,258 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Interest earned on investments held in Trust Account | (65,759 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current asset | 51,504 | |||
Accrued ex p enses | 32,143 | |||
Net cash used in operating activities | (129,370 | ) | ||
Adjustment to reconcile net loss to net cash used in financing activities: | ||||
Advances from related party | 3,671 | |||
Net cash used in financing activities | 3,671 | |||
Net Change in Cash | (129,370 | ) | ||
Cash – Beginning | 637,566 | |||
Cash – Ending | $ | 511,867 | ||
Six Months Ended June 30, 2022 | For the period from May 3, 2021 (inception) through June 30, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 160,067 | $ | — | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Interest earned on investments held in Trust Account | (581,307 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other current asset s | 156,748 | — | ||||||
Accrued expenses | 12,785 | — | ||||||
Net cash used in operating activities | (251,707 | ) | — | |||||
Cash Flows from Financing Activities: | ||||||||
Advances from related party | 3,671 | — | ||||||
Repayment of advances from related party | (3,671 | ) | — | |||||
Share subscriptions payable | 25,000 | |||||||
Net cash provided financing activities | — | 25,000 | ||||||
Net Change in Cash | (251,707 | ) | 25,000 | |||||
Cash – Beginning | 637,566 | — | ||||||
Cash – Ending | $ | 385,859 | $ | 25,000 | ||||
Non-Cash Investing and Financing Activity: | ||||||||
Accretion of Class A Ordinary Shares Subject to Redemption | $ | 598,467 | — | |||||
Gross proceeds | $ | 300,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (12,450,000 | ) | ||
Class A ordinary shares issuance costs | (17,078,457 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 35,528,457 | |||
Class A ordinary shares subject to possible redemption | $ | 306,000,000 | ||
Gross proceeds | $ | 300,000,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (12,450,000 | ) | ||
Class A ordinary shares issuance costs | (17,078,457 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 35,528,457 | |||
Class A ordinary shares subject to possible redemption, December 31, 2021 | $ | 306,000,000 | ||
Plus: | ||||
Accretion of carrying value to redemption value | 598,467 | |||
Class A ordinary shares subject to possible redemption, June 30, 2022 | $ | 306,598,467 | ||
For The Three Months Ended March 31, 2022 | ||||||||
Class A | Class B | |||||||
Basic and diluted net loss per ordinary share | ||||||||
Numerator: | ||||||||
Allocation of net loss, as adjusted | $ | (118,346 | ) | $ | (28,912 | ) | ||
Denominator: | ||||||||
Basic and diluted weighted average shares outstanding | 30,700,000 | 7,500,000 | ||||||
Basic and diluted net loss per ordinary share | $ | (0.00 | ) | $ | (0.00 | ) |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | For the period from May 3, 2021 (inception) through June 30, 2021 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic and diluted income per common share Numerator: | ||||||||||||||||||||||||
Allocation of net income | $ | 246,986 | $ | 60,339 | $ | 128,640 | $ | 31,427 | $ | — | $ | — | ||||||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 30,700,000 | 7,500,000 | 30,700,000 | 7,500,000 | — | — | ||||||||||||||||||
Basic and diluted net income per common share | $ | 0.01 | $ | 0.01 | $ | 0.00 | $ | 0.00 | $ | — | $ | — | ||||||||||||
Held-To-Maturity | Level | Amortized Cost | Gross Holding Gain | Fair Value | ||||||||||||||
March 31, 2022 | U.S. Treasury Securities (Mature on 04/21/2022) | 1 | $ | 153,062,466 | $ | 3,818 | $ | 153,066,285 |
Held-To-Maturity | Level | Amortized Cost | Gross Holding Gain | Fair Value | ||||||||||||||
December 31, 2021 | U.S. Treasury Securities (Mature on 1/20/2022) | 1 | $ | 153,013,893 | $ | 2,577 | $ | 153,016,470 |
Held-To-Maturity | Level | Amortized Cost | Gross Holding Gain (Loss ) | Fair Value | ||||||||||||||
December 31, 2021 | U.S. Treasury Securities (Mature on 1/20/2022) | 1 | $ | 153,013,893 | $ | 2,577 | $ | 153,016,470 | ||||||||||
June 30, 2022 | U.S. Treasury Securities (Mature on 04/21/2022) | 1 | $ | 153,370,473 | $(111,623) | $ | 153,258,850 |
Description | Level | December 31, 2021 | March 31, 2022 | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund | 1 | $ | 153,002,783 | $ | 153,018,190 |
Description | Level | December 31, 2021 | June 30, 2022 | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund | 1 | $ | 153,002,783 | $ | 153,224,796 |
* | Filed herewith. |
** | Furnished herewith. |
ENTERPRISE 4.0 TECHNOLOGY ACQUISITION CORP. | ||||||
Date: | By: | /s/ Eric Benhamou | ||||
Name: | Eric Benhamou | |||||
Title: | Chief Executive Officer |