☒ | 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 | 001-40013 | 98-1574120 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||
57 Ocean, Suite 403, 5775 Collins Avenue Miami Beach, Florida | 33140 | |||
(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 | RMGCU | The Nasdaq Capital Market LLC | ||
Class A Ordinary Shares included as part of the units | RMGC | The Nasdaq Capital Market LLC | ||
Redeemable warrants included as part of the | ||||
units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 | RMGCW | The Nasdaq Capital Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page No. | ||||||||
Item 1. | Financial Statements | 1 | ||||||
1 | ||||||||
2 | ||||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | Controls and Procedures | 24 | ||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | Defaults Upon Senior Securities | 27 | ||||||
Item 4. | Mine Safety Disclosures | 27 | ||||||
Item 5. | Other Information | 27 | ||||||
Item 6. | Exhibits | 27 | ||||||
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Assets: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 233,928 | $ | 93,599 | $ | 139,198 | $ | 93,599 | ||||||||
Prepaid expenses | 542,142 | 568,058 | 378,141 | 568,058 | ||||||||||||
Total current assets | 776,070 | 661,657 | 517,339 | 661,657 | ||||||||||||
Investments held in Trust Account | 483,060,748 | 483,012,312 | 483,685,955 | 483,012,312 | ||||||||||||
Other assets | 0 | 47,083 | — | 47,083 | ||||||||||||
Total Assets | $ | 483,836,818 | $ | 483,721,052 | $ | 484,203,294 | $ | 483,721,052 | ||||||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: | Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: | |||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 125,508 | $ | 73,405 | $ | 142,835 | $ | 73,405 | ||||||||
Accrued expenses | 420,127 | 90,287 | 417,620 | 90,287 | ||||||||||||
Total current liabilities | 545,635 | 163,692 | 560,455 | 163,692 | ||||||||||||
Deferred legal fees | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||||||
Deferred underwriting commissions | 16,905,000 | 16,905,000 | 16,905,000 | 16,905,000 | ||||||||||||
Convertible working capital loan – related party | 369,113 | 0 | ||||||||||||||
Convertible working capital loan—related party | 496,393 | — | ||||||||||||||
Derivative warrant liabilities | 7,890,620 | 14,301,100 | 1,430,100 | 14,301,100 | ||||||||||||
Total liabilities | 25,960,368 | 31,619,792 | 19,641,948 | 31,619,792 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Class A ordinary shares; 48,300,000 and 0 shares subject to possible redemption at $10.00 per share at March 31, 2022 and December 31, 2021, respectively | 483,000,000 | 483,000,000 | ||||||||||||||
Class A ordinary shares; 48,300,000 and 0 shares subject to possible redemption at $10.01 and $10.00 per share at June 30, 2022 and December 31, 2021, respectively | 483,585,955 | 483,000,000 | ||||||||||||||
Shareholders’ Deficit: | ||||||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0ne issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 0 | 0 | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized at March 31, 2022 and December 31, 2021, respectively | 0 | 0 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 12,075,000 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 1,208 | 1,208 | ||||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaN issued and outstanding at June 30, 2022 and December 31, 2021, respectively | — | — | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively | — | — | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 12,075,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 1,208 | 1,208 | ||||||||||||||
Additional paid-in capital | — | 0 | — | — | ||||||||||||
Accumulated deficit | (25,124,758 | ) | (30,899,948 | ) | (19,025,817 | ) | (30,899,948 | ) | ||||||||
Total shareholders’ deficit | (25,123,550 | ) | (30,898,740 | ) | (19,024,609 | ) | (30,898,740 | ) | ||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 483,836,818 | $ | 483,721,052 | $ | 484,203,294 | $ | 483,721,052 | ||||||||
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 | |||||||||||||||||||
General and administrative expenses | $ | 689,613 | $ | 259,412 | $ | 425,561 | $ | 970,203 | $ | 1,115,174 | $ | 1,229,615 | ||||||||||||
Loss from operations | (689,613 | ) | (259,412 | ) | (425,561 | ) | (970,203 | ) | (1,115,174 | ) | (1,229,615 | ) | ||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Change in fair value of derivative liabilities | 6,418,128 | (1,221,950 | ) | 6,460,625 | 2,681,410 | 12,878,753 | 1,459,460 | |||||||||||||||||
Financing costs - warrant liabilities | 0 | (734,320 | ) | |||||||||||||||||||||
Financing costs—warrant liabilities | — | — | — | (734,320 | ) | |||||||||||||||||||
Interest income | 0 | 19 | — | 15 | — | 34 | ||||||||||||||||||
Interest expense | (1,761 | ) | 0 | (2,385 | ) | — | (4,146 | ) | — | |||||||||||||||
Unrealized gain on investments held in Trust Account | 48,436 | 16,726 | 652,217 | 17,265 | 700,653 | 33,991 | ||||||||||||||||||
Total other income (expense) | 6,464,803 | (1,939,525 | ) | 7,110,457 | 2,698,690 | 13,575,260 | 759,165 | |||||||||||||||||
Net income (loss) | $ | 5,775,190 | $ | (2,198,937 | ) | $ | 6,684,896 | $ | 1,728,487 | $ | 12,460,086 | $ | (470,450 | ) | ||||||||||
Weighted average Class A ordinary shares, basic and diluted | 48,300,000 | 27,370,000 | 48,300,000 | 48,300,000 | 48,300,000 | 37,478,689 | ||||||||||||||||||
Basic and diluted net income (loss) per ordinary share, Class A | $ | 0.10 | $ | (0.06 | ) | $ | 0.11 | $ | 0.03 | $ | 0.21 | $ | (0.01 | ) | ||||||||||
Weighted average Class B ordinary shares, basic and diluted | 12,075,000 | 11,392,500 | 12,075,000 | 12,075,000 | 12,075,000 | 11,722,131 | ||||||||||||||||||
Basic and diluted net income (loss) per ordinary share, Class B | $ | 0.10 | $ | (0.06 | ) | $ | 0.11 | $ | 0.03 | $ | 0.21 | $ | (0.01 | ) | ||||||||||
For The Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - December 31, 2021 | 0 | $ | 0 | 12,075,000 | $ | 1,208 | $ | 0 | $ | (30,899,948 | ) | $ | (30,898,740 | ) | ||||||||||||||
Net incom e | — | — | — | — | — | 5,775,190 | 5,775,190 | |||||||||||||||||||||
Balance - March 31, 2022 (unaudited) | 0 | $ | 0 | 12,075,000 | $ | 1,208 | $ | 0 | $ | (25,124,758 | ) | $ | (25,123,550 | ) | ||||||||||||||
For The Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | For The Three and Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | Ordinary Shares | Additional Paid-in Capital | Total Shareholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2020 | 0 | $ | 0 | 12,075,000 | $ | 1,208 | $ | 23,792 | $ | (14,779 | ) | $ | 10,221 | |||||||||||||||||||||||||||||||||||||||||||
Excess purchase price a b ove fair value of private placement warrants | — | — | — | — | 1,383,265 | — | 1,383,265 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance—December 31, 2021 | — | $ | — | 12,075,000 | $ | 1,208 | $ | (30,899,948 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 5,775,190 | 5,775,190 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance—March 31, 2022 (unaudited) | — | $ | — | 12,075,000 | $ | 1,208 | $ | — | $ | (25,124,758 | ) | $ | (25,123,550 | ) | ||||||||||||||||||||||||||||||||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemptio n | — | — | — | — | — | (585,955 | ) | (585,955 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 6,684,896 | 6,684,896 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance—June 30, 2022 (unaudited) | — | $ | — | 12,075,000 | $ | 1,208 | $ | — | $ | (19,025,817 | ) | $ | (19,024,609 | ) | ||||||||||||||||||||||||||||||||||||||||||
For The Three and Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance—December 31, 2020 | — | $ | — | 12,075,000 | $ | 1,208 | $ | 23,792 | $ | (14,779 | ) | $ | 10,221 | |||||||||||||||||||||||||||||||||||||||||||
Excess purchase price above fair value of private placement warrant s | — | — | — | — | 1,383,265 | — | 1,383,265 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrection on Class A ordinary shares subject to possible redemption | — | — | — | — | (1,407,057 | ) | (37,862,788 | ) | (39,269,845 | ) | — | — | — | — | (1,407,057 | ) | (37,862,788 | ) | (39,269,845 | ) | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | (2,198,937 | ) | (2,198,937 | ) | — | — | — | — | — | (2,198,937 | ) | (2,198,937 | ) | ||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2021 (unaudited) | 0 | $ | 0 | 12,075,000 | $ | 1,208 | $ | 0 | $ | (40,076,504 | ) | $ | (40,075,296 | ) | ||||||||||||||||||||||||||||||||||||||||||
Balance—March 31, 2021 (unaudited) | — | $ | — | 12,075,000 | $ | 1,208 | $ | — | $ | (40,076,504 | ) | $ | (40,075,296 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 1,728,487 | 1,728,487 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance—June 30, 2021 (unaudited) | — | $ | — | 12,075,000 | $ | 1,208 | $ | — | $ | (38,348,017 | ) | $ | (38,346,809 | ) | ||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net income (loss) | $ | 5,775,190 | $ | (2,198,937 | ) | $ | 12,460,086 | $ | (470,450 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
Change in fair value of derivative liabilities | (6,418,128 | ) | 1,221,950 | (12,878,753 | ) | (1,459,460 | ) | |||||||||
Financing costs - warrant liabilities | 0 | 734,320 | ||||||||||||||
Financing costs—warrant liabilities | — | 734,320 | ||||||||||||||
Interest expense | 1,761 | — | 4,146 | — | ||||||||||||
Unrealized gain on investments held in Trust Account | (48,436 | ) | (16,726 | ) | (700,653 | ) | (33,991 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses and other assets | 72,999 | (1,047,537 | ) | 237,000 | (898,136 | ) | ||||||||||
Accounts payable | 52,103 | (62,086 | ) | 69,430 | 6,804 | |||||||||||
Accrued expenses | 329,840 | 3,687 | 327,333 | 168,774 | ||||||||||||
Net cash used in operating activities | (234,671 | ) | (1,365,329 | ) | (481,411 | ) | (1,952,139 | ) | ||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Cash deposited in Trust Account | 0 | (483,000,000 | ) | — | (483,000,000 | ) | ||||||||||
Cash withdrawn from Trust Account | 27,010 | — | ||||||||||||||
Net cash used in investing activities | 0 | (483,000,000 | ) | 27,010 | (483,000,000 | ) | ||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Proceeds from note payable to related party | 0 | 30,212 | — | 30,212 | ||||||||||||
Repayment of note payable to related party | 0 | (135,000 | ) | — | (135,000 | ) | ||||||||||
Proceeds from promissory note | 375,000 | 0 | ||||||||||||||
Proceeds from convertible working capital loan | 500,000 | — | ||||||||||||||
Proceeds received from initial public offering, gross | 0 | 483,000,000 | — | 483,000,000 | ||||||||||||
Proceeds received from private placement | 0 | 12,324,495 | — | 12,324,495 | ||||||||||||
Offering costs paid | 0 | (9,710,907 | ) | — | (9,810,697 | ) | ||||||||||
Net cash provided by financing activities | 375,000 | 485,508,800 | 500,000 | 485,409,010 | ||||||||||||
Net increase in cash | 140,329 | 1,143,471 | 45,599 | 456,871 | ||||||||||||
Cash - beginning of the period | 93,599 | 0 | ||||||||||||||
Cash—beginning of the period | 93,599 | — | ||||||||||||||
Cash - end of the period | $ | 233,928 | $ | 1,143,471 | ||||||||||||
Cash—end of the period | $ | 139,198 | $ | 456,871 | ||||||||||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||||||||||
Offering costs included in accounts payable | $ | 0 | $ | 84,340 | ||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption | $ | 585,955 | $ | — | ||||||||||||
Offering costs included in accrued expenses | $ | 0 | $ | 85,450 | $ | — | $ | 70,000 | ||||||||
Offering costs paid by related party under promissory note | $ | 0 | $ | 104,788 | $ | — | $ | 104,788 | ||||||||
Deferred legal fees | $ | 0 | $ | 250,000 | $ | — | $ | 250,000 | ||||||||
Deferred underwriting commissions | $ | 0 | $ | 16,905,000 | $ | — | $ | 16,905,000 | ||||||||
Prepaid expenses paid by Sponsor in exchange for issuance of Class B ordinary shares | $ | 0 | $ | 25,000 | ||||||||||||
Reversal of accrued expenses | $ | — | $ | 25,000 |
For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | For the Three Months Ended June 30, 2022 | For the Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net income per common share: | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss) | $ | 4,620,152 | $ | 1,155,038 | $ | (1,552,658) | $ | (646,279) | ||||||||||||||||||||||||
Allocation of net income | $ | 5,347,917 | $ | 1,336,979 | $ | 9,968,069 | $ | 2,492,017 | ||||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average common shares outstanding | 48,300,000 | 12,075,000 | 27,370,000 | 11,392,500 | 48,300,000 | 12,075,000 | 48,300,000 | 12,075,000 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per common share | $ | 0.10 | $ | 0.10 | $ | (0.06 | ) | $ | (0.06 | ) | ||||||||||||||||||||||
Basic and diluted net income per common share | $ | 0.11 | $ | 0.11 | $ | 0.21 | $ | 0.21 | ||||||||||||||||||||||||
For the Three Months Ended June 30, 2022 | For the Six Months Ended June 30, 2022 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per common share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 1,382,790 | $ | 345,697 | $ | (358,365 | ) | $ | (112,085 | ) | ||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average common shares outstanding | 48,300,000 | 12,075,000 | 37,478,689 | 11,722,131 | ||||||||||||
Basic and diluted net income (loss) per common share | $ | 0.03 | $ | 0.03 | $ | (0.01 | ) | $ | (0.01 | ) | ||||||
March 31, 2022 | June 30, 2022 | |||||||
Principal value of convertible working capital loan | $ | 375,000 | $ | 500,000 | ||||
Fair value of Working Capital Loan Option | 180 | 132 | ||||||
Debt discount | (6,067 | ) | (3,739 | ) | ||||
Carrying value of convertible working capital loan - related party | $ | 369,113 | ||||||
Carrying value of convertible working capital loan—related party | $ | 496,393 | ||||||
Gross Proceeds | $ | 483,000,000 | $ | 483,000,000 | ||||
Less: | — | — | ||||||
Offering costs allocated to Class A shares subject to possible redemption | (26,406,165 | ) | (26,406,165 | ) | ||||
Proceeds allocated to Public Warrants at issuance | (12,863,680 | ) | (12,863,680 | ) | ||||
Plus: | ||||||||
Accrection on Class A ordinary shares subject to possible redemption amount | 39,269,845 | 39,269,845 | ||||||
Increase in redemption value of Class A ordinary shares subject to possible redem | 585,955 | |||||||
Class A ordinary shares subject to possible redemption | $ | 483,000,000 | $ | 483,585,955 | ||||
Description | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments held in Trust Account - U.S. Treasury Securities | $ | 483,060,748 | $ | — | $ | — | ||||||||||||||||||
Investments held in Trust Account—U.S. Treasury Securities | $ | 483,685,955 | $ | — | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities - Public Warrants | $ | 4,263,920 | $ | — | $ | — | ||||||||||||||||||
Derivative liabilities - Private Warrants | — | — | 3,626,700 | |||||||||||||||||||||
Derivative liabilities—Public Warrants | $ | 772,800 | $ | — | $ | — | ||||||||||||||||||
Derivative liabilities—Private Warrants | — | — | 657,300 | |||||||||||||||||||||
Working capital loan option | — | — | 180 | — | — | 132 |
Description | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments held in Trust Account - U.S. Treasury Securities | $ | 483,012,312 | $ | — | $ | — | ||||||||||||||||||
Investments held in Trust Account—U.S. Treasury Securities | $ | 483,012,312 | $ | — | $ | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Derivative liabilities - Public Warrants | $ | 7,728,000 | $ | — | $ | — | ||||||||||||||||||
Derivative liabilities - Private Warrants | — | — | 6,573,100 | |||||||||||||||||||||
Derivative liabilities—Public Warrants | $ | 7,728,000 | $ | — | $ | — | ||||||||||||||||||
Derivative liabilities—Private Warrants | — | — | 6,573,100 |
March 31 , | December 31, | |||||||||||||||
2022 | 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||
Share price | $ | 9.80 | $ | 9.77 | $ | 9.83 | $ | 9.77 | ||||||||
Volatility | 6.8 | % | 15.3 | % | 6.8 | % | 15.3 | % | ||||||||
Expected life of the options to convert | 5.61 | 5.60 | 5.54 | 5.60 | ||||||||||||
Risk-free rate | 2.41 | % | 1.32 | % | 3.02 | % | 1.32 | % | ||||||||
Dividend yield | 0 | 0 | — | — |
January 20, | March 31, | |||||||
2022 | 2021 | |||||||
Strike price of debt conversion | $ | 1.50 | $ | 1.50 | ||||
Volatility | 12.1 | % | 6.8 | % | ||||
Expected life of the options to convert | 5.82 | 5.63 | ||||||
Risk-free rate | 1.68 | % | 2.41 | % | ||||
Dividend yield | 0 | 0 |
January 20, 2022 | June 30, 202 2 | |||||||
Strike price of debt conversion | $ | 1.50 | $ | 1.50 | ||||
Volatility | 12.1 | % | 6.8 | % | ||||
Expected life of the options to convert | 5.82 | 5.56 | ||||||
Risk-free rate | 1.68 | % | 3.02 | % | ||||
Dividend yield | — | — |
Public Warrants | Private Warrants | Total | Public Warrants | Private Warrants | Total | |||||||||||||||||||
Derivative warrant liabilities at December 31, 2020 | $ | 0 | $ | 0 | $ | 0 | $ | — | $ | — | $ | — | ||||||||||||
Issuance of Public and Private Warrants | 12,863,680 | 10,941,230 | 23,804,910 | 12,863,680 | 10,941,230 | 23,804,910 | ||||||||||||||||||
Transfer of Public Warrants to Level 1 | (13,524,000 | ) | 0 | (13,524,000 | ) | (13,524,000 | ) | — | (13,524,000 | ) | ||||||||||||||
Change in fair value of derivative warrant liabilities | 660,320 | (4,368,130 | ) | (3,707,810 | ) | 660,320 | (4,368,130 | ) | (3,707,810 | ) | ||||||||||||||
Derivative warrant liabilities at December 31, 2021 | 0 | 6,573,100 | 6,573,100 | — | 6,573,100 | 6,573,100 | ||||||||||||||||||
Change in fair value of derivative warrant liabilities | 0 | (2,946,400 | ) | (2,946,400 | ) | — | (2,946,400 | ) | (2,946,400 | ) | ||||||||||||||
Derivative warrant liabilities at March 31, 2022 | $ | 0 | $ | 3,626,700 | $ | 3,626,700 | — | 3,626,700 | 3,626,700 | |||||||||||||||
Change in fair value of derivative warrant liabilities | — | (2,969,400 | ) | (2,969,400 | ) | |||||||||||||||||||
Derivative warrant liabilities at June 30, 2022 | $ | — | $ | 657,300 | $ | 657,300 | ||||||||||||||||||
Fair value at December 31, 2021 | $ | 0 | ||
Initial fair value of Working Capital Loan Option | 7,828 | |||
Change in fair value of Working capital loan option | (7,648 | ) | ||
Fair value at March 31, 2022 | $ | 180 | ||
Balance at December 31, 2021 | $ | — | ||
Initial fair value of the Working Capital Loan Option | 7,828 | |||
Change in fair value | (7,648 | ) | ||
Balance at March 31, 2022 | 180 | |||
Initial fair value of the Working Capital Loan Option | 57 | |||
Change in fair value | (105 | ) | ||
Balance at June 30, 2022 | $ | 132 | ||
* | 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. |
RMG ACQUISITION CORP. III | ||
By: | /s/ Robert S. Mancini | |
Name: | Robert S. Mancini | |
Title: | Chief Executive Officer |