☒ | 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 | 84-3415215 | |
(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, $0.0001 par value, and one-fifth of one redeemable warrant | PICC.U | The New York Stock Exchange | ||
Class A Common Stock, $0.0001 par value | PICC | The New York Stock Exchange | ||
Redeemable warrants, exercisable for shares of common stock at an exercise price of $11.50 per share | PICC WS | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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Item 1. Interim Financial Statements. |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash | $ | 334,253 | $ | 563,923 | $ | 225,302 | $ | 563,923 | ||||||||
Prepaid expenses | 103,770 | 135,734 | 79,306 | 135,734 | ||||||||||||
Total Current Assets | 438,023 | 699,657 | 304,608 | 699,657 | ||||||||||||
Marketable securities held in Trust Account | 276,116,810 | 276,079,114 | 276,443,870 | 276,079,114 | ||||||||||||
TOTAL ASSETS | $ | 276,554,833 | $ | 276,778,771 | $ | 276,748,478 | $ | 276,778,771 | ||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||
Current liabilities | ||||||||||||||||
Accounts payable and accrued expenses | $ | 2,054,914 | $ | 1,460,005 | $ | 2,104,415 | $ | 1,460,005 | ||||||||
Income taxes payable | 5,564 | — | ||||||||||||||
Total Current Liabilities | 2,054,914 | 1,460,005 | 2,109,979 | 1,460,005 | ||||||||||||
Warrant liabilities | 5,883,400 | 12,150,500 | 1,406,900 | 12,150,500 | ||||||||||||
Deferred underwriting fee payable | 9,660,000 | 9,660,000 | 9,660,000 | 9,660,000 | ||||||||||||
TOTAL LIABILITIES | 17,598,314 | 23,270,505 | 13,176,879 | 23,270,505 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Class A common stock subject to possible redemption 27,600,000 shares outstanding at redemption value as of March 31, 2022 and December 31, 2021 | 276,000,000 | 276,000,000 | ||||||||||||||
Class A common stock subject to possible redemption 27,600,000 shares outstanding at redemption value as of June 30, 2022 and December 31, 2021 | 276,084,386 | 276,000,000 | ||||||||||||||
Stockholders’ Deficit | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0shares issued and outstanding | 0 | 0 | ||||||||||||||
Class B common stock, $0.0001 par value; 25,000,000 shares authorized; 6,900,000 shares issued and outstanding, as of March 31, 2022 and December 31, 2021 | 690 | 690 | ||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding | — | — | ||||||||||||||
Class B common stock, $0.0001 par value; 25,000,000 shares authorized; 6,900,000 shares issued and outstanding, as of June 30, 2022 and December 31, 2021 | 690 | 690 | ||||||||||||||
Additional paid-in capital | 0 | 0 | — | — | ||||||||||||
Accumulated deficit | (17,044,171 | ) | (22,492,424 | ) | (12,513,477 | ) | (22,492,424 | ) | ||||||||
Total Stockholders’ Deficit | (17,043,481 | ) | (22,491,734 | ) | (12,512,787 | ) | (22,491,734 | ) | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 276,554,833 | $ | 276,778,771 | $ | 276,748,478 | $ | 276,778,771 | ||||||||
For the Three Months Ended March 31, | For the Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Operating and formation costs | $ | 856,543 | $ | 129,793 | ||||||||||||||||||||
Formation and operating costs | $ | 182,916 | $ | 196,310 | $ | 1,039,459 | $ | 326,103 | ||||||||||||||||
Loss from operations | (856,543 | ) | (129,793 | ) | (182,916 | ) | (196,310 | ) | (1,039,459 | ) | (326,103 | ) | ||||||||||||
Other income (expenses): | ||||||||||||||||||||||||
Other i ncome (expense): | ||||||||||||||||||||||||
Change in fair value of warrant liabilities | 6,267,100 | (6,168,620 | ) | 4,476,500 | 6,855,440 | 10,743,600 | 5,128,790 | |||||||||||||||||
Fair value in excess of purchase price of private warrants | — | — | — | (4,441,970 | ) | |||||||||||||||||||
Transaction costs allocated to warrant liabilities | 0 | (526,599 | ) | — | — | — | (526,599 | ) | ||||||||||||||||
Interest earned on marketable securities held in Trust Account | 35,833 | 10,465 | 318,092 | 19,281 | 353,925 | 29,746 | ||||||||||||||||||
Unrealized gain on marketable securities held in Trust Account | 1,863 | 8,513 | ||||||||||||||||||||||
Unrealized gain (loss) on marketable securities held in Trust Account | 8,968 | (10,351 | ) | 10,831 | (1,838 | ) | ||||||||||||||||||
Total other income (expense), net | 6,304,796 | (6,676,241 | ) | |||||||||||||||||||||
Total other income, net | 4,803,560 | 6,864,370 | 11,108,356 | 188,129 | ||||||||||||||||||||
Income (loss) before provision for income taxes | 4,620,644 | 6,668,060 | 10,068,897 | (137,974 | ) | |||||||||||||||||||
Provision for income taxes | (5,564 | ) | — | (5,564 | ) | — | ||||||||||||||||||
Net income (loss) | $ | 5,448,253 | $ | (6,806,034 | ) | $ | 4,615,080 | $ | 6,668,060 | $ | 10,063,333 | $ | (137,974 | ) | ||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock | 27,600,000 | 14,885,393 | ||||||||||||||||||||||
Weighted average shares outstanding, Class A common stock | 27,600,000 | 27,600,000 | 27,600,000 | 21,313,333 | ||||||||||||||||||||
Basic and diluted net income (loss) per share, Class A common stock | $ | 0.16 | $ | (0.32 | ) | $ | 0.13 | $ | 0.19 | $ | 0.29 | $ | 0.00 | |||||||||||
Basic and diluted weighted average shares outstanding, Class B common stock | 6,900,000 | 6,485,393 | ||||||||||||||||||||||
Weighted average shares outstanding, Class B common stock | 6,900,000 | 6,900,000 | 6,900,000 | 6,695,000 | ||||||||||||||||||||
Basic and diluted net income (loss) per share, Class B common stock | $ | 0.16 | $ | (0.32 | ) | $ | 0.13 | $ | 0.19 | $ | 0.29 | $ | 0.00 | |||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | |||||||||||||||||||||||||||||||||||||||||||
Balance – January 1, 2022 | 0 | $ | 0 | 6,900,000 | $ | 690 | $ | 0 | $ | (22,492,424 | ) | $ | (22,491,734 | ) | — | $ | — | 6,900,000 | $ | 690 | $ | — | $ | (22,492,424 | ) | $ | (22,491,734 | ) | ||||||||||||||||||||||||||||
Net incom e | — | — | — | — | — | 5,448,253 | 5,448,253 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 5,448,253 | 5,448,253 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance – March 31, 2022 | 0 | $ | 0 | 6,900,000 | $ | 690 | $ | 0 | $ | (17,044,171 | ) | $ | (17,043,481 | ) | — | $ | — | 6,900,000 | $ | 690 | $ | — | $ | (17,044,171 | ) | $ | (17,043,481 | ) | ||||||||||||||||||||||||||||
Remeasurement adjustment on redeemable common stock | (84,386 | ) | (84,386 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 4,615,080 | 4,615,080 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance – June 30, 2022 | — | $ | — | 6,900,000 | $ | 690 | $ | — | $ | (12,513,477 | ) | $ | (12,512,787 | ) | ||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||
Balance – January 1, 2021 | 0 | $ | 0 | 6,900,000 | $ | 690 | $ | 24,310 | $ | (851 | ) | $ | 24,149 | — | $ | — | 6,900,000 | $ | 690 | $ | 24,310 | $ | (851 | ) | $ | 24,149 | ||||||||||||||||||||||||||||||
Remeasurement adjustment on redeemable common stock | — | — | — | — | (7,294,310 | ) | (24,037,348 | ) | (31,331,658 | ) | — | — | — | — | (24,310 | ) | (24,037,348 | ) | (24,061,658 | ) | ||||||||||||||||||||||||||||||||||||
Sale of 7,270,000 Private Placement Warrants | — | — | — | — | 7,270,000 | — | 7,270,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net los s | — | — | — | — | — | (6,806,034 | ) | (6,806,034 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (6,806,034 | ) | (6,806,034 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance – March 31, 2021 | 0 | $ | 0 | 6,900,000 | $ | 690 | $ | 0 | $ | (30,844,233 | ) | $ | (30,843,543 | ) | — | $ | — | 6,900,000 | $ | 690 | $ | — | $ | (30,844,233 | ) | $ | (30,843,543 | ) | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 6,668,060 | 6,668,060 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance – June 30, 2021 | — | $ | — | 6,900,000 | $ | 690 | $ | — | $ | (24,176,173 | ) | $ | (24,175,483 | ) | ||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | For the Three Months Ended March 31, | |||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 5,448,253 | $ | (6,806,034 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (6,267,100 | ) | 6,168,620 | |||||
Transaction costs allocated to warrant liabilities | 0 | 526,599 | ||||||
Interest earned on marketable securities held in Trust Account | (35,833 | ) | (10,465 | ) | ||||
Unrealized gain on marketable securities held in Trust Account | (1,863 | ) | (8,513 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 31,964 | (21,923 | ) | |||||
Accounts payable and accrued expenses | 594,909 | 124,257 | ||||||
Net cash used in operating activities | (229,670 | ) | (27,459 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash in Trust Account | 0 | (276,000,000 | ) | |||||
Net cash used in investing activities | 0 | (276,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from sale of Units, net of underwriting discounts paid | 0 | 270,480,000 | ||||||
Proceeds from sale of Private Placement Warrants | 0 | 7,270,000 | ||||||
Proceeds from promissory notes – related party | 0 | 125,000 | ||||||
Repayment of promissory notes – related party | 0 | (125,000 | ) | |||||
Payment of offering costs | 0 | (384,062 | ) | |||||
Net cash provided by in financing activities | 0 | 277,365,938 | ||||||
Net Change in Cash | (229,670 | ) | 1,338,479 | |||||
Cash – Beginning | $ | 563,923 | 0 | |||||
Cash – Ending | $ | 334,253 | $ | 1,338,479 | ||||
Non-cash investing and financing activities: | ||||||||
Offering costs included in accrued offering costs | $ | 0 | $ | 106,475 | ||||
Remeasurement adjustment on redeemable common stock | $ | 0 | $ | 31,331,658 | ||||
Deferred underwriting fee payable | $ | 0 | $ | 9,660,000 | ||||
For the Six Months Ended June 30, | For the Six Months Ended June 30, | |||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 10,063,333 | $ | (137,974 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (10,743,600 | ) | (5,128,790 | ) | ||||
Fair value in excess of purchase price of private warrants | — | 4,441,970 | ||||||
Transaction costs allocated to warrant liabilities | — | 526,599 | ||||||
Interest earned on marketable securities held in Trust Account | (353,925 | ) | (29,746 | ) | ||||
Unrealized (gain) loss on marketable securities held in Trust Account | (10,831 | ) | 1,838 | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 56,428 | (210,940 | ) | |||||
Accounts payable and accrued expenses | 644,410 | 159,390 | ||||||
Income taxes payable | 5,564 | — | ||||||
Net cash used in operating activities | (338,621 | ) | (377,653 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash in Trust Account | — | (276,000,000 | ) | |||||
Net cash used in investing activities | — | (276,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from sale of Units, net of underwriting discounts paid | — | 270,480,000 | ||||||
Proceeds from sale of Private Placement Warrants | — | 7,270,000 | ||||||
Proceeds from promissory notes – related party | — | 125,000 | ||||||
Repayment of promissory notes – related party | — | (125,000 | ) | |||||
Payment of offering costs | — | (399,512 | ) | |||||
Net cash provided by financing activities | — | 277,350,488 | ||||||
Net Change in Cash | (338,621 | ) | 972,835 | |||||
Cash – Beginning | 563,923 | — | ||||||
Cash – Ending | $ | 225,302 | $ | 972,835 | ||||
Non-cash investing and financing activities: | ||||||||
Offering costs included in accrued offering costs | $ | — | $ | 91,025 | ||||
Remeasurement adjustment on redeemable common stock | $ | 84,386 | $ | 24,061,658 | ||||
Deferred underwriting fee payable | $ | — | $ | 9,660,000 | ||||
As Previously Reported | Adjustment | As Revised | ||||||||||
Condensed Statement of Cash Flows for the six month ended June 30, 2021 (unaudited) | ||||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Change in fair value of warrant liabilities | $ | (686,820 | ) | $ | (4,441,970 | ) | $ | (5,128,790 | ) | |||
Fair value in excess of purchase price of private warrants | $ | — | $ | 4,441,970 | $ | 4,441,970 | ||||||
Non-cash Investing and Financing Activities: | ||||||||||||
Remeasurement adjustment on redeemable common stock | $ | — | $ | 24,061,658 | $ | 24,061,658 | ||||||
Condensed Statement of Stockholders’ Deficit for the March 31, 2021 (unaudited)three months e nded | ||||||||||||
Remeasurement adjustment for redeemable common stock | $ | (31,331,658 | ) | $ | 7,270,000 | $ | (24,061,658 | ) | ||||
Sale of 7,270,000 Private Placement Warrants | $ | 7,270,000 | $ | (7,270,000 | ) | $ | — | |||||
Condensed Statement of Operations for the six months ended June 30, 2021 (unaudited) | ||||||||||||
Other income (expense): | ||||||||||||
Change in fair value of warrant liabilities | $ | 686,820 | $ | 4,441,970 | $ | 5,128,790 | ||||||
Fair value in excess of purchase price of private warrants | $ | — | $ | (4,441,970 | ) | $ | (4,441,970 | ) |
For the Three Months Ended March 31, | For the Three Months Ended March 31, | |||||||||||||||
2022 | 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 | $ | 4,358,602 | $ | 1,089,651 | $ | (4,740,607 | ) | $ | (2,065,427 | ) | ||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 27,600,000 | 6,900,000 | 14,885,393 | 6,485,393 | ||||||||||||
Basic and diluted net income (loss) per common stock | $ | 0.16 | $ | 0.16 | $ | (0.32 | ) | $ | (0.32 | ) |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net income (loss) per common stock | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss) | $ | 3,692,064 | $ | 923,016 | $ | 5,334,448 | 1,333,612 | $ | 8,050,666 | $ | 2,012,667 | $ | (104,993 | ) | $ | (32,981 | ) | |||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 27,600,000 | 6,900,000 | 27,600,000 | 6,900,000 | 27,600,000 | 6,900,000 | 21,313,333 | 6,695,000 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per common stock | $ | 0.13 | $ | 0.13 | $ | 0.19 | $ | 0.19 | $ | 0.29 | $ | 0.29 | 0.00 | $ | 0.00 |
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. |
Level | December 31, 2021 | June 30, 2022 | ||||||||||
Assets: | ||||||||||||
Marketable securities held in Trust Account | 1 | $ | 276,079,114 | $ | 276,443,870 | |||||||
Liabilities: | ||||||||||||
Warrant Liability – Private Placement Warrants | 2 | 6,906,500 | 799,700 | |||||||||
Warrant Liability – Public Warrants | 1 | 5,244,000 | 607,200 |
Level | December 31, 2021 | March 31, 2022 | ||||||||||
Assets: | ||||||||||||
Marketable securities held in Trust Account | 1 | $ | 276,079,114 | $ | 276,116,810 | |||||||
Liabilities: | ||||||||||||
Warrant Liability – Private Placement Warrants | 1 | 6,906,500 | 3,344,200 | |||||||||
Warrant Liability – Public Warrants | 2 | 5,244,000 | 2,539,200 |
Private Placement | Public | Warrant Liabilities | Private Placement | Public | Warrant Liabilities | |||||||||||||||||||
Fair value as of December 31, 2021 | $ | 6,906,500 | $ | 5,244,000 | $ | 12,150,500 | $ | 6,906,500 | $ | 5,244,000 | $ | 12,150,500 | ||||||||||||
Change in valuation inputs or other assumptions | (3,562,300 | ) | (2,704,800 | ) | (6,267,100 | ) | (3,562,300 | ) | (2,704,800 | ) | (6,267,100 | ) | ||||||||||||
Fair value as of March 31, 2022 | $ | 3,344,200 | $ | 2,539,200 | $ | 5,883,400 | $ | 3,344,200 | $ | 2,539,200 | $ | 5,883,400 | ||||||||||||
Change in valuation inputs or other assumptions | (2,544,500 | ) | (1,932,000 | ) | (4,476,500 | ) | ||||||||||||||||||
Fair value as of June 30, 2022 | $ | 799,700 | $ | 607,200 | $ | 1,406,900 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Item 1A. Risk Factors |
Item 6. | Exhibits |
No. | Description of Exhibit | |
31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2** | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
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 Online 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 Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | The cover page from the Company’s Quarterly report on |
* | Filed herewith. |
** | Furnished. |
PIVOTAL INVESTMENT CORPORATION III | ||||||
Date: | By: | /s/ Kevin Griffin | ||||
Name: | Kevin Griffin | |||||
Title: | Chief Executive Officer and | |||||
(Principal Executive Officer Officer) | ||||||
Date: | By: | /s/ Jim Brady | ||||
Name: | Jim Brady | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |