☒ | 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 | 001-40879 | 87-2010879 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(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 a fraction of one redeemable warrant | NFYS.U | New York Stock Exchange | ||
Class A ordinary shares included as part of the units | NFYS | New York Stock Exchange | ||
Redeemable warrants included as part of the units | NFYS.WS | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
PART I. FINANCIAL INFORMATION | Page No. | |
Item 1. | 1 | |
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
| June 30, 2022 | December 31, 2021 | ||||||
| (unaudited) (as restated) | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash | $ | 605,283 | $ | 811,442 | ||||
Prepaid expenses | 266,921 | 276,800 | ||||||
Due from Sponsor | — | 100,000 | ||||||
Total Current Assets | 872,204 | 1,188,242 | ||||||
Marketable securities held in Trust Account | 345,476,117 | 345,030,847 | ||||||
Prepaid expenses, non-current | 109,932 | 187,908 | ||||||
Total Assets | $ | 346,458,253 | $ | 346,406,997 | ||||
| ||||||||
LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES SUBJECT TO REDEMPTION AND SHAREHOLDERS’ DEFICIT | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 387,171 | $ | 36,312 | ||||
Accrued offering costs | 39,999 | 204,142 | ||||||
Total Current Liabilities | 427,170 | 240,454 | ||||||
Warrant liabilities | 4,184,000 | 12,949,000 | ||||||
Deferred underwriting commission | 12,075,000 | 12,075,000 | ||||||
Total liabilities | 16,686,170 | 25,264,454 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 6) | ||||||||
Redeemable Class A Ordinary Shares subject to Possible Redemption: | ||||||||
Class A ordinary shares, $0.0001 par value, 300,000,000 shares authorized, 34,500,000 shares issued and outstanding subject to possible redemption | 345,476,117 | 345,030,847 | ||||||
| ||||||||
Shareholders’ deficit: | ||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | — | — | ||||||
Class B ordinary shares, $0.0001 par value, 30,000,000 shares authorized, 8,625,000 shares issued and outstanding | 863 | 863 | ||||||
Additional paid-in capital | — | — | ||||||
Accumulated deficit | (15,704,897 | ) | (23,889,167 | ) | ||||
Total Shareholders’ Deficit | (15,704,034 | ) | (23,888,304 | ) | ||||
Total Liabilities, Redeemable Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 346,458,253 | 346,406,997 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Period March 3, 2021 (Inception) Through June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(as restated) | (as restated) | |||||||||||||||
EXPENSES | ||||||||||||||||
Administration fee - related party | $ | 30,000 | $ | — | $ | 60,000 | $ | — | ||||||||
General and administrative | 363,858 | 2,513 | 520,730 | 11,043 | ||||||||||||
TOTAL EXPENSES | 393,858 | 2,513 | 580,730 | 11,043 | ||||||||||||
OTHER INCOME | ||||||||||||||||
Income earned on Investments held in Trust Account | 386,214 | — | 445,270 | — | ||||||||||||
Change in fair value of derivative warrant liabilities | 2,979,700 | — | 8,765,000 | — | ||||||||||||
TOTAL OTHER INCOME | 3,365,914 | — | 9,210,270 | — | ||||||||||||
Net income (loss) | $ | 2,972,056 | $ | (2,513 | ) | $ | 8,629,540 | $ | (11,043 | ) | ||||||
Weighted average number of Class A ordinary shares outstanding, basic and diluted | 34,500,000 | — | 34,500,000 | — | ||||||||||||
Basic and diluted net income per Class A ordinary share | $ | 0.07 | $ | — | $ | 0.20 | $ | — | ||||||||
Weighted average number of Class B ordinary shares outstanding, basic and diluted (1) | 8,625,000 | 7,500,000 | 8,625,000 | 7,500,000 | ||||||||||||
Basic and diluted net income (loss) per Class B ordinary share | $ | 0.06 | $ | (0.00 | ) | $ | 0.19 | $ | (0.00 | ) |
Class B Ordinary Shares | Additional Paid-In | Accumulated | Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||
(as restated) | (as restated) | |||||||||||||||||||
Balance as of December 31, 2021 | 8,625,000 | $ | 863 | $ | - | $ | (23,889,167 | ) | $ | (23,888,304 | ) | |||||||||
Current period accretion of Class A ordinary shares to redemption value | - | - | - | (59,056 | ) | (59,056 | ) | |||||||||||||
Net income | - | - | - | 5,657,484 | 5,657,484 | |||||||||||||||
Balance as of March 31, 2022 | 8,625,000 | 863 | $ | - | (18,290,739 | ) | (18,289,876 | ) | ||||||||||||
Current period accretion of Class A ordinary shares to redemption value | - | - | - | (386,214 | ) | (386,214 | ) | |||||||||||||
Net income | - | - | - | 2,972,056 | 2,972,056 | |||||||||||||||
Balance as of June 30, 2022 | 8,625,000 | $ | 863 | $ | - | $ | (15,704,897 | ) | $ | (15,704,034 | ) |
Class B Ordinary Shares | Additional Paid-In | Accumulated | Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
Balance as of March 3, 2021 (inception) | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
Issuance of Class B ordinary shares to Sponsor (1) | 8,625,000 | 863 | 24,137 | - | 25,000 | |||||||||||||||
Net loss | - | - | - | (8,530 | ) | (8,530 | ) | |||||||||||||
Balance as of March 31, 2021 | 8,625,000 | $ | 863 | $ | 24,137 | $ | (8,530 | ) | $ | 16,470 | ||||||||||
Net loss | - | - | - | (2,513 | ) | (2,513 | ) | |||||||||||||
Balance as of June 30, 2021 | 8,625,000 | $ | 863 | $ | 24,137 | $ | (11,043 | ) | $ | 13,957 |
| March 31, 2023 | December 31, 2022 | ||||||
| (unaudited) | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash | $ | 3,542 | $ | 272,922 | ||||
Prepaid expenses | 207,638 | 201,178 | ||||||
Other current assets | 66,955 | — | ||||||
Total Current Assets | 278,135 | 474,100 | ||||||
Marketable securities held in Trust Account | 353,935,852 | 350,168,339 | ||||||
Total Assets | $ | 354,213,987 | $ | 350,642,439 | ||||
| ||||||||
LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES SUBJECT TO REDEMPTION AND SHAREHOLDERS’ DEFICIT | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 235,723 | $ | 249,758 | ||||
Accrued offering costs | 4,999 | 4,999 | ||||||
Total Current Liabilities | 240,722 | 254,757 | ||||||
Derivative warrant liabilities | 3,138,000 | 2,353,500 | ||||||
Deferred underwriting fees | 12,075,000 | 12,075,000 | ||||||
Total Liabilities | 15,453,722 | 14,683,257 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Redeemable Class A Ordinary Shares subject to Possible Redemption: | ||||||||
Class A ordinary shares, $0.0001 par value, 300,000,000 shares authorized, 34,500,000 shares issued and outstanding subject to possible redemption | 353,935,852 | 350,168,339 | ||||||
| ||||||||
Shareholders’ deficit: | ||||||||
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | — | — | ||||||
Class B ordinary shares, $0.0001 par value, 30,000,000 shares authorized, 8,625,000 shares issued and outstanding | 863 | 863 | ||||||
Additional paid-in capital | — | — | ||||||
Accumulated deficit | (15,176,450 | ) | (14,210,020 | ) | ||||
Total Shareholders’ Deficit | (15,175,587 | ) | (14,209,157 | ) | ||||
Total Liabilities, Redeemable Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 354,213,987 | 350,642,439 |
For the Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
EXPENSES | ||||||||
Administration fee - related party | $ | 30,000 | $ | 30,000 | ||||
General and administrative expenses | 151,930 | 156,872 | ||||||
TOTAL EXPENSES | 181,930 | 186,872 | ||||||
OTHER INCOME (EXPENSE) | ||||||||
Income earned on marketable securities held in Trust Account | 3,767,513 | 59,056 | ||||||
Change in fair value of derivative warrant liabilities | (784,500 | ) | 5,785,300 | |||||
TOTAL OTHER INCOME (EXPENSE) | 2,983,013 | 5,844,356 | ||||||
Net income | $ | 2,801,083 | $ | 5,657,484 | ||||
Weighted average number of Class A ordinary shares outstanding, basic and diluted | 34,500,000 | 34,500,000 | ||||||
Basic and diluted net income per Class A ordinary share | $ | 0.09 | $ | 0.13 | ||||
Weighted average number of Class B ordinary shares outstanding, basic and diluted | 8,625,000 | 8,625,000 | ||||||
Basic and diluted net (loss) income per Class B ordinary share | $ | (0.02 | ) | $ | 0.13 |
Class B | Additional | |||||||||||||||||||
Ordinary Shares | Paid-In | Accumulated | Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||
Balance as of January 1, 2023 | 8,625,000 | $ | 863 | $ | - | $ | (14,210,020 | ) | $ | (14,209,157 | ) | |||||||||
Accretion of Class A ordinary shares to redemption value | - | - | - | (3,767,513 | ) | (3,767,513 | ) | |||||||||||||
Net income | - | - | - | 2,801,083 | 2,801,083 | |||||||||||||||
Balance as of March 31, 2023 | 8,625,000 | $ | 863 | $ | - | $ | (15,176,450 | ) | $ | (15,175,587 | ) |
Class B | Additional | |||||||||||||||||||
Ordinary Shares | Paid-In | Accumulated | Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||
Balance as of January 1, 2022 | 8,625,000 | $ | 863 | $ | - | $ | (23,889,167 | ) | $ | (23,888,304 | ) | |||||||||
Accretion of Class A ordinary shares to redemption value | - | - | - | (59,056 | ) | (59,056 | ) | |||||||||||||
Net income | - | - | - | 5,657,484 | 5,657,484 | |||||||||||||||
Balance as of March 31, 2022 | 8,625,000 | $ | 863 | $ | - | $ | (18,290,739 | ) | $ | (18,289,876 | ) |
For the Three Months Ended | ||||||||||||||||
For the Six Months Ended June 30, 2022 | For the Period From March 3, 2021 (Inception)Through June 30, 2021 | March 31, | March 31, | |||||||||||||
(as restated) | 2023 | 2022 | ||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||
Net income (loss) | $ | 8,629,540 | $ | (11,043 | ) | |||||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
Income earned on Investments held in Trust Account | (445,270 | ) | — | |||||||||||||
Change in fair value of derivative liabilities | (8,765,000 | ) | — | |||||||||||||
Net income | $ | 2,801,083 | $ | 5,657,484 | ||||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||||
Accreted income on investment held in Trust Account | (3,767,513 | ) | (59,056 | ) | ||||||||||||
Change in fair value of derivative warrant liabilities | 784,500 | (5,785,300 | ) | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses | 87,855 | — | (6,460 | ) | 6,512 | |||||||||||
Other current assets | (66,955 | ) | — | |||||||||||||
Other assets | — | (5,562 | ) | |||||||||||||
Accounts payable and accrued expenses | 350,859 | 11,043 | (14,035 | ) | 163,464 | |||||||||||
Net Cash Used In Operating Activities | (142,016 | ) | — | (269,380 | ) | (22,458 | ) | |||||||||
Cash Flows From Investing Activities: | ||||||||||||||||
Proceeds from redemption of U.S. government treasury obligations | 345,280,102 | — | 703,744,604 | — | ||||||||||||
Purchase of U.S. government treasury obligations | (345,280,102 | ) | — | (703,744,604 | ) | — | ||||||||||
Net Cash used in Investing Activities | — | — | — | — | ||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||
Proceeds from repayment of due from Sponsor | 100,000 | — | — | 100,000 | ||||||||||||
Payment of offering costs | (164,143 | ) | — | — | (17,571 | ) | ||||||||||
Net Cash Provided By Financing Activities | (64,143 | ) | — | — | 82,429 | |||||||||||
Net change in cash | (206,159 | ) | — | (269,380 | ) | 59,971 | ||||||||||
Cash at beginning of period | 811,442 | — | 272,922 | 811,442 | ||||||||||||
Cash at end of period | $ | 605,283 | $ | — | $ | 3,542 | $ | 871,413 | ||||||||
Supplemental disclosure of non-cash financing activities: | ||||||||||||||||
Deferred offering costs included in accrued offering costs | $ | — | $ | 215,031 | ||||||||||||
Deferred offering costs paid by related party | $ | — | $ | 168,625 | ||||||||||||
Deferred offering costs paid by related party in exchange for Class B ordinary shares | $ | — | $ | 25,000 | ||||||||||||
Current period accretion of Class A ordinary shares to redemption value | $ | 445,270 | $ | — | ||||||||||||
Subsequent accretion of Class A ordinary shares to redemption value | $ | 3,767,513 | $ | 59,056 |
As previously reported | Adjustments | As restated | ||||||||||
Balance Sheet as of June 30, 2022 | ||||||||||||
Warrant liabilities | $ | 5,937,900 | $ | (1,753,900 | ) | $ | 4,184,000 | |||||
Total liabilities | 18,440,070 | (1,753,900 | ) | 16,686,170 | ||||||||
Shareholders’ deficit | ||||||||||||
Accumulated deficit | (17,458,797 | ) | 1,753,900 | (15,704,897 | ) | |||||||
Total shareholders’ deficit | $ | (17,457,934 | ) | $ | 1,753,900 | $ | (15,704,034 | ) |
Statement of Operations – For the Three Months ended June 30, 2022 | As Previously Reported | Adjustments | As restated | |||||||||
Change in fair value of derivative warrant liabilities | $ | 1,225,800 | $ | 1,753,900 | $ | 2,979,700 | ||||||
Total other income | $ | 1,612,014 | $ | 1,753,900 | $ | 3,365,914 | ||||||
Net income | $ | 1,218,156 | $ | 1,753,900 | $ | 2,972,056 | ||||||
Weighted average number of Class A ordinary shares outstanding, basic and diluted | 34,500,000 | — | 34,500,000 | |||||||||
Basic and diluted net income per Class A ordinary share | $ | 0.03 | $ | 0.04 | $ | 0.07 | ||||||
Weighted average number of Class B ordinary shares outstanding, basic and diluted | 8,625,000 | — | 8,625,000 | |||||||||
Basic and diluted net income per Class B ordinary share | $ | 0.02 | $ | 0.04 | $ | 0.06 |
Statement of Operations – For the Six Months ended June 30, 2022 | As Previously Reported | Adjustments | As restated | |||||||||
Change in fair value of derivative warrant liabilities | $ | 7,011,100 | $ | 1,753,900 | $ | 8,765,000 | ||||||
Total other income | $ | 7,456,370 | $ | 1,753,900 | $ | 9,210,270 | ||||||
Net income | $ | 6,875,640 | $ | 1,753,900 | $ | 8,629,540 | ||||||
Weighted average number of Class A ordinary shares outstanding, basic and diluted | 34,500,000 | — | 34,500,000 | |||||||||
Basic and diluted net income per Class A ordinary share | $ | 0.16 | $ | 0.04 | $ | 0.20 | ||||||
Weighted average number of Class B ordinary shares outstanding, basic and diluted | 8,625,000 | — | 8,625,000 | |||||||||
Basic and diluted net income per Class B ordinary share | $ | 0.15 | $ | 0.04 | $ | 0.19 |
As previously reported | Adjustments | As restated | ||||||||||
Statement of Changes in Shareholders’ Deficit – For the Six Months ended June 30, 2022 | ||||||||||||
Accumulated deficit | $ | (17,458,797 | ) | $ | 1,753,900 | $ | (15,704,897 | ) | ||||
Total shareholders’ deficit | $ | (17,457,934 | ) | $ | 1,753,900 | $ | (15,704,034 | ) |
Statement of Cash Flows – For the Six Months ended June 30, 2022 | As Previously Reported | Adjustments | As restated | |||||||||
Net income | $ | 6,875,640 | $ | 1,753,900 | $ | 8,629,540 | ||||||
Change in fair value of derivative warrant liabilities | $ | (7,011,100 | ) | $ | (1,753,900 | ) | $ | (8,765,000 | ) | |||
Cash used in operations | $ | (142,016 | ) | $ | - | $ | (142,016 | ) |
Gross proceeds | $ | 345,000,000 | ||
Less: | ||||
Issuance costs allocated to Class A ordinary shares | (32,658,945 | ) | ||
Proceeds allocated to Public Warrants | (11,212,500 | ) | ||
(43,871,445 | ) | |||
Plus: | ||||
Remeasurement adjustment of carrying value to redemption value | 43,902,292 | |||
Balance, December 31, 2021 | $ | 345,030,847 | ||
Remeasurement adjustment of carrying value to redemption value | 5,137,492 | |||
Balance, December 31, 2022 | 350,168,339 | |||
Remeasurement adjustment of carrying value to redemption value | 3,767,513 | |||
Balance, March 31, 2023 | $ | 353,935,852 |
Gross proceeds | $ | 345,000,000 | ||
Less: | ||||
Issuance costs allocated to Class A ordinary shares | (32,658,945 | ) | ||
Proceeds allocated to Public Warrants | (11,212,500 | ) | ||
(43,871,445 | ) | |||
Plus: | ||||
Remeasurement adjustment of carrying value to redemption value | 43,902,292 | |||
Balance, December 31, 2021 | $ | 345,030,847 | ||
Remeasurement adjustment of carrying value to redemption value | 445,270 | |||
Balance, June 30, 2022 | $ | 345,476,117 |
For the Three Months Ended | ||||
June 30, 2022 | ||||
Net income | $ | 2,972,056 | ||
Accretion of temporary equity to redemption value | (386,214 | ) | ||
Net income including accretion of temporary equity to redemption value | $ | 2,585,842 |
For the Three Months Ended March 31, 2023 | ||||
Net income | $ | 2,801,083 | ||
Accretion of temporary equity to redemption value | (3,767,513 | ) | ||
Net loss including accretion of temporary equity to redemption value | $ | (966,430 | ) |
For the Three Months Ended | For the Three Months Ended | |||||||||||||||
June 30, 2022 | March 31, 2023 | |||||||||||||||
Redeemable | Non-Redeemable | Redeemable | Non-Redeemable | |||||||||||||
Basic and diluted net income per share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income including accretion of temporary equity | $ | 2,068,674 | $ | 517,168 | ||||||||||||
Allocation of accretion of temporary equity to redeemable shares | 386,214 | — | ||||||||||||||
Allocation of net income | $ | 2,454,888 | $ | 517,168 | ||||||||||||
Allocation of net loss including accretion of temporary equity | $ | (773,144 | ) | $ | (193,286 | ) | ||||||||||
Allocation of accretion of temporary equity to Class A Ordinary shares | 3,767,513 | - | ||||||||||||||
Allocation of net income (loss) | $ | 2,994,369 | $ | (193,286 | ) | |||||||||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | ||||||||||||
Basic and diluted net income per ordinary share | $ | 0.07 | $ | 0.06 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.09 | $ | (0.02 | ) |
For the Three Months Ended June 30, 2021 | ||||
Numerator: Net loss | $ | (2,513 | ) | |
Denominator: Basic and diluted weighted average Class B ordinary shares outstanding | 7,500,000 | |||
Basic and diluted net loss per share, Class B ordinary shares | (0.00 | ) |
For the Three Months Ended March 31, 2022 | ||||
Net income | $ | 5,657,484 | ||
Accretion of temporary equity to redemption value | (59,056 | ) | ||
Net income including accretion of temporary equity to redemption value | $ | 5,598,428 |
For the Six Months Ended June 30, 2022 | ||||
Net income | $ | 8,629,540 | ||
Accretion of temporary equity to redemption value | (445,270 | ) | ||
Net income including accretion of temporary equity to redemption value | $ | 8,184,270 |
For the Six Months Ended | ||||||||
June 30, 2022 | ||||||||
Redeemable | Non-Redeemable | |||||||
Basic and diluted net income per share: | ||||||||
Numerator: | ||||||||
Allocation of net income including accretion of temporary equity | $ | 6,547,416 | $ | 1,636,854 | ||||
Allocation of accretion of temporary equity to redeemable shares | 445,270 | - | ||||||
Allocation of net income | $ | 6,992,686 | $ | 1,636,854 | ||||
Denominator: | ||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | ||||||
Basic and diluted net income per ordinary share | $ | 0.20 | $ | 0.19 |
For the Three Months Ended | ||||||||
March 31, 2022 | ||||||||
Redeemable | Non-Redeemable | |||||||
Basic and diluted net income per share: | ||||||||
Numerator: | ||||||||
Allocation of net income including accretion of temporary equity | $ | 4,478,742 | $ | 1,119,686 | ||||
Allocation of accretion of temporary equity to Class A Ordinary shares | 59,056 | - | ||||||
Allocation of net income | $ | 4,537,798 | $ | 1,119,686 | ||||
Denominator: | ||||||||
Weighted-average shares outstanding | 34,500,000 | 8,625,000 | ||||||
Basic and diluted net income per ordinary share | $ | 0.13 | $ | 0.13 |
● | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
● | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices or similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
● | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
• | if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. |
• | if, and only if, the last reported sale price of the Class A ordinary share equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 10 trading days within a 20-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and |
Description | Level | June 30, 2022 | December 31, 2021 | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account | 1 | $ | 345,476,117 | $ | 345,030,847 | |||||||
Liabilities: | ||||||||||||
Warrant liability – Private Placement Warrants | 2 | $ | 1,424,000 | $ | 4,324,000 | |||||||
Warrant liability – Public Warrants (as restated) | 1 | 2,760,000 | 8,625,000 | |||||||||
$ | 4,184,000 | $ | 12,949,000 |
Description | Level | March 31, 2023 | December 31, 2022 | |||||||||
Assets: | ||||||||||||
Marketable Securities held in Trust Account | 1 | $ | 353,935,852 | $ | 350,168,339 | |||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities – Private Placement Warrants | 2 | $ | 1,068,000 | $ | 801,000 | |||||||
Derivative warrant liabilities – Public Warrants | 1 | 2,070,000 | 1,552,500 | |||||||||
$ | 3,138,000 | $ | 2,353,500 |
Private Placement Warrants | Public Warrants | Total | ||||||||||
Fair value at December 31, 2021 | $ | 4,324,000 | $ | 8,625,000 | $ | 12,949,000 | ||||||
Change in fair value | (2,900,000 | ) | (5,865,000 | ) | (8,765,000 | ) | ||||||
Fair value at June 30, 2022 | $ | 1,424,000 | $ | 2,760,000 | $ | 4,184,000 |
Private Placement Warrants | Public Warrants | Total | ||||||||||
Fair value at December 31, 2022 | $ | 801,000 | $ | 1,552,500 | $ | 2,353,500 | ||||||
Change in fair value | 267,000 | 517,500 | 784,500 | |||||||||
Fair value at March 31, 2023 | $ | 1,068,000 | $ | 2,070,000 | $ | 3,138,000 |
Private Placement Warrants | Public Warrants | Total | ||||||||||
Fair value at December 31, 2021 | $ | 4,324,000 | $ | 8,625,000 | $ | 12,949,000 | ||||||
Change in fair value | (1,990,300 | ) | (3,795,000 | ) | (5,785,300 | ) | ||||||
Fair value at March 31, 2022 | $ | 2,333,700 | $ | 4,830,000 | $ | 7,163,700 |
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 1. | Legal Proceedings |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits. |
Exhibit Number | Description | |
101.INS* | Inline XBRL Instance 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 (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
** | Furnished. |
ENPHYS ACQUISITION CORP. | ||
Date: | By: | /s/ Pär Lindström |
Name: | Pär Lindström | |
Title: |