Amendment No. 1
☒ | 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 |
other jurisdictionNamename of Registrantregistrant as Specifiedspecified in Charter) Other JurisdictionIncorporation)incorporation or organization)
65 East 55th Street, 24th Floor
New York, NY 10022
(Address of Principal Executive Offices) (Zip Code)
(212) 603-5500
(
telephone number, including area code
changed since last report)
Title of each class | Trading
Symbols | Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share and one-fourth of one redeemable warrant | MRACU | The Nasdaq Stock Market LLC | ||
Class A ordinary shares, par value $0.0001 per share | MRAC | The Nasdaq Stock Market LLC | ||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | MRACW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||||||
Emerging growth company | ☒ |
Explanatory Note for Amendment No. 1:
This Amendment No. 1 to the Table of Contents
June 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 877,620 | $ | 2,266,049 | ||||
Prepaid expenses | 636,568 | 831,645 | ||||||
Total current assets | 1,514,188 | 3,097,694 | ||||||
Cash held in Trust Account | 373,750,000 | 373,750,000 | ||||||
Total Assets | $ | 375,264,188 | $ | 376,847,694 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 4,289,351 | $ | 578,902 | ||||
Accrued expenses | 1,014,468 | 488,824 | ||||||
Total current liabilities | 5,303,819 | 1,067,726 | ||||||
Deferred legal fees | 462,409 | 0 | ||||||
Deferred underwriting commissions | 13,081,250 | 13,081,250 | ||||||
Derivative warrant liabilities | 20,045,330 | 27,249,130 | ||||||
Total liabilities | 38,892,808 | 41,398,106 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares, $0.0001 par value; 33,137,137 and 33,044,958 shares subject to possible redemption at $10.00 per share at June 30, 2021 and December 31, 2020, respectively | 331,371,370 | 330,449,580 | ||||||
Shareholders’ Equity | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaN issued and outstanding at June 30, 2021 and December 31, 2020 | 0 | 0 | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 4,237,863 and 4,330,042 shares issued and outstanding (excluding 33,137,137 and 33,044,958 shares subject to possible redemption) at June 30, 2021 and December 31, 2020, respectively | 424 | 433 | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 9,343,750 shares issued and outstanding at June 30, 2021 and December 31, 2020 | 934 | 934 | ||||||
Additional paid-in capital | 8,446,652 | 9,830,842 | ||||||
Accumulated deficit | (3,448,000 | ) | (4,832,201 | ) | ||||
Total shareholders’ equity | 5,000,010 | 5,000,008 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 375,264,188 | $ | 376,847,694 | ||||
For The Three Months Ended June 30, 2021 | For The Six Months Ended June 30, 2021 | |||||||
General and administrative expenses | $ | 2,357,741 | $ | 5,819,599 | ||||
Loss from operations | (2,357,741 | ) | (5,819,599 | ) | ||||
Other income / (expense) | ||||||||
Change in fair value of derivative warrant liabilities | (626,410 | ) | 7,203,800 | |||||
Net income (loss) | $ | (2,984,151 | ) | $ | 1,384,201 | |||
Weighted average Class A ordinary shares outstanding, basic and diluted | 37,375,000 | 37,375,000 | ||||||
Basic and diluted net income per ordinary share, Class A | $ | 0 | $ | 0 | ||||
Weighted average Class B ordinary shares outstanding, basic and diluted | 9,343,750 | 9,343,750 | ||||||
Basic and diluted net income (loss) per ordinary share, Class B | $ | (0.32 | ) | $ | 0.15 | |||
Ordinary Shares | Total | |||||||||||||||||||||||||||
Class A | Class B | Additional Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||||||||
Balance - December 31, 2020 | 4,330,042 | $ | 433 | 9,343,750 | $ | 934 | $ | 9,830,842 | $ | (4,832,201 | ) | $ | 5,000,008 | |||||||||||||||
Offering costs | — | — | — | — | (266,102 | ) | — | (266,102 | ) | |||||||||||||||||||
Shares subject to possible redemption | (410,225 | ) | (41 | ) | — | — | (4,102,209 | ) | — | (4,102,250 | ) | |||||||||||||||||
Net income | — | — | — | — | — | 4,368,352 | 4,368,352 | |||||||||||||||||||||
Balance - March 31, 2021 (Unaudited) | 3,919,817 | 392 | 9,343,750 | 934 | 5,462,531 | (463,849 | ) | 5,000,008 | ||||||||||||||||||||
Offering costs | — | — | — | — | (196,307 | ) | — | (196,307 | ) | |||||||||||||||||||
Shares subject to possible redemption | 318,046 | 32 | — | — | 3,180,428 | — | 3,180,460 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (2,984,151 | ) | (2,984,151 | ) | |||||||||||||||||||
Balance - June 30, 2021 (Unaudited) | 4,237,863 | $ | 424 | 9,343,750 | $ | 934 | $ | 8,446,652 | $ | (3,448,000 | ) | $ | 5,000,010 | |||||||||||||||
Cash Flows from Operating Activities: | ||||
Net income | $ | 1,384,201 | ||
Adjustment to reconcile net income to net cash used in operating activities: | ||||
Change in fair value of derivative warrant liabilities | (7,203,800 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | 195,077 | |||
Accounts payable | 3,710,449 | |||
Accrued expenses | 890,878 | |||
Net cash used in operating activities | (1,023,195 | ) | ||
Cash Flows from Financing Activities: | ||||
Offering costs paid | (365,234 | ) | ||
Net cash used in financing activities | (365,234 | ) | ||
Net change in cash | (1,388,429 | ) | ||
Cash - beginning of the period | 2,266,049 | |||
Cash - end of the period | $ | 877,620 | ||
Supplemental disclosure of noncash financing activities: | ||||
Deferred legal fees | $ | 462,409 | ||
Change in initial value of Class A ordinary shares subject to possible redemption | $ | 921,790 |
For The Three Months Ended June 30, 2021 | For The Six Months Ended June 30, 2021 | |||||||
Class A Ordinary shares subject to possible redemption | ||||||||
Numerator: Earnings allocable to Ordinary shares subject to possible redemption | ||||||||
Income from investments held in Trust Account | $ | 0 | $ | 0 | ||||
Less: Company’s portion available to be withdrawn to pay taxes | 0 | 0 | ||||||
Net income attributable | $ | 0 | $ | 0 | ||||
Denominator: Weighted average Class A ordinary shares subject to possible redemption | ||||||||
Basic and diluted weighted average shares outstanding | 37,375,000 | 37,375,000 | ||||||
Basic and diluted net income per share | $ | 0 | $ | 0 | ||||
Non-Redeemable Ordinary Shares | ||||||||
Numerator: Net Income (Loss) minus Net Earnings | ||||||||
Net income (loss) | $ | (2,984,151 | ) | $ | 1,384,201 | |||
Net income allocable to Class A ordinary shares subject to possible redemption | 0 | 0 | ||||||
Non-redeemable | $ | (2,984,151 | ) | $ | 1,384,201 | |||
Denominator: W eighted averageNon-redeemable ordinary shares | ||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares | 9,343,750 | 9,343,750 | ||||||
Basic and diluted net loss per share, Non-redeemable ordinary shares | $ | (0.32 | ) | $ | 0.15 | |||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public | $ | 11,960,000 | $ | 0 | $ | 0 | ||||||
Derivative warrant liabilities - Private | $ | 0 | $ | 8,085,330 | $ | 0 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities - Public | $ | 0 | $ | 0 | $ | 16,258,130 | ||||||
Derivative warrant liabilities - Private | $ | 0 | $ | 0 | $ | 10,991,000 |
Level 3 - Derivative warrant liabilities at December 31, 2020 | $ | 27,249,130 | ||
Change in fair value of derivative warrant liabilities | (3,158,330 | ) | ||
Transfer of Public Warrants out of level 3 | (16,258,130 | ) | ||
Level 3 - Derivative warrant liabilities at March 31, 2021 | $ | 7,832,670 | ||
Transfer of Private Warrants out of level 3 | (7,832,670 | ) | ||
Level 3 - Derivative warrant liabilities at June 30, 2021 | $ | 0 | ||
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* | 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. |
Dated: | MARQUEE RAINE ACQUISITION CORP. | |||||||
By: | /s/ | |||||||
Name: | ||||||||
Title: | Co-Chief Executive Officer |