☒ | 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 | 001-40072 | 98-1568635 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | ||
Ally Bridge Group, NY 430 Park Avenue, 12th Floor | 10022 | |||
(Address Of Principal Executive Offices) | (Zip Code) |
Title of | Trading Symbol(s) | Name of on | ||
Class A Ordinary Shares, $0.0001 par value | ABGI | The Nasdaq Capital Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||||||
Emerging growth company | ☒ |
Page No. | ||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | 15 | |||||
Item 3. | ||||||
Item 4. | 19 | |||||
Item 1. | 19 | |||||
Item 1A. | 19 | |||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | 20 | |||||
Item 6. | 20 | |||||
September 30, 2021 | December 31, 2020 | March 31, 2022 | December 31, 2021 | |||||||||||||
(unaudited) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Assets | ||||||||||||||||
Assets: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 617,654 | $ | 58,175 | $ | 271,738 | $ | 510,896 | ||||||||
Prepaid expenses | 451,047 | 178 | 329,489 | 355,887 | ||||||||||||
Total current assets | 1,068,701 | 58,353 | 601,227 | 866,783 | ||||||||||||
Investments held in Trust Account | 150,654,723 | — | 150,660,122 | 150,657,896 | ||||||||||||
Deferred offering costs associated with the initial public offering | — | 243,825 | ||||||||||||||
Total Assets | $ | 151,723,424 | $ | 302,178 | $ | 151,261,349 | $ | 151,524,679 | ||||||||
�� | ||||||||||||||||
Liabilities, Class A Ordinary Shares Subject to Redemption and Shareholders’ Equity (Deficit) | ||||||||||||||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 39,468 | $ | — | $ | 16,025 | $ | 16,394 | ||||||||
Accrued expenses | 206,534 | 202,000 | 220,227 | 180,730 | ||||||||||||
Note payable - related party | — | 100,000 | ||||||||||||||
Total current liabilities | 246,002 | 302,000 | 236,252 | 197,124 | ||||||||||||
Deferred underwriting commissions | 5,272,750 | — | 5,272,750 | 5,272,750 | ||||||||||||
Total liabilities | 5,518,752 | 302,000 | 5,509,002 | 5,469,874 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 15,065,000 and -0- | 150,650,000 | — | ||||||||||||||
Shareholders’ Equity (Deficit) | ||||||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0ne issued and outstanding | 0 | — | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;501,300 and -0- | 50 | — | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 3,766,250 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 377 | 377 | ||||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 15,065,000 shares issued and outstanding at $10.00 per share redemption price as of March 31, 2022 and December 31, 2021 | 150,650,000 | 150,650,000 | ||||||||||||||
Shareholders’ Deficit: | ||||||||||||||||
Preferred s , $0.0001 par value; 5,000,000 shares authorized; 0ne issued or outstanding as of March 31, 2022 and December 31, 2021hares | 0 | — | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 501,300 shares issued and outstanding (excluding 15,065,000 subject to possible redemption) as of March 31, 2022 and December 31, 2021 | 50 | 50 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 3,766,250 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 377 | 377 | ||||||||||||||
Additional paid-in capital | — | 24,623 | 0 | — | ||||||||||||
Accumulated deficit | (4,445,755 | ) | (24,822 | ) | (4,898,080 | ) | (4,595,622 | ) | ||||||||
Total shareholders’ equity (deficit) | (4,445,328 | ) | 178 | |||||||||||||
Total shareholders’ deficit | (4,897,653 | ) | (4,595,195 | ) | ||||||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) | $ | 151,723,424 | $ | 302,178 | ||||||||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit | $ | 151,261,349 | $ | 151,524,679 | ||||||||||||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | For the three months ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||||
General and administrative expenses | $ | 188,098 | $ | 517,544 | $ | 274,684 | $ | 144,553 | ||||||||
General and administrative expenses - related party | 30,000 | 80,000 | 30,000 | 20,000 | ||||||||||||
Loss from operations | (218,098 | ) | (597,544 | ) | (304,684 | ) | (164,553 | ) | ||||||||
Income from investments held in Trust Account | 2,275 | 4,723 | 2,226 | 173 | ||||||||||||
Net loss | $ | (215,823 | ) | $ | (592,821) | $ | (302,458 | ) | $ | (164,380 | ) | |||||
Basic and diluted weighted average shares outstanding of Class A ordinary shares | 15,566,300 | 12,772,349 | ||||||||||||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted | 15,566,300 | 7,091,314 | ||||||||||||||
Basic and diluted net loss per ordinary share, Class A ordinary shares | $ | (0.01 | ) | $ | (0.04 | ) | ||||||||||
Basic and diluted net loss per share, Class A ordinary shares | $ | (0.02 | ) | $ | (0.02 | ) | ||||||||||
Basic and diluted weighted average shares outstanding of Class B ordinary shares | 3,766,250 | 3,678,077 | ||||||||||||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted | 3,766,250 | 3,498,792 | ||||||||||||||
�� | ||||||||||||||||
Basic and diluted net loss per ordinary share, Class B ordinary shares | $ | (0.01) | $ | (0.04) | ||||||||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | (0.02 | ) | $ | (0.02 | ) | ||||||||||
Ordinary Shares | Additional Paid-in | Total | ||||||||||||||||||||||||||
Class A | Class B | Accumulated | Shareholders’ | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance - December 31, 2020 | 0 | $ | 0 | 3,766,250 | $ | 377 | $ | 24,623 | $ | (24,822 | ) | $ | 178 | |||||||||||||||
Sale of shares to Sponsor in private placement | 501,300 | 50 | — | — | 5,012,950 | — | 5,013,000 | |||||||||||||||||||||
Accretion of Class A ordinary shares subject to redemption | — | — | — | — | (5,037,573 | ) | (3,828,112 | ) | (8,865,685 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (164,380 | ) | (164,380 | ) | |||||||||||||||||||
Balance - March 31, 2021 (unaudited) | 501,300 | 50 | 3,766,250 | 377 | 0 | (4,017,314 | ) | (4,016,887 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (212,618 | ) | (212,618 | ) | |||||||||||||||||||
Balance - June 30, 2021 (unaudited) | 501,300 | $ | 50 | 3,766,250 | $ | 377 | $ | 0 | $ | (4,229,932 | ) | $ | (4,229,505 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (215,823 | ) | (215,823 | ) | |||||||||||||||||||
Balance - September 30, 2021 (unaudited) | 501,300 | $ | 50 | 3,766,250 | $ | 377 | $ | 0 | $ | (4,445,755 | ) | $ | (4,445,328 | ) | ||||||||||||||
Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Deficit | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance - December 31, 2021 | 501,300 | $ | 50 | 3,766,250 | $ | 377 | $ | 0 | $ | (4,595,622 | ) | $ | (4,595,195 | ) | ||||||||||||||
Net loss | — | — | — | — | — | (302,458 | ) | (302,458 | ) | |||||||||||||||||||
Balance – March 31, 2022 | 501,300 | $ | 50 | 3,766,250 | $ | 377 | $ | 0 | $ | (4,898,080 | ) | $ | (4,897,653 | ) | ||||||||||||||
Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Equity (Deficit) | |||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance - December 31, 2020 | 0 | $ | 0 | 3,766,250 | $ | 377 | $ | 24,623 | $ | (24,822 | ) | $ | 178 | |||||||||||||||
Sale of shares to Sponsor in private placement | 501,300 | 50 | — | — | 5,012,950 | — | 5,013,000 | |||||||||||||||||||||
Accretion of Class A ordinary shares subject to redemption | — | — | — | — | (5,037,573 | ) | (3,828,112 | ) | (8,865,685 | ) | ||||||||||||||||||
Net loss | — | — | — | — | — | (164,380 | ) | (164,380 | ) | |||||||||||||||||||
Balance - March 31, 2021 | 501,300 | $ | 50 | 3,766,250 | $ | 377 | $ | 0 | $ | (4,017,314 | ) | $ | (4,016,887 | ) | ||||||||||||||
For the three months ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (302,458 | ) | $ | (164,380 | ) | ||
Income from investments held in Trust Account | (2,226 | ) | (173 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 26,398 | (654,173 | ) | |||||
Accounts payable | (369 | ) | — | |||||
Accrued expenses | 84,497 | 33,555 | ||||||
Net cash used in operating activities | (194,158 | ) | (785,171 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | — | (150,650,000 | ) | |||||
Net cash used in investing activities | — | (150,650,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Repayment of note payable to related party | — | (100,000 | ) | |||||
Proceeds received from initial public offering, gross | — | 150,650,000 | ||||||
Proceeds from private placement | — | 5,013,000 | ||||||
Offering costs paid | (45,000 | ) | (3,446,710 | ) | ||||
Net cash provided by (used in) financing activities | (45,000 | ) | 152,116,290 | |||||
Net change in cash | (239,158 | ) | 681,119 | |||||
Cash - beginning of the period | 510,896 | 58,175 | ||||||
Cash - end of the period | $ | 271,738 | $ | 739,294 | ||||
Supplemental disclosure of noncash financing activities: | ||||||||
Offering costs included in accrued expenses | $ | — | $ | 104,400 | ||||
Deferred underwriting commissions | $ | — | $ | 5,272,750 |
Cash Flows from Operating Activities: | ||||
Net loss | $ | (592,821 | ) | |
Income from investments held in Trust Account | (4,723 | ) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | (450,869 | ) | ||
Accounts payable | 39,468 | |||
Accrued expenses | 136,535 | |||
Net cash used in operating activities | (872,410 | ) | ||
Cash Flows from Investing Activities: | ||||
Cash deposited in Trust Account | (150,650,000 | ) | ||
Net cash used in investing activities | (150,650,000 | ) | ||
Cash Flows from Financing Activities: | ||||
Payment of note payable to related party | (100,000 | ) | ||
Proceeds received from initial public offering, gross | 150,650,000 | |||
Proceeds received from private placement | 5,013,000 | |||
Offering costs paid | (3,481,111 | ) | ||
Net cash provided by financing activities | 152,081,889 | |||
Net change in cash | 559,479 | |||
Cash - beginning of the period | 58,175 | |||
Cash - end of the period | $ | 617,654 | ||
Supplemental disclosure of noncash financing activities: | ||||
Offering costs included in accrued expenses | $ | 70,000 | ||
Reversal of offering costs included in accrued expenses in prior year | $ | 202,000 | ||
Deferred underwriting commissions | $ | 5,272,750 |
As of March 31, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to possible redemption | $ | 141,633,111 | $ | 9,016,889 | $ | 150,650,000 | ||||||
Class A ordinary shares | $ | 140 | $ | (90 | ) | $ | 50 | |||||
Additional paid-in capital | $ | 5,188,687 | $ | (5,188,687 | ) | $ | — | |||||
Accumulated deficit | $ | (189,202 | ) | $ | (3,828,112 | ) | $ | (4,017,314 | ) | |||
Total shareholders’ equity (deficit) | $ | 5,000,002 | $ | (9,016,889 | ) | $ | (4,016,887 | ) | ||||
Shares of Class A ordinary shares subject to possible redemption | 14,163,311 | 901,689 | 15,065,000 | |||||||||
Shares of Class A non-redeemable ordinary shares | 1,402,989 | (901,689 | ) | 501,300 |
Three Months Ended March 31, 2021 (unaudited) | ||||||||||||
Supplemental Disclosure of Noncash Financing Activities: | As Reported | Adjustment | As Restated | |||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 141,766,820 | $ | (141,766,820 | ) | $ | 0 | |||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (133,709 | ) $ | 133,709 | $ | 0 |
As of June 30, 2021 (unaudited) | As Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to possible redemption | $ | 141,420,490 | $ | 9,229,510 | $ | 150,650,000 | ||||||
Class A ordinary shares | $ | 142 | $ | (92 | ) | $ | 50 | |||||
Additional paid-in capital | $ | 5,401,305 | $ | (5,401,305 | ) | $ | 0 | |||||
Accumulated defici t | $ | (401,820 | ) | $ | (3,828,113 | ) | $ | (4,229,933 | ) | |||
Total shareholders’ equity (deficit) | $ | 5,000,004 | $ | (9,229,510 | ) | $ | (4,229,506 | ) | ||||
Shares of Class A ordinary shares subject to possible redemption | 14,142,049 | 922,951 | 15,065,000 | |||||||||
Shares of Class A non-redeemable ordinary shares | 1,424,251 | (922,951 | ) | 501,300 |
Six Months Ended June 30, 2021 (unaudited) | ||||||||||||
Supplemental Disclosure of Noncash Financing Activities: | As Reported | Adjustment | As Restated | |||||||||
Initial value of Class A ordinary shares subject to possible redemption | $ | 141,766,820 | $ | (141,766,820 | ) | $ | 0 | |||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (346,330 | ) | $ | 346,330 | $ | 0 |
Earnings Per Share | ||||||||||||
As Reported | Adjustment | As Restated | ||||||||||
For the three months ended March 31, 2021 (unaudited) | ||||||||||||
Net loss | $ | (164,380 | ) | $ | — | $ | (164,380 | ) | ||||
Weighted average shares outstanding - Class A ordinary shares | 15,065,000 | (7,973,686 | ) | 7,091,314 | ||||||||
Basic and diluted earnings per ordinary share - Class A ordinary shares | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Weighted average shares outstanding - Class B ordinary shares | 3,727,162 | (228,370 | ) | 3,498,792 | ||||||||
Basic and diluted earnings per ordinary shares - Class B ordinary shares | $ | (0.04 | ) | $ | 0.02 | $ | (0.02 | ) | ||||
For three months ended June 30, 2021 (unaudited) | ||||||||||||
Net loss | $ | (212,618 | ) | $ | — | $ | (212,618 | ) | ||||
Weighted average shares outstanding - Class A ordinary shares | 15,065,000 | 501,300 | 15,566,300 | |||||||||
Basic and diluted earnings per ordinary share - Class A ordinary shares | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | ||||
Weighted average shares outstanding - Class B ordinary shares | 4,267,550 | (501,300 | ) | 3,766,250 | ||||||||
Basic and diluted earnings per ordinary shares - Class B ordinary shares | $ | (0.05 | ) | $ | 0.04 | $ | (0.01 | ) | ||||
For the six months ended June 30, 2021 (unaudited) | ||||||||||||
Net loss | $ | (376,998 | ) | $ | — | $ | (376,998 | ) | ||||
Weighted average shares outstanding - Class A ordinary shares | 15,065,000 | (3,712,781 | ) | 11,352,219 | ||||||||
Basic and diluted earnings per ordinary share - Class A ordinary shares | $ | — | $ | (0.03 | ) | $ | (0.03 | ) | ||||
Weighted average shares outstanding - Class B ordinary shares | 3,998,849 | — | 3,633,260 | |||||||||
Basic and diluted earnings per ordinary shares - Class B ordinary shares | $ | (0.09 | ) | $ | 0.06 | $ | (0.03 | ) |
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net loss per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net loss | $ | (173,778 | ) | $ | (42,045 | ) | $ | (460,275 | ) | $ | (132,546 | ) | ||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 15,566,300 | 3,766,250 | 12,772,349 | 3,678,077 | ||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.04 | ) | ||||
For the three months ended March 31, 2022 | For the three months ended March 31, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net loss per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net loss | $ | (243,535 | ) | $ | (58,923 | ) | $ | (110,712 | ) | $ | (54,308 | ) | ||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 15,566,300 | 3,766,250 | 7,091,314 | 3,498,792 | ||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Gross proceeds | $ | 150,650,000 | ||
Less: | ||||
Class A ordinary shares issuance costs | (8,865,685 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 8,865,685 | |||
Class A ordinary shares subject to possible redemption | $ | 150,650,000 | ||
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||||||||
Investments in U.S. Treasury money market funds | $ | 150,654,723 | 0— | 0 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments held in Trust Account – Money Market Fund | $ | 150,660,122 | $ | 0— | $ | 0 |
Description | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Investments held in Trust Account – Money Market Fund | $ | 150,657,896 | $ | 0— | $ | 0 |
* | Filed herewith. |
** | Furnished. herewith. |
Dated: | ABG Acquisition Corp. I | |||||
By: | /s/ Daniel Johnson | |||||
Name: | Daniel Johnson | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |