☒ | 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 | 85-2832589 | |
(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 | CTAQU | The NASDAQ Stock Market LLC | ||||
Class A Common Stock, par value $0.0001 per share | CTAQ | The NASDAQ Stock Market LLC | ||||
Warrants, each exercisable for one share Class A Common Stock for $11.50 per | CTAQW | The NASDAQ Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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Item 4. | 20 | |||||
Item 5. | 20 | |||||
Item 6. | 20 | |||||
21 |
September 30, 2021 | December 31, 2020 | |||||||||||||||
(Unaudited) | ||||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||||
(unaudited) | ||||||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash and cash equivalents | $ | 318,445 | $ | 835,208 | $ | 131,958 | $ | 73,952 | ||||||||
Prepaid expenses | 429,167 | 700,867 | 303,417 | 324,500 | ||||||||||||
Total Current Assets | 747,612 | 1,536,075 | 435,375 | 398,452 | ||||||||||||
Investment and marketable securities held in Trust Account | 402,529,236 | 402,507,131 | ||||||||||||||
Cash and marketable securities held in Trust Account | 402,531,478 | 402,568,921 | ||||||||||||||
TOTAL ASSETS | $ | 403,276,848 | $ | 404,043,206 | $ | 402,966,853 | $ | 402,967,373 | ||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||
Current liabilities - accrued expenses | $ | 159,115 | $ | 90,763 | ||||||||||||
Warrant liability | 8,915,834 | 17,831,667 | ||||||||||||||
Current liabilities | ||||||||||||||||
Accrued expenses | $ | 115,629 | $ | 265,999 | ||||||||||||
Advances from related party | 53,671 | 0 | ||||||||||||||
Total Current Liabilities | 169,300 | 265,999 | ||||||||||||||
Convertible note | 223,600 | 0 | ||||||||||||||
Warrant liabilities | 4,800,833 | 9,464,500 | ||||||||||||||
Deferred underwriting fee payable | 15,137,500 | 15,137,500 | 15,137,500 | 15,137,500 | ||||||||||||
TOTAL LIABILITIES | 24,212,449 | 33,059,930 | 20,331,233 | 24,867,999 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||||
Class A common stock subject to possible redemption, 40,250,000 shares at $10.00 per share as of September 30, 2021 and December 31, 2020 | 402,500,000 | 402,500,000 | ||||||||||||||
Class A common stock subject to possible redemption, 40,250,000 shares at $10.00 per share as of March 31, 2022 and December 31, 2021 | 402,500,000 | 402,500,000 | ||||||||||||||
Stockholders’ Deficit | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; NaN issued and outstanding | 0— | 0— | 0— | 0— | ||||||||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 900,000 shares issued and outstanding (excluding 40,250,000 subject to possible redemption) at September 30, 2021 and December 31, 2020 | 90 | 90 | ||||||||||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 10,062,500 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 1,006 | 1,006 | ||||||||||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 900,000 shares issued and outstanding (excluding 40,250,000 subject to possible redemption) at March 31, 2022 and December 31, 2021 | 90 | 90 | ||||||||||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 10,062,500 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 1,006 | 1,006 | ||||||||||||||
Accumulated deficit | (23,436,697 | ) | (31,517,820 | ) | (19,865,476 | ) | (24,401,722 | ) | ||||||||
Total Stockholders’ Deficit | (23,435,601 | ) | (31,516,724 | ) | (19,864,380 | ) | (24,400,626 | ) | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 403,276,848 | $ | 404,043,206 | $ | 402,966,853 | $ | 402,967,373 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | For the Period from August 31, 2020 (Inception) through September 30, | ||||||||||||||||||
2021 | 2021 | 2020 | ||||||||||||||||||
For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | |||||||||||||||||||
Operating and formation costs | $ | 311,899 | $ | 898,492 | $ | 1,000 | $ | 274,403 | $ | 238,898 | ||||||||||
Loss from operations | (311,899 | ) | (898,492 | ) | (1,000 | ) | (274,403 | ) | (238,898 | ) | ||||||||||
Other income: | ||||||||||||||||||||
Interest income - bank | 2 | 2 | 0 | |||||||||||||||||
Interest earned on investments and marketable securities held in Trust Account | 27,529 | 63,780 | 0 | |||||||||||||||||
Interest earned on cash and marketable securities held in Trust Account | 70,582 | 35,544 | ||||||||||||||||||
Change in fair value of warrant liabilities | 3,977,833 | 8,915,833 | 0 | 4,663,667 | 6,446,833 | |||||||||||||||
Change in fair value of convertible note | 76,400 | 0 | ||||||||||||||||||
Total other income | 4,005,364 | 8,979,615 | 0 | 4,810,649 | 6,482,377 | |||||||||||||||
Net income (loss) | $ | 3,693,465 | $ | 8,081,123 | $ | (1,000 | ) | |||||||||||||
Net income | $ | 4,536,246 | $ | 6,243,479 | ||||||||||||||||
Weighted average shares outstanding, Class A common stock | 41,150,000 | 41,150,000 | 0 | 41,150,000 | 41,150,000 | |||||||||||||||
Basic and diluted income per share, Class A common stock | $ | 0.07 | $ | 0.16 | $ | 0 | ||||||||||||||
Basic and diluted net income per share, Class A common stock | $ | 0.09 | $ | 0.12 | ||||||||||||||||
Weighted average shares outstanding, Class B common stock | 10,062,500 | 10,062,500 | 8,750,000 | 10,062,500 | 10,062,500 | |||||||||||||||
Basic and diluted income per share, Class B common stock | $ | 0.07 | $ | 0.16 | $ | 0 | ||||||||||||||
Basic and diluted net income per share, Class B common stock | $ | 0.09 | $ | 0.12 | ||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated | Total Stockholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance – January 1, 2021, as restated | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | 0 | $ | (31,517,820 | ) | $ | (31,516,724 | ) | ||||||||||||||
Net income | — | — | — | — | — | 6,243,479 | 6,243,479 | |||||||||||||||||||||
Balance – March 31, 2021 (unaudited), as restated (see Note 2) | 900,000 | 90 | 10,062,500 | 1,006 | — | (25,274,341 | ) | (25,273,245 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (1,855,821 | ) | (1,855,821 | ) | |||||||||||||||||||
Balance – June 30, 2021 (unaudited), as restated (see Note 2) | 900,000 | 90 | 10,062,500 | 1,006 | 0 | (27,130,162 | ) | (27,129,066 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 3,693,465 | 3,693,465 | |||||||||||||||||||||
Balance – September 30, 2021 (unaudited) | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | 0 | $ | (23,436,697 | ) | $ | (23,435,601 | ) | ||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – December 31, 2021 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | — | $ | (24,401,722 | ) | $ | (24,400,626 ) | |||||||||||||||
Net income | — | — | — | — | — | 4,536,246 | 4,536,246 | |||||||||||||||||||||
Balance – March 31, 2022 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | 0 | $ | (19,865,476) | $ | (19,864,380) | ||||||||||||||||
Class B Common Stock | Additional Paid-in | Retained Earnings / (Accumulated | Total Stockholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit) | Equity | ||||||||||||||||
Balance – August 31, 2020 (inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Issuance of Class B common stock to Sponsor | 10,062,500 | 1,006 | 23,994 | — | 25,000 | |||||||||||||||
Net loss | — | — | — | (1,000 | ) | (1,000 | ) | |||||||||||||
Balance – September 30, 2020 | 10,062,500 | $ | 1,006 | $ | 23,994 | $ | (1,000 | ) | $ | 24,000 | ||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – December 31, 2020 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | — | $ | (31,517,820 ) | $ | (31,516,724 ) | ||||||||||||||||
Net income | — | — | — | — | — | 6,243,479 | 6,243,479 | |||||||||||||||||||||
Balance – March 31, 2021 | 900,000 | $ | 90 | 10,062,500 | $ | 1,006 | $ | 0 | $ | (25,274,341 ) | $ | (25,273,245 ) | ||||||||||||||||
Nine Months Ended September 30, | For The Period From August 31, 2020 (Inception) Through September 30, | |||||||||||||||
2021 | 2020 | |||||||||||||||
For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | |||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net income (loss) | $ | 8,081,123 | $ | (1,000 | ) | |||||||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||
Interest earned on investments and marketable securities held in Trust Account | (63,780 | ) | 0 | |||||||||||||
Net income | $ | 4,536,246 | $ | 6,243,479 | ||||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||||
Interest earned on cash and marketable securities held in Trust Account | (70,582 | ) | (35,544 | ) | ||||||||||||
Change in fair value of convertible note | (76,400 | ) | 0 | |||||||||||||
Change in fair value of warrant liabilities | (8,915,833 | ) | 0 | (4,663,667 | ) | (6,446,833 | ) | |||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses | 271,700 | 0 | 21,083 | 55,481 | ||||||||||||
Accrued expenses | 68,352 | 1,000 | (150,370 | ) | (6,964 | ) | ||||||||||
Net cash used in operating activities | (558,438 | ) | 0 | (403,690 | ) | (190,381 | ) | |||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Cash withdrawn from Trust Account to pay franchise taxes | 41,675 | 0 | ||||||||||||||
Cash withdrawn from Trust Account to pay franchise and income taxes | 108,025 | 0 | ||||||||||||||
Net cash provided by investing activities | 41,675 | 0 | 108,025 | 0 | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Advances from related party | 53,671 | 0 | ||||||||||||||
Proceeds from convertible promissory note | 300,000 | 0 | ||||||||||||||
Net cash provided by financing activities | 353,671 | 0 | ||||||||||||||
Net Change in Cash | (516,763 | ) | 0 | 58,006 | (190,381 | ) | ||||||||||
Cash – Beginning of period | 835,208 | 0 | ||||||||||||||
Cash – Beginning | 73,952 | 835,208 | ||||||||||||||
Cash – End of period | $ | 318,445 | $ | 0 | ||||||||||||
Cash – Ending | $ | 131,958 | $ | 644,827 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of March 31, 2021 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 372,226,750 | $ | 30,273,250 | $ | 402,500,000 | ||||||
Class A common stock | $ | 393 | $ | (303 | ) | $ | 90 | |||||
Accumulated deficit | $ | 4,998,606 | ) | $ | (30,272,947 | ) | $ | (25,274,341 | ) | |||
Total shareholders’ equity (deficit) | $ | 5,000,005 | $ | (30,273,250 | ) | $ | (25,273,245 | ) | ||||
Balance Sheet as of June 30, 2021 (unaudited) | ||||||||||||
Class A common stock subject to possible redemption | $ | 370,370,930 | $ | 32,129,070 | $ | 402,500,000 | ||||||
Class A common stock | $ | 411 | $ | (321 | ) | $ | 90 | |||||
Additional paid-in capital | $ | 1,456,118 | $ | (1,456,118 | ) | $ | 0 | |||||
Accumulated deficit | $ | 3,542,469 | $ | (30,672,631 | ) | $ | (27,130,162 | ) | ||||
Total shareholders’ equity (deficit) | $ | 5,000,004 | $ | (32,129,070 | ) | $ | (27,129,066 | ) | ||||
Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | 6,243,480 | $ | (6,243,480 | ) | $ | 0 | |||||
Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited) | ||||||||||||
Change in value of Class A common stock subject to possible redemption | $ | 4,387,660 | $ | (4,387,660 | ) | $ | 0 | |||||
Statement of Operations for the three months ended March 31, 2021 (unaudited) | ||||||||||||
Weighted average shares outstanding of Class A common stock | 40,250,000 | 900,000 | 41,150,000 | |||||||||
Basic and diluted net income per common share, Class A common stock | $ | 0 | $ | 0.12 | $ | 0.12 | ||||||
Weighted average shares outstanding of Class B common stock | 10,962,500 | (900,000 | ) | 10,062,500 | ||||||||
Basic and diluted net income (loss) per common share, Class B common stock | $ | 0.57 | $ | (0.45 | ) | $ | 0.12 | |||||
Statement of Operations for the three months ended June 30, 2021 (unaudited) | ||||||||||||
Weighted average shares outstanding of Class A common stock | 40,250,000 | 900,000 | 41,150,000 | |||||||||
Basic and diluted net loss per common share, Class A common stock | $ | 0 | $ | (0.04 | ) | $ | (0.04 | ) | ||||
Weighted average shares outstanding of Class B common stock | 10,962,500 | (900,000 | ) | 10,062,500 | ||||||||
Basic and diluted net income (loss) per common share, Class B common stock | $ | (0.17 | ) | $ | 0.13 | $ | (0.04 | ) | ||||
Statement of Operations for the six months ended June 30, 2021 (unaudited) | ||||||||||||
Weighted average shares outstanding of Class A common stock | 40,250,000 | 900,000 | 41,150,000 | |||||||||
Basic and diluted net income per common share, Class A common stock | $ | 0 | $ | 0.09 | $ | 0.09 | ||||||
Weighted average shares outstanding of Class B common stock | 10,962,500 | (900,000 | ) | 10,062,500 | ||||||||
Basic and diluted net income (loss) per common share, Class B common stock | $ | 0.40 | $ | (0.31 | ) | $ | 0.09 |
Gross proceeds | $ | 402,500,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (17,710,000 | ) | ||
Class A common stocks issuance costs | (21,590,535 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 39,300,535 | |||
Class A common stocks subject to possible redemption | $ | 402,500,000 | ||
Gross proceeds | $ | 402,500,000 | ||
Less: | ||||
Proceeds allocated to Public Warrants | (17,710,000 | ) | ||
Class A common stock issuance costs | (21,590,535 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 39,300,535 | |||
Class A common stock subject to possible redemption | $ | 402,500,000 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | For the Period from August 31, 2020 (Inception) Through September 30, 2020 | ||||||||||||||||||||||
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), as adjusted | $ | 2,967,754 | $ | 725,711 | $ | 6,493,302 | $ | 1,587,821 | $ | 0 | $ | (1,000 | ) | |||||||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding (1) | 41,150,000 | 10,062,500 | 41,150,000 | 10,062,500 | 0 | 8,750,000 | ||||||||||||||||||
Basic and diluted net income per common share | $ | 0.07 | $ | 0.07 | $ | 0.16 | $ | 0.16 | $ | 0 | $ | 0.00 |
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 income per common stock | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income, as adjusted | $ | 3,644,941 | $ | 891,305 | $ | 5,016,728 | $ | 1,226,751 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 41,150,000 | 10,062,500 | 41,150,000 | 10,062,500 | ||||||||||||
Basic and diluted net income per common stock | $ | 0.09 | $ | 0.09 | $ | 0.12 | $ | 0.12 |
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 |
Held-To-Maturity | Amortized Cost | Gross Holding Gain | Fair Value | |||||||||||
September 30, 2021 | U.S. Treasury Securities (Matures on 12/09/2021) | $ | 201,267,523 | $ | 4,413 | $ | 201,271,936 | |||||||
December 31, 2020 | U.S. Treasury Securities (Matured on 03/18/2021) | $ | 201,256,191 | $ | 1,629 | $ | 201,257,820 | |||||||
Held-To-Maturity | Level | Amortized Cost | Gross Holding Gain | Fair Value | ||||||||||||||
March 31, 2022 | U.S. Treasury Securities (Matures on 06/09/22) | 1 | $ | 201,269,580 | $ | 42,246 | $ | 201,227,334 | ||||||||||
December 31, 2021 | U.S. Treasury Securities (Matures on 03/10/22) | 1 | $ | 201,302,605 | $ | 14,537 | $ | 201,317,142 |
Description | Level | March 31, 2022 | December 31, 2021 | |||||||||
Liabilities: | ||||||||||||
Warrant Liabilities – Public Warrants | 1 | $ | 4,695,833 | $ | 9,257,500 | |||||||
Warrant Liabilities – Private Placement Warrants | 2 | $ | 105,000 | $ | 207,000 | |||||||
Convertible Note – Related Party | 3 | $ | 223,600 | $ | 0 |
Description | Level | September 30, 2021 | December 31, 2020 | |||||||||||||
Liabilities: | ||||||||||||||||
Warrant Liability – Public Warrants | 1 | $ | 8,720,834 | $ | 17,441,667 | |||||||||||
Warrant Liability – Placement Warrants | 2 | $ | 195,000 | $ | 390,000 |
Private Placement | Public | Warrant Liabilities (Level 3) | ||||||||||
Fair value as of January 1, 2021 | $ | 390,000 | $ | 17,441,667 | $ | 17,831,667 | ||||||
Transfers to Level 1 | 0 | (17,441,667 | ) | (17,441,667 | ) | |||||||
Change in fair value | (141,000 | ) | 0 | (141,000 | ) | |||||||
Fair value as of March 31, 2021 | $ | 249,000 | $ | 0— | $ | 249,000 | ||||||
Change in fair value | 33,000 | — | 33,000 | |||||||||
Fair value as of June 30, 2021 | $ | 282,000 | $ | 0— | $ | 282,000 | ||||||
Change in F airV alue | (87,000 | ) | — | (87,000 | ) | |||||||
Transfer to Level 2 | (195,000 | ) | — | (195,000 | ) | |||||||
Fair value as of September 30, 2021 | $ | 0 | $ | 0 | $ | 0 | ||||||
March 31, 2022 | ||||
Principal Amount | $ | 300,000 | ||
Conversion Price | $ | 10.00 | ||
Stock Price | $ | 9.82 | ||
Warrant Price | $ | 0.35 | ||
Probability of Transaction | 75 | % |
Convertible Promissory Note | ||||
Fair value as of January 1, 2022 | $ | 0 | ||
Proceeds received through convertible note—Related Party | 300,000 | |||
Change in valuation inputs or other assumptions | (76,400 | ) | ||
Fair value as of March 31, 2022 | $ | 223,600 | ||
No. | ||
31.1* | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer and 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* | XBRL Instance Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed herewith. |
** | Furnished. |
CARNEY TECHNOLOGY ACQUISITION CORP. II | ||||||||
Date: | ||||||||
By: | /s/ David Roberson | |||||||
Name: | David Roberson | |||||||
Title: | Chief Executive Officer, Chief Financial Officer and Chairman of the Board of Directors | |||||||
(Principal Executive Officer and Principal Financial Officer) |