☒ | 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 | 98-1554335 | |
(State or other jurisdiction of | (IRS Employer Identification No.) | |
123 E San Carlos Street, Suite 12 San Jose, California | 95112 | |
(Address | (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 and one-third of a Warrant to acquire one Class A ordinary share | PIAI.U | The New York Stock Exchange | ||
Class A ordinary shares, par value $0.0001 per share | PIAI | The New York Stock Exchange | ||
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 | PIAI.W | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||||||
Emerging growth company | ☒ |
September 30, 2021 | December 31, 2020 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 703,951 | $ | 1,600,255 | ||||
Prepaid expenses | 147,500 | 334,347 | ||||||
Total current assets | 851,451 | 1,934,602 | ||||||
Investments held in Trust Account | 324,204,331 | 324,170,661 | ||||||
Total Assets | $ | 325,055,782 | $ | 326,105,263 | ||||
Liabilities, Class A Ordinary Shares Subject to Redemption and Shareholders’ Deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 313,394 | $ | 117,253 | ||||
Accrued expenses | 130,308 | 133,837 | ||||||
Due to related party | — | 419,487 | ||||||
Total current liabilities | 443,702 | 670,577 | ||||||
Derivative warrant liabilities | 11,566,748 | 25,624,874 | ||||||
Deferred underwriting commissions | 11,342,945 | 11,342,945 | ||||||
Total Liabilities | 23,353,395 | 37,638,396 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 32,408,414 shares issued and outstanding at $10.00 pershare redemption value as of | 324,084,140 | 324,084,140 | ||||||
Shareholders’ Deficit: | ||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0ne issued or outstanding | 0— | 0— | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 0ne issued or outstanding | 0 | 0 | ||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,102,103 shares issued and outstanding | 810 | 810 | ||||||
as of September 30, 2021 and December 31, 2020 | ||||||||
Additional paid-in capital | 0 | 0 | ||||||
Accumulated deficit | (22,382,563 | ) | (35,618,083 | ) | ||||
Total Shareholders’ Deficit | (22,381,753 | ) | (35,617,273 | ) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Redemption and Shareholders’ Deficit | $ | 325,055,782 | $ | 326,105,263 | ||||
For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | For the Period from July 21, 2020 (inception) through September 30, 2020 | ||||||||||
General and administrative expenses | $ | 102,337 | $ | 766,372 | $ | 50,264 | ||||||
Administrative expenses - related party | 30,000 | 90,000 | 10,000 | |||||||||
Loss from operations | (132,337 | ) | (856,372 | ) | (60,264 | ) | ||||||
Other income (expense) | ||||||||||||
Change in fair value of derivative warrant liabilities | 4,957,178 | 14,058,126 | — | |||||||||
Interest income | 19 | 96 | 12 | |||||||||
Income from investments held in Trust Account | 4,172 | 33,670 | (1,202 | ) | ||||||||
Net income (loss) | $ | 4,829,032 | $ | 13,235,520 | $ | (61,454 | ) | |||||
Weighted average Class A ordinary shares outstanding, basic and diluted | 32,408,414 | 32,408,414 | 7,083,333 | |||||||||
Basic and diluted net income (loss) per Class A ordinary share | $ | 0.12 | $ | 0.33 | $ | (0.00 | ) | |||||
Weighted average Class B ordinary shares outstanding, basic and diluted | 8,102,103 | 8,102,103 | 7,291,667 | |||||||||
Basic and diluted net income (loss) per Class B ordinary share | $ | 0.12 | $ | 0.33 | $ | (0.00 | ) | |||||
Ordinary Shares | Additional | Total | ||||||||||||||||||||||||||
Class A | Class B | Paid-in | Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||||||||
Balance - July 21, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | 0 | 0 | 8,625,000 | 863 | 24,137 | 0 | 25,000 | |||||||||||||||||||||
Excess cash received over the fair value of the private warrants | — | 0 | — | 0 | 1,458,000 | 0 | 1,458,000 | |||||||||||||||||||||
Accretion of Class A ordinary shares to redemption amount | — | 0 | — | 0 | (1,482,137 | ) | (26,916,650 | ) | (28,398,787 | ) | ||||||||||||||||||
Net loss | — | 0 | — | 0 | 0 | (61,454 | ) | (61,454 | ) | |||||||||||||||||||
Balance - September 30, 2020 (unaudited) | 0 | $ | 0 | 8,625,000 | $ | 863 | $ | 0 | $ | (26,978,104 | ) | $ | (26,977,241 | ) | ||||||||||||||
Ordinary Shares | Additional | Retained Earnings | Total | |||||||||||||||||||||||||
Class A | Class B | Paid-in | (Accumulated | Shareholders’ | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit) | Deficit | ||||||||||||||||||||||
Balance - December 31, 2020 | 0 | $ | 0 | 8,102,103 | $ | 810 | $ | 0 | $ | (35,618,083 | ) | $ | (35,617,273 | ) | ||||||||||||||
Net income | — | 0 | — | 0 | 0 | 11,514,237 | 11,514,237 | |||||||||||||||||||||
Balance - March 31, 2021 (unaudited) (Restated, see Note 2) | 0 | $ | 0 | 8,102,103 | $ | 810 | $ | 0 | $ | (24,103,846 | ) | $ | (24,103,036 | ) | ||||||||||||||
Net loss | — | 0 | — | 0 | 0 | (3,107,749 | ) | (3,107,749 | ) | |||||||||||||||||||
Balance - June 30, 2021 (unaudited) (Restated, see Note 2) | 0 | $ | 0 | 8,102,103 | $ | 810 | $ | 0 | $ | (27,211,595 | ) | $ | (27,210,785 | ) | ||||||||||||||
Net income | — | 0 | — | 0 | 0 | 4,829,032 | 4,829,032 | |||||||||||||||||||||
Balance - September 30, 2021 (unaudited) | 0 | $ | 0 | 8,102,103 | $ | 810 | $ | 0 | $ | (22,382,563 | ) | $ | (22,381,753 | ) | ||||||||||||||
For the Nine Months Ended September 30, 2021 | For the Period From July 21, 2020 (inception) through September 30, 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 13,235,520 | $ | (61,454 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
General and administrative expenses paid by Sponsor in exchange for issuance of Class B ordinary shares | — | 25,000 | ||||||
General and administrative expenses paid by Sponsor under note payable | — | 100 | ||||||
Change in fair value of derivative warrant liabilities | (14,058,126 | ) | — | |||||
Net income (loss) from investments held in Trust Account | (33,670 | ) | 1,202 | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 186,847 | (410,350 | ) | |||||
Accounts payable | 194,971 | 416,324 | ||||||
Accrued expenses | (3,529 | ) | 2,300 | |||||
Net cash used in operating activities | (477,987 | ) | (26,878 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Cash deposited in Trust Account | — | (300,000,000 | ) | |||||
Net cash used in investing activities | — | (300,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Advance - related party | — | 900,000 | ||||||
Repayment of advances from related party | (418,317 | ) | — | |||||
Repayment of note payable to Sponsor | — | (98,301 | ) | |||||
Proceeds received from initial public offering, gross | — | 300,000,000 | ||||||
Proceeds received from private placement | — | 8,100,000 | ||||||
Offering costs paid | — | (6,311,353 | ) | |||||
Net cash (used in) provided by financing activities | (418,317 | ) | 302,590,346 | |||||
Net change in cash | (896,304 | ) | 2,563,468 | |||||
Cash - beginning of the period | 1,600,255 | — | ||||||
Cash - end of the period | $ | 703,951 | $ | 2,563,468 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Offering costs included in accounts payable | $ | — | $ | 110,533 | ||||
Offering costs included in accrued expenses | $ | — | $ | 75,000 | ||||
Offering costs included in note payable | $ | — | $ | 98,201 | ||||
Deferred underwriting commissions | $ | — | $ | 10,500,000 |
PART IV
Item 15. Exhibits, Financial Statement Schedules
(a) | The following documents are filed as part of this Quarterly Report: |
(1) | No financial statements or schedules are filed with this Amendment. |
(2) | Exhibits. |
We hereby file as part of net tangible assets. Effective with these condensed financial statements,this Quarterly Report the Company revised this interpretation to include temporary equity in net tangible assets. Accordingly, effective with this filing, the Company presents all Class A ordinary shares subject to redemption as temporary equity and recognizes accretion from the initial book value to redemption value at the time of its Initial Public Offering (including exercise of the over-allotment
As of March 31, 2021 (unaudited) | As Previously Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 326,000,990 | 0 — | $ | 326,000,990 | |||||||
Total liabilities | $ | 26,019,885 | 0 — | $ | 26,019,885 | |||||||
Class A ordinary shares subject to redemption | $ | 294,981,100 | $ | 29,103,040 | $ | 324,084,140 | ||||||
Preference shares | 0 — | 0 — | 0 — | |||||||||
Class A ordinary shares | 291 | (291 | ) | 0 — | ||||||||
Class B ordinary shares | 810 | 0 — | 810 | |||||||||
Additional paid-in capital | 0 — | 0 — | 0 — | |||||||||
Retained earnings (accumulated deficit) | 4,998,904 | (29,102,749 | ) | (24,103,845 | ) | |||||||
Total shareholders’ equity (deficit) | $ | 5,000,005 | $ | (29,103,040 | ) | $ | (24,103,035 | ) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) | $ | 326,000,990 | $ | 0 — | $ | 326,000,990 |
Form 10-Q: Three Months Ended March 31, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Change in value of Class A ordinary shares subject to possible redemption | $ | 11,514,240 | $ | (11,514,240 | ) | $ | 0 — |
As of June 30, 2021 (unaudited) | As Previously Reported | Adjustment | As Restated | |||||||||
Total assets | $ | 325,101,465 | 0 — | $ | 325,101,465 | |||||||
Total liabilities | $ | 28,228,109 | 0 — | $ | 28,228,109 | |||||||
Class A ordinary shares subject to redemption | $ | 291,873,350 | $ | 32,210,790 | $ | 324,084,140 | ||||||
Preference shares | 0 — | 0 — | 0 — | |||||||||
Class A ordinary shares | 322 | (322 | ) | 0 — | ||||||||
Class B ordinary shares | 810 | 0 — | 810 | |||||||||
Additional paid-in capital | 3,056,496 | (3,056,496 | ) | 0 — | ||||||||
Retained earnings (accumulated deficit) | 1,942,378 | (29,153,972 | ) | (27,211,594 | ) | |||||||
Total shareholders’ equity (deficit) | $ | 5,000,006 | $ | (32,210,790 | ) | $ | (27,210,784 | ) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) | $ | 325,101,465 | $ | 0 — | $ | 325,101,465 |
Form 10-Q: Six Months Ended June 30, 2021 | ||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Supplemental Disclosure of Noncash Financing Activities: | ||||||||||||
Change in value of Class A ordinary shares subject to possible redemption | $ | 8,406,490 | $ | (8,406,490) | $ | 0 — |
Earnings (Loss) Per Share | ||||||||||||
As Previously Reported | Adjustment | As Adjusted | ||||||||||
Form 10-Q (March 31, 2021) - three months ended March 31, 2021 | ||||||||||||
Net income | $ | 11,514,237 | $ | 0— | $ | 11,514,237 | ||||||
Weighted average shares outstanding - Class A ordinary shares | 32,408,414 | 0— | 32,408,414 | |||||||||
Basic and diluted earnings per share - Class A ordinary shares | $ | 0.00 | $ | 0.28 | $ | 0.28 | ||||||
Weighted average shares outstanding - Class B ordinary shares | 8,102,103 | 0— | 8,102,103 | |||||||||
Basic and diluted earnings per share - Class B ordinary shares | $ | 1.42 | $ | (1.14) | $ | 0.28 | ||||||
Form 10-Q (June 30, 2021) - three months ended June 30, 2021 | ||||||||||||
Net loss | $ | (3,107,749) | $ | 0— | $ | (3,107,749) | ||||||
Weighted average shares outstanding - Class A ordinary shares | 32,408,414 | 0— | 32,408,414 | |||||||||
Basic and diluted earnings (loss) per share - Class A ordinary shares | $ | 0.00 | $ | (0.08) | $ | (0.08) | ||||||
Weighted average shares outstanding - Class B ordinary shares | 8,102,103 | 0— | 8,102,103 | |||||||||
Basic and diluted loss per share - Class B ordinary shares | $ | (0.39) | $ | 0.31 | $ | (0.08) | ||||||
Form 10-Q (June 30, 2021) - six months ended June 30, 2021 | ||||||||||||
Net income | $ | 8,406,488 | $ | 0— | $ | 8,406,488 | ||||||
Weighted average shares outstanding - Class A ordinary shares | 32,408,414 | 0— | 32,408,414 | |||||||||
Basic and diluted earnings per share - Class A ordinary shares | $ | 0.00 | $ | 0.21 | $ | 0.21 | ||||||
Weighted average shares outstanding - Class B ordinary shares | 8,102,103 | 0— | 8,102,103 | |||||||||
Basic and diluted earnings per share - Class B ordinary shares | $ | 1.03 | $ | (0.82 | ) | $ | 0.21 |
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 income (loss) per ordinary share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net income (loss) | $ | 3,863,226 | $ | 965,806 | $ | 10,588,416 | $ | 2,647,104 | ||||||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding | 32,408,414 | 8,102,103 | 32,408,414 | 8,102,103 | ||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.12 | $ | 0.12 | $ | 0.33 | $ | 0.33 | ||||||||
Gross proceeds | $ | 324,084,140 | ||
Less: | ||||
Amount allocated to Public Warrants | (12,955,337 | ) | ||
Class A ordinary shares issuance costs | (17,680,825 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 30,636,162 | |||
Class A ordinary shares subject to possible redemption | $ | 324,084,140 | ||
As of September 30, 2021 | ||||||||||||
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-U.S. Treasury Securities | $ | 324,204,331 | $ | 0 | $ | 0 | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities-Public warrants | $ | 7,561,963 | $ | 0 | $ | 0 | ||||||
Derivative warrant liabilities-Private placement warrants | $ | 0 | $ | 0 | $ | 4,004,785 |
As of December 31, 2020 | ||||||||||||
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 (1) | $ | 324,167,758 | $ | 0 | $ | 0 | ||||||
Liabilities: | ||||||||||||
Derivative warrant liabilities-Public warrants | $ | 16,528,290 | $ | 0 | $ | 0 | ||||||
Derivative warrant liabilities-Private placement warrants | $ | 0 | $ | 0 | $ | 9,096,584 |
September 30, 2021 | December 31, 2020 | |||||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Stock price | $ | 9.82 | $ | 10.10 | ||||
Volatility | 11.8 | % | 21.8 | % | ||||
Term | 5.50 | 6.25 | ||||||
Risk-free rate | 1.06 | % | 0.54 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % |
Level 3 derivative warrant liabilities at January 1, 2021 | $ | 9,096,584 | ||
Change in fair value of derivative warrant liabilities | (4,348,053 | ) | ||
Level 3 derivative warrant liabilities at March 31, 2021 | $ | 4,748,531 | ||
Change in fair value of derivative warrant liabilities | 972,591 | |||
Level 3 derivative warrant liabilities at June 30, 2021 | $ | 5,721,122 | ||
Change in fair value of derivative warrant liabilities | (1,716,337 | ) | ||
Level 3 derivative warrant liabilities at September 30, 2021 | $ | 4,004,785 | ||
* | Filed herewith |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this reportQuarterly Report on Form 10-Q/A to be signed on its behalf by the undersigned, hereuntothereunto duly authorized.
October 21, 2022
PRIME IMPACT ACQUISITION I
By: | /s/ Michael Cordano | |||||
Name: | Michael Cordano | |||||
Title: | Co-Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
By: | /s/ Mark Long | |||||
Name: | Mark Long | |||||
Title: | Co-Chief Executive Officer and Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |