| Cayman Islands (State or other jurisdiction of incorporation or organization) | | | 6770 (Primary Standard Industrial Classification Code Number) | | | 86-2093703 (I.R.S. Employer Identification No.) | |
| Raphael M. Russo, Esq. Tracey A. Zaccone, Esq. Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 | | | Frank Lopez, Esq. Jonathan Ko, Esq. James M. Shea, Jr., Esq. Paul Hastings LLP 200 Park Avenue New York, NY 10166 Tel: (212) 318-6000 Fax: (212) 319-4090 | |
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ | |
| | | | | | | Emerging growth company | | | ☒ | |
CALCULATION OF REGISTRATION FEE | | |||||||||||||||||||||||||
Title of Each Class of Securities to be Registered | | | | Amount to be Registered | | | | Proposed Maximum Offering Price Per Unit | | | | Proposed Maximum Aggregate Offering Price(1)(2) | | | | Amount of Registration Fee | | |||||||||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant(2) | | | | 23,000,000 units | | | | | $ | 10.00 | | | | | | $ | 230,000,000.00 | | | | | | $ | 25,093 | | |
Class A ordinary shares included as part of the units(3) | | | | 23,000,000 shares | | | | | | — | | | | | | | — | | | | | | | —(4) | | |
Redeemable warrants included as part of the units(3) | | | | 11,500,000 warrants | | | | | | — | | | | | | | — | | | | | | | —(4) | | |
Class A ordinary shares issuable upon exercise of redeemable warrants included as part of the units | | | | 11,500,000 warrants | | | | | $ | 11.50 | | | | | | | 132,250,000.00 | | | | | | | 14,428.48 | | |
Total | | | | | | | | | | | | | | | | $ | 362,250,000.00 | | | | | | $ | 39,521.48(5) | | |
| | | Per Unit | | Total | | | | Per Unit | | Total | | ||||||||||||||||
| Public offering price | | | $ | 10.00 | | | | $ | 200,000,000 | | | Public offering price | | | $ | 10.00 | | | | $ | 200,000,000 | | | ||||
| Underwriting discounts and commissions(1) | | | $ | 0.55 | | | | $ | 11,000,000 | | | Underwriting discounts and commissions(1)(2) | | | $ | 0.55 | | | | $ | 11,000,000 | | | ||||
| Proceeds, before expenses, to us | | | $ | 9.45 | | | | $ | 189,000,000 | | | Proceeds, before expenses, to us | | | $ | 9.45 | | | | $ | 189,000,000 | | |
| TABLE OF CONTENTS | | | |||||
| | | | | 1 | | | |
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | F-1 | | | |
| | | | | II-4 | | |
| | March 8, 2021 | | | June 30, 2021 | | ||||||||||||||||||||
| | Actual | | As Adjusted | | | Actual | | As Adjusted | | ||||||||||||||||
Balance Sheet Data: | | | | | ||||||||||||||||||||||
Working capital (deficiency) | | | $ | (61,458) | | | | $ | 194,021,122 | | | | | $ | (455,297) | | | | $ | 1,450,000 | | | ||||
Total assets | | | $ | 107,580 | | | | $ | 201,021,122 | | | |||||||||||||||
Total assets(1) | | | $ | 494,649 | | | | $ | 203,450,000 | | | |||||||||||||||
Total liabilities | | | $ | 86,458 | | | | $ | 7,000,000 | | | | | $ | 473,890 | | | | $ | 24,340,000 | | | ||||
Value of ordinary shares subject to possible redemption | | | $ | — | | | | $ | 189,021,120 | | | | | $ | — | | | | $ | 202,000,000 | | | ||||
Shareholders’ equity | | | $ | 21,122 | | | | $ | 5,000,002 | | | | | $ | 20,759 | | | | $ | (22,869,241) | | |
| Public shares: | | | | | 20,000,000 | | |
| Founder shares: | | | | | 5,000,000 | | |
| Total shares: | | | | | 25,000,000 | | |
| Total funds in trust available for initial business combination: | | | | $ | 202,000,000 | | |
| Initial implied value per public share: | | | | $ | 10.00 | | |
| Implied value per share upon consummation of initial business combination: | | | | $ | 8.08 | | |
| | No Exercise of the Over-Allotment Option | | Full Exercise of the Over-Allotment Option | | | No Exercise of the Over-Allotment Option | | Full Exercise of the Over-Allotment Option | | ||||||||||||||||
Gross proceeds | | | | | | | | | | | | | | | | | | | | | | | ||||
Gross proceeds from units offered to public | | | $ | 200,000,000 | | | | $ | 230,000,000 | | | | | $ | 200,000,000 | | | | $ | 230,000,000 | | | ||||
Gross proceeds from private placement warrants | | | | 6,000,000 | | | | | 6,600,000 | | | | | | 8,000,000 | | | | | 8,900,000 | | | ||||
Total gross proceeds | | | $ | 206,000,000 | | | | $ | 236,600,000 | | | | | $ | 208,000,000 | | | | $ | 238,900,000 | | | ||||
Offering expenses | | | | | | | | | | | | | | | | | | | | | | | ||||
Underwriting commissions | | | $ | 4,000,000 | | | | $ | 4,600,000 | | | | | $ | 4,000,000 | | | | $ | 4,600,000 | | | ||||
(% of gross proceeds from units offered to public) | | | | | | | | | | | | | | | | | | | | | | | ||||
Legal fees and expenses | | | | 300,000 | | | | | 300,000 | | | | | | 300,000 | | | | | 300,000 | | | ||||
Printing expenses | | | | 40,000 | | | | | 40,000 | | | | | | 40,000 | | | | | 40,000 | | | ||||
Accounting fees and expenses | | | | 30,000 | | | | | 30,000 | | | | | | 30,000 | | | | | 30,000 | | | ||||
SEC/FINRA Expense | | | | 74,522 | | | | | 74,522 | | | | | | 74,522 | | | | | 74,522 | | | ||||
Travel and road show | | | | 10,000 | | | | | 10,000 | | | | | | 10,000 | | | | | 10,000 | | | ||||
Directors and officers insurance | | | | 450,000 | | | | | 450,000 | | | |||||||||||||||
Stock exchange listing and filing fees | | | | 85,000 | | | | | 85,000 | | | | | | 85,000 | | | | | 85,000 | | | ||||
Miscellaneous expenses | | | | 10,478 | | | | | 10,478 | | | | | | 10,478 | | | | | 10,478 | | | ||||
Total offering expenses (other than underwriting commissions) | | | $ | 1,000,000 | | | | $ | 1,000,000 | | | | | $ | 550,000 | | | | $ | 550,000 | | | ||||
Proceeds after offering expenses | | | $ | 201,000,000 | | | | $ | 231,000,000 | | | | | $ | 203,450,000 | | | | $ | 233,750,000 | | | ||||
Net proceeds to allocate | | | $ | 200,000,000 | | | | $ | 230,000,000 | | | | | $ | 203,450,000 | | | | $ | 233,750,000 | | | ||||
Net proceeds held in Trust Account | | | $ | 200,000,000 | | | | $ | 230,000,000 | | | |||||||||||||||
Percent | | | | 100% | | | | | 100% | | | |||||||||||||||
Net proceeds held in Restricted Account | | | $ | 0 | | | | $ | 0 | | | |||||||||||||||
Net proceeds held in Trust Account(4) | | | $ | 202,000,000 | | | | $ | 232,300,000 | | | |||||||||||||||
Percent | | | | 0% | | | | | 0% | | | | | | 100% | | | | | 100% | | | ||||
% of public offering size | | | | 100.0% | | | | | 100.0% | | | | | | 101.0% | | | | | 101.0% | | | ||||
Per Unit Held in Trust | | | $ | 10.00 | | | | $ | 10.00 | | | | | $ | 10.10 | | | | $ | 10.10 | | | ||||
Net proceeds not held in trust account | | | | 1,000,000 | | | | | 1,000,000 | | | | | | 1,450,000 | | | | | 1,450,000 | | | |
Working Capital Expenses | | Amount | | % | | | Amount | | % | | ||||||||||||||||
Due diligence and travel in connection with business combination | | | | 360,000 | | | | | 36.0% | | | |||||||||||||||
Directors and officers insurance | | | | 450,000 | | | | | 31.0% | | | |||||||||||||||
Due diligence and travel in connection with business combination(7) | | | | 360,000 | | | | | 24.8% | | | |||||||||||||||
Legal and accounting fees related to regulatory reporting obligations | | | | 200,000 | | | | | 20.0% | | | | | | 200,000 | | | | | 13.8% | | | ||||
Reserve for liquidation expenses | | | | 100,000 | | | | | 10.0% | | | | | | 100,000 | | | | | 6.9% | | | ||||
Payment for office space, admin and support | | | | 240,000 | | | | | 24.0% | | | | | | 240,000 | | | | | 16.55% | | | ||||
Stock exchange continued listing fees | | | | 85,000 | | | | | 8.5% | | | | | | 85,000 | | | | | 5.9% | | | ||||
Other miscellaneous expenses | | | | 15,000 | | | | | 1.5% | | | | | | 15,000 | | | | | 1.0% | | | ||||
Total | | | | 1,000,000 | | | | | 100.0% | | | | | | 1,450,000 | | | | | 100.0% | | | |
| | Without over- allotment | | With over- allotment | | | Without over- allotment | | With over- allotment | | ||||||||||||||||
Public Offering Price | | | $ | 10.00 | | | | $ | 10.00 | | | | | $ | 10.00 | | | | $ | 10.00 | | | ||||
Net Tangible Book Value before IPO | | | | (0.01) | | | | | (0.01) | | | | | | (0.08) | | | | | (0.08) | | | ||||
Increase Attributable to Existing Investors | | | | 9.19 | | | | | 9.29 | | | |||||||||||||||
Decrease Attributable to Existing Investors | | | | (4.49) | | | | | (4.48) | | | |||||||||||||||
Pro Forma Net Tangible Book Value | | | | 0.82 | | | | | 0.72 | | | | | | (4.57) | | | | | (4.56) | | | ||||
Dilution to New Investors | | | | 9.18 | | | | | 9.28 | | | | | | 14.57 | | | | | 14.56 | | | ||||
| | | | 91.8% | | | | | 92.8% | | | | | | 145.7% | | | | | 145.6% | | | |
| | | Shares Purchased | | | Total Consideration | | | Average Price per Share | | |||||||||||||||||||||
| | | Number | | | Percentage | | | Number | | | Percentage | | ||||||||||||||||||
Class B Ordinary Shares(1) | | | | | 5,000,000 | | | | | | 20% | | | | | $ | 25,000 | | | | | | 0.01% | | | | | $ | 0.005 | | |
Public Shareholders | | | | | 20,000,000 | | | | | | 80% | | | | | | 200,000,000 | | | | | | 99.99% | | | | | $ | 10.00 | | |
| | | | | 25,000,000 | | | | | | 100% | | | | | $ | 200,025,000 | | | | | | 100.00% | | | | | | | | |
|
| | Without Over- allotment | | With Over- allotment | | | Without Over- allotment | | With Over- allotment | | ||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net tangible book deficit before this offering | | | $ | (61,458) | | | | $ | (61,458) | | | | | $ | (455,297) | | | | $ | (455,297) | | | ||||
Net proceeds from this offering and sale of the private placement warrants (1) | | | | 201,000,000 | | | | | 231,000,000 | | | | | | 203,450,000 | | | | | 233,750,000 | | | ||||
Plus: Offering costs paid in advance, excluded from tangible book value before this offering | | | | 82,580 | | | | | 82,580 | | | | | | 476,056 | | | | | 476,056 | | | ||||
Less: Warrant liability | | | | (17,340,000) | | | | | (19,647,000) | | | |||||||||||||||
Less: Deferred underwriting commissions | | | | (7,000,000) | | | | | (8,050,000) | | | | | | (7,000,000) | | | | | (8,050,000) | | | ||||
Less: Proceeds held in trust subject to redemption(2) | | | | (189,021,120) | | | | | (217,971,121) | | | | | | (202,000,000) | | | | | (232,300,000) | | | ||||
| | | $ | 5,000,002 | | | | $ | 5,000,001 | | | | | $ | (22,869,241) | | | | $ | (26,226,241) | | | ||||
Denominator: | | | | | | | | | | | | | | | | | | | | | | | ||||
Ordinary shares outstanding prior to this offering | | | | 5,750,000 | | | | | 5,750,000 | | | | | | 5,750,000 | | | | | 5,750,000 | | | ||||
Ordinary shares forfeited if over-allotment is not exercised | | | | (750,000) | | | | | — | | | | | | (750,000) | | | | | — | | | ||||
Ordinary shares included in the units offered | | | | 20,000,000 | | | | | 23,000,000 | | | | | | 20,000,000 | | | | | 23,000,000 | | | ||||
Less: Ordinary shares subject to redemption | | | | (18,902,112) | | | | | (21,797,112) | | | | | | (20,000,000) | | | | | (23,000,000) | | | ||||
| | | | 6,097,888 | | | | | 6,952,888 | | | | | | 5,000,000 | | | | | 5,750,000 | | | |
| | March 8, 2021 | | | June 30, 2021 | | ||||||||||||||||||||
| | Actual | | As Adjusted(1) | | | Actual | | As Adjusted(1) | | ||||||||||||||||
Note payable to related party(2) | | | $ | — | | | | $ | — | | | | | $ | 125,000 | | | | $ | 125,000 | | | ||||
Warrant liability(3) | | | | — | | | | | 17,340,000 | | | |||||||||||||||
Deferred underwriting commissions | | | | — | | | | | 7,000,000 | | | | | | — | | | | | 7,000,000 | | | ||||
Class A Ordinary shares subject to possible redemption | | | | — | | | | | 189,021,120 | | | | | | — | | | | | 202,000,000 | | | ||||
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | ||||
Preference shares, $0.0001 par value; 5,000,000 preference shares authorized, actual and as adjusted; 0 preference shares issued and outstanding, actual and as adjusted | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Class A Ordinary shares, $0.0001 par value, 500,000,000 shares authorized, actual and as adjusted; 0 and 1,097,888 shares issued and outstanding (excluding 18,902,112 shares subject to possible redemption), actual and as adjusted, respectively (3) | | | | — | | | | | 110 | | | |||||||||||||||
Class B ordinary shares, $0.0001 par value, 50,000,000 shares authorized, actual and as adjusted; 5,750,000 and 5,000,000 Class B ordinary shares issued and outstanding, actual and as adjusted, respectively (3) | | | | 575 | | | | | 500 | | | |||||||||||||||
Class A Ordinary shares, $0.0001 par value, 500,000,000 shares authorized, actual and as adjusted; 0 shares issued and outstanding (excluding 20,000,000 shares subject to possible redemption), actual and as adjusted, respectively(4 ) | | | | — | | | | | — | | | |||||||||||||||
Class B ordinary shares, $0.0001 par value, 50,000,000 shares authorized, actual and as adjusted; 5,750,000 and 5,000,000 Class B ordinary shares issued and outstanding, actual and as adjusted, respectively(4 ) | | | | 575 | | | | | 500 | | | |||||||||||||||
Additional paid-in capital | | | | 24,425 | | | | | 5,003,270 | | | | | | 24,425 | | | | | — | | | ||||
Accumulated deficit | | | | (3,878) | | | | | (3,878) | | | | | | (4,241) | | | | | (22,869,741) | | | ||||
Total shareholders’ equity | | | $ | 21,122 | | | | $ | 5,000,002 | | | | | $ | 20,759 | | | | $ | (22,869,241) | | | ||||
Total capitalization | | | $ | 21,122 | | | | $ | 201,021,122 | | | | | $ | 145,579 | | | | $ | 203,595,759 | | |
| | | Redemptions in connection with Our Initial Business Combination | | | Other Permitted Purchases of Public Shares by Our Affiliates | | | Redemption if We Fail to Complete an Initial Business Combination | |
Impact to remaining shareholders | | | The redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders, who will bear the burden of the deferred underwriting commissions and taxes payable. | | | If the permitted purchases described above are made, there would be no impact to our remaining shareholders because the purchase price would not be paid by us. | | | The redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share for the shares held by our initial shareholders, who will be our only remaining shareholders after such redemptions. | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
Escrow of offering proceeds | | | $ | | | Approximately $170,100,000 of the proceeds of this offering would be required to be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account. | |
Investment of net proceeds | | | $ | | | Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States. | |
Receipt of interest on escrowed funds | | | Interest income (if any) on proceeds from the trust account to be paid to shareholders is reduced by (i) any taxes paid or payable | | | Interest income on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
| | | and (ii) in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation. | | | | |
Limitation on fair value or net assets of target business | | | The NYSE rules require that our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of our assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the trust account) at the time of signing the agreement to enter into the initial business combination. If our securities are |
not then listed on the NYSE for whatever reason, we would no longer be required to meet the foregoing 80% of net asset test. | | | | ||||
Trading of securities issued | | | The units are expected to begin trading on or promptly after the date of this prospectus. The Class A ordinary shares and warrants comprising the units will begin separate trading on the 52nd day following the date of this prospectus unless Jefferies LLC informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the over-allotment option. The units will automatically separate into their component | | | No trading of the units or the underlying Class A ordinary shares and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account. | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
| | | parts and will not be traded after completion of our initial business combination. | | | | |
Exercise of the warrants | | | The warrants cannot be exercised until 30 days after the completion of our initial business combination. | | | The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account. | |
Election to remain an investor | | | We will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, |
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any, divided by the number of the then-outstanding public shares, in connection with our initial business combination, subject to the limitations described herein. We may not be required by applicable law or stock exchange listing requirement to hold a shareholder vote. If we are not required by applicable law or stock exchange listing requirement and do not otherwise decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, we hold a shareholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the | | | A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company’s registration statement, to decide if he, she or it elects to remain a shareholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 45th business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued. | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
| | | tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon and who vote at a general meeting. Additionally, each public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. Our amended and restated memorandum and articles of association require that at least five days’ notice will be given of any such general meeting. | | | | |
Business combination deadline | | | If we have not consummated an initial business combination within | | | If an acquisition has not been completed within 18 months after the effective date of the company’s registration statement, funds held in the trust or escrow account are returned to investors. | |
| | | Terms of Our Offering | | | Terms Under a Rule 419 Offering | |
| | | dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. | | | | |
Release of funds | | | Except for the withdrawal of interest income (if any) to pay our taxes, if any, none of the funds held in trust will be released from the trust account until the earliest of: (i) the completion of our initial business combination; (ii) the redemption of our public shares if we have not consummated an |
initial business combination within | | | |
Name | | | Age | | | Position | | |||
Chris Hunt | | | | | | | | Chief Executive Officer and Director | | |
Clay Parker | | | | | 56 | | | | Chief Financial Officer | |
Woody L. Hunt | | | | | 75 | | | | Senior Advisor | |
Ryan McCrory | | | | | 33 | | | | Head of Corporate | |
Jim Hunt | | | | | 69 | | | | Director | |
John P. Carey | | | | | 65 | | | | Director Nominee | |
Susan Harris | | | | | 64 | | | | Director Nominee | |
David B. Rogers | | | | | 62 | | | | Director Nominee | |
Individual | | | Entity | | | Entity’s Business | | | Affiliation | |
Chris Hunt | | | Hunt Companies, Inc. and its affiliates | | | Diversified Holding Company | | | President and Chief Executive Officer; Member of the Board; Member of the Investment Committee | |
| | | Lument Finance Trust, Inc. | | | REIT | ||||
| | Member of the Board of Directors | | |||||||
Clay Parker | | | Hunt Companies, Inc. and its affiliates | | | Diversified Holding Company | | | Executive Vice President and Chief Financial Officer | |
Woody L. Hunt | | | Hunt Companies, Inc. | | | Diversified Holding Company | | | Senior Chairman of the Board of Directors | |
| | | Borderplex Alliance in El Paso | | | Economic Development and Policy Advocacy Organization | | | Founding Chairman and Member of the Board of Directors | |
| | | WestStar Bank | | | Finance | | | Advisory Director | |
Ryan McCrory | | | Hunt Companies, Inc. and its affiliates | | | Diversified Holding Company | | | Executive Vice President; Member of the Executive Committee; Member of the Investment Committee | |
Jim Hunt | | | Hunt Companies, Inc. | | | Diversified Holding Company | | | Director and Non-Executive Chairman | |
| | | PennyMac Financial | | | Finance | | | Lead Director | |
| | | Ares Dynamic Credit Allocation Fund, Inc. | | | Investment Company | | | Director | |
John P. Carey | | | Legal Benefits Services, LLC | | | Legal | | | Director | |
| | | Treliant | | | Consulting | | | Senior Managing Director | |
Susan Harris | | | ||||||||
Pacific Oak SOR BVI | | | Finance | | | Member of the Board of Directors and Balance Sheet Committee | |
Individual | | | Entity | | | Entity’s Business | | | Affiliation | |
David B. Rogers | | | THG Securities Fund, L.P. | | | Hedge Fund | | | Member of the Advisory | |
| | | | | | | | | Board | |
| | | Infrastructure Bank for America | | | Finance | | | Prospective Member of the Advisory Board | |
| | | Number of Shares Beneficially Owned(2) | | | Approximate Percentage of Issued and Outstanding Ordinary Shares | | ||||||||||||
| | | Before Offering | | | After Offering | | ||||||||||||
Name and Address of Beneficial Owner(1) | | | | | | | | | | | | | | | | | | | |
Hunt Companies Sponsor, LLC (our sponsor) | | | | | 5,650,000(3)(4) | | | | | | 98.26% | | | | | | 19.72% | | |
Chris Hunt | | | | | | | | | | | | | | | | | * | | |
Clay Parker | | | | | | | | | | | — | | | | | | * | | |
Woody L. Hunt(5) | | | | | | | | | | | — | | | | | | * | | |
Ryan McCrory | | | | | | | | | | | — | | | | | | * | | |
Jim Hunt | | | | | 25,000 | | | | | | * | | | | | | * | | |
John P. Carey | | | | | 25,000 | | | | | | * | | | | | | * | | |
Susan Harris | | | | | 25,000 | | | | | | * | | | | | | * | | |
David B. Rogers | | | | | 25,000 | | | | | | * | | | | | | * | | |
All officers, directors and director nominees as a group (8 individuals) | | | | | 100,000 | | | | | | * | | | | | | * | | |
| | Fair Market Value of Class A Ordinary Shares | | | Fair Market Value of Class A Ordinary Shares | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Date (period to expiration of warrants) | | ≤$10.00 | | $11.00 | | $12.00 | | $13.00 | | $14.00 | | $15.00 | | $16.00 | | $17.00 | | ≥$18.00 | | | ≤$10.00 | | $11.00 | | $12.00 | | $13.00 | | $14.00 | | $15.00 | | $16.00 | | $17.00 | | ≥$18.00 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60 months | | | | 0.261 | | | | | 0.281 | | | | | 0.297 | | | | | 0.311 | | | | | 0.324 | | | | | 0.337 | | | | | 0.348 | | | | | 0.358 | | | | | 0.361 | | | | | | 0.261 | | | | | 0.281 | | | | | 0.297 | | | | | 0.311 | | | | | 0.324 | | | | | 0.337 | | | | | 0.348 | | | | | 0.358 | | | | | 0.361 | | | ||||||||||||||||||
57 months | | | | 0.257 | | | | | 0.277 | | | | | 0.294 | | | | | 0.310 | | | | | 0.324 | | | | | 0.337 | | | | | 0.348 | | | | | 0.358 | | | | | 0.361 | | | | | | 0.257 | | | | | 0.277 | | | | | 0.294 | | | | | 0.310 | | | | | 0.324 | | | | | 0.337 | | | | | 0.348 | | | | | 0.358 | | | | | 0.361 | | | ||||||||||||||||||
54 months | | | | 0.252 | | | | | 0.272 | | | | | 0.291 | | | | | 0.307 | | | | | 0.322 | | | | | 0.335 | | | | | 0.347 | | | | | 0.357 | | | | | 0.361 | | | | | | 0.252 | | | | | 0.272 | | | | | 0.291 | | | | | 0.307 | | | | | 0.322 | | | | | 0.335 | | | | | 0.347 | | | | | 0.357 | | | | | 0.361 | | | ||||||||||||||||||
51 months | | | | 0.246 | | | | | 0.268 | | | | | 0.287 | | | | | 0.304 | | | | | 0.320 | | | | | 0.333 | | | | | 0.346 | | | | | 0.357 | | | | | 0.361 | | | | | | 0.246 | | | | | 0.268 | | | | | 0.287 | | | | | 0.304 | | | | | 0.320 | | | | | 0.333 | | | | | 0.346 | | | | | 0.357 | | | | | 0.361 | | | ||||||||||||||||||
48 months | | | | 0.241 | | | | | 0.263 | | | | | 0.283 | | | | | 0.301 | | | | | 0.317 | | | | | 0.332 | | | | | 0.344 | | | | | 0.356 | | | | | 0.361 | | | | | | 0.241 | | | | | 0.263 | | | | | 0.283 | | | | | 0.301 | | | | | 0.317 | | | | | 0.332 | | | | | 0.344 | | | | | 0.356 | | | | | 0.361 | | | ||||||||||||||||||
45 months | | | | 0.235 | | | | | 0.258 | | | | | 0.279 | | | | | 0.298 | | | | | 0.315 | | | | | 0.330 | | | | | 0.343 | | | | | 0.356 | | | | | 0.361 | | | | | | 0.235 | | | | | 0.258 | | | | | 0.279 | | | | | 0.298 | | | | | 0.315 | | | | | 0.330 | | | | | 0.343 | | | | | 0.356 | | | | | 0.361 | | | ||||||||||||||||||
42 months | | | | 0.228 | | | | | 0.252 | | | | | 0.274 | | | | | 0.294 | | | | | 0.312 | | | | | 0.328 | | | | | 0.342 | | | | | 0.355 | | | | | 0.361 | | | | | | 0.228 | | | | | 0.252 | | | | | 0.274 | | | | | 0.294 | | | | | 0.312 | | | | | 0.328 | | | | | 0.342 | | | | | 0.355 | | | | | 0.361 | | | ||||||||||||||||||
39 months | | | | 0.221 | | | | | 0.246 | | | | | 0.269 | | | | | 0.290 | | | | | 0.309 | | | | | 0.325 | | | | | 0.340 | | | | | 0.354 | | | | | 0.361 | | | | | | 0.221 | | | | | 0.246 | | | | | 0.269 | | | | | 0.290 | | | | | 0.309 | | | | | 0.325 | | | | | 0.340 | | | | | 0.354 | | | | | 0.361 | | | ||||||||||||||||||
36 months | | | | 0.213 | | | | | 0.239 | | | | | 0.263 | | | | | 0.285 | | | | | 0.305 | | | | | 0.323 | | | | | 0.339 | | | | | 0.353 | | | | | 0.361 | | | | | | 0.213 | | | | | 0.239 | | | | | 0.263 | | | | | 0.285 | | | | | 0.305 | | | | | 0.323 | | | | | 0.339 | | | | | 0.353 | | | | | 0.361 | | | ||||||||||||||||||
33 months | | | | 0.205 | | | | | 0.232 | | | | | 0.257 | | | | | 0.280 | | | | | 0.301 | | | | | 0.320 | | | | | 0.337 | | | | | 0.352 | | | | | 0.361 | | | | | | 0.205 | | | | | 0.232 | | | | | 0.257 | | | | | 0.280 | | | | | 0.301 | | | | | 0.320 | | | | | 0.337 | | | | | 0.352 | | | | | 0.361 | | | ||||||||||||||||||
30 months | | | | 0.196 | | | | | 0.224 | | | | | 0.250 | | | | | 0.274 | | | | | 0.297 | | | | | 0.316 | | | | | 0.335 | | | | | 0.351 | | | | | 0.361 | | | | | | 0.196 | | | | | 0.224 | | | | | 0.250 | | | | | 0.274 | | | | | 0.297 | | | | | 0.316 | | | | | 0.335 | | | | | 0.351 | | | | | 0.361 | | | ||||||||||||||||||
27 months | | | | 0.185 | | | | | 0.214 | | | | | 0.242 | | | | | 0.268 | | | | | 0.291 | | | | | 0.313 | | | | | 0.332 | | | | | 0.350 | | | | | 0.361 | | | | | | 0.185 | | | | | 0.214 | | | | | 0.242 | | | | | 0.268 | | | | | 0.291 | | | | | 0.313 | | | | | 0.332 | | | | | 0.350 | | | | | 0.361 | | | ||||||||||||||||||
24 months | | | | 0.173 | | | | | 0.204 | | | | | 0.233 | | | | | 0.260 | | | | | 0.285 | | | | | 0.308 | | | | | 0.329 | | | | | 0.348 | | | | | 0.361 | | | | | | 0.173 | | | | | 0.204 | | | | | 0.233 | | | | | 0.260 | | | | | 0.285 | | | | | 0.308 | | | | | 0.329 | | | | | 0.348 | | | | | 0.361 | | | ||||||||||||||||||
21 months | | | | 0.161 | | | | | 0.193 | | | | | 0.223 | | | | | 0.252 | | | | | 0.279 | | | | | 0.304 | | | | | 0.326 | | | | | 0.347 | | | | | 0.361 | | | | | | 0.161 | | | | | 0.193 | | | | | 0.223 | | | | | 0.252 | | | | | 0.279 | | | | | 0.304 | | | | | 0.326 | | | | | 0.347 | | | | | 0.361 | | | ||||||||||||||||||
18 months | | | | 0.146 | | | | | 0.179 | | | | | 0.211 | | | | | 0.242 | | ��� | | | | 0.271 | | | | | 0.298 | | | | | 0.322 | | | | | 0.345 | | | | | 0.361 | | | | | | 0.146 | | | | | 0.179 | | | | | 0.211 | | | | | 0.242 | | | | | 0.271 | | | | | 0.298 | | | | | 0.322 | | | | | 0.345 | | | | | 0.361 | | | |||||||||||||||||
15 months | | | | 0.130 | | | | | 0.164 | | | | | 0.197 | | | | | 0.230 | | | | | 0.262 | | | | | 0.291 | | | | | 0.317 | | | | | 0.342 | | | | | 0.361 | | | | | | 0.130 | | | | | 0.164 | | | | | 0.197 | | | | | 0.230 | | | | | 0.262 | | | | | 0.291 | | | | | 0.317 | | | | | 0.342 | | | | | 0.361 | | | ||||||||||||||||||
12 months | | | | 0.111 | | | | | 0.146 | | | | | 0.181 | | | | | 0.216 | | | | | 0.250 | | | | | 0.282 | | | | | 0.312 | | | | | 0.339 | | | | | 0.361 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 months | | | | 0.090 | | | | | 0.125 | | | | | 0.162 | | | | | 0.199 | | | | | 0.237 | | | | | 0.272 | | | | | 0.305 | | | | | 0.336 | | | | | 0.361 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 months | | | | 0.065 | | | | | 0.099 | | | | | 0.137 | | | | | 0.178 | | | | | 0.219 | | | | | 0.259 | | | | | 0.296 | | | | | 0.331 | | | | | 0.361 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 months | | | | 0.034 | | | | | 0.065 | | | | | 0.104 | | | | | 0.150 | | | | | 0.197 | | | | | 0.243 | | | | | 0.286 | | | | | 0.326 | | | | | 0.361 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 months | | | | — | | | | | — | | | | | 0.042 | | | | | 0.115 | | | | | 0.179 | | | | | 0.233 | | | | | 0.281 | | | | | 0.323 | | | | | 0.361 | | |
| | | Fair Market Value of Class A Ordinary Shares | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Date (period to expiration of warrants) | | | ≤$10.00 | | | $11.00 | | | $12.00 | | | $13.00 | | | $14.00 | | | $15.00 | | | $16.00 | | | $17.00 | | | ≥$18.00 | | |||||||||||||||||||||||||||
12 months | | | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months | | | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months | | | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months | | | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months | | | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
Underwriter | | | Number of Units | | |||
Jefferies LLC | | | | | | | |
| | | | | | | |
Total | | | | | 20,000,000 | | |
|
| | Paid by Hunt Companies Acquisition Corp. I(2) | | | Paid by Hunt Companies Acquisition Corp. I(2) | | ||||||||||||||||||||
| | No Exercise | | Full Exercise | | | No Exercise | | Full Exercise | | ||||||||||||||||
Per Unit | | | $ | 0.55 | | | | $ | 0.55 | | | | | $ | 0.55 | | | | $ | 0.55 | | | ||||
Total | | | $ | 11,000,000 | | | | $ | 12,650,000 | | | | | $ | 11,000,000 | | | | $ | 12,650,000 | | |
| | | Page | | |||
| | | | | | | |
| | | | F- | | | |
| | | | F- | | | |
| | | | F- | | | |
| | | | F- | | | |
| | | | F- | | | |
| | | | F- | | |
| ASSETS | | | | | | | | June 30, 2021 | | March 8, 2021 | | |||||||||
| Current assets – cash | | | $ | 25,000 | | | | (unaudited) | | (AUDITED) | | |||||||||
ASSETS | | | | | | | | | | | | ||||||||||
Current assets – cash | | | $ | 18,593 | | | | $ | 25,000 | | | ||||||||||
Deferred offering costs | | | | 476,056 | | | | | 82,580 | | | ||||||||||
Total Assets | | | $ | 494,649 | | | | $ | 107,580 | | | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | ||||||||||
Current Liabilities: | | | | | | | | | | | | ||||||||||
Accrued formation costs | | | $ | 4,244 | | | | $ | 3,878 | | | ||||||||||
Accrued offering costs | | | | 344,646 | | | | | 82,580 | | | ||||||||||
Note Payable – Sponsor | | | | 125,000 | | | | | — | | | ||||||||||
Total Current Liabilities | | | | 473,890 | | | | | 86,458 | | | ||||||||||
Commitments and contingencies (Note 6) | | | | | | | | | | | | ||||||||||
Shareholders’ Equity: | | | | | | | | | | | | ||||||||||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | | | | — | | | | | — | | | ||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued and outstanding | | | | — | | | | | — | | | ||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding (1) | | | | 575 | | | | | 575 | | | ||||||||||
Additional paid-in capital | | | | 24,425 | | | | | 24,425 | | | ||||||||||
Accumulated deficit | | | | (4,241) | | | | | (3,878) | | | ||||||||||
Total Shareholders’ Equity | | | | 20,759 | | | | | 21,122 | | | ||||||||||
Total Liabilities and Shareholders’ Equity | | | $ | 494,649 | | | | $ | 107,580 | | | ||||||||||
| Deferred offering costs | | | | 82,580 | | | | |||||||||||||
| Total Assets | | | $ | 107,580 | | | ||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | ||||||||||||||
| Current Liabilities: | | | | | | | ||||||||||||||
| Accrued formation costs | | | $ | 3,878 | | | ||||||||||||||
| Accrued offering costs | | | | 82,580 | | | ||||||||||||||
| Total Current Liabilities | | | | 86,458 | | | ||||||||||||||
| Commitments and contingencies | | | | | | | ||||||||||||||
| Shareholders’ Equity: | | | | | | | ||||||||||||||
| Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | | | | — | | | ||||||||||||||
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued and outstanding | | | | — | | | ||||||||||||||
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding(1) | | | | 575 | | | ||||||||||||||
| Additional paid-in capital | | | | 24,425 | | | ||||||||||||||
| Accumulated deficit | | | | (3,878) | | | ||||||||||||||
| Total Shareholders’ Equity | | | | 21,122 | | | ||||||||||||||
| Total Liabilities and Shareholders’ Equity | | | $ | 107,580 | | | ||||||||||||||
|
| Formation costs | | | $ | 3,878 | | | | For the Period from March 2, 2021 (Inception) through June 30, 2021 | | For the Period from March 2, 2021 (Inception) through March 8, 2021 | | |||||||||
| Net loss | | | $ | (3,878) | | | | (unaudited) | | (audited) | | |||||||||
| Weighted average shares outstanding, basic and diluted(1) | | | | 5,000,000 | | | ||||||||||||||
| Basic and diluted net loss per ordinary share | | | $ | (0.00) | | | ||||||||||||||
| |||||||||||||||||||||
Formation costs | | | $ | 4,244 | | | | $ | 3,878 | | | ||||||||||
Total Expenses | | | | (4,244) | | | | | (3,878) | | | ||||||||||
Interest income | | | | 3 | | | | | — | | | ||||||||||
Total Other Income | | | | 3 | | | | | — | | | ||||||||||
Net income (loss) | | | $ | (4,241) | | | | $ | (3,878) | | | ||||||||||
Weighted average shares outstanding, basic and diluted(1) (2) | | | | 5,000,000 | | | | | 5,000,000 | | | ||||||||||
Basic and diluted net income (loss) per ordinary share | | | $ | (0.00) | | | | $ | (0.00) | | |
| | Class B Ordinary Shares | | | Additional Paid-in Capital | | Accumulated Deficit | | Total Shareholders’ Equity | | | Class B Ordinary Shares | | | Additional Paid-in Capital | | Accumulated Deficit | | Total Shareholders’ Equity | | ||||||||||||||||||||||||||||||||||||||||||
| | Shares | | Amount | | | Shares | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 2, 2021 (inception) | | | | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||
Issuance of Class B ordinary shares to Sponsor (1) | | | | 5,750,000 | | | | | 575 | | | | | 24,425 | | | | | — | | | | | 25,000 | | | | | | 5,750,000 | | | | | 575 | | | | | 24,425 | | | | | — | | | | | 25,000 | | | ||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | (3,878) | | | | | (3,878) | | | | | | — | | | | | — | | | | | — | | | | | (3,878) | | | | | (3,878) | | | ||||||||||
Balance, March 8, 2021 | | | | 5,750,000 | | | | $ | 575 | | | | $ | 24,425 | | | | $ | (3,878) | | | | $ | 21,122 | | | ||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 8, 2021 (audited) | | | | 5,750,000 | | | | | 575 | | | | | 24,425 | | | | | (3,878) | | | | | 21,122 | | | ||||||||||||||||||||||||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | (363) | | | | | (363) | | | ||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 (unaudited) | | | | 5,750,000 | | | | $ | 575 | | | | $ | 24,425 | | | | $ | (4,241) | | | | $ | 20,759 | | |
| Cash flows from operating activities: | | | | | | | | For The Period From March 2, 2021 (inception) Through June 30, 2021 | | For The Period From March 2, 2021 (inception) Through March 8, 2021 | | |||||||||
| Net loss | | | $ | (3,878) | | | | (unaudited) | | (AUDITED) | | |||||||||
Cash flows from operating activities: | | | | | | | | | | | | ||||||||||
Net loss | | | $ | (4,241) | | | | $ | (3,878) | | | ||||||||||
Changes in accrued formation and offering costs | | | | (127,166) | | | | | 3,878 | | | ||||||||||
Net cash used in operating activities | | | | (131,407) | | | | | — | | | ||||||||||
Cash flows from financing activities: | | | | | | | | | | | | ||||||||||
Proceeds from issuance of Class B ordinary shares to Sponsor | | | | 25,000 | | | | | 25,000 | | | ||||||||||
Proceeds from sponsor note payable | | | | 125,000 | | | | | — | | | ||||||||||
Net cash provided by financing activities | | | | 150,000 | | | | | 25,000 | | | ||||||||||
Net change in cash | | | | 18,593 | | | | | 25,000 | | | ||||||||||
Cash at beginning of period | | | | — | | | | | — | | | ||||||||||
Cash at end of period | | | $ | 18,593 | | | | $ | 25,000 | | | ||||||||||
Non-cash financing activities: | | | | | | | | | | | | ||||||||||
Deferred offering costs included in accrued offering costs | | | $ | 344,646 | | | | $ | 82,580 | | | ||||||||||
| Changes in accrued formation and offering costs | | | | 3,878 | | | | |||||||||||||
| Net cash used in operating activities | | | | — | | | ||||||||||||||
| Cash flows from financing activities: | | | | | | | ||||||||||||||
| Proceeds from issuance of Class B ordinary shares to Sponsor | | | | 25,000 | | | ||||||||||||||
| Net cash provided by financing activities | | | | 25,000 | | | ||||||||||||||
| Net change in cash | | | | 25,000 | | | ||||||||||||||
| Cash at beginning of period | | | | — | | | ||||||||||||||
| Cash at end of period | | | $ | 25,000 | | | ||||||||||||||
| Non-cash financing activities: | | | | | | | ||||||||||||||
| Deferred offering costs included in accrued offering costs | | | $ | 82,580 | | |
| SEC/FINRA expenses | | | | $ | 74,522 | | |
| Accounting fees and expenses | | | | | 30,000 | | |
| Printing and engraving expenses | | | | | 40,000 | | |
| Legal fees and expenses | | | | | 300,000 | | |
| Stock exchange listing and filing fees | | | | | 85,000 | | |
| Travel and road show expenses | | | | | 10,000 | | |
| Director and officers liability insurance premiums(1) | | | | | 450,000 | | |
| Miscellaneous | | | | | 10,478 | | |
| Total | | | | $ | 1,000,000 | | |
|
| SEC/FINRA expenses | | | | $ | 74,522 | | |
| Accounting fees and expenses | | | | | 30,000 | | |
| Printing and engraving expenses | | | | | 40,000 | | |
| Legal fees and expenses | | | | | 300,000 | | |
| Stock exchange listing and filing fees | | | | | 85,000 | | |
| Travel and road show expenses | | | | | 10,000 | | |
| Miscellaneous | | | | | 10,478 | | |
| Total | | | | $ | 550,000 | | |
|
| Signature | | | Title | | | Date | |
| /s/ James C. Hunt James C. Hunt | | | Chief Executive Officer (Principal Executive Officer) and Director | | | | |
| /s/ Clay Parker Clay Parker | | | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | | |
| /s/ James K. Hunt James K. Hunt | | | Director | | | |