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 |
(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 | ||
one-third of one redeemable warrant |
The | |||
The | ||||
The |
Large, accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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September 30, 2021 |
December 31, 2020 |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash |
$ | $ | — | |||||
Prepaid expenses |
— | |||||||
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Total Current Assets |
— | |||||||
Deferred offering costs |
— | |||||||
Investments held in Trust Account |
— | |||||||
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY |
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Current liabilities |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Promissory note – related party |
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Total Current Liabilities |
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Warrant liabilities |
— | |||||||
Deferred underwriting fee payable |
— | |||||||
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Total Liabilities |
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Commitments and Contingencies |
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Class A ordinary shares, $ |
— | |||||||
Shareholders’ (Deficit) Equity |
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Preference shares, $ |
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Class B ordinary shares, $ 1 , and December 31, 2020(1) |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total Shareholders’ (Deficit) Equity |
( |
) |
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TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY |
$ |
$ |
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(1) | As of December 31, 2020, included an aggregate of up to per-share amounts have been retroactively restated for the share cancellation and capitalization. |
For The Three Months Ended September 30, |
Nine months Ended September 30, |
For the Period from September 2, 2020 (Inception) through September 30, |
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2021 |
2021 |
2020 |
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Operating and formation costs |
$ | $ | $ | |||||||||
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Loss from operations |
( |
) | ( |
) | ( |
) | ||||||
Other income: |
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Interest earned on investments held in Trust Account |
— | |||||||||||
Change in fair value of warrant liabilities |
— | |||||||||||
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Total other income |
— | |||||||||||
Net income (loss) |
$ |
$ |
$ |
( |
) | |||||||
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Weighted average shares outstanding of Class A ordinary shares |
— | |||||||||||
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Basic and diluted net income per share, Class A ordinary shares |
$ | $ | $ | — | ||||||||
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Weighted average shares outstanding of Class B ordinary shares |
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Basic and diluted net income per share, Class B ordinary shares |
$ | $ | $ |
— |
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ (Deficit) Equity |
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Shares |
Amount |
Shares |
Amount |
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Balance – January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Accretion for Class A Ordinary Shares subject to redemption |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Sale of 6,853,333 Private Placement Warrants |
— | — | — | — | — | |||||||||||||||||||||||
Net income |
— |
— |
— | — | — | |||||||||||||||||||||||
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Balance – March 31, 2021 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— |
— |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – June 30, 2021 (unaudited) |
$ |
$ | |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— |
— | — | — | — | |||||||||||||||||||||||
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Balance – September 30, 2021 (unaudited) |
$ | $ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity |
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Shares |
Amount |
Shares |
Amount |
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Balance — September 2, 2020 (Inception) |
$ | |
$ | $ | $ | $ | ||||||||||||||||||||||
Issuance of Class B Ordinary Shares to Sponsor |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance — September 30, 2020 (unaudited) |
$ | $ |
$ |
$ |
( |
) |
$ |
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Nine months Ended September 30, |
For the Period from September 2, 2020 (Inception) Through September 30, |
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2021 |
2020 |
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Cash Flows from Operating Activities: |
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Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
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Change in fair value of warrant liabilities |
( |
) | ||||||
Interest earned on investments held in Trust Account |
( |
) | ||||||
Transaction costs allocated to warrants |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Accounts payable and accrued expenses |
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Net cash used in operating activities |
( |
) |
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Cash Flows from Investing Activities: |
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Investment of cash into trust Account |
( |
) | ||||||
Net cash used in investing activities |
( |
) | ||||||
Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discount paid |
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Proceeds from sale of Private Placement Units |
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Repayment of promissory note – related party |
( |
) | ||||||
Payment of offering costs |
( |
) | ||||||
Net cash provided by financing activities |
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Net Change in Cash |
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Cash – Beginning of period |
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Cash – End of period |
$ |
$ | ||||||
Non-Cash investing and financing activities: |
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Offering costs included in accrued offering costs |
$ | $ | ||||||
Initial classification of Class A ordinary shares subject to possible redemption |
$ | $ | ||||||
Deferred underwriting fee payable |
$ | $ | ||||||
Balance Sheet as of January 15, 2021 (audited) |
As Previously Reported |
Adjustment |
As Revised |
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Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
Class A ordinary shares |
$ | $ | ( |
) | $ | — | ||||||
Additional paid-in capital |
$ | $ | ( |
) | $ | — | ||||||
Accumulated deficit |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Total Shareholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) |
Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption |
$ | |||
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Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
For the Period from September 2, 2020 (Inception) Through September 30, 2020 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net loss per ordinary share |
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Numerator: |
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Allocation of net income, as adjusted |
$ | $ | $ | $ | $ | $ | ( |
) | ||||||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income per ordinary share |
$ | $ | $ | $ | $ | $ |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equal or exceeds $ |
• | if the closing price of the Class A ordinary shares for any |
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 |
Level |
Amortized Cost |
Gross Holding Loss |
Fair Value |
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September 30, 2021 |
U.S. Treasury Securities | 1 | $ | $ | ( |
) | $ | |||||||||||||
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Description |
Level |
September 30, 2021 |
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Liabilities: |
||||||||
Warrant Liabilities – Public Warrants |
1 | $ | ||||||
Warrant Liabilities – Private Placement Warrants |
2 | $ |
Private Placement |
Public |
Warrant Liabilities |
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Fair value as of January 1, 2021 |
$ | $ | $ | |||||||||
Initial measurement on January 15th, 2021 |
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Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Transfer to Level 1 |
( |
) | ( |
) | ||||||||
Transfer to Level 2 |
( |
) | ( |
) | ||||||||
Fair value as of September 30, 2021 |
$ | $ | $ | |||||||||
* | Filed herewith. |
MARLIN TECHNOLOGY CORPORATION | ||||||
Date: November 15, 2021 | By: | /s/ Nick Kaiser | ||||
Name: | Nick Kaiser | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: November 15, 2021 | By: | /s/ Michael Nutting | ||||
Name: | Michael Nutting | |||||
Title: | Chief Financial Officer and Director | |||||
(Principal Financial and Accounting Officer) |