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 | ||
Warrants, each exercisable for one share Class A Common Stock for $11.50 per shar e |
Large accelerated filer |
☐ |
Accelerated filer |
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Non-accelerated filer |
☒ |
Smaller reporting company |
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Emerging growth company |
Page |
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Item 1. |
2 |
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2 |
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3 |
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6 |
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Item 2. |
21 |
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Item 3. |
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Item 4. |
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Item 1. |
26 |
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Item 1A. |
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Item 2. |
26 |
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Item 3. |
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Item 4. |
26 |
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Item 5. |
26 |
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Item 6. |
26 |
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28 |
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 and cash equivalents |
$ | $ | ||||||
Prepaid expenses |
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Total Current Assets |
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Investment and marketable securities held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current liabilities - accrued expenses |
$ | $ | ||||||
Warrant liability |
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Deferred underwriting fee payable |
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TOTAL LIABILITIES |
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Commitments and Contingencies |
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Class A common stock subject to possible redemption, |
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Stockholders’ Deficit |
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Preferred stock, $ |
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Class A common stock, $ |
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Class B common stock, $ |
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Accumulated deficit |
( |
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Total Stockholders’ Deficit |
( |
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( |
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TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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Three Months Ended September 30, |
Nine Months Ended September 30, |
For the Period from August 31, 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 |
( |
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Other income: |
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Interest income - bank |
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Interest earned on investments and marketable securities held in Trust Account |
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Change in fair value of warrant liabilities |
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Total other income |
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Net income (loss) |
$ |
$ |
$ |
( |
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Weighted average shares outstanding, Class A common stock |
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Basic and diluted income per share, Class A common stock |
$ |
$ |
$ |
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Weighted average shares outstanding, Class B common stock |
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Basic and diluted income per share, Class B common stock |
$ |
$ |
$ |
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance – January 1, 2021, as restated |
$ |
$ |
$ | $ |
( |
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$ |
( |
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2021 (unaudited), as restated (see Note 2) |
— |
( |
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( |
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Net loss |
— | — | — | — | — | ( |
) | ( |
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Balance – June 30, 2021 (unaudited), as restated (see Note 2) |
( |
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( |
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – September 30, 2021 (unaudited) |
$ |
$ |
$ | $ |
( |
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$ |
( |
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Class B Common Stock |
Additional Paid-in |
Retained Earnings / (Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Capital |
Deficit) |
Equity |
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Balance – August 31, 2020 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | |||||||||||||||||||
Net loss |
— | — | — | ( |
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Balance – September 30, 2020 |
$ |
$ |
$ |
( |
) |
$ |
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Nine Months Ended September 30, |
For The Period From August 31, 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 (loss) to net cash used in operating activities: |
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Interest earned on investments and marketable securities held in Trust Account |
( |
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Change in fair value of warrant liabilities |
( |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
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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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Cash withdrawn from Trust Account to pay franchise taxes |
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Net cash provided by investing 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 |
$ |
$ | ||||||
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As Previously Reported |
Adjustment |
As Restated |
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Balance Sheet as of March 31, 2021 (unaudited) |
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Class A common stock subject to possible redemption |
$ |
$ |
$ |
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Class A common stock |
$ |
$ |
( |
) |
$ |
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Accumulated deficit |
$ |
) |
$ |
( |
) |
$ |
( |
) | ||||
Total shareholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
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Balance Sheet as of June 30, 2021 (unaudited) |
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Class A common stock subject to possible redemption |
$ |
$ |
$ |
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Class A common stock |
$ |
$ |
( |
) |
$ |
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Additional paid-in capital |
$ |
$ |
( |
) |
$ |
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Accumulated deficit |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total shareholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Statement of Cash Flows for the Three Months Ended March 31, 2021 (unaudited) |
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Change in value of Class A common stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
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Statement of Cash Flows for the Six Months Ended June 30, 2021 (unaudited) |
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Change in value of Class A common stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
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Statement of Operations for the three months ended March 31, 2021 (unaudited) |
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Weighted average shares outstanding of Class A common stock |
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Basic and diluted net income per common share, Class A common stock |
$ |
$ |
$ |
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Weighted average shares outstanding of Class B common stock |
( |
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Basic and diluted net income (loss) per common share, Class B common stock |
$ |
$ |
( |
) |
$ |
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Statement of Operations for the three months ended June 30, 2021 (unaudited) |
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Weighted average shares outstanding of Class A common stock |
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Basic and diluted net loss per common share, Class A common stock |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Weighted average shares outstanding of Class B common stock |
( |
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Basic and diluted net income (loss) per common share, Class B common stock |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Statement of Operations for the six months ended June 30, 2021 (unaudited) |
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Weighted average shares outstanding of Class A common stock |
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Basic and diluted net income per common share, Class A common stock |
$ |
$ |
$ |
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Weighted average shares outstanding of Class B common stock |
( |
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Basic and diluted net income (loss) per common share, Class B common stock |
$ |
$ |
( |
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$ |
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Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
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Class A common stocks issuance costs |
( |
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Plus: |
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Accretion of carrying value to redemption value |
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Class A common stocks subject to possible redemption |
$ | |||
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Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
For the Period from August 31, 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 income per common share |
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Numerator: |
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Allocation of net income (loss), as adjusted |
$ | $ | $ | $ | $ |
$ | ( |
) | ||||||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding (1) |
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Basic and diluted net income per common share |
$ | $ | $ | $ | $ |
$ |
• |
in whole and not in part; |
• |
at a price of $0.01 per warrant; |
• |
upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable to each warrant holder; and |
• |
if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders. |
• |
in whole and not in part; |
• |
at a price of $0.10 per warrant, upon a minimum of 30 days’ prior written notice of redemption, provided that holders will be able to exercise their warrants, but only on a cashless basis, prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A common stock: |
• |
if, and only if, the reported last sale price of the Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days (the “Reference Days”) within a 30-trading day period ending three business days before we send the notice of redemption to the warrant holders; and |
• |
if the reported last sale price of the Class A common stock is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for the Reference Days, the placement warrants are also concurrently called for redemption on the same terms as the outstanding public warrants, as described above. |
Level 1: |
Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: |
Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: |
Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability |
Held-To-Maturity |
Amortized Cost |
Gross Holding Gain |
Fair Value |
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September 30, 2021 |
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on 12/09/2021) |
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$ |
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$ |
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$ |
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December 31, 2020 |
on 03/18/2021) |
$ | $ | $ | ||||||||||
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1 |
The matured securities were reinvested in a U.S. Treasury Securities Money Market Fund |
Description |
Level |
September 30, 2021 |
December 31, 2020 |
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Liabilities: |
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Warrant Liability – Public Warrants |
1 |
$ |
$ |
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Warrant Liability – Placement Warrants |
2 |
$ |
$ |
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Private Placement |
Public |
Warrant Liabilities (Level 3) |
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Fair value as of January 1, 2021 |
$ | $ | $ | |||||||||
Transfers to Level 1 |
( |
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) | ||||||||
Change in fair value |
( |
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) | ||||||||
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Fair value as of March 31, 2021 |
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$ |
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$ |
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$ |
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Change in fair value |
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— |
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Fair value as of June 30, 2021 |
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$ |
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$ |
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$ |
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Change in F air V alue |
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( |
) |
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— |
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( |
) |
Transfer to Level 2 |
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( |
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— |
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( |
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Fair value as of September 30, 2021 |
$ | $ | $ | |||||||||
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No. |
Description of Exhibit | |
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: February 1, 2022 | ||||||||
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) |