ANNUAL 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 Number) | |
(Address of principal executive offices) |
(Zip Code) |
Title of Each Class: |
Trading Symbol(s) |
Name of Each Exchange on Which Registered: | ||
Class A Common Stock for $11.50 per share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
PAGE |
||||||
Item 8. |
2 |
|||||
Item 15. |
3 |
|||||
Item 16. |
3 |
Item 8. |
Financial Statements and Supplementary Data |
Item 15. |
Exhibits, Financial Statements and Financial Statement Schedules |
(a) |
The following documents are filed as part of this Amendment No. 1 to the Annual Report on Form 10-K: |
1. |
Financial Statements |
Report of Independent Registered Public Accounting Firm |
F-2 |
|||
Financial Statements: |
||||
Balance Sheet |
F-3 |
|||
Statement of Operations |
F-4 |
|||
Statement of Changes in Stockholders’ Equity |
F-5 |
|||
Statement of Cash Flows |
F-6 |
|||
Notes to Financial Statements |
F-7 |
2. |
Financial Statements Schedule |
3. |
Exhibits |
Item 16. |
Form 10-K Summary |
F-2 |
||||
Consolidated Financial Statements: |
||||
F-3 |
||||
F-4 |
||||
F-5 |
||||
F-6 |
||||
F-7 |
December 31, 2021 |
December 31, 2020 |
|||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash |
$ | $ | ||||||
Prepaid expenses |
||||||||
|
|
|
|
|||||
Total Current Assets |
||||||||
Investments held in Trust Account |
||||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ |
$ |
||||||
|
|
|
|
|||||
LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT |
||||||||
Current liabilities |
||||||||
Accrued expenses |
$ | $ | ||||||
|
|
|
|
|||||
Total Current Liabilities |
||||||||
Convertible note – related party |
— |
|||||||
Warrant liabilities |
||||||||
Deferred underwriting fee payable |
||||||||
|
|
|
|
|||||
TOTAL LIABILITIES |
||||||||
|
|
|
|
|||||
Commitments and Contingencies |
||||||||
Class A common stock subject to possible redemption |
||||||||
Stockholders’ Deficit |
||||||||
Preferred stock, $ |
— | — | ||||||
Class A common stock, $ |
— | — | ||||||
Class B common stock, $ |
||||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Stockholders’ Deficit |
( |
) |
( |
) | ||||
|
|
|
|
|||||
TOTAL LIABILITIES, CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
||||||
|
|
|
|
Year Ended December 31, 2021 |
For the Period from July 30, 2020 (Inception) through December 31, 2020 |
|||||||
General and administrative expenses |
$ | $ | ||||||
|
|
|
|
|||||
Loss from operations |
( |
) |
( |
) | ||||
Other income (expense): |
||||||||
Interest earned on investments held in Trust Account |
||||||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Transaction costs |
( |
) | ||||||
|
|
|
|
|||||
Total other income (expense), net |
( |
) | ||||||
|
|
|
|
|||||
Net loss |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
|||||
Weighted average shares outstanding, Class A common stock |
||||||||
|
|
|
|
|||||
Basic and diluted net loss per share, Class A common stock |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
|||||
Weighted average shares outstanding, Class B common stock |
||||||||
|
|
|
|
|||||
Basic and diluted net loss per share, Class B common stock |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance – July 30, 2020 (Inception) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | — | — | |||||||||||||||||||||||||
Sale of Private Placement Warrants (Proceeds received in excess of fair value) |
— | — | — | — | — | |||||||||||||||||||||||
Accretion for Class A common stock to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – December 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2021 |
For the Period from July 30, 2020 (Inception) Through December 31, 2020 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Payment of formation costs through promissory note – related party |
— | |||||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Transaction costs allocated to warrants |
||||||||
Interest earned on investments held in Trust Account |
( |
) | ( |
) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
( |
) | ||||||
Accrued expenses |
||||||||
|
|
|
|
|||||
Net cash used in operating activities |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Investment of cash in Trust Account |
( |
) | ||||||
Cash withdrawn from Trust Account to pay franchise and income taxes |
||||||||
|
|
|
|
|||||
Net cash provided by (used in) investing activities |
( |
) | ||||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from sale of Units, net of underwriting discounts paid |
||||||||
Proceeds from sale of Private Placement Warrants |
||||||||
Proceeds from promissory note – related party |
— | |||||||
Repayment of promissory note – related party |
( |
) | ||||||
Payment of offering costs |
( |
) | ||||||
Advances from related party |
— | |||||||
Repayment of advances from related party |
( |
) | — | |||||
Proceeds from convertible note – related party |
— | |||||||
|
|
|
|
|||||
Net cash provided by financing activities |
||||||||
|
|
|
|
|||||
Net Change in Cash |
( |
) |
||||||
Cash – Beginning of period |
— | |||||||
|
|
|
|
|||||
Cash – End of period |
$ |
$ |
||||||
|
|
|
|
|||||
Supplemental disclosure of non-cash investing and financing activities: |
||||||||
Offering costs paid through promissory note – related party |
$ | — | $ | |||||
|
|
|
|
|||||
Offering costs paid directly by Sponsor in consideration for the issuance of Class B common stock |
$ | — | $ | |||||
|
|
|
|
|||||
Deferred underwriting fee payable |
$ | $ | ||||||
|
|
|
|
Gross proceeds |
$ | |||
Less: |
||||
Proceeds allocated to Public Warrants |
$ | ( |
) | |
Class A common stock issuance costs |
( |
) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
$ | |||
|
|
|||
Class A common stock subject to possible redemption |
$ | |||
|
|
Year Ended December 31, 2021 |
For the Period from July 30, 2020 (Inception) through December 31, 2020 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net loss per common stock |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net loss, as adjusted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average shares outstanding |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss per common stock |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the reported last sale price of the Company’s 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 |
December 31, 2021 |
For the Period from July 30, 2020 (Inception) through December 31, 2020 |
|||||||
Deferred tax asset |
||||||||
Net operating loss carryforward |
$ | $ | ||||||
Organizational costs/Startup expenses |
||||||||
|
|
|
|
|||||
Total deferred tax assets |
||||||||
Valuation allowance |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Deferred tax assets, net of allowance |
$ | $ | ||||||
|
|
|
|
December 31, 2021 |
For the Period from July 30, 2020 (Inception) through December 31, 2020 |
|||||||
Federal |
||||||||
Current |
$ | — | $ | — | ||||
Deferred |
( |
) | ( |
) | ||||
State |
||||||||
Current |
$ | — | $ | — | ||||
Deferred |
— | — | ||||||
Change in valuation allowance |
||||||||
|
|
|
|
|||||
Income tax provision |
$ | — | $ | — | ||||
|
|
|
|
December 31, 2021 |
For the Period from July 30, 2020 (Inception) through December 31, 2020 |
|||||||
Statutory federal income tax rate |
% | % | ||||||
State taxes, net of federal tax benefit |
% | % | ||||||
Change in fair value of warrants |
% | ( |
)% | |||||
Transaction costs |
% | ( |
)% | |||||
Change in valuation allowance |
( |
)% | ( |
)% | ||||
|
|
|
|
|||||
Income tax provision |
% | % | ||||||
|
|
|
|
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. |
Description |
Level |
Amortized Cost |
Gross Holding Loss |
Fair Value |
||||||||||||||
December 31, 2020 |
Assets |
|||||||||||||||||
Held-to-Maturity |
1 | $ | $ | ( |
) | $ |
Description |
Level |
December 31, 2021 |
December 31, 2020 |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund |
1 | $ | $ | — | ||||||||
Liabilities: |
||||||||||||
Warrant Liability – Public Warrants |
1 | $ | $ | |||||||||
Warrant Liability – Private Placement Warrants |
3 | $ | $ |
December 31, 2021 |
December 31, 2020 |
|||||||
Stock price |
$ | $ | ||||||
Strike price |
$ | $ | ||||||
Term (in years) |
||||||||
Volatility |
% | % | ||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Private Placement |
||||
Fair value as of July 30, 2020 (inception) |
$ |
|||
Initial measurement on December 10, 2020 |
||||
Change in valuation inputs or other assumptions |
||||
Fair value as of December 31, 2020 |
||||
|
|
|
|
|
Change in fair value |
( |
) | ||
|
|
|||
Fair value as of December 31, 2021 |
$ |
|||
|
|
* | Filed herewith. |
** | Furnished herewith. |
(1) | Incorporated by reference to the Company’s Form S-1, originally filed with the SEC on October 9, 2020 (File No. 333-249402) and as thereafter amended. |
(2) | Incorporated by reference to the Company’s Form 8-K, filed with the SEC on December 11, 2020. |
(3) | Incorporated by reference to the Company’s Form 10-K, filed with the SEC on April 2, 2021. |
(4) | Incorporated by reference to the Company’s Form 10-K/A, filed with the SEC on April 6, 2021. |
(5) | Incorporated by reference to the Company’s Form 8-K, filed with the SEC on November 24, 2021. |
March 31, 2022 | MUDRICK CAPITAL ACQUISITION CORPORATION II | |||||
By: | /s/ Jason Mudrick | |||||
Name: | Jason Mudrick | |||||
Title: | Chief Executive Officer (Principal Executive Officer) |