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 |
A | ||
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-third of one redeemable warrant |
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Class A ordinary share at an exercise price of $11.50 |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
March 31, 2022 |
September 30, 2021 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash |
$ |
$ |
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Prepaid expenses |
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Total current assets |
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Investments held in Trust Account |
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Total Assets |
$ |
$ |
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Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: |
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Current liabilities: |
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Accrued expenses |
$ |
$ |
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Accounts payable |
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Total current liabilities |
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Deferred legal fees |
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Deferred underwriting commissions |
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Derivative warrant liabilities |
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Total liabilities |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption; per share redemption value |
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Shareholders’ Deficit |
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Preference shares, $ |
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Class A ordinary shares, $ non-redeemable shares issued or outstanding |
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Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) |
( |
) | ||||
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Total shareholders’ deficit |
( |
) |
( |
) | ||||
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Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ |
$ |
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For the Three Months Ended March 31, |
For the Six Months Ended March 31, 2022 |
For the Period From October 19, 2020 (inception) through March 31, 2021 |
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2022 |
2021 |
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General and administrative expenses |
$ |
$ |
$ |
$ |
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Loss on operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Other income (expenses): |
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Change in fair value of derivative warrant liabilities |
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Loss on sale of Private Placement Warrants |
( |
) | ||||||||||||||
Financing costs - derivative warrant liabilities |
( |
) | ||||||||||||||
Income from investments held in Trust Account |
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Net income (loss) |
$ |
$ |
$ |
( |
) |
$ |
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Weighted average shares outstanding of Class A ordinary shares - Basic |
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Weighted average shares outstanding of Class A ordinary shares - Diluted |
( |
) |
( |
) |
( |
) |
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Basic net income (loss) per ordinary share, Class A |
$ |
$ |
$ |
( |
) |
$ |
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|
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Diluted net income (loss) per ordinary share, Class A |
$ |
$ |
$ |
( |
) |
$ |
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Weighted average shares outstanding of Class B ordinary shares - Basic and diluted |
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Basic net income (loss) per ordinary share, Class B |
$ |
$ |
$ |
( |
) |
$ |
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|
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Diluted net income (loss) per ordinary share, Class B |
$ |
$ |
$ |
( |
) |
$ |
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Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance - September 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) |
( |
) | |||||||||||||||||||
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Balance - December 31, 2021 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Excess cash received from private placement |
— |
— | — | — | — | |||||||||||||||||||||||
Subsequent measurement of Class A ordinary shares subject to redemption against additional paid-in capital |
— | — | — | — | ( |
) |
— | |||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance - October 19, 2020 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B ordinary shares to Sponsor |
— | — | ||||||||||||||||||||||||||
Accretion of Class A ordinary shares to redemption value |
— | — | — | — | ( |
) |
( |
) |
( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) |
( |
) | |||||||||||||||||||
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Balance - December 31, 2020 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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For the Six Months Ended March 31, 2022 |
For the Period From October 19, 2020 (inception) through March 31, 2021 |
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Cash Flows from Operating Activities: |
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Net income (loss) |
$ |
( |
) |
$ |
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Adjustments to reconcile net income (loss) to cash used in operating activities: |
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General and administrative expenses paid by Sponsor under promissory note |
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Change in fair value of derivative warrant liabilities |
( |
) |
( |
) | ||||
Financing costs - derivative warrant liabilities |
— | |||||||
I ncome from investments held in Trust Account |
( |
) |
( |
) | ||||
Loss on sale of Private Placement warrants |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Accrued expenses |
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Accounts payable |
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Net cash used in operating activities |
( |
) |
( |
) | ||||
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Cash Flows from Investing Activities: |
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Cash deposited in Trust Account |
( |
) | ||||||
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Net cash used in investing activities |
( |
) | ||||||
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Cash Flows from Financing Activities: |
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Repayment of note payable to related party |
( |
) | ||||||
Proceeds received from initial public offering, gross |
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Proceeds received from private placement |
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Offering costs paid |
( |
) | ||||||
Reimbursement from underwriters |
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Net cash provided by financing activities |
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Net change in cash |
( |
) |
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Cash - beginning of the period |
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Cash - end of the period |
$ |
$ |
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Supplemental disclosure of noncash financing activities: |
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Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares |
$ |
$ |
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Offering costs included in accrued expenses |
$ |
$ |
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Offering costs funded with note payable - related party |
$ |
$ |
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Deferred legal fees |
$ |
$ |
||||||
Deferred underwriting commissions |
$ |
$ |
||||||
Subsequent measurement of Class A ordinary shares subject to redemption against additional paid-in capital |
$ |
$ |
• | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
For the Three Months Ended March 31, 2022 |
For the Three Months Ended March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per ordinary share: |
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Numerator: |
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Allocation of net income |
$ | $ | |
$ | $ | |
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Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
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Basic and diluted net income per ordinary share |
$ |
$ | $ | $ | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended March 31, 2022 |
For the Period From October 19, 2020 (inception) through March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per ordinary share: |
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Numerator: |
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Allocation of net income (loss) - basic |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|
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Allocation of net income (loss) - diluted |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
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Denominator: |
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Basic weighted average ordinary shares outstanding |
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Diluted weighted average ordinary shares outstanding |
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Basic net income (loss) per ordinary share |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
||||||||
Diluted net income (loss) per ordinary share |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
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• | 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 $18.00 per share (as adjusted) for any |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per share (as adjusted) for any 30 -trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and |
• | if the closing price of the Class A ordinary shares for any |
Gross proceeds from Initial Public Offering |
$ | |||
Less: |
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Fair value of Public Warrants at issuance |
( |
) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemption |
( |
) | ||
Plus: |
||||
Accretion on Class A ordinary shares subject to possible redemption amount |
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Class A ordinary shares subject to possible redemption |
$ | |||
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Investments held in Trust Account-money market fund |
$ | $ | $ | |||||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-Public warrants |
$ | $ | $ | |||||||||
Derivative warrant liabilities-Private warrants |
$ | $ | $ |
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-money market fund |
$ | $ | $ | |||||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-Public warrants |
$ | $ | $ | |||||||||
Derivative warrant liabilities-Private warrants |
$ | $ | $ |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed herewith. |
** | Furnished. |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on December 7, 2020 and incorporated by reference herein. |
Far Peak Acquisition Corporation | ||
By: | /s/ Thomas W. Farley | |
Name: | Thomas W. Farley | |
Title: | Chief Executive Officer | |
By: | /s/ David W. Bonanno | |
Name: | David W. Bonanno | |
Title: | Chief Financial Officer |