|
(Exact name of registrant as specified in its charter)
|
|
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
(Address of Principal Executive Offices, including zip code)
|
(
|
(Registrant’s telephone number, including area code)
|
N/A
|
(Former name, former address and former fiscal year, if changed since last report)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which
registered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
☐
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
|
|
Smaller reporting company
|
|
|
|
Emerging growth company
|
Page
|
||
PART 1 – FINANCIAL INFORMATION
|
||
Item 1.
|
1 | |
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
Item 2.
|
17
|
|
Item 3.
|
21
|
|
Item 4.
|
21
|
|
PART II – OTHER INFORMATION
|
||
Item 1.
|
21
|
|
Item 1A.
|
21
|
|
Item 2.
|
22
|
|
Item 3.
|
23
|
|
Item 4.
|
23
|
|
Item 5.
|
23
|
|
Item 6.
|
23
|
|
24
|
June 30,
2022 |
December 31,
2021 |
|||||||
(Unaudited)
|
||||||||
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
|
||||||||
Accounts payable and accrued expenses
|
$
|
|
$
|
|
||||
Income taxes payable |
||||||||
Advance from related parties
|
|
|||||||
Total Current Liabilities
|
|
|
||||||
Warrant liability
|
|
|
||||||
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
|
$
|
|
$
|
|
For The Three Months Ended
June 30,
|
For The Six Months Ended
June 30,
|
|||||||||||||||
2022 |
2021 |
2022 | 2021 |
|||||||||||||
General and administrative expenses
|
$
|
|
$ | $ | $ | |||||||||||
Loss from operations
|
(
|
)
|
( |
) | ( |
) | ( |
) | ||||||||
|
||||||||||||||||
Other income:
|
||||||||||||||||
Interest earned on investments held in Trust Account
|
|
|||||||||||||||
Change in fair value of warrant liabilities
|
|
|||||||||||||||
Total other income
|
||||||||||||||||
Income before provision for income taxes | ||||||||||||||||
Provision for income taxes | ( |
) | ( |
) | ||||||||||||
Net income
|
$
|
|
$ | $ | $ | |||||||||||
|
||||||||||||||||
Basic and Diluted weighted average shares outstanding of Class A common stock subject to possible redemption
|
|
|||||||||||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption
|
$
|
|
$ | $ | $ | |||||||||||
|
||||||||||||||||
Basic and diluted weighted average shares outstanding of Class B non-redeemable common stock
|
|
|||||||||||||||
Basic and diluted net income per share, Class B non-redeemable common stock
|
$
|
|
$ | $ | $ |
|
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
|||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
|||||||||||||||||||||
Balance – January 1, 2022
|
$ |
|
$ |
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||||||||||
|
||||||||||||||||||||||||||||
Net income
|
— | — |
|
|
||||||||||||||||||||||||
Balance – March 31, 2022 (unaudited)
|
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Net income | — | — | ||||||||||||||||||||||||||
Balance – June 30, 2022 (unaudited)
|
|
$ |
|
$ |
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
|||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
|||||||||||||||||||||
Balance – January 1, 2021
|
$ |
|
$ |
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||||||||||
|
||||||||||||||||||||||||||||
Net income
|
— | — |
|
|
||||||||||||||||||||||||
Balance – March 31, 2021 (unaudited)
|
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Net income | — | — | ||||||||||||||||||||||||||
Balance – June 30, 2021 (unaudited)
|
|
$ |
|
$ |
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
For the Six months Ended
June 30,
|
||||||||
2022
|
2021
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Change in fair value of warrant liabilities
|
(
|
)
|
(
|
)
|
||||
Interest earned on investments held in Trust Account
|
(
|
)
|
(
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
|
|
||||||
Accounts payable and accrued expenses
|
|
|
||||||
Income taxes payable
|
||||||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
Cash Flows from Investing Activities:
|
||||||||
Cash withdrawn from Trust Account to pay franchise and income taxes
|
|
|
||||||
Net cash provided by investing activities
|
|
|
||||||
Cash Flows from Financing Activities:
|
||||||||
Advances from related party
|
|
|
||||||
Repayment of promissory note - related party
|
|
(
|
)
|
|||||
Payment of offering costs
|
|
(
|
)
|
|||||
Due from sponsor
|
|
|
||||||
Net cash provided by (used in) financing activities
|
|
(
|
)
|
|||||
Net Change in Cash
|
(
|
)
|
(
|
)
|
||||
Cash – Beginning of period
|
|
|
||||||
Cash – End of period
|
$
|
|
$
|
(
|
)
|
|||
Non-Cash investing and financing activities:
|
||||||||
Offering costs included in accrued offering costs
|
$
|
|
$
|
(
|
)
|
NOTE 1.
|
DESCRIPTION
OF ORGANIZATION AND BUSINESS OPERATIONS
|
NOTE 2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
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
|
$
|
|
For the Three Months Ended
June 30,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
|||||||||||||
Basic and diluted net income per common share
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Allocation of net income, as adjusted
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Denominator:
|
||||||||||||||||
Basic and diluted weighted average stock outstanding
|
|
|
|
|
||||||||||||
Basic and diluted net income per common share
|
$
|
|
$
|
|
$
|
|
$
|
|
For the Six Months Ended
June 30,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
|||||||||||||
Basic and diluted net income per common share
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Allocation of net income, as adjusted
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Denominator:
|
||||||||||||||||
Basic and diluted weighted average stock outstanding
|
|
|
|
|
||||||||||||
Basic and diluted net income per common share
|
$
|
|
$
|
|
$
|
|
$
|
|
• |
Level 1, defined as observable inputs such as quoted prices (unadjusted) 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.
|
NOTE 3.
|
INITIAL
PUBLIC OFFERING
|
NOTE 4.
|
PRIVATE
PLACEMENT
|
NOTE 5.
|
RELATED
PARTY TRANSACTIONS
|
NOTE 6.
|
COMMITMENTS
AND CONTINGENCIES
|
NOTE 7.
|
STOCKHOLDERS’
DEFICIT
|
NOTE 8.
|
WARRANT
LIABILITY
|
● |
in whole and not in part;
|
● |
at a price of $
|
● |
Upon a minimum of
|
● |
if, and only if, the last
reported sale price of the Class A common stock for any
|
● |
in whole and not in part;
|
● |
at a price of $
|
● |
if, and only if, the Reference
Value equals or exceeds $
|
● |
if the Reference Value is less
than $
|
NOTE 9.
|
FAIR
VALUE MEASUREMENTS
|
Description
|
Level
|
June 30,
2022 |
Level |
December 31,
2021 |
||||||||||||
Assets:
|
||||||||||||||||
Investments held in Trust Account
|
1 | $ |
|
1 | $ |
|
||||||||||
Liabilities:
|
||||||||||||||||
Warrant Liability – Public Warrants
|
1 |
$
|
|
1 |
$
|
|
||||||||||
Warrant Liability – Private Placement Warrants
|
2 |
$
|
|
3 |
$
|
|
Fair value as of January 1, 2022
|
$
|
|
||
Transfer out of level 3
|
(
|
)
|
||
Fair value as of June 30, 2022
|
$
|
|
NOTE 10.
|
SUBSEQUENT
EVENTS
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Exhibit No.
|
Description of Exhibit
|
Certification of Principal Executive 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
|
|
Certification of 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
|
|
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of 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
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
*
|
Filed herewith.
|
**
|
Furnished.
|
|
LEFTERIS ACQUISITION CORP.
|
|
|
|
|
Date: August 15, 2022
|
By:
|
/s/ Karl Roessner
|
|
Name:
|
Karl Roessner
|
|
Title:
|
Chief Executive Officer and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
Date: August 15, 2022
|
By:
|
/s/ Jon Isaacson
|
|
Name:
|
Jon Isaacson
|
|
Title:
|
Chief Financial Officer and Chief Corporate Development Officer
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|