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-sixth of one redeemable warrant |
||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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3 | ||||
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18 | ||||
21 | ||||
21 | ||||
22 | ||||
22 | ||||
22 | ||||
23 | ||||
24 |
June 30, 2022 |
September 30, 2021 |
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(Unaudited) |
(Audited) |
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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 |
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Marketable securities held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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|
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Income taxes payable |
— | |||||||
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Total Current Liabilities |
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Warrant liabilities |
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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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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total Stockholders’ Deficit |
( |
) |
( |
) | ||||
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TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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|
|
|
Three Months Ended June 30, |
Nine Months Ended June 30, |
For the Period from November 30, 2020 (Inception) through June 30, |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Operating and formation costs |
$ | $ | $ | $ | ||||||||||||
Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Other income (expense): |
||||||||||||||||
Change in fair value of warrants |
( |
) | ( |
) | ||||||||||||
Transaction costs allocated to warrant liabilities |
— | — | ( |
) | ||||||||||||
Interest earned on marketable securities held in Trust Account |
||||||||||||||||
Unrealized loss on marketable securities held in Trust Account |
— | ( |
) | — | ||||||||||||
Other income (loss), net |
( |
) | ( |
) | ||||||||||||
Income (loss) before benefit from (provision for) income taxes |
( |
) | ( |
) | ||||||||||||
Provision for income taxes |
( |
) | — | ( |
) | — | ||||||||||
Net income (loss) |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||
Basic and diluted weighted average shares outstanding, Class A common stock |
||||||||||||||||
Basic and diluted net income (loss) per share, Class A common stock |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||
Basic and diluted weighted average shares outstanding, Class B common stock |
||||||||||||||||
Basic and diluted net income (loss) per share, Class B common stock |
$ |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||
Class A |
Class B |
Additional |
Total |
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Common Stock |
Common Stock |
Paid-in |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance – September 30, 2021 |
$ |
$ |
$ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
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|
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|
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Balance – December 31, 2021 |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
|
|
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|
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|
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Balance – March 31, 2022 |
( |
) |
( |
) | ||||||||||||||||||||||||
Remeasurement adjusted to shares subject to redemption |
( |
) | ( |
) | ||||||||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – June 30, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
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|
Class A Common Stock |
Class B Common Stock |
Additional Paid in |
Accumulated |
Total Stockholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
||||||||||||||||||||||
Balance – November 30, 2020 (inception) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | — | ||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance –December 31, 2020 |
( |
) |
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Cash paid in excess of fair value of Private Placement Warrants |
— | — |
— | — | ||||||||||||||||||||||||
Remeasurement adjusted to shares subject to redemption |
— | — |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance –March 31, 2021 |
( |
) |
( |
) | ||||||||||||||||||||||||
Remeasurement adjusted to shares subject to redemption |
— | — | ( |
) | ||||||||||||||||||||||||
Forfeiture of Founder Shares |
( |
) | ( |
) | ||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
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|
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|
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Balance –June 30, 2021 |
$ |
$ |
$ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
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|
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|
Nine Months Ended June 30, |
For The Period from November 30, 2020 (Inception) Through June 30, |
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2022 |
2021 |
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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: |
||||||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Transaction costs allocated to warrant liabilities |
— |
|||||||
Interest earned on marketable securities held in Trust Account |
( |
) | ( |
) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
( |
) | ||||||
Income taxes payable |
— |
|||||||
Accrued expenses |
( |
) | ||||||
|
|
|
|
|||||
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 |
— |
( |
) | |||||
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|
|
|
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Net cash used in investing activities |
— |
( |
) | |||||
Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discounts paid |
— |
|||||||
Proceeds from sale of Private Placements Warrants |
— |
|||||||
Repayment of promissory note – related party |
( |
) | ||||||
Payment of offering costs |
( |
) | ( |
) | ||||
|
|
|
|
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Net cash ( used in) provided by financing activities |
( |
) |
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Net Change in Cash |
( |
) |
||||||
Cash – Beginning of period |
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|
|
|
|||||
Cash – End of period |
$ |
$ |
||||||
|
|
|
|
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Non-Cash investing and financing activities: |
||||||||
|
|
|
|
|||||
Offering costs included in accrued offering costs |
$ |
— |
$ | |||||
|
|
|
|
|||||
Remeasurement of Class A common stock to redemption amount |
$ | $ |
||||||
|
|
|
|
|||||
Deferred underwriting fee payable |
$ |
— |
$ | |||||
|
|
|
|
|||||
Forfeiture of Founder Shares |
$ | — |
$ | ( |
) | |||
|
|
|
|
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Nine Months Ended June 30, 2022 |
For the Period from November 30, 2020 (Inception) through June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per common stock |
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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 |
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|
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|
|
|
|
|
|
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Basic and diluted net income (loss) per common stock |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ( |
) |
• | 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. |
Description |
Level |
June 30, 2022 |
Level |
September 30, 2021 |
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Assets: |
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Marketable securities held in Trust Account – U.S Treasury Securities Money Market Fund |
1 | $ | 1 | $ | ||||||||||||||||
Liabilities: |
||||||||||||||||||||
Warrant Liabilities – Public |
1 | $ | 1 | $ | ||||||||||||||||
Warrant Liabilities – Private Warrants Placement |
2 | $ | 2 | $ |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | 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 | |
32.2** | 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 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 Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
* | Filed herewith. |
** | Furnished. |
NORTHERN STAR INVESTMENT CORP. III | ||||||
Date: August 15, 2022 | By: | /s/ Joanna Coles | ||||
Name: | Joanna Coles | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: August 15, 2022 | By: | /s/ James Brady | ||||
Name: | James Brady | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |