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-half of one Redeemable Warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Item 1. |
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1 |
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2 |
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3 |
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4 |
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5 |
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Item 2. |
22 |
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Item 3. |
27 |
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Item 4. |
27 |
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Item 1. |
28 |
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Item 1A. |
28 |
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Item 2. |
30 |
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Item 3. |
30 |
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Item 4. |
30 |
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Item 5. |
30 |
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Item 6. |
31 |
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32 |
June 30, 2022 |
December 31, 2021 |
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(Unaudited) |
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Assets: |
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Current assets: |
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Cash |
$ | $ | ||||||
Accrued interest receivable |
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Prepaid expenses and other |
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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 and Stockholders’ Deficit: |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Income tax payable |
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Franchise tax payable |
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Accrued expenses |
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Convertible promissory note—related party |
— | |||||||
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Total current liabilities |
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Deferred underwriting fee payable |
$ | |||||||
Warrant liabilities |
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Total liabilities |
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Commitments and Contingencies (Note 6) |
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Class A common stock, $ |
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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, $ outstanding at June 30, 2022 and December 31, 2021 |
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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, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
Six Months Ended June 30, 2021 |
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Operating and formation costs |
$ | $ | $ | $ | ||||||||||||
Expensed offering costs |
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Franchise tax expense |
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Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Unrealized gain on investments held in Trust Account |
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Interest Income |
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Change in fair value of warrant liabilities |
( |
) | ||||||||||||||
Change in fair value of convertible promissory note—related party |
— | — | ||||||||||||||
Income (loss) before income taxes |
$ |
$ |
( |
) |
$ |
$ |
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Income tax expense |
( |
) | — | ( |
) | — | ||||||||||
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Net income (loss) |
$ |
$ |
( |
) |
$ |
$ |
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Basic and diluted weighted average shares outstanding, Class A common stock |
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Basic and diluted net income (loss) per share, Class A common stock |
$ |
$ |
( |
) |
$ |
$ |
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Basic and diluted weighted average shares outstanding, Class B common stock |
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Basic and diluted net income (loss) per share, Class B common stock |
$ |
$ |
( |
) |
$ |
$ |
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Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance - January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||
Proceeds promissory note - related |
— | — | — | — | — | |||||||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||||||
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Balance - March 31, 2022 |
( |
) |
( |
) | ||||||||||||||||||||||||||||
Net Income |
— |
— |
— |
— |
— |
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Balance - June 30, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||
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Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance - January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Excess of cash received over fair value of private placement warrants |
— | — | — | — | ||||||||||||||||||||||||
Accretion of Class A common stock to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - March 31, 2021 |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance - June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
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Six Months Ended June 30, 2022 |
Six Months Ended June 30, 2021 |
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Cash Flows from Operating Activities: |
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Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash used in operating activities: |
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Change in fair value of convertible promissory note - related party |
( |
) | — | |||||
Expensed offering costs on issuance of Public Warrants |
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Unrealized gain on investments held in Trust Account |
( |
) | ( |
) | ||||
Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Changes in operating assets and liabilities: |
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Accrued interest receivable |
( |
) | ||||||
Accounts payable |
||||||||
Income tax payable |
||||||||
Franchise tax payable |
( |
) | ( |
) | ||||
Accrued expenses |
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Prepaid expenses |
( |
) | ||||||
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|
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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 |
( |
) | ||||||
Proceeds from Trust Account for payment of franchise taxes |
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Net cash provided by (used in) investing activities |
( |
) | ||||||
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Cash Flows from Financing Activities: |
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Repayment of promissory note |
( |
) | ||||||
Proceeds from Initial Public Offering, net of underwriter’s discount paid |
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Proceeds from sale of Private Placement Warrants |
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Proceeds from convertible promissory note - related party |
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Reimbursed offering costs |
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Offering costs paid |
( |
) | ||||||
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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 period |
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Cash - end of period |
$ |
$ |
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Supplemental disclosure of noncash investing and financing activities: |
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Excess of cash received over fair value of convertible promissory note - related party |
$ | $ | ||||||
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Accretion of Class A common stock subject to possible redemption at IPO date |
$ | $ | ||||||
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Deferred underwriting fee payable |
$ | $ | ||||||
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Reclassification of deferred offering costs to equity upon completion of the initial public offering |
$ | $ | ||||||
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Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Issuance costs allocated to Class A common stock |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A common stock subject to possible redemption |
$ |
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For the Three Months Ended June 30, 2022 |
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2022 |
For the Six Months Ended 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 share: |
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Numerator: |
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Net income (loss) |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | $ | ||||||||||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per share |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | $ | ||||||||||||||||||||
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the closing price of the common stock equals or exceeds $ |
Description |
Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
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June 30, 2022 |
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Assets |
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Investments held in Trust Account: |
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Money Market investments |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities |
||||||||||||||||
Warrant liability – Public Warrants |
$ | $ | $ | — | $ | — | ||||||||||
Warrant liability – Private Placement Warrants |
$ | $ | — | $ | $ | — | ||||||||||
Convertible promissory note—related party |
$ | $ | — | $ | — | $ |
Description |
Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
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December 31, 2021 |
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Assets |
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Investments held in Trust Account: |
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Money Market investments |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities |
||||||||||||||||
Warrant liability – Public Warrants |
$ | $ | $ | — | $ | — | ||||||||||
Warrant liability – Private Placement Warrants |
$ | $ | — | $ | $ | — |
At January 12, 2021 (Initial Measurement) |
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Stock price |
$ | |||
Strike price |
$ | |||
Probability of completing a Business Combination |
% | |||
Expected life of the option to convert (in years) |
||||
Volatility |
| |||
Risk-free rate |
% | |||
Fair value of warrants |
$ |
As of June 30, 2021 |
As of December 31, 2021 |
As of June 30, 2022 |
||||||||||
Stock price |
$ | $ | $ | |||||||||
Strike price |
||||||||||||
Probability of completing a Business Combination |
% | % | % | |||||||||
Dividend yield |
— | % | — | % | — | % | ||||||
Remaining term (in years) |
||||||||||||
Volatility |
% | % | % | |||||||||
Risk-free rate |
% | % | % | |||||||||
Fair value of warrants |
$ | $ | $ |
As of March 2, 2022 (Initial Measurement) |
As of March 25, 2022 (Initial Measurement) |
As of June 30, 2022 |
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Warrant price |
$ | $ | $ | |||||||||
Conversion price |
$ | $ | $ | |||||||||
Expected term |
||||||||||||
Warrant volatility |
% | % | % | |||||||||
Risk free rate |
% | % | % | |||||||||
Discount rate |
% | % | % | |||||||||
Probability of completing a Business Combination |
% | % | % | |||||||||
Fair value convertible promissory note—related party |
$ | $ | $ |
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
||||||||||
Fair value as of December 31, 2020 |
$ | $ | $ | |||||||||
Initial measurement at January 12, 2021 |
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Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of March 31, 2021 |
||||||||||||
Change in valuation inputs or other assumptions |
||||||||||||
Fair value as of June 30, 2021 |
$ |
$ |
$ |
|||||||||
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
||||||||||
Fair value as of December 31, 2021 |
$ | $ | $ | |||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of March 31, 2022 |
||||||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of June 30, 2022 |
$ |
$ |
$ |
|||||||||
Fair value at August 10, 2020 (inception) |
$ | — | ||
Initial measurement of Public Warrants and Private Placement Warrants as of January 12, 2021 |
||||
Change in fair value |
( |
) | ||
Transfer of Public Warrants to Level 1 measurement |
( |
) | ||
Transfer of Private Placement Warrants to Level 2 measurement |
( |
) | ||
Initial measurement of draw on convertible promissory note—related party on March 2, 2022 |
||||
Initial measurement of draw on convertible promissory note—related party on March 25, 2022 |
||||
Change in fair value |
( |
) | ||
Fair value as of March 31, 2022 |
||||
Change in fair value |
( |
) | ||
Fair value as of June 30, 2022 |
$ |
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No. |
Description of Exhibit | |
31.1 | ||
31.2 | ||
31.3 | ||
32.1 | ||
32.2 | ||
32.3 | ||
99.1 | ||
101.INS | Inline XBRL Instance 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 herewith. |
Tastemaker Acquisition Corp. | ||||||
Date: August 15, 2022 | By: | /s/ David Pace | ||||
Name: David Pace | ||||||
Title: Co-Chief Executive Officer (Principal Executive Officer) | ||||||
Date: August 15, 2022 | By: | /s/ Andrew Pforzheimer | ||||
Name: Andrew Pforzheimer | ||||||
Title: Co-Chief Executive Officer (Principal Executive Officer) | ||||||
Date: August 15, 2022 | By: | /s/ Christopher Bradley | ||||
Name: Christopher Bradley | ||||||
Title: Chief Financial Officer (Principal Financial and Accounting Officer) |