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 |
(I.R.S. Employer | |
incorporation or organization) |
Identification Number) | |
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(Address of principal executive offices) |
(Zip Code) |
Title of Each Class |
Trading Symbols |
Name of Each Exchange on Which Registered | ||
Ordinary |
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Share and one-fourth of one Warrant |
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01 per |
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share |
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for |
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one Class A Ordinary Share at an exercise price |
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of $11.50 per share |
Large Accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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Item 1. |
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3 |
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4 |
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5 |
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6 |
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7 |
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Item 2. |
19 |
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Item 3. |
22 |
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Item 4. |
22 |
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23 |
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Item 1A. |
23 |
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Item 2. |
24 |
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Item 6. |
25 |
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26 |
Item 1. |
Financial Statements. |
June 30, 2021 |
December 31, 2020 |
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(Unaudited) |
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ASSETS |
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Cash |
$ | $ | — | |||||
Prepaid expenses |
— | |||||||
Other current assets |
— | |||||||
Total current assets |
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Deferred offering costs associated with proposed public offering |
— | |||||||
Investments held in trust account |
— | |||||||
Other assets |
— | |||||||
Total assets |
$ | $ | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY ( D E FICIT) |
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Current liabilities: |
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Accounts payable |
$ | $ | — | |||||
Accrued offering costs |
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Accrued expenses |
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Backstop placement fee payable to related party |
— |
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Due to related party |
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Total current liabilities |
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Deferred underwriting fees payable |
— | |||||||
Backstop liability |
— | |||||||
W arrant liability |
— | |||||||
Total liabilities |
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Commitments and Contingencies |
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Class A Ordinary shares subject to possible redemption, and s hares at redemption value of $per share as of June 30, 2021 and December 31, 2020 , respectively |
— | |||||||
Shareholders’ Equity: |
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Preference shares, $ |
— | |||||||
Class A ordinary shares, $ and - issued andshares outstanding (excluding as of June 30, 2021 and December 31, 2020 , respectively |
— | |||||||
Class B ordinary shares, $ outstanding , respectively |
— | |||||||
Class C ordinary shares, $ - outstanding as of June 30, 2021 and December 31, 2020, respectively |
— | |||||||
Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total shareholders’ equity (d e ficit) |
( |
) | ||||||
Total Liabilities and Shareholders’ Equity |
$ |
$ |
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For the Three Months Ended 2021 |
For the Six Months Ended June 30, 2021 |
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Formation and operating costs |
$ | $ | ||||||
Loss from operations |
( |
) | ( |
) | ||||
Other expense : |
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Loss on change in fair value of warrant liabilit y |
( |
) |
( |
) | ||||
Loss on change in fair value of backstop liabilit y |
( |
) | ( |
) | ||||
O ffering costs allocated to warrant liability |
— |
( |
) | |||||
Backstop placement fee expense |
( |
) |
( |
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Net Loss |
$ |
( |
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$ |
( |
) | ||
Weighted average shares outstanding of Class A redeemable ordinary shares |
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Basic and diluted net income per ordinary share, Class A |
$ |
$ |
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Weighted average Class B and Class C non-redeemable ordinary shares outstanding, basic and diluted |
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Basic and diluted net loss per ordinary share, Class B and Class C |
$ |
( |
) |
$ |
( |
) | ||
Ordinary Shares |
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Class A |
Class B |
Class C |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
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Balance as of January 1, 2021 |
— | $ | — | $ | — | — | $ | — | $ | — | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||
Cancellation of Class B ordinary share to Sponsor |
— | — | ( |
) | — | — | — | — |
— | — | ||||||||||||||||||||||||||
Issuance of Class B Sponsor |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of |
— | — | — | — | — |
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Sale of Units in Initial Public Offering, less fair value of Public Warrants |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Offering costs |
— | — | — | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||
Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | — | — | — | — | ( |
) | — | ( |
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Net loss |
— | — | — | — | — | — | — | ( |
) | ( |
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Balance as of March 31, 2021 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Change in value of Class A ordinary shares subject to possible redemption |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | ( |
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Balance as of June 30, 2021 |
$ |
$ |
$ |
$ |
$ |
( |
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$ |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Loss on change in fair value of warrant liability |
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Loss on change in fair value of ba ckstop liability |
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Offering cost allocated to warrant liabilit y |
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Backstop placement fee payable to related party |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Other assets |
( |
) | ||
Accounts payable |
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Accrued expenses |
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Due to related part y |
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Net cash used in operating activities |
( |
) | ||
Cash Flows from Investing Activities: |
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Investment of cash into Trust Account |
( |
) | ||
Net cash used in investing activities |
( |
) | ||
Cash Flows from Financing Activities: |
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Repayment of promissory note - related party |
( |
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Proceeds from sale of Units, net of deferred underwriting fees paid |
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Proceeds from Private Placement Warrants |
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Offering costs paid |
( |
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Net cash provided by financing activities |
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Net increase in cash |
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Cash - beginning of period |
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Cash - end of period |
$ | |||
Supplemental disclosure of noncash investing and financing activities: |
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Initial classification of Class A ordinary shares subject to possible redemption |
$ | |||
Change in value of Class A ordinary shares subject to possible redemption |
$ | ( |
) | |
Initial classification of warrant liability |
$ | |||
Issuance of Class B and Class C ordinary shares to Sponsor as settlement of due to related part y |
$ | |||
Deferred offering costs included in accrued expenses |
$ | |||
Deferred offering costs paid through promissory note - related party |
$ | |||
Deferred underwriting fees payable |
$ | |||
• | 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 June 30, 2021 |
For the Six Months Ended June 30, 2021 |
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Redeemable Class A Ordinary Shares |
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Numerator: Earnings allocable to Redeemable Class A Ordinary Shares |
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Gain on marketable securities (net), dividends and interest, held in Trust Account |
$ | $ | ||||||
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Net Earnings allocable to Redeemable Class A Ordinary Shares |
$ | $ | ||||||
Denominator: Weighted Average Share Outstanding, Redeemable Class A Ordinary Shares |
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Basic and diluted weighted average shares outstanding, Redeemable Class A |
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Basic and diluted net earnings per share, Redeemable Class A |
$ | $ | ||||||
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Non-Redeemable Class B and Class Ordinary SharesC |
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Numerator: Net Loss minus Redeemable Net Earnings |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Less: Net Earnings allocable to Redeemable Class A Ordinary Shares |
— | — | ||||||
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Net Loss attributable to Non-Redeemable Class B and Class C Ordinary Shares |
$ | ( |
) | $ | ( |
) | ||
Denominator: Weighted Average Non-Redeemable Class B and Class C Ordinary Shares |
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Basic and diluted weighted average shares outstanding, Non-Redeemable Class B and Class C |
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Basic and diluted net loss per share, Non-Redeemable Class B and Class C |
$ | ( |
) | $ | ( |
) | ||
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• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and |
• | if, and only if, the last reported sale price of the Class A ordinary shares for any sub-divisions, share capitalizations, reorganizations, recapitalizations and the like). |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the Reference Value equals or exceeds $ sub-divisions, share dividends, reorganizations, recapitalizations and the like); and |
• | if the Reference Value is less than $ sub-divisions, share dividends, reorganization, recapitalizations and the like) the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Level 1 |
Level 2 |
Total |
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Warrant liabilities: |
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Public Warrants |
$ |
$ |
$ |
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Backstop Agreement |
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Private Placement Warrants |
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Total warrant and backstop liabilities |
$ |
$ |
$ |
Public Warrant Liability |
Private Placement Warrant Liability |
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Fair value, March 2, 2021 |
$ |
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Loss on change in fair value (1) |
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Fair value, March 31, 2021 |
$ |
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Transfer to level 1 |
( |
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Transfer to level 2 |
( |
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Fair value, June 30, 2021 |
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(1) |
Included in Loss on change in fair value of warrant liability o n the unaudited condensed consolidated statement of operations |
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. |
CONTROLS AND PROCEDURES |
ITEM 1A. |
RISK FACTORS. |
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
ITEM 6. |
EXHIBITS. |
* | Filed herewith. |
** | Furnished. |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 3, 2021 and incorporated by reference herein. |
(2) | Previously filed as an exhibit to our Current Report on Form 8-K filed on May 10, 2021 and incorporated by reference herein |
AUSTERLITZ ACQUISITION CORPORATION I | ||||||
Date: August 16, 2021 | /s/ David W. Ducommun | |||||
Name: Title: | David W. Ducommun President ( Principal Executive Officer | |||||
Date: August 16, 2021 | /s/ Bryan Coy | |||||
Name: Title: | Bryan Coy Chief Financial Officer (Principal Financial and Accounting Officer) |