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.) | |
(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 to purchase one share of Class A common stock |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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March 31, 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 |
$ | $ | ||||||
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 AND STOCKHOLDERS’ DEFICIT |
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Current liabilities |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Accounts payable – related party |
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Convertible promissory note – related party |
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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 |
Three Months Ended |
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March 31, 2022 |
March 31, 2021 |
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Formation costs and other operating expenses |
$ | $ | ||||||
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Other income (expense): |
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Interest income on marketable securities held in Trust Account |
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Transaction costs allocable to warrant liability |
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Change in fair value of warrant liabilities |
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Other income (expense), net |
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Net income (loss) |
$ | $ | ( |
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Weighted average number of common shares outstanding: |
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Class A - Public shares |
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Class A - Private shares |
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Class B - Common stock |
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Basic and diluted net income (loss) per share: |
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Class A - Public shares |
$ | $ | ( |
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Class A - Private shares |
$ | $ | ( |
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Class B - Common stock |
$ | $ | ( |
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Class A |
Class B |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Common Stock |
Common Stock |
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Shares |
Amount |
Shares |
Amount |
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Balance—December 31, 2021 |
$ | $ |
$ | $ |
( |
) | $ |
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Net income |
— | — | — | |||||||||||||||||||||||||
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Balance – March 31, 2022 |
$ |
$ |
$ |
$ |
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Class A |
Class B |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
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Common Stock |
Common Stock |
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Shares |
Amount |
Shares |
Amount |
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Balance—December 31, 2020 |
$ |
$ |
$ |
$ | ( |
) | $ |
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Issuance of common stock (private units), net of proceeds allocated to private warrant liability |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
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Accretion to Class A common stock redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
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Balance – March 31, 2021 |
$ |
$ |
$ |
$ | ( |
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Three Months Ended |
Three Months Ended |
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March 31, 2022 |
March 31, 2021 |
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Cash flow from operating activities: |
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Net income (loss) |
$ | $ | ( |
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Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Interest income earned on marketable securities held in Trust Account |
( |
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Change in fair value of warrant liabilities |
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Transaction costs allocable to warrant liabilities |
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Changes in operating assets and liabilities |
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Prepaid expenses |
( |
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Accounts payable and accrued expenses |
( |
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Accounts payable – related party |
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Net cash used in operating activities |
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Cash flow from investing activities: |
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Investment of cash 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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Proceeds from promissory note—Sponsor |
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Paydown of promissory note—Sponsor |
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Proceeds from convertible promissory note – related party |
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Payment of deferred offering costs |
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Proceeds from issuance of common stock (public units) |
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Proceeds from issuance of common stock (private units) |
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Net cash provided by financing activities |
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Net change in cash |
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Cash at the beginning of the period |
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Cash at the end of the period |
$ | $ | ||||||
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Supplemental disclosure of non-cash activities: |
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Deferred underwriting fees payable |
$ | $ | ||||||
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For the three months ended March 31, 2022 |
For the three months ended March 31, 2021 |
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Class A common stock subject to redemption |
Non-redeemable Class A common stock |
Class B Common Stock |
Class A common stock subject to redemption |
Non-redeemable Class A common stock |
Class B Common Stock |
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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) |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
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Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per common stock |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
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Gross proceeds |
$ | |||
Less: Proceeds allocated to Public Warrants |
( |
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Less: Class A common stock issuance costs |
( |
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Add: Accretion of carrying value to redemption value |
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Class A common stock subject to possible redemption |
$ | |||
Level 1: |
Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: |
Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: |
Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability. |
• | Founder Shares and Private Shares are subject to certain transfer restrictions, as described in more detail below . |
• | The Initial Stockholders have agreed to |
• | waive redemption rights with respect to Founder Shares, Private Shares, and any Public Shares held by them in connection with the completion of the initial Business Combination; |
• | waive redemption rights with respect to Founder Shares, Private Shares, and any Public Shares held by them in connection with a stockholder vote to approve an amendment to the amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with the initial Business Combination or to redeem pre-initial Business Combination activity; and |
• | waive their rights to liquidating distributions from the Trust Account with respect to Founder Shares if the Company fails to complete the initial Business Combination during the Combination Period, although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold. |
• | Founder Shares are shares of Class B common stock that will automatically convert into shares of Class A common stock at the time of the initial Business Combination, or at any time prior thereto at the option of the holder, on a one-for-one . |
• |
Holders of Founder Shares and Private Shares are entitled to registration rights. |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price of Class A common stock for any |
• | Will be non-redeemable |
• | May not, subject to certain limited exceptions, be transferred, assigned, or sold by the Sponsor until |
• | May be exercised on a cashless basis, so long as they are held by the Sponsor or its permitted transferees |
Description |
Level |
March 31, 2022 |
December 31, 2021 |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | |
$ | |
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Liabilities: |
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Private Warrants |
2 | $ | $ | |||||||||
Public Warrants |
1 | $ | $ |
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
GAMING & HOSPITALITY ACQUISITION CORP. | ||||||
Date: May 13, 2022 | By: | /s/ Mary Elizabeth Higgins | ||||
Name: | Mary Elizabeth Higgins | |||||
Title: | Chief Executive Officer and Director | |||||
Principal Executive Officer | ||||||
Date: May 13, 2022 | By: | /s/ Andrei Scrivens | ||||
Name: | Andrei Scrivens | |||||
Title: | Chief Financial Officer | |||||
Principal Financial and Accounting Officer |