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 | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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Item 3. |
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Item 4. |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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22 |
June 30, 2021 |
December 31, 2020 |
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(Unaudited) |
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ASSETS: |
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Current assets: |
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Cash |
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Prepaid expenses |
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Total current assets |
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Cash and investments held in Trust Account |
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Total Assets |
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LIABILITIES AND STOCKHOLDERS’ EQUITY: |
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Current liabilities: |
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Accounts payable and accrued expenses |
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Total current liabilities |
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Warrant liabilities |
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Deferred underwriting compensation |
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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’ Equity: |
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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’ Equity |
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Total Liabilities and Stockholders’ Equity |
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$ |
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Three months ended June 30, 2021 |
Six months ended June 30, 2021 |
For the period from June 5, 2020 (inception) through June 30, 2020 |
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2021 |
2021 |
2020 |
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(Unaudited) |
(Unaudited) |
(Unaudited) |
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General and administrative expenses |
$ | $ | |
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$ |
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Franchise tax expenses |
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— | |||||||||
Loss from operations |
( |
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Other income: |
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Interest earned on Trust Account |
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Change in fair value of warrant liabilities |
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— |
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Income (loss) before provision for income taxes |
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Provision for income taxes |
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— |
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Net income (loss) |
$ | ( |
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$ |
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Two Class Method: |
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Weighted average number of Class A common stock outstanding |
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— |
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Net income per share, Class A common stock—basic and diluted |
$ | $ | |
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$ |
— |
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Weighted average number of Class B common stock outstanding |
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Net income (loss) per share, Class B common stock—basic and diluted |
$ | ( |
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$ |
— |
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For the three and six months ended June 30, 2021 |
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Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance, December 31, 2020 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||
Change in value of Class A common stock subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance, March 31, 2021 (unaudited) |
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Change in value of Class A common stock subject to possible redemption |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
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Balance, June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
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$ |
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For the period from June 5, 2020 (inception) through June 30, 2020 |
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Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholder’s Equity |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance, June 19, 2020 (inception) |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of common stock to initial stockholder at approximately $ (1) |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
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Balance, June 30, 2020 (unaudited) |
$ |
$ |
$ |
$ |
( |
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$ |
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(1) |
This number included an aggregate of |
Six months ended June 30, 2021 |
For the period from June 5, 2020 (inception) to June 30, 2020 |
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Cash flows 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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Change in fair value of warrant liability |
( |
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Interest income reinvested in Trust Account |
( |
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Changes in operating assets and liabilities: |
— |
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Prepaid expenses |
— | |||||||
Accounts payable and accrued expenses |
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Net cash used in operating activities |
( |
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Cash flows from investing activities: |
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Cash withdrawn from Trust account for tax obligations |
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Net cash provided by investing activities |
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Decrease in cash during period |
( |
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Cash at beginning of period |
— | |||||||
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Cash at end of period |
$ | $ | — | |||||
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Supplemental disclosure of non-cash financing activities: |
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Changes in value of Class A common stock subject to possible redemption |
$ | $ | — | |||||
Offering costs paid by sponsor in exchange for founder shares |
$ | — | $ | |||||
Deferred offering costs included in accrued expenses |
$ | — | $ |
Level |
June 30, 2021 |
December 31, 2020 |
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Liabilities: |
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Warrant liabilities—Public |
1 | $ | $ | |||||||
Warrant liabilities—Private |
3 | $ | $ |
Carrying Value |
Gross Unrealized Holding (Loss) |
Quoted Prices in Active Markets (Level 1) |
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US Government Treasury Securities as of December 31, 2020 (1) |
$ |
$ |
$ |
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Money market funds as of June 30, 2021 |
$ |
— |
$ |
(1) |
Maturity date |
As of June 30, 2021 |
As of December 31, 2020 |
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Exercise price |
$ | $ | ||||||
Stock price |
$ | $ | ||||||
Volatility for private warrants |
% | % | ||||||
Term |
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Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Level 3 warrant liabilities at December 31, 2020 |
$ | |||
Change in fair value of warrant liabilities |
( |
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Level 3 warrant liabilities at June 30, 2021 |
$ | |||
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption; and |
• | if, and only if, the last reported closing price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
• | 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. |
Exhibit No. |
Description | |
32.2** |
Certification of Chief 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 |
The cover page for the Company’s Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101 |
* | Filed herewith |
** | Furnished herewith |
SHARECARE, INC. | ||||||
Date: August 11, 2021 | By: | /s/ Jeffrey Arnold | ||||
Name: Jeffrey Arnold | ||||||
Title: Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
By: | /s/ Justin Ferrero | |||||
Name: Justin Ferrero | ||||||
Title: President and Chief Financial Officer | ||||||
(Principal Financial Officer) |
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a) AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Jeffrey T. Arnold, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Sharecare, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Dated: August 11, 2021 | /s/ Jeffrey T. Arnold | |||
Jeffrey T. Arnold | ||||
Chief Executive Officer and Chairman of the Board (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a) AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Justin Ferrero, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Sharecare, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Dated: August 11, 2021 | /s/ Justin Ferrero | |||
Justin Ferrero | ||||
President and Chief Financial Officer (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Sharecare, Inc. (the Company) on Form 10-Q for the quarterly period ended June 30, 2021, as filed with the Securities and Exchange Commission (the Report), I, Jeffrey T. Arnold, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.
Date: August 11, 2021
By: | /s/ Jeffrey T. Arnold | |
Jeffrey T. Arnold | ||
Chief Executive Officer and Chairman of the Board | ||
(Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Sharecare, Inc. (the Company) on Form 10-Q for the quarterly period ended June 30, 2021, as filed with the Securities and Exchange Commission (the Report), I, Justin Ferrero, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.
Date: August 11, 2021
By: | /s/ Justin Ferrero | |
Justin Ferrero | ||
President and Chief Financial Officer | ||
(Principal Financial Officer) |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Jun. 30, 2021 |
Dec. 31, 2020 |
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Redemption value per share (in Dollars per share) | $ 10.00 | $ 10.00 |
Preferred stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock, shares outstanding | 28,851,640 | |
Class A Common Stock | ||
Subject to possible redemption, shares | 29,573,195 | 28,851,640 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 380,000,000 | 380,000,000 |
Common stock, shares issued | 4,926,805 | 5,648,360 |
Common stock, shares outstanding | 4,926,805 | 5,648,360 |
Class B Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 8,625,000 | 8,625,000 |
Common stock, shares outstanding | 8,625,000 | 8,625,000 |
Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($) |
Total |
Additional Paid-in Capital |
Accumulated Deficit |
Class A Common Stock |
Class B Common Stock |
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Balance at Jun. 04, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Balance (in Shares) at Jun. 04, 2020 | 0 | 0 | |||||
Net income (loss) | (683) | (683) | |||||
Issuance of common stock to initial stockholder at approximately $0.003 per share | [1] | 25,000 | 24,137 | $ 863 | |||
Issuance of common stock to initial stockholder at approximately $0.003 per share (in shares) | [1] | 8,625,000 | |||||
Balance at Jun. 30, 2020 | 24,317 | 24,137 | (683) | $ 0 | $ 863 | ||
Balance (in Shares) at Jun. 30, 2020 | 0 | 8,625,000 | |||||
Balance at Dec. 31, 2020 | 5,000,006 | 22,374,012 | (17,375,434) | $ 565 | $ 863 | ||
Balance (in Shares) at Dec. 31, 2020 | 5,648,360 | 8,625,000 | |||||
Change in value of Class A common stock subject to possible redemption | (8,134,220) | (8,134,138) | $ (82) | ||||
Change in value of Class A common stock subject to possible redemption (in shares) | (813,422) | ||||||
Net income (loss) | 8,134,222 | 8,134,222 | |||||
Balance at Mar. 31, 2021 | 5,000,008 | 14,239,874 | (9,241,212) | $ 483 | $ 863 | ||
Balance (in Shares) at Mar. 31, 2021 | 4,834,938 | 8,625,000 | |||||
Balance at Dec. 31, 2020 | 5,000,006 | 22,374,012 | (17,375,434) | $ 565 | $ 863 | ||
Balance (in Shares) at Dec. 31, 2020 | 5,648,360 | 8,625,000 | |||||
Issuance of common stock to initial stockholder at approximately $0.003 per share (in shares) | 34,500,000 | ||||||
Balance at Jun. 30, 2021 | 5,000,007 | 15,158,534 | (10,159,883) | $ 493 | $ 863 | ||
Balance (in Shares) at Jun. 30, 2021 | 4,926,805 | 8,625,000 | |||||
Balance at Mar. 31, 2021 | 5,000,008 | 14,239,874 | (9,241,212) | $ 483 | $ 863 | ||
Balance (in Shares) at Mar. 31, 2021 | 4,834,938 | 8,625,000 | |||||
Change in value of Class A common stock subject to possible redemption | 918,670 | 918,660 | $ 10 | ||||
Change in value of Class A common stock subject to possible redemption (in shares) | 91,867 | ||||||
Net income (loss) | (918,671) | (918,671) | |||||
Balance at Jun. 30, 2021 | $ 5,000,007 | $ 15,158,534 | $ (10,159,883) | $ 493 | $ 863 | ||
Balance (in Shares) at Jun. 30, 2021 | 4,926,805 | 8,625,000 | |||||
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Consolidated Statement of Changes In Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares |
1 Months Ended | |
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Jun. 30, 2020 |
Jun. 30, 2021 |
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Issuance of common stock to initial shareholder per share | $ 0.003 | |
Over-Allotment Option [Member] | Common Class B [Member] | ||
Common Stock, Shares, Subject to Forfeiture | 1,125,000 |
Organization and Business Operations |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Business Operations | 1. Organization and Business Incorporation Falcon Capital Acquisition Corp., our predecessor (the “Company”) was incorporated as a Delaware corporation on June 5, 2020. Subsidiary In connection with the Business Combination with Sharecare, Inc., a Delaware corporation (“New Sharecare”) and the stockholder representative, the Company formed a wholly-owned subsidiary, FCAC Merger Sub Inc., a Delaware corporation (“Merger Sub”). The Merger Sub did not have any activity as of June 30, 2021. The Company has neither engaged in any operations nor generated operating revenues to date. Sponsor The Company’s sponsor is Falcon Equity Investors LLC, a Delaware limited liability company (the “Sponsor”). Fiscal Year End The Company has selected December 31 as its fiscal year end. Business Purpose The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more operating businesses. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Financing The registration statement for the Company’s initial public offering (the “Public Offering”) was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on September 21, 2020. The Company consummated the Public Offering of 34,500,000 units, including the issuance of 4,500,000 units as a result of the underwriters’ exercise of their over-allotment option in full (the “Units”), at $10.00 per Unit on September 24, 2020, generating gross proceeds of $345,000,000. Simultaneously with the closing of the Public Offering, the Company consummated the private placement (the “Private Placement”) of an aggregate of 5,933,334 warrants (the “Private Placement Warrants”) at a price of $1.50 per Private Placement Warrant. Upon the closing of the Public Offering and Private Placement, $345,000,000 from the net proceeds of the Public Offering and the Private Placement was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”). Trust Account The proceeds held in the Trust Account were invested in permitted United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligations. Business Combination On July 1, 2021, Falcon Capital Acquisition Corp., the Company’s predecessor and a Delaware corporation (“FCAC”), consummated the business combination (the “Business Combination”) pursuant to the terms of the Agreement and Plan of Merger, dated February 12, 2021 (the “Merger Agreement”), with Sharecare, Inc., a Delaware corporation (“Legacy Sharecare”), FCAC Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of FCAC (“Merger Sub”), and the stockholder representative. Immediately upon the completion of the Business Combination and the other transactions contemplated by the Merger Agreement (the “Transactions”, and such completion, the “Closing”), Merger Sub merged with and into Legacy Sharecare with Legacy Sharecare surviving the merger as a wholly-owned subsidiary of New Sharecare (as defined below). In connection with the consummation of the Business Combination, FCAC changed its name to “Sharecare, Inc.” See the Company’s Current Report on Form 8-K filed with the SEC on July 8, 2021 for additional information. Private Placement The Company entered into subscription agreements (the “Subscription Agreements”), each dated as of February 12, 2021, with certain investors (the “PIPE Investors”), pursuant to which, among other things, the Company agreed to issue and sell, in private placements to close immediately prior to the Closing, an aggregate of up to 42,560,000 shares of FCAC Class A common stock, par value $0.0001 per share (the “FCAC Class A common stock”) for a purchase price of $10.00 per share (the “Private Placement”). The Private Placement closed immediately prior to the Business Combination on July 1, 2021. The shares of FCAC Class A common stock issued to the Investors became shares of New Sharecare Common Stock upon consummation of the Business Combination. The foregoing description of the Subscription Agreements does not purport to be complete and is qualified in its entirety by the terms and conditions of the form of Subscription Agreement, a copy of which was filed as Exhibit 10.9 to our Annual Report on Form 10-K/A and as described elsewhere in the preliminary proxy statement/prospectus that we filed with the SEC on May 11, 2021. See the Company’s Current Report on Form 8-K filed with the SEC on July 8, 2021 for additional information regarding the Busines Combination and the Private Placement. Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act of 1933, as amended (the “Securities Act”) registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to
non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used. |
Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation These unaudited consolidated financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The interim financial information provided is unaudited, but includes all adjustments which management considers necessary for the fair presentation of the results for the periods ended June 30, 2021. Operating results for the period ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future period and should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2020 filed with the SEC on May 11, 2021 . Liquidity and On September 24, 2020 the Company consummated a $345,000,000 Public Offering consisting of 34,500,000 units at a price of $10.00 per unit (“Unit”). Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value (the “Class A Common Stock”) and one-third of one redeemable warrant (each, a “Public Warrant”). Simultaneously, with the closing of the Public Offering, the Company consummated an approximately $8,900,000 private placement (“Private Placement”) of an aggregate of 5,933,334 warrants (“Private Placement Warrants”) at a price of $1.50 per warrant. Upon closing of the Public Offering and Private Placement on September 24, 2020, $345,000,000 in proceeds (including $12,075,000 of deferred underwriting commissions) from the Public Offering and Private Placement was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”). The remaining $9,005,393 held outside of the Trust Account was used to pay underwriting commissions of $6,900,000 and deferred offering and formation costs. As of June 30, 2021 the Company had an unrestricted cash balance of $13,741 , a working capital deficiency of $461,671 and investments held in the Trust Account of $345,008,297. The Company’s working capital needs were satisfied through the funds, held outside of the Trust Account, from the Public Offering. Interest on funds held in the Trust Account was withdrawn to pay taxes. Upon the completion of the Business Combination with Sharecare Inc. on July 1, 2021, the Company received $630,069 from the Trust Account for closing costs advanced by the Company. In addition, all other closing costs were settled and the funds were released from the Trust Account pursuant to the Merger Agreement. For additional details on the Business Combination with Sharecare, including the Private Placement for $425.6 million, please see Note 1—Business Combination. Net Income (Loss) Per Share Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The Company has not considered the effect of the Warrants sold in the Initial Public Offering and Private Placement of 11,500,000 and 5,933,334, respectively, since the average market price of the Company’s Class A common stock for the three and six months ended June 30, 2021 was below the Warrants’ $11.50 exercise price. As a result, diluted income per common stock is the same as basic net income per common share for the periods presented. The Company’s unaudited consolidated statements of operations includes a presentation of net income (loss) per share for common shares subject to redemption in a manner similar to the two-class method of net income (loss) per share. Net income per common share for basic and diluted Class A common stock for the three months ended June 30, 2021 is calculated by dividing the interest income earned on the Trust Account of $8,319 net of franchise taxes of $8,319, and income taxes of nil by the weighted average number of Class A redeemable common stock outstanding for the period. Net income per common share for basic and diluted Class A common stock for the six months ended June 30, 2021 is calculated by dividing the interest income earned on the Trust Account of $73,798 net of franchise taxes of $63,604, and income taxes of nil by the weighted average number of Class A redeemable common stock outstanding for the period. Net income per share, basic and diluted for Class B common stock for the three months ended June 30, 2021 is calculated by dividing the loss from change in fair value of warrant liabilities of $27,000, general and administration expenses of $878,369 and franchise taxes of $13,302, resulting in a net loss of $918,671, by the weighted average number of Class B common stock outstanding for the period. Net income per share, basic and diluted for Class B common stock for the six months ended June 30, 2021 is calculated by dividing the gain from change in fair value of warrant liabilities of $8,946,000 offset by general and administration expenses of $1,740,643, resulting in a net income of $7,205,357, by the weighted average number of Class B common stock outstanding for the period. Net income per share, basic and diluted for Class B common stock for the period from June 5, 2020 (inception) through June 30, 2020 is calculated by dividing formation costs of $683, by the weighted average number of Class B common stock outstanding for the period. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Depository Insurance Corporation coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets, primarily due to their short-term nature. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future conforming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information bec o mes available and accordingly the actual results could differ significantly from those estimates. Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. As of June 30, 2021 and December 31, 2020, the Company had no cash equivalents. Class A Common Stock Subject to Possible Redemption As discussed in Note 1, all of the 34,500,000 shares of Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of shares of Class A common stock under the Charter. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company has not specified a maximum redemption threshold, its Charter provides that in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable shares of Class A common stock shall be affected by charges against additional paid in capital. Accordingly, at June 30, 2021 and December 31, 2020, 29,573,195 and 28,851,640, respectively of the 34,500,000 shares of Class A common stock subject to possible redemption included in the Units were classified as temporary equity, outside of the stockholders’ equity section on the Company’s consolidated balance sheet s , at approximately $10.00 per share. Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1. Income Taxes The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements. In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the c u rrent models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. There were no unrecognized tax benefits as of June 30, 2021 and December 31, 2020. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be of $0. more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The Company’s current taxable income primarily consists of interest income on the Trust Account. The Company’s general and administrative costs are generally considered start-up costs and are not currently deductible. During the three and six months ended June 30, 2021 and the period from June 5, 2020 (inception) through December 31, 2020, the Company recorded income tax expense |
Trust Account and Fair Value Measurements |
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Trust Account and Fair Value Measurements | 3. Trust Account and Fair Value Measurements The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using the Black Scholes Option Price Model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Black Scholes Option Price Model each measurement date. The fair value of Public Warrants issued in connection with the Public Offering have been measured based on the listed market price of such warrants since November 2020 when the warrants began separately trading. During the three months ended June 30, 2021, the Company recognized a loss resulting from an increase in the fair value of warrant liabilities of $27,000. For the the six months ended June 30, 2021, the Company recognized a gain resulting from a decrease in the fair value of warrant liabilities of $8.9 million presented as change in fair value of warrant liabilities in the accompanying unaudited consolidated statements of operations. The following table presents information about the Company’s financial liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by level within the fair value hierarchy:
Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. There were no transfers between levels for the three and six months ended June 30, 2021. During the three and six months ended June 30, 2021, the Company withdrew $42,613 and $147,620, respectively from the Trust Account for working capital to pay franchise taxes. The estimated fair value of the Private Placement Warrants is determined using Level 3 inputs. Inherent in a Black Scholes Option Price Model are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury at zero.zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining As of December 31, 2020, investment securities in the Company’s Trust Account consisted of $345,081,176 in United States Treasury Bills and another $943 held as cash. The Company classifies its Treasury Instruments and equivalent securities as held-to-maturity in accordance with FASB ASC 320 “Investments – Debt and Equity Securities”. Held-to-maturity securities are those securities which the Company has the ability and intent to hold until maturity. Held-to-maturity treasury securities are recorded at amortized cost on the accompanying consolidated balance sheets and adjusted for the amortization or accretion of premiums or discounts. The following table presents fair value information as of June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In addition, the table presents the carrying value (held to maturity), excluding accrued interest income and gross unrealized holding loss. Since all of the Company’s permitted investments consist of U.S. government treasury bills and cash, fair values of its investments are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets as follows:
The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:
The change in the fair value of the Level 3 warrant liabilities for the three months ended June 30, 2021 is summarized as follows:
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Public Offering |
6 Months Ended |
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Jun. 30, 2021 | |
Public Offering [Abstract] | |
Public Offering | 4. Public Offering Public Units In the Public Offering, which closed September 24, 2020, the Company sold 34,500,000 Units, including the issuance of 4,500,000 units as a result of the underwriters’ exercise of their over-allotment option in full, at a price of $10.00 per Unit. Each Unit consists of one share of Class A Common Stock and one-third of one redeemable warrant (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to purchase one share of Class A Common Stock at a price of $11.50 per share. Each Warrant will become exercisable on the later of 30 days after the completion of our initial business combination and 12 months from the closing of the Public Offering. The exercise price and number of shares of Class A Common Stock issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. The Company granted the underwriters a
45-day option to purchase up to 4,500,000 additional Units to cover any over-allotment, at the Public Offering price less the underwriting discounts and commissions. On September 24, 2020, the Company issued 4,500,000 Units in connection with the underwriters’ exercise of the over-allotment option in full. |
Related Party Transactions |
6 Months Ended |
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Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions Founder Shares On June 5, 2020, the Sponsor received 8,625,000 shares of Class B common stock (the “Founder Shares”) in exchange for a capital contribution of $25,000, or approximately $0.003 per share. In addition, up to 1,125,000 Founder Shares could have been forfeited by the initial stockholders depending on the exercise of the underwriters’ over-allotment option. As a result of the underwriters’ election to fully exercise their over-allotment option, no Founder Shares are currently subject to forfeiture. The Founder Shares are identical to the shares of Class A Common Stock included in the Units sold in the Public Offering except that the Founder Shares are subject to certain transfer restrictions, as described in more detail below. On August 26, 2020, the Sponsor transferred 20,000 Founder Shares to each of three directors of the Company, resulting in the Sponsor holding 8,565,000 Founder Shares. The initial stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (A) one year after the completion of the Company’s initial Business Combination, or earlier if, subsequent to the Company’s initial Business Combination, the closing price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, and (B) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction after the initial Business Combination that results in all of the Company’s stockholders having the right to exchange their common stock for cash, securities or other property. Private Placement In conjunction with the Public Offering, the Sponsor purchased an aggregate of 5,933,334 Private Placement Warrants, at a price of $1.50 per warrant (approximately $8,900,000 in the aggregate) in the Private Placement. Each Private Placement Warrant entitles the holder to purchase one share of Class A Common Stock at $11.50 per share. A portion of the purchase price of the Private Placement Warrants was added to the proceeds from the Public Offering to be held in the Trust Account such that at closing of the Public Offering, $345,000,000 was placed in the Trust Account. The Private Placement Warrants (including the shares of common stock issuable u p on exercise of the Private Placement Warrants) are not transferable, assignable or salable until 30 days after the completion of the initial Business Combination and they are non-redeemable for cash so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers of the Private Placement Warrants or their permitted transferees, the Private Placement Warrants will be redeemable for cash by the Company and exercisable by such holders on the same basis as the warrants included in the Units sold in the Public Offering. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Warrants sold as part of the Units in the Public Offering and have no net cash settlement provisions. Sponsor Loans The Sponsor agreed to loan the Company up to an aggregate of $300,000 by the issuance of an unsecured promissory note (the “Note”) to cover expenses related to the Public Offering. The Note was payable without interest on the earlier of December 31, 2020 or the completion of the Public Offering. As of September 28, 2020, borrowings on the Note totaling $105,393 were repaid in full and accordingly, as of June 30, 2021, there was no amount outstanding under the Note. As of June 30, 2021, the facility was no longer available. Administrative Services Agreement The Company entered into an administrative services agreement in which the Company will pay an affiliate of the Sponsor for office space, utilities and secretarial and administrative services provided to members of the Company’s management team in an amount not to exceed $15,000 per month. The administrative services fee commenced on September 25, 2020. For the three and six months ended June 30, 2021, the Company incurred $45,000 and $90,000 in administrative services expenses under the arrangement, respectively. As of June 30, 2021 and December 31, 2020, $12,000 is included in prepaid expenses in the accompanying consolidated balance sheets. |
Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Registration Rights The holders of the Founder Shares, Private Placement Warrants and Warrants that may be issued upon conversion of working capital loans (and any Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of working capital loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement, requiring the Company to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option to purchase up to 4,500,000 additional Units to cover any over-allotment, at the Public Offering price less the underwriting discounts and commissions. On September 24, 2020, the Company issued 4,500,000 Units in connection with the underwriters’ exercise of the over-allotment option in full. The Company paid an underwriting discount of $6,900,000 ($0.20 per Unit sold) to the underwriters at the closing of the Public Offering on September 24, 2020, with an additional fee (“Deferred Discount”) of $12,075,000 ($0.35 per Unit sold) payable upon the Company’s completion of an initial Business Combination. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its initial Business Combination. The underwriters will not be entitled to any interest accrued on the Deferred Discount, and no Deferred Discount is payable to the underwriters if there is no Business Combination. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s, or its target’s, financial position, and results of its operations, the specific impact is not readily determinable as of the date of these unaudited consolidated financial statements. The unaudited consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Contingent Liability In connection with the Merger Agreement, the Company is contingently liable for merger and acquisition legal fees of approximately $4,000,000. The merger and acquisition legal fees were paid from the amounts held in the Trust Account on July 1, 2021, the Closing Date (see Note 1) of the Business Combination. |
Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Class A Common Stock Class B Common Stock Preferred stock |
Warrants |
6 Months Ended | ||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||
Warrants [Abstract] | |||||||||||||||||
Warrants | 8. Warrants Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of Class A Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A Common Stock issuable upon exercise of the Public Warrants. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement relating to the Warrants. If a registration statement covering the shares of Class A Common Stock issuable upon exercise of the Warrants is not effective by the sixtieth (60th) day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Public Offering, except that the Private Placement Warrants and the shares of Class A Common Stock issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than their initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may call the
Additionally, commencing ninety days after the Warrants become exercisable, the Company may redeem its outstanding Warrants in whole and not in part, for the number of shares of Class A common stock determined by reference to the table set forth in the Company’s prospectus relating to the Public Offering based on the redemption date and the “fair market value” of the Class A Common Stock, upon a minimum of 30 days’ prior written notice of redemption and if, and only if, the last sale price of the shares of Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders, if, and only if, the Private Placement Warrants are also concurrently exchanged at the same price (equal to a number of shares of Class A Common Stock) as the outstanding Warrants, as described above and if, and only if, there is an effective registration statement covering the shares of Class A Common Stock issuable upon exercise of the Warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given. The “fair market value” of the shares of Class A Common Stock is the average last reported sale price of the Class A Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Class A Common Stock issuable upon exercise of the Warrants may be adjusted in certain circumstances. If the Company is unable to complete a Business Combination within the required time period and the Company liquidates the funds held in the Trust Account, holders of Warrants will not receive any of such funds with respect to their Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such Warrants. Accordingly, the Warrants may expire worthless. In addition, if (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the initial stockholders or their affiliates, without taking into account any Founder Shares held by the initial stockholders or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 50% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination, and (z) the volume weighted average trading price of the Class A Common Stock during the 10 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the $18.00 per share redemption trigger price of the Warrants will be adjusted (to the nearest cent) to be equal to 180% of the Market Value. However, if the Company does not complete its initial Business Combination on or prior to September 24, 2022, the Warrants will expire at the end of such period.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events On July 1, 2021, the Company completed the Business Combination and changed its name to Sharecare, Inc. In conjunction with the Business Combination, the holders of 19,864,030 shares of the FCAC’s common stock sold in the Public Offering exercised their right to redeem those shares for cash at a price of approximately $10.00 per share, for an aggregate of approximately $198.6 million, which redemption occurred concurrent with the consummation of the Business Combination. The Company also completed the sale of 42,560,000 shares of Company common stock for $425.6 million in the Private Placement described in Note 1. |
Accounting Policies, by Policy (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited consolidated financial statements of the Company are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The interim financial information provided is unaudited, but includes all adjustments 10-K/A for the period ended December 31, 2020 filed with the SEC on May 11, 2021 .
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Liquidity and Capital Resources | Liquidity and On September 24, 2020 the Company consummated a $345,000,000 Public Offering consisting of 34,500,000 units at a price of $10.00 per unit (“Unit”). Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value (the “Class A Common Stock”) and one-third of one redeemable warrant (each, a “Public Warrant”). Simultaneously, with the closing of the Public Offering, the Company consummated an approximately $8,900,000 private placement (“Private Placement”) of an aggregate of 5,933,334 warrants (“Private Placement Warrants”) at a price of $1.50 per warrant. Upon closing of the Public Offering and Private Placement on September 24, 2020, $345,000,000 in proceeds (including $12,075,000 of deferred underwriting commissions) from the Public Offering and Private Placement was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”). The remaining $9,005,393 held outside of the Trust Account was used to pay underwriting commissions of $6,900,000 and deferred offering and formation costs. As of June 30, 2021 the Company had an unrestricted cash balance of $13,741 , a working capital deficiency of $461,671 and investments held in the Trust Account of $345,008,297. The Company’s working capital needs were satisfied through the funds, held outside of the Trust Account, from the Public Offering. Interest on funds held in the Trust Account was withdrawn to pay taxes. Upon the completion of the Business Combination with Sharecare Inc. on July 1, 2021, the Company received $630,069 from the Trust Account for closing costs advanced by the Company. In addition, all other closing costs were settled and the funds were released from the Trust Account pursuant to the Merger Agreement. For additional details on the Business Combination with Sharecare, including the Private Placement for $425.6 million, please see Note 1—Business Combination. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. The Company has not considered the effect of the Warrants sold in the Initial Public Offering and Private Placement of 11,500,000 and 5,933,334, respectively, since the average market price of the Company’s Class A common stock for the three and six months ended June 30, 2021 was below the Warrants’ $11.50 exercise price. As a result, diluted income per common stock is the same as basic net income per common share for the periods presented. The Company’s unaudited consolidated statements of operations includes a presentation of net income (loss) per share for common shares subject to redemption in a manner similar to the two-class method of net income (loss) per share. Net income per common share for basic and diluted Class A common stock for the three months ended June 30, 2021 is calculated by dividing the interest income earned on the Trust Account of $8,319 net of franchise taxes of $8,319, and income taxes of nil by the weighted average number of Class A redeemable common stock outstanding for the period. Net income per common share for basic and diluted Class A common stock for the six months ended June 30, 2021 is calculated by dividing the interest income earned on the Trust Account of $73,798 net of franchise taxes of $63,604, and income taxes of nil by the weighted average number of Class A redeemable common stock outstanding for the period. Net income per share, basic and diluted for Class B common stock for the three months ended June 30, 2021 is calculated by dividing the loss from change in fair value of warrant liabilities of $27,000, general and administration expenses of $878,369 and franchise taxes of $13,302, resulting in a net loss of $918,671, by the weighted average number of Class B common stock outstanding for the period. Net income per share, basic and diluted for Class B common stock for the six months ended June 30, 2021 is calculated by dividing the gain from change in fair value of warrant liabilities of $8,946,000 offset by general and administration expenses of $1,740,643, resulting in a net income of $7,205,357, by the weighted average number of Class B common stock outstanding for the period. Net income per share, basic and diluted for Class B common stock for the period from June 5, 2020 (inception) through June 30, 2020 is calculated by dividing formation costs of $683, by the weighted average number of Class B common stock outstanding for the period.
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Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Depository Insurance Corporation coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets, primarily due to their short-term nature. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future conforming events. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information bec o mes available and accordingly the actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. As of June 30, 2021 and December 31, 2020, the Company had no cash equivalents. |
Class A Common Stock Subject to Possible Redemption | Class A Common Stock Subject to Possible Redemption As discussed in Note 1, all of the 34,500,000 shares of Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of shares of Class A common stock under the Charter. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company has not specified a maximum redemption threshold, its Charter provides that in no event will the Company redeem its Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable shares of Class A common stock shall be affected by charges against additional paid in capital. Accordingly, at June 30, 2021 and December 31, 2020, 29,573,195 and 28,851,640, respectively of the 34,500,000 shares of Class A common stock subject to possible redemption included in the Units were classified as temporary equity, outside of the stockholders’ equity section on the Company’s consolidated balance sheet s , at approximately $10.00 per share. |
Offering Costs | Offering Costs The Company complies with the requirements of the ASC
340-10-S99-1. |
Income Taxes | Income Taxes The Company complies with the accounting and reporting requirements of Financial Accounting Standards Board Accounting Standard Codification, or FASB ASC, 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. There were no unrecognized tax benefits as of June 30, 2021 and December 31, 2020. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be of $0. more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. The Company’s current taxable income primarily consists of interest income on the Trust Account. The Company’s general and administrative costs are generally considered start-up costs and are not currently deductible. During the three and six months ended June 30, 2021 and the period from June 5, 2020 (inception) through December 31, 2020, the Company recorded income tax expense |
Recent Accounting Pronouncements | Recent Accounting Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s consolidated financial statements. In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the c u rrent models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows. |
Trust Account and Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Account And Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial assets measured at fair value | The following table presents information about the Company’s financial liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by level within the fair value hierarchy:
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Schedule Of Debt Securities Held To Maturity |
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Schedule of quantitative information regarding Level 3 fair value measurements inputs | The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:
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Schedule of change in fair value of Level 3 derivative warrant liabilities | The change in the fair value of the Level 3 warrant liabilities for the three months ended June 30, 2021 is summarized as follows:
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Significant Accounting Policies (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Jul. 01, 2021 |
Sep. 24, 2020 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
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Significant Accounting Policies (Details) [Line Items] | ||||||||
Issuance of public offering value | $ 345,000,000 | |||||||
Number of offering shares (in Shares) | 34,500,000 | |||||||
Public offering share price (in Dollars per share) | $ 10.00 | |||||||
Public offering, description | Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value (the “Class A Common Stock”) and one-third of one redeemable warrant (each, a “Public Warrant”). Simultaneously, with the closing of the Public Offering, the Company consummated an approximately $8,900,000 private placement (“Private Placement”) of an aggregate of 5,933,334 warrants (“Private Placement Warrants”) at a price of $1.50 per warrant. Upon closing of the Public Offering and Private Placement on September 24, 2020, $345,000,000 in proceeds (including $12,075,000 of deferred underwriting commissions) from the Public Offering and Private Placement was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”). The remaining $9,005,393 held outside of the Trust Account was used to pay underwriting commissions of $6,900,000 and deferred offering and formation costs. | |||||||
Cash balance | $ 13,741 | $ 13,741 | $ 1,121,103 | |||||
Working Capital Deficiency | 461,671 | 461,671 | ||||||
Cash and investments held in the trust account | $ 345,008,297 | $ 345,008,297 | 345,082,119 | |||||
Exercise price (in Dollars per share) | $ 11.50 | |||||||
Common shares subject to redemption, description | The Company’s unaudited consolidated statements of operations includes a presentation of net income (loss) per share for common shares subject to redemption in a manner similar to the two-class method of net income (loss) per share. Net income per common share for basic and diluted Class A common stock for the three months ended June 30, 2021 is calculated by dividing the interest income earned on the Trust Account of $8,319 net of franchise taxes of $8,319, and income taxes of nil by the weighted average number of Class A redeemable common stock outstanding for the period. Net income per common share for basic and diluted Class A common stock for the six months ended June 30, 2021 is calculated by dividing the interest income earned on the Trust Account of $73,798 net of franchise taxes of $63,604, and income taxes of nil by the weighted average number of Class A redeemable common stock outstanding for the period. Net income per share, basic and diluted for Class B common stock for the three months ended June 30, 2021 is calculated by dividing the loss from change in fair value of warrant liabilities of $27,000, general and administration expenses of $878,369 and franchise taxes of $13,302, resulting in a net loss of $918,671, by the weighted average number of Class B common stock outstanding for the period. Net income per share, basic and diluted for Class B common stock for the six months ended June 30, 2021 is calculated by dividing the gain from change in fair value of warrant liabilities of $8,946,000 offset by general and administration expenses of $1,740,643, resulting in a net income of $7,205,357, by the weighted average number of Class B common stock outstanding for the period. Net income per share, basic and diluted for Class B common stock for the period from June 5, 2020 (inception) through June 30, 2020 is calculated by dividing formation costs of $683, by the weighted average number of Class B common stock outstanding for the period. | |||||||
Federal depository insurance coverage amount | $ 250,000 | |||||||
Net tangible assets | $ 5,000,001 | |||||||
Shares issued (in Dollars per share) | $ 10.00 | $ 10.00 | ||||||
Offering costs | $ 18,608,160 | $ 18,608,160 | ||||||
Warrant issuance cost | 889,980 | |||||||
Income tax expense | 0 | 0 | $ 0 | |||||
Franchise tax expenses | 21,621 | 63,604 | ||||||
Interest earned on Trust Account | 8,319 | 73,798 | ||||||
Change in fair value of warrant liabilities | 27,000 | (8,946,000) | ||||||
General and administrative expenses | $ 683 | 878,369 | 1,740,643 | |||||
Net income (loss) | $ (683) | $ (918,671) | $ 7,215,551 | |||||
Share care Inc [Member] | ||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||
Proceeds from trust account | $ 630,069 | |||||||
Private Placement [Member] | Subsequent Event [Member] | ||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||
Proceeds from issuance of private placement | $ 425,600,000 | |||||||
Warrant [Member] | Over-Allotment Option [Member] | ||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||
Private placement warrants to purchase (in Shares) | 11,500,000 | |||||||
Common Class A [Member] | ||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||
Shares of common stock issued (in Shares) | 34,500,000 | |||||||
Shares subject to possible redemption (in Shares) | 34,500,000 | |||||||
Outside of permanent equity (in Shares) | 29,573,195 | 29,573,195 | 28,851,640 | |||||
Number of shares (in Shares) | 34,500,000 | |||||||
Franchise tax expenses | $ 8,319 | $ 63,604 | ||||||
Interest earned on Trust Account | $ 8,319 | 73,798 | ||||||
Common Class A [Member] | Warrant [Member] | ||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||
Shares of common stock issued (in Shares) | 5,933,334 | |||||||
Common Class B [Member] | ||||||||
Significant Accounting Policies (Details) [Line Items] | ||||||||
Warrant issuance transaction costs | $ 878,369 | |||||||
Franchise taxes | 13,302 | |||||||
Net income | $ 918,671 | |||||||
Number of shares (in Shares) | [1] | 8,625,000 | ||||||
Change in fair value of warrant liabilities | 8,946,000 | |||||||
General and administrative expenses | 1,740,643 | |||||||
Net income (loss) | $ 7,205,357 | |||||||
Formation costs | $ 683 | |||||||
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Trust Account and Fair Value Measurements (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
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Trust Account And Fair Value Measurements [Line Items] | |||
Change in fair flue of derivative liabilities | $ 8,900,000 | ||
Cash withdrawn from Trust account for tax obligations | $ 42,613 | $ 147,620 | |
Dividend rate | 0.00% | ||
Cash and investments held in Trust Account | 345,008,297 | $ 345,008,297 | $ 345,082,119 |
Change in fair value of warrant liabilities | 27,000 | (8,946,000) | |
US Treasury Securities [Member] | |||
Trust Account And Fair Value Measurements [Line Items] | |||
Cash and investments held in Trust Account | 345,081,176 | 345,081,176 | |
Cash [Member] | |||
Trust Account And Fair Value Measurements [Line Items] | |||
Cash and investments held in Trust Account | $ 943 | $ 943 |
Trust Account and Fair Value Measurements (Details) - Schedule of financial assets measured at fair value - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
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Public [Member] | ||
Liabilities: | ||
Warrant liabilities | $ 11,154,669 | $ 24,725,000 |
Private [Member] | ||
Liabilities: | ||
Warrant liabilities | $ 20,585,000 | $ 15,960,669 |
Trust Account and Fair Value Measurements (Detail) - Schedule Of Debt Securities Held To Maturity - Fair Value, Inputs, Level 1 [Member] - USD ($) |
7 Months Ended | |||
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Dec. 31, 2020 |
Jun. 30, 2021 |
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US Treasury and Government [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Carrying Value | [1] | $ 345,081,176 | ||
Gross Unrealized Holding (Loss) | [1] | 6,149 | ||
Quoted Prices in Active Markets (Level 1) | [1] | $ 345,087,325 | ||
Securities held to maturity, maturity date | Mar. 25, 2021 | |||
Money Market Funds [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Carrying Value | $ 345,008,297 | |||
Quoted Prices in Active Markets (Level 1) | $ 345,008,297 | |||
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Trust Account and Fair Value Measurements (Details) - Schedule of quantitative information regarding Level 3 fair value measurements inputs - Fair Value, Inputs, Level 3 [Member] - $ / shares |
6 Months Ended | 7 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
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Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Exercise price (in Dollars per share) | $ 11.50 | $ 11.50 |
Stock price (in Dollars per share) | $ 9.28 | $ 10.54 |
Volatility for private warrants | 30.00% | 30.30% |
Term | 5 years | 5 years 6 months |
Risk-free rate | 0.87% | 0.43% |
Dividend yield | 0.00% | 0.00% |
Trust Account and Fair Value Measurements (Details) - Schedule of change in fair value of Level 3 derivative warrant liabilities - Fair Value, Inputs, Level 3 [Member] |
3 Months Ended |
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Jun. 30, 2021
USD ($)
| |
Fair Value Measurements (Details) - Schedule of change in fair value of Level 3 derivative warrant liabilities [Line Items] | |
Level 3 warrant liabilities, balance | $ 15,960,669 |
Change in fair value of warrant liabilities | (4,806,000) |
Level 3 warrant liabilities, balance | $ 11,154,669 |
Public Offering (Details) - USD ($) |
1 Months Ended | |
---|---|---|
Sep. 24, 2020 |
Jun. 30, 2021 |
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Public Offering (Details) [Line Items] | ||
Shares issued price per share (in Dollars per share) | $ 0.20 | |
Underwriting discount paid (in Dollars) | $ 6,900,000 | |
Initial Public Offering [Member] | ||
Public Offering (Details) [Line Items] | ||
Sale of an aggregate units | 34,500,000 | |
Over-Allotment Option [Member] | ||
Public Offering (Details) [Line Items] | ||
Sale of an aggregate units | 4,500,000 | |
Shares issued price per share (in Dollars per share) | $ 10.00 | |
Additional units issued | 4,500,000 | |
Underwriting discount paid (in Dollars) | $ 4,500,000 | |
Class A Common Stock | ||
Public Offering (Details) [Line Items] | ||
Purchase price per warrant (in Dollars per share) | $ 11.50 | $ 11.50 |
Related Party Transactions (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|
Aug. 26, 2020 |
Mar. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
Sep. 28, 2020 |
Sep. 24, 2020 |
Jun. 05, 2020 |
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Related Party Transactions (Details) [Line Items] | |||||||
Shares forfeited (in Shares) | 1,125,000 | ||||||
Description of initial stockholders | The initial stockholders have agreed not to transfer, assign or sell any of their Founder Shares until the earlier of (A) one year after the completion of the Company’s initial Business Combination, or earlier if, subsequent to the Company’s initial Business Combination, the closing price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, and (B) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction after the initial Business Combination that results in all of the Company’s stockholders having the right to exchange their common stock for cash, securities or other property. | ||||||
Price per warrant (in Dollars per share) | $ 1.50 | ||||||
Aggregate purchase price | $ 8,900,000 | ||||||
Amount placed in the trust account | 345,000,000 | ||||||
Total borrowings on note | $ 105,393 | ||||||
Amount of administrative service provided to member by company | 15,000 | ||||||
Administrative services fee paid | $ 45,000 | 90,000 | |||||
Administrative Service Agreement [Member] | Prepaid Expenses [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Administrative services fee incurred | 12,000 | $ 12,000 | |||||
Sponsor [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Amount of loans to company by sponsor | $ 300,000 | ||||||
Directors [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Transferred shares (in Shares) | 20,000 | ||||||
Founder Shares [Member] | Sponsor [Member] | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Purchase of aggregate share (in Shares) | 8,625,000 | ||||||
Amount of capital contribution | $ 25,000 | ||||||
Capital contribution per share (in Dollars per share) | $ 0.003 | ||||||
Number of shares holding by the sponsor (in Shares) | 8,565,000 | ||||||
Class A Common Stock | |||||||
Related Party Transactions (Details) [Line Items] | |||||||
Number of shares purchased by the sponsor (in Shares) | 5,933,334 | ||||||
Share Price | $ 11.50 | $ 11.50 |
Commitments and Contingencies (Details) - USD ($) |
1 Months Ended | 6 Months Ended |
---|---|---|
Sep. 24, 2020 |
Jun. 30, 2021 |
|
Commitments and Contingencies (Details) [Line Items] | ||
Number of shares purchased (in Shares) | 4,500,000 | |
Underwriting discount Paid | $ 6,900,000 | |
Sale per price (in Dollars per share) | $ 0.20 | |
Acquisition legal fees | $ 4,000,000 | |
Over-Allotment Option [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Number of shares purchased (in Shares) | 4,500,000 | |
Underwriting discount Paid | $ 4,500,000 | |
Sale per price (in Dollars per share) | $ 10.00 | |
Public Offering price [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Sale per price (in Dollars per share) | $ 0.35 | |
Additional fee | $ 12,075,000 |
Stockholders' Equity (Details) - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Stockholders' Equity (Details) [Line Items] | ||
Class A common stock outstanding | 28,851,640 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Class A Common Stock | ||
Stockholders' Equity (Details) [Line Items] | ||
Common stock, shares authorized | 380,000,000 | 380,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Shares issued | 34,500,000 | |
Shares outstanding | 29,573,195 | |
Class A common stock outstanding | 4,926,805 | 5,648,360 |
Common Stock, Shares, Issued | 4,926,805 | 5,648,360 |
Class B Common Stock | ||
Stockholders' Equity (Details) [Line Items] | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Class A common stock outstanding | 8,625,000 | 8,625,000 |
Common Stock, Shares, Issued | 8,625,000 | 8,625,000 |
Warrants (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
$ / shares
| |
Warrants (Details) [Line Items] | |
Warrants For Redemption | The Company may call the Warrants for redemption (except with respect to the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported closing price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
Business combination, description | (x) the Company issues additional shares of Class A Common Stock or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A Common Stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the initial stockholders or their affiliates, without taking into account any Founder Shares held by the initial stockholders or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 50% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination, and (z) the volume weighted average trading price of the Class A Common Stock during the 10 trading day period starting on the trading day after the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the Market Value, and the $18.00 per share redemption trigger price of the Warrants will be adjusted (to the nearest cent) to be equal to 180% of the Market Value. However, if the Company does not complete its initial Business Combination on or prior to September 24, 2022, the Warrants will expire at the end of such period. |
Class A ordinary shares [Member] | |
Warrants (Details) [Line Items] | |
Common stock equals or exceeds | $ 10.00 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jul. 01, 2021 |
Jun. 30, 2021 |
Sep. 24, 2020 |
|
Subsequent Event [Line Items] | |||
Price per unit (in Dollars per share) | $ 0.20 | ||
Private Placement [Member] | |||
Subsequent Event [Line Items] | |||
Price per unit (in Dollars per share) | $ 1.50 | ||
Sale of stock | 5,933,334 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock business combination redemeed,shares | 19,864,030 | ||
Price per unit (in Dollars per share) | $ 10.00 | ||
Sale of stock consideration received on transaction | $ 198.6 | ||
Subsequent Event [Member] | Private Placement [Member] | |||
Subsequent Event [Line Items] | |||
Sale of stock | 42,560,000 | ||
Proceeds from issuance of private placement | $ 425.6 |
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