QUARTERLY REPORT UNDER 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) |
(IRS Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half of one Redeemable Warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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Item 1. |
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1 |
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2 |
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3 |
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4 |
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5 |
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Item 2. |
23 |
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Item 3. |
28 |
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Item 4. |
28 |
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Item 1. |
29 |
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Item 1A. |
29 |
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Item 2. |
31 |
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Item 3. |
31 |
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Item 4. |
31 |
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Item 5. |
31 |
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Item 6. |
32 |
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33 |
March 31, 2022 |
December 31, 2021 |
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(Unaudited) |
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Assets: |
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Current assets: |
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Cash |
$ | $ | ||||||
Prepaid expenses and other |
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Total current assets |
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Investments held in Trust Account |
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Total Assets |
$ |
$ |
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|
|
|
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Liabilities and Stockholders’ Deficit: |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Franchise tax payable |
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Accrued expenses |
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Convertible promissory note—related party |
— | |||||||
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|
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Total current liabilities |
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Deferred underwriting fee payable |
$ | |||||||
Warrant liabilities |
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Total liabilities |
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Commitments and Contingencies (Note 6) |
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Class A common stock, $ |
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Stockholders’ Deficit: |
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Preferred stock, $ |
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Class A common stock, $ |
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Class B common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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|
|
|
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Total Stockholders’ Deficit |
( |
) | ( |
) | ||||
|
|
|
|
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Total Liabilities and Stockholders’ Deficit |
$ |
$ |
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|
|
|
|
For the Three Months Ended March 31, |
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2022 |
2021 |
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Operating and formation costs |
$ | $ | ||||||
Expensed offering costs |
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Franchise tax expense |
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|
|
|
|
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Loss from operations |
( |
) | ( |
) | ||||
Unrealized gain on investments held in Trust Account |
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Interest Income |
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Change in fair value of warrant liabilities |
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Change in fair value of convertible promissory note - related party |
— | |||||||
|
|
|
|
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Net income |
$ |
$ |
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|
|
|
|
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Basic and diluted weighted average shares outstanding, Class A common stock |
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|
|
|
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Basic and diluted net income per share, Class A common stock |
$ |
$ |
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|
|
|
|
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Basic and diluted weighted average shares outstanding, Class B common stock |
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|
|
|
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Basic and diluted net income per share, Class B common stock |
$ |
$ |
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|
|
|
Three Months Ended March 31, 2022 |
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Common Stock |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance - January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Proceeds received in excess of initial fair value of convertible promissory note - related party |
— |
— |
— |
— |
— |
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
Balance - March 31, 2022 |
$ |
$ |
$ |
$ |
( |
$ |
( |
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Three Months Ended March 31, 2021 |
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Common Stock |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Stockholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance - January 1, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Excess of cash received over fair value of private placement warrants |
— | — | — | — | ||||||||||||||||||||||||
Accretion of Class A common stock to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Balance - March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Three Months Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
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Cash Flows from Operating Activities: |
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Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash used in operating activities: |
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Change in fair value of convertible promissory note - related party |
( |
) | — | |||||
Expensed offering costs on issuance of Public Warrants |
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Unrealized gain on investments held in Trust Account |
( |
) | ( |
) | ||||
Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Changes in operating assets and liabilities: |
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Accounts payable |
||||||||
Franchise tax payable |
( |
) | ( |
) | ||||
Accrued expenses |
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Prepaid 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 deposited in Trust Account |
( |
) | ||||||
Proceeds from Trust Account for payment of franchise taxes |
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Net cash provided by (used in) investing activities |
( |
) | ||||||
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|
|
|
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Cash Flows from Financing Activities: |
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Repayment of promissory note |
( |
) | ||||||
Proceeds from initial public offering, net of underwriter’s discount paid |
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Proceeds from sale of private placement warrants |
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Proceeds from convertible promissory note—related party |
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Reimbursed offering costs |
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Offering costs paid |
( |
) | ||||||
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Net cash provided by financing activities |
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Net change in cash |
( |
) | ||||||
Cash - beginning of period |
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Cash - end of period |
$ |
$ |
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Supplemental disclosure of noncash investing and financing activities: |
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Excess of cash received over fair value of convertible promissory note - related party |
$ | |||||||
Accretion of Class A common stock subject to redemption to redemption value |
$ | $ | ||||||
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|
|
|
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Deferred underwriting fee payable |
$ | $ | ||||||
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|
|
|
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Reclassification of deferred offering costs to equity upon completion of the initial public offering |
$ | $ | ||||||
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Gross proceeds |
$ | |
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Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Issuance costs allocated to Class A common stock |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A common stock subject to possible redemption |
$ |
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For the Three Months Ended March 31, 2022 |
For the Three Months Ended March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per share: |
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Numerator: |
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Net income |
$ | |
$ | |
$ | |
$ | |||||||||
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Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income per share |
$ | |
$ | |
$ | |
$ | |
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• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the closing price of the common stock equals or exceeds $ |
Description |
Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
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March 31, 2022 |
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Assets |
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Investments held in Trust Account: |
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Money Market investments |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities |
||||||||||||||||
Warrant liability – Public Warrants |
$ | $ | $ | — | $ | — | ||||||||||
Warrant liability – Private Placement Warrants |
$ | $ | — | $ | $ | — | ||||||||||
Convertible promissory note - related party |
$ | $ | — | $ | — | $ |
Description |
Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
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December 31, 2021 |
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Assets |
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Investments held in Trust Account: |
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Money Market investments |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities |
||||||||||||||||
Warrant liability – Public Warrants |
$ | $ | $ | — | $ | — | ||||||||||
Warrant liability – Private Placement Warrants |
$ | $ | — | $ | $ | — |
At January 12, 2021 (Initial Measurement) |
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Stock price |
$ | |||
Strike price |
$ | |||
Probability of completing a Business Combination |
% | |||
Expected life of the option to convert (in years) |
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Volatility |
pre-merger / |
| ||
Risk-free rate |
% | |||
Fair value of warrants |
$ |
As of December 31, 2021 |
As of March 31, 2022 |
As of March 31, 2021 |
||||||||||
Stock price |
$ | $ | $ | |||||||||
Strike price |
$ | $ | $ | |||||||||
Probability of completing a Business Combination |
% | % | % | |||||||||
Dividend yield |
— | % | — | % | — | % | ||||||
Remaining term (in years) |
||||||||||||
Volatility |
% | % | % | |||||||||
Risk-free rate |
% | % | % | |||||||||
Fair value of warrants |
$ | $ | $ |
As of March 2, 2022 (Initial Measurement) |
As of March 25, 2022 (Initial Measurement) |
As of March 31, 2022 |
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Warrant price |
$ |
$ |
$ |
|||||||||
Conversion price |
$ |
$ |
$ |
|||||||||
Expected term |
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Warrant volatility |
% |
% |
% | |||||||||
Risk free rate |
% |
% |
% | |||||||||
Discount rate |
% |
% |
% | |||||||||
Probability of completing a Business Combination |
% |
% |
% | |||||||||
Fair value convertible promissory note - related party |
$ |
$ |
$ |
Private Placement |
Public Warrants |
Warrant Liabilities |
||||||||||
Fair value as of December 31, 2020 |
$ | $ | $ | |||||||||
Initial measurement at January 12, 2021 |
||||||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of March 31, 2021 |
$ | $ | $ | |||||||||
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
||||||||||
Fair value as of December 31, 2021 |
$ | $ | $ | |||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | $ | ( |
) | |||||
Fair value as of March 31, 2022 |
$ | $ | $ | |||||||||
Fair value at August 10, 2020 (inception) |
$ | — | ||
Initial measurement of Public Warrants and Private Placement Warrants as of January 12, 2021 |
||||
Change in fair value |
( |
) | ||
Transfer of Public Warrants to Level 1 measurement |
( |
) | ||
Transfer of Private Placement Warrants to Level 2 measurement |
( |
) | ||
Initial measurement of draw on convertible promissory note - related party on March 2, 2022 |
||||
Initial measurement of draw on convertible promissory note - related party on March 25, 2022 |
||||
Change in fair value |
( |
) | ||
Fair value as of March 31, 202 2 |
$ |
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ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
* | Filed herewith. |
** | Furnished herewith. |
Tastemaker Acquisition Corp. | ||||||
Date: May 17, 2022 | By: | /s/ David Pace | ||||
Name: David Pace | ||||||
Title: Co-Chief Executive Officer | ||||||
Date: May 17, 2022 | By: | /s/ Andrew Pforzheimer | ||||
Name: Andrew Pforzheimer | ||||||
Title: Co-Chief Executive Officer | ||||||
Date: May 17, 2022 | By: | /s/ Christopher Bradley | ||||
Name: Christopher Bradley | ||||||
Title: Chief Financial Officer |