QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-third of one Warrant |
||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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1 | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
19 | ||||
22 | ||||
22 | ||||
23 | ||||
23 | ||||
23 | ||||
24 | ||||
24 | ||||
24 | ||||
25 | ||||
26 |
September 30, 2021 |
December 31, 2020 |
|||||||
(Unaudited) |
(Restated) |
|||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash |
$ | $ | ||||||
Prepaid expenses |
||||||||
Due from Sponsor |
||||||||
Total Current Assets |
||||||||
Cash and marketable securities held in Trust Account |
||||||||
TOTAL ASSETS |
$ |
$ |
||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
||||||||
Current Liabilities – Accounts payable and accrued expenses |
$ | $ | ||||||
Deferred underwriting fee payable |
||||||||
Warrant liabilities |
||||||||
Total Liabilities |
||||||||
Commitments (Note 7) |
||||||||
Class A common stock subject to possible redemption |
||||||||
Stockholders’ Deficit |
||||||||
Preferred stock, $ |
||||||||
Class A common stock, $ |
||||||||
Class B common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total Stockholders’ Deficit |
( |
) |
( |
) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
||||||
Three Months Ended September 30, |
Nine Months Ended September 30, 2021 |
For the Period from March 24, 2020 (Inception) through September 30, 2020 |
||||||||||||||
2021 |
2020 |
|||||||||||||||
Operating and formation costs |
$ | $ | — | $ | $ | |||||||||||
Loss from operations |
( |
) |
— |
( |
) |
( |
) | |||||||||
Other income: |
||||||||||||||||
Interest earned on marketable securities held in Trust Acc o unt |
— | — | ||||||||||||||
Change in fair value of warrant liabilities |
||||||||||||||||
Unrealized loss on marketable securities held in Trust Account |
( |
) | — | ( |
) | — | ||||||||||
Other income, net |
— | — | ||||||||||||||
Net income (loss) |
$ |
$ | — | $ |
$ |
( |
) | |||||||||
Basic and diluted weighted average shares outstanding, Class A common stock |
— |
— |
||||||||||||||
Basic and diluted net income per share, Class A common stock |
$ |
$ |
— |
$ |
$ |
— |
||||||||||
Basic and diluted weighted average shares outstanding, Class B common stock |
||||||||||||||||
Basic and diluted net income (loss) per share, Class B common stock |
$ |
$ |
— |
$ |
$ |
— |
||||||||||
Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance — January 1, 2021 (Restated - See Note 2) |
$ | $ |
$ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
Balance – March 31, 2021 (Restated - See Note 2) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance – June 30, 2021 (Restated - See Note 2) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
Balance – September 30, 2021 |
$ | $ |
$ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Class B Common Stock |
Stock Subscription Receivable from |
Additional Paid in |
Accumulated |
Total Stockholders’ |
||||||||||||||||||||
Shares |
Amount |
Shares |
Capital |
Deficit |
Deficit |
|||||||||||||||||||
Balance – March 24, 2020 (inception) |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Net loss |
— |
( |
) | ( |
) | |||||||||||||||||||
Balance – March 31, 2020 |
( |
) |
( |
) | ||||||||||||||||||||
Issuance of Class B common stock to Sponsor |
( |
) | ||||||||||||||||||||||
Balance – June 30, 2020 |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
Collection of stock subscription receivable from stockholder |
— |
|||||||||||||||||||||||
Net loss |
— | |||||||||||||||||||||||
Balance – September 30, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||
Nine Months Ended September 30, 2021 |
For the Period from March 24, 2020 (Inception) Through September 30, 2020 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Interest earned on marketable securities held in Trust Account |
( |
) | ||||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Unrealized loss on marketable securities held in Trust Account |
||||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
||||||||
Accounts payable and accrued expenses |
||||||||
Net cash used in operating activities |
( |
) |
||||||
Cash Flows from Financing Activities: |
||||||||
Advances to Sponsor |
( |
) | ||||||
Collection of stock subscription receivable from Sponsor |
||||||||
Proceeds from promissory note - related party |
||||||||
Payments of offering costs |
( |
) | ||||||
Net cash (used in) provided by financing activities |
( |
) |
||||||
Net Change in Cash |
( |
) |
||||||
Cash – Beginning of period |
||||||||
Cash – End of period |
$ |
$ |
||||||
Non-Cash investing and financing activities: |
||||||||
Offering costs included in accrued offering costs |
$ |
$ | ||||||
As Previously Reported |
Adjustment |
As Restated |
||||||||||
Balance Sheet as of October 23, 2020 (Audited) |
||||||||||||
Common stock subject to possible redemption |
$ | $ | $ | |||||||||
Class A Common Stock |
$ | $ | ( |
) | $ | |||||||
Additional paid-in capital |
$ | $ | ( |
) | $ | |||||||
Accumulated deficit |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Total Stockholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
Balance Sheet as of December 31, 2020 ( Audited ) |
||||||||||||
Common stock subject to possible redemption |
$ | $ | $ | |||||||||
Class A Common Stock |
$ | $ | ( |
) | $ | |||||||
Additional paid-in capital |
$ | $ | ( |
) | $ | |||||||
Accumulated deficit |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Total Stockholders’ Equity (Deficit ) |
$ | $ | ( |
) | $ | ( |
) | |||||
Balance Sheet as of March 31, 2021 (Unaudited) |
||||||||||||
Common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Class A Common Stock |
$ |
$ |
( |
) |
$ |
|||||||
Additional paid-in capital |
$ |
$ |
( |
) |
$ |
|||||||
Accumulated deficit |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Total Stockholders’ Equity (Deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Balance Sheet as of June 30, 2021 (Unaudited) |
||||||||||||
Common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Class A Common Stock |
$ |
$ |
( |
) |
$ |
|||||||
Additional paid-in capital |
$ |
$ |
( |
) |
$ |
|||||||
Accumulated deficit |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Total Stockholders’ Equity (Deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Statement of Cash Flows for the Period Ended December 31, 2020 (Audited) |
||||||||||||
Initial classification of Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Change in value of Class A common stock subject to possible redemption |
$ |
( |
) |
$ |
$ |
|||||||
Statement of Cash Flows for the Three Months Ended March 31, 2021 (Unaudited) |
||||||||||||
Change in value of Class A common stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
|||||||
Statement of Cash Flows for the Six Months Ended June 30, 2021 (Unaudited) |
||||||||||||
Change in value of Class A common stock subject to possible redemption |
$ |
$ |
( |
) |
$ |
|||||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Period Ended December 31, 2020 (Audited) |
||||||||||||
Sale of Units, net of underwriter discounts and offering expenses |
$ |
$ |
( |
) |
$ |
|||||||
Initial value of Class A Common Stock subject to redemption |
$ |
( |
) |
$ |
$ |
|||||||
Accretion for Class A Common Stock to redemption amount |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total Shareholders’ Equity (Deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended March 31, 2021 (Unaudited) |
||||||||||||
Change in value of Class A Common Stock subject to redemption |
$ |
$ |
( |
) |
$ |
|||||||
Total Shareholders’ Equity (Deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (Unaudited) |
||||||||||||
Change in value of Class A Common stock subject to redemption |
$ |
$ |
( |
) |
$ |
|||||||
Total Shareholders’ Equity (Deficit) |
$ |
$ |
( |
) |
$ |
( |
) |
As Previously Reported |
Adjustment |
As Restated |
||||||||||
Statement of Operations for the Period from March 24, 2020 (Inception) Through December 31, 2020 (Audited) |
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption |
( |
) |
||||||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock |
( |
) |
||||||||||
Basic and diluted net loss (income) per share, Non-redeemable common stock |
$ |
( |
) |
$ |
$ |
|||||||
Weighted average shares outstanding of Class A common stock |
||||||||||||
Basic and diluted net loss per share, Class A common stock |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Weighted average shares outstanding of Class B common stock |
||||||||||||
Basic and diluted loss income per share, Class B common stock |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Statement of Operations for the Three Months Ended March 31, 2021 |
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption |
( |
) |
||||||||||
Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock |
( |
) |
||||||||||
Basic and diluted net income (loss) per share, Non-redeemable common stock |
$ |
$ |
( |
) |
$ |
|||||||
Weighted average shares outstanding of Class A common stock |
||||||||||||
Basic and diluted net income per share, Class A common stock |
$ |
$ |
$ |
|||||||||
Weighted average shares outstanding of Class B common stock |
||||||||||||
Basic and diluted net income per share, Class B common Stock |
$ |
$ |
$ |
|||||||||
Statement of Operations for the Three Months Ended June 30, 2021 |
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption |
( |
) |
||||||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock |
( |
) |
||||||||||
Basic and diluted net loss (income) per share, Non-redeemable common stock |
$ |
( |
) |
$ |
$ |
|||||||
Weighted average shares outstanding of Class A common stock |
||||||||||||
Basic and diluted net loss per share, Class A common stock |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Weighted average shares outstanding of Class B common stock |
||||||||||||
Basic and diluted net loss per share, Class B common stock |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Statement of Operations for the Six Months Ended June 30, 2021 |
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption |
( |
) |
||||||||||
Basic and diluted net income per share, Class A common stock subject to possible redemption |
$ |
$ |
$ |
|||||||||
Basic and diluted weighted average shares outstanding, Non-redeemable common stock |
( |
) |
||||||||||
Basic and diluted net income (loss) per share, Non-redeemable common stock |
$ |
$ |
( |
) |
$ |
|||||||
Weighted average shares outstanding of Class A common stock |
||||||||||||
Basic and diluted net income per share, Class A common stock |
$ |
$ |
$ |
|||||||||
Weighted average shares outstanding of Class B common stock |
||||||||||||
Basic and diluted net income per share, Class B common stock |
$ |
$ |
$ |
Gross proceeds |
$ | |||
Less: |
||||
Proceeds allocated to Public Warrants |
$ | ( |
) | |
Class A common stock issuance costs |
$ | ( |
) | |
Plus: |
||||
Accretion of carrying value to redemption value |
$ | |||
Class A common stock subject to possible redemption |
$ | |||
Three Months Ended September 30, 2021 |
Three Months Ended September 30, 2020 |
Nine Months Ended September 30, 2021 |
For the Period from March 24, 2020 (Inception) Through September 30, 2020 |
|||||||||||||||||||||||||||||
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
|||||||||||||||||||||||||
Basic and diluted net income (loss) per common stock |
||||||||||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Allocation of net income (loss), as adjusted |
$ | $ | $ | $ | $ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Basic and diluted weighted average common stock outstanding |
||||||||||||||||||||||||||||||||
Basic and diluted net income (loss) per common stock |
$ | $ | $ | $ | $ | $ | $ |
$ |
• | 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. |
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon not less than 30 days’ prior written notice of redemption to each warrant holder; and |
• | if, and only if, the last reported sale price of the Class A common stock for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like). |
• | in whole and not in part; |
• | at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A common stock; |
• | if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like); and |
• | if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
• | if, and only if, there is an effective registration statement covering the issuance of 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, or an exemption from registration is available. |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description |
Level |
September 30, 2021 |
Level |
December 31, 2020 |
||||||||
Assets: |
||||||||||||
Marketable securities held in Trust Account |
1 | $ | 1 | $ | ||||||||
Liabilities: |
||||||||||||
Warrant Liability – Public Warrants |
1 | $ | 3 | $ | ||||||||
Warrant Liability – Private Placement Warrants |
2 | 3 | $ |
December 31, 2020 |
||||
Exercise price |
$ | |||
Stock price |
$ | |||
Volatility |
% | |||
Term |
||||
Risk-free rate |
% | |||
Dividend yield |
% |
Private Placement |
Public |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ | $ | $ | |||||||||
Change in fair value |
( |
) | ( |
) | ( |
) | ||||||
Transfers to Level 1 |
( |
) | ( |
) | ||||||||
Transfers to Level 2 |
( |
) | ( |
) | ||||||||
Fair value as of September 30, 2021 |
$ | $ | $ | |||||||||
* | Filed herewith. |
** | Furnished. |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on October 26, 2020 and incorporated by reference herein. |
(2) | Previously filed as an exhibit to our Registration Statement on Form S-1 filed on October 2, 2020 and incorporated by reference herein. |
(3) | Previously filed as an exhibit to our Current Report on Form 8-K filed on July 23, 2021 and incorporated by reference herein. |
DPCM CAPITAL, INC. | ||||||
Date: November 18, 2021 | By: | /s/ Emil Michael | ||||
Name: | Emil Michael | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: November 18, 2021 | By: | /s/ Ignacio Tzoumas | ||||
Name: | Ignacio Tzoumas | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |