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 |
9 | ||
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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18 | ||||
18 | ||||
18 | ||||
18 | ||||
19 | ||||
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20 |
September 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 |
$ | $ | — | |||||
Prepaid expenses |
— | |||||||
Total current assets |
— | |||||||
Deferred offering costs |
— | |||||||
Cash and Investments held in Trust Account |
— | |||||||
TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) |
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Current liabilities |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Accrued offering costs |
— | |||||||
Promissory note – related party |
— | |||||||
Total current liabilities |
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Warrant liabilities |
— | |||||||
Deferred underwriting fee payable |
— | |||||||
TOTAL LIABILITIES |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption; shares at $ per share redemption value at September 30, 2021. |
— | |||||||
Shareholders’ Equity (Deficit) |
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Preference shares, $ |
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Class A ordinary shares, $ possible redemption at September 30, 2021. |
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Class B ordinary shares, $ September 30, 2021 and December 31, 2020 |
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Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total Shareholders’ Equity (Deficit) |
( |
) |
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) |
$ |
$ |
||||||
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
For the Period from August 18, 2020 (Inception) Through September 30, 2020 |
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Operating and formation costs |
$ | $ | $ | |||||||||
Loss from operations |
( |
) |
( |
) |
( |
) | ||||||
Other income: |
— | |||||||||||
Change in fair value of warrant liabilities |
— | |||||||||||
Loss on initial issuance of private placement warrants |
— | ( |
) | — | ||||||||
Interest earned on investments held in Trust Account |
— | |||||||||||
Total other income, net |
— | |||||||||||
Net income (loss) |
$ |
$ |
$ |
( |
) | |||||||
Weighted average shares outstanding, Class A ordinary shares |
— | |||||||||||
Basic and diluted net income per share, Class A |
$ | $ |
$ | — | ||||||||
Weighted average shares outstanding, Class B ordinary shares |
||||||||||||
Basic and diluted net income per share, Class B |
$ | $ |
$ | — | ||||||||
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
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Shares |
Amount |
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Balance – January 1, 2021 |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Accretion for Class A ordinary shares to redemption amount |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||
Net Income |
— | — | — | |||||||||||||||||
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|
|
|
|
|
|
|
|
|
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Balance – March 31, 2021 (unaudited) |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | |||||||||||
Net Loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
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Balance – June 30, 2021 (unaudited) |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | |||||||||||
Net Income |
— | — | — | |||||||||||||||||
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|
|
|
|
|
|
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|
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Balance – September 30, 2021 (unaudited) |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity |
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Shares |
Amount |
|||||||||||||||||||
Balance – August 18, 2020 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— | |||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance – September 30, 2021 (unaudited) |
$ |
$ |
$ |
( |
) |
$ |
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|
|
|
|
|
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|
|
Nine months Ended September 30, |
For the Period from August 18, 2020 (Inception) Through September 30, |
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2021 |
2020 |
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Cash Flows from Operating Activities: |
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Net income (loss) |
$ | $ |
( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Payment of formation and operating costs through issuance of Class B ordinary shares |
— | |||||||
Interest earned on investments held in Trust Account |
( |
) | — | |||||
Change in fair value of warrant liabilities |
( |
) | — | |||||
Loss on initial issuance of private placement warrants |
— | |||||||
Transaction costs associated with sale of warrants in IPO |
— | |||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
( |
) | — | |||||
Accounts payable and accrued expenses |
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|
|
|
|||||
Net cash used in operating activities |
( |
) |
— | |||||
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|
|
|
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Cash Flows from Investing Activities: |
— | |||||||
Investment of cash in Trust Account |
( |
) | — | |||||
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|
|
|||||
Net cash used in investing activities |
( |
) |
— | |||||
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|
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Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discounts paid |
— | |||||||
Proceeds from sale of Private Placement Warrants |
— | |||||||
Repayment of promissory note – related party |
( |
) | — | |||||
Payment of offering costs |
( |
) | — | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
— | |||||||
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|
|
|
|||||
Net Change in Cash |
— | |||||||
Cash – Beginning of period |
— | |||||||
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|
|
|
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Cash – End of period |
$ |
$ |
— | |||||
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|
|
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Non-Cash investing and financing activities: |
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Deferred underwriting fee payable |
$ | $ | — | |||||
|
|
|
|
|||||
Initial classification of Class A ordinary shares subject to possible redemption |
$ | $ | — | |||||
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|
|
|
|||||
Deferred offering costs included in accrued offering costs |
$ | — | $ | |||||
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|
|
|
|||||
Deferred offering costs paid through promissory note - related party |
$ | — | $ | |||||
|
|
|
|
|||||
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares |
$ | — | $ | |
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|
|
|
Balance Sheet as of January 26, 2021 (audited) |
As Previously Reported |
Adjustment |
As Revised |
|||||||||
Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
Class A ordinary shares |
$ | $ | ( |
) | $ | |||||||
Additional paid-in capital |
$ | $ | ( |
) | $ | |||||||
Accumulated deficit |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Total Shareholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) |
Gross proceeds |
$ | |||
Less: |
||||
Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
||||
|
|
|||
Class A ordinary shares subject to possible redemption |
$ | |||
|
|
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
For the Period from August 18, 2020 (Inception)Through September 30, 2020 |
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Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic and diluted net loss per ordinary share |
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Numerator: |
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Allocation of net loss, as adjusted |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
||||||||||||||||||||||||
Basic and diluted net loss per ordinary share |
$ | $ | $ | $ | $ | $ |
• | 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 $ |
• | upon a minimum of |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ a period ending three trading days before the Company sends the notice of redemption to the warrant holders. |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
• | if the closing price of the Class A ordinary shares for any a period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $ |
September 30, 2021 |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and investments held in Trust Account |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
||||||||||||||||
Warrant Liability – Public Warrants |
$ | $ | $ | — | $ | — | ||||||||||
Warrant Liability – Private Placement Warrants |
$ | $ | — | $ | $ |
Private Placement |
Public |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ |
$ |
$ |
|||||||||
Initial measurement on January 26, 2021 |
||||||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Transfer to Level 1 |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Fair value as of March 31, 2021 |
||||||||||||
Change in fair value |
||||||||||||
|
|
|
|
|
|
|||||||
Fair value as of June 30, 2021 |
$ |
$ |
$ |
|||||||||
Change in fair value |
( |
) | ( |
) | ||||||||
Transfer to Level 2 |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Fair value as of September 30, 2021 |
$ |
$ |
$ |
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* | Filed herewith. |
** | Furnished herewith. |
JACK CREEK INVESTMENT CORP. | ||||||
Date: November 8, 2021 | By: | /s/ Robert F. Savage | ||||
Name: | Robert F. Savage | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: November 8, 2021 | By: | /s/ Lauren Ores | ||||
Name: | Lauren Ores | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |