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.) |
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 |
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Emerging growth company |
Page |
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Part I. Interim Financial Information |
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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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18 |
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21 |
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21 |
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Part II. Other Information |
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21 |
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21 |
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23 |
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23 |
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23 |
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23 |
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23 |
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24 |
March 31, |
December 31, |
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2022 |
2021 |
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ASSETS |
(Unaudited |
) |
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Current assets |
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Cash |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Investments held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND SHAREHOLDERS’ DEFICIT |
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Current liabilities |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Convertible promissory note – related party |
— | |||||||
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Total current liabilities |
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Warrant liabilities |
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Deferred underwriting fee payable |
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TOTAL LIABILITIES |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption, $ |
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Shareholders’ Deficit |
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Preference shares, $ |
— | |||||||
Class A ordinary shares, $ 34,500,000 |
— | — | ||||||
Class B ordinary shares, $ |
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Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
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Total Shareholders’ Deficit |
( |
) |
( |
) | ||||
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TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT |
$ |
$ |
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For the Three Months Ended March 31, |
For the Three Months Ended March 31, |
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2022 |
2021 |
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Operating and formation costs |
$ | $ | ||||||
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Loss from operations |
( |
) |
( |
) | ||||
Other income: |
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Change in fair value of warrant liabilities |
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Change in fair value of convertible promissory note |
— | |||||||
Loss on initial issuance of Private Placement Warrants |
( |
) | ||||||
Interest earned on investments held in Trust Account |
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Total other income, net |
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Net income |
$ |
$ |
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Weighted average shares outstanding, Class A ordinary shares |
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Basic and diluted net income per share, Class A ordinary shares |
$ |
$ |
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Weighted average shares outstanding, Class B ordinary shares |
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Basic net income per share, Class B ordinary shares |
$ |
$ |
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Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Shares |
Amount |
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Balance – January 1, 2022 |
$ |
$ | $ |
( |
) |
$ |
( |
) | ||||||||||||
Net income |
— | — | — | |||||||||||||||||
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Balance – March 31, 2022 (unaudited) |
$ |
$ | $ |
( |
) |
$ |
( |
) | ||||||||||||
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Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Shares |
Amount |
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Balance – January 1, 2021 |
$ |
$ |
$ |
( |
) |
$ |
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Accretion for Class A ordinary shares to redemption amount |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||
Net income |
— | — | — | |||||||||||||||||
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Balance – March 31, 2021 (unaudited) |
$ |
$ | |
$ |
( |
) |
$ |
( |
) | |||||||||||
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For the Three Months Ended March 31, 2022 |
For the 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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Interest earned on investments held in Trust Account |
( |
) | ( |
) | ||||
Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Loss on initial issuance of Private Placement Warrants |
— | |||||||
Change in fair value of Convertible Note |
( |
) | — | |||||
Transaction costs associated with sale of warrants in IPO |
— | |||||||
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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( |
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Cash Flows from Investing Activities: |
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Investment of cash in Trust Account |
— | ( |
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Net cash used in investing activities |
— | ( |
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Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discounts paid |
— | |||||||
Proceeds from sale of Private Placement Warrants |
— | |||||||
Proceeds from convertible promissory note – related party |
— | |||||||
Repayment of promissory note – related party |
— | ( |
) | |||||
Payment of offering costs |
— | ( |
) | |||||
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Net cash provided by financing activities |
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Net Change in Cash |
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Cash – Beginning of period |
— | |||||||
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Cash – End of period |
$ |
$ |
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Non-Cash investing and financing activities: |
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Deferred underwriting fee payable |
$ | — | $ | |||||
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Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption |
$ |
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 net income per ordinary share |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Basic weighted average shares outstanding |
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Basic net income 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 $ |
• | 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 |
December 31, 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: |
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Investments held in Trust Account |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities: |
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Warrant Liabilities – Public Warrants |
$ | $ | $ | — | $ | — | ||||||||||
Warrant Liabilities – Private Placement Warrants |
$ | $ | — | $ | $ |
March 31, 2022 |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Investments held in Trust Account |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities: |
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Warrant Liabilities – Public Warrants |
$ | $ | $ | — | $ | — | ||||||||||
Warrant Liabilities – Private Placement Warrants |
$ | $ | — | $ | $ | |||||||||||
Convertible Note – Related Party |
$ | $ | — | $ | — | $ |
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
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Fair value as of January 1, 2021 |
$ |
$ |
$ |
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Initial measurement on January 26, 2021 |
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Change in valuation inputs or other assumptions |
( |
) |
( |
) |
( |
) | ||||||
Transfer to Level 1 |
( |
) |
( |
) | ||||||||
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Fair value as of March 31, 2021 |
$ |
$ |
$ |
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Fair value as of January 1, 2022 |
$ | |||
Amount borrowed February 16, 2022 |
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Change in fair value |
( |
) | ||
Fair value as of March 31, 2022 |
$ |
At March 31, 2022 |
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Stock price |
$ | |||
Strike price |
$ | |||
Term (in years) |
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Volatility |
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Risk-free rate |
• | restrictions on the nature of our investments, |
• | restrictions on the issuance of securities, and |
• | restrictions on the enforceability of agreements entered into by us, each of which may make it difficult for us to complete our Business Combination. |
• | registration as an investment company with the SEC (which may be impractical and would require significant changes in, among other things, our capital structure); |
• | adoption of a specific form of corporate structure; and |
• | reporting, record keeping, voting, proxy and disclosure requirements and compliance with other rules and regulations that we are currently not subject to. |
* | Filed herewith. |
** | Furnished herewith. |
JACK CREEK INVESTMENT CORP. | ||||||
Date: May 12, 2022 | By: | /s/ Robert F. Savage | ||||
Name: | Robert F. Savage | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: May 12, 2022 | By: | /s/ Lauren Ores | ||||
Name: | Lauren Ores | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |