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 (1) |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-fifth of one redeemable warrant |
||||
(1) |
On December 1, 2021, Altimeter Growth Corp. filed the Notification of Removal from Listing and Registration of Securities Pursuant to Section 12(d) of the Securities Exchange Act of 1934 on Form 25, and the securities listed below have been delisted from the NASDAQ Capital Market and deregistered under Section 12(b) of the Securities Exchange Act of 1934 as of December 1, 2021. |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
||||||
PART 1 – FINANCIAL INFORMATION |
| |||||
Item 1. |
Financial Statements |
|||||
4 |
||||||
5 |
||||||
6 |
||||||
7 |
||||||
8 |
||||||
Item 2. |
2 2 |
|||||
Item 3. |
24 |
|||||
Item 4. |
25 |
|||||
PART II – OTHER INFORMATION |
||||||
Item 1. |
25 |
|||||
Item 1A. |
25 |
|||||
Item 2. |
25 |
|||||
Item 3. |
26 |
|||||
Item 4. |
26 |
|||||
Item 5. |
26 |
|||||
Item 6. |
26 |
|||||
2 7 |
ITEM 1. |
FINANCIAL STATEMENTS |
September 30, 2021 |
December 31, 2020 |
|||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash |
$ | $ | ||||||
Prepaid expenses |
||||||||
|
|
|
|
|||||
Total Current Assets |
||||||||
Cash and marketable securities held in Trust Account |
||||||||
|
|
|
|
|||||
Total Assets |
$ | $ | ||||||
|
|
|
|
|||||
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
||||||||
Current liabilities |
||||||||
Accrued expenses |
$ | $ | ||||||
Due to related party |
||||||||
|
|
|
|
|||||
Total Current Liabilities |
||||||||
Warrant liabilities |
||||||||
FPA liability |
||||||||
Deferred underwriting fee payable |
||||||||
|
|
|
|
|||||
Total Liabilities |
||||||||
|
|
|
|
|||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption, |
||||||||
Shareholders’ Deficit |
||||||||
Preference shares, $ |
||||||||
Class A ordinary shares, $ |
||||||||
Class B ordinary shares; $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Shareholders’ Deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ | $ | ||||||
|
|
|
|
For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
For the period from August 25, 2020 (inception) September 30, |
||||||||||
Operating expenses |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
||||||||||||
Unrealized gain on marketable securities held in Trust Account |
||||||||||||
Change in fair value of warrant liabilities |
||||||||||||
Change in fair value of FPA liability |
||||||||||||
|
|
|
|
|
|
|||||||
Other income, net |
||||||||||||
|
|
|
|
|
|
|||||||
Net income (loss) |
$ | $ | $ | ( |
) | |||||||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class A redeemable ordinary shares |
||||||||||||
|
|
|
|
|
|
|||||||
Basic and diluted income (loss) per share, Class A redeemable ordinary shares |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class B non-redeemable ordinary shares |
||||||||||||
|
|
|
|
|
|
|||||||
Basic and diluted income (loss) per share, Class B non-redeemable ordinary shares |
$ | $ | $ | ( |
) | |||||||
|
|
|
|
|
|
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance—December 31, 202 0 |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
Net incom e |
— | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – March 31, 2021 (unaudited) |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
Net loss |
( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – June 30, 2021 (unaudited) |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
Net income |
— | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – September 30, 2021 (unaudited) |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance – August 25, 2020 (inception) |
$ |
$ |
$ |
$ |
||||||||||||||||
Issuance of Class B ordinary shares to Sponsor (1) |
||||||||||||||||||||
Net loss |
— |
— |
— |
( |
) |
( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance – September 30, 2020 (unaudited) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) |
Included an aggregate of up to |
September 30, 2021 |
For the Period from August 25, 2020 (Inception) Through September 30, |
|||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Unrealized gains earned on marketable securities held in Trust Account |
( |
) | — | |||||
Change in fair valu e of warrant liabilities |
( |
) | — | |||||
Change in fair valu e of FPA liability |
( |
) | — | |||||
Changes in operating assets and liabilities |
||||||||
Payment of formation costs through issuance of Class B ordinary shares |
— | |||||||
Prepaid expense s |
— | |||||||
Accrued expenses |
— | |||||||
|
|
|
|
|||||
Net cash used in operating activities |
( |
) | — | |||||
|
|
|
|
|||||
Cash flows from financing activities: |
||||||||
Due to related party |
— | |||||||
|
|
|
|
|||||
Net cash provided by financing activities |
— | |||||||
|
|
|
|
|||||
Net change in cash |
( |
) | — | |||||
Cash at the beginning of the period |
— | |||||||
|
|
|
|
|||||
Cash at the end of the period |
$ | $ |
— | |||||
|
|
|
|
|||||
Supplemental disclosures of non-cash investing and financing activities: |
||||||||
Deferred offering costs included in accrued offering costs |
$ |
— | $ |
|||||
Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares |
$ |
— | $ |
|||||
Deferred offering costs paid through promissory note – related party |
$ |
— | $ |
March 31, 2021 (Unaudited) |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
Class A Ordinary Shares subject to possible redemption |
||||||||||||
Class A ordinary shares |
( |
) |
||||||||||
Class B ordinary shares |
||||||||||||
Additional Paid - in Capital |
( |
) |
||||||||||
Accumulated Deficit |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Total Shareholders’ equity (deficit) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Number of Class A ordinary shares subject to possible redemption |
Three Months Ended March 31, 2021 (Unaudited) |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
Supplemental Disclosure of Noncash Financing Activities: |
||||||||||||
Change in value of Class A ordinary shares subject to possible redemption |
( |
) |
June 30, 2021 (Unaudited) |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
Class A Ordinary Shares subject to possible redemption |
||||||||||||
Class A ordinary shares |
( |
) |
||||||||||
Class B ordinary shares |
||||||||||||
Additional Paid - in Capital |
( |
) |
||||||||||
Accumulated Deficit |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Total Shareholders’ equity (deficit) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|||||||
Number of Class A ordinary shares subject to possible redemption |
Six Months Ended June 30, 2021 (Unaudited) |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
Supplemental Disclosure of Noncash Financing Activities: |
||||||||||||
Change in value of Class A ordinary shares subject to possible redemption |
( |
) |
Three Months Ended March 31, 2021 (Unaudited) |
Earnings Per Share |
|||||||||||
As Previously Reported |
Adjustment |
As Restated |
||||||||||
Diluted weighted average shares outstanding – Class A ordinary shares |
( |
) | ||||||||||
Basic earnings per share – Class A ordinary shares |
||||||||||||
Diluted earnings per share – Class A ordinary shares |
||||||||||||
Basic and diluted earnings per share – Class B ordinary shares |
( |
) |
Three Months Ended June 30, 2021 (Unaudited) |
Earnings Per Share |
|||||||||||
As Previously Reported |
Adjustment |
As Restated |
||||||||||
Basic and diluted loss per share – Class A ordinary shares |
( |
) |
( |
) | ||||||||
Basic and diluted loss per share – Class B ordinary shares |
( |
) |
( |
) |
Six Months Ended June 30, 2021 (Unaudited) |
Earnings Per Share |
|||||||||||
As Previously Reported |
Adjustment |
As Restated |
||||||||||
Basic and diluted earnings per share – Class A ordinary shares |
||||||||||||
Basic and diluted earnings per share – Class B ordinary shares |
( |
) |
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 25, 2020 (Inception) Through September 30, 2020 |
||||||||||||||||||||||
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
|||||||||||||||||||
Basic and diluted net income (loss) per ordinary share |
||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||
Allocation of net income (loss), as adjusted |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) | ||||||||||||||||
Denominator: |
||||||||||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
• | 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 $ 20 - trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. |
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 the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets held in trust account U.S. Treasury Securities |
$ | $ | $ | $ | ||||||||||||
Liabilities: |
||||||||||||||||
Warrant liabilities |
||||||||||||||||
Public Warrants |
$ | $ | $ | $ | ||||||||||||
Private Placement Warrants |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total warrant liabilities |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPA liability |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
||||||||||||||||
Warrant liabilities |
||||||||||||||||
Public Warrants |
$ | $ | $ | $ | ||||||||||||
Private Placement Warrants |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total warrant liabilities |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPA liability |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
Input |
September 30, 2021 (Unaudited) |
December 31, 2020 |
||||||
Risk-free interest rate |
% | % | ||||||
Expected term (years) |
||||||||
Expected volatility |
% | % | ||||||
Exercise price |
$ | $ | ||||||
Fair value of Class A ordinary shares |
$ | $ |
Private Placement |
||||
Fair value as of December 31, 2020 |
$ | |||
Change in valuation inputs or other assumptions (1) |
( |
) | ||
|
|
|||
Fair value as of September 30, 2021 |
$ | |||
|
|
(1) | Represents the non-cash gain on the change in valuation of the Private Placement Warrants and is included in Gain on change in fair value of warrant liability in the unaudited condensed statement of operations. |
FPA Liability |
||||
Fair value as of December 31, 2020 |
$ | |||
Change in valuation inputs or other assumptions (1) |
( |
) | ||
|
|
|||
Fair value as of September 30, 2021 |
$ | |||
|
|
(1) | Represents the non-cash gain on the change in valuation of the FPA liability and is included in Gain on change in fair value of FPA liability in the unaudited condensed statement of operations |
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. |
CONTROLS AND PROCEDURES |
ITEM 1. |
LEGAL PROCEEDINGS. |
ITEM 1A. |
RISK FACTORS. |
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES. |
ITEM 4. |
MINE SAFETY DISCLOSURES. |
ITEM 5. |
OTHER INFORMATION. |
ITEM 6. |
EXHIBITS. |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer and Principal 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 | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
** | Furnished herewith. |
J2 HOLDINGS INC. (as successor by merger to Altimeter Growth Corp.) | ||||||
Date: December 30, 2021 | /s/ Artawat Udompholkul | |||||
Name: | Artawat Udompholkul (also known as John Cordova) | |||||
Title: | Authorized Officer |