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 | ||
and one-third of one redeemable warrant |
The | |||
The | ||||
The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
18 | ||||
20 | ||||
21 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
23 | ||||
24 |
June 30, 2021 |
December 31, 2020 |
|||||||
(Unaudited) |
||||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash |
$ | $ | — | |||||
Prepaid expenses |
— | |||||||
Total Current Assets |
— | |||||||
Deferred offering costs |
— | |||||||
Investments held in Trust Account |
— | |||||||
TOTAL ASSETS |
$ |
$ |
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable and accrued expenses |
$ | $ | ||||||
Accrued offering costs |
||||||||
Promissory note – related party |
||||||||
Total Current Liabilities |
||||||||
Warrant liabilities |
— | |||||||
Deferred underwriting fee payable |
— | |||||||
Total Liabilities |
||||||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption |
— | |||||||
Shareholders’ Equity |
||||||||
Preference shares, $ |
||||||||
Class A ordinary shares, $ |
— | |||||||
Class B ordinary shares, $ (1) |
||||||||
Additional paid-in capital |
||||||||
Retained earnings/(Accumulated deficit) |
( |
) | ||||||
Total Shareholders’ Equity |
||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
$ |
||||||
(1) | As of December 31, 2020, included an aggregate of up to per-share amounts have been retroactively restated for the share cancellation and capitalization. |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||
2021 |
2021 |
|||||||
Operating and formation costs |
$ | $ | ||||||
Loss from operations |
( |
) | ( |
) | ||||
Other income (expense): |
||||||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Interest earned on investments held in Trust Account |
||||||||
Other income (expense), net |
( |
) | ||||||
Net (loss) income |
$ | ( |
) | $ | ||||
Weighted average shares outstanding of Class A redeemable ordinary shares |
||||||||
Basic and diluted income per share, Class A redeemable ordinary shares |
$ | $ | ||||||
Weighted average shares outstanding of Class B non-redeemable ordinary shares |
||||||||
Basic and diluted net (loss) income per share, Class B non-redeemable ordinary shares |
$ | ( |
) | $ | ||||
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
(Accumulated Deficit) Retained Earnings |
Total Shareholders’ Equity |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance – January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||
Sale of 41,400,000 Units, net of warrant liabilities related to public warrants, underwriting discounts and offering expenses |
— | — | — | |||||||||||||||||||||||||
Cash paid in excess of fair value of Private Placement Warrants |
— | — | — | — | — | |||||||||||||||||||||||
Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | ( |
) |
( |
) | ||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Balance – March 31, 2021 (unaudited) |
||||||||||||||||||||||||||||
Change in value of Class A ordinary shares subject to possible redemption |
— | — | ||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance – June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Cash Flows from Operating Activities: |
||||
Net income |
$ | |||
Adjustments to reconcile net income to net cash used in operating activities: |
||||
Interest earned on investments held in Trust Account |
( |
) | ||
Change in fair value of warrants |
( |
) | ||
Transaction costs associated with the Initial Public Offering |
||||
Changes in operating assets and liabilities: |
||||
Prepaid expenses |
( |
) | ||
Accounts payable and accrued expenses |
||||
Net cash used in operating activities |
( |
) | ||
Cash Flows from Investing Activities: |
||||
Investment of cash into Trust Account |
( |
) | ||
Net cash used in investing activities |
( |
) | ||
Cash Flows from Financing Activities |
||||
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 |
||||
Net Change in Cash |
||||
Cash – Beginning of period |
||||
Cash – End of period |
$ |
|||
Non-Cash investing and financing activities: |
||||
Initial classification of Class A ordinary shares subject to possible redemption |
$ | |||
Change in value of Class A ordinary shares subject to possible redemption |
$ | |||
Deferred underwriting fee payable |
$ | |||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
2021 |
2021 |
|||||||||||
Redeemable Class A Ordinary Shares |
||||||||||||
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares |
||||||||||||
Interest Income |
$ | $ | ||||||||||
Redeemable Net Income |
$ | $ | ||||||||||
Denominator: Weighted Average Redeemable Class A Ordinary Shares |
||||||||||||
Redeemable Class A Ordinary Shares, Basic and Diluted |
||||||||||||
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares |
$ | $ | ||||||||||
Non-Redeemable B Ordinary Shares |
||||||||||||
Numerator: Net Income (Loss) minus Redeemable Net Earnings |
||||||||||||
Net Income (Loss) |
$ | ( |
) | $ | ||||||||
Redeemable Net Income |
( |
) | ( |
) | ||||||||
Non-Redeemable Net Income (Loss) |
$ | ( |
) | $ | ||||||||
Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares |
||||||||||||
Non-Redeemable Class B Ordinary Shares, Basic and Diluted |
||||||||||||
Income (Loss)/Basic and Diluted Non-Redeemable Class B Ordinary Shares |
$ | ( |
) | $ | ||||||||
• | 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 equal or exceeds $ |
• | if the closing price of the Class A ordinary shares for any |
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. |
Held-To-Maturity |
Level |
Amortized Cost |
Gross Holding Loss |
Fair Value |
||||||||||||||
June 30, 2021 |
U.S. Treasury Securities (Mature on |
1 | $ | $ | ( |
) | $ | |||||||||||
Description |
Level |
June 30, 2021 |
||||||
Liabilities: |
||||||||
Warrant Liabilities – Public Warrants |
1 | $ | ||||||
Warrant Liabilities – Private Placement Warrants |
2 | $ |
June 30, 2021 |
||||
Stock Price |
$ | |||
Exercise Price |
$ | |||
Volatility |
% | |||
Term (years) |
||||
Dividend Yield |
% | |||
Risk Free Rate |
% |
Private Placement |
Public |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ |
$ |
$ |
|||||||||
Initial measurement on January 15, 2021 |
||||||||||||
Change in fair value |
( |
) | ( |
) | ( |
) | ||||||
Transfer to Level 1 |
( |
) | ( |
) | ||||||||
Transfer to Level 2 |
( |
) | ( |
) | ||||||||
Fair value as of June 30, 2021 |
$ |
$ |
$ |
|||||||||
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1* | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2* | Certification of 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.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase 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. |
MARLIN TECHNOLOGY CORPORATION | ||||||
Date: August 13, 2021 | By: | /s/ Nick Kaiser | ||||
Name: | Nick Kaiser | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: August 13, 2021 | By: | /s/ Michael Nutting | ||||
Name: | Michael Nutting | |||||
Title: | Chief Financial Officer and Director | |||||
(Principal Financial and Accounting Officer) |