|
|
|
(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
|
☐ | |
|
☒ |
Smaller reporting company
|
||
Emerging growth company
|
Page
|
|||
1 |
|||
1 |
|||
1
|
|||
2
|
|||
3
|
|||
4
|
|||
5
|
|||
17
|
|||
21 |
|||
21 |
|||
22 |
|||
22 |
|||
22 |
|||
22 |
|||
22 |
|||
22 |
|||
22 |
|||
22 |
|||
23 |
September 30,
2021
|
December 31,
2020
|
|||||||
(unaudited)
|
(unaudited, restated) |
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
|
$
|
|
||||
Prepaid expenses
|
|
|
||||||
Total Current Assets
|
|
|
||||||
Cash and Marketable securities held in Trust Account
|
|
|
||||||
TOTAL ASSETS
|
$
|
|
$
|
|
||||
LIABILITIES, AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accrued expenses
|
$
|
|
$
|
|
||||
Accrued offering costs
|
|
|
||||||
Due to Sponsor
|
|
|
||||||
Promissory note – related party
|
|
|
||||||
Total Current Liabilities
|
|
|
||||||
Deferred underwriting payable
|
|
|||||||
Total Liabilities
|
|
|
||||||
Commitments
|
||||||||
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
|
$
|
|
$
|
|
For The Three Months Ended September 30, |
Nine months
Ended
September 30,
|
For the Period
from August 27, 2020 (Inception)
through
September 30,
|
||||||||||
2021 |
2021 | 2020 |
||||||||||
General and administrative expenses |
$ | $ | $ |
|||||||||
Stock-based compensation expense
|
|
|||||||||||
Loss from operations
|
( |
) |
(
|
)
|
( |
) | ||||||
Other income:
|
||||||||||||
Interest earned on investments held in Trust Account
|
|
|||||||||||
Unrealized gain (loss) on investments held in Trust Account
|
(
|
)
|
||||||||||
Total other income, net
|
|
|||||||||||
Loss before income taxes
|
( |
) |
(
|
)
|
( |
) | ||||||
Benefit from (provision for) income taxes | ||||||||||||
Net loss
|
$ | ( |
) |
$
|
(
|
)
|
$ | ( |
) | |||
Basic and diluted weighted average shares outstanding, Class A common stock
|
||||||||||||
Basic and diluted net loss per share, Class A common stock
|
$ | ( |
) | $ | ( |
) | $ | |||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
||||||||||||
Basic and diluted net 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
|
Equity (Deficit)
|
||||||||||||||||||||||
Balance — January 1, 2021
(As Restated)
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Stock-based compensation expense
|
—
|
|
—
|
|
|
|
|
|||||||||||||||||||||
Net loss
|
—
|
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance – March 31, 2021
(As Restated)
|
|
$
|
|
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||||
Net loss | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance – June 30, 2021
(As Restated)
|
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||
Stock-based compensation expense | — | — | ||||||||||||||||||||||||||
Net loss | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance — September 30, 2021 | $ | $ | $ | $ | ( |
) | $ | ( |
) |
Class A Common Stock
|
Class B Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity (Deficit)
|
||||||||||||||||||||||
Balance — August 27, 2020 (inception)
|
$ | $ |
$
|
|
$
|
|
$ | |||||||||||||||||||||
Issuance of Class B common stock to Sponsor
|
— |
— |
|
|||||||||||||||||||||||||
Net loss
|
— |
— |
|
( |
) | ( |
) | |||||||||||||||||||||
Balance — September 30, 2020
|
$
|
|
|
$ | $ | ( |
) | $ |
Nine months
Ended
September 30,
|
For the
Period from
August 27,
2020 (Inception)
Through
September 30,
|
|||||||
2021 |
2020 |
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net loss
|
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Stock-based compensation expense
|
|
|||||||
Interest earned on investments held in Trust Account
|
(
|
)
|
||||||
Unrealized loss on investment 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:
|
||||||||
Proceeds from issuance of Class B common stock to Sponsor |
||||||||
Funds sent to SPAC instead of Sponsor | ||||||||
Repayment of Funds to Sponsor | ( |
) | ||||||
Proceeds from promissory note – related party | ||||||||
Repayment of promissory note – related party | ( |
) | ||||||
Payment 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
|
$ | $ | ||||||
Supplemental Disclosure: |
||||||||
Taxes paid for Delaware Franchise Tax |
$ |
$ |
|
As
Previously
Reported
|
Adjustment
|
As Restated
|
||||||||||
Balance Sheet as of November 23, 2020 (unaudited)
|
||||||||||||
Class A common stock subject to possible redemption
|
$
|
|
$
|
|
$
|
|
||||||
Class A common stock
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Additional paid-in capital
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Accumulated deficit
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Total Stockholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Number of Class A common stock subject to possible redemption
|
|
|
|
|||||||||
Balance Sheet as of December 31, 2020 (unaudited)
|
||||||||||||
Class A common stock subject to possible redemption
|
$
|
|
$
|
|
$
|
|
||||||
Class A common stock
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Additional paid-in capital
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Accumulated deficit
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Total Stockholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Number of Class A common stock subject to possible redemption
|
|
|
|
|||||||||
Balance Sheet as of March 31, 2021 (unaudited)
|
||||||||||||
Class A common stock subject to possible redemption
|
$
|
|
$
|
|
$
|
|
||||||
Class A common stock
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Additional paid-in capital
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Accumulated deficit
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Total Stockholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Number of Class A common stock subject to possible redemption
|
|
|
|
|||||||||
Balance Sheet as of June 30, 2021 (unaudited)
|
||||||||||||
Class A common stock subject to possible redemption
|
$
|
|
$
|
|
$
|
|
||||||
Class A common stock
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Additional paid-in capital
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Accumulated deficit
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Total Stockholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Number of Class A common stock subject to possible redemption
|
|
|
|
|||||||||
Statement of Operations for the Period From August 27, 2020 (inception) through December 31, 2020
(unaudited)
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
|
|
|
|||||||||
Basic and diluted net loss per share, Class A common stock
|
$
|
|
(
|
)
|
$
|
(
|
)
|
|||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
|
(
|
)
|
|
||||||||
Basic and diluted net loss per share, Class B common stock
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||
Statement of Operations for the Three Months ended March 31, 2021 (unaudited)
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
|
|
|
|||||||||
Basic and diluted net loss per share, Class A common stock
|
$
|
|
(
|
)
|
$
|
(
|
)
|
|||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
|
(
|
)
|
|
||||||||
Basic and diluted net loss per share, Class B common stock
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||
Statement of Operations for the Three Months ended June 30, 2021 (unaudited)
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
|
|
|
|||||||||
Basic and diluted net loss per share, Class A common stock
|
$
|
|
(
|
)
|
$
|
(
|
)
|
|||||
Basic and diluted weighted average shares outstanding, 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 (unaudited)
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
|
|
|
|||||||||
Basic and diluted net loss per share, Class A common stock
|
$
|
|
(
|
)
|
$
|
(
|
)
|
|||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
|
(
|
)
|
|
||||||||
Basic and diluted net loss per share, Class B common stock
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||
Statement of Cash Flows for the Period From August 27, 2020 (inception) through December 31, 2020
(unaudited)
|
||||||||||||
Initial classification of common stock subject to possible redemption
|
$
|
|
$
|
|
$
|
|
||||||
Change in value of common stock subject to possible redemption
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
Statement of Cash Flows for the three months ended March 31, 2021 (unaudited)
|
||||||||||||
Change in value of common stock subject to possible redemption
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
Statement of Cash Flows for the six months ended June 30, 2021 (unaudited)
|
||||||||||||
Change in value of common stock subject to possible redemption
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Period Ended December 31,
2020 (unaudited)
|
||||||||||||
Sale of
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Class A Common Stock subject to possible redemption
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
Accretion for Class A Common Stock to redemption amount
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Total Stockholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended March
31, 2021 (Unaudited)
|
||||||||||||
Class A Common Stock subject to possible redemption
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Total Stockholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended June 30,
2021 (Unaudited)
|
||||||||||||
Class A Common Stock subject to possible redemption
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Total Stockholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
Gross proceeds
|
$ |
|
||
Less:
|
||||
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
|
Nine Months Ended
September 30, 2021
|
For the period from August 24, 2020 (inception) Through
September 30, 2020
|
||||||||||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
Class A
|
Class B
|
|||||||||||||||||||
Basic and diluted net loss per common stock
|
||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||
Allocation of net loss, as adjusted
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
||||||||
Denominator:
|
||||||||||||||||||||||||
Basic and diluted weighted average common shares outstanding
|
|
|
|
|
|
|
||||||||||||||||||
Basic and diluted net loss per common stock
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
Number of
Shares
|
||||
Unvested Shares Outstanding at December 31, 2020
|
|
|||
Granted
|
|
|||
Forfeited
|
|
|||
Vested
|
|
|||
Unvested Outstanding at September 30, 2021
|
|
|
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
|
December 31,
2020
|
|||||||||
Assets:
|
||||||||||||
Marketable securities held in Trust Account
|
1
|
$
|
|
$
|
|
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
|
Certification of the Registrant’s Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under
the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of the Registrant’s Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and
15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of the Registrant’s Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of the Registrant’s Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350,
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS*
|
XBRL Instance Document
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Filed herewith.
|
JIYA ACQUISITION CORP.
|
||
Date: November 19, 2021
|
By:
|
/s/ Rekha Hemrajani
|
Name:
|
Rekha Hemrajani
|
|
Title:
|
Chief Executive Officer
|