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) |
(Commission File Number) |
(IRS Employer Identification No.) |
SP-63158, New Providence |
n/a | |
(Address Of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-fourth of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Item 1. |
1 |
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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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Item 2. |
19 |
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Item 3. |
23 |
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Item 4. |
23 |
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Item 1. |
24 |
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Item 1A. |
24 |
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Item 2. |
24 |
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Item 3. |
25 |
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Item 4. |
25 |
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Item 5. |
25 |
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Item 6. |
25 |
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 |
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Total current assets |
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Investments held in Trust Account |
— | |||||||
Deferred offering costs associated with the initial public offering |
— | |||||||
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Total Assets |
$ |
$ |
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Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
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Current liabilities: |
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Accounts payable |
$ | $ | — | |||||
Accounts payable - related party |
— | |||||||
Accrued expenses |
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Note payable - related party |
— | |||||||
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Total current liabilities |
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Deferred underwriting commissions |
— | |||||||
Warrant liabilities |
— | |||||||
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Total liabilities |
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Commitments and Contingencies (Note 6) |
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Class A ordinary shares subject to possible redemption, $ |
— | |||||||
Shareholders’ Deficit: |
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Preference shares, $ |
— | |||||||
Class A ordinary shares, $ ; |
— | |||||||
Class B ordinary shares, $ (1) |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total shareholders’ deficit |
( |
) | ( |
) | ||||
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Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ |
$ |
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(1) | As of December 31, 2020, included up to |
For the Period from |
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For the Three Months Ended |
For the Nine Months Ended |
September 1, 2020 (Inception) |
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September 30, 2021 |
September 30, 2021 |
through September 30, 2020 |
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Operating expenses |
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General and administrative expenses |
$ | $ | $ | |||||||||
General and administrative expenses - related party |
— | |||||||||||
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Loss from operations |
( |
) | ( |
) | ( |
) | ||||||
Other income (expenses): |
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Change in fair value of warrant liabilities |
— | |||||||||||
Offering costs associated with issuance of warrants |
( |
) | — | |||||||||
Net gain from investments held in Trust Account |
— | |||||||||||
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Net income (loss) |
$ | $ | $ | ( |
) | |||||||
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Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
— | |||||||||||
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Basic and diluted net income per share, Class A ordinary shares |
$ | $ | $ | — | ||||||||
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Weighted average shares outstanding of Class B ordinary shares, basic |
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Weighted average shares outstanding of Class B ordinary shares, diluted |
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— |
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Basic and diluted net income (loss) per share, Class B ordinary shares |
$ | $ | $ | ( |
) | |||||||
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Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares (1) |
Amount |
Capital |
Deficit |
Deficit |
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Balance - December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Excess cash received over the fair value of the private warrants |
— |
— |
— |
— |
— |
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Class B ordinary shares forfeited |
— |
— |
( |
) |
( |
) |
— |
— |
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Accretion on Class A ordinary shares subject to possible redemption amount |
— |
— |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
( |
) |
( |
) | |||||||||||||||||||
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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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Balance - September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares (1) |
Amount |
Capital |
Deficit |
Equity |
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Balance - September 1, 2020 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B ordinary shares to Sponsor |
— |
— |
— |
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Net loss |
— |
— |
— |
— |
— |
( |
) |
( |
) | |||||||||||||||||||
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Balance - September 30, 2020 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
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(1) | As of September 30, 2020 and December 31, 2020, included up to |
For the Period from |
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For the Nine Months Ended |
September 1, 2020 (Inception) |
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September 30, 2021 |
through September 30, 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: |
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Change in fair value of warrant liabilities |
( |
) | — | |||||
Offering costs associated with issuance of warrants |
— | |||||||
Net gain from investments held in Trust Account |
( |
) | — | |||||
Change in operating assets: |
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Prepaid expenses |
( |
) | ( |
) | ||||
Accounts payable |
— | |||||||
Accounts payable - related party |
— |
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Accrued expenses |
— | |||||||
Net cash used in operating activities |
( |
) | ( |
) | ||||
Cash Flows from Investing Activities: |
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Cash deposited in Trust Account |
( |
) | — | |||||
Net cash used in investing activities |
( |
) | — | |||||
Cash Flows from Financing Activities: |
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Proceeds from note payable to related party |
— | |||||||
Repayment of note payable to related party |
( |
) | — | |||||
Proceeds received from initial public offering, gross |
— | |||||||
Proceeds received from private placement |
— | |||||||
Offering costs paid |
( |
) | ||||||
Net cash provided by financing activities |
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Net change in cash |
— | |||||||
Cash - beginning of the period |
— | |||||||
Cash - end of the period |
$ |
$ |
— |
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Supplemental disclosure of noncash activities: |
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Offering costs included in accrued expenses |
$ | $ | ||||||
Offering costs included in accounts payable |
$ | — | $ | |||||
Offering costs included in note payable |
$ | — | $ | |||||
Deferred underwriting commissions |
$ | $ | — | |||||
Forfeiture of Class B ordinary shares |
$ | $ | — | |||||
• | 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. |
For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Numerator: |
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Allocation of net income - basic |
$ | $ | $ | $ | ||||||||||||
Allocation of net income - diluted |
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$ |
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$ |
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$ |
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$ |
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Denominator: |
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Weighted average ordinary shares outstanding, basic |
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Weighted average ordinary shares outstanding, diluted |
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Basic net income per ordinary share |
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$ |
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$ |
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$ |
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$ |
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Diluted net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
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• | in whole and not in part; |
• | at a price of $ |
• | if, and only if, the closing price of ordinary shares equals or exceeds $ sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any |
• | in whole and not in part; |
• | $ |
• | if, and only if, the closing price of Class A ordinary shares equals or exceeds $ |
• | if the closing price of the Class A ordinary shares for any |
Gross proceeds received from Initial Public Offering |
$ | |||
Less: |
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Fair value of Public Warrants at issuance |
( |
) | ||
Offering costs allocated to Class A ordinary shares |
( |
) | ||
Plus: |
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Accretion on Class A ordinary shares to redemption value |
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|
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Class A ordinary shares subject to possible redemption |
$ | |||
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Fair Value Measured as of September 30, 2021 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets |
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Investments held in Trust Account - U.S. Treasury Securities |
$ | $ | — | $ | — | $ | ||||||||||
Liabilities: |
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Warrant liabilities - public warrants |
$ | $ | — | $ | — | $ | ||||||||||
Warrant liabilities - private warrants |
$ | — | $ | — | $ | $ |
Warrant liabilities at January 1, 2021 |
$ | |||
Issuance of Public and Private Warrants |
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Public Warrants transferred to Level 1 |
( |
) | ||
Change in fair value of warrant liabilities |
( |
) | ||
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Warrant liabilities at March 31, 2021 |
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Change in fair value of warrant liabilities |
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Warrant liabilities at June 30, 2021 |
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Change in fair value of warrant liabilities |
( |
) | ||
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Warrant liabilities at September 30, 2021 |
$ | |||
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September 30, 2021 |
January 12, 2021 |
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Exercise price |
$ | $ | ||||||
Stock Price |
$ | $ | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free interest rate |
% | % | ||||||
Dividend yield |
* |
These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Dated: November 12, 2021 | LEO HOLDINGS CORP. II | |||||
By: | /s/ Lyndon Lea | |||||
Name: | Lyndon Lea | |||||
Title: | President and Chief Executive Officer (Principal Executive Officer) |