QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading
Symbol(s)
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Name of each
exchange on which
registered
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
No.
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1 |
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Item 1.
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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.
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22 |
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Item 3.
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26 | |
Item 4.
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26 | |
27 |
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Item 1.
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27 |
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Item 1A.
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27 |
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Item 2.
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27 | |
Item 3.
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27 | |
Item 4.
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27 | |
Item 5.
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28 | |
Item 6.
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28 | |
29 |
Item 1. |
Condensed Financial Statements
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September 30,
2021
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December 31,
2020
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(Unaudited)
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Assets:
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||||||||
Current assets:
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||||||||
Cash
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$
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$
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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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$
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$
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||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Deficit:
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$
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$
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||||
Accrued expenses
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||||||
Due to related party
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Franchise tax payable
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Income tax payable
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Total current liabilities
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Deferred underwriting commissions
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Accrued liabilities | ||||||||
Derivative warrant liabilities
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Total Liabilities
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Commitments and Contingencies
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||||||||
Class A common stock subject to possible redemption, $
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Stockholders’ Deficit:
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||||||||
Preferred stock, $
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Class A common stock, $
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Class B common stock, $
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Additional paid-in capital
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||||||
Accumulated deficit
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(
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)
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(
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)
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||||
Total stockholders’ deficit
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(
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)
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(
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)
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||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders' Deficit
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$
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$
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For the Three Months Ended
September 30, 2021
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For the Nine Months Ended
September 30, 2021
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For the Period from August 26, 2020 (Inception) through September 30, 2020 |
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(Unaudited)
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(Unaudited)
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(Unaudited) | |||||||||
General and administrative expenses
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$
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$
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$ | |||||||
General and administrative expenses - related party
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|
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||||||||||
Franchise tax expense
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Total operating expenses
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(
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)
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(
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)
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( |
) | ||||||
Other income (expense)
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||||||||||||
Investment income (loss) on Trust Account
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Change in fair value of derivative warrant liabilities
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Income (expense) before income tax expense
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( |
) | ||||||||
Income tax expense
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Net income (loss)
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$
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$
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$ | ( |
) | |||||
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Weighted average shares outstanding of Class A common stock
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Basic and diluted net income (loss) per share, Class A common stock
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$
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$
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$ | ||||||||
Weighted average shares outstanding of Class B common stock
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|
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||||||||||
Basic and diluted net income (loss) per share, Class B common stock
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$
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$
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$ | ( |
) |
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Common Stock
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Additional
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Total
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|||||||||||||||||||||||||
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Class A
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Class B
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Paid-In
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Accumulated
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Stockholders'
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|||||||||||||||||||||||
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Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Deficit
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Balance - December 31, 2020
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$
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$
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$
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$
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(
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)
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$
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(
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)
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||||||||||||||
Net income
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-
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-
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Balance - March 31, 2021 (unaudited) (as restated, see Note 1)
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$
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(
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(
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||||||||||||||||||
Net loss
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-
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-
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(
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(
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)
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Balance - June 30, 2021 (unaudited) (as restated, see Note 1)
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(
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)
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(
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)
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Net income | - |
- |
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Balance - September 30, 2021 (unaudited) | $ | $ | $ | $ | $ | ( |
) | $ | ( |
) |
Common Stock
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Total
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Class A
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Class B
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Additional Paid-In
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Accumulated
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Stockholder's
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||||||||||||||||||||||||
Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Equity
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||||||||||||||||||||||
Balance - August 26, 2020 (inception)
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$
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$
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$
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$
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$
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Issuance of Class B common stock to Sponsor
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Net loss
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-
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-
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(
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)
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(
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)
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Balance - September 30, 2020 (unaudited)
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$
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$
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$
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$
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(
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)
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$
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For
the Nine Months Ended September 30, 2021 |
For the Period from August 26, 2020 (Inception) through September 30, 2020 |
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Cash Flows from Operating Activities:
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||||||||
Net income (loss)
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$
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$ | ( |
) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
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Income from investments held in Trust Account
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(
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)
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Change in fair value of derivative warrant liabilities
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(
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)
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Changes in operating assets and liabilities:
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||||||||
Prepaid expenses
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( |
) | |||||
Accounts payable
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Accrued expenses
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(
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)
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||||||
Due to related party
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(
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)
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Franchise tax payable
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Income tax payable
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Accrued liabilities
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||||||||
Net cash used in operating activities
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( |
) | ( |
) | ||||
Cash Flows from Investing Activities | ||||||||
Investment income released from Trust Account to pay franchise taxes | ||||||||
Net cash provided by investing activities
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||||||||
Cash Flows from Financing Activities: | ||||||||
Proceeds received from note payable to related party | ||||||||
Proceeds from issuance of Class B common stock to Sponsor | ||||||||
Payment for deferred offering costs | ( |
) | ||||||
Net cash provided by financing activities | ||||||||
Net change in cash
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(
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)
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||||||
Cash - beginning of the period
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|||||||
Cash - end of the period
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$
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$ | |||||
Supplemental disclosure of noncash activities:
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||||||||
Deferred offering costs included in accounts payable |
$
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$ | |||||
Deferred offering costs included in accrued expenses |
$ | $ |
As of March 31, 2021
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As Previously Reported
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Adjustment
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As Restated
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|||||||||
Total assets
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$
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$
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$
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||||||
Total liabilities
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$
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$
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$
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||||||
Class A common stock subject to possible redemption
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|
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|||||||||
Preferred stock
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|
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|||||||||
Class A common stock
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|
(
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)
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|
||||||||
Class B common stock
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|
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|||||||||
Additional paid-in capital
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|||||||||
Accumulated deficit
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(
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)
|
(
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)
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|||||||
Total stockholders' equity (deficit)
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|
(
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)
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(
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)
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|||||||
Total Liabilities, Class A Common Stock
Subject to Possible Redemption and Stockholders' Equity (Deficit)
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$
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$
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$
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For the three months ended March 31,
2021
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||||||||||||
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As Previously Reported
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Adjustment
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As Restated
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|||||||||
Supplemental Disclosure of Noncash Financing Activities:
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||||||||||||
Change in value of Class A common stock subject to possible
redemption
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$
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$
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(
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)
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$
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|
As of June 30, 2021 |
As Previously Reported
|
Adjustment
|
As Restated
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|||||||||
Total assets
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$
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$
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$
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||||||
Total liabilities
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$
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$
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$
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||||||
Class A common stock subject to possible redemption
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|
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|||||||||
Preferred stock
|
|
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|
|||||||||
Class A common stock
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|
(
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)
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|
||||||||
Class B common stock
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|
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|||||||||
Additional paid-in capital
|
|
(
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)
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|
||||||||
Accumulated deficit
|
|
(
|
)
|
(
|
)
|
|||||||
Total stockholders' equity (deficit)
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|
(
|
)
|
(
|
)
|
|||||||
Total Liabilities, Class A Common Stock Subject to
Possible Redemption and Stockholders' Equity (Deficit)
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$
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|
$
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|
$
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|
For the six months ended June 30,
2021
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||||||||||||
As Previously Reported
|
Adjustment
|
As Restated
|
||||||||||
Supplemental Disclosure of Noncash Financing Activities:
|
||||||||||||
Change in value of Class A common stock subject to possible redemption
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$
|
|
$
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(
|
)
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$
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|
Earnings Per Share for Class A
common stock
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||||||||||||
As Previously Reported
|
Adjustment
|
As Restated
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||||||||||
For the three months ended March 31, 2021
|
||||||||||||
Net income
|
$
|
|
$
|
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$
|
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||||||
Weighted average shares outstanding
|
|
|
|
|||||||||
Basic and diluted earnings per share
|
$
|
|
$
|
|
$
|
|
||||||
For the three months ended June 30, 2021
|
||||||||||||
Net loss
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||
Weighted average shares outstanding
|
|
|
|
|||||||||
Basic and diluted loss per share
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
For the six months ended June 30, 2021
|
||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
||||||
Weighted average shares outstanding
|
|
|
|
|||||||||
Basic and diluted earnings per share
|
$
|
|
$
|
|
$
|
|
Earnings Per Share for Class B
common stock
|
||||||||||||
As Previously Reported
|
Adjustment
|
As Restated
|
||||||||||
For the three months ended March 31, 2021
|
||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
||||||
Basic and diluted earnings per share
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
For the three months ended June 30, 2021
|
||||||||||||
Net loss
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||
Weighted average shares outstanding
|
|
|
|
|||||||||
Basic and diluted loss per share
|
$
|
(
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)
|
$
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$
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(
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)
|
||||
For the six months ended June 30, 2021
|
||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
||||||
Weighted average shares outstanding
|
|
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|||||||||
Basic and diluted earnings per share
|
$
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$
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(
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)
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$
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•
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Level 1, defined as observable inputs such as quoted prices 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
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• |
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
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For the Nine Months
Ended
September 30, 2021
|
For the Period
from August 26,
2020 (Inception)
through
September 30,
2020
|
||||||||||||||||||||||
Class A
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Class B
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Class A
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Class B
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Class A
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Class B
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|||||||||||||||||||
Basic and diluted net income (loss) per common stock:
|
||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||
Allocation of net income (loss)
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
|||||||||||
Denominator:
|
||||||||||||||||||||||||
Basic and diluted weighted average common stock outstanding
|
|
|
|
|
|
|
||||||||||||||||||
Basic and diluted net income (loss) per common stock
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
(
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) |
• |
in whole and not in part;
|
• |
at a price of
$
|
• |
upon a
minimum of
|
• |
if, and only
if, the last reported sale price of Class A common stock for any
|
• |
in whole and
not in part;
|
• |
at
$
|
• |
if, and only
if, the Reference Value equals or exceeds $
|
• |
if and only
if, the Reference Value is less than $
|
Gross proceeds
|
$
|
|
||
Less:
|
||||
Fair value of Public Warrants at issuance
|
(
|
)
|
||
Offering costs allocated to Class A common stock subject to redemption amount
|
(
|
)
|
||
Plus:
|
||||
Accretion on Class A common stock subject to possible redemtion amount
|
|
|||
Class A common stock subject to possible redemption
|
$
|
|
Fair Value Measured as of September 30, 2021
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Investments held in Trust Account - US Treasury Securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Liabilities:
|
||||||||||||||||
Derivative warrant liabilities - Public Warrants
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Derivative warrant liabilities - Private Placement Warrants
|
$
|
|
$
|
|
$
|
|
$
|
|
Fair Value Measured as of December 31, 2020
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Investments held in Trust Account - US Treasury Securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Liabilities:
|
||||||||||||||||
Derivative warrant liabilities - Public Warrants
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Derivative warrant liabilities - Private Placement Warrants
|
$
|
|
$
|
|
$
|
|
$
|
|
As of
December 31,
2020
|
||||
Option term (in years)
|
|
|||
Volatility
|
|
%
|
||
Risk-free interest rate
|
|
%
|
||
Expected dividends
|
|
%
|
||
Probability of successful initial business combination
|
|
%
|
Derivative warrant liabilities at December 31, 2020
|
$
|
|
||
Transfer of Public Warrants to Level 1
|
(
|
)
|
||
Change in fair value of Private Placement Warrants | ( |
) | ||
Derivative warrant liabilities at March 31, 2021 | ||||
Transfer of Private Placement
Warrants to Level 2
|
( |
) | ||
Derivative warrant liabilities at June 30, 2021
|
|
|||
Change in fair value of derivative warrant liabilities
|
||||
Derivative warrant liabilities at September 30, 2021 | $ |
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 5. |
Other Information
|
Exhibit
Number
|
Description
|
|
Certification of Chief 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 Chief Financial 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 Chief 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 Chief 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
|
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 Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
* |
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.
|
Healthcare Services Acquisition Corporation
|
||
Date: March 14, 2022
|
|
/s/ Joshua B. Lynn
|
Name: Joshua B. Lynn
|
||
Title: Chief Executive Officer
|