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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(I.R.S. Employer Identification Number)
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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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☐
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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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Smaller reporting company
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Emerging growth company
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Page
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PART 1 – FINANCIAL INFORMATION
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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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19
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Item 3.
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22
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Item 4.
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22
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PART II – OTHER INFORMATION
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Item 1.
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23
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Item 1A.
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23
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Item 2.
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23
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Item 3.
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23
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Item 4.
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23
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Item 5.
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23
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Item 6.
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24
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25
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September 30, 2021
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December 31, 2020
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|||||||
(Unaudited) | ||||||||
ASSETS
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||||||||
Current assets
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Cash
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Prepaid expenses
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Total Current Assets
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Deferred offering costs
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Marketable securities held in Trust Account
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Total Assets
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$
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$
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||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
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||||||||
Current liabilities:
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||||||||
Accounts payable and accrued expenses
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$
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$
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||||
Accrued offering costs
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||||||
Related party promissory note
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Total Current Liabilities
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Warrant liabilities
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Deferred underwriting fee payable
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Total Liabilities
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Commitments
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||||||||
Class A ordinary shares subject to possible redemption,
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||||||
Shareholders’ (Deficit) Equity
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||||||||
Preference shares, $
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||||||
Class A ordinary shares, $
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|
|
||||||
Class B ordinary shares, $
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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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)
|
||||
Total Shareholders’ (Deficit) Equity
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(
|
)
|
|
|||||
Total Liabilities and Shareholders’ (Deficit) Equity
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$
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|
$
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Three Months Ended September 30, 2021
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Nine Months Ended September 30, 2021
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For the Period from September 2, 2020 (Inception) Through September 30, 2020 |
||||||||||
Operating costs
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$
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|
$
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|
$ | |||||||
Loss from operations
|
(
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)
|
(
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)
|
( |
) | ||||||
|
||||||||||||
Other income:
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||||||||||||
Change in fair value of warrant liabilities
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|
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||||||||||
Interest earned on marketable securities held in Trust Account
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|
|
||||||||||
Unrealized loss on marketable securities held in Trust Account
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( |
) | ( |
) | ||||||||
Total other income, net
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$ |
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$ |
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$ |
|||||||
|
||||||||||||
Net income (loss)
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$
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|
$
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(
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)
|
$ | ( |
) | ||||
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A Ordinary shares
|
|
|
||||||||||
Basic and diluted net income (loss) per share, Class A Ordinary shares
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$
|
|
$
|
(
|
)
|
$ | ||||||
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares
|
|
|
||||||||||
Basic and diluted net income (loss) per share, Class B Ordinary shares
|
$
|
|
$
|
(
|
)
|
$ | ( |
) |
Class B Ordinary
Shares
|
Additional
Paid-in Capital
|
Accumulated
Deficit
|
Total
Shareholders’
Equity (Deficit)
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance – January 1, 2021
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Accretion for Class A ordinary shares to redemption amount
|
—
|
—
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
Net income
|
—
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2021 (restated)
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
Accretion for Class A ordinary shares to redemption amount
|
— |
— |
( |
) | ( |
) | ||||||||||||||
Net loss |
— | ( |
) | ( |
) | |||||||||||||||
Balance – June 30, 2021 (restated) | $ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
Accretion for Class A ordinary shares to redemption amount
|
— | — | ( |
) | ( |
) | ||||||||||||||
Net income | — | |||||||||||||||||||
Balance – September 30, 2021 | $ |
$ | $ | ( |
) | $ | ( |
) |
Class B Ordinary
Shares
|
Additional Paid-in Capital
|
Accumulated
Deficit
|
Total
Shareholders’
Equity
|
|||||||||||||||||
Shares
|
Amount
|
|||||||||||||||||||
Balance – September 2, 2020 (Inception)
|
|
$ | $ | $ | $ | |||||||||||||||
Issuance of Class B ordinary share to Sponsor
|
|
|
|
|
|
|||||||||||||||
Net loss
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance – September 30, 2020
|
|
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Nine
Months Ended
September 30,
|
For the Period from September 2, 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:
|
||||||||
Formation cost paid by Sponsor in exchange for issuance of Founder Shares
|
|
|
||||||
Change in fair value of warrant liabilities
|
(
|
)
|
|
|||||
Interest earned on marketable securities held in Trust Account
|
(
|
)
|
|
|||||
Unrealized loss on marketable securities held in Trust Account
|
|
|
||||||
Transaction costs incurred in connection with 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
|
|
|
||||||
Proceeds from promissory note – related party
|
|
|
||||||
Repayment of promissory note – related party
|
(
|
)
|
|
|||||
Payment of offering costs
|
(
|
)
|
(
|
)
|
||||
Net cash provided by financing activities
|
|
|
||||||
|
||||||||
Net Change in Cash
|
|
|
||||||
Cash – Beginning
|
|
|
||||||
Cash – Ending
|
$
|
|
$
|
|
||||
|
||||||||
Non-cash investing and financing activities:
|
||||||||
Offering costs included in accrued offering costs
|
$
|
|
$
|
|
||||
Offering costs paid by Sponsor in exchange for issuance of Founder Shares
|
$
|
|
$
|
|
||||
Initial classification of Class A ordinary shares subject to possible redemption
|
$
|
|
$
|
|
||||
Accretion for Class A ordinary shares to redemption amount
|
$
|
|
$
|
|
||||
Deferred underwriting fee payable
|
$
|
|
$
|
|
Balance Sheet as of March 15, 2021 (audited)
|
As Previously
Reported
|
Adjustment | As Revised | |||||||||
Ordinary shares subject to possible redemption
|
$
|
|
$
|
|
$ | |||||||
Ordinary Shares
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Additional paid-in capital
|
$
|
|
$ | ( |
) |
$
|
|
|||||
Accumulated deficit
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Total shareholders’ equity (deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
Balance Sheet as of March 31, 2021 (Unaudited)
|
||||||||||||
Ordinary shares subject to possible redemption
|
$
|
|
$
|
|
$
|
|
||||||
Ordinary Shares
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Additional paid-in capital
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Accumulated deficit
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Total Stockholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Balance Sheet as of June 30, 2021 (Unaudited)
|
||||||||||||
Ordinary shares subject to possible redemption
|
$
|
|
$
|
|
$
|
|
||||||
Ordinary Shares
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Additional paid-in capital
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Accumulated deficit
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Total Stockholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Statement of Cash Flows for the Period March 15, 2021 through
March 31, 2021 (Unaudited)
|
||||||||||||
Initial classification of Ordinary shares subject to possible redemption
|
$
|
|
$
|
|
$
|
|
||||||
Change in value of ordinary shares subject to possible redemption
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Statement of Cash Flows for the Six Months Ended June 30, 2021
(Unaudited)
|
||||||||||||
Initial classification of Ordinary shares subject to possible redemption
|
$
|
|
$
|
(
|
)
|
|
||||||
Change in value of ordinary shares subject to possible redemption
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended March 31, 2021 (Unaudited)
|
||||||||||||
Sale of
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Change in value of Ordinary shares of subject to redemption
|
$
|
(
|
)
|
$
|
|
$
|
|
|||||
Accretion for Class A Ordinary shares to redemption amount
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Total Shareholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended June 30, 2021 (Unaudited)
|
||||||||||||
Change in value of Ordinary shares of subject to redemption
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Total Shareholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
Statement of Operations for the Three Months Ended March 31, 2021
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption, Adjustment, ordinary shares,
respectively
|
|
|
|
(
|
)
|
|
|
|||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption, adjustment, ordinary shares, respectively
|
$
|
|
$
|
|
$
|
|
||||||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares
, adjustment, Class B ordinary shares, respectively
|
|
(
|
)
|
|
||||||||
Basic and diluted net loss (income) per share, Non-redeemable ordinary shares, adjustment, class B ordinary shares, respectively
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Statement of Operations for the Three Months Ended June 30, 2021
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption, Adjustment, ordinary shares,
respectively
|
|
|
|
|||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption, adjustment, ordinary shares, respectively
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares
, adjustment, Class B ordinary shares, respectively
|
|
(
|
)
|
|
||||||||
Basic and diluted net loss (income) per share, Non-redeemable ordinary shares, adjustment, class B ordinary shares, respectively
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||
Statement of Operations for the Six Months Ended June 30, 2021
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption, Adjustment, ordinary shares,
respectively
|
|
(
|
)
|
|
||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption, adjustment, ordinary shares, respectively
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares
, adjustment, Class B ordinary shares, respectively
|
|
(
|
)
|
|
||||||||
Basic and diluted net loss (income) per share, Non-redeemable ordinary shares, adjustment, class B ordinary shares, respectively
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
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 September 2,
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 shares outstanding
|
|
|
|
|
|
|
||||||||||||||||||
Basic and diluted net income (loss) per ordinary share
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
(
|
) |
|
●
|
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.
|
● |
in whole and not in part;
|
● |
at a price of $
|
● |
upon not less than
|
● |
if, and only if, the last
reported sale price of the Class A ordinary shares for any
|
● |
in whole and not in part;
|
● |
at $
|
● |
if, and only if, the Reference
Value equals or exceeds $
|
● |
if the Reference Value is less
than $
|
● |
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 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
|
$
|
|
$
|
|
|||||||
Liabilities:
|
||||||||||||
Warrant Liability – Public Warrants
|
1
|
|
|
|||||||||
Warrant Liability – Private Placement Warrants
|
3
|
|
|
Input |
March 15, 2021
(Initial Measurement)
|
September 30, 2021
|
||||||
Risk-free interest rate
|
|
%
|
|
%
|
||||
Expected term (years)
|
||||||||
Expected volatility
|
|
%
|
|
%
|
||||
Exercise price
|
$
|
|
$
|
|
||||
Fair value of Units
|
$
|
|
$
|
|
Public Warrants
|
Private Warrants
|
Warrant Liabilities
|
||||||||||
Fair value as of January 1, 2021
|
$
|
|
$
|
|
$
|
|
||||||
Initial fair value as of March 15, 2021 | ||||||||||||
Change in fair value
|
|
(
|
)
|
|
||||||||
Transfers to Level 1
|
( |
) | ( |
) | ||||||||
Fair value as of September 30, 2021
|
|
|
|
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
|
Exhibit No.
|
Description
|
|
Certification of Principal Executive 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
|
||
Certification of 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
|
||
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
|
||
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*
|
XBRL Instance Document
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema 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.
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** |
Furnished.
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SILVER SPIKE ACQUISITION CORP II
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||||
Date:
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November 22, 2021
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By:
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/s/ Scott Gordon
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Name:
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Scott Gordon
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Title:
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Chief Executive Officer
Principal Executive Officer
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|||
Date:
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November 22, 2021
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By:
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/s/ Gregory Gentile
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Name:
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Gregory Gentile
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Title:
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Chief Financial Officer
Principal Financial and Accounting Officer
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