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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June 30, 2022
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December 31,
2021
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ASSETS
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Unaudited | |||||||
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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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
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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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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 and Contingencies
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Class A ordinary shares subject to possible redemption,
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Shareholders’ Deficit
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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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(
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)
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Total Shareholders’ Deficit
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(
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)
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(
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)
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TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
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$
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$
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Three Months
Ended
June 30,
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Six Months
Ended
June 30,
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|||||||||||||||
2022 |
2021 |
2022 |
2021 |
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Formation and operational costs
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$
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$ |
$
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$ | ||||||||||
Loss from operations
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(
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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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Interest earned on marketable securities held in Trust Account
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Change in fair value of warrant liabilities
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( |
) | ( |
) | ||||||||||||
Broken deal fees income (loss)
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Unrealized loss on marketable securities held in Trust Account
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( |
) | ( |
) | ||||||||||||
Total other income (expense), net
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|
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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 weighted average shares outstanding, Class A Ordinary Shares subject to possible redemption
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Basic net income (loss) per common share, Class A Ordinary Shares subject to possible redemption
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$
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$ |
( |
) |
$
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$ | ( |
) | ||||||
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Basic weighted average shares outstanding, Class B Ordinary Shares subject to possible redemption
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||||||||||||||
Basic net income (loss) per share, Class B Ordinary Shares
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$
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$ |
( |
) |
$
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$ | ( |
) |
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Class B
Ordinary Shares
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Additional
Paid-in
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Accumulated
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Total Shareholders’
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||||||||||||||||
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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 – January 1, 2022
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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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|||||||||
Remeasurement for Class A ordinary shares to redemption amount
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—
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|||||||||||||||
Net income
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—
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Balance – March 31, 2022
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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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|||||||||
Remeasurement for Class A ordinary shares to redemption amount |
— | ( |
) | ( |
) | |||||||||||||||
Net income |
— | |||||||||||||||||||
Balance – June 30, 2022 | $ | $ | $ | ( |
) | $ | ( |
) |
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Class B
Ordinary Shares
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Additional
Paid-in
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Accumulated
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Total Shareholders’
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||||||||||||||||
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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 – January 1, 2021
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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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||||||||||
Remeasurement for Class A ordinary shares to redemption amount
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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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Balance – March 31, 2021
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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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||||||||
Remeasurement for Class A ordinary shares to redemption amount |
— | ( |
) | ( |
) | |||||||||||||||
Net loss |
— | ( |
) | ( |
) | |||||||||||||||
Balance – June 30, 2021 | $ | $ | $ | ( |
) | $ | ( |
) |
For the Six
Months Ended
June 30,
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For the Six
Months Ended
June 30,
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2022
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2021
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Cash Flows from Operating Activities:
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Net income (loss)
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$
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$
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(
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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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Change in fair value of warrant liabilities
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(
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)
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Interest earned on marketable securities held in Trust Account
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(
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)
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(
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)
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Unrealized loss on marketable securities held in Trust Account
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Transaction costs incurred in connection with Initial Public Offering
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Changes in operating assets and liabilities:
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Prepaid expenses
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(
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)
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Accounts payable and accrued expenses
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Net cash used in operating activities
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(
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)
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(
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)
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Cash Flows from Investing Activities:
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Investment of cash into Trust Account
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(
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)
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Net cash used in investing activities
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(
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)
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Cash Flows from Financing Activities:
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Proceeds from sale of Units, net of underwriting discounts paid
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Proceeds from sale of Private Placement Warrants
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Proceeds from promissory note – related party
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Repayment of due to/from – related party
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(
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)
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Repayment of promissory note – related party |
( |
) | ||||||
Payment of offering costs
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(
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)
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Net cash (used in) provided by financing activities
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(
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)
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Net Change in Cash
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(
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)
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Cash – Beginning
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Cash – Ending
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$
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$
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Non-cash investing and financing activities:
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Offering costs included in accrued offering costs
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$
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$
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Initial classification of Class A ordinary shares subject to possible redemption
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$
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$
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Remeasurement for Class A ordinary shares to redemption amount
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$
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$
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Deferred underwriting fee payable
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$
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$
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Class A ordinary
shares subject to
possible redemption
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Gross proceeds
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$
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Less:
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Proceeds allocated to Public Warrants
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(
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)
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Class A ordinary shares issuance costs
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(
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)
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Plus:
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Accretion of carrying value to redemption value
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Accretion of carrying value to redemption value – Over-Allotment
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Class A ordinary shares subject to possible redemption - December 31, 2021
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Remeasurement of Class A ordinary shares subject to possible redemption:
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Class A Ordinary shares subject to possible redemption - June 30, 2022: |
$ |
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Three Months Ended
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Six Months Ended | ||||||||||||||||||||||||||||||
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June 30, 2022
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June 30, 2021
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June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||
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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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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per ordinary share
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Numerator:
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Allocation of net income (loss), as adjusted
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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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$ |
$ |
$ |
( |
) | $ |
( |
) | ||||||||||||||
Denominator:
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Basic and diluted weighted average ordinary share outstanding
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Basic and diluted net income (loss) per ordinary 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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$
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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
(unadjusted) for identical instruments in active markets;
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●
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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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●
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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.
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● |
in whole and not in part;
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● |
at a price of $
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● |
upon not less than
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● |
if, and only if, the last
reported sale price of the Class A ordinary shares for any
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● |
in whole and not in part;
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at $
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● |
if, and only if, the Reference
Value equals or exceeds $
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● |
if the Reference Value is less
than $
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● |
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.
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● |
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.
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Level 3: Unobservable inputs
based on the Company assessment of the assumptions that market participants would use in pricing the asset or liability.
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Description
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Level
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June 30, 2022
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December 31, 2021
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Assets:
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Marketable securities held in Trust Account
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1
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$
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$
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Liabilities:
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Warrant Liabilities – Public Warrants
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1
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Warrant Liabilities – Private Placement Warrants
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3
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Input
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June 30, 2022
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December 31, 2021
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Risk-free interest rate
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%
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%
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Expected term (years)
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Expected volatility
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%
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%
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Exercise price
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Fair value of Units
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Public Warrants
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Private Warrants
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Warrant Liabilities
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Level 1 |
Level 3 |
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Fair value as of January 1, 2021
|
$
|
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$
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$
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Change in fair value
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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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Fair value as of March 31, 2022
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Change in fair value |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of June 30, 2022 |
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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ITEM 4. |
CONTROLS AND PROCEDURES
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ITEM 1. |
LEGAL PROCEEDINGS
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ITEM 1A. |
RISK FACTORS
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ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES
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ITEM 4. |
MINE SAFETY DISCLOSURES
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ITEM 5. |
OTHER INFORMATION
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ITEM 6. |
EXHIBITS
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Exhibit No.
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Description
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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
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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
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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
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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
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101.INS*
|
XBRL Instance Document
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
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101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
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101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document
|
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101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
* |
Filed herewith.
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** |
Furnished.
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SILVER SPIKE ACQUISITION CORP II
|
||||
Date:
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August 12, 2022
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By:
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/s/ Scott Gordon
|
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Name:
|
Scott Gordon
|
|||
Title:
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Chief Executive Officer
Principal Executive Officer
|
|||
Date:
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August 12, 2022
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By:
|
/s/ Gregory Gentile
|
|
Name:
|
Gregory Gentile
|
|||
Title:
|
Chief Financial Officer
Principal Financial and Accounting Officer
|