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) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one share of Class A common stock and one-third of one redeemable warrant |
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Class A common stock, par value $0.0001 per share |
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Warrants, each whole warrant exercisable for one share of Class A common stock |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Part I. Financial Information | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
20 | ||||
23 | ||||
23 | ||||
Part II. Other Information | ||||
23 | ||||
24 | ||||
25 | ||||
25 | ||||
25 | ||||
26 | ||||
26 | ||||
Part III. Signatures | 27 |
June 30, 2021 |
December 31, 2020 |
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(unaudited) | ||||||||
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 |
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Deferred offering costs |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Promissory note – related party |
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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 common stock subject to possible redemption, $ |
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Stockholders’ Equity |
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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 |
( |
) | ( |
) | ||||
Total Stockholders’ Equity |
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
$ |
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(1) | As of December 31, 2020, shares included up to |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2021 |
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Operations and formation costs |
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Operational costs |
$ | $ | ||||||
Franchise tax |
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Loss from operations |
( |
) |
( |
) | ||||
Other income (expense): |
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Interest earned on investments held in Trust Account |
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Transaction costs incurred in connection with warrant liabilities |
— | ( |
) | |||||
Change in fair value of warrant liability |
( |
) | ( |
) | ||||
Total other expense, net |
( |
) | ( |
) | ||||
Net loss |
$ |
( |
) |
$ |
( |
) | ||
Weighted average shares outstanding of Class A redeemable common stock |
||||||||
Basic and diluted income per share, Class A redeemable common stock |
$ |
$ |
||||||
Weighted average shares outstanding of Class A and Class B non-redeemable common stock (1) |
||||||||
Basic and diluted net loss per share, Class A and Class B non-redeemable common stock |
$ |
( |
) |
$ |
( |
) | ||
(1) | As of December 31, 2020, shares included up to |
Class A Common Stock |
Class B Common Stock (1) |
Additional Paid-in Capital |
Retained Earnings (Accumulated Deficit) |
Total Stockholders’ Equity |
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Shares |
Amount |
Shares |
Amount |
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Balance — January 1, 2021 |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
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Sale of |
— | — | — | |||||||||||||||||||||||||
Sale of |
— | — | — | |||||||||||||||||||||||||
Forfeiture of Founder Shares |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Class A common stock subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Balance – March 31, 2021 |
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Class A common stock subject to possible redemption |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance – June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||
(1) | As of December 31, 2020, shares included up to |
Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Change in fair value of warrant liability |
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Transaction costs allocated to warrant liabilities |
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Interest earned on investments held in Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Accounts payable and accrued expenses |
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|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
|||
Cash Flows from Investing Activities: |
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Investment into trust account |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
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 Placement Units |
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Repayment of promissory note – related party |
( |
) | ||
Payment of offering costs |
( |
) | ||
|
|
|||
Net cash provided by financing activities |
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|
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Net Change in Cash |
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Cash – Beginning of period |
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|
|
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Cash – End of period |
$ |
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|
|
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Non-cash investing and financing activities: |
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Deferred underwriting fee payable |
$ | |||
|
|
|||
Initial classification of Class A common stock subject to possible redemption |
$ | |||
|
|
|||
Forfeiture of Founder Shares |
$ | ( |
) | |
|
|
|||
Change in value of Class A common stock subject to possible redemption |
$ | ( |
) | |
|
|
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
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Redeemable Class A common stock |
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Numerator: Earnings allocable to Redeemable Class A common stock |
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Interest income |
$ | $ | ||||||
Income and franchise tax |
( |
) | $ | ( |
) | |||
|
|
|
|
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Net Income (loss) |
$ |
$ |
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|
|
|
|
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Denominator: Weighted average redeemable Class A common stock |
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Redeemable Class A common stock, Basic and Diluted |
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|
|
|
|
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Basic and diluted income per share, Class A redeemable common stock |
$ |
$ |
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|
|
|
|
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Non-redeemable Class A and B common stock |
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Numerator: Net income (loss) minus redeemable net income |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Less redeemable net income (loss) |
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|
|
|
|
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Non-redeemable net income (loss) |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
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Denominator: Weighted average Non-redeemable Class A and B common stock |
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Non-redeemable Class A and B common stock, basic and diluted |
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|
|
|
|
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Basic and diluted net loss per share, Class A and Class B non-redeemable common stock |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
• | 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; |
• | 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 reported last sale price of the Company’s Class A common stock (or the closing bid price of the common stock in the event shares of common stock are not traded on any specific day) equals or exceeds $ |
Level |
June 30, 2021 |
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Assets: |
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Investments held in Trust Account |
1 | $ | ||||||
Liabilities: |
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Warrant liability – Public Warrants |
1 | $ | ||||||
Warrant liability – Private Placement Warrants |
3 | $ |
June 30, 2021 |
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Private Placement |
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Input |
Warrants |
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Stock price |
$ | ||||
Exercise price |
$ | ||||
Volatility |
% | ||||
Term (years) |
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Dividend yield |
% | ||||
Risk-free rate |
% |
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
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Fair value as of January 1, 2021 |
$ | $ | $ | |||||||||
Initial measurement on January 12, 2021 |
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Change in valuation inputs or other assumptions |
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Fair value as of June 30, 2021 |
$ | $ | $ | |||||||||
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* | Filed herewith. |
LOCUST WALK ACQUISITION CORP. | ||||
Date: August 12, 2021 | By: | /s/ Chris Ehrlich | ||
Name: | Chris Ehrlich | |||
Title: | Chief Executive Officer | |||
(Principal Executive Officer) | ||||
Date: August 12, 2021 | By: | /s/ Daniel Geffken | ||
Name: | Daniel Geffken | |||
Title: | Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |