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 Symbols |
Name of each exchange on which registered | ||
Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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16 |
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21 |
September 30, 2021 |
December 31, 2020 |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash |
$ | $ | ||||||
Prepaid expenses |
— | |||||||
Total Current Assets |
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Deferred offering costs |
— | |||||||
Investment s held in Trust Account |
— | |||||||
TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
Accrued offering costs |
— | |||||||
Promissory note – related party |
— | |||||||
Total Current Liabilities |
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Warrant liability |
— | |||||||
Deferred underwriting fee payable |
— | |||||||
Total Liabilities |
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Commitments and Contingencies |
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Class A common stock subject to possible redemption, $ |
— | |||||||
Stockholders’ (Deficit) Equity |
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Preferred 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’ (Deficit) Equity |
( |
) |
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TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
$ |
$ |
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Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
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Formation and operational costs |
$ | $ | ||||||
Loss from operations |
( |
) |
( |
) | ||||
Other income: |
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Change in fair value of warrant liabilities |
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Transaction costs incurred in connection with warrant liability |
— | ( |
) | |||||
Interest earned on investments held in Trust Account |
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Total other income, net |
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Net income (loss) |
$ |
$ |
( |
) | ||||
Weighted average shares outstanding, Class A redeemable common stock |
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Basic and diluted net income (loss) per share, Class A redeemable common stock |
$ |
$ |
( |
) | ||||
Weighted average shares outstanding, Class B non-redeemable common stock |
||||||||
Basic and diluted net income (loss) per share, Class B non-redeemable common stock |
$ |
$ |
( |
) | ||||
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
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Shares |
Amount |
Shares |
Amount |
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Balance — January 1, 2021 |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
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Cash paid in excess of fair value for Private Placement Warrants |
— | — | — | — | — | |||||||||||||||||||||||
Accretion for Class A common stock subject to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2021 |
— |
$ |
— |
$ |
$ | — | $ |
( |
) |
$ |
( |
) | ||||||||||||||||
Net loss |
— | — |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – June 30, 2021 |
— |
$ |
— |
$ |
$ | — | $ |
( |
) |
$ |
( |
) | ||||||||||||||||
Net income |
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Balance – September 30, 2021 |
— |
$ |
— |
$ |
$ | — | $ |
( |
) |
$ |
( |
) | ||||||||||||||||
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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 liabilities |
( |
) | ||
Transaction costs incurred in connection with warrant liability |
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Interest earned on investments held in Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Accrued expenses |
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Net cash used in operating activities |
( |
) | ||
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Cash Flows from Investing Activities: |
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Investment of cash in Trust Account |
( |
) | ||
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Net cash used in investing activities |
( |
) | ||
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Cash Flows from Financing Activities |
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Proceeds from sale of Public Offering, net of underwriting discounts paid |
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Underwriting discounts paid |
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|
( |
) |
Proceeds from sale of Private Placements Warrants |
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Proceeds from promissory note—related party |
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Repayment of promissory note—related party |
( |
) | ||
Payment of offering costs |
( |
) | ||
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Net cash provided by financing activities |
$ |
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Net Change in Cash |
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Cash – Beginning of period |
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Cash – End of period |
$ |
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Non-Cash investing and financing activities: |
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Deferred underwriting fee payable |
$ | |||
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|
Balance Sheet as of January 14, 2021 (audited) |
As Previously Reported |
Adjustment |
As Revised |
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Class A common stock subject to possible redemption |
$ | $ | $ | |||||||||
Class A common stock |
$ | $ | ( |
) | $ | |||||||
Additional paid-in capital |
$ | $ | ( |
) | $ | |||||||
Accumulated deficit |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Total Stockholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) |
Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
$ | ( |
) | |
Class A common stock issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
$ | |||
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|
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Class A common stock subject to possible redemption |
$ | |||
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|
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per common stock |
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Numerator: |
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Allocation of net income (loss), as adjusted |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per common stock |
$ | $ | $ | ( |
) | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the closing price of the Class A common stock equals or exceeds $ 30 -trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders. |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of our Class A common stock equals or exceeds $ |
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 our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description |
Level |
September 30, 2021 |
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Assets: |
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Investments held in Trust Account – U.S. Treasury Securities Money Market Fund |
1 | $ |
Liabilities | Level | Fair Value | ||||||||
September 30, 2021 |
Warrant Liability – Public Warrants |
1 | ||||||||
September 30, 2021 |
Warrant Liability – Private Placement Warrants |
2 |
Private Placement |
Public |
Warrant Liabilities |
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Fair value as of January 1, 2021 |
$ | $ | $ | |||||||||
Initial measurement on January 14, 2021 |
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Change in fair value |
( |
) | ( |
) | ( |
) | ||||||
Transfer to level 1 |
( |
) | ( |
) | ||||||||
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Fair value as of March 31, 2021 |
$ | $ | $ | |||||||||
Change in fair value |
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Fair value as of June 30, 2021 |
$ | $ | $ | |||||||||
Change in fair value |
( |
) | ( |
) | ||||||||
Transfer to level 2 |
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( |
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( |
) |
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Fair value as of September 30, 2021 |
$ | $ | $ | |||||||||
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101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101.INS) |
* | Filed herewith. |
** | Furnished. |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on January 15, 2021 and incorporated by reference herein. |
(2) | Previously filed as an exhibit to our Form S-1 filed on December 22, 2020 and incorporated by reference herein. |
ATHLON ACQUISITION CORP. | ||||||
Date: November 2, 2021 | By: | /s/ Chris Hickey | ||||
Name: | Chris Hickey | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
By: | /s/ David Poltack | |||||
Name: | David Poltack | |||||
Title: | Chief Financial Officer (Principal Accounting and Financial Officer) |