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 | ||
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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Part I. Financial Information |
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2 | ||||
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4 | ||||
5 | ||||
16 | ||||
19 | ||||
19 | ||||
Part II. Other Information |
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19 | ||||
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20 | ||||
20 | ||||
20 | ||||
20 | ||||
20 | ||||
21 |
March 31, 2022 (Unaudited) |
December 31, 2021 |
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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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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
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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 (Note 6) |
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Class A common stock subject to possible redemption, $ |
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Stockholders’ Deficit |
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Preferred stock, $ |
— | — | ||||||
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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Total Stockholders’ Deficit |
( |
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( |
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TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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For the Three Months Ended March 31, |
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2022 |
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 liabilities |
— | ( |
) | |||||
Interest earned on investments held in Trust Account |
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Total other income, net |
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Net income |
$ |
$ |
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Weighted average shares outstanding, Class A common stock |
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Basic and diluted net income per share, Class A common stock |
$ |
$ |
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Basic weighted average shares outstanding, Class B common stock |
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Basic net income per share, Class B common stock |
$ |
$ |
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Diluted weighted average shares outstanding, Class B common stock |
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Diluted net income per share, Class B common stock |
$ |
$ |
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance — January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net incom e |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ 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 Warrant s |
— | — | — | — | — | |||||||||||||||||||||||
Accretion for Class A common stock subject to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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For the Three Months Ended March 31, |
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2022 |
2021 |
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Cash Flows from Operating Activities: |
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Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash used in operating activities: |
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Interest earned on marketable securities held in Trust Account |
( |
) | ( |
) | ||||
Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Transaction costs incurred in connection with warrant liabilities |
— | |||||||
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 Units, net of underwriting discounts paid |
— | |||||||
Proceeds from sale of Private Placement Warrants |
— | |||||||
Proceeds from promissory notes – related party |
— | |||||||
Repayment of promissory notes – 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 |
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Cash – Ending |
$ |
$ |
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Non-cash investing and financing activities: |
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Accretion for Class A common stock to redemption amount |
$ | — | $ | |||||
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Deferred underwriting fee payable |
$ | — | $ | |||||
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Initial value of warrant liability |
$ | — | $ | |||||
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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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Class A common stock subject to possible redemption |
$ | |||
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For the Three Months Ended March 31, 2022 |
For the Three Months Ended March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic net income per common share |
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Numerator: |
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Allocation of net income, as adjusted |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Basic weighted average shares outstanding |
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Basic net income per common share |
$ | $ | $ | $ | ||||||||||||
Diluted net income per common share |
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Numerator: |
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Allocation of net income, as adjusted |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Diluted weighted average shares outstanding |
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Diluted net income per common share |
$ | $ | $ | $ |
• | 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 $ |
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 |
March 31, 2022 |
December 31, 2021 |
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Assets: |
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Investments held in Trust Account – U.S. Treasury Securities Money Market Fund |
1 | $ | $ | |||||||||
Liabilities: |
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Warrant Liability – Public Warrants |
1 | $ | $ | |||||||||
Warrant Liability – Private Placement Warrants |
2 | $ | $ |
Private Placement Warrants |
Public Warrants |
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 |
( |
) | ( |
) | ||||||||
Fair value as of March 31, 2021 |
$ | $ | ||||||||||
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) |
(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. |
* | Filed herewith. |
** | Furnished. |
ATHLON ACQUISITION CORP. | ||||||
Date: May 3, 2022 | 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) |