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) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-third of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Item 1. |
Financial Statements |
September 30, |
December 31, |
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2021 |
2020 |
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(Unaudited) | ( Rest )ated |
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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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Cash and marketable securities held in trust account |
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Total Assets |
$ | $ | ||||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities |
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Offering costs payable |
$ | $ | ||||||
Accrued expenses |
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Total current liabilities |
$ | $ | ||||||
Warrant liability |
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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, |
$ | $ | ||||||
Shareholders’ 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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Total Shareholders’ Deficit |
$ | ( |
) | $ | ( |
) | ||
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TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO REDEMPTION AND SHAREHOLDERS’ EQUITY |
$ | $ | ||||||
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Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
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Operating and formation costs |
$ | ( |
) | $ | ( |
) | ||
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Loss from operations |
( |
) | ( |
) | ||||
Other Income (Expense): |
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Unrealized gain on marketable securities held in Trust Account |
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Change in fair value of warrant liabilities |
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Net income |
$ | $ | ||||||
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Basic and diluted weighted average shares outstanding of Class A ordinary shares |
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Basic and diluted net income per ordinary share, Class A |
$ | $ | ||||||
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Basic and diluted weighted average shares outstanding of Class B ordinary shares |
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Basic and diluted net income per ordinary share, Class B |
$ | $ | ||||||
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Class A |
Class B |
Total Shareholders’ Deficit |
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Ordinary Shares |
Ordinary Shares |
Additional Paid- in Capital |
Accumulated Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance—January 1, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
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 income |
$ | |||
Adjustments to reconcile net income to net cash used in operating activities: |
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Unrealized gain on marketable securities held in Trust Account |
( |
) | ||
Change in fair value of warrant liabilities |
( |
) | ||
Changes in operating assets and liabilities: |
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Accrued expenses |
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Prepaid expenses |
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Net cash used in operating activities |
( |
) | ||
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Cash Flows from Financing Activities |
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Payment of offering costs |
( |
) | ||
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Net cash used in financing activities |
( |
) | ||
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Net change in cash |
( |
) | ||
Cash at beginning of the period |
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Cash at end of the period |
$ | |||
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As of December 21, 2020 |
As Reported |
Adjustment |
As Restated |
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Class A ordinary shares subject to possible redemption |
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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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Total Shareholders’ Equity |
( |
) |
( |
) | ||||||||
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Number of Class A ordinary shares subject to redemption |
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As of December 31, 2020 |
As Reported |
Adjustment |
As Restated |
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Class A ordinary shares subject to possible redemption |
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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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Total Shareholders’ Equity |
( |
) |
( |
) | ||||||||
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Number of Class A ordinary shares subject to redemption |
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As of March 31, 2021 |
As Reported |
Adjustment |
As Restated |
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Class A ordinary shares subject to possible redemption |
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Class A ordinary shares, $ |
( |
) | ||||||||||
Class B ordinary shares, $ |
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Additional Paid in Capital |
( |
) | ||||||||||
Accumulated Deficit |
( |
) | ( |
) | ( |
) | ||||||
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|
|
|
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Total Shareholders’ Equity |
( |
) | ( |
) | ||||||||
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Number of Class A ordinary shares subject to redemptio n |
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As of June 30, 2021 |
As Reported |
Adjustment |
As Restated |
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Class A ordinary shares subject to possible redemption |
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Class A ordinary shares, $ |
( |
) | ||||||||||
Class B ordinary shares, $ |
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Additional Paid in Capital |
( |
) | ||||||||||
Accumulated Deficit |
( |
) | ( |
) | ( |
) | ||||||
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|
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Total Shareholders’ Equity |
( |
) | ( |
) | ||||||||
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Number of Class A ordinary shares subject to redemptio n |
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EPS for Class A common stock (redeemable) |
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Form 10-K/A (December 30, 2020) – October 20, 2020 (inception) through December 31, 2020 |
As Reported |
Adjustment |
As Restate d |
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Net loss |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Weighted average shares outstanding |
$ |
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Basic and diluted earnings per share |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Form 10-Q (March 31, 2021) – three months ended March 31, 2021 |
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Net income |
$ |
$ |
$ |
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Weighted average shares outstanding |
$ |
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Basic and diluted earnings per share |
$ |
$ |
$ |
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Form 10-Q (June 30, 2021) – three months ended June 30, 2021 |
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Net loss |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Weighted average shares outstanding |
$ |
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Basic and diluted earnings per share |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Form 10-Q (June 30, 2021) – six months ended June 30, 2021 |
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Net loss |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Weighted average shares outstanding |
$ |
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Basic and diluted earnings per share |
$ |
$ |
( |
) |
$ |
( |
) | |||||
EPS for Class B common stock (redeemable) |
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Form 10-K/A (June 30, 2021) – October 20, 2020 (inception) through December 31, 2020 |
As Reported |
Adjustment |
As Restated |
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Net loss |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Weighted average shares outstanding |
( |
) |
||||||||||
Basic and diluted earnings per share |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Form 10-Q (March 31, 2021) – three months ended March 31, 2021 |
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Net income |
$ |
$ |
$ |
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Weighted average shares outstanding |
( |
) |
||||||||||
Basic and diluted earnings per share |
$ |
$ |
( |
) |
$ |
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Form 10-Q (June 30, 2021) – three months ended June 30, 2021 |
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Net loss |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Weighted average shares outstanding |
( |
) |
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Basic and diluted earnings per share |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Form 10-Q (June 30, 2021) – six months ended June 30, 2021 |
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Net loss |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Weighted average shares outstanding |
( |
) |
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Basic and diluted earnings per share |
$ |
( |
) |
$ |
$ |
( |
) |
For the Three Months Ended September 30, 2021 |
For the 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 (loss) per ordinary share: |
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N u merat o r : |
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Allocation of net income (loss) |
$ |
$ |
$ |
$ |
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De no min a tor: |
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Basic and diluted weighted average ordinary shares outstanding |
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Basic and diluted net income (loss) per ordinary share |
$ |
$ |
$ |
$ |
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• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price (the “closing price”) of the Class A ordinary shares equals or exceeds $ |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
• | if the closing price of the Class A ordinary shares for any 20 trading days within a |
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 |
December 31, 2020 |
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Assets: |
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Cash and Marketable securities held in trust account |
1 |
$ |
$ |
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Description |
Level |
September 30, 2021 |
Level |
December 31, 2020 |
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Liabilities: |
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Warrant Liability – Public Warrants |
1 | $ | |
3 | $ | |
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Warrant Liability – Private Placement Warrants |
3 | $ | 3 | $ | ||||||||||||
Total Warrant Liability |
$ | $ | ||||||||||||||
Private Placement |
Public |
Warrant Liabilities |
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Fair value as of December 31, 2020 |
$ | $ | |
$ | |
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Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
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. |
Disclosure Controls and Procedures |
Item 1. |
Legal Proceedings |
Item 1A. |
Risk Factors |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities |
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits |
* | Filed herewith. |
** | Furnished. |
CORNER GROWTH ACQUISITION CORP. | ||
By: | Jerome “Jerry” Letter | |
Name: | Jerome “Jerry” Letter | |
Title: | Chief Financial Officer and Chief Operating Officer |