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) |
(IRS Employer Identification No.) | ||
|
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(Address Of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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Item 1. |
1 |
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1 |
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2 |
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3 |
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4 |
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5 |
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Item 2. |
15 |
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Item 3. |
19 |
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Item 4. |
19 |
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Item 1. |
19 |
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Item 1A. |
19 |
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Item 2. |
19 |
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Item 3. |
19 |
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Item 4. |
19 |
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Item 5. |
20 |
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Item 6. |
20 |
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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 |
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Total current assets |
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Investments held in Trust Account |
— | |||||||
Deferred offering costs associated with the initial public offering |
— | |||||||
Total Assets |
$ |
$ |
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Liabilities, Class A Ordinary Shares Subject to Redemption and Shareholders’ Equity (Deficit) |
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Current liabilities: |
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Accounts payable |
$ | $ | — | |||||
Accrued expenses |
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Note payable - related party |
— | |||||||
Total current liabilities |
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Deferred underwriting commissions |
— | |||||||
Total liabilities |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption, $ - |
— | |||||||
Shareholders’ Equity (Deficit) |
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Preference shares, $ |
— | |||||||
Class A ordinary shares, $ - |
— | |||||||
Class B ordinary shares, $ |
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Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total shareholders’ equity (deficit) |
( |
) |
||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
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Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2021 |
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General and administrative expenses |
$ | $ | ||||||
General and administrative expenses - related party |
||||||||
Loss from operations |
( |
) | ( |
) | ||||
Income from investments held in Trust Account |
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Net loss |
$ | ( |
) | $ | ( |
|||
Basic and diluted weighted average shares outstanding of Class A ordinary shares |
||||||||
Basic and diluted net loss per ordinary share, Class A ordinary shares |
$ | ( |
) | $ | ( |
) | ||
Basic and diluted weighted average shares outstanding of Class B ordinary shares |
||||||||
Basic and diluted net loss per ordinary share, Class B ordinary shares |
$ | ( |
$ | ( |
||||
Ordinary Shares |
Additional Paid-in |
Total |
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Class A |
Class B |
Accumulated |
Shareholders’ |
|||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance - December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||
Sale of shares to Sponsor in private placement |
— | — | — | |||||||||||||||||||||||||
Accretion of Class A ordinary shares subject to redemption |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance - March 31, 2021 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance - June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance - September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | |
Income from investments held in Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Accounts payable |
||||
Accrued expenses |
||||
Net cash used in operating activities |
( |
) | ||
Cash Flows from Investing Activities: |
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Cash deposited in Trust Account |
( |
) | ||
Net cash used in investing activities |
( |
) | ||
Cash Flows from Financing Activities: |
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Payment of note payable to related party |
( |
) | ||
Proceeds received from initial public offering, gross |
||||
Proceeds received from private placement |
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Offering costs paid |
( |
) | ||
Net cash provided by financing activities |
||||
Net change in cash |
||||
Cash - beginning of the period |
||||
Cash - end of the period |
$ |
|||
Supplemental disclosure of noncash financing activities: |
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Offering costs included in accrued expenses |
$ | |||
Reversal of offering costs included in accrued expenses in prior year |
$ | |||
Deferred underwriting commissions |
$ |
• | 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; and |
• | 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. |
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 loss per ordinary share: |
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Numerator: |
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Allocation of net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
||||||||||||||||
Basic and diluted net loss per ordinary share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Gross proceeds |
$ | |
||
Less: |
||||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
||||
Class A ordinary shares subject to possible redemption |
$ | |||
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Investments in U.S. Treasury money market funds |
$ |
* | Filed herewith. |
** | Furnished. herewith. |
Dated: November 15, 2021 | ABG Acquisition Corp. I | |||||
By: | /s/ Daniel Johnson | |||||
Name: | Daniel Johnson | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |