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 | ||
one-fifth of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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15 | ||||
19 | ||||
19 | ||||
20 | ||||
20 | ||||
20 | ||||
21 | ||||
22 |
June 30, |
December 31, |
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2022 |
2021 |
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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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Marketable securities 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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Accounts payable and accrued expenses |
$ | $ | ||||||
Income taxes payable |
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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’ Deficit |
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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 |
( |
) | ( |
) | ||||
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Total Stockholders’ Deficit |
( |
) |
( |
) | ||||
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TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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|
Three Months Ended June 30, |
Six Months Ended June 30, |
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2022 |
2021 |
2022 |
2021 |
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Formation and operating costs |
$ | $ | $ | $ | ||||||||||||
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Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Other i ncome (expense): |
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Change in fair value of warrant liabilities |
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Fair value in excess of purchase price of private warrants |
— | — | ( |
) | ||||||||||||
Transaction costs allocated to warrant liabilities |
( |
) | ||||||||||||||
Interest earned on marketable securities held in Trust Account |
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Unrealized gain (loss) on marketable securities held in Trust Account |
( |
) | ( |
) | ||||||||||||
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Total other income, net |
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Income (loss) before provision for income taxes |
( |
) | ||||||||||||||
Provision for income taxes |
( |
) | — | ( |
) | — |
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Net income (loss) |
$ |
$ |
$ |
$ |
( |
) | ||||||||||
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Weighted average shares outstanding, Class A common stock |
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Basic and diluted net income (loss) per share, Class A common stock |
$ |
$ |
$ |
$ |
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Weighted average shares outstanding, Class B common stock |
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Basic and diluted net income (loss) per share, Class B common stock |
$ |
$ |
$ |
$ |
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance – January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
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Balance – March 31, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Remeasurement adjustment on redeemable common stock |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
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Balance – June 30, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance – January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Remeasurement adjustment on redeemable common stock |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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For the Six Months Ended June 30, |
For the Six Months Ended June 30, |
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2022 |
2021 |
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Cash Flows from Operating Activities: |
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Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Fair value in excess of purchase price of private warrants |
— | |||||||
Transaction costs allocated to warrant liabilities |
||||||||
Interest earned on marketable securities held in Trust Account |
( |
) | ( |
) | ||||
Unrealized (gain) loss on marketable securities held in Trust Account |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Accounts payable and accrued expenses |
||||||||
Income taxes payable |
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|
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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 |
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Proceeds from sale of Private Placement Warrants |
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Proceeds from promissory notes – related party |
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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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Offering costs included in accrued offering costs |
$ | $ | ||||||
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Remeasurement adjustment on redeemable common stock |
$ | $ | ||||||
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Deferred underwriting fee payable |
$ | $ | ||||||
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|
|
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As Previously Reported |
Adjustment |
As Revised |
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Condensed Statement of Cash Flows for the six month ended June 30, 2021 (unaudited) |
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Cash Flows from Operating Activities: |
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Change in fair value of warrant liabilities |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Fair value in excess of purchase price of private warrants |
$ |
— |
$ |
$ |
||||||||
Non-cash Investing and Financing Activities: |
||||||||||||
Remeasurement adjustment on redeemable common stock |
$ |
— |
$ |
$ |
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Condensed Statement of Stockholders’ Deficit for the March 31, 2021 (unaudited)three months e nded |
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Remeasurement adjustment for redeemable common stock |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Sale of |
$ |
$ |
( |
) |
$ |
— |
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Condensed Statement of Operations for the six months ended June 30, 2021 (unaudited) |
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Other income (expense): |
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Change in fair value of warrant liabilities |
$ | $ | $ | |||||||||
Fair value in excess of purchase price of private warrants |
$ |
— |
$ |
( |
) | $ |
( |
) |
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
Six Months Ended June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per common stock |
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Numerator: |
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Allocation of net income (loss) |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||
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 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
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. |
Level |
December 31, 2021 |
June 30, 2022 |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | $ | |||||||||
Liabilities: |
||||||||||||
Warrant Liability – Private Placement Warrants |
2 |
|||||||||||
Warrant Liability – Public Warrants |
1 |
Private Placement |
Public |
Warrant Liabilities |
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Fair value as of December 31, 2021 |
$ |
$ |
$ |
|||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Fair value as of March 31, 2022 |
$ |
$ |
$ |
|||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of June 30, 2022 |
$ |
$ |
$ |
Item 6. |
Exhibits |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2** | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
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 Online 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* | The cover page from the Company’s Quarterly report on Form10-Q for the quarter ended June 30, 2022 has been formatted in Inline XBRL and is included in Exhibits 101. |
* | Filed herewith. |
** | Furnished. |
PIVOTAL INVESTMENT CORPORATION III | ||||||
Date: August 15, 2022 | By: | /s/ Kevin Griffin | ||||
Name: | Kevin Griffin | |||||
Title: | Chief Executive Officer and | |||||
(Principal Executive Officer Officer) | ||||||
Date: August 15, 2022 | By: | /s/ Jim Brady | ||||
Name: | Jim Brady | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |