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 |
N/A | ||
(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 | ||
and one-fifth of one redeemable warrant |
New York Stock Exchange | |||
New York Stock Exchange | ||||
New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Item 1. |
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3 |
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4 |
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5 |
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6 |
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7 |
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Item 2. |
18 |
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Item 3. |
22 |
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Item 4. |
22 |
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Item 1. |
23 |
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Item 1A. |
23 |
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Item 2. |
23 |
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Item 3. |
24 |
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Item 4. |
24 |
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Item 5. |
24 |
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Item 6. |
24 |
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25 |
June 30, |
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2021 |
December 31, |
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(Unaudited) |
2020 |
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Assets |
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Current assets: |
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Cash |
$ | $ | ||||||
Prepaid expenses |
— | |||||||
Deferred offering costs associated with IPO |
— | |||||||
Total current assets |
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Cash and investment h eld in t rust account |
— | |||||||
Total assets |
$ | $ | ||||||
Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Promissory Note – related party |
— | |||||||
Total current liabilities |
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Warrant Liabilities |
— | |||||||
Deferred underwriters’ discount |
— | |||||||
Total liabilities |
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Commitments |
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Class A ordinary shares subject to possible redemption s |
— | |||||||
Shareholders’ equity: |
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Preference shares, $ |
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Class A ordinary shares, $ s a |
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Class B ordinary shares, $ issued and outstanding at June 30, 2021 and December 31, 2020, respectively |
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Additional paid-in capital |
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Accumulated earnings (deficit) |
( |
) | ||||||
Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
$ | $ | ||||||
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2021 |
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Formation and operating costs |
$ | $ | ||||||
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Loss from operations |
( |
) | ( |
) | ||||
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Other Income (Loss) |
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Interest income |
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Change in fair value of warrant liabilities |
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Offering expenses related to warrant issuance |
( |
) | ||||||
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Total other income |
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Net income |
$ |
$ |
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Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
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Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ | $ | ||||||
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Weighted average shares outstanding, Non-redeemable ordinary shares |
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Basic and diluted net loss per share, Non-redeemable ordinary shares |
$ | $ | ||||||
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Ordinary Shares |
Additional Paid-In Capital |
Accumulated Earnings (Deficit) |
Total Shareholders’ Equity |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance as of December 31, 2020 |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
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Sale of Units in Initial Public Offering, net of underwriter fee |
— | — | — | |||||||||||||||||||||||||
Sale of private placement |
— | — | — | — | — | |||||||||||||||||||||||
Initial fair value of warrants accounted for as liabilities |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Underwriter discount |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Deferred underwriter discount |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Other offering cost charged to shareholders’ equity |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Sponsor forfeiture of shares |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Reclassification of offering cost related to warrant issuance |
— | — | — | — | |
— | ||||||||||||||||||||||
Class A ordinary shares subject to possible redemption |
( |
) | |
( |
) | |
— | — | ( |
) | — | ( |
) | |||||||||||||||
Net income |
— | — | — | |
— | |
— | |||||||||||||||||||||
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Balance as of March 31, 2021 |
$ |
$ |
$ |
$ |
$ |
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Balance as of March 31, 2021 |
$ |
$ |
$ |
$ |
$ |
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Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of June 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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Interest earned on trust account |
( |
) | ||
Change in fair value of warrant liabilities |
( |
) | ||
Offering costs allocated to warrants |
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Changes in current assets and current liabilities: |
— | |||
Prepaid assets |
( |
) | ||
Accounts payable |
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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 into 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 Initial Public Offering, net of underwriters’ discount |
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Proceeds from issuance of Private Placement Warrants |
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Proceeds from issuance of promissory note to related party |
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Repayment of promissory note to related party |
( |
) | ||
Payments 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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Supplemental Disclosure of Non-cash Financing Activities: |
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Initial value of Class A ordinary shares subject to possible redemption |
$ | |||
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Initial value of warrant liabilities |
$ | |||
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Change in value of Class A ordinary shares subject to possible redemption |
$ | |||
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Deferred underwriters’ discount payable charged to additional paid-in capital |
$ | |||
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Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
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Redeemable Class A ordinary shares |
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Numerator: Earnings allocable to Redeemable Class A ordinary shares |
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Interest earned on marketable securities held in Trust Account |
$ |
$ |
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Less: Company portion available to pay taxes |
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Net income allocable to shares subject to possible redemption |
$ |
— |
$ |
— |
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Denominator: Weighted Average Redeemable Class A ordinary shares |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income per ordinary share |
$ |
$ |
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Non-Redeemable Class A and Class B ordinary shares |
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Numerator: Net Income Minus Net Earnings |
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Net income |
$ |
$ |
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Less: Income allocable to ordinary shares subject to possible redemption |
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Non-Redeemable net income |
$ |
$ |
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Weighted average shares outstanding, basic and diluted |
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Basic and diluted net income per ordinary share |
$ |
$ |
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• | in whole and not in part; |
• | at a price of $ |
• | upon not less than (the “30-day redemption period”); and |
• | if, and only if, the reported sale price of the ordinary shares equals or exceeds $ a period ending three business days before the Company sends to the notice of redemption to the warrant holders. |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of provided |
• | if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $ a period ending three trading days before the Company sends the notice of redemption to the warrant holders. |
• |
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. |
Quoted |
Significant |
Significant |
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Prices In |
Other |
Other |
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Active |
Observable |
Unobservable |
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June 30, |
Markets |
Inputs |
Inputs |
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2021 |
(Level 1) |
(Level 2) |
(Level 3) |
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Description |
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Warrant liabilities – Public Warrants |
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Warrant liabilities – Private Warrants |
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$ | $ | |
$ | |
$ | |||||||||||
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At March 12, 2021 (Initial Measurement) Public Warrants |
At March 12, 2021 (Initial Measurement) Private Placement Warrants |
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Share price |
$ |
$ |
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Strike price |
$ |
$ |
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Term (in years) |
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Volatility |
% |
% | ||||||
Risk-free rate |
% |
% | ||||||
Dividend yield |
% |
% | ||||||
Redemption trigger price |
$ |
$ |
At June 30, 2021 Private Placement Warrants |
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Share price |
$ |
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Strike price |
$ |
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Term (in years) |
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Volatility |
% | |||
Risk-free rate |
% | |||
Dividend yield |
% | |||
Redemption trigger price |
$ |
Public |
Private |
Warrant |
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Placement |
Liabilities |
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Fair value as of November 24, 2020 |
$ | $ | $ | |||||||||
Initial measurement on March 12, 2021 |
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Change in valuation inputs or other assumptions |
( |
) |
( |
) |
( |
) | ||||||
Fair value as of March 31, 2021 |
$ |
$ | $ | | ||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
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Fair value as of June 30, 2021 |
$ | $ | $ | |||||||||
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• | We have implemented procedures intended to ensure that we identify and apply the applicable accounting guidance to all complex transactions. |
• | We are establishing additional monitoring and oversight controls designed to ensure the accuracy and completeness of our consolidated financial statements and related disclosures. |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer and 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 Inline XBRL document) | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema 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) |
* | Filed herewith. |
** | This certification is furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
COLONNADE ACQUISITION CORP. II | ||||||
Date: August 23, 2021 | /s/ Remy W. Trafelet | |||||
Name: | Remy W. Trafelet | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer and Principal Financial and Accounting Officer) |