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 | ☐ | |||
Non-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. |
23 |
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Item 3. |
26 |
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Item 4. |
26 |
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Item 1. |
27 |
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Item 1A. |
27 |
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Item 2. |
27 |
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Item 3. |
28 |
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Item 4. |
28 |
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Item 5. |
28 |
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Item 6. |
28 |
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29 |
September 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 |
— | |||||||
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Total current assets |
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Prepaid expenses – non-current portion |
— | |||||||
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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Accounts payable and accrued expenses |
$ | $ | ||||||
Promissory Note – related party |
— | |||||||
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Total current liabilities |
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Warrant Liabilities |
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Deferred underwriters’ discount |
— | |||||||
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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 (deficit): |
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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 earnings (deficit) |
( |
) | ( |
) | ||||
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Total shareholders’ equity (deficit) |
( |
) | ||||||
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Total liabilities and shareholders’ equity (deficit) |
$ | $ | ||||||
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For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
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Formation and operating costs |
$ | $ | ||||||
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|
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Loss from operations |
( |
) | ( |
) | ||||
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Other Income (Expense) |
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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 income per share, Non-redeemable ordinary shares |
$ | $ | ||||||
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Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-In |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance as of December 31, 2020 |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
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Sale of private placement |
— | — | — | — | — | |||||||||||||||||||||||
Initial fair value of private warrants accounted for as liabilities |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Sponsor forfeiture of shares |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Accretion for Class A ordinary shares subject to redemption |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of March 31, 2021 (Restated) |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of June 30, 2021 (Restated) |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of 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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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: |
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Prepaid assets |
( |
) | ||
Accounts payable |
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Net cash used in operating activities |
( |
) | ||
Cash Flows from Investing Activities: |
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Investment of cash into trust account |
( |
) | ||
Net cash used in investing activities |
( |
) | ||
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 |
( |
) | ||
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 |
$ | |||
Supplemental Disclosure of Non-cash Financing Activities: |
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Accretion for Class A ordinary shares subject to redemption |
$ |
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Initial value of warrant liabilities |
$ | |||
Deferred underwriting commissions payable charged to additional paid in capital |
$ | |||
As Previously |
Restatement |
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Reported |
Adjustment |
As Restated |
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Balance Sheet as of March 12, 2021 (per Prospectus filed on March 18, 2021) |
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Class A ordinary shares, $0.0001 par value; shares subject to possible redemption at redemption value ($) |
$ | $ | $ | |||||||||
Shareholders’ equity (deficit) |
||||||||||||
Class A ordinary shares - $0.0001 par value |
( |
) | — | |||||||||
Additional paid-in capital |
( |
) | — | |||||||||
Retained Earnings (Accumulated Deficit) |
( |
) | ( |
) | ( |
) | ||||||
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Total shareholders’ equity (deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
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Shares subject to possible redemption |
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Financial Statements as of March 31, 2021 (per Form 10-Q filed on May 27, 2021) |
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Balance Sheet |
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Class A ordinary shares, $0.0001 par value; shares subject to possible redemption at redemption value ($) |
$ | $ | $ | |||||||||
Shareholders’ equity (deficit) |
||||||||||||
Class A ordinary shares - $0.0001 par value |
( |
) | — | |||||||||
Additional paid-in capital |
( |
) | — | |||||||||
Retained Earnings (Accumulated Deficit) |
( |
) | ( |
) | ||||||||
Total shareholders’ equity (deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
Shares subject to possible redemption |
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Statement of Operations |
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Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
||||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ | $ | — | $ | ||||||||
Weighted average shares outstanding, non-redeemable ordinary shares |
( |
) | ||||||||||
Basic and diluted net income per share, non-redeemable ordinary shares |
$ | $ | — | $ | ||||||||
Statement of Changes in Shareholders’ Equity (1) |
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Ordinary Class A - Shares |
( |
) |
— |
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Sale of Units in Initial Public Offering, net of underwriter fee |
$ |
$ |
( |
) |
$ |
— |
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Initial fair value of warrants accounted for as liabilities |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Underwriter discount |
$ |
( |
) |
$ |
$ |
— |
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Deferred underwriter discount |
$ |
( |
) |
$ |
$ |
— |
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Other offering cost charged to shareholders’ equity |
$ |
( |
) |
$ |
$ |
— |
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Reclassification of offering cost related to warrant issuance |
$ |
$ |
( |
) |
$ |
— |
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Class A ordinary shares subject to possible redemption |
$ |
( |
) |
$ |
$ |
— |
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Accretion for Class A ordinary shares subject to redemption |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||
Financial Statements as of June 30, 2021 (per Form 10-Q filed on August 23, 2021) |
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Balance Sheet |
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Class A ordinary shares, $0.0001 par value; shares subject to possible redemption at redemption value ($) |
$ | $ | $ | |||||||||
Shareholders’ equity (deficit) |
||||||||||||
Class A ordinary shares - $0.0001 par value |
( |
) | — | |||||||||
Additional paid-in-capital |
( |
) | — | |||||||||
Retained Earnings (Accumulated Deficit) |
( |
) | ( |
) | ||||||||
Total shareholders’ equity (deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
Shares subject to possible redemption |
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Statement of Operations |
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Three Months ended June 30, 2021 |
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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 |
$ | $ | $ | |||||||||
Weighted average shares outstanding, non-redeemable ordinary shares |
( |
) | ||||||||||
Basic and diluted net income per share, non-redeemable ordinary shares |
$ | $ | ( |
) | $ | |||||||
Six Months ended June 30, 2021 |
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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 |
$ | $ | $ | |||||||||
Weighted average shares outstanding, non-redeemable ordinary shares |
( |
) | ||||||||||
Basic and diluted net income per share, non-redeemable ordinary shares |
$ | $ | ( |
) | $ | |||||||
Statement of Changes in Shareholders’ Equity (1) |
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Three Months ended June 30, 2021 |
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Ordinary Class A - Shares |
( |
) |
— |
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Class A ordinary shares subject to possible redemption |
$ |
( |
) | $ |
$ |
— |
(1) |
The changes to the Ordinary Class A - Amount, Additional Paid-in Capital, Accumulated Deficit and Total Shareholders’ Equity (Deficit) line items shown in the Balance Sheet are also included in the restatement to the Statement of Changes in Shareholders’ Equity |
Gross Proceeds |
$ |
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Less: |
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Proceeds allocated to public warrants |
( |
) | ||
Issuance costs related to Class A ordinary shares |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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|
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Contingently redeemable Class A ordinary shares |
$ |
For the Three Months ended September 30, 2021 |
For the Nine Months ended September 30, 2021 |
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Ordinary shares subject to possible redemption |
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Numerator: |
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Net loss allocable to Class A ordinary shares subject to possible redemption |
$ | $ | ||||||
Denominator: |
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Weighted Average Redeemable Class A Ordinary shares, Basic and Diluted |
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Basic and Diluted net loss per share, Redeemable Class A Ordinary shares |
$ | $ | ||||||
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|
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Non-Redeemable Ordinary shares |
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Numerator: |
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Net loss allocable to Class B ordinary shares not subject to redemption |
$ | $ | ||||||
Denominator: |
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Weighted Average Non-Redeemable Ordinary shares, Basic and Diluted |
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|
|
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Basic and diluted net loss per share, ordinary shares |
$ | $ | ||||||
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• | in whole and not in part; |
• | at a price of $ |
• | upon not less than holder (the “30-day redemption period”); and |
• | if, and only if, the reported sale price of the ordinary shares equals or exceeds $ within 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 $ within 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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September 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 |
$ | $ | ||||||
Strike price |
$ | $ | ||||||
Term (in years) |
||||||||
Volatility |
% | % | ||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % | ||||||
Redemption trigger price |
$ | $ |
At |
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September 30, |
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2021 |
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Private |
||||
Placement |
||||
Warrants |
||||
Share price |
$ | |||
Strike price |
$ | |||
Term (in years) |
||||
Volatility |
% | |||
Risk-free rate |
% | |||
Dividend yield |
% | |||
Redemption trigger price |
$ |
Private |
Warrant |
|||||||||||
Public |
Placement |
Liabilities |
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Fair value as of November 24, 2020 |
$ | — |
$ | — |
$ | — |
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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 |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of June 30, 2021 |
$ | $ | $ | |||||||||
Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
Fair value as of September 30, 2021 |
$ | $ | $ | |||||||||
• | 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* | ||
32.1** | ||
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: November 22 |
/s/ Remy W. Trafelet | |||||
Name: | Remy W. Trafelet | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer and Principal Financial and Accounting Officer) |