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-half of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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5 |
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19 |
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21 |
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24 |
March 31, 2022 |
December 31, 2021 |
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(Unaudited) | (Audited) | |||||||
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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Other 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 |
$ | $ | ||||||
Total Current Liabilities |
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Warrant liability |
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Deferred underwriting fee payable |
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Total Liabilities |
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Commitments and Contingencies (Note 6) |
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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 A common stock, $ |
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Class B common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Total Stockholders’ Deficit |
( |
) |
( |
) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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Three Months Ended March 31, |
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2022 |
2021 |
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Operating and formation costs |
$ | $ | ||||||
Loss from operations |
( |
) |
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Other income (expense): |
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Interest income on marketable securities held in Trust Account |
— | |||||||
Unrealized loss on marketable securities held in Trust Account |
( |
) | — | |||||
Change in fair value of warrant liabilities |
— | |||||||
Other income, net |
— | |||||||
Net loss |
$ |
( |
) |
$ |
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Basic and diluted weighted average shares outstanding, Class A common stock |
— | |||||||
Basic and diluted net loss per share, Class A common stock |
$ |
( |
) |
$ |
— |
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Basic and diluted weighted average shares outstanding, Class B common stock and non-redeemable Class A common stock |
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Basic and diluted net loss per share, Class B common stock and non-redeemable Class A common stock |
$ |
( |
) |
$ |
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Retained |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Earnings |
Deficit |
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Balance – December 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance – March 31, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Retained |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Earnings |
Equity |
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Balance – December 31, 2020 |
$ | $ | $ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | — | — | |||||||||||||||||||||||||
Net income (loss) |
— | — | — | — | — | |||||||||||||||||||||||
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Balance – March 31, 2021 |
$ |
$ |
$ | |
$ |
( |
) |
$ |
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Three Months Ended March 31, |
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2022 |
2021 |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | $ | ||||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Interest earned on marketable securities held in Trust Account |
( |
) | — | |||||
Unrealized loss on marketable securities held in Trust Account |
— | |||||||
Change in fair value of warrant liabilities |
( |
) | — | |||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | — | |||||
Other assets |
— | |||||||
Accounts payable and accrued expenses |
( |
) | ( |
) | ||||
Net cash used in operating activities |
( |
) |
( |
) | ||||
Cash Flows from Financing Activities: |
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Proceeds from issuance of Class B common stock to Sponsor |
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Repayment of advances from related party |
( |
) | ||||||
Proceeds from promissory notes – related party |
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Net cash provided by financing activities |
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Net Change in Cash |
( |
) |
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Cash – Beginning of period |
— | |||||||
Cash – End of period |
$ |
$ |
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Non-Cash investing and financing activities: |
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Offering costs included in accrued offering costs |
$ | $ | ||||||
6 |
7 |
8 |
9 |
Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
, ,00 | ) | ||
Class A common stock issuance costs |
( |
) | ||
Plus: |
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Remeasurement of carrying value to redemption value |
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Class A common stock subject to possible redemption |
$ | |||
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|
10 |
Three Months Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
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Redeemable Class A |
Class B and Non- redeemable Class A |
Class A |
Class B |
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Basic and diluted net loss per common stock |
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Numerator: |
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Allocation of net loss, as adjusted |
$ | ( |
) | $ | ( |
) | $ | $ | ||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per common stock |
$ | ( |
) | $ | ( |
) | $ | $ |
• | 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. |
11 |
12 |
13 |
14 |
15 |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the last reported sale price of the shares of Class A common stock for any a period ending on the third trading day prior to the date on which the Company sends to the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $ |
16 |
March 31, 2022 |
December 31, 2021 |
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Level |
Amount |
Level |
Amount |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | |
1 | $ | |
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Liabilities: |
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Warrant Liability – Private Placement Warrants |
3 | $ | 3 | $ |
March 31, 2022 |
December 31, 2021 |
October 5, 2021 (Initial Measurement) |
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Stock price |
$ | $ | $ | |||||||||
Exercise price |
$ | $ | $ | |||||||||
Expected term (in years) |
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Volatility |
% | % | % | |||||||||
Risk-free rate |
% | % | % | |||||||||
Dividend yield |
% | % | % |
Warrant Liabilities |
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Fair value as of December 31, 2021 |
$ | |
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Change in fair value |
( |
) | ||
Fair value as of March 31, 2022 |
$ | |||
17 |
18 |
* | Filed herewith. |
** | Furnished herewith |
MARBLEGATE ACQUISITION CORP. | ||||||
Date: May 13, 2022 | By: | /s/ Andrew Milgram | ||||
Name: | Andrew Milgram | |||||
Title: | Chief Executive Officer and Executive Director | |||||
(Principal Executive Officer) | ||||||
Date: May 13, 2022 | By: | /s/ Mark Zoldan | ||||
Name: | Mark Zoldan | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial Officer and Principal Accounting Officer) |