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.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-third of one redeemable warrant |
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/A |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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March 31, 2022 (Unaudited) |
December 31, 2021 |
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ASSETS |
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Current Assets |
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Cash |
$ | $ | ||||||
Prepaid expenses and other current assets |
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Total Current Assets |
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Investments 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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Accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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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 |
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Class A common stock, $ |
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Stockholders’ Deficit |
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Preferred stock, $ |
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Class A common stock, $ March 31, 2022 and December 31, 2021 |
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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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For the three months ended March 31, 2022 |
For the period from January 15, 2021 (Inception) through March 31, 2021 |
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General and administrative expenses |
$ | $ | ||||||
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Loss from operations |
( |
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Other income (expense): |
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Dividend earned on investments held in Trust A ccount |
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Transaction costs related to issuance of warrants |
( |
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Change in fair value of warrants liability |
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Interest earned on marketable securities held in Trust Account |
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Other income, net |
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Income before |
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Provision for income taxes |
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Net income |
$ |
$ |
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Weighted average shares outstanding of Class A common stock |
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Basic and diluted net income per common share, Class A common stock |
$ |
$ |
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Weighted average shares outstanding of Class B common stock |
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Basic and diluted net income per common share, Class B common stock |
$ |
$ |
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Changes in Stockholders’ Deficit |
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Class A Common Stock |
Class B Common Stock |
Additional paid-in capital |
Accumulated deficit |
Total Stockholders’ deficit |
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Balance, January 1, 2022 |
$ | $ | $ |
$ | ( |
) |
$ | ( |
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Net income |
— |
— |
— | — | — | |||||||||||||||||||||||
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Balance, March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
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$ |
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Changes in Stockholders’ Deficit |
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Class A Common Stock |
Class B Common Stock |
Additional paid-in capital |
Accumulated deficit |
Total Stockholders’ deficit |
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Balance, January 15, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B common stock to Sponsor |
— |
— |
— | |||||||||||||||||||||||||
Excess consideration received for purchase of Private Placement warrants by Sponsor |
— |
— |
— | — | — | |||||||||||||||||||||||
Forfeiture of Founder Shares |
— |
— |
( |
) | ( |
) | — | — | ||||||||||||||||||||
Accretion of Class A common stock to redemption amount |
— |
— | ( |
) | ( |
) | ( |
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Net income |
— |
— |
— | — | — | |||||||||||||||||||||||
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Balance, March 31, 2021 (unaudited) |
$ |
$ |
$ | ( |
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$ | ( |
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Three Months Ended March 31, 2022 |
Period from January 15, 2021 (Inception) to March 31, 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 investments held in Trust Account |
( |
) | ||||||
Dividend earned on investments held in Trust Account |
( |
) | ||||||
Transaction costs related to issuance of warrants |
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Change in fair value of warrant liability |
( |
) | ( |
) | ||||
Changes in operating assets and liabilities: |
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Prepaid expenses and other current assets |
( |
) | ( |
) | ||||
Accrued expenses |
( |
) | ||||||
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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 issuance of Class B common stock to Sponsor |
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Proceeds from sale of Units, net of underwriting discounts paid |
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Proceeds from sale of Private Placements Warrants |
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Proceeds from promissory note - related party |
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Repayment of promissory note - related party |
( |
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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 of period |
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Cash - End of period |
$ |
$ |
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Non-Cash investing and financing activities: |
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Deferred underwriting fees |
$ |
$ |
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Offering costs included in accrued expenses |
$ |
$ |
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Gross proceeds |
$ | |||
Less: |
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Allocation to Public Warrants |
( |
) | ||
Class A common stock issuance costs |
( |
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Add: |
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Accretion of carrying value to redemption value |
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Class A common stock subject to possible redemption |
$ | |||
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Three Months Ended |
For the period from January 15, 2021 (inception) through |
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March 31, 2022 |
March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per share of common stock |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income per share of common stock |
$ | $ | $ | $ |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price of the Class A common stock for any |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the Reference Value equals or exceeds $ |
• | if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
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 an assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description |
Level |
March 31, 2022 |
Level |
December 31, 2021 |
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Assets: |
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Investments held in Trust Account—U.S. Treasury Bill-backed Money Market Funds |
1 | $ | 1 |
$ | ||||||||||||
Liabilities: |
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Warrant liability—Public warrants |
2 |
$ | 1 |
$ | ||||||||||||
Warrant liability—Private Placement Warrants |
2 |
$ | 2 |
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$ |
At March 31, 2021 |
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Unit price |
$ | |||
Strike price |
$ | |||
Term (in years) |
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Volatility |
% | |||
Risk-free rate |
% | |||
Dividend yield |
Private Placement |
Public |
Warrant Liability |
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Fair value as of January 15, 2021 |
$ |
$ |
$ |
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Initial measurement on March 12, 2021 |
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Change in fair value of warrant liability |
( |
) |
( |
) |
( |
) | ||||||
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Fair value as of March 31, 2021 |
$ |
$ |
$ |
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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 Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, 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 Inline 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 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
** | Furnished herewith. |
SANDBRIDGE X2 CORP | ||||||
Date: May 13, 2022 | By: | /s/ Ken Suslow | ||||
Name: | Ken Suslow | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: May 13, 2022 | By: | /s/ Richard Henry | ||||
Name: | Richard Henry | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |