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 | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable public warrant |
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Public warrants, each whole warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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21 |
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22 |
June 30, 2022 |
December 31, 2021 |
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(unaudited) |
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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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Prepaid insurance, long-term |
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Deferred offering costs |
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Marketable securities held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Advance from related party |
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Total Current Liabilities |
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Deferred legal fee |
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Deferred underwriting fee payable |
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Total Liabilities |
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Commitments and Contingencies (see Note 6) |
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Class A ordinary shares subject to possible redemption; $ |
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Shareholders’ (Deficit) Equity |
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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 deficit |
( |
) | ( |
) | ||||
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Total Shareholders’ (Deficit) Equity |
( |
) |
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TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY |
$ |
$ |
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|
|
|
(1) | Included an aggregate of up to per-share amounts have been retroactively restated to reflect the reverse share split on Founder Shares (see Note 5). |
Three Months Ended June 30, |
Six Months Ended June 30, |
For the Period from January 20, 2021 (Inception) Through June 30, |
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2022 |
2021 |
2022 |
2021 |
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Formation costs, professional fees and general and administrative costs |
$ | $ | $ | $ | ||||||||||||
Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Other income: |
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Interest earned on marketable securities held in Trust Account |
— | — | ||||||||||||||
Other income, net |
— | — | ||||||||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares |
— | — | ||||||||||||||
Basic and diluted net loss per share, Class A ordinary shares |
$ |
( |
) |
$ |
— |
$ |
( |
) |
$ |
— |
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Basic and diluted weighted average shares outstanding, Class B ordinary shares |
(1) |
(1) | ||||||||||||||
Basic and diluted net loss per share, Class B ordinary shares |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
(1) | Excluded an aggregate of up to per-share amounts have been retroactively restated to reflect the reverse share split on Founder Shares (see Note 5). |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholders’ |
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Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance – January 20, 2021 (Inception) |
$ |
$ |
$ |
$ |
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Issuance of Class B ordinary shares to Sponsor (1) |
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Net loss |
— | ( |
) | ( |
) | |||||||||||||||
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Balance – March 31, 2021 |
$ |
$ |
$ |
( |
) |
$ |
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Net loss |
— | ( |
) | ( |
) | |||||||||||||||
|
|
|
|
|
|
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Balance – June 30, 2021 |
$ |
$ |
$ |
( |
) |
$ |
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|
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholders’ |
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Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance – January 1, 2022 |
$ |
$ |
$ |
( |
) |
$ |
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Sale of |
— | — | — | |||||||||||||||||
Proceeds allocated to Public Warrants |
— | — | — | |||||||||||||||||
Forfeiture of Class B shares by Sponsor for reissuance to Anchor Investor |
( |
) | ( |
) | — | — | ||||||||||||||
Purchase of Class B shares by Anchor Investor including excess fair value over purchase price |
— | |||||||||||||||||||
Value of transaction costs allocated to fair value equity instruments |
— | — | ( |
) | — | ( |
) | |||||||||||||
Accretion for Class A ordinary shares to redemption amount |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
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Balance – March 31, 2022 |
$ |
$ | $ |
( |
) |
$ |
( |
) | ||||||||||||
Accretion for Class A ordinary shares to redemption amount |
— | — | ( |
) | ( |
) | ||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
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Balance – June 30, 2022 |
$ |
$ | $ |
( |
) |
$ |
( |
) | ||||||||||||
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|
(1) | Included an aggregate of up to per-share amounts have been retroactively restated to reflect the reverse share split on Founder Shares (see Note 5). |
Six months Ended June 30, |
For the Period from January 20, 2021 (Inception) Through June 30, |
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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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Formation cost paid by Sponsor in exchange for issuance of Founder Shares |
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Interest earned on marketable securities held in Trust Account |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses and other current assets |
( |
) | ||||||
Prepaid insurance, long-term |
( |
) | ||||||
Accrued expenses |
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Deferred legal fee 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 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 issuance of Class B ordinary shares to Anchor Investor |
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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 note – related party |
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Repayment of promissory note – 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 of period |
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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 |
$ | $ | ||||||
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|
|
|
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Offering costs paid directly by Sponsor in exchange for the issuance of Class B ordinary shares |
$ | $ | ||||||
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|
|
|
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Excess fair value of Founder shares attributable to Anchor Investor |
$ | |||||||
|
|
|
|
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Initial classification of ordinary shares subject to possible redemption |
$ | $ | ||||||
|
|
|
|
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Accretion for Class A ordinary shares to redemption amount |
$ | $ | ||||||
|
|
|
|
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Deferred underwriting fee payable |
$ | $ | ||||||
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
For the Period from January 20, 2021 (inception) through June 30, |
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2022 |
2021 |
2022 |
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 loss per ordinary share |
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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 ordinary share |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) |
• | 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 Ordinary Shares has been at least $ |
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. | |
Description |
Level |
June 30, 2022 |
December 31, 2021 |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | $ |
* | Filed herewith. |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on January 19, 2022 and incorporated by reference herein. |
ANDRETTI ACQUISITION CORP. | ||||||
Date: August 4, 2022 | By: | /s/ William J. Sandbrook | ||||
Name: | William J. Sandbrook | |||||
Title: | Co-Chief | |||||
Date: August 4, 2022 | By: | /s/ William M. Brown | ||||
Name: | William M. Brown | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |