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 | ||
The | ||||
The | ||||
The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Item 1. |
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1 |
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2 |
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3 |
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4 |
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5 |
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Item 2. |
12 |
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Item 3. |
15 |
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Item 4. |
16 |
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Item 1. |
16 |
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Item 1A. |
16 |
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Item 2. |
16 |
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Item 3. |
17 |
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Item 4. |
17 |
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Item 5. |
17 |
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Item 6. |
17 |
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Exhibit 31.1 |
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Exhibit 31.2 |
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Exhibit 32.1 |
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Exhibit 32.2 |
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18 |
September 30, 2021 |
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ASSETS |
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CURRENT ASSETS |
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Cash |
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Total current assets |
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OTHER ASSETS |
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Deferred offering costs |
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Total other assets |
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TOTAL ASSETS |
$ | |||
LIABILITIES AND STOCKHOLDER’S EQUITY |
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CURRENT LIABILITIES |
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Accounts payable and accrued expenses |
$ | |||
Accrued offering costs |
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Note payable - related party |
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Total current liabilities |
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TOTAL LIABILITIES |
$ | |||
COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDER’S EQUITY |
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Preferred stock, $ |
$ | |||
Common stock; $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ||
TOTAL STOCKHOLDER’S EQUITY |
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TOTAL LIABILITIES AND |
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STOCKHOLDER’S EQUITY |
$ | |||
(1) | This number includes an aggregate of up to |
(2) | Shares of Common stock have been retroactively restated to reflect the recapitalization of the Company in the form of a |
For the three months ended September 30, 2021 |
For the period January 25, 2021 (inception) through September 30, 2021 |
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EXPENSES |
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General and administrative expenses |
$ | $ | ||||||
Total expenses |
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NET LOSS |
( |
) | ( |
) | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED (1)(2) |
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BASIC AND DILUTED NET LOSS PER SHARE |
($ | ) | ($ | ) | ||||
(1) | This number excludes an aggregate of up to |
(2) | Shares of Common stock have been retroactively restated to reflect the recapitalization of the Company in the form of a |
Common stock |
Total |
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Additional |
Accumulated |
stockholder’s |
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Shares |
Amount |
paid-in capital |
deficit |
equity |
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Balance, January 25, 2021 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Issuance of common stock to Sponsor (1)(2) |
$ | $ | — | $ | ||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
Balance, June 30, 2021 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
Balance, September 30, 2021 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
(1) | This number includes an aggregate of up to |
(2) | Shares of Common stock have been retroactively restated to reflect the recapitalization of the Company in the form of a |
For the period January 25, 2021 (inception) through September 30, 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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Changes in operating assets and liabilities: |
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Accounts payable |
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Net cash flows used in operating activities |
( |
) | ||
CASH FLOWS FROM INVESTING ACTIVITIES |
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Payment of Deferred Offering Costs |
( |
) | ||
Net cash flows used in investing activities |
( |
) | ||
CASH FLOWS FROM FINANCING ACTIVITIES |
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Proceeds from issuance of common stock to Sponsor |
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Proceeds from notes payable - related party |
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Net cash flows 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 |
$ | |||
Supplemental disclosure of noncash activities: |
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Deferred offering costs included in accrued offering costs |
$ | |||
• | in whole and not in part; |
• | at a price of $ |
• | at any time after the warrants become exercisable; |
• | upon not less than |
• | if, and only if, the reported last sale price of the Public Shares equals or exceeds $ a period commencing once the warrants become exercisable and ending three business days before the Company sends the notice of redemption to the warrant holders. |
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. |
MINE SAFETY DISCLOSURES |
ITEM 5. |
OTHER INFORMATION |
ITEM 6. |
EXHIBITS |
* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they 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. |
ACHARI VENTURES HOLDINGS CORP. I | ||||||
Date: November 26, 2021 | By: | /s/ Vikas Desai | ||||
Name: | Vikas Desai | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: November 26, 2021 | By: | /s/ Mitchell Hara | ||||
Name: | Mitchell Hara | |||||
Title: | Chief Operating Officer and Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |