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 | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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PART 1 - FINANCIAL INFORMATION |
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Item 1. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
23 | |||||
25 |
Item 1. |
Financial Statements |
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 -current |
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Total current assets |
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Prepaid expenses - non current |
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Cash and marketable securities held in Trust Account |
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TOTAL ASSETS |
$ | $ | ||||||
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LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT |
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CURRENT LIABILITIES |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Franchise t ax payable |
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Income taxes payable |
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Due to affiliates |
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Total current liabilities |
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Derivative warrant liabilities |
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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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REDEEMABLE COMMON STOCK |
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Common stock subject to possible redemption, $ |
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STOCKHOLDERS’ DEFICIT |
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Preferred stock, $ |
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Common stock; $ |
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Accumulated Deficit |
( |
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Total stockholders’ deficit |
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LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ DEFICIT |
$ | $ | ||||||
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For the three months ended June 30, |
For the six months ended June 30, 2022 |
For the period January 25, 2021 (inception) through June 30, 2021 |
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2022 |
2021 |
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OPERATING EXPENSES |
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General and administrative |
$ | $ | $ | $ | ||||||||||||
Franchise tax |
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Total operating expenses |
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OTHER INCOME (EXPENSE) |
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Interest income on investments held in Trust Account |
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Dividend income on investments held in Trust Account |
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Change in fair value of warrants |
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Total other income |
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INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES |
( |
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Income tax (expense) benefit |
( |
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NET INCOME (LOSS) |
$ | $ | ( |
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Weighted average shares outstanding of common stock |
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Basic and diluted net income (loss) per share, common stock |
$ | $ | $ | $ | ||||||||||||
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Common stock |
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Shares |
Amount |
Additional paid-in capital |
Accumulated deficit |
Total Stockholders’ d eficit |
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Balance, December 31, 2021 |
$ | $ | $ | ( |
) | $ | ( |
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Net income |
— | — | — | |||||||||||||||||
Balance, March 31, 2022 |
— | ( |
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Net income |
— | — | — | |||||||||||||||||
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Balance, June 30, 2022 |
$ | $ | $ | ( |
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Common stock |
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Shares |
Amount |
Additional paid-in capital |
Accumulated deficit |
Total Stockholder’s equity |
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Balance, January 25, 2021 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Issuance of common stock to sponsor |
— | |
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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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For the six months ended June 30, 2022 |
For the period January 25, 2021 (inception) through June 30, 2021 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net income (loss) |
$ | $ | ( |
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Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Interest and dividend income on investments held in Trust Account |
( |
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Changes in operating assets and liabilities: |
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Change in fair value of warrants |
( |
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Prepaid expenses and other assets |
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Accounts payable and accrued expenses |
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Franchise tax payable |
( |
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Income taxes payable |
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Due to affiliate |
( |
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Net cash used in operating activities |
( |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Proceeds from issuance of common stock to Sponsor |
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Proceeds from Sponsor note |
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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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Supplemental disclosure of noncash activities: |
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Deferred offering costs included in accrued offering costs and due to affiliates |
$ | $ | ||||||
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Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
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Common stock issuance costs |
( |
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Plus: Remeasurement of carrying value to redemption value |
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Common stock subject to possible redemption |
$ |
For the three months ended June 30, |
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2022 |
2021 |
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Common Stock |
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Basic and diluted net income per share: |
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Numerator: |
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Allocation of net income, including remeasurement of temporary equity |
$ | $ | ( |
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Denominator: |
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Weighted average shares outstanding |
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Basic and dilution net income per share |
$ | $ | ( |
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For the six months ended June 30, |
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2022 |
2021 |
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Common Stock |
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Basic and diluted net income per share: |
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Numerator: |
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Allocation of net income, including remeasurement of temporary equity |
$ | $ | ( |
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Denominator: |
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Weighted average shares outstanding |
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Basic and dilution net income per share |
$ | $ | ( |
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• | 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 $ |
June 30, 2022 |
Level |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Marketable Securities |
1 | $ | — | — | ||||||||||||
Warrant Liability-Private Placement Warrants |
3 | — | — | $ | |
December 31, 2021 |
Level |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Marketable Securities |
1 | $ | — | — | ||||||||||||
Warrant Liability-Private Placement Warrants |
3 | — | — | $ |
June 30, 2022 |
Dec’ 31, 2021 |
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Stock Price |
$ | $ | ||||||
Exercise Price |
$ | $ | ||||||
Term (years) |
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Volatility |
% | % | ||||||
Risk Free Rate |
% | % | ||||||
Dividend Yield |
% | % |
Private Placement Warrants |
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Fair value as of December 31, 2021 |
$ | |||
Change in fair value |
( |
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Fair value as of March 31, 2022 |
$ | |||
Change in fair value |
( |
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Fair value as of June 30, 2022 |
$ | |||
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ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. |
CONTROLS AND PROCEDURES |
ITEM 1. |
LEGAL PROCEEDINGS |
ITEM 1A. |
RISK FACTORS |
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. |
MINE SAFETY DISCLOSURES |
ITEM 5. |
OTHER INFORMATION |
ITEM 6. |
EXHIBITS |
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 Label 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) |
* | 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: August 12, 2022 | By: | /s/ Vikas Desai | ||||
Name: | Vikas Desai | |||||
Title: | Chief Executive Officer and Director (Principal Executive Officer) | |||||
Date: August 12, 2022 | By: | /s/ Mitchell Hara | ||||
Name: | Mitchell Hara | |||||
Title: | Chief Operating Officer and Chief Financial Officer (Principal Financial and Accounting Officer) |