|
|
|
(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
|
|
Part I. Financial Information
|
|
Item 1. Financial Statements
|
|
1
|
|
2
|
|
3
|
|
4
|
|
5
|
|
16
|
|
18
|
|
18
|
|
Part II. Other Information
|
|
18
|
|
18
|
|
19
|
|
19
|
|
19
|
|
19
|
|
19
|
|
20
|
March 31,
2022
|
December 31,
2021
|
|||||||
(Unaudited) |
||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash
|
$
|
|
$ |
|||||
Prepaid expenses
|
||||||||
Total Current Assets
|
|
|||||||
Other long-term assets |
||||||||
Marketable securities held in Trust Account |
||||||||
TOTAL ASSETS
|
$
|
|
$ | |||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accrued expenses
|
$
|
|
$ |
|||||
Total Current Liabilities
|
|
|||||||
Deferred legal fee |
||||||||
Warrant liabilities
|
||||||||
Deferred underwriting fee payable
|
||||||||
Total Liabilities
|
|
|||||||
Commitments
|
||||||||
Class A common stock, $
|
||||||||
Stockholders’ Deficit
|
||||||||
Preferred stock, $
|
|
|||||||
Class A common stock, $
|
||||||||
Class B common stock, $
|
|
|||||||
Additional paid-in capital
|
|
|||||||
Accumulated deficit
|
(
|
)
|
( |
) | ||||
Total Stockholders’ Deficit
|
(
|
)
|
( |
) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
$
|
|
$ |
(1) |
|
Three
Months
Ended
March 31,
|
For the
Period from
February 4, 2021
(Inception)
Through
March 31,
|
|||||||
2022
|
2021
|
|||||||
Operating and formation costs
|
$
|
|
$
|
|
||||
Loss from operations
|
(
|
)
|
(
|
)
|
||||
Other income:
|
||||||||
Interest earned on marketable securities held in Trust Account
|
|
|
||||||
Unrealized gain on marketable securities held in Trust Account
|
|
|
||||||
Change in fair value of warrant liabilities
|
|
|
||||||
Other income
|
|
|
||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Basic and diluted weighted average shares outstanding, Class A common stock
|
|
|||||||
Basic and diluted net income per share, Class A common stock
|
$
|
|
$ | |||||
Basic and diluted weighted average shares outstanding, Class B common stock(1)
|
|
|
||||||
Basic and diluted net income (loss) per share, Class B common stock
|
$ | $ | ( |
) |
(1)
|
|
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||||||||
Balance — January 1, 2022
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Net income
|
—
|
|
—
|
|
|
|
|
|||||||||||||||||||||
Balance – March 31, 2022
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||||||||
Balance — February 4, 2021 (Inception)
|
|
$
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Issuance of Class B common stock to Sponsor
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net loss
|
—
|
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance – March 31, 2021
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Three Months
Ended
March 31,
|
For the Period
from February 4,
2021 (Inception)
through
March 31,
|
|||||||
2022
|
2021
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Change in fair value of warrants liabilities
|
(
|
)
|
|
|||||
Unrealized gain on marketable securities held in Trust Account
|
(
|
)
|
|
|||||
Interest earned on marketable securities held in Trust Account
|
(
|
)
|
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
(
|
)
|
|
|||||
Accrued expenses
|
|
|
||||||
Deferred legal fees
|
|
|
||||||
Other long-term assets
|
|
|
||||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from issuance of Class B common stock to Sponsor
|
|
|
||||||
Proceeds from promissory note – related party
|
|
|
||||||
Payment of offering costs
|
|
(
|
)
|
|||||
Net cash provided by financing activities
|
|
|
||||||
Net Change in Cash
|
(
|
)
|
|
|||||
Cash – Beginning of period
|
|
|
||||||
Cash – End of period
|
$
|
|
$
|
|
||||
Non-Cash investing and financing activities:
|
||||||||
Offering costs included in accrued offering costs
|
$
|
|
$
|
|
Gross proceeds
|
$
|
|
||
Less:
|
||||
Proceeds allocated to Public Warrants
|
(
|
)
|
||
Class A common stock issuance costs
|
(
|
)
|
||
Plus:
|
||||
Accretion of carrying value to redemption value
|
|
|||
Class A common stock subject to possible redemption
|
$
|
|
Three Months Ended
March 31, 2022
|
For the Period from February 4, 2021
(Inception) through March 31, 2021
|
|||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
|||||||||||||
Basic and diluted net income (loss) per common stock
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Allocation of net income (loss), as adjusted
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
|||||||
Denominator:
|
||||||||||||||||
Basic and diluted weighted average shares outstanding
|
|
|
|
|
||||||||||||
Basic and diluted net income (loss) per common stock
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
● |
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 Class A ordinary shares for any
|
Description
|
Level
|
March 31,
2022
|
December 31,
2021
|
|||||||||
Assets:
|
||||||||||||
Marketable securities held in Trust Account
|
1
|
$
|
|
$ |
||||||||
|
||||||||||||
Liabilities:
|
||||||||||||
Warrant liability – Public Warrants
|
1
|
$
|
|
$ |
||||||||
Warrant liability – Private Placement Warrants
|
3
|
$
|
|
$ |
|
August 10,
2021 (Initial
Measurement)
Public and Private
Warrants
|
|||
Stock price
|
$
|
|
||
Exercise price
|
$
|
|
||
Expected term (in years)
|
|
|||
Volatility
|
|
%
|
||
Risk-free rate
|
|
%
|
||
Dividend yield
|
|
%
|
|
March 31,
2022
Private Warrants
|
December 31,
2021 Private Warrants
|
||||||
Stock price
|
$
|
|
$ | |||||
Exercise price
|
$
|
|
$ | |||||
Expected term (in years)
|
|
|||||||
Volatility
|
|
%
|
% | |||||
Risk-free rate
|
|
%
|
% | |||||
Dividend yield
|
|
%
|
% |
|
Private
Placement
|
Public
|
Warrant
Liabilities
|
|||||||||
Fair value as of January 1, 2022
|
$
|
|
$
|
|
$
|
|
||||||
Change in valuation inputs or other assumptions
|
(
|
)
|
|
(
|
)
|
|||||||
Fair value as of March 31, 2022
|
$
|
|
$
|
|
$
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
No.
|
Description of Exhibit
|
|
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
|
||
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
|
||
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
|
||
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*
|
XBRL Instance Document
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Filed herewith.
|
RIVERVIEW ACQUISITION CORP.
|
||
Date: May 16, 2022
|
By:
|
/s/ R. Brad Martin
|
Name:
|
R. Brad Martin
|
|
Title:
|
Chairman and Chief Executive Officer
|
|
(Chairman and Chief Executive Officer)
|
||
Date: May 16, 2022
|
By:
|
/s/ William V. Thompson III
|
Name:
|
William V. Thompson III
|
|
Title:
|
Treasurer, Secretary, and Chief Financial Officer
|
|
(Treasurer, Secretary, and Chief Financial Officer)
|