|
|
|
(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
|
|||
17
|
|||
20
|
|||
20
|
|||
Part II. Other Information
|
|||
20 |
|||
20
|
|||
21
|
|||
21
|
|||
21
|
|||
21
|
|||
21
|
|||
22
|
June 30,
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
|
$
|
|
$ |
|||||
Income tax payable
|
||||||||
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
June 30,
|
Six Months
Ended
June 30, |
For the
Period from
February 4,
2021
(Inception)
through
June 30,
|
||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Operating and formation costs
|
$
|
|
$ | ( |
$ |
$
|
|
|||||||||
Income (Loss) from operations
|
( |
) | ( |
) | ( |
) | ||||||||||
Other income (expense):
|
||||||||||||||||
Interest earned on marketable securities held in Trust Account
|
||||||||||||||||
Unrealized loss on marketable securities held in Trust Account
|
( |
) | ||||||||||||||
Change in fair value of warrant liabilities
|
( |
) | ( |
) | ||||||||||||
Total other loss
|
( |
) | ( |
) | ||||||||||||
Income (Loss) before provision for income taxes
|
( |
) | ( |
) | ( |
) | ||||||||||
Provision for income taxes
|
( |
) | ( |
) | ||||||||||||
Net income (loss)
|
$
|
(
|
)
|
$ | $ | ( |
) |
$
|
(
|
)
|
||||||
Basic and diluted weighted average shares outstanding, Class A common stock |
||||||||||||||||
Basic and diluted net loss per share, Class A common stock |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
Basic and diluted weighted average shares outstanding, Class B common stock(1)
|
|
|
||||||||||||||
Basic and diluted net 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 | $ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Accretion of Class A common stock subject to possible redemption |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Balance – June 30, 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
|
$ |
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||||||||
Net income
|
— |
—
|
|
|
|
|
||||||||||||||||||||||
Balance – June 30, 2021
|
$ |
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Six Months
Ended
June 30,
|
For the Period
from February 4,
2021 (Inception)
through
June 30,
|
|||||||
2022
|
2021
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net loss
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Change in fair value of warrants liabilities
|
|
|
||||||
Interest earned on marketable securities held in Trust Account
|
(
|
)
|
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
(
|
)
|
|
|||||
Accrued expenses
|
(
|
)
|
|
|||||
Deferred legal fees
|
|
|
||||||
Income tax payable
|
||||||||
Other long-term assets
|
|
|
||||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
Cash Flows from Investing Activities:
|
||||||||
Cash withdrawn from Trust Account to pay franchise and income taxes
|
||||||||
Net cash provided by investing 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, December 31, 2021
|
$
|
|
||
Plus: |
||||
Accretion of carrying value to redemption value
|
||||
Class A common stock subject to possible redemption, June 30, 2022 |
$ |
Three Months Ended
June 30, 2022
|
Three Months Ended
June 30, 2021
|
Six Months Ended
June 30, 2022
|
For the Period from February 4, 2021
(Inception) through June 30, 2021
|
|||||||||||||||||||||||||||||
Class A
|
Class B
|
Class A |
Class B |
Class A | Class B |
Class A
|
Class B
|
|||||||||||||||||||||||||
Basic and diluted net loss per common stock
|
||||||||||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||||||||||
Allocation of net loss, as adjusted
|
$
|
(
|
)
|
$
|
(
|
)
|
$ | $ | ( |
) | $ | ( |
) |
$
|
|
$
|
(
|
)
|
||||||||||||||
Denominator:
|
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding
|
|
|
|
|
||||||||||||||||||||||||||||
Basic and diluted net 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
|
June 30,
2022
|
December 31,
2021
|
|||||||||
Assets:
|
||||||||||||
Marketable securities held in Trust Account
|
1
|
$
|
|
$ |
||||||||
|
||||||||||||
Liabilities:
|
||||||||||||
Warrant liability – Public Warrants
|
1
|
$
|
|
$ |
||||||||
Warrant liability – Private Placement Warrants
|
3
|
$
|
|
$ |
|
June 30,
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 June 30, 2022
|
$
|
|
$
|
|
$
|
|
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
|
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: August 15, 2022
|
By:
|
/s/ R. Brad Martin
|
Name:
|
R. Brad Martin
|
|
Title:
|
Chairman and Chief Executive Officer
|
|
(Chairman and Chief Executive Officer)
|
||
Date: August 15, 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)
|