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 | ||
one-half of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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18 |
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20 |
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22 |
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22 |
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23 |
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 |
— | |||||||
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Total Current Assets |
— | |||||||
Deferred offering costs |
— | |||||||
Marketable securities held in Trust Account |
— | |||||||
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Income taxes payable |
— | |||||||
Promissory note – related party |
— | |||||||
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Total Current Liabilities |
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Deferred underwriting fee payable |
— | |||||||
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Total Liabilities |
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Commitments (Note 6) |
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Series A common stock subject to possible redemption; at June 30, 2022 and December at redemption value of $31, 2021 respectively, |
— | |||||||
Stockholders’ (Deficit) Equity |
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Preferred stock, $ |
— | |||||||
Series A common stock, $ authorized ; issued 1 , respectively |
— | |||||||
Series B common stock, $ (1) shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively |
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Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
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Total Stockholders’ (Deficit) Equity |
( |
) |
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TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
$ |
$ |
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(1) |
Includes up to a per-share amounts have been retroactively restated to reflect the stock split. On January 18, 2022, the underwriters partially exercised their over-allotment option, and hence, Founder Shares are no longer subject to forfeiture since such date and the remaining unexercised portion of such over-allotment option, an aggregate Founder Shares, were forfeited, resulting in an aggregate Founder Shares outstanding (see Note 7). |
For the Three Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2022 |
For the Period from May 20, 2021 (Inception) Through June 30, 2021 |
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Operation and formation costs |
$ | $ | $ | |||||||||
Loss from operations |
( |
) |
( |
) |
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Other income (expense): |
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Interest income – bank |
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Interest earned (expense) on marketable securities held in Trust Account |
( |
) | ||||||||||
Unrealized gain (loss) on marketable securities held in Trust Account |
( |
) | ||||||||||
Compensation expense |
( |
) | ||||||||||
Total Other income (expense), net |
( |
) | ||||||||||
Income (loss) before benefit from (provision for) income taxes |
( |
) | ( |
) | ||||||||
Benefit from (provision for) income taxes |
( |
) | ( |
) | ||||||||
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
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Weighted average shares outstanding, Series A common stock |
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Basic and diluted net loss per share, Series A common stock |
$ |
( |
) |
$ |
( |
) |
$ |
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Weighted average shares outstanding, Series B common stock |
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Basic and diluted net loss per share, Series B common stock |
$ |
( |
) |
$ |
( |
) |
$ |
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Series A Common Stock |
Series B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance — December 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Sale of |
— | — | — | — | — | |||||||||||||||||||||||
Forfeiture of Founder Shares |
— | — | ( |
) | — | — | — | — | ||||||||||||||||||||
Compensation Expense – Fair value of assigned F ounder S hares to Apeiron |
— | — | — | — | — | |||||||||||||||||||||||
Fair value of Public Warrants at issuance |
— | — | — | — | — | |||||||||||||||||||||||
Allocated value of transaction costs to Series A common stock |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Remeasurem e nt of Series A common stock to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance — March 31, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net los s |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance — June 30, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Series A Common Stock |
Series B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance — May 20, 2021 (Inception) |
$ |
$ |
$ |
$ |
$ |
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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 from May 20, 2021 (Inception) Through June 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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Interest earned on marketable securities held in Trust Account |
( |
) | ||||||
Unrealized loss on marketable securities held in Trust Account |
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Compensation expenses |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Accrued expenses |
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Income taxes 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 into 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 sale of Units, net of underwriting discounts paid |
$ | $ | ||||||
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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Initial classification of Series A common stock subject to possible redemption |
$ | $ | ||||||
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|
|
|
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Deferred underwriting fee payable |
$ | $ | ||||||
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|
|
|
Gross proceeds |
$ | |
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Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Series A common stock issuance costs |
( |
) | ||
Plus: |
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Remeasurement of carrying value to redemption value |
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Series A common stock subject to possible redemption |
$ | |||
Three Months Ended June 30, 2022 |
Six Months Ended June 30, 2022 |
For the Period from May 20, 2021 (Inception) Through June 30, 2021 |
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Series A |
Series B |
Series A |
Series B |
Series A |
Series B |
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Basic and diluted net loss per common stock |
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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 common stock |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the reported last sale price of the Series A common stock equals or exceeds $ |
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. |
June 30, 2022 |
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Level |
Amount |
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Assets: |
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Marketable securities held in Trust Account |
$ |
* | Filed herewith. |
ATLANTIC COASTAL ACQUISITION CORP. II | ||||||
Date: August 10, 2022 | By: | /s/ Shahraab Ahmad | ||||
Name: | Shahraab Ahmad | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: August 10, 2022 | By: | /s/ Jason Chryssicas | ||||
Name: | Jason Chryssicas | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |