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Name | Symbol | Market | Type |
---|---|---|---|
ArcLight Clean Transition Corporation II | NASDAQ:ACTDU | NASDAQ | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.655 | 3.24 | 12.92 | 0 | 01:00:00 |
☒ | 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 |
Cayman Islands |
001-40272 |
98-1578357 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification Number) | ||
200 Clarendon Street, 55th Floor Boston, |
02116 | |||
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-fifth of one redeemable warrant |
ACTDU |
The Nasdaq Stock Market LLC | ||
Class A Ordinary Shares included as part of the units |
ACTD |
The Nasdaq Stock Market LLC | ||
included as part of the |
ACTDW |
The Nasdaq Stock Market LLC | ||
units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
March 31, 2022 |
December 31, 2021 |
|||||||
Assets |
(unaudited) |
|||||||
Current assets: |
||||||||
Cash |
$ | 559,253 | $ | 811,526 | ||||
Prepaid expenses |
738,743 | 701,663 | ||||||
Total current assets |
1,297,996 | 1,513,189 | ||||||
Other assets |
— | 159,954 | ||||||
Investments held in Trust Account |
311,200,024 | 311,175,471 | ||||||
Total Assets |
$ |
312,498,020 |
$ |
312,848,614 |
||||
Liabilities and Shareholders’ Deficit: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 89,522 | $ | 18,764 | ||||
Accrued expenses |
113,400 | 94,497 | ||||||
Due to related party |
1,097 | — | ||||||
Total current liabilities |
204,019 | 113,261 | ||||||
Deferred legal fees |
4,891,549 | 3,966,447 | ||||||
Deferred underwriting commissions |
10,890,707 | 10,890,707 | ||||||
Derivative warrant liabilities |
20,543,880 | 25,795,700 | ||||||
Total liabilities |
36,530,155 | 40,766,115 | ||||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption; 31,116,305 shares at redemption value of $10.00 at March 31, 2022 and December 31, 2021 |
311,163,050 | 311,163,050 | ||||||
Shareholders’ Deficit: |
||||||||
Preference shares, $ 0.0001 par value; 5,000,000 shares authorized; none issued and outstanding |
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized (excluding 31,116,305 shares subject to possible redemption) at March 31, 2022 and December 31, 2021 |
— | — | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,779,076 shares issued and outstanding at March 31, 2022 and December 31, 2021 |
778 | 778 | ||||||
Accumulated deficit |
(35,195,963 | ) | (39,081,329 | ) | ||||
Total shareholders’ deficit |
(35,195,185 | ) | (39,080,551 | ) | ||||
Total Liabilities and Shareholders’ Deficit |
$ |
312,498,020 |
$ |
312,848,614 |
||||
For the three months ended March 31, 2022 |
For the period January 13, 2021 (inception) through March 31, 2021 |
|||||||
General and administrative expenses |
$ | 1,391,007 | $ | 128,476 | ||||
|
|
|
|
|||||
Loss from operations |
(1,391,007 | ) | (128,476 | ) | ||||
Other income (expense) |
||||||||
Change in fair value of derivative warrant liabilities |
5,251,820 | 271,160 | ||||||
Financing costs - warrant liabilities |
— | (462,620 | ) | |||||
Net gain on investments held in Trust Account |
24,553 | 153 | ||||||
|
|
|
|
|||||
Total other income (expense) |
5,276,373 | (191,307 | ) | |||||
|
|
|
|
|||||
Net income (loss) |
$ | 3,885,366 | $ | (319,783 | ) | |||
|
|
|
|
|||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted |
31,116,305 | 3,067,805 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per ordinary share |
$ | 0.10 | $ | (0.03 | ) | |||
|
|
|
|
|||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted |
7,779,076 | 6,964,134 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per ordinary share |
$ | 0.10 | $ | (0.03 | ) | |||
|
|
|
|
For The Three Months Ended March 31, 2022 |
||||||||||||||||||||||||||||
Ordinary Shares |
Additional |
Total |
||||||||||||||||||||||||||
Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - January 1, 2022 |
— |
$ |
— |
7,779,076 |
$ |
778 |
$ |
— |
$ |
(39,081,329 |
) |
$ |
(39,080,551 |
) | ||||||||||||||
Net income |
— |
— |
— |
— |
— |
3,885,366 |
3,885,366 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2022 (unaudited) |
— |
$ |
— |
7,779,076 |
$ |
778 |
$ |
— |
$ |
(35,195,963 |
) |
$ |
(35,195,185 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Period From January 13, 2021 (inception) through March 31, 2021 |
||||||||||||||||||||||||||||
Ordinary Shares |
Additional |
Total |
||||||||||||||||||||||||||
Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - January 13, 2021 (inception) |
— |
$ |
— |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— |
— |
7,906,250 |
791 |
24,209 |
— |
25,000 |
|||||||||||||||||||||
Accrection on Class A ordinary shares subject to possible redemption |
— |
— |
— |
— |
(199,953 |
) |
(22,886,667 |
) |
(23,086,620 |
) | ||||||||||||||||||
Sale of private placement warrants to Sponsor less fair value of private warrants |
— |
— |
— |
— |
175,731 |
— |
175,731 |
|||||||||||||||||||||
Forfeiture of Class B ordinary shares from Sponsor |
— |
— |
(127,174 |
) |
(13 |
) |
13 |
— |
— |
|||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
(319,783 |
) |
(319,783 |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021 (unaudited) |
— |
$ |
— |
7,779,076 |
$ |
778 |
$ |
— |
$ |
(23,206,450 |
) |
$ |
(23,205,672 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2022 |
For the period January 13, 2021 (inception) through March 31, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | 3,885,366 | $ | (319,783 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares |
— | 25,000 | ||||||
General and administrative expenses paid by related party under promissory note |
— | 26,800 | ||||||
Change in fair value of derivative warrant liabilities |
(5,251,820 | ) | (271,160 | ) | ||||
Financing costs - warrant liabilities |
— | 462,620 | ||||||
Net gain on investments held in Trust Account |
(24,553 | ) | (153 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
122,874 | (1,409,464 | ) | |||||
Accounts payable |
70,758 | 1,442,343 | ||||||
Accrued expenses |
18,903 | 23,534 | ||||||
Accrued expenses - related party |
1,097 | 10,000 | ||||||
Deferred legal fees |
925,102 | — | ||||||
Net cash used in operating activities |
(252,273 | ) | (10,263 | ) | ||||
Cash Flows from Investing Activities: |
||||||||
Cash deposited in Trust Account |
— | (311,163,050 | ) | |||||
Net cash used in investing activities |
— | (311,163,050 | ) | |||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from note payable to related party |
— | 100 | ||||||
Repayment of note payable to related party |
— | (171,742 | ) | |||||
Proceeds received from initial public offering |
— | 311,163,050 | ||||||
Proceeds received from private placement |
— | 9,223,261 | ||||||
Offering costs paid |
— | (6,243,461 | ) | |||||
Net cash provided by financing activities |
— | 313,971,208 | ||||||
Net (decrease) increase in cash |
(252,273 | ) | 2,797,895 | |||||
Cash - beginning of the period |
811,526 | — | ||||||
Cash—end of the period |
$ |
559,253 |
$ |
2,797,895 |
||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Offering costs included in accounts payable |
$ | — | $ | 252,000 | ||||
Offering costs included in accrued expenses |
$ | — | $ | 70,000 | ||||
Offering costs paid by related party under promissory note |
$ | — | $ | 144,842 | ||||
Deferred underwriting commissions |
$ | — | $ | 10,890,707 | ||||
Forfeiture of Class B ordinary shares from Sponsor |
$ | — | $ | 13 |
• | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
For the three months ended March 31, 2022 |
For the period January 13, 2021 (inception) through March 31, 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net (loss) per ordinary share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income (loss) |
$ | 3,108,293 | $ | 777,073 | $ | (97,791 | ) | $ | (221,992 | ) | ||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
31,116,305 | 7,779,076 | 3,067,805 | 6,964,134 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per ordinary share |
$ | 0.10 | $ | 0.10 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||
|
|
|
|
|
|
|
|
Gross Proceeds |
$ | 311,163,050 |
||
Less: |
||||
Offering costs allocated to Class A shares subject to possible redemption |
(17,138,390 |
) | ||
Proceeds allocated to Public Warrants at issuance |
(5,948,230 |
) | ||
Plus: |
||||
Re-measurement on Class A ordinary shares subject to possible redemption amount |
23,086,620 |
|||
Class A ordinary shares subject to possible redemption |
$ |
311,163,050 |
||
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and |
• | if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
• | in whole and not in part; |
• | at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; |
• | if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and |
• | if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account |
$ | 311,200,024 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-public |
$ | 8,276,940 | $ | — | $ | — | ||||||
Derivative warrant liabilities-private |
$ | — | $ | — | $ | 12,266,940 |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account |
$ | 311,175,471 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-public |
$ | 10,392,850 | $ | — | $ | — | ||||||
Derivative warrant liabilities-private |
$ | — | $ | — | $ | 15,402,850 |
March 31, 2022 |
December 31, 2021 |
|||||||
Share price |
$ | 9.92 | $ | 9.98 | ||||
Volatility |
16.3 | % | 21.8 | % | ||||
Expected life of the options to convert |
5.25 | 5.50 | ||||||
Risk-free rate |
2.4 | % | 1.3 | % | ||||
Dividend yield |
— | — |
Public Warrants |
Private Warrants |
Total |
||||||||||
Derivative warrant liabilities at January 13, 2021 (inception) |
$ | — | $ | — | $ | — | ||||||
Issuance of Public and Private Warrants |
5,948,230 | 9,047,530 | 14,995,760 | |||||||||
Transfer to Level 1 |
(10,455,080 | ) | — | (10,455,080 | ) | |||||||
Change in fair value of derivative warrant liabilities |
4,506,850 | 6,355,320 | 10,862,170 | |||||||||
Derivative warrant liabilities at December 31, 2021 |
— | 15,402,850 | 15,402,850 | |||||||||
Change in fair value of derivative warrant liabilities |
— | (3,135,910 | ) | (3,135,910 | ) | |||||||
Derivative warrant liabilities at March 31, 2022 |
$ |
— |
$ |
12,266,940 |
$ |
12,266,940 |
||||||
ARCLIGHT CLEAN TRANSITION CORP. II | ||
By: | /s/ John F. Erhard | |
Name: John F. Erhard | ||
Title: Chief Executive Officer |
1 Year ArcLight Clean Transitio... Chart |
1 Month ArcLight Clean Transitio... Chart |
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