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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altimeter Growth Corporation | NASDAQ:AGC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.01 | 11.11 | 11.13 | 0 | 00:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Cayman Islands
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98-1554598
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
|
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2550 Sand Hill Road, Suite 150 Menlo Park,
CA
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94025
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|
(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Units, each consisting of one Class A ordinary share, $0.0001 par value, and
one-fifth
of one redeemable warrant
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AGCUU
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NASDAQ Capital Market
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Class A ordinary shares included as part of the units
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AGC
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NASDAQ Capital Market
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Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
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AGCWW
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NASDAQ Capital Market
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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Page
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Item 1.
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1
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2
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3
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4
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5
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Item 2.
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17
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Item 3.
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20
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Item 4.
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20
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Item 1.
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21
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Item 1A.
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21
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Item 2.
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21
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Item 3.
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21
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Item 4.
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21
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Item 5.
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21
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Item 6.
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22
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ITEM 1.
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FINANCIAL STATEMENTS
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June 30, | December 31, | |||||||
2021 | 2020 | |||||||
(Unaudited) | ||||||||
ASSETS
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||||||||
Current assets
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||||||||
Cash
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$ | 272,126 | $ | 855,972 | ||||
Prepaid expenses
|
233,821 | 275,591 | ||||||
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Total Current Assets
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505,947 | 1,131,563 | ||||||
Cash and marketable securities held in Trust Account
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500,014,112 | 500,000,000 | ||||||
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Total Assets
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$ | 500,520,059 | $ | 501,131,563 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Current liabilities
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||||||||
Accrued expenses
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$ | 248,218 | $ | 64,100 | ||||
Due to related party
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66,116 | — | ||||||
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Total Current Liabilities
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314,334 | 64,100 | ||||||
Warrant liability
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78,281,349 | 102,879,957 | ||||||
FPA liability
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43,723,743 | 54,310,054 | ||||||
Deferred underwriting fee payable
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17,500,000 | 17,500,000 | ||||||
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Total Liabilities
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139,819,426 | 174,754,111 | ||||||
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Commitments and Contingencies
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||||||||
Class A ordinary shares subject to possible redemption, 35,570,063 and 32,137,745 shares at June 30, 2021 and December 31, 2020, respectively, at $10 per share
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355,700,630 | 321,377,450 | ||||||
Shareholders’ Equity
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||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none outstanding
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— | — | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized, 14,429,937 and 17,862,255 issued and outstanding (excluding 35,570,063 and 32,137,745 shares subject to possible redemption) at June 30, 2021 and December 31, 2020, respectively
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1,443 | 1,786 | ||||||
Class B ordinary shares; $0.0001 par value; 20,000,000 shares authorized, 12,500,000 issued and outstanding
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1,250 | 1,250 | ||||||
Additional
paid-in
capital
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101,674,018 | 135,996,855 | ||||||
Accumulated deficit
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(96,676,708 | ) | (130,999,889 | ) | ||||
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Total Shareholders’ Equity
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5,000,003 | 5,000,002 | ||||||
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Total Liabilities and Shareholders’ Equity
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$ | 500,520,059 | $ | 501,131,563 | ||||
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For the Three
Months Ended June 30, 2021 |
For the Six
Months Ended June 30, 2021 |
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Operating expenses
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$ | 659,384 | $ | 875,850 | ||||
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Loss from operations
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(659,384 | ) | (875,850 | ) | ||||
Other income (expense)
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Unrealized gain on marketable securities held in Trust Account
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7,599 | 14,112 | ||||||
Change in fair value of warrant liabilities
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(6,877,331 | ) | 24,598,608 | |||||
Change in fair value of FPA liability
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(1,339,500 | ) | 10,586,311 | |||||
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Other income (expense), net
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(8,209,232 | ) | 35,199,031 | |||||
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Net income (loss)
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$ | (8,868,616 | ) | $ | 34,323,181 | |||
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W
eighted average shares outstanding of Class A redeemable ordinary shares
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50,000,000 | 50,000,000 | ||||||
Basic and diluted income per share, Class A redeemable ordinary shares
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$ | 0.00 | $ | 0.00 | ||||
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Weighted average shares outstanding of Class B
non-redeemable
ordinary shares
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12,500,000 | 12,500,000 | ||||||
Basic and diluted income (loss) per share, Class B
non-redeemable
ordinary shares
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$ | (0.71 | ) | $ | 2.74 | |||
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Class A
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Class B
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Additional
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Total
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Ordinary Shares
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Ordinary Shares
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Paid-in
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Accumulated
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Shareholders’
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Shares
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Amount
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Shares
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Amount
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Capital
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Deficit
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Equity
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Balance—December 31, 2020
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17,862,255
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$
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1,786
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12,500,000
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$
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1,250
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$
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135,996,855
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$
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(130,999,889
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)
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$
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5,000,002
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Change in value of Class A ordinary shares subject to redemption
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(4,319,179 | ) | (432 | ) | — | — | (43,191,358 | ) | — | (43,191,790 | ) | |||||||||||||||||
Net income
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— | — | — | — | — | 43,191,797 | 43,191,797 | |||||||||||||||||||||
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Balance – March 31, 2021 (unaudited)
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13,543,076
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$
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1,354
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12,500,000
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$
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1,250
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$
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92,805,497
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$
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(87,808,092
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)
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$
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5,000,009
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Change in value of Class A ordinary shares subject to redemption
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886,861 | 89 | — | — | 8,868,521 | — | 8,868,610 | |||||||||||||||||||||
Net loss
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— | — | — | — | — | (8,868,616 | ) | (8,868,616 | ) | |||||||||||||||||||
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Balance – June 30, 2021 (unaudited)
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14,429,937
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$
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1,443
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12,500,000
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$
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1,250
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$
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101,674,018
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$
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(96,676,708
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)
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$
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5,000,003
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Cash flows from operating activities:
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Net income
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$ | 34,323,181 | ||
Adjustments to reconcile net income to net cash used in operating activities:
|
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Unrealized gains earned on marketable securities held in Trust Account
|
(14,112 | ) | ||
Change in fair value of warrant liabilities
|
(24,598,608 | ) | ||
Change in fair value of FPA liability
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(10,586,311 | ) | ||
Changes in operating assets and liabilities
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Prepaid expenses
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41,770 | |||
Accrued expenses
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184,118 | |||
Net cash used in operating activities
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(649,962 | ) | ||
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Cash flows from financing activities:
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Due to related party
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66,116 | |||
Net cash provided by financing activities
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66,116 | |||
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Net change in cash
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(583,846 | ) | ||
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Cash at the beginning of the period
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855,972 | |||
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Cash at the end of the period
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$ | 272,126 | ||
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Supplemental disclosures of
non-cash
investing and financing activities:
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Change in value of ordinary shares subject to possible redemption
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$ | 34,323,180 | ||
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For the
Three Months Ended June 30, 2021 |
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For the
Six Months Ended June 30, 2021 |
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Redeemable Class A Ordinary Shares
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Numerator: Income allocable to Redeemable Class A Ordinary Shares
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Interest income
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$ | 7,599 | $ | 14,112 | ||||
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Redeemable Net Income
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$ | 7,599 | $ | 14,112 | ||||
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Denominator: Weighted-Average Redeemable Class A Ordinary Shares
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Redeemable Class A Ordinary Shares,
Basic and
Diluted
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50,000,000 | 50,000,000 | ||||||
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Redeemable Net Income/Basic and Diluted Redeemable Class A Ordinary Shares
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$ | 0.00 | $ | 0.00 | ||||
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Non-Redeemable
Class B ordinary shares
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Numerator: Net income minus Redeemable Net Earnings
|
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Net Income (loss)
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$ | (8,868,616 | ) | $ | 34,323,181 | |||
Less: Redeemable Net Income (loss)
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7,599 | 14,112 | ||||||
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Non-Redeemable
Net Income (loss)
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$ | (8,876,215 | ) | $ | 34,309,069 | |||
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Denominator: Weighted Average
Non-Redeemable
Class B Ordinary Shares
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Non-Redeemable
Class B Ordinary Shares, Basic and Diluted
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12,500,000 | 12,500,000 | ||||||
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Non-Redeemable
Net Income (loss)/Basic and Diluted
Non-Redeemable
Class B Ordinary Shares
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$ | (0.71 | ) | $ | 2.74 | |||
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• |
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
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• |
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 10 trading days within a 20- trading day period ending three trading days before 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 shares determined based on the redemption date and the fair market value of the Class A ordinary shares;
|
• |
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per share (as adjusted) for any 10 trading days within the 20- trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.
|
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 the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. |
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Level 1
|
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Level 2
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Level 3
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Total
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Assets held in trust account U.S. Treasury Securities
|
|
$
|
500,014,112
|
|
|
$
|
—
|
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|
$
|
—
|
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$
|
500,014,112
|
|
Liabilities:
|
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Warrant liabilities
|
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Public Warrants
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$ | 33,335,500 | $ | — | $ | — | $ | 33,335,500 | ||||||||
Private Placement Warrants
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— | — | 44,945,849 | 44,945,849 | ||||||||||||
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Total warrant liabilities
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$ | 33,335,500 | $ | — | $ | 44,945,849 | $ | 78,281,349 | ||||||||
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FPA liability
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$ | — | $ | — | $ | 43,723,743 | $ | 43,723,743 | ||||||||
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Level 1
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Level 2
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Level 3
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Total
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Liabilities:
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Warrant liabilities
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Public Warrants
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$ |
54,202,500
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$ | — | $ | — | $ | 54,202,500 | ||||||||
Private Placement Warrants
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$
|
— | — |
48,677,457
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48,677,457 | |||||||||||
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Total warrant liabilities
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$ | 54,202,500 | $ | — | $ | 48,677,457 | $ | 102,879,957 | ||||||||
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FPA liability
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$ | 54,310,054 | $ | — | $ | — | $ | 54,310,054 | ||||||||
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Input
|
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June 30, 2021
(Unaudited) |
|
|
December 31,
2020 |
|
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Risk-free interest rate
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0.87 | % |
|
|
0.36
|
%
|
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Expected term (years)
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5.00 |
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|
5.00
|
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Expected volatility
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36.4 | % |
|
|
35.0
|
% | ||
Exercise price
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$ | 11.50 |
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$
|
11.50
|
|
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Fair value of Class A
ordinary shares
|
$ | 11.70 |
|
$
|
12.86
|
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Private Placement
|
||||
Fair value as of December 31, 2020
|
$ | 48,677,457 | ||
Change in valuation inputs or other assumptions
(1)
|
(3,731,608 | ) | ||
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Fair value as of June 30, 2021
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$ | 44,945,849 | ||
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(1) |
Represents the
non-cash
gain on the change in valuation of the Private Placement Warrants and is included in Gain on change in fair value of warrant liability in the unaudited condensed statement of operations.
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FPA Liability
|
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Fair value as of December 31, 2020
|
$ | 54,310,054 | ||
Change in valuation inputs or other assumptions
(1)
|
(10,586,311 | ) | ||
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Fair value as of June 30, 2021
|
$ | 43,723,743 | ||
|
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(1) |
Represents the
non-cash
gain on the change in valuation of the FPA liability and is included in Gain on change in fair value of FPA liability in the unaudited condensed statement of operations
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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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
|
* |
Filed herewith.
|
** |
Furnished herewith.
|
ALTIMETER GROWTH CORP.
|
||||||
Date: August 16, 2021 |
/s/ Brad Gerstner
|
|||||
Name: | Brad Gerstner | |||||
Title: |
Chief Executive Officer
(Principal Executive Officer)
|
|||||
Date: August 16, 2021 |
/s/ Hab Siam
|
|||||
Name: | Hab Siam | |||||
Title: |
General Counsel
(Principal Financial and Accounting Officer)
|
1 Year Altimeter Growth Chart |
1 Month Altimeter Growth Chart |
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