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Name | Symbol | Market | Type |
---|---|---|---|
Alpha Partners Technology Merger Corporation | NASDAQ:APTMU | NASDAQ | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.60 | 9.70 | 16.96 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT UNDER 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 |
98-1581691 | |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) | |
Empire State Building, Suite 4215 New York, 10001 |
10001 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Class A ordinary shares included as part of the Units, par value $0.0001 per share |
APTM |
The Nasdaq Stock Market LLC | ||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
APTMW |
The Nasdaq Stock Market LLC | ||
Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant to acquire one Class A ordinary share |
APTMU |
The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page |
||||||
PART 1 - FINANCIAL INFORMATION |
||||||
Item 1. |
CONDENSED FINANCIAL STATEMENTS | |||||
Condensed Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021 | 1 | |||||
2 | ||||||
3 | ||||||
4 | ||||||
Notes to Condensed Financial Statements (Unaudited) | 5 | |||||
Item 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 22 | ||||
Item 3. |
27 | |||||
Item 4. |
27 | |||||
Item 1. |
28 | |||||
Item 1A. |
28 | |||||
Item 2. |
29 | |||||
Item 3. |
29 | |||||
Item 4. |
29 | |||||
Item 5. |
29 | |||||
Item 6. |
30 | |||||
31 |
June 30, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash |
$ | 1,392,907 | $ | 2,124,185 | ||||
Prepaid expenses |
367,250 | 340,290 | ||||||
|
|
|
|
|||||
Total current assets |
1,760,157 |
2,464,475 |
||||||
Prepaid insurance - noncurrent |
25,197 | 193,947 | ||||||
Investments held in Trust Account |
282,918,132 | 282,508,321 | ||||||
|
|
|
|
|||||
Total Assets |
$ |
284,703,486 |
$ |
285,166,743 |
||||
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 13,103 | $ | 52,466 | ||||
Accounts payable - related party |
22,158 | 48,273 | ||||||
Accrued expenses and other current liabilities |
485,455 | 92,515 | ||||||
|
|
|
|
|||||
Total current liabilities |
520,716 |
193,254 |
||||||
Warrant liabilities |
1,258,767 | 8,276,150 | ||||||
Deferred underwriting fee payable |
9,887,500 | 9,887,500 | ||||||
|
|
|
|
|||||
Total Liabilities |
11,666,983 |
18,356,904 |
||||||
|
|
|
|
|||||
Commitments (Note 6) |
||||||||
Class A ordinary shares subject to possible redemption, 28,250,000 shares at redemption value |
282,918,132 | 282,508,321 | ||||||
Shareholders’ Deficit |
||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 865,000 shares issued and outstanding (excluding 28,250,000 shares subject to possible redemption) |
87 | 87 | ||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 7,062,500 shares issued and outstanding |
706 | 706 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(9,882,422 | ) | (15,699,275 | ) | ||||
|
|
|
|
|||||
Total Shareholders’ Deficit |
(9,881,629 |
) |
(15,698,482 |
) | ||||
|
|
|
|
|||||
Total Liabilities and Shareholders’ Deficit |
$ |
284,703,486 |
$ |
285,166,743 |
||||
|
|
|
|
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
For the Period from February 5, 2021 (inception) through June 30, 2021 |
|||||||||||||
Operating and formation costs |
$ | 575,990 | $ | — | $ | 1,200,530 | $ | 11,764 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(575,990 |
) |
— |
(1,200,530 |
) |
(11,764 |
) | |||||||||
Other income (expense): |
||||||||||||||||
Interest and dividend income on investments held in Trust Account |
381,481 | — | 409,811 | — | ||||||||||||
Change in fair value of warrant liabilities |
3,203,124 | 215,625 | 7,017,383 | (814,583 | ) | |||||||||||
Loss on sale of warrants |
— | — | — | (1,213,542 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
3,008,615 |
$ |
215,625 |
$ |
6,226,664 |
$ |
(2,039,889 |
) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares |
29,115,000 | — | 29,115,000 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income per share, Class A ordinary shares |
$ | 0.08 | $ | — | $ | 0.17 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares |
7,062,500 | 6,250,000 | 7,062,500 | 6,250,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares |
$ | 0.08 | $ | 0.03 | $ | 0.17 | $ | (0.33 | ) | |||||||
|
|
|
|
|
|
|
|
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance as of January 1, 2022 |
865,000 |
$ |
87 |
7,062,500 |
$ |
706 |
$ |
— |
$ |
(15,699,275 |
) |
$ |
(15,698,482 |
) | ||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of March 31, 2022 |
— | — | — | — | — | (28,330 | ) | (28,330 | ) | |||||||||||||||||||
Net income |
— | — | — | — | — | 3,218,049 | 3,218,049 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2022 |
865,000 |
87 |
7,062,500 |
706 |
— |
(12,509,556 |
) |
(12,508,763 |
) | |||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of June 30, 2022 |
— | — | — | — | — | (381,481 | ) | (381,481 | ) | |||||||||||||||||||
Net income |
— | — | — | — | — | 3,008,615 | 3,008,615 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2022 |
865,000 |
$ |
87 |
7,062,500 |
$ |
706 |
$ |
— |
$ |
(9,882,422 |
) |
$ |
(9,881,629 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance as of February 5, 2021 (inception) |
— |
$ |
— |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||||||||||
Issuance of Class B ordinary shares included in the Founder Units to an affiliate of the Sponsor (1) |
— | — | 7,187,500 | 719 | 15,948 | — | 16,667 | |||||||||||||||||||||
Net loss |
— | — | — | — | — | (2,255,514 | ) | (2,255,514 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2021 |
— |
— |
7,187,500 |
719 |
15,948 |
(2,255,514 |
) |
(2,238,847 |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | 215,625 | 215,625 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2021 |
— |
$ |
— |
7,187,500 |
$ |
719 |
$ |
15,948 |
$ |
(2,039,889 |
) |
$ |
(2,023,222 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Included up to 937,500 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. The underwriters partially exercised their over-allotment option on August 5, 2021 and forfeited the remainder of the option; thus, 125,000 Founder Shares were forfeited by the Sponsor. |
Six Months Ended June 30, 2022 |
For the Period from February 5, 2021 (inception) through June 30, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | 6,226,664 | $ | (2,039,889 | ) | |||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Interest and dividend income on investments held in Trust Account |
(409,811 | ) | — | |||||
Payment of formation costs through issuance of Class B ordinary shares |
— | 11,764 | ||||||
Change in fair value of warrant liability |
(7,017,383 | ) | 814,583 | |||||
Loss on sale of warrants |
— | 1,213,542 | ||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
141,790 | — | ||||||
Accounts payable |
(39,363 | ) | — | |||||
Accounts payable - related party |
(26,115 | ) | — | |||||
Accrued expenses and other current liabilities |
392,940 | — | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(731,278 |
) |
— |
|||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Advance from anchor investor |
— | 500,681 | ||||||
Repayment of advance from anchor investor |
— | (681 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
— |
500,000 |
||||||
|
|
|
|
|||||
Net Change in Cash |
(731,278 |
) |
500,000 |
|||||
Cash - Beginning of period |
2,124,185 | — | ||||||
|
|
|
|
|||||
Cash - End of period |
$ |
1,392,907 |
$ |
500,000 |
||||
|
|
|
|
|||||
Non-cash investing and financing activities |
||||||||
Initial classification of warrant liability |
$ | — | $ | 1,221,875 | ||||
|
|
|
|
|||||
Deferred offering costs included in accrued offering costs |
$ | — | $ | 372,065 | ||||
|
|
|
|
|||||
Deferred offering costs included in promissory note - related party |
$ | — | $ | 151,402 | ||||
|
|
|
|
|||||
Deferred offering costs paid by an affiliate of the Sponsor in exchange for issuance of Founder Units |
$ | — | $ | 13,236 | ||||
|
|
|
|
|||||
Remeasurement of Class A ordinary shares to redemption amount as of June 30, 2022 |
$ | 409,811 | $ | — | ||||
|
|
|
|
Allocated Fair Value of Proceeds |
$ | 272,895,000 | ||
Less: |
||||
Issuance costs allocated to Class A ordinary shares |
(14,937,225 | ) | ||
Plus: |
||||
Initial remeasurement of carrying value to redemption value |
24,542,225 | |||
Remeasurement of carrying value to redemption value as of December 31, 2021 |
8,321 | |||
|
|
|||
Class A ordinary shares subject to possible redemption as of December 31, 2021 |
282,508,321 |
|||
Plus: |
||||
Remeasurement of carrying value to redemption value as of March 31, 2022 |
28,330 | |||
Remeasurement of carrying value to redemption value as of June 30, 2022 |
381,481 | |||
|
|
|||
Class A ordinary shares subject to possible redemption as of June 30, 2022 |
$ |
282,918,132 |
||
|
|
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
For the Period from February 5, 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 income (loss) per share: |
||||||||||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Net income (loss) |
$ | 2,421,279 | $ | 587,336 | $ | — | $ | 215,625 | $ | 5,011,107 | $ | 1,215,557 | $ | — | $ | (2,039,889 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding |
29,115,000 | 7,062,500 | — | 6,250,000 | 29,115,000 | 7,062,500 | — | 6,250,000 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per share |
$ | 0.08 | $ | 0.08 | $ | — | $ | 0.03 | $ | 0.17 | $ | 0.17 | $ | — | $ | (0.33 | ) |
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon not less than 30 days’ prior written notice of redemption to each warrant holder; and |
• | if, and only if, the last reported 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 notice of the redemption is given to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like and certain issuances of Class A ordinary shares and equity linked securities). |
• | in whole and not in part; |
• | at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that during such 30 day period holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the “fair market value” of the Class A ordinary shares (as defined below) except as otherwise described below; provided, further, that if the warrants are not exercised on a cashless basis or otherwise during such 30 day period, the Company shall redeem such warrants for $0.10 per share; and |
• | if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like and certain issuances of Class A ordinary shares and equity linked securities) on the trading day before the Company sends the notice of redemption to the warrant holders. |
Description |
Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
||||||||||||
June 30, 2022 |
||||||||||||||||
Assets |
||||||||||||||||
Investments held in Trust Account: |
||||||||||||||||
Money Market investments |
$ | 282,918,132 | $ | 282,918,132 | $ | — | $ | — | ||||||||
Liabilities |
||||||||||||||||
Warrant liability – Founder Warrants |
$ | 282,500 | $ | — | $ | — | $ | 282,500 | ||||||||
Warrant liability – Private Placement Warrants |
$ | 34,600 | $ | — | $ | — | $ | 34,600 | ||||||||
Warrant liability – Public Warrants |
$ | 941,667 | $ | 941,667 | $ | — | $ | — | ||||||||
December 31, 2021 |
||||||||||||||||
Assets |
||||||||||||||||
Investments held in Trust Account: |
||||||||||||||||
Money Market investments |
$ | 282,508,321 | $ | 282,508,321 | $ | — | $ | — | ||||||||
Liabilities |
||||||||||||||||
Warrant liability – Founder Warrants |
$ | 1,836,249 | $ | — | $ | — | $ | 1,836,249 | ||||||||
Warrant liability – Private Placement |
224,901 | — | — | 224,901 | ||||||||||||
Warrant liability – Public Warrants |
6,215,000 | 6,215,000 | — | — |
As of July 30, 2021 (Initial Measurement) |
||||
Stock price |
$ | 9.66 | ||
Strike price |
$ | 11.50 | ||
Term (in years) |
5.5 | |||
Volatility |
20.0 | % | ||
Risk-free rate |
0.8 | % | ||
Dividend yield |
— | % | ||
Probability of completing a Business Combination |
80.0 | % | ||
Fair value of warrants |
$ | 1.02 |
As of June 30, 2022 |
As of December 31, 2021 |
|||||||
Stock price |
$ | 9.68 | $ | 9.70 | ||||
Strike price |
$ | 11.50 | $ | 11.50 | ||||
Term (in years) |
5.5 | 5.5 | ||||||
Volatility |
2.2 | % | 15.0 | % | ||||
Risk-free rate |
3.0 | % | 1.3 | % | ||||
Dividend yield |
— | % | — | % | ||||
Probability of completing a Business Combination |
70.0 | % | 80.0 | % | ||||
Fair value of warrants |
$ | 0.12 | $ | 0.78 |
As of June 30, 2022 |
As of December 31, 2021 |
|||||||
Stock price |
$ | 9.68 | $ | 9.70 | ||||
Strike price |
$ | 11.50 | $ | 11.50 | ||||
Term (in years) |
5.5 | 5.5 | ||||||
Volatility |
2.2 | % | 15.0 | % | ||||
Risk-free rate |
3.0 | % | 1.3 | % | ||||
Dividend yield |
— | % | — | % | ||||
Probability of completing a Business Combination |
70.0 | % | 80.0 | % | ||||
Fair value of warrants |
$ | 0.12 | $ | 0.78 |
Fair value as of February 5, 2021 (inception) |
$ | — | ||
Initial measurement of Founder Warrants as of February 5, 2021 |
1,221,875 | |||
Initial measurement of Public Warrants and Private Placement Warrants as of July 30, 2021 |
8,780,000 | |||
Initial measurement of over-allotment warrants |
1,127,750 | |||
Transfer of Public Warrants to Level 1 measurement |
(5,179,166 | ) | ||
Forfeiture of Founder Warrants |
(45,834 | ) | ||
Change in fair value of Public Warrants, Private Placement Warrants, and Founder Warrants |
(3,843,475 | ) | ||
|
|
|||
Fair value as of December 31, 2021 |
2,061,150 | |||
Change in fair value of Private Placement Warrants and Founder Warrants |
(1,083,425 | ) | ||
|
|
|||
Fair value as of March 31, 2022 |
977,725 | |||
Change in fair value of Private Placement Warrants and Founder Warrants |
(660,625 | ) | ||
|
|
|||
Fair value as of June 30, 2022 |
$ | 317,100 | ||
|
|
* | Filed herewith. |
** | Furnished. |
Alpha Partners Technology Merger Corp. | ||||||
Date: August 11, 2022 | By: | /s/ Matthew R. Krna | ||||
Matthew R. Krna | ||||||
Chief Executive Officer | ||||||
Alpha Partners Technology Merger Corp. | ||||||
Date: August 11, 2022 | By: | /s/ Sean O’Brien | ||||
Sean O’Brien | ||||||
Chief Financial Officer |
1 Year Alpha Partners Technolog... Chart |
1 Month Alpha Partners Technolog... Chart |
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