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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Argus Capital Corporation | NASDAQ:ARGU | 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% | 10.26 | 4.10 | 16.40 | 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 |
Delaware |
86-3426828 | |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |
3 Columbus Circle, 24th Floor New York, New York |
10019 | |
(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 share of Class A common stock, $0.0001 par value, and one-half of one redeemable warrant |
ARGUU |
The Nasdaq Stock Market LLC | ||
Class A common stock, par value $0.0001 per share |
ARGU |
The Nasdaq Stock Market LLC | ||
Redeemable warrants, each warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share |
ARGUW |
The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Item 1. |
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1 |
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3 |
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4 |
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5 |
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Item 2. |
18 |
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Item 3. |
22 |
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Item 4. |
22 |
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Item 1. |
23 |
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Item 1A. |
23 |
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Item 2. |
23 |
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Item 3. |
23 |
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Item 4. |
23 |
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Item 5. |
23 |
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Item 6. |
23 |
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PART III |
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25 |
Item 1. |
Interim Financial Statements. |
Three Months Ended June 30, 2022 |
Six Months Ended June 30, 2022 |
Period from April 22, 2021 (inception) through June 30, 2021 |
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Operating Expenses: |
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General and administrative expense s |
$ | 553,118 | $ | 1,037,370 | $ | 665 | ||||||
Franchise tax expense |
50,000 | 100,000 | — | |||||||||
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Loss from operations |
(603,118 | ) | (1,137,370 | ) | (665 | ) | ||||||
Other Income: |
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Interest earned on investments held in Trust Account |
730,032 | 806,581 | — | |||||||||
Gain on settlement of deferred underwriting commissions |
10,666,250 | 10,666,250 | — | |||||||||
Change in fair value of warrant liabilities |
6,865,700 | 8,606,192 | — | |||||||||
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Income (loss) before provision for income taxes |
17,658,864 | 18,941,653 | (665 | ) | ||||||||
Provisions for Income Taxes |
(134,860 | ) | (134,860 | ) | — | |||||||
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Net Income (Loss) |
$ | 17,524,004 | $ | 18,806,793 | $ | (665 | ) | |||||
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Weighted average number of shares of Class A common stock outstanding |
30,475,000 | 30,475,000 | — | |||||||||
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Net income per share of common stock, Class A-basic and diluted |
$ | 0.46 | $ | 0.49 | $ | — | ||||||
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Weighted average number of shares of Class B common stock outstanding |
7,618,750 | 7,618,750 | 7,618,750 | |||||||||
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Net income (loss) per share of common stock, Class B-basic and diluted |
$ | 0.46 | $ | 0.49 | $ | 0.00 | ||||||
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Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance at December 31, 2021 |
— |
$ |
— |
7,618,750 |
$ |
762 |
$ |
— |
$ |
(23,078,721 |
) |
$ |
(23,077,959 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 1,282,789 | 1,282,789 | |||||||||||||||||||||
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Balance at March 31, 2022 (unaudited) |
— | — | 7,618,750 |
762 |
— | (21,795,932 |
) |
(21,795,170 |
) | |||||||||||||||||||
Re-measurement for Class A common stock to redemption value |
— | — | — | — | — | (307,330 | ) | (307,330 | ) | |||||||||||||||||||
Net income |
— | — | — | — | — | 17,524,004 | 17,524,004 | |||||||||||||||||||||
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Balance at June 30, 2022 (unaudited) |
— |
$ |
— |
7,618,750 |
$ |
762 |
$ |
— |
$ |
(4,579,258 |
) | $ |
(4,578,496 |
) | ||||||||||||||
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Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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April 22, 2021 (inception) |
— |
$ |
— |
— | $ |
— |
$ |
— |
$ |
— |
$ |
— |
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Issuance of common stock to initial stockholder at $0.0022 per share (1) |
7,618,750 | 762 | 24,238 | 25,000 | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | (665 | ) | (665 | ) | |||||||||||||||||||
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Balance at June 30, 2021 (unaudited) |
— |
$ |
— |
7,618,750 |
$ |
762 |
$ |
24,238 |
$ |
(665 |
) |
$ |
24,335 |
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(1) | Shares and the associated amounts have been adjusted to reflect the surrender of 2,875,000 and 1,437,000 shares of Class B common stock to the Company for no consideration on July 21, 2021 and August 26, 2021 and a 1:1.06 stock split of each outstanding share of Class B common stock on September 21, 2021 (see Note 4). |
Six Months Ended June 30, 2022 |
Period from April 22, 2021 (inception) through June 30, 2021 |
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Cash flows from operating activities: |
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Net income (loss) |
$ | 18,806,793 | $ | (665 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Interest earned on investments held in Trust Accoun t |
(806,581 | ) | — |
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Gain on settlement of deferred underwriting commissions |
(10,666,250 | ) | — |
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Change in fair value of warrant liabilities |
(8,606,192 | ) | — |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
259,425 | — |
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Accounts payable and accrued expenses |
(101,483 | ) | 665 | |||||
Accrued franchise tax |
2,690 | — |
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Income taxes payable |
134,860 | — |
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Net cash used in operating activities |
(976,738 | ) | — |
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Net change in cash |
(976,738 | ) | — |
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Cash at beginning of period |
1,230,768 | — |
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Cash at end of period |
$ | 254,030 | $ | — |
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Supplemental disclosure of non-cash investing and financing activities: |
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Offering costs paid by Sponsor in exchange for Class B common stock |
$ | — |
$ | 25,000 | ||||
Deferred offering costs included in accounts payable and accrued expenses |
$ | — |
$ | 167,793 | ||||
Deferred offering costs paid through Promissory Note - Related Party |
$ | — |
$ | 101,447 |
1. |
Organization and Business Operations |
2. |
Significant Accounting Policies |
For the Three Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2022 |
For the Period from April 22, 2021 to June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per share of common stock |
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Numerator: |
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Allocation of net income, as adjusted |
$ | 14,019,202 | $ | 3,504,802 | $ | 15,045,434 | $ | 3,761,359 | $ | — | $ | (665 | ) | |||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
30,475,000 | 7,618,750 | 30,475,000 | 7,618,750 | — | 7,618,750 | ||||||||||||||||||
Basic and diluted net income per share of common stock |
$ | 0.46 | $ | 0.46 | $ | 0.49 | $ | 0.49 | $ | N/A | $ | (0.00 | ) |
Gross proceeds |
$ | 304,750,000 | ||
Less: |
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Proceeds allocated to Public Warrants |
(20,265,875 | ) | ||
Class A common stock issuance costs |
(16,276,200 | ) | ||
Plus: |
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Accretion of carrying value to redemption value |
42,944,405 | |||
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Class A common stock subject to possible redemption |
$ | 311,152,330 | ||
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• | Level 1, defined as observable inputs such as quoted prices (unadjusted) 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. |
3. |
Public Offering |
4. |
Related Party Transactions |
5. |
Commitments and Contingencies |
6. |
Trust Account |
Carrying Value |
Gross Unrealized Holding (Loss) |
Quoted Prices in Active Markets (Level 1) |
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U.S. Government Treasury Securities as of June 30, 2022 (1) |
$ | 311,623,526 | $ | (475,453 | ) | $ | 311,148,073 | |||||
U.S. Government Treasury Securities as of December 31, 2021 (2) |
$ | 310,877,120 | $ | (9,429 | ) | $ | 310,867,691 |
(1) | Maturity date September 22, 2022. |
(2) | Maturity date March 24, 2022. |
7. |
Stockholders’ Equity (Deficit) |
8. |
Warrant Liabilities |
• | in whole and not in part; |
• | at a price of $0.01 per Public Warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and |
• | if, and only if, the last reported sale price of the Common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the Warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. |
9. |
Fair Value Measurements |
Level |
December 31, 2021 |
June 30, 2022 |
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Warrant liabilities—Public |
1 | $ | 8,228,250 | $ | 2,895,125 | |||||||
Warrant liabilities—Private |
3 | $ | 5,198,400 | $ | 1,925,333 |
As of December 31, 2021 |
As of June 30, 2022 |
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Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Stock price |
$ | 9.90 | $ | 10.00 | ||||
Volatility for private warrants |
8.4 | % | 14.5 | % | ||||
Term |
6.06 | 5.73 | ||||||
Risk-free rate |
1.36 | % | 3.02 | % | ||||
Dividend yield |
0 | % | 0 | % | ||||
Probability of completing Business Combination |
100 | % (1) |
13 | % (2) |
(1) | Estimate based on completed SPAC market data published by third party as of December 31, 2021. |
(2) | Estimate based on public trading of rights for SPACs and their implied business combination probabilities as of June 30, 2022. |
Level 3 Derivative warrant liabilities at December 31, 2021 |
$ | 5,198,400 | ||
Change in fair value of derivative warrant liabilities |
(3,273,067 | ) | ||
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Level 3 Derivative warrant liabilities at June 30, 2022 |
$ | 1,925,333 | ||
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* | Filed herewith |
** | Furnished herewith |
ARGUS CAPITAL CORP. | ||||||||
Date: August 12, 2022 | By: | /s/ Joseph R. Ianniello | ||||||
Name: Joseph R. Ianniello | ||||||||
Title: Chief Executive Officer | ||||||||
(Principal Executive Officer) |
1 Year Argus Capital Chart |
1 Month Argus Capital Chart |
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