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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arrowroot Acquisition Corporation | NASDAQ:ARRW | 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% | 18.00 | 16.55 | 19.32 | 0 | 01:00:00 |
Delaware
|
85-3961600
|
|
(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
|
||
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-half of one redeemable warrant
|
ARRWU
|
The Nasdaq Stock Market LLC
|
||
Shares of Class A common stock included as part of the units
|
ARRW
|
The Nasdaq Stock Market LLC
|
||
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
|
ARRWW
|
The Nasdaq Stock Market LLC
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐ | |
Non-accelerated filer
|
☒ |
Smaller reporting company
|
☒ |
|
Emerging growth company
|
☒ |
Page
|
||
Part I. Financial Information
|
||
Item 1. Interim Financial Statements
|
||
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
18 |
||
22 |
||
22
|
||
Part II. Other Information
|
||
22
|
||
22
|
||
23
|
||
24
|
||
24
|
||
24
|
||
24
|
||
25
|
Item 1. |
Interim Financial Statements.
|
For The Three Months Ended
September 30,
|
For The Nine Months Ended
September 30,
|
|||||||||||||||
2022
|
2021
|
2022 |
2021 |
|||||||||||||
General and administrative expenses
|
$
|
355,529
|
$
|
1,615,840
|
$ | 1,126,963 | $ | 3,013,121 | ||||||||
Loss from operations
|
(355,529
|
)
|
(1,615,840
|
)
|
(1,126,963 | ) | (3,013,121 | ) | ||||||||
Other income:
|
||||||||||||||||
Change in fair value of warrant liabilities
|
240,000
|
6,561,250
|
11,081,250 | 7,775,000 | ||||||||||||
Interest earned on investments held in Trust Account
|
1,229,862
|
7,248
|
1,592,222 | 16,386 | ||||||||||||
Total other income, net
|
1,469,862
|
6,568,498
|
12,673,472 | 7,791,386 | ||||||||||||
Income before provision for income taxes |
1,114,333 | 4,952,658 | 11,546,509 | 4,778,265 | ||||||||||||
Provision for income taxes |
(244,044 | ) | — | (265,764 | ) | — | ||||||||||
Net income
|
$
|
870,289
|
$
|
4,952,658
|
$ | 11,280,745 | $ | 4,778,265 | ||||||||
Weighted average shares outstanding, Class A common stock
|
28,750,000
|
28,750,000
|
28,750,000 | 22,115,385 | ||||||||||||
Basic and diluted net income per share, Class A common stock
|
$
|
0.02
|
$
|
0.14
|
$ | 0.31 | $ | 0.16 | ||||||||
Weighted average shares outstanding, Class B common stock
|
7,187,500
|
7,187,500
|
7,187,500 | 6,971,154 | ||||||||||||
Basic and diluted net income per share, Class B common stock
|
$
|
0.02
|
$
|
0.14
|
$ | 0.31 | $ | 0.16 |
|
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
|||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital | Deficit | Deficit | |||||||||||||||||||||
Balance – January 1, 2022
|
—
|
$
|
—
|
7,187,500
|
$
|
719
|
$
|
—
|
$
|
(23,181,522
|
)
|
$
|
(23,180,803
|
)
|
||||||||||||||
|
||||||||||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
5,921,767
|
5,921,767
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balance – March 31, 2022
|
—
|
—
|
7,187,500
|
719
|
—
|
(17,259,755
|
)
|
(17,259,036
|
)
|
|||||||||||||||||||
Accretion of class A common stock subject to redemption amount
|
— |
— |
— |
— |
— |
(63,459 | ) | (63,459 | ) | |||||||||||||||||||
Net income
|
— | — | — | — | — | 4,488,689 | 4,488,689 | |||||||||||||||||||||
Balance – June 30, 2022
|
— | — | 7,187,500 | 719 | — | (12,834,525 | ) | (12,833,806 | ) | |||||||||||||||||||
Accretion of class A common stock subject to redemption amount
|
— | — | — | — | — | (654,605 | ) | (654,605 | ) | |||||||||||||||||||
Net income
|
— | — | — | — | — | 870,289 | 870,289 | |||||||||||||||||||||
Balance – September 30, 2022
|
— | $ |
— | 7,187,500 | $ |
719 | $ |
— | $ |
(12,618,841 | ) | $ |
(12,618,122 | ) |
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||
Balance – January 1, 2021
|
—
|
$
|
—
|
7,187,500
|
$
|
719
|
$
|
29,281
|
$
|
(1,724
|
)
|
$
|
28,276
|
|||||||||||||||
Accretion of Class A common Stock Subject to Redemption amount
|
— |
—
|
—
|
—
|
(689,281
|
)
|
(28,024,661
|
)
|
(28,713,942
|
)
|
||||||||||||||||||
Cash
paid in excess of fair value of 8,250,000 Private Placement Warrants
|
—
|
—
|
—
|
—
|
660,000
|
—
|
660,000
|
|||||||||||||||||||||
Net income
|
— | — |
— |
— |
— | 1,630,620 |
1,630,620 |
|||||||||||||||||||||
Balance – March 31, 2021
|
—
|
—
|
7,187,500
|
719
|
—
|
(26,395,765
|
)
|
(26,395,046
|
)
|
|||||||||||||||||||
Net loss |
— | — | — | — | — | (1,805,013 | ) | (1,805,013 | ) | |||||||||||||||||||
Balance – June 30, 2021
|
— | — | 7,187,500 | 719 | — | (28,200,778 | ) | (28,200,059 | ) | |||||||||||||||||||
Net income
|
— | — | — | — | — | 4,952,658 | 4,952,658 | |||||||||||||||||||||
Balance – September 30, 2021
|
— | $ |
— | 7,187,500 | $ |
719 | $ |
— | $ |
(23,248,120 | ) | $ |
(23,247,401 | ) |
|
For the Nine
Months Ended
September 30, 2022
|
For the Nine
Months Ended
September 30, 2021
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
11,280,745
|
$
|
4,778,265
|
||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Interest earned on investments held in Trust Account
|
(1,592,222
|
)
|
(16,386
|
)
|
||||
Change in fair value of warrant liabilities
|
(11,081,250
|
)
|
(7,775,000
|
)
|
||||
Transaction costs allocable to warrant liabilities
|
—
|
760,022
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
308,805
|
(701,256
|
)
|
|||||
Accrued expenses
|
(124,362
|
)
|
1,384,588
|
|||||
Income tax payable
|
207,764 | — | ||||||
Net cash used in operating activities
|
(1,000,520
|
)
|
(1,569,767
|
)
|
||||
|
||||||||
Cash Flows from Investing Activities:
|
||||||||
Investment of cash in Trust Account
|
—
|
(287,500,000
|
)
|
|||||
Cash withdrawn from Trust Account for payment of franchise tax obligations
|
339,214
|
—
|
||||||
Net cash provided by (used in) investing activities
|
339,214
|
(287,500,000
|
)
|
|||||
|
||||||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from sale of Units, net of underwriting discounts paid
|
—
|
281,750,000
|
||||||
Proceeds from sale of Private Placement Warrants
|
—
|
8,250,000
|
||||||
Proceeds from promissory note – related party
|
—
|
149,992
|
||||||
Repayment of promissory note – related party
|
—
|
(149,992
|
)
|
|||||
Proceeds from Convertible Promissory Note - related party
|
750,000
|
—
|
||||||
Payment of offering costs
|
—
|
(572,862
|
)
|
|||||
Net cash provided by financing activities
|
750,000
|
289,427,138
|
||||||
|
||||||||
Net Change in Cash
|
88,694
|
357,371
|
||||||
Cash – Beginning of the period
|
262,671
|
21,965
|
||||||
Cash – End of the period
|
$
|
351,365
|
$
|
379,336
|
||||
|
||||||||
Supplementary cash flow information: |
||||||||
Cash paid for income taxes |
$ | 58,000 | $ | — | ||||
Non-cash investing and financing activities:
|
||||||||
Deferred underwriting fee payable
|
$
|
—
|
$
|
10,062,500
|
Gross proceeds
|
$
|
287,500,000
|
||
Less:
|
||||
Proceeds allocated to Public Warrants
|
(13,081,250
|
)
|
||
Class A common stock issuance costs
|
(15,632,692
|
)
|
||
Plus:
|
||||
Accretion of carrying value to redemption value
|
28,713,942
|
|||
Class A common stock subject to possible redemption at December 31, 2021
|
|
287,500,000
|
||
Plus: | ||||
Accretion of carrying value to redemption value | 718,064 | |||
Class A common stock subject to possible redemption at September 30, 2022 | $ | 288,218,064 |
For The Three Months Ended
September 30, 2022
|
For The Three Months Ended
September 30, 2021
|
For The Nine Months Ended
September 30, 2022
|
For The Nine Months Ended
September 30, 2021
|
|||||||||||||||||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net income per common share
|
||||||||||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||||||||||
Allocation of net income
|
$
|
696,231
|
$
|
174,058
|
$
|
3,962,126
|
$
|
990,532
|
$ | 9,024,596 | $ | 2,256,149 | $ | 3,633,061 | $ | 1,145,204 | ||||||||||||||||
Denominator:
|
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding
|
28,750,000 | 7,187,500 | 28,750,000 | 7,187,500 | 28,750,000 | 7,187,500 | 22,115,385 | 6,971,154 | ||||||||||||||||||||||||
Basic and diluted net income per common share
|
$
|
0.02
|
$
|
0.02
|
$
|
0.14
|
$
|
0.14
|
$ | 0.31 | $ | 0.31 | $ | 0.16 | $ | 0.16 |
• |
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 closing price of the common stock equals or exceeds $18.00 per share (as adjusted stock splits, stock
capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after the warrants become exercisable and ending three business days before the Company sends to 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 assessment of the assumptions that market
participants would use in pricing the asset or liability.
|
Description
|
Level
|
September 30,
2022
|
December 31,
2021
|
|||||||||
Assets:
|
||||||||||||
Investments held in Trust Account
|
1
|
$
|
288,776,642
|
$ |
287,523,555 | |||||||
Liabilities:
|
||||||||||||
Warrant Liabilities – Public Warrants
|
1
|
$ |
580,000
|
$ |
7,618,750
|
|||||||
Warrant Liabilities – Private Placement Warrants
|
3
|
$ |
330,000
|
$ |
4,372,500
|
Input
|
September 30,
2022
|
December 31, 2021
|
||||||
Market price of public shares
|
$
|
9.82
|
$
|
9.70
|
||||
Risk-free rate
|
4.00
|
%
|
1.30
|
%
|
||||
Dividend yield
|
0.00
|
%
|
0.00
|
%
|
||||
Exercise price
|
$
|
11.50
|
$
|
11.50
|
||||
Volatility
|
0.0
|
%
|
9.50
|
%
|
||||
Term to expiration (years)
|
0.33
|
5.0
|
|
Private Placement
|
|||
Fair value as of January 1, 2022
|
$
|
4,372,500
|
||
Change in fair value
|
(2,310,000
|
)
|
||
Fair value as of March 31, 2022
|
2,062,500
|
|||
Change in fair value | (1,642,500 | ) | ||
Fair value as of June 30, 2022 | 420,000 | |||
Change in fair value | (90,000 | ) | ||
Fair value as of September 30, 2022 | $ | 330,000 |
|
Private
Placement
|
Public
|
Warrant
Liabilities
|
|||||||||
Fair value as of January 1, 2021
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Initial measurement on March 4, 2021
|
7,590,000
|
13,081,250
|
20,671,250
|
|||||||||
Change in valuation inputs or other assumptions
|
(2,887,500
|
)
|
(1,581,250
|
)
|
(4,468,750
|
)
|
||||||
Transfer to Level 1 |
— | (11,500,000 | ) | (11,500,000 | ) | |||||||
Fair value as of September 30, 2021 | $ | 4,702,500 | $ | — | $ | 4,702,500 |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
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
|
No.
|
Description of Exhibit
|
|
Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-40129), filed March 5, 2021
|
||
Bylaws, incorporated by reference to Exhibit 3.4 to the Registration Statement on Form S-1 (File No. 333-25299), originally filed February 11, 2021
|
||
Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
101.INS*
|
XBRL Instance Document
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
ARROWROOT ACQUISITION CORP.
|
||
Date: November 14, 2022
|
By:
|
/s/ Matthew Safaii
|
Name:
|
Matthew Safaii
|
|
Title:
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
||
Date: November 14, 2022
|
By:
|
/s/ Thomas Olivier
|
Name:
|
Thomas Olivier
|
|
Title:
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
1 Year Arrowroot Acquisition Chart |
1 Month Arrowroot Acquisition Chart |
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