We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Arrowroot Acquisition Corporation | NASDAQ:ARRWU | NASDAQ | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.00 | 14.32 | 17.80 | 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. Financial Statements
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
16
|
|
|
18
|
|
|
18
|
|
Part II. Other Information
|
|
|
|
18
|
|
|
18
|
|
|
18
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
20
|
Item 1. |
Interim Financial Statements.
|
June 30,
2021
|
December 31,
2020
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
573,739
|
$
|
21,965
|
||||
Prepaid expenses
|
881,179
|
—
|
||||||
Total Current Assets
|
1,454,918
|
21,965
|
||||||
Deferred offering costs
|
—
|
94,567
|
||||||
Cash and Investments held in Trust Account
|
287,509,138
|
—
|
||||||
TOTAL ASSETS
|
$
|
288,964,056
|
$
|
116,532
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued expenses
|
$
|
144,115
|
$
|
1,041
|
||||
Accrued offering costs
|
—
|
87,215
|
||||||
Total Current Liabilities
|
144,115
|
88,256
|
||||||
Deferred underwriting fee payable
|
10,062,500
|
—
|
||||||
Warrant liability
|
19,457,500
|
—
|
||||||
Total Liabilities
|
29,664,115
|
88,256
|
||||||
Commitments and Contingencies
|
|
|
||||||
Class A common stock subject to possible redemption 25,429,994 shares at $10.00 per share redemption value
|
254,299,940
|
—
|
||||||
Stockholders’ Equity
|
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none
issued or outstanding
|
—
|
—
|
||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 3,320,006
and no shares issued and outstanding (excluding 25,429,994 and no shares subject to possible redemption) as of June 30, 2021 and
December 31, 2020, respectively
|
332
|
—
|
||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 7,187,500
shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
|
719
|
719
|
||||||
Additional paid-in capital
|
5,175,067
|
29,281
|
||||||
Accumulated deficit
|
(176,117
|
)
|
(1,724
|
)
|
||||
Total Stockholders’ Equity
|
5,000,001
|
28,276
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
288,964,056
|
$
|
116,532
|
Three Months Ended
June 30, |
Six Months Ended June 30,
|
|||||||
2021
|
2021
|
|||||||
Operating and formation costs
|
$
|
454,760
|
$
|
1,397,281
|
||||
Loss from operations
|
(454,760
|
)
|
(1,397,281
|
)
|
||||
Other income (expense):
|
||||||||
Change in fair value of warrant liability
|
(1,357,500
|
)
|
1,213,750
|
|||||
Interest earned on investments held in Trust Account
|
7,247
|
9,138
|
||||||
Other income (expense), net
|
(1,350,253
|
)
|
1,222,888
|
|||||
Net loss
|
$
|
(1,805,013
|
)
|
$
|
(174,393
|
)
|
||
Weighted average shares outstanding, Class A redeemable common stock
|
28,750,000
|
28,750,000
|
||||||
Basic and diluted net loss per share, Class A redeemable common stock
|
$
|
—
|
$
|
—
|
||||
Weighted average shares outstanding, Class B non-redeemable common stock
|
7,187,500
|
6,861,188
|
||||||
Basic and diluted net loss per share, Class B non-redeemable common stock
|
$
|
(0.25
|
)
|
$
|
(0.03
|
)
|
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
(Accumulated
Deficit)
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balance — January 1, 2021
|
—
|
$
|
—
|
7,187,500
|
$
|
719
|
$
|
29,281
|
$
|
(1,724
|
)
|
$
|
28,276
|
|||||||||||||||
Sale of 28,750,000 Units, net of underwriting discounts and offering expenses
|
28,750,000
|
2,875
|
—
|
—
|
258,783,183
|
—
|
258,786,058
|
|||||||||||||||||||||
Cash paid in excess of fair value for Private Placement Units
|
—
|
—
|
—
|
—
|
660,000
|
—
|
660,000
|
|||||||||||||||||||||
Class A Common stock subject to possible redemption
|
(25,610,495
|
)
|
(2,561
|
)
|
—
|
—
|
(256,102,389
|
)
|
—
|
(256,104,950
|
)
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
1,630,620
|
1,630,620
|
|||||||||||||||||||||
Balance – March 31, 2021
|
3,139,505
|
314
|
7,187,500
|
719
|
3,370,075
|
1,628,896
|
5,000,004
|
|||||||||||||||||||||
Class A Common stock subject to possible redemption
|
180,501
|
18
|
—
|
—
|
1,804,992
|
—
|
1,805,010
|
|||||||||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
—
|
(1,805,013
|
)
|
(1,805,013
|
)
|
|||||||||||||||||||
Balance – June 30, 2021 (Unaudited)
|
3,320,006
|
$
|
332
|
7,187,500
|
$
|
719
|
$
|
5,175,067
|
$
|
(176,117
|
)
|
$
|
5,000,001
|
Cash Flows from Operating Activities:
|
||||
Net loss
|
$
|
(174,393
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||
Interest earned on marketable securities held in Trust Account
|
(9,138
|
)
|
||
Change in fair value of warrant liability
|
(1,213,750
|
)
|
||
Transaction costs incurred in connection with warrants
|
760,022
|
|||
Changes in operating assets and liabilities:
|
||||
Prepaid expenses
|
(881,179
|
)
|
||
Accounts payable and accrued expenses
|
143,074
|
|||
Net cash used in operating activities
|
(1,375,364
|
)
|
||
Cash Flows from Investing Activities:
|
||||
Investment of cash in Trust Account
|
(287,500,000
|
)
|
||
Net cash used in investing activities
|
(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
|
)
|
||
Payment of offering costs
|
(572,862
|
)
|
||
Net cash provided by financing activities
|
289,427,138
|
|||
Net Change in Cash
|
551,774
|
|||
Cash – Beginning of period
|
21,965
|
|||
Cash – End of period
|
$
|
573,739
|
||
Non-Cash investing and financing activities:
|
||||
Initial classification of Class A common stock subject to possible redemption
|
$
|
253,714,310
|
||
Change in value of Class A common stock subject to possible redemption
|
$
|
585,630
|
||
Deferred underwriting fee payable
|
$
|
10,062,500
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||
2021
|
2021
|
|||||||
Redeemable Class A Common Stock
|
||||||||
Numerator: Earnings allocable to Redeemable Class A Common Stock
|
||||||||
Interest Income
|
$
|
7,247
|
$
|
9,138
|
||||
Less: Income and Franchise Tax
|
(7,247
|
)
|
(9,138
|
)
|
||||
Net Earnings
|
$
|
—
|
$
|
—
|
||||
Denominator: Weighted Average Redeemable Class A Common Stock
|
||||||||
Redeemable Class A Common Stock, Basic and Diluted
|
28,750,000
|
28,750,000
|
||||||
Earnings/Basic and Diluted Redeemable Class A Common Stock
|
$
|
—
|
$
|
—
|
||||
Non-Redeemable Class B Common Stock
|
||||||||
Numerator: Net Income minus Redeemable Net Earnings
|
||||||||
Net Income
|
$
|
(1,805,013
|
)
|
$
|
(174,393
|
)
|
||
Redeemable Net Earnings
|
—
|
—
|
||||||
Non-Redeemable Net Loss
|
$
|
(1,805,013
|
)
|
$
|
(174,393
|
)
|
||
Denominator: Weighted Average Non-Redeemable Class B Common Stock
|
||||||||
Non-Redeemable Class B Common Stock, Basic and Diluted (1)
|
7,187,500
|
6,861,188
|
||||||
Earnings/Basic and Diluted Non-Redeemable Class B Common Stock
|
$
|
(0.25
|
)
|
$
|
(0.03
|
)
|
• |
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 our assessment of the assumptions that
market participants would use in pricing the asset or liability.
|
Description
|
Level
|
June 30,
2021
|
||||||
Assets:
|
||||||||
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund
|
1
|
$
|
287,506,696
|
|||||
Liabilities:
|
||||||||
Warrant Liability – Public Warrants
|
1
|
12,362,500
|
||||||
Warrant Liability – Private Placement Warrants
|
3
|
7,095,000
|
|
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
|
(495,000
|
)
|
(718,750
|
)
|
(1,213,750
|
)
|
||||||
Fair value as of June 30, 2021
|
$
|
7,095,000
|
$
|
12,362,500
|
$
|
19,457,500
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Item 5. |
Other Information
|
No.
|
|
Description of Exhibit
|
|
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.
|
|
ARROWROOT ACQUISITION CORP.
|
|
|
|
|
Date: August 16, 2021
|
By:
|
/s/ Matthew Safaii
|
|
Name:
|
Matthew Safaii
|
|
Title:
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
Date: August 16, 2021
|
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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions