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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bullpen Parlay Acquisition Company | NASDAQ:BPACU | 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% | 10.48 | 8.86 | 11.43 | 0 | 01:00:00 |
Cayman Islands
|
001-39890
|
98-1594916
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which
registered
|
||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant
|
BPACU
|
The Nasdaq Stock Market LLC
|
||
Class A Ordinary Shares, par value $0.0001 par value
|
BPAC
|
The Nasdaq Stock Market LLC
|
||
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
|
BPACW
|
The Nasdaq Stock Market LLC
|
☐ Large accelerated filer
|
☐ Accelerated filer
|
|
☒ Non-accelerated filer
|
☒ Smaller reporting company
|
|
☒ Emerging growth company
|
PART I – FINANCIAL INFORMATION
|
3
|
||
|
Item 1. Condensed Financial Statements
|
|
|
|
|
3
|
|
|
|
4
|
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
23
|
||
|
27
|
||
|
27
|
||
28
|
|||
|
28
|
||
28 | |||
|
29
|
||
|
29
|
||
|
29
|
||
|
29
|
||
|
29
|
||
30
|
|
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 Period
From April 1,
2021 (Inception)
Through
September 30,
2021
|
||||||||||||
|
||||||||||||||||
Formation and operating costs
|
$
|
311,926
|
$
|
-
|
$
|
1,001,903
|
$ | 103,965 | ||||||||
Loss from operations
|
(311,926
|
)
|
-
|
(1,001,903
|
)
|
(103,965 | ) | |||||||||
Other income (expense) |
||||||||||||||||
Change in fair value of derivative warrant liabilities
|
1,617,040
|
-
|
13,681,040
|
- | ||||||||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account
|
706,006
|
-
|
863,100
|
- | ||||||||||||
Compensation expense
|
(174,067
|
)
|
(263,788
|
)
|
(516,525
|
)
|
(342,846 | ) | ||||||||
Net income (loss)
|
$
|
1,837,053
|
$
|
(263,788
|
)
|
$
|
13,025,712
|
$ | (446,811 | ) | ||||||
Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted
|
23,000,000
|
- |
23,000,000 |
- | ||||||||||||
Basic and diluted net income (loss) per share, Class A subject to possible redemption
|
$ | 0.06 |
$
|
0.00
|
$ | 0.45 | $ | 0.00 | ||||||||
Weighted average shares outstanding of Class B non-redeemable ordinary shares, basic and diluted
|
5,750,000
|
5,000,000
|
5,750,000 |
5,000,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares
|
$ | 0.06 | $ | (0.05 | ) | $ | 0.45 | $ | (0.09 | ) |
Ordinary Shares Subject to Possible Redemption
|
Ordinary Shares
|
|||||||||||||||||||||||||||
Class A
|
Class B
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Additional Paid-In Capital
|
Accumulated Deficit
|
Total Shareholders’
Deficit
|
||||||||||||||||||||||
Balance as of January 1, 2022
|
23,000,000
|
$
|
234,600,000
|
5,750,000
|
575
|
$
|
-
|
$
|
(22,540,283
|
)
|
$
|
(22,539,708
|
)
|
|||||||||||||||
Share based compensation to Directors
|
-
|
-
|
-
|
-
|
170,283
|
-
|
170,283
|
|||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
7,137,300
|
7,137,300
|
|||||||||||||||||||||
Balance as of March 31, 2022 (unaudited)
|
23,000,000
|
$
|
234,600,000
|
5,750,000
|
$
|
575
|
$
|
170,283
|
$
|
(15,402,983
|
)
|
$
|
(15,232,125
|
)
|
||||||||||||||
|
||||||||||||||||||||||||||||
Share based compensation to Directors
|
-
|
-
|
-
|
-
|
172,175
|
-
|
172,175
|
|||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
4,051,359
|
4,051,359
|
|||||||||||||||||||||
Balance as of June 30, 2022 (unaudited)
|
23,000,000
|
$
|
234,600,000
|
5,750,000
|
$
|
575
|
$
|
342,458
|
$
|
(11,351,624
|
)
|
$
|
(11,008,591
|
)
|
||||||||||||||
Share based compensation to Directors
|
- | - | - | - | 174,067 | - | 174,067 | |||||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption value
|
763,100 | (516,525 | ) | (246,575 | ) | (763,100 | ) | |||||||||||||||||||||
Net income
|
- | - | - | - | - | 1,837,053 | 1,837,053 | |||||||||||||||||||||
Balance as of September 30, 2022 (unaudited)
|
23,000,000 | $ | 235,363,100 | 5,750,000 | $ | 575 | - | (9,761,146 | ) | (9,760,571 | ) |
Ordinary Shares Subject to Possible Redemption
|
Ordinary Shares
|
|||||||||||||||||||||||||||
Class A
|
Class B
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Additional Paid-In Capital
|
Accumulated Deficit
|
Total Shareholders’
Deficit
|
||||||||||||||||||||||
Balance as of January 1, 2021
|
-
|
$
|
-
|
-
|
-
|
$
|
-
|
$
|
-
|
$ | - | |||||||||||||||||
Balance as of March 31, 2021 (unaudited)
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
|
||||||||||||||||||||||||||||
Issuance of ordinary shares to Sponsor
|
-
|
-
|
5,750,000
|
575
|
24,425
|
-
|
25,000
|
|||||||||||||||||||||
Share based compensation to Directors
|
-
|
-
|
-
|
-
|
79,058
|
-
|
79,058
|
|||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(183,023
|
)
|
(183,023
|
)
|
|||||||||||||||||||
Balance as of June 30, 2021 (unaudited)
|
-
|
$
|
-
|
5,750,000
|
$
|
575
|
$
|
103,483
|
$
|
(183,023
|
)
|
$
|
(78,965
|
)
|
||||||||||||||
Share based compensation to Directors
|
- | - | - | - | 263,788 | - | 263,788 | |||||||||||||||||||||
Net loss
|
- | - | - | - | - | (263,788 | ) | (263,788 | ) | |||||||||||||||||||
Balance as of September 30, 2021 (unaudited)
|
- | $ | - | 5,750,000 | $ | 575 | 367,271 | (446,811 | ) | (78,965 | ) |
|
For The Nine
Months Ended
September 30, 2022
|
For The Period From
April 1, 2021
(Inception) Through
September 30, 2021
|
||||||
Cash Flows from Operating Activities
|
||||||||
Net income (loss)
|
$
|
13,025,712
|
$
|
(446,811
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Compensation expense
|
516,525
|
342,846
|
||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account
|
(863,100
|
)
|
-
|
|||||
Formation and operating expenses funded by note payable through Sponsor
|
-
|
375
|
||||||
Change in fair value of derivative warrant liabilities
|
(13,681,040
|
)
|
-
|
|||||
Formation and operating expenses paid in exchange for Founder Shares
|
-
|
18,941
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid and other assets
|
482,674
|
-
|
||||||
Accounts payable
|
247,427
|
-
|
||||||
Accrued expenses
|
(786,568
|
)
|
84,649
|
|||||
Net cash used in operating activities
|
(1,058,370
|
)
|
-
|
|||||
Cash Flows from Financing Activities
|
||||||||
Repayment of note payable and advances from related party
|
(4,500
|
)
|
-
|
|||||
Offering costs paid
|
(678,700
|
)
|
-
|
|||||
Net cash used in financing activities
|
(683,200
|
)
|
-
|
|||||
|
||||||||
Net (decrease) increase in cash
|
(1,741,570
|
)
|
-
|
|||||
Cash - beginning of period
|
2,504,134
|
-
|
||||||
Cash - end of period
|
$
|
762,564
|
$
|
-
|
||||
|
||||||||
Supplemental disclosure of noncash investing and financing activities:
|
||||||||
Remeasurement of Class A ordinary shares to redemption value
|
$
|
763,100
|
$
|
-
|
||||
Offering costs included in accrued expenses
|
$
|
-
|
$
|
525,895
|
||||
Offering costs paid through promissory note - related party
|
$
|
-
|
$
|
118,750
|
•
|
Level 1, defined as observable inputs such as quoted prices 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.
|
Gross proceeds
|
$
|
230,000,000
|
||
Less:
|
||||
Class A ordinary shares issuance costs
|
(13,264,489
|
)
|
||
Fair value of Public Warrants at issuance
|
(7,935,000
|
)
|
||
Plus:
|
||||
Accretion of carrying value to redemption value
|
25,799,489
|
|||
Class A ordinary shares subject to possible redemption at December 31, 2021
|
$
|
234,600,000
|
||
Remeasurement of carrying value to redemption value
|
763,100
|
|||
Class A ordinary shares subject to possible redemption at September 30, 2022
|
$
|
235,363,100
|
|
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 period
From April
1, 2021
(inception)
Through
September 30,
2021
|
||||||||||||
Redeemable Class A Ordinary Shares
|
||||||||||||||||
Numerator: Net Income (loss) allocable to Redeemable Class A Ordinary Shares
|
$
|
1,469,642
|
$
|
-
|
$
|
10,420,570
|
$ | - | ||||||||
|
||||||||||||||||
Denominator: Weighted Average Share Outstanding, Redeemable Class A Ordinary Shares
|
||||||||||||||||
Basic and diluted weighted average shares outstanding, Redeemable Class A
|
23,000,000 |
- |
23,000,000 |
- | ||||||||||||
Basic and diluted net income per share, Class A subject to possible redemption
|
$ | 0.06 | $ | - | $ | 0.45 | $ | - | ||||||||
|
||||||||||||||||
Non-Redeemable Class B Ordinary Shares
|
||||||||||||||||
Numerator: Net Income (loss) allocable to Non-Redeemable Class B Ordinary Shares
|
$
|
367,411
|
$ | (263,788 | ) |
$
|
2,605,142
|
$ | (446,811 | ) | ||||||
|
||||||||||||||||
Denominator: Weighted Average Share Outstanding, Non-Redeemable Class B Ordinary Shares
|
5,750,000 |
5,000,000 |
5,750,000 |
5,000,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class B non-Redeemable ordinary shares
|
$ | 0.06 | $ | (0.05 | ) | $ | 0.45 | $ | (0.09 | ) |
•
|
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; and
|
•
|
if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $18.00
per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities — Warrants — Public Warrants — Redemption Procedures —
Anti-dilution Adjustments”) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.
|
•
|
in whole and not in part;
|
•
|
at a price of $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 by reference to the table set forth under “Description of Securities — Warrants — Public Warrants” based on the redemption date and the “fair market value” of Class A ordinary shares (as defined below) except as
otherwise described in “Description of Securities — Warrants — Public Warrants”;
|
•
|
if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per public
share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities — Warrants — Public Warrants — Redemption Procedures —
Anti-dilution Adjustments”) for any 20 trading days within the 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders; and
|
•
|
if the 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 we send the notice of redemption to the warrant holders is less
than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a
warrant as described under the heading “Description of Securities — Warrants — Public Warrants — Redemption Procedures — Anti-dilution Adjustments”), the private placement warrants must also be concurrently called for redemption on the same
terms as the outstanding public warrants, as described above.
|
Level 1
|
Level 2 | Level 3 | Total | |||||||||||||
Assets
|
||||||||||||||||
Marketable securities held in Trust Account
|
$
|
235,463,100
|
$
|
-
|
$
|
-
|
$
|
235,463,100
|
||||||||
$
|
235,463,100
|
$
|
-
|
$
|
-
|
$
|
235,463,100
|
|||||||||
Liabilities:
|
||||||||||||||||
Public Warrants
|
$
|
923,450
|
$
|
-
|
$
|
-
|
$
|
923,450
|
||||||||
Private Placement Warrants
|
-
|
939,510
|
-
|
939,510
|
||||||||||||
Total liabilities
|
$
|
923,450
|
$
|
939,510
|
$
|
-
|
$
|
1,862,960
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Marketable securities held in Trust Account
|
$
|
234,600,000
|
$
|
-
|
$
|
-
|
$
|
234,600,000
|
||||||||
$
|
234,600,000
|
$
|
-
|
$
|
-
|
$
|
234,600,000
|
|||||||||
Liabilities:
|
||||||||||||||||
Public Warrants
|
$
|
-
|
$
|
-
|
$
|
7,705,000
|
$
|
7,705,000
|
||||||||
Private Placement Warrants
|
-
|
-
|
7,839,000
|
7,839,000
|
||||||||||||
Total liabilities
|
$
|
-
|
$
|
-
|
$
|
15,544,000
|
$
|
15,544,000
|
Derivative warrant liabilities at April 1, 2021 (inception)
|
$
|
-
|
||
Issuance of Public and Private Warrants - Level 3 measurements
|
16,008,000
|
|||
Change in fair value of derivative warrant liabilities with Level 3 inputs
|
(464,000
|
)
|
||
Derivative warrant liabilities at December 31, 2021 with Level 3 inputs
|
$
|
15,544,000
|
||
Transfer out of level 3
|
(15,544,000
|
)
|
||
Derivative warrant liabilities at September 30, 2022 with Level 3 inputs
|
$
|
-
|
Public
Warrant |
Private
Warrant
|
Total
|
||||||||||
Fair value at January 1, 2022
|
$
|
7,705,000
|
$
|
7,839,000
|
$
|
15,544,000
|
||||||
Change in fair value | (3,829,592 | ) | (3,826,437 | ) | (7,656,029 | ) | ||||||
Fair value as of March 31, 2022 | $ | 3,875,408 | $ | 4,012,563 | $ | 7,887,971 | ||||||
Change in fair value | (2,150,408 | ) | (2,257,563 | ) | (4,407,971 | ) | ||||||
Fair value as of June 30, 2022 | $ | 1,725,000 | $ | 1,755,000 | $ | 3,480,000 | ||||||
Change in fair value
|
(801,550
|
)
|
(815,490
|
)
|
(1,617,040
|
)
|
||||||
Fair value as of September 30, 2022
|
$
|
923,450
|
$
|
939,510
|
$
|
1,862,960
|
As of December 31, 2021
|
||||
Volatility
|
11.0
|
%
|
||
Underlying stock price
|
$
|
9.67
|
||
Expected time until merger (years)
|
5.92
|
|||
Risk-free rate
|
1.33
|
%
|
||
Dividend yield
|
0.0
|
%
|
ITEM 2. |
Management’s Discussion and Analysis for 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
|
Exhibit
Number
|
Description
|
|
Rule 13a-14(a)/15d-14(a) Certification of the Company’s Principal Executive and Principal Financial Officer.
|
||
Section 1350 Certification of the Company’s Principal Executive and Principal Financial Officer. The information contained in this Exhibit shall not be deemed filed with the Securities
and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933, as amended.
|
||
101.INS**
|
XBRL Instance Document
|
|
101.CAL**
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.SCH**
|
XBRL Taxonomy Extension Schema 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
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
* |
Filed herewith
|
** |
Furnished herewith
|
BULLPEN PARLAY ACQUISITION COMPANY
|
||
By:
|
/s/ David VanEgmond
|
|
David VanEgmond
|
||
Chief Executive Officer and Director
|
||
Date:
|
November 4, 2022
|
1 Year Bullpen Parlay Acquisition Chart |
1 Month Bullpen Parlay Acquisition Chart |
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