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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Epiphany Technology Acquisition Corporation | NASDAQ:EPHY | 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% | 10.095 | 10.09 | 10.10 | 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
|
85-3227900
|
|
(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 and
one-third
of one
Redeemable Warrant |
EPHYU
|
The NASDAQ Stock Market LLC
|
||
Class A Common Stock, par value $0.0001 per share
|
EPHY
|
The NASDAQ Stock Market LLC
|
||
Warrants, each exercisable for one share
Class A Common Stock for $11.50 per share |
EPHYW
|
The NASDAQ Stock Market LLC
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
ITEM 1.
|
CONDENSED FINANCIAL STATEMENTS
|
September 30,
|
December 31,
|
|||||||
2021
|
2020
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash
|
$ | 545,080 | $ | 10,027 | ||||
Prepaid expenses
|
428,189 | — | ||||||
|
|
|
|
|||||
Total Current Assets
|
973,269 | 10,027 | ||||||
Deferred offering costs
|
— | 184,973 | ||||||
Investments held in Trust Accoun
t
|
402,582,054 | — | ||||||
|
|
|
|
|||||
TOTAL ASSETS
|
$
|
403,555,323
|
|
$
|
195,000
|
|
||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 194,209 | $ | 1,465 | ||||
Accrued offering costs
|
— | 30,000 | ||||||
Advance from related parties
|
1,000 | — | ||||||
Promissory note – related party
|
— | 140,000 | ||||||
|
|
|
|
|||||
Total Current Liabilities
|
195,209 | 171,465 | ||||||
Warrant liabilities
|
12,044,001 | — | ||||||
Deferred underwriting commissions
|
15,137,500 | — | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES
|
|
27,376,710
|
|
|
171,465
|
|
||
|
|
|
|
|||||
Commitments and contingencies
|
||||||||
Class A, common stock subject to possible redemption, 40,250,000 and no shares at redemption value as of September 30, 2021 and December 31,2020, respectively
|
402,500,000 | — | ||||||
Stockholders’ (Deficit) Equity
|
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
— | — | ||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized
,
800,000 and no shares issued and outstanding (excluding 40,250,000 and no shares subject to possible redemption) at September 30, 2021 and December 31, 2020, respectively
|
80 | — | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 10,062,500 shares issued and outstanding
|
1,006 | 1,006 | ||||||
Additional
paid-in
capital
|
— | 23,994 | ||||||
Accumulated deficit
|
(26,322,473 | ) | (1,465 | ) | ||||
|
|
|
|
|||||
Total Stockholders’ (Deficit) Equity
|
|
(26,321,387
|
)
|
|
23,535
|
|
||
|
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
|
$
|
403,555,323
|
|
$
|
195,000
|
|
||
|
|
|
|
For The Three
Months Ended September 30, |
For The Nine
Months Ended September 30, |
|||||||
2021
|
2021
|
|||||||
Formation and operational costs
|
$ | 268,927 | $ | 784,893 | ||||
|
|
|
|
|||||
Loss from operations
|
(268,927 | ) | (784,893 | ) | ||||
Other Income (loss):
|
||||||||
Interest earned on investments held in Trust Account
|
26,161 | 82,054 | ||||||
Change in fair value of warrant liabilities
|
3,149,833 | 7,533,833 | ||||||
Transaction cost related to warrant liability
|
|
—
|
|
(1,029,081 | ) | |||
|
|
|
|
|||||
Other income (loss), net
|
3,175,994 | 6,586,806 | ||||||
|
|
|||||||
|
|
|
|
|||||
Net income
|
$
|
2,907,067
|
|
$
|
5,801,913
|
|
||
|
|
|
|
|||||
Weighted average shares outstanding of Class A common stoc
k
|
41,050,000 | 39,245,604 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class A common stock
|
$ | 0.06 | $ | 0.12 | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class B common stock
|
10,062,500 | 10,004,808 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class
B
common stock
|
$ | 0.06 | $ | 0.12 | ||||
|
|
|
|
Class A
Common Stock |
Class B
Common Stock |
Additional
Paid-in Capital
|
Accumulated
Deficit |
Total
Stockholders’ Equity (Deficit) |
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balance – January 1, 2021
|
|
—
|
|
$
|
—
|
|
|
10,062,500
|
|
$
|
1,006
|
|
$
|
23,994
|
|
$
|
(1,465
|
)
|
$
|
23,535
|
|
|||||||
Sale of 800,000 Private Placement Units, net of warrant liability
|
800,000 | 80 | — | — | 7,607,920 | — | 7,608,000 | |||||||||||||||||||||
Accretion for Class A common stock to redemption amoun
t
|
|
—
|
|
|
—
|
|
— | — | (7,631,914 | ) | (32,122,921 | ) | (39,754,835 | ) | ||||||||||||||
Net income
|
— | — | — | — | — | 6,989,174 | 6,989,174 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2021
|
|
800,000
|
|
$
|
80
|
|
|
10,062,500
|
|
$
|
1,006
|
|
$
|
—
|
|
$
|
(25,135,212
|
)
|
$
|
(25,134,126
|
)
|
|||||||
Net loss
|
— | — | — | — | — | (4,094,328 | ) | (4,094,328 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – June 30, 2021
|
|
800,000
|
|
$
|
80
|
|
|
10,062,500
|
|
$
|
1,006
|
|
$
|
—
|
|
$
|
(29,229,540
|
)
|
$
|
(29,228,454
|
)
|
|||||||
Net income
|
— | — | — | — | — | 2,907,067 | 2,907,067 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – September 30, 2021
|
|
800,000
|
|
$
|
80
|
|
|
10,062,500
|
|
$
|
1,006
|
|
$
|
—
|
|
$
|
(26,322,473
|
)
|
$
|
(26,321,387
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet as of January 12, 2021 (audited)
|
As Previously
Reported |
Adjustment
|
As Revised
|
|||||||||
Class A common stock subject to possible redemption
|
$ | 364,347,610 | $ | 38,152,390 | $ | 402,500,000 | ||||||
Class A common stock
|
$ | 462 | $ | (382 | ) | $ | 80 | |||||
Additional
paid-in
capital
|
$ | 6,029,087 | $ | (6,029,087 | ) | $ | — | |||||
Retained Earnings (Accumulated deficit)
|
$ | (1,030,546 | ) | $ | (32,122,921 | ) | $ | (33,153,467 | ) | |||
Total Stockholders’ Equity (Deficit)
|
$ | 5,000,009 | $ | (38,152,390 | ) | $ | (33,152,381 | ) |
Gross proceeds
|
$ | 402,500,000 | ||
Less:
|
||||
Proceeds allocated to Public Warrants
|
(19,185,834 | ) | ||
Class A common stock issuance costs
|
(20,569,001 | ) | ||
Plus:
|
||||
Accretion of carrying value to redemption value
|
39,754,835 | |||
|
|
|||
Class A common stock subject to possible redemption
|
$ | 402,500,000 | ||
|
|
|
|
Three Months Ended
September 30, 2021 |
|
|
Nine Months Ended
September 30, 2021 |
|
||||||||||
|
|
Class A
|
|
|
Class B
|
|
|
Class A
|
|
|
Class B
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted net income per common stock
|
|
|
|
|
||||||||||||
Numerator:
|
|
|
|
|
||||||||||||
Allocation of net income, as adjusted
|
$ | 2,334,754 | $ | 572,313 | $ | 4,623,684 | $ | 1,182,219 | ||||||||
Denominator:
|
||||||||||||||||
Basic and diluted weighted average shares outstanding
|
41,050,000 | 10,062,500 | 39,245,604 | 10,004,808 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income per common stock
|
$ | 0.06 | $ | 0.06 | $ | 0.12 | $ | 0.12 |
• |
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, or the
30-day
redemption period, to each warrant holder; and
|
• |
if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a
30-trading
day period commencing once the warrants become exercisable and ending three business days before the Company sends 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. |
Held-To-Maturity
|
Level
|
Amortized
Cost |
Gross
Holding Gain (Loss) |
Fair Value
|
||||||||||||||
September 30, 2021
|
U.S. Treasury Securities (Matures on 10/14/2021) | 1 | $ | 201,316,438 | $ | 1,549 | $ | 201,317,987 | ||||||||||
|
|
|
|
|
|
|
|
Description
|
|
Level
|
|
|
September 30, 2021
|
|
||
|
|
|
|
|
|
|
||
Assets:
|
|
|
||||||
Investments –
Money market funds
|
|
|
1
|
|
|
$
|
201,264,393
|
|
Liabilities:
|
||||||||
Warrant Liability – Public Warrants
|
1 | $ | 11,806,667 | |||||
Warrant Liability – Private Placement Warrants
|
3 | $ | 237,334 |
Input:
|
|
September 30, 2021
|
|
|
Risk-free interest rate
|
.90 | % | ||
Expected term (years)
|
5.5 | |||
Expected volatility
|
16.1 | % | ||
Exercise price
|
$ | 11.50 | ||
Stock price
|
$ | 9.77 |
Private
Placement |
Public
|
Warrant
Liabilities (Level 3) |
||||||||||
Fair value as of January 1, 2021
|
||||||||||||
Initial classification on January 12, 2021 (Initial Public Offering)
|
$ | 392,000 | $ | 19,185,834 | $ | 19,577,834 | ||||||
Transfers to Level 1
|
— | (14,892,500 | ) | (14,892,500 | ) | |||||||
Change in fair value
|
(154,666 | ) | (4,293,334 | ) | (4,448,000 | ) | ||||||
|
|
|
|
|
|
|||||||
Fair value as of September 30, 2021
|
$ | 237,334 | $ | — | $ | 237,334 | ||||||
|
|
|
|
|
|
* |
Filed herewith.
|
** |
Furnished.
|
Epiphany Technology Acquisition Corp.
|
||||||
Date: November 10, 2021 |
/s/ Peter Bell
|
|||||
Name: | Peter Bell | |||||
Title: |
Chief Executive Officer
and Chief Financial Officer
(Principal Executive Officer and
Principal Financial and Accounting Officer)
|
1 Year Epiphany Technology Acqu... Chart |
1 Month Epiphany Technology Acqu... Chart |
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