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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 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
General administrative expenses and operational costs |
$ |
316,473 |
$ |
278,283 |
$ |
575,533 |
$ |
515,966 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Loss from operations |
(316,473 |
) |
(278,283 |
) | (575,533 |
) |
(515,966 |
) | ||||||||
Other income (expense): |
||||||||||||||||
Interest earned on investments held in Trust Account |
574,248 | 17,955 | 641,742 | 55,893 | ||||||||||||
Transaction cost related to warrant liability |
— | — | — | (1,029,081 | ) | |||||||||||
Change in fair value of warrant liabilities |
3,557,668 | (3,834,000 | ) | 9,167,834 | 4,384,000 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense), net |
4,131,916 | (3,816,045 | ) | 9,809,576 | 3,410,812 | |||||||||||
Income (loss) before provision for income taxes |
3,815,443 | (4,094,328 | ) | 9,234,043 | 2,894,846 | |||||||||||
Provision for income taxes |
(88,678 | ) | — | (88,678 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net inc o me (loss) |
$ |
3,726,765 |
$ |
(4,094,328 |
) |
$ |
9,145,365 |
$ |
2,894,846 |
|||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding, Class A common stock |
41,050,000 | 41,050,000 | 41,050,000 | 38,555,249 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class A common stock |
$ |
0.07 |
$ |
(0.08 |
) |
$ |
0.18 |
$ |
0.06 |
|||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding, Class B common stoc k |
10,062,500 | 10,062,500 | 10,062,500 | 9,982,292 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class B common stock |
$ |
0.07 |
$ |
(0.08 |
) |
$ |
0.18 |
$ |
0.06 |
|||||||
|
|
|
|
|
|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance – January 1, 2022 |
800,000 |
$ |
80 |
10,062,500 |
$ |
1,006 |
$ |
— |
$ |
(24,917,095 |
) |
$ |
(24,916,009 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 5,418,600 | 5,418,600 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2022 (unaudited) |
800,000 |
$ |
80 |
10,062,500 |
$ |
1,006 |
$ |
— |
$ |
(19,498,495 |
) |
$ |
(19,497,409 |
) | ||||||||||||||
Accretion for Class A common stock to redemption amount |
— | — | — | — | — | (336,064 | ) | (336,064 | ) | |||||||||||||||||||
Net income |
— | — | — | — | — | 3,726,765 | 3,726,765 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – June 30, 2022 (unaudited) |
800,000 |
$ |
80 |
10,062,500 |
$ |
1,006 |
$ |
— |
$ |
(16,107,794 |
) |
$ |
(16,106,708 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 amount |
— |
— |
— | — | (7,631,914 | ) | (32,122,921 | ) | (39,754,835 | ) | ||||||||||||||||||
Net income |
— | — | — | — | — | 6,989,174 | 6,989,174 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2021 (unaudited) |
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 (unaudited) |
800,000 |
$ |
80 |
10,062,500 |
$ |
1,006 |
$ |
— |
$ |
(29,229,540 |
) |
$ |
(29,228,454 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months Ended June 30, |
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 9,145,365 | $ | 2,894,846 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Change in fair value of warrant liabilities |
(9,167,834 | ) | (4,384,000 | ) | ||||
Interest earned on investments held in Trust Account |
(641,742 | ) | (55,893 | ) | ||||
Transaction costs allocated to warrants |
— | 1,029,081 | ||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
118,468 | (460,739 | ) | |||||
Accounts payable and accrued expenses |
(227,025 | ) | 144,065 | |||||
Income taxes payable |
88,678 | — | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(684,090 |
) |
(832,640 |
) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Cash withdrawn from Trust Account to pay franchise and income taxes |
280,136 | — | ||||||
Investment of cash into Trust Account |
— | (402,500,000 | ) | |||||
|
|
|
|
|||||
Net cash provided by (used in) investing activities |
280,136 |
(402,500,000 |
) | |||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from sale of Units, net of underwriting discounts paid |
— | 396,500,000 | ||||||
Proceeds from sale of Private Placement Units |
— | 8,000,000 | ||||||
Advance from related party |
177,419 | 1,000 | ||||||
Repayment of advances from related party |
(17,960 | ) | — | |||||
Repayment of promissory note – related party |
— | (140,000 | ) | |||||
Payment of offering costs |
— | (305,609 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
159,459 |
404,055,391 |
||||||
|
|
|
|
|||||
Net Change in Cash |
(244,495 |
) |
722,751 |
|||||
Cash – Beginning of period |
353,094 | 10,027 | ||||||
|
|
|
|
|||||
Cash – End of period |
$ |
108,599 |
$ |
732,778 |
||||
|
|
|
|
|||||
Non-Cash Investing and Financing Activities: |
||||||||
|
|
|
|
|||||
Deferred underwriting fee payable |
$ | — | $ | 15,137,500 | ||||
|
|
|
|
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, December 31, 2021 |
$ | 402,500,000 | ||
Plus: |
||||
Accretion of carrying value to redemption value |
336,064 |
|||
|
|
|||
Class A common stock subject to possible redemption, June 30, 2022 |
$ | 402,836,064 |
||
|
|
Three Months Ended June 30, |
||||||||||||||||
2022 |
2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income (loss) per share of common stock |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income (loss), as adjusted |
$ | 2,993,078 | $ | 733,687 | $ | (3,288,279 | ) | $ | (806,049 | ) | ||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average shares outstanding |
41,050,000 | 10,062,500 | 41,050,000 | 10,062,500 | ||||||||||||
Basic and diluted net income (loss) per share of common stock |
$ | 0.07 | $ | 0.07 | $ | (0.08 | ) | $ | (0.08 | ) |
Six Months Ended June 30, |
||||||||||||||||
2022 |
2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income per share of common stock |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income, as adjusted |
$ | 7,344,920 | $ | 1,800,445 | $ | 2,299,488 | $ | 595,358 | ||||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average shares outstanding |
41,050,000 | 10,062,500 | 38,555,249 | 9,982,292 | ||||||||||||
Basic and diluted net income per share of common stock |
$ | 0.18 | $ | 0.18 | $ | 0.06 | $ | 0.06 |
• | 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 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 |
||||||||||||||
June 30, 2022 |
U.S. Treasury Securities (Matures on 07/14/22) |
1 | $ | 201,482,835 | $ | (16,405 | ) | $ | 201,466,430 | |||||||||
|
|
|
|
|
|
|||||||||||||
December 31, 2021 |
U.S. Treasury Securities (Matures on 01/13/2022) |
1 | $ | 201,343,000 | $ | — | $ | 201,343,000 | ||||||||||
|
|
|
|
|
|
Description |
Level |
June 30, 2022 |
December 31, 2021 |
|||||||||
Assets: |
||||||||||||
Investments – Money market funds |
1 | 201,447,977 | 201,269,466 | |||||||||
Liabilities: |
||||||||||||
Warrant Liability – Public Warrants |
1 | 1,073,333 | 10,062,500 | |||||||||
Warrant Liability – Private Placement Warrants |
3 | 21,333 | 200,000 |
June 30, 2022 |
June 30, 2021 |
|||||||
Input: |
||||||||
Risk-free interest rate |
2.97 | % | 0.85 | % | ||||
Expected term (years) |
5.5 | 5.5 | ||||||
Expected volatility |
3.4 | % | 18.7 | % | ||||
Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Stock price |
$ | 9.82 | $ | 9.73 |
Private Placement |
||||
Fair value as of January 1, 2021 |
$ | 200,000 | ||
Change in fair value |
(109,333 | ) | ||
|
|
|||
Fair value as of March 31, 2022 |
90,667 | |||
Change in fair value |
(69,334 | ) | ||
|
|
|||
Fair value as of June 30, 2022 |
$ | 21,333 | ||
|
|
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 |
— | (19,185,834 | ) | (19,185,834 | ) | |||||||
Change in fair value |
(168,000 | ) | — | (168,000 | ) | |||||||
|
|
|
|
|
|
|||||||
Fair value as of March 31, 2021 |
224,000 | — | 224,000 | |||||||||
Change in fair value |
77,334 | — | 77,334 | |||||||||
|
|
|
|
|
|
|||||||
Fair value as of June 30, 2021 |
$ | 301,334 | $ | — | $ | 301,334 | ||||||
|
|
|
|
|
|
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. |
* | Filed herewith. |
** | Furnished. |
Epiphany Technology Acquisition Corp. | ||||||||
Date: August 12, 2022 | /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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