We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
E Merge Technology Acquisition Corporation | NASDAQ:ETAC | 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% | 10.06 | 10.05 | 10.06 | 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
|
85-1177400
|
|
(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
|
|
ETACU
|
|
The NASDAQ Stock Market LLC
|
Class A Common Stock, par value $0.0001 per share
|
|
ETAC
|
|
The NASDAQ Stock Market LLC
|
Warrants, each exercisable for one share
Class A Common Stock for $11.50 per share
|
|
ETACW
|
|
The NASDAQ Stock Market LLC
|
Large, accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
|
|
|
|
Page
|
|
|
|
||||||
Item 1.
|
|
|
|
1
|
|
|
|
|
|
1
|
|
||
|
|
|
2
|
|
||
|
|
|
3
|
|
||
|
|
|
4
|
|
||
|
|
|
5
|
|
||
Item 2.
|
|
|
|
21
|
|
|
Item 3.
|
|
|
|
24
|
|
|
Item 4.
|
|
|
|
24
|
|
|
|
||||||
Item 1.
|
|
|
|
25
|
|
|
Item 1A.
|
|
|
|
25
|
|
|
Item 2.
|
|
|
|
25
|
|
|
Item 3.
|
|
|
|
25
|
|
|
Item 4.
|
|
|
|
25
|
|
|
Item 5.
|
|
|
|
25
|
|
|
Item 6.
|
|
|
|
26 |
|
|
|
|
27 |
|
September 30,
2021
|
|
|
December 31,
2020
|
|||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash
|
$ | 445,319 | $ | 949,852 | ||||
Prepaid expenses
|
143,967 | 243,120 | ||||||
|
|
|
|
|||||
Total Current Assets
|
589,286 | 1,192,972 | ||||||
Cash and investments held in Trust Account
|
600,103,396 | 600,119,309 | ||||||
|
|
|
|
|||||
TOTAL ASSETS
|
$
|
600,692,682
|
|
$
|
601,312,281
|
|
||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued expenses
|
$ | 343,259 | $ | 235,377 | ||||
Income taxes payable
|
7,618 | 7,231 | ||||||
|
|
|
|
|||||
Total Current Liabilities
|
350,877 | 242,608 | ||||||
Warrant liabilities
|
14,280,000 | 30,820,000 | ||||||
Deferred underwriting fee payable
|
22,560,000 | 22,560,000 | ||||||
|
|
|
|
|||||
Total Liabilities
|
|
37,190,877
|
|
|
53,622,608
|
|
||
|
|
|
|
|||||
Commitments and Contingencies
|
||||||||
Class A common stock subject to possible
redemption, $0.0001
$10.00
par value; 60,000,000 shares issued and outstanding at
per share at redemption value as of September 30, 2021 and December 31, 2020
|
600,000,000 | 600,000,000 | ||||||
Stockholders’ Deficit
|
||||||||
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; 1,200,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020
|
120 | 120 | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 15,000,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020
|
1,500 | 1,500 | ||||||
Additional
paid-in
capital
|
— | — | ||||||
Accumulated deficit
|
(36,499,815 | ) | (52,311,947 | ) | ||||
|
|
|
|
|||||
Total Stockholders’ Deficit
|
|
(36,498,195
|
)
|
|
(52,310,327
|
)
|
||
|
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
$
|
600,692,682
|
|
$
|
601,312,281
|
|
||
|
|
|
|
For The Three Months Ended
September 30, |
Nine months
Ended
September 30,
|
For the Period
from May 22,
2020
(Inception)
through
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
General and administrative expenses
|
$ | 396,083 | $ | 353,645 | $ | 830,384 | $ | 354,645 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations
|
(396,083 | ) | (353,645 | ) | (830,384 | ) | (354,645 | ) | ||||||||
Other income (loss):
|
||||||||||||||||
Interest earned on investments held in Trust Account
|
25,475 | 42,647 | 102,903 | 42,647 | ||||||||||||
Change in fair value of warrant liabilitie
s
|
5,512,000 | 4,896,000 | 16,540,000 | 4,896,000 | ||||||||||||
Transaction cost related to warrant liability
|
— | (1,299,560 | ) | — | (1,299,560 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other income (loss), net
|
5,537,475 | 3,639,087 | 16,642,903 | 3,639,087 | ||||||||||||
Income before provision for income taxes
|
5,141,392 | 3,285,442 | 15,812,519 | 3,284,442 | ||||||||||||
Provision for income taxes
|
— | (1,956 | ) | (387 | ) | (1,956 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income
|
$
|
5,141,392
|
|
$
|
3,283,486
|
|
$
|
15,812,132
|
|
$
|
3,282,486
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding of Class A common stock
|
61,200,000 | 35,676,923 | 61,200,000 | 24,783,206 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income per share, Class A common stock
|
$ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.09 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding of Class B common stock
|
15,000,000 | 13,607,143 | 15,000,000 | 13,437,023 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income per share, Class B common stock
|
$ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.09 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Class A Common
Stock |
|
|
Class B
Common Stock
|
|
|
Additional
Paid-in
Capital |
|
|
Accumulated
Deficit |
|
|
Total
Stockholders’ Equity (Deficit) |
|
|||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
||||||||||||||||
Balance – May 22, 2020 (Inception)
|
— | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Founder Shares to Sponsor
|
— | — | 15,007,500 | 1,501 | 23,499 | — | 25,000 | |||||||||||||||||||||
Net loss
|
— | — | — | — | — | (1,000 | ) | (1,000 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – June 30, 2020 (unaudited)
|
|
—
|
|
$
|
—
|
|
|
15,007,500
|
|
$
|
1,501
|
|
$
|
23,499
|
|
$
|
(1,000
|
)
|
$
|
24,000
|
|
|||||||
Sale of 1,200,000 Placement Units
|
1,200,000 | 120 | — | — | 11,523,880 | — | 11,524,000 | |||||||||||||||||||||
Accretion for Class A co
m
mon stock to redemption amount
|
— | — | — | — | (11,547,380 | ) | (43,792,604 | ) | (55,339,984 | ) | ||||||||||||||||||
Forfeiture of Founder Shares
|
— | — | (7,500 | ) | (1 | ) | 1 | — | — | |||||||||||||||||||
Net income
|
— | — | — | — | — | 3,283,486 | 3,283,486 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – September
30, 2020 (unaudited),—See Note 2 as restated
|
|
1,200,000
|
|
$
|
120
|
|
|
15,000,000
|
|
$
|
1,500
|
|
$
|
—
|
|
$
|
(40,510,118
|
)
|
$
|
(40,508,498
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
Ended
September 30,
|
For the
Period from
May 22,
2020 (Inception)
Through
September 30,
|
|||||||
2021
|
2020
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$ | 15,812,132 | $ | 3,282,486 | ||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Change in fair value of warrant liabilities
|
(16,540,000 | ) | (4,896,000 | ) | ||||
Interest earned on investments held in Trust Account
|
(102,903 | ) | (42,647 | ) | ||||
Transaction costs allocated to warrants
|
— | 1,299,560 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
99,153 | (304,867 | ) | |||||
Accounts payable and accrued expenses
|
107,882 | 188,833 | ||||||
Income taxes payable
|
387 | 1,956 | ||||||
|
|
|
|
|||||
Net cash used in operating activities
|
|
(623,349
|
)
|
|
(470,679
|
)
|
||
|
|
|
|
|||||
Cash Flows from Investing Activities:
|
||||||||
Cash withdrawn from Trust Account to pay franchise and income taxes
|
118,816 | — | ||||||
Investment of cash into trust Account
|
— | (600,000,000 | ) | |||||
|
|
|
|
|||||
Net cash provided by (used in) investing activities
|
|
118,816
|
|
|
(600,000,000
|
)
|
||
|
|
|
|
|||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from promissory note—related party
|
— | 270,000 | ||||||
Payment of offering costs
|
— | (614,544 | ) | |||||
Proceeds from sale of Units, net of underwriting discount paid
|
— | 590,160,000 | ||||||
Proceeds from sale of Placement Units
|
— | 12,000,000 | ||||||
Repayment of promissory note – related party
|
(270,000 | ) | ||||||
|
|
|
|
|||||
Net cash provided by
Financing Activities
|
— |
|
601,545,456
|
|
||||
|
|
|
|
|||||
Net Change in Cash
|
|
(504,533
|
)
|
|
1,074,777
|
|
||
Cash – Beginning of period
|
949,852 | — | ||||||
|
|
|
|
|||||
Cash – End of period
|
$
|
445,319
|
|
$
|
1,074,777
|
|
||
|
|
|
|
|||||
Non-Cash
Investing and Financing Activities:
|
||||||||
Offering costs paid by Sponsor in exchange for issuance of founder shares
|
$ | — | $ | 25,000 | ||||
|
|
|
|
|||||
Deferred underwriting fee payable
|
$ | — | $ | 22,560,000 | ||||
|
|
|
|
As Previously
Reported
|
Adjustment
|
As
Restated
|
||||||||||
Balance Sheet
as of March 31, 2021 (unaudited)
|
||||||||||||
Class A common stock subject to possible redemption
|
$ | 553,980,910 | $ | 46,019,090 | $ | 600,000,000 | ||||||
Class A common stock
|
$ | 580 | $ | (460 | ) | $ | 120 | |||||
Additional
paid-in
capital
|
$ | 2,226,026 | $ | (2,226,026 | ) | $ | — | |||||
Accumulated deficit
|
$ | 2,771,901 | $ | (43,792,604 | ) | $ | (41,020,703 | ) | ||||
Total stockholders’ equity (deficit)
|
|
$
|
5,000,007
|
|
|
$
|
(46,019,090
|
)
|
|
$
|
(41,019,083
|
)
|
Balance Sheet as of June 30, 2021 (unaudited)
|
|
|
|
|||||||||
Class A common stock subject to possible redemption
|
|
$
|
553,360,410
|
|
|
$
|
46,639,590
|
|
|
$
|
600,000,000
|
|
Class A common stock
|
|
$
|
586
|
|
|
$
|
(466
|
)
|
|
$
|
120
|
|
Additional
paid-in
capital
|
|
$
|
2,846,520
|
|
|
$
|
(2,846,520
|
)
|
|
$
|
—
|
|
Accumulated deficit
|
|
$
|
2,151,397
|
|
|
$
|
(43,792,604
|
)
|
|
$
|
(41,641,207
|
)
|
Total
stockholders’ equity (deficit)
|
$ | 5,000,003 | $ | (46,639,590 | ) | $ | (41,639,587 | ) | ||||
Statement of Cash Flows for
the Three Months Ended March 31, 2021 (unaudited)
|
||||||||||||
Change in value of
Class A common stock subject to possible redemption
|
$ | 11,291,240 | $ | (11,291,240 | ) | $ | — | |||||
Statement of Cash Flows for the Three Months Ended June 30, 2021 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in value of Class A common stock subject to possible redemption
|
$ | 10,670,740 | $ | (10,670,740 | ) | $ | — | |||||
Statement of Operations for the three months ended March 31, 2021 (unaudited)
|
|
|
|
|||||||||
Weighted average shares outstanding of Class A common stock
|
|
|
60,000,000
|
|
|
|
1,200,000
|
|
|
|
61,200,000
|
|
Basic and diluted net
income
per common share, Class A common stock
|
|
$
|
—
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
Weighted average shares outstanding of Class B common stock
|
|
|
16,200,000
|
|
|
|
(1,200,000
|
)
|
|
|
15,000,000
|
|
Basic and diluted
net income (loss)
per common share, Class B common stock
|
|
$
|
0.70
|
|
|
$
|
(0.55
|
)
|
|
$
|
0.15
|
|
Statement of Operations for the three months ended June 30, 2021 (unaudited)
|
|
|
|
|||||||||
Weighted average shares outstanding of Class A common stock
|
|
|
60,000,000
|
|
|
|
1,200,000
|
|
|
|
61,200,000
|
|
Basic and diluted net loss per common share, Class A common stock
|
|
$
|
—
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
Weighted average shares outstanding of Class B common stock
|
|
|
16,200,000
|
|
|
|
(1,200,000
|
)
|
|
|
15,000,000
|
|
Basic and diluted net loss per common share, Class B common stock
|
|
$
|
(0.04
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.01
|
)
|
Statement of Operations for the six months ended June 30, 2021 (unaudited)
|
|
|
|
|||||||||
Weighted average shares outstanding of Class A common stock
|
|
|
60,000,000
|
|
|
|
1,200,000
|
|
|
|
61,200,000
|
|
Basic and diluted net
income
per common share, Class A common stock
|
|
$
|
—
|
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
Weighted average shares outstanding of Class B common stock
|
|
|
16,200,000
|
|
|
|
(1,200,000
|
)
|
|
|
15,000,000
|
|
Basic and diluted
net income (loss)
per common share, Class B common stock
|
|
$
|
0.66
|
|
|
$
|
(0.52
|
)
|
|
$
|
0.14
|
|
Gross proceeds
|
$ | 600,000,000 | ||
Less:
|
||||
Proceeds allocated to Public Warrants
|
(23,600,000 | ) | ||
Class A common stock issuance costs
|
(31,739,984 | ) | ||
Plus:
|
||||
Accretion of carrying value to redemption value
|
55,339,984 | |||
|
|
|||
Class A common stock subject to possible redemption
|
$
|
600,000,000 | ||
|
|
Three Months Ended
September 30, 2021
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30, 2021
|
|
|
For the Period from
May 22
,
2020 (Inception) Through
September 30, 2020
|
|||||||||||||||||||||||
Class A
|
|
|
Class B
|
|
|
Class A
|
|
|
Class B
|
|
|
Class A
|
|
|
Class B
|
|
|
Class A
|
|
|
Class B
|
|||||||||||
Basic and diluted net income (loss) per common stock
|
||||||||||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||||||||||
Allocation of net income (loss), as adjusted
|
$ | 4,129,308 | $ | 1,012,085 | $ | 2,376,204 | $ | 906,282 | $ | 12,699,508 | $ | 3,112,625 | $ | 2,128,468 | $ | 1,154,018 | ||||||||||||||||
Denominator:
|
||||||||||||||||||||||||||||||||
Basic and diluted weighted average stock outstanding
|
61,200,000 | 15,000,000 | 35,676,923 | 13,607,143 | 61,200,000 | 15,000,000 | 24,783,206 | 13,437,023 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Basic and diluted net income (loss) per common stock
|
$ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.21 | $ | 0.09 | $ | 0.09 |
(1)
|
The weighted average
non-redeemable
common stock for the three and nine months ended September 30, 2021 includes the effect of 1,200,000 Placement Units, which were issued in conjunction with the
Initial Public Offering on August 4, 2020.
|
|
•
|
|
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 given after the warrants become exercisable; and
|
|
•
|
|
if, and only if, the reported last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share 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 an 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 (Mature on 12/09/21) | 1 | $ |
300,068,414
|
$ |
6,582
|
$ |
300,074,996
|
||||||||||
|
|
|
|
|
|
|||||||||||||
December 31, 2020
|
U.S. Treasury Securities (Mature on 2/4/2021) | 1 |
300,107,026
|
10,967
|
300,117,993
|
|||||||||||||
|
|
|
|
|
|
|
|
Description
|
|
Level
|
September 30,
2021
|
December 31,
2020
|
||||||||||
Assets:
|
|
|
|
|
||||||||||||
Investments – U.S. Treasury Securities
|
|
|
|
|
1 | $ | 300,074,996 | $ | 300,117,993 | |||||||
Investments – U.S. Treasury Securities Money Market Fund
|
|
|
|
|
1 | 300,034,327 | 300,011,884 | |||||||||
Liabilities:
|
|
|
|
|
||||||||||||
Warrant Liability – Public Warrants
|
|
|
|
|
1 | 14,000,000 | 30,200,000 | |||||||||
Warrant Liability – Placement Warrants
|
|
|
|
|
3 | 280,000 | 620,000 |
|
September 30,
2021
|
December 31,
2020
|
||||||
Risk-free interest rate
|
0.80 | % | 0.43 | % | ||||
Expected term (years)
|
5.5 | 5.5 | ||||||
Expected volatility
|
14.6 | % | 20.3 | % | ||||
Exercise price
|
$ | 11.50 | $ | 11.50 | ||||
Stock price
|
$ | 9.82 | $ | 10.23 |
Private
Placement
|
||||
Fair value as of January 1, 2021
|
$ | 620,000 | ||
Change in fair value
|
(236,000 | ) | ||
Fair value as of March 1, 202
1
|
|
$
|
384,000
|
|
Change in fair valu
e
|
|
|
8,000
|
|
Fair value as of June 30, 202
1
|
|
$
|
392,000
|
|
Change in fair valu
e
|
|
|
(112,000
|
)
|
|
|
|||
Fair value as of September 30, 2021
|
$ | 280,000 | ||
|
|
* |
Filed herewith.
|
** |
Furnished herewith.
|
E.MERGE TECHNOLOGY ACQUISITION CORP. | ||||||
Date: January 18, 2022 |
/s/ Jeff Clarke
|
|||||
Name: | Jeff Clarke | |||||
Title: |
Co-Chief
Executive Officer and
Chief Financial Officer
|
|||||
(
Principal Executive Officer and
Principal Financial and Accounting Officer
|
||||||
Date: January 18, 2022 |
/s/ Guy Gecht
|
|||||
Name: | Guy Gecht | |||||
Title: |
Co-Chief
Executive Officer
|
|||||
(Principal Executive Officer)
|
1 Year E Merge Technology Acqui... Chart |
1 Month E Merge Technology Acqui... 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