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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Marlin Technology Corporation | NASDAQ:FINM | 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% | 10.14 | 10.13 | 10.16 | 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 |
Cayman Islands |
98-1555920 | |
(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 Class A Ordinary Share, $0.0001 par value, and one-third of one redeemable warrant |
FINMU |
The Nasdaq Capital Markets | ||
Class A Ordinary Shares included as part of the units |
FINM |
The Nasdaq Capital Markets | ||
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
FINMW |
The Nasdaq Capital Markets |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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23 |
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23 |
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24 |
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25 |
Three Months Ended June 30, |
For the Six Months EndedJune 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Operating and formation costs |
$ | 300,526 | $ | 44,527 | $ | 617,584 | $ | 1,911,507 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(300,526 |
) |
(44,527 |
) |
(617,584 |
) |
(1,911,507 |
) | ||||||||
Other income (expense): |
||||||||||||||||
Interest earned on investments held in Trust Account |
629,167 | 70,027 | 799,919 | 86,925 | ||||||||||||
Change in fair value of warrant liabilities |
3,717,600 | (9,294,000 | ) | 11,978,933 | 6,402,533 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense), net |
4,346,767 | (9,223,973 | ) | 12,778,852 | 6,489,458 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
4,046,241 |
$ |
(9,268,500 |
) |
$ |
12,161,268 |
$ |
4,577,951 |
|||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding, Class A Ordinary Shares |
41,400,000 | 41,400,000 | 41,400,000 | 22,831,894 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class A Ordinary Shares |
$ |
0.08 |
$ |
(0.18 |
) |
$ |
0.24 |
$ |
0.14 |
|||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted weighted average shares outstanding, Class B Ordinary Shares |
10,350,000 | 10,350,000 | 10,350,000 | 9,744,518 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class B Ordinary Shares |
$ |
0.08 |
$ |
(0.18 |
) |
$ |
0.24 |
$ |
0.14 |
|||||||
|
|
|
|
|
|
|
|
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance – January 1, 2022 |
— |
$ |
— |
10,350,000 |
$ |
1,035 |
$ |
— |
$ |
(28,834,990 |
) |
$ |
(28,833,955 |
) | ||||||||||||||
Net income |
— |
— | — | — | — | 8,115,027 | 8,115,027 | |||||||||||||||||||||
|
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|
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Balance – March 31, 2022 (unaudited) |
— |
$ |
— |
10,350,000 |
$ |
1,035 |
$ |
— |
$ |
(20,719,963 |
) |
$ |
(20,718,928 |
) | ||||||||||||||
Accretion for Class A Ordinary Shares subject to redemption |
— |
— |
— |
— |
— |
(967,586 | ) | (967,586 | ) | |||||||||||||||||||
Net income |
— |
— | — | — | — | 4,046,241 | 4,046,241 | |||||||||||||||||||||
Balance – June 30, 2022 (unaudited) |
— |
$ |
— |
10,350,000 |
$ |
1,035 |
$ |
— |
$ |
(17,641,308 |
) |
$ |
(17,640,273 |
) | ||||||||||||||
|
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|
|
|
|
|
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|
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|
|
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance – January 1, 2021 |
— |
$ |
— |
10,350,000 |
$ |
1,035 |
$ |
23,965 |
$ |
(5,000 |
) |
$ |
20,000 |
|||||||||||||||
Accretion for Class A Ordinary Shares subject to redemption |
— | — | — | — | (92,499 | ) | (42,645,185 | ) | (42,737,684 | ) | ||||||||||||||||||
Sale of 6,853,333 Private Placement Warrants |
— | — | — | — | 68,534 | — | 68,534 | |||||||||||||||||||||
Net income |
— |
— |
— | — | — | 13,846,451 | 13,846,451 | |||||||||||||||||||||
|
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|
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|
|||||||||||||||
Balance – March 31, 2021 (unaudited) |
— |
$ |
— |
10,350,000 |
$ |
1,035 |
$ |
— |
$ |
(28,803,734 |
) |
$ |
(28,802,699 |
) | ||||||||||||||
Net loss |
— |
— |
— | — | — | (9,268,500 | ) | (9,268,500 | ) | |||||||||||||||||||
Balance – June 30, 2021 (unaudited) |
— |
$ |
— |
10,350,000 |
$ |
1,035 |
$ |
— |
$ |
(38,072,234 |
) |
$ |
(38,071,199 |
) | ||||||||||||||
|
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|
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|
For the Six Months EndedJune 30, |
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 12,161,268 | $ | 4,577,951 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Change in fair value of warrant liabilities |
(11,978,933 | ) | (6,402,533 | ) | ||||
Interest earned on investments held in Trust Account |
(799,919 | ) | (86,925 | ) | ||||
Transaction costs allocated to warrants |
— | 1,172,873 | ||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
230,344 | (594,001 | ) | |||||
Accounts payable and accrued expenses |
3,740 | 316,320 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(383,500 |
) |
(1,016,315 |
) | ||||
|
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|
|
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Cash Flows from Investing Activities: |
||||||||
Investment of cash into trust Account |
— | (414,000,000 | ) | |||||
|
|
|
|
|||||
Net cash used in investing activities |
— |
(414,000,000 |
) | |||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from sale of Units, net of underwriting discount paid |
— | 405,720,000 | ||||||
Proceeds from sale of private placement Units |
— | 10,280,000 | ||||||
Proceeds from promissory note—related party |
383,500 | — | ||||||
Repayment of promissory note – related party |
— | (146,488 | ) | |||||
Payment of offering costs |
— | (412,069 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
383,500 |
415,441,443 |
||||||
|
|
|
|
|||||
Net Change in Cash |
— | 425,128 |
||||||
Cash – Beginning of period |
5,290 | — | ||||||
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|
|
|||||
Cash – End of period |
$ |
5,290 |
$ |
425,128 |
||||
|
|
|
|
|||||
Non-Cash investing and financing activities: |
||||||||
Offering costs included in accrued offering costs |
$ | — | $ | 4,183 | ||||
|
|
|
|
|||||
Deferred underwriting fee payable |
$ | — | $ | 14,490,000 | ||||
|
|
|
|
Gross proceeds |
$ | 414,000,000 | ||
Less: |
||||
Proceeds allocated to Public Warrants |
(20,562,000 | ) | ||
Class A ordinary shares issuance costs |
(22,175,684 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
42,737,684 | |||
Class A ordinary shares subject to possible redemption, December 31, 2021 |
414,000,000 | |||
Plus: |
||||
Accretion of carrying value to redemption value |
967,586 | |||
Class A ordinary shares subject to possible redemption, June 30, 2022 |
$ |
414,967,586 |
||
For the Three Months Ended June 30, 2022 |
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2021 |
|||||||||||||||||||||||||||||
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
|||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Allocation of net income (loss) |
$ | 3,236,993 | $ | 809,248 | $ | (7,414,800 | ) | $ |
(1,853,700 | ) | $ | 9,729,014 | $ | 2,432,254 | $ | 3,208,558 | $ | 1,369,393 | ||||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding |
41,400,000 | 10,350,000 | 41,400,000 | 10,350,000 | 41,400,000 | 10,350,000 | 22,831,894 | 9,744,518 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share |
$ | 0.08 | $ | 0.08 | $ | (0.18 | ) | $ |
(0.18 | ) | $ | 0.24 | $ | 0.24 |
$ | 0.14 | $ | 0.14 | ||||||||||||||
• | in whole and not in part; |
• | at a price of $0.01 per W arrant; |
• | upon a minimum of 30 days’ prior written notice of redemption to each W arrant holder; and |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the W arrant holders. |
• | in whole and not in part; |
• | at $0.10 per W arrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their W arrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; |
• | if, and only if, the closing price of the Class A ordinary shares equal or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption of the W arrant holders; and |
• | if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading-day ending on the third trading day prior to the date on which the Company sends the notice of redemption to the W arrant holders is less than $18.00 per share (as adjusted), 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: | 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 |
||||||||||||||
Ju n e 30, 2022 |
U.S. Treasury Securities (Mature on 08/11/22) | 1 | $ | 414,960,177 | $ | (208,560 | ) | $ | 414,751,617 | |||||||||
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December 31, 2021 |
U.S. Treasury Securities | 1 | $ | 414,167,019 | $ | 8,555 | $ | 414,175,574 | ||||||||||
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|
Description |
Level |
As of June 30, 2022 |
As of December 31, 2021 |
|||||||||
Liabilities: |
||||||||||||
Warrant Liabilities – Public Warrants |
1 | $ |
1,518,000 | $ |
9,522,000 | |||||||
Warrant Liabilities – Private Placement Warrants |
2 | $ |
753,867 | $ |
4,728,800 |
Private Placement |
Public |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ | — | $ | — | $ | — | ||||||
Initial measurement on January 15th, 2021 |
10,211,466 | 20,562,000 | 30,773,466 | |||||||||
Change in valuation inputs or other assumptions |
(5,208,533 | ) | (10,488,000 | ) | (15,696,533 | ) | ||||||
Transfer to Level 1 |
— | (10,074,000 | ) | (10,074,000 | ) | |||||||
Transfer to Level 2 |
(5,002,933 | ) | — | (5,002,933 | ) | |||||||
Fair value as of June 30, 2021, December 31, 2021 and June 30, 2022 |
$ | — | $ | — | $ | — | ||||||
No. |
Description of Exhibit | |
31.1* | 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 | |
31.2* | 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 | |
32.1* | 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 | |
32.2* | 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* | Inline XBRL Instance Document (the instance document does not appear in the interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
MARLIN TECHNOLOGY CORPORATION | ||||||
Date: August 15, 2022 | By: | /s/ Nick Kaiser | ||||
Name: | Nick Kaiser | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
Date: August 15, 2022 | By: | /s/ Michael Nutting | ||||
Name: | Michael Nutting | |||||
Title: | Chief Financial Officer and Director | |||||
(Principal Financial and Accounting Officer) |
1 Year Marlin Technology Chart |
1 Month Marlin Technology Chart |
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