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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hudson Executive Investment Corporation II | NASDAQ:HCII | 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% | 10.08 | 10.06 | 16.16 | 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
|
Delaware
|
|
85-2658967
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
|
Trading
Symbols
|
|
Name of each exchange
on which registered
|
Units, each consisting of one share of Class A common stock and
one-fourth
of one redeemable warrant
|
|
HCIIU
|
|
The Nasdaq Stock Market LLC
|
Class A common stock, par value $0.0001 per share
|
|
HCII
|
|
The Nasdaq Stock Market LLC
|
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share
|
|
HCIIW
|
|
The Nasdaq Stock Market LLC
|
Large accelerated filer
|
|
☐
|
|
Accelerated filer
|
|
☐
|
Non-accelerated
filer
|
|
☒
|
|
Smaller reporting company
|
|
☒
|
|
|
Emerging growth company
|
|
☒
|
(1)
|
In September 2021, the registrant became a fully remote company. Accordingly, it does not maintain a principal executive office.
|
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Page
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1
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1
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1
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2
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3
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18
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21
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21
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22
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22
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22
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22
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23
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24
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September 30,
2021 |
December 31,
2020 |
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$ | 930,848 | $ | 185 | ||||
Prepaid expenses and other current assets
|
175,054 | — | ||||||
|
|
|
|
|||||
Total Current Assets
|
1,105,902 | 185 | ||||||
Deferred offering costs
|
— | 394,480 | ||||||
FPA derivative asset
|
9,625 | — | ||||||
Investments held in Trust Account
|
250,030,527 | — | ||||||
|
|
|
|
|||||
TOTAL ASSETS
|
$
|
251,146,054
|
|
$
|
394,665
|
|
||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
|
||||||||
Current liabilities
|
||||||||
Accrued expenses
|
$ | 1,062,470 | $ | 1,253 | ||||
Accrued offering costs
|
114,958 | 344,030 | ||||||
Due to related party
|
21,214 | — | ||||||
Promissory note – related party
|
— | 25,650 | ||||||
|
|
|
|
|||||
Total Current Liabilities
|
1,198,642 | 370,933 | ||||||
Warrant liabilities
|
10,383,203 | — | ||||||
Deferred underwriting fee payable
|
8,750,000 | — | ||||||
|
|
|
|
|||||
Total Liabilities
|
|
20,331,845
|
|
|
370,933
|
|
||
|
|
|
|
|||||
Commitments and Contingencies
|
||||||||
Class A common stock subject to possible redemption 25,000,000 at $10.00 per share and no shares as of September 30, 2021 and December 31, 2020, respectively
|
250,000,000 | — | ||||||
Stockholders’ (Deficit) Equity
|
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding
|
— | — | ||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized
; no shares issued and outstanding (excluding 25,000,000 and no shares subject to possible redemption) as of September 30, 2021 and December 31, 2020, respectively
|
— | — | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,250,000 and 6,468,750 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
|
625 | 647 | ||||||
Additional
paid-in
capital
|
— | 24,353 | ||||||
Accumulated deficit
|
(19,186,416 | ) | (1,268 | ) | ||||
|
|
|
|
|||||
Total Stockholders’ (Deficit) Equity
|
|
(19,185,791
|
)
|
|
23,732
|
|
||
|
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
|
$
|
251,146,054
|
|
$
|
394,665
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
Nine Months
Ended
September 30,
|
For the
Period from August 18, 2020 (Inception) through
September 30,
|
||||||||||
2021
|
2021
|
2020
|
||||||||||
General and administrative expenses
|
$ | 373,497 | $ | 2,070,774 | $ | 1,253 | ||||||
|
|
|
|
|
|
|||||||
Loss from operations
|
(373,497 | ) | (2,070,774 | ) | (1,253 | ) | ||||||
|
|
|
|
|
|
|||||||
Other income:
|
||||||||||||
Change in fair value of warrant liabilities and FPA
|
2,820,689 | 2,927,772 | — | |||||||||
Interest earned on marketable securities held in Trust Account
|
3,217 | 30,527 | — | |||||||||
|
|
|
|
|
|
|||||||
Total other income
|
2,823,906 | 2,958,299 | — | |||||||||
|
|
|
|
|
|
|||||||
Net income (loss)
|
$
|
2,450,409
|
|
$
|
887,525
|
|
$
|
(1,253
|
)
|
|||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding, Class A common stock
|
25,000,000 | 22,435,897 | — | |||||||||
|
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|
|||||||
Basic and diluted income per share, Class A common stock
|
$ | 0.08 | $ | 0.03 | $ | — | ||||||
|
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|
|
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|
|||||||
Weighted average shares outstanding of Class B common stock
|
6,250,000 | 6,185,897 | 2,500,000 | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income (loss) per share, Class B common stock
|
$ | 0.08 | $ | 0.03 | $ | (0.00 | ) | |||||
|
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|
|
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
|
|
—
|
|
$
|
—
|
|
6,468,750
|
|
$
|
647
|
|
$
|
24,353
|
|
$
|
(1,268
|
)
|
$
|
23,732
|
|
||||||||
Excess of proceeds from the sale of Private Placement Warrants to Sponsor
|
— | — | — | — | 1,282,400 | — | 1,282,400 | |||||||||||||||||||||
Forfeiture of Founder Shares
|
— | — | (218,750 | ) | (22 | ) | 22 | — | — | |||||||||||||||||||
Accretion for Class A common stock to redemption value
|
— | — | — | — | (1,306,775 | ) | (20,072,673 | ) | (21,379,448 | ) | ||||||||||||||||||
Net income
|
— | — | — | — | — | 3,688,180 | 3,688,180 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2021 (unaudited)
|
|
—
|
|
|
—
|
|
|
6,250,000
|
|
|
625
|
|
|
—
|
|
|
(16,385,761
|
)
|
|
(16,385,136
|
)
|
|||||||
Net loss
|
— | — | — | — | — | (5,251,064 | ) | (5,251,064 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – June 30, 2021 (unaudited)
|
|
—
|
|
$
|
—
|
|
6,250,000
|
|
$
|
625
|
|
$
|
—
|
|
$
|
(21,636,825
|
)
|
$
|
(21,636,200
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
— | — | — | — | — | 2,450,409 | 2,450,409 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – September 30, 2021(unaudited)
|
|
—
|
|
$
|
—
|
|
6,250,000
|
|
$
|
625
|
|
$
|
—
|
|
$
|
(19,186,416
|
)
|
$
|
(19,185,791
|
)
|
||||||||
|
|
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|
|
Class A
Common Stock |
Class B
Common Stock |
Additional
Paid-in
Capital |
Accumulated
Deficit |
Total
Stockholders’ Equity (Deficit) |
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balance — August 18, 2020 (inception) (unaudited)
|
— | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Class B common stock to Sponsor
|
|
—
|
|
|
—
|
|
6,468,750 | 647 | 24,353 | — | 25,000 | |||||||||||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(1,253 | ) | (1,253 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – September 30, 2020 (unaudited)
|
|
—
|
|
$
|
—
|
|
|
6,468,750
|
|
$
|
647
|
|
$
|
24,353
|
|
$
|
(1,253
|
)
|
$
|
23,747
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
Nine Months
Ended September 30, 2021 |
|
|
For The Period
From August 18, 2020 (Inception) Through September 30, 2020 |
|
||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$ | 887,525 | $ | (1,253 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Operating costs paid by Sponsor
|
200 | — | ||||||
Operating costs paid through promissory note
|
70,764 | — | ||||||
Change in fair value of warrant liabilities and FPA
|
(2,927,772 | ) | — | |||||
Transaction costs incurred in connection with warrant liabilities
|
442,366 | — | ||||||
Interest earned on marketable securities held in Trust Account
|
(30,527 | ) | — | |||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses and other current assets
|
(184,195 | ) | — | |||||
Due to related party
|
21,214 | — | ||||||
Accrued expenses
|
1,061,217 | 1,253 | ||||||
|
|
|||||||
Net cash used in operating activities
|
|
(659,208
|
)
|
|
—
|
|
||
|
|
|||||||
Cash Flows from Investing Activities:
|
||||||||
Investment of cash in Trust Account
|
(250,000,000 | ) | — | |||||
|
|
|||||||
Net cash used in investing activities
|
|
(250,000,000
|
)
|
|
—
|
|
||
|
|
|||||||
Cash Flows from Financing Activities
|
||||||||
Proceeds from sale of Units, net of underwriting discounts paid
|
245,000,000 | — | ||||||
Proceeds from sale of Private Placements Warrants
|
7,000,000 | — | ||||||
Repayment of promissory note—related party
|
(94,922 | ) | — | |||||
Payment of offering costs
|
(315,207 | ) | — | |||||
|
|
|||||||
Net cash provided by financing activities
|
|
251,589,871
|
|
|
—
|
|
||
|
|
|||||||
Net Change in Cash
|
930,663
|
|
— | |||||
Cash – Beginning of period
|
185 | — | ||||||
|
|
|||||||
Cash – End of period
|
$
|
930,848
|
|
$ | — | |||
Non-Cash
investing and financing activities:
|
||||||||
Offering costs paid by Sponsor in exchange for issuance of Founder Shares
|
$ | — | $ | 25,000 | ||||
|
|
|
|
|||||
Offering costs included in accrued offering costs
|
$ | 114,958 | $ | — | ||||
|
|
|
|
|||||
Offering costs paid through promissory note
|
$ | 7,449 | $ | — | ||||
|
|
|
|
|||||
Payment of prepaid expenses through promissory note
|
$ | 8,483 | $ | — | ||||
|
|
|
|
|||||
Initial classification of Class A common stock subject to possible redemption
|
$ | 250,000,000 | $ | — | ||||
|
|
|
|
|||||
Deferred underwriting fee payable
|
$ | 8,750,000 | $ | — | ||||
|
|
|
|
|
|
|
|
|
Gross proceeds
|
$ | 250,000,000 | ||
Less:
|
||||
Proceeds allocated to Public Warrants
|
(7,583,750 | ) | ||
Class A common stock issuance costs
|
(13,795,698 | ) | ||
Plus:
|
||||
Accretion of carrying value to redemption value
|
21,379,448 | |||
|
|
|||
Class A common stock subject to possible redemption
|
$ | 250,000,000 | ||
|
|
• |
in whole and not in part;
|
• |
at a price of $0.01 per warrant;
|
• |
upon not less than 30
|
• |
if, and only if, the closing 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
day period 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. |
|
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|
Level
|
Fair Value
|
|||||||||
Assets:
|
||||||||||
September 30, 2021
|
Investments held in Trust Account – Treasury Trust Money Market Fund
|
1 | $ | 250,030,527 | ||||||
September 30, 2021
|
FPA Derivative Asset
|
3 | $ | 9,625 | ||||||
Liabilities:
|
||||||||||
September 30, 2021
|
Warrant Liability – Public Warrants
|
1 | $ | 5,938,125 | ||||||
September 30, 2021
|
Warrant Liability – Private Placement Warrants
|
3 | $ | 4,445,078 |
|
|
|
|
|
September 30,
2021 |
||||
Stock Price
|
$ | 9.75 | ||
Exercise Price
|
$ | 11.50 | ||
Volatility
|
10.00 | % | ||
Term (years)
|
5.66 | |||
Dividend Yield
|
0.00 | % | ||
Risk Free Rate-Private Placement Warrants
|
1.09 | % | ||
Risk Free
Rate-FPA
|
0.06 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Private
Placement |
Public
|
Warrant
Liabilities |
||||||||||
Fair value as of January 1, 2021
|
$ | — | $ | — | $ | — | ||||||
Initial measurement on January 28, 2021
|
5,717,600 | 7,583,750 | 13,301,350 | |||||||||
Change in fair value
|
(2,077,600 | ) | (2,708,750 | ) | (4,786,350 | ) | ||||||
Transfer to Level 1
|
— | (4,875,000 | ) | (4,875,000 | ) | |||||||
|
|
|
|
|
|
|||||||
Fair value as of March 31, 2021
|
$ | 3,640,000 | $ | — | $ | 3,640,000 | ||||||
Change in fair value
|
2,089,142 | — | 2,089,142 | |||||||||
|
|
|
|
|
|
|||||||
Fair value as of June 30, 2021
|
$ | 5,729,142 | $ | — | $ | 5,729,142 | ||||||
Change in fair value
|
(1,284,064 | ) | — | (1,284,064 | ) | |||||||
|
|
|
|
|
|
|||||||
Fair value as of September 30, 2021
|
$ | 4,445,078 | $ | — | $ | 4,445,078 | ||||||
|
|
|
|
|
|
|
|
|
|
|
FPA
Derivative |
||||
Fair value as of January 1, 2021
|
$ | — | ||
Initial measurement on January 28, 2021
|
(15,000 | ) | ||
Change in valuation inputs or other assumptions
|
24,625 | |||
|
|
|||
Fair value as of September 30, 2021
|
$ | 9,625 | ||
|
|
* |
Filed herewith.
|
** |
Furnished.
|
HUDSON EXECUTIVE INVESTMENT CORP. II
|
||||||
Date: November 12, 2021 | By: | /s/ Douglas G. Bergeron | ||||
Name:
|
Douglas G. Bergeron | |||||
Title:
|
Chief Executive Officer
(Principal Executive Officer)
|
Date: November 12, 2021 | By: | /s/ Ira Mosberg | ||||
Name:
|
Ira Mosberg | |||||
Title:
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year Hudson Executive Investm... Chart |
1 Month Hudson Executive Investm... Chart |
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