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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. |
Page |
||||
Part I. Financial Information | 1 | |||
1 | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
18 | ||||
21 | ||||
21 | ||||
Part II. Other Information | 22 | |||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
23 | ||||
Part III. Signatures | 24 |
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Formation and operating costs |
$ | 476,937 | $ | 1,038,176 | ||||
|
|
|
|
|||||
Loss from operations |
(476,937 |
) |
(1,038,176 |
) | ||||
|
|
|
|
|||||
Other income: |
||||||||
Change in fair value of warrant liabilities and forward purchase agreement derivative asset |
3,305,892 | 4,709,975 | ||||||
Interest earned on marketable securities held in Trust Account |
41,197 | 16,381 | ||||||
|
|
|
|
|||||
Total other income |
3,347,089 |
4,726,356 |
||||||
|
|
|
|
|||||
Net income |
$ |
2,870,152 |
$ |
3,688,180 |
||||
|
|
|
|
|||||
Weighted average shares outstanding, Class A common stock |
25,000,000 | 17,222,222 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class A common stock |
$ |
0.09 |
$ |
0.16 |
||||
|
|
|
|
|||||
Weighted average shares outstanding, Class B common stock |
6,250,000 | 6,055,556 | ||||||
|
|
|
|
|||||
Basic net income per share, Class B common stock |
$ |
0.09 |
$ |
0.16 |
||||
|
|
|
|
|||||
Weighted average shares outstanding, Class B common stock |
6,250,000 | 6,250,000 | ||||||
|
|
|
|
|||||
Diluted net income per share, Class B common stock |
$ |
0.09 |
$ |
0.16 |
||||
|
|
|
|
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 |
— |
$ |
— |
6,250,000 |
$ |
625 |
$ |
— |
$ |
(15,966,949 |
) |
$ |
(15,966,324 |
) | ||||||||||||||
Net income |
— |
— |
— |
— |
— |
2,870,152 |
2,870,152 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2022 (unaudited) |
— |
$ |
— |
6,250,000 |
$ |
625 |
$ |
— |
$ |
(13,096,797 |
) |
$ |
(13,096,172 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 2,870,152 | $ | 3,688,180 | ||||
Adjustments to reconcile net income 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 forward purchase agreement derivative asset |
(3,305,892 | ) | (4,709,975 | ) | ||||
Transaction costs incurred in connection with warrant liabilities |
— | 442,366 | ||||||
Interest earned on marketable securities held in Trust Account |
(41,197 | ) | (16,381 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
(143,951 | ) | (453,689 | ) | ||||
Due to related party |
21,397 | — | ||||||
Accrued expenses |
51,963 | 410,292 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(547,528 |
) |
(568,243 |
) | ||||
|
|
|
|
|||||
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 | ||||||
Due from Sponsor |
— | (132,376 | ) | |||||
Repayment of promissory note—related party |
— | (94,922 | ) | |||||
Payment of offering costs |
— | (315,207 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
— |
251,457,495 |
||||||
|
|
|
|
|||||
Net Change in Cash |
(547,528 |
) |
889,252 |
|||||
Cash – Beginning of period |
829,503 | 185 | ||||||
|
|
|
|
|||||
Cash – End of period |
$ |
281,975 |
$ |
889,437 |
||||
|
|
|
|
|||||
Non-Cash investing and financing activities: |
||||||||
Offering costs included in accrued offering costs |
$ | — | $ | (229,072 | ) | |||
|
|
|
|
|||||
Offering costs paid through promissory note |
$ | — | $ | 7,449 | ||||
|
|
|
|
|||||
Payment of prepaid expenses through promissory note |
$ | — | $ | 8,483 | ||||
|
|
|
|
|||||
Accretion for Class A common stock to redemption amount |
$ | — | $ | 21,379,448 | ||||
|
|
|
|
|||||
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 | ||
Three Months Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic net income per common share |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income, as adjusted |
$ | 2,296,122 | $ | 574,030 | $ | 2,728,725 | $ | 959,455 | ||||||||
Denominator: |
||||||||||||||||
Basic weighted average shares outstanding |
25,000,000 | 6,250,000 | 17,222,222 | 6,055,556 | ||||||||||||
Basic net income per common share |
$ | 0.09 | $ | 0.09 | $ | 0.16 | $ | 0.16 |
Three Months Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Diluted net income per common share |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income, as adjusted |
$ | 2,296,122 | $ | 574,030 | $ | 2,706,120 | $ | 982,060 | ||||||||
Denominator: |
||||||||||||||||
Diluted weighted average shares outstanding |
25,000,000 | 6,250,000 | 17,222,222 | 6,250,000 | ||||||||||||
Diluted net income per common share |
$ | 0.09 | $ | 0.09 | $ | 0.16 | $ | 0.16 |
• | 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 to each warrant holder; and |
• | 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 30-tradingday 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. |
Held-To-Maturity |
Level |
Amortized Cost |
Gross Holding Loss |
Fair Value |
||||||||||||||
Assets: |
||||||||||||||||||
March 31, 2022 |
U.S. Treasury Securities (Mature on 6/16/2022) | 1 | |
$ |
250,073,996 |
|
|
$ |
(21,262 |
) |
|
$ | 250,052,734 | |||||
March 31, 2022 |
FPA Derivativ e Asset |
3 | |
|
|
|
|
|
|
|
$ | 124,000 | ||||||
December 31, 2021 |
Marketable Securities held in Trust Account –Treasury Trust Money Market Fund | 1 | |
|
|
|
|
|
|
|
$ | 250,035,428 | ||||||
December 31, 2021 |
FPA Derivative Asset | 3 | |
|
|
|
|
|
|
|
$ | 51,625 | ||||||
Liabilities: |
|
|
|
|
|
|
|
|
||||||||||
March 31, 2022 |
Warrant Liability – Public Warrants | 1 | |
|
|
|
|
|
|
|
$ | 2,336,875 | ||||||
March 31, 2022 |
Warrant Liability – Private Placement Warrants | 2 | |
|
|
|
|
|
|
|
$ | 1,744,867 | ||||||
December 31, 2021 |
Warrant Liability – Public Warrants | 1 | |
|
|
|
|
|
|
|
$ | 4,188,125 | ||||||
December 31, 2021 |
Warrant Liability – Private Placement Warrants | 2 | |
|
|
|
|
|
|
|
$ | 3,127,134 |
March 31, 2022 |
December 31, 2021 |
|||||||
Forward Purchase Price (per unit) |
$ | 10.00 | $ | 10.00 | ||||
Underlying Asset Price (per share) |
$ | 9.77 | $ | 9.78 | ||||
Number of Warrants per unit |
0.25 | 0.25 | ||||||
Concluded Unit Value |
9.86 | 9.95 | ||||||
Time to Maturity (Years) |
0.41 | 0.54 | ||||||
Risk Free Rate |
0.87 | % | 0.21 | % |
Private Placement |
Public |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 202 2 |
$ | — | $ | — | $ | — | ||||||
Change in fair value |
— | — | — | |||||||||
Fair value as of March 31, 2022 |
$ | — | $ | — | $ | — | ||||||
Private Placement |
Public |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ |
— |
$ |
— |
$ |
— |
||||||
Initial measurement on January 28th, 2021 |
5,717,000 |
7,583,750 |
13,300,750 |
|||||||||
Change in valuation inputs or other assumptions |
(2,077,600 |
) |
(2,708,750 |
) |
(4,786,350 |
) | ||||||
Fair value as of March 31, 2021 |
$ |
3,640,000 |
$ |
4,875,000 |
$ |
8,515,000 |
||||||
Forward Purchase Agreement Derivative |
||||
Fair value as of January 1, 202 2 |
$ | — | ||
Change in valuation inputs or other assumptions |
— | |||
Fair value as of March 31, 2022 |
$ | — | ||
Forward Purchase Agreement Derivative |
||||
Fair value as of January 1, 2021 |
$ |
— |
||
Initial measurement on January 28th, 2021 |
16,375 |
|||
Change in valuation inputs or other assumptions |
60,000 |
|||
Fair value as of March 31, 2021 |
$ |
76,375 |
||
* | Filed herewith. |
** | Furnished. |
HUDSON EXECUTIVE INVESTMENT CORP. II | ||||||
Date: May 16, 2022 | By: | /s/ Douglas G. Bergeron | ||||
Name: | Douglas G. Bergeron | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: May 16, 2022 | 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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