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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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For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
General and administrative expenses |
$ | 261,307 | $ | 659,101 | $ | 738,244 | $ | 1,697,277 | ||||||||
|
|
|
|
|
|
|
|
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Loss from operations |
(261,307 |
) |
(659,101 |
) |
(738,244 |
) |
(1,697,277 |
) | ||||||||
Other income (expenses): |
||||||||||||||||
Change in fair value of warrant liabilities and forward purchase agreement derivative asset |
2,780,492 | (4,602,892 | ) | 6,086,384 | 107,083 | |||||||||||
Interest earned on marketable securities held in Trust Account |
343,424 | 10,929 | 384,621 | 27,310 | ||||||||||||
|
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|
|||||||||
Total other income (expense), net |
3,123,916 |
(4,591,963 |
) |
6,471,005 |
134,393 |
|||||||||||
Income (Loss) before provision for income taxes |
2,862,609 |
(5,251,064 |
) |
5,732,761 |
(1,562,884 |
) | ||||||||||
Provision for income taxes |
(24,245 | ) | — | (24,245 | ) | — | ||||||||||
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Net income (loss) |
$ |
2,838,364 |
$ |
(5,251,064 |
) |
$ |
5,708,516 |
$ |
(1,562,884 |
) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding, Class A common stock |
25,000,000 | 25,000,000 | 25,000,000 | 21,132,597 | ||||||||||||
|
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|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class A common stock |
$ |
0.09 |
$ |
(0.17 |
) |
$ |
0.18 |
$ |
(0.06 |
) | ||||||
|
|
|
|
|
|
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|
|||||||||
Weighted average shares outstanding, Class B common stock |
6,250,000 | 6,250,000 | 6,250,000 | 6,153,315 | ||||||||||||
|
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|
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|
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|
|||||||||
Basic and diluted net income (loss) per share, Class B common stock |
$ |
0.09 |
$ |
(0.17 |
) |
$ |
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 |
— |
$ |
— |
6,250,000 |
$ |
625 |
$ |
— |
$ |
(15,966,949 |
) |
$ |
(15,966,324 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 2,870,152 | 2,870,152 | |||||||||||||||||||||
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Balance – March 31, 2022 (unaudited) |
— |
— |
6,250,000 |
625 |
— |
(13,096,797 |
) |
(13,096,172 |
) | |||||||||||||||||||
Accretion for Class A common stock to redemption value |
— | — | — | — | — | (95,421 | ) | (95,421 | ) | |||||||||||||||||||
Net income |
— | — | — | — | — | 2,838,364 | 2,838,364 | |||||||||||||||||||||
|
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|
|
|
|
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|
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|
|||||||||||||||
Balance – June 30, 2022 (unaudited) |
— |
$ |
— |
6,250,000 |
$ |
625 |
$ |
— |
$ |
(10,353,854 |
) |
$ |
(10,353,229 |
) | ||||||||||||||
|
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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 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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|
|||||||||||||||
Balance – March 31, 2021 (unaudited) |
— |
— |
6,250,000 |
625 |
— |
(16,385,761 |
) |
(16,385,136 |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | (5,251,064 | ) | (5,251,064 | ) | |||||||||||||||||||
|
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|
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Balance – June 30, 2021 (unaudited) |
— |
$ |
— |
6,250,000 |
$ |
625 |
$ |
— |
$ |
(21,636,825 |
) |
$ |
(21,636,200 |
) | ||||||||||||||
|
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For the Six Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | 5,708,516 | $ | (1,562,884 | ) | |||
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 forward purchase agreement derivative asset |
(6,086,384 | ) | (107,083 | ) | ||||
Transaction costs incurred in connection with warrant liabilities |
— | 442,366 | ||||||
Interest earned on marketable securities held in Trust Account |
(384,621 | ) | (27,310 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
(114,814 |
) | (315,786 | ) | ||||
Accrued expenses |
147,776 | 849,151 | ||||||
Accrued offering costs |
(89,958 |
) |
25,000 |
|||||
Income taxes payable |
24,245 | — | ||||||
Due to related party |
32,865 | — | ||||||
Net cash used in operating activities |
(762,375 |
) |
(625,582 |
) | ||||
Cash Flows from Investing Activities: |
||||||||
Cash withdrawn from Trust Account to pay franchise taxes |
250,000 | — | ||||||
Investment of cash in Trust Account |
— | (250,000,000 | ) | |||||
Net cash provided by (used in) investing activities |
250,000 |
(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 |
— | (127,089 | ) | |||||
Repayment of promissory note—related party |
— | (94,922 | ) | |||||
Payment of offering costs |
— | (315,207 | ) | |||||
Net cash provided by financing activities |
— |
251,462,782 |
||||||
Net Change in Cash |
(512,375 |
) |
837,200 |
|||||
Cash – Beginning of period |
829,503 | 185 | ||||||
Cash – End of period |
$ |
317,128 |
$ |
837,385 |
||||
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 | ||||
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 December 31, 2021 |
250,000,000 |
|||
Plus: |
||||
Accretion of carrying value to redemption value |
95,421 | |||
Class A common stock subject to possible redemption June 30, 2022 |
$ |
250,095,421 |
||
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 |
|||||||||||||||||||||||||
Basic and diluted net income (loss) per common share |
||||||||||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Allocation of net income (loss), as adjusted |
$ | 2,270,691 | $ | 567,673 | $ | (4,200,851 | ) | $ | (1,050,213 | ) | $ | 4,566,813 | $ | 1,141,703 | $ | (1,210,434 | ) | $ | (352,450 | ) | ||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding |
25,000,000 | 6,250,000 | 25,000,000 | 6,250,000 | 25,000,000 | 6,250,000 | 21,132,597 | 6,153,315 | ||||||||||||||||||||||||
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Basic and diluted net income (loss) per common share |
$ | 0.09 | $ | 0.09 | $ | (0.17 | ) | $ | (0.17 | ) | $ | 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 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-tradingdayperiod 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: |
||||||||||||||||||
June 30, 2022 |
U.S. Treasury Securities (Mature on 9/15/2022) | 1 | $ | 250,166,186 | $ | (37,298 | ) | $ | 250,128,888 | |||||||||
June 30, 2022 |
FPA Derivative Asset | 3 | $ | 132,750 | ||||||||||||||
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: |
||||||||||||||||||
June 30, 2022 |
Warrant Liability – Public Warrants | 2 |
$ | 750,000 | ||||||||||||||
June 30, 2022 |
Warrant Liability – Private Placement Warrants | 2 | $ | 560,000 | ||||||||||||||
December 31, 2021 |
Warrant Liability – Public Warrants | 2 |
$ | 4,188,125 | ||||||||||||||
December 31, 2021 |
Warrant Liability – Private Placement Warrants | 2 | $ | 3,127,134 |
June 30, 2022 |
December 31, 2021 |
|||||||
Forward Purchase Price (per unit) |
$ | 10.00 | $ | 10.00 | ||||
Underlying Asset Price (per share) |
$ | 9.81 | $ | 9.78 | ||||
Number of Warrants per unit |
0.25 | 0.25 | ||||||
Concluded Unit Value |
9.84 | 9.95 | ||||||
Time to Maturity (Years) |
0.29 | 0.54 | ||||||
Risk Free Rate |
1.84 | % | 0.21 | % |
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 | ) | ||||||
Fair value as of March 31, 2021 |
3,640,000 | 4,875,000 | 8,515,000 | |||||||||
Transfer to Level 1 |
— | (4,875,000 | ) | (4,875,000 | ) | |||||||
Change in fair value |
2,089,142 | — | 2,089,142 | |||||||||
Fair value as of June 30, 2021 |
$ |
5,729,142 |
$ |
— |
$ |
5,729,142 |
||||||
Forward Purchase Agreement (Asset)/Liability |
||||
Fair value as of January 1, 2022 |
$ | (51,625 | ) | |
Change in fair value |
(72,375 | ) | ||
Fair value as of March 31, 2022 |
(124,000 | ) | ||
Change in fair value |
(8,750 | ) | ||
Fair value as of June 30, 2022 |
$ | (132,750 | ) | |
Forward Purchase Agreement (Asset)/Liability |
||||
Fair value as of January 1, 2021 |
$ | — | ||
Initial measurement on January 28, 2021 |
15,000 | |||
Change in fair value |
61,375 | |||
Fair value as of March 31, 2021 |
76,375 | |||
Change in fair value |
(48,750 | ) | ||
Fair value as of June 30, 2021 |
$ | 27,625 | ||
* | Filed herewith. |
** | Furnished. |
HUDSON EXECUTIVE INVESTMENT CORP. II | ||||||
Date: August 15, 2022 | By: | /s/ Douglas G. Bergeron | ||||
Name: | Douglas G. Bergeron | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: August 15, 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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