We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Isleworth Healthcare Acquisition Corporation | NASDAQ:ISLE | 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% | 10.01 | 10.01 | 10.02 | 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 |
86-1216057 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
360 Central Avenue, First Central Tower, Suite 800, St. Petersburg, Florida |
33716 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Stock, $0.0001 par value per share |
ISLE |
The Nasdaq Stock Market LLC | ||
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per whole share |
ISLEW |
The Nasdaq Stock Market LLC |
Large accelerated filer |
☐ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ | |||
Emerging growth company |
☒ |
Page |
||||
3 | ||||
3 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
21 | ||||
25 | ||||
25 | ||||
27 | ||||
27 | ||||
27 | ||||
27 | ||||
28 | ||||
28 | ||||
28 | ||||
28 | ||||
29 |
June 30, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current Assets |
||||||||
Cash |
$ | 107,774 | $ | 465,819 | ||||
Prepaid expenses |
252,213 | 316,703 | ||||||
Due from related party |
— | 77,345 | ||||||
|
|
|
|
|||||
Total current assets |
359,987 | 859,867 | ||||||
Prepaid expenses, Non-current |
— | 46,667 | ||||||
Cash and securities held in Trust Account |
207,354,994 | 207,060,533 | ||||||
|
|
|
|
|||||
Total Assets |
$ | 207,714,981 | $ | 207,967,067 | ||||
|
|
|
|
|||||
Liabilities and Stockholders’ Deficit: |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued expenses |
$ | 131,864 | $ | 277,476 | ||||
Income taxes payable |
30,314 | — | ||||||
Promissory note—related party |
150,000 | — | ||||||
Convertible promissory note—related party, at fair value |
300,000 | — | ||||||
|
|
|
|
|||||
Total current liabilities |
612,178 | 277,476 | ||||||
Warrant liability |
561,577 | 8,312,879 | ||||||
|
|
|
|
|||||
Total liabilities |
1,173,755 | 8,590,355 | ||||||
Commitments and Contingencies (Note 6) |
||||||||
Common stock subject to possible redemption, 20,700,000 shares at redemption value of $10.01 at June 30, 2022 and December 31, 2021 |
207,157,520 | 207,000,000 | ||||||
Stockholders’ Deficit: |
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
— | — | ||||||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,491,249 issued and outstanding at June 30, 2022 and December 31, 2021 |
550 | 550 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(616,844 | ) | (7,623,838 | ) | ||||
|
|
|
|
|||||
Total Stockholders’ Deficit |
(616,294 | ) | (7,623,288 | ) | ||||
|
|
|
|
|||||
Total Liabilities and Stockholders’ Deficit |
$ |
207,714,981 |
$ |
207,967,067 |
||||
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Operating expenses: |
||||||||||||||||
General and administrative costs |
$ | 337,688 | $ | 235,522 | $ | 928,935 | $ | 392,836 | ||||||||
Loss from operations |
(337,688 |
) |
(235,522 |
) |
(928,935 |
) |
(392,836 |
) | ||||||||
Other income (expense): |
||||||||||||||||
Interest earned on cash and securities held in Trust Account |
299,880 | 21,236 | 372,461 | 21,242 | ||||||||||||
Warrant issuance costs |
— | — | — | (351,043 | ) | |||||||||||
Change in fair value of warrants |
2,195,278 | (4,013,287 | ) | 7,751,302 | 2,227,616 | |||||||||||
Total other income (expense), net |
2,495,158 | (3,992,051 | ) | 8,123,763 | 1,897,815 | |||||||||||
Income before provision for income taxes |
2,157,470 | (4,227,573 | ) | 7,194,828 | 1,504,979 | |||||||||||
Provision for income taxes |
(30,314 | ) | — | (30,314 | ) | — | ||||||||||
Net income (loss) |
$ |
2,127,156 |
$ |
(4,227,573 |
) |
$ |
7,164,514 |
$ |
1,504,979 |
|||||||
Basic and diluted weighted average Common Stock subject to redemption |
20,700,000 | 20,700,000 | 20,700,000 | 13,823,204 | ||||||||||||
Basic and diluted net income (loss) per common stock subject to redemption |
$ |
0.08 |
$ |
(0.16 |
) |
$ |
0.27 |
$ |
0.08 |
|||||||
Basic and diluted weighted average Common Stock |
5,491,249 | 5,491,250 | 5,491,249 | 5,158,805 | ||||||||||||
Basic and diluted net income (loss) per common stock |
$ |
0.08 |
$ |
(0.16 |
) |
$ |
0.27 |
$ |
0.08 |
|||||||
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance as of January 1, 2022 |
5,491,249 |
$ |
550 |
$ |
— |
$ |
(7,623,838 |
) |
$ |
(7,623,288 |
) | |||||||||
Net income |
— | — | — | 5,037,358 | 5,037,358 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of March 31, 2022 |
5,491,249 |
$ |
550 |
$ |
— |
$ |
(2,586,480 |
) |
$ |
(2,585,930 |
) | |||||||||
Remeasurement of Class A Common Stock subject to possible redemption |
— | — | — | (157,520 | ) | (157,520 | ) | |||||||||||||
Net income |
— | — | — | 2,127,156 | 2,127,156 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of June 30, 2022 |
5,491,249 |
$ |
550 |
$ |
— |
$ |
(616,844 |
) |
$ |
(616,294 |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance as of January 1, 2021 |
5,175,000 |
$ |
518 |
$ |
24,482 |
$ |
(1,419 |
) |
$ |
23,581 |
||||||||||
Sale of 6,140,000 Private Placement Warrants on March 1, 2021 and March 2, 2021 through public offering and over-allotment, net of fair value of warrant liability |
— | — | 765,116 | — | 765,116 | |||||||||||||||
Issuance of representative shares |
316,249 | 32 | 3,026,406 | — | 3,026,438 | |||||||||||||||
Issuance of representative warrants |
— | — | 434,882 | — | 434,882 | |||||||||||||||
Subsequent remeasurement underASC480-10-S99, |
— | — | (4,250,886 | ) | (12,463,273 | ) | (16,714,159 | ) | ||||||||||||
Net Income |
— | — | — | 5,732,552 | 5,732,552 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of March 31, 2021 |
5,491,249 |
550 |
$ |
— |
(6,732,140 |
) |
(6,731,590 |
) | ||||||||||||
Net loss |
— | — | — | (4,227,573 | ) | (4,227,573 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of June 30, 2021 |
5,491,249 |
$ |
550 |
$ |
— |
$ |
(10,959,713 |
) |
$ |
(10,959,163 |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, |
||||||||
2022 |
2021 |
|||||||
Cash flows from Operating Activities: |
||||||||
Net income |
$ | 7,164,514 | $ | 1,504,979 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Operating expenses paid by sponsor |
— | 1,500 | ||||||
Interest earned on cash and securities held in Trust account |
(372,461 | ) | (21,242 | ) | ||||
Warrant issuance costs |
— | 351,043 | ||||||
Change in fair value of warrants |
(7,751,302 | ) | (2,227,616 | ) | ||||
Changes in current assets and current liabilities: |
||||||||
Prepaid expenses |
111,157 | (534,856 | ) | |||||
Due from related party |
77,345 | — | ||||||
Accounts payable and accrued expenses |
(145,612 | ) | 114,619 | |||||
Income taxes payable |
30,314 | — | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(886,045 |
) |
(811,573 |
) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Investment held in Trust Account |
— | (207,000,000 | ) | |||||
Interest withdrawn from Trust account |
78,000 | — | ||||||
|
|
|
|
|||||
Net cash provided by (used in) investing activities |
78,000 |
(207,000,000 |
) | |||||
|
|
|
|
|||||
Cash flows from Financing Activities: |
||||||||
Proceeds from initial public offering, net of underwriting discounts paid |
— | 202,860,000 | ||||||
Proceeds from private placement |
— | 6,140,000 | ||||||
Proceeds from issuance of convertible promissory note – related party |
300,000 | — | ||||||
Proceeds from issuance of promissory note – related party |
150,000 | |||||||
Repayment of promissory note to related party |
— | (250,000 | ) | |||||
Payments of offering costs |
— | (362,846 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
450,000 |
208,387,154 |
||||||
|
|
|
|
|||||
Net change in cash |
(358,045 |
) |
575,581 |
|||||
Cash, beginning of the period |
465,819 | — | ||||||
|
|
|
|
|||||
Cash, end of the period |
$ |
107,774 |
$ |
575,581 |
||||
|
|
|
|
|||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Remeasurement of Class A common stock subject to possible redemption |
157,520 | — | ||||||
|
|
|
|
|||||
Fair value of representative shares |
$ | — | $ | 3,026,438 | ||||
|
|
|
|
|||||
Fair value of representative warrants |
$ | — | $ | 434,882 | ||||
|
|
|
|
|||||
Initial value of common stock subject to possible redemption, including over-allotment as restated |
$ | — | $ | 189,139,827 | ||||
|
|
|
|
|||||
Initial fair value of warrant liability, as restated |
$ | — | $ | 14,280,762 | ||||
|
|
|
|
|||||
Offering costs paid by Sponsor under promissory note |
$ | — | $ | 140,156 | ||||
|
|
|
|
Amortized Cost and Carrying Value |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value as of June 30, 2022 |
|||||||||||||
U.S. Money Market |
$ | 682 | $ | — | $ | — | $ | 682 | ||||||||
U.S. Treasury Securities |
207,354,312 | — | (140,638 | ) | 207,213,674 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 207,354,994 | $ | — | $ | (140,638 | ) | $ | 207,214,356 | ||||||||
Amortized Cost and Carrying Value |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value as of December 31, 2021 |
|||||||||||||
U.S. Money Market |
$ | 363 | $ | $ | — | $ | 363 | |||||||||
U.S. Treasury Securities |
207,060,170 | 1,264 | — | 207,061,434 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 207,060,533 | $ | 1,264 | $ | — | $ | 207,061,797 |
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Redeemable Common Stock |
Non-Redeemable Common Stock |
|||||||
For the three months ended June 30, 2022 |
||||||||
Allocation of net income including common stock subject to redemption outstanding |
$ | 1,681,177 | $ | 445,979 | ||||
Weighted Average Common Stock |
20,700,000 | 5,491,249 | ||||||
Basic and Diluted net income per share |
$ | 0.08 | $ | 0.08 | ||||
For the six months ended June 30, 2022 |
||||||||
Allocation of net income including common stock subject to redemption outstanding |
$ | 5,662,404 | $ | 1,502,110 | ||||
Weighted Average Common Stock |
20,700,000 | 5,491,249 | ||||||
Basic and Diluted net income per share |
$ | 0.27 | $ | 0.27 | ||||
For the three months ended June 30, 2021 |
||||||||
Allocation of net loss including common stock subject to possible redemption |
$ | (3,341,221 | ) | $ | (886,352 | ) | ||
Weighted Average Common Stock |
20,700,000 | 5,491,250 | ||||||
Basic and Diluted net loss per share |
$ | (0.16 | ) | $ | (0.16 | ) | ||
For the six months ended June 30, 2021 |
||||||||
Allocation of net income including common stock subject to possible redemption |
$ | 1,095,966 | $ | 409,013 | ||||
Weighted Average Common Stock |
13,823,204 | 5,158,805 | ||||||
Basic and Diluted net income per share |
$ | 0.08 | $ | 0.08 |
Gross proceeds from public issuance |
$ | 207,000,000 | ||
Less: |
||||
Proceeds allocated to public warrants |
(8,905,878 | ) | ||
Redeemable common stock issuance costs |
(7,808,281 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
16,714,159 | |||
Contingently redeemable common stock, December 31, 2021 |
$ | 207,000,000 | ||
Plus: |
||||
Accretion of carrying value to redemption value |
157,520 | |||
Contingently redeemable common stock, June 30, 2022 |
$ | 207,157,520 | ||
• | 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 (the “30-day redemption period”) to each warrant holder; and |
• | if, and only if, the reported last sale price of the 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-trading day period ending on the third trading day prior to the date the Company sends to the notice of redemption to the warrant holders. |
Warrant liability at December 31, 2021 |
$ | 8,312,879 | ||
Change in fair value of warrant liabilities |
(5,556,024 | ) | ||
Warrant liabilities at March 31, 2022 |
2,756,855 | |||
Change in fair value of warrant liabilities |
(2,195,278 | ) | ||
Warrant liabilities at June 30, 2022 |
$ | 561,577 |
June 30, 2022 |
December 31, 2021 |
|||||||
Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Share price |
$ | 9.96 | $ | 9.84 | ||||
Volatility |
1.0 | % | 9.0 | % | ||||
Expected life of the options to convert |
5.65 | 5.48 | ||||||
Risk-free rate |
3.02 | % | 1.31 | % | ||||
Dividend yield |
— | % | — | % | ||||
Likelihood of completing a business combination |
50 | % | 95 | % |
June 30, 2022 |
Quoted Prices In Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||||||
Liabilities: |
||||||||||||||||
Warrant liability - Public Warrants |
$ | 342,585 | $ | 342,585 | $ | — | $ | — | ||||||||
Warrant liability - Private Warrants |
218,992 | — | — | 218,992 | ||||||||||||
Convertible promissory note – related party |
300,000 | — | — | 300,000 | ||||||||||||
$ | 861,577 | $ | 342,585 | $ | — | $ | 518,992 | |||||||||
December 31, 2021 |
Quoted Prices In Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||||||
Liabilities: |
||||||||||||||||
Warrant liability - Public Warrants |
$ | 5,148,090 | $ | 5,148,090 | $ | — | $ | — | ||||||||
Warrant liability - Private Warrants |
3,164,789 | — | — | 3,164,789 | ||||||||||||
$ | 8,312,879 | $ | 5,148,090 | $ | — | $ | 3,164,789 | |||||||||
June 30, 2022 |
||||
Risk-free interest rate |
$ | 3.02 | % | |
Time to Expiration (in years) |
$ | 5.67 | ||
Expected volatility |
1.0 | % | ||
Exercise price |
$ | 11.50 | ||
Dividend yield |
0.00 | % | ||
Stock Price |
$ | 9.96 | ||
Probability of transaction |
50 | % |
* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
+ | Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
ISLEWORTH HEALTHCARE ACQUISITION CORP. | ||||||
Date: August 12 , 2022 |
By: |
/s/ Robert Whitehead | ||||
Name: |
Robert Whitehead | |||||
Title: |
Chief Executive Officer | |||||
By: |
/s/ Dan Halvorson | |||||
Name: |
Dan Halvorson | |||||
Title: |
Chief Financial Officer |
1 Year Isleworth Healthcare Acq... Chart |
1 Month Isleworth Healthcare Acq... 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