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Name | Symbol | Market | Type |
---|---|---|---|
Jack Creek Investment Corporation | NASDAQ:JCICU | NASDAQ | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.02 | 4.00 | 15.98 | 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 |
9 | |
(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 and one-half of one redeemable warrant |
JCICU |
The Nasdaq Stock Market LLC | ||
Class A ordinary shares, par value $0.0001 per share |
JCIC |
The Nasdaq Stock Market LLC | ||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share |
JCICW |
The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
June 30, |
December 31, |
|||||||
2022 |
2021 |
|||||||
ASSETS |
(Unaudited |
) |
||||||
Current assets |
||||||||
Cash |
$ | 92,169 | $ | 89,920 | ||||
Prepaid expenses |
254,042 | 426,875 | ||||||
|
|
|
|
|||||
Total current assets |
346,211 | 516,795 | ||||||
Investments held in Trust Account |
345,330,530 | 345,068,571 | ||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ |
345,676,741 |
$ |
345,585,366 |
||||
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT |
||||||||
Current liabilities |
||||||||
Accounts payable and accrued expenses |
$ | 2,706,082 | $ | 754,761 | ||||
Convertible promissory note – related party |
296,200 | — | ||||||
|
|
|
|
|||||
Total current liabilities |
3,002,282 | 754,761 | ||||||
Warrant liabilities |
2,132,000 | 14,385,670 | ||||||
Deferred underwriting fee payable |
12,075,000 | 12,075,000 | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES |
17,209,282 |
27,215,431 |
||||||
|
|
|
|
|||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 34,500,000 shares at approximately $10.01 and $10.00 per share redemption value at June 30, 2022 and December 31, 2021, respectively |
345,330,530 | 345,000,000 | ||||||
Shareholders’ Deficit |
||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding at June 30, 2022 and December 31, 2021 |
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued or outstanding excluding 34,500,000 shares subject to possible redemption at June 30, 2022 and December 31, 2021 |
— | — | ||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 8,625,000 shares issued and outstanding at June 30, 2022 and December 31, 2021 |
863 | 863 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(16,863,934 | ) | (26,630,928 | ) | ||||
|
|
|
|
|||||
Total Shareholders’ Deficit |
(16,863,071 |
) |
(26,630,065 |
) | ||||
|
|
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT |
$ |
345,676,741 |
$ |
345,585,366 |
||||
|
|
|
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Operating and formation costs |
$ | 2,145,104 | $ | 764,329 | $ | 2,621,905 | $ | 2,611,875 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(2,145,104 |
) |
(764,329 |
) |
(2,621,905 |
) |
(2,611,875 |
) | ||||||||
Other income (expense): |
||||||||||||||||
Change in fair value of warrant liabilities |
3,597,750 | (7,480,116 | ) | 12,253,670 | 15,203,384 | |||||||||||
Change in fair value of convertible promissory note |
73,900 | — | 203,800 | — | ||||||||||||
Loss on initial issuance of Private Placement Warrants |
— | — | — | (3,948,000 | ) | |||||||||||
Interest earned on investments held in Trust Account |
257,138 | 27,425 | 261,959 | 57,366 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense), net |
3,928,788 | (7,452,691 | ) | 12,719,429 | 11,312,750 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
1,783,684 |
$ |
(8,217,020 |
) |
10,097,524 |
8,700,875 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding, Class A ordinary shares |
34,500,000 | 34,500,000 | 34,500,000 | 29,544,199 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class A ordinary shares |
$ |
0.04 |
$ |
(0.19 |
) |
0.23 |
0.23 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding, Class B ordinary shares |
8,625,000 | 8,625,000 |
8,625,000 | 8,463,398 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic net income (loss) per share, Class B ordinary shares |
$ |
0.04 |
$ |
(0.19 |
) |
0.23 |
0.23 |
|||||||||
|
|
|
|
|
|
|
|
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance – January 1, 2022 |
8,625,000 |
$ |
863 |
$ |
— |
$ |
(26,630,928 |
) |
$ |
(26,630,065 |
) | |||||||||
Net income |
— | — | — | 8,313,840 | 8,313,840 | |||||||||||||||
Balance – March 31, 2022 (unaudited) |
8,625,000 |
$ |
863 |
$ | — | $ |
(18,317,088 |
) |
$ |
(18,316,225 |
) | |||||||||
Accretion for Class A ordinary shares to redemption amount |
— | — | — | (330,530 | ) | (330,530 | ) | |||||||||||||
Net income |
— | — | — | 1,783,684 | 1,783,684 | |||||||||||||||
Balance – June 30, 2022 (unaudited) |
8,625,000 |
$ |
863 |
$ | — | $ |
(16,863,934 |
) |
$ |
(16,863,071 |
) | |||||||||
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance – January 1, 2021 |
8,625,000 |
$ |
863 |
$ |
24,137 |
$ |
(16,565 |
) |
$ |
8,435 |
||||||||||
Accretion for Class A ordinary shares to redemption amount |
— | — | (24,137 | ) | (41,728,006 | ) | (41,752,143 | ) | ||||||||||||
Net income |
— | — | — | 16,917,895 | 16,917,895 | |||||||||||||||
Balance – March 31, 2021 (unaudited) |
8,625,000 |
$ |
863 |
$ | — | $ |
(24,826,676 |
) |
$ |
(24,825,813 |
) | |||||||||
Net loss |
— | — | — | (8,217,020 | ) | (8,217,020 | ) | |||||||||||||
Balance – June 30, 2021 (unaudited) |
8,625,000 |
$ |
863 |
$ | — | $ |
(33,043,696 |
) |
$ |
(33,042,833 |
) | |||||||||
For the Six Months Ended June 30, |
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 10,097,524 | $ | 8,700,875 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Interest earned on investments held in Trust Account |
(261,959 | ) | (57,366 | ) | ||||
Change in fair value of warrant liabilities |
(12,253,670 | ) | (15,203,384 | ) | ||||
Loss on initial issuance of Private Placement Warrants |
— | 3,948,000 | ||||||
Change in fair value of Convertible Note |
(203,800 | ) | — | |||||
Transaction costs associated with sale of warrants in IPO |
— | 1,360,701 | ||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
172,833 | (894,460 | ) | |||||
Accounts payable and accrued expenses |
1,951,321 | 633,697 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(497,751 |
) |
(1,511,937 |
) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Investment of cash in Trust Account |
— | (345,000,000 | ) | |||||
|
|
|
|
|||||
Net cash used in investing activities |
— | (345,000,000 |
) | |||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from sale of Units, net of underwriting discounts paid |
— | 338,100,000 | ||||||
Proceeds from sale of Private Placement Warrants |
— | 9,400,000 | ||||||
Proceeds from convertible promissory note – related party |
500,000 | — | ||||||
Repayment of promissory note – related party |
— | (114,031 | ) | |||||
Payment of offering costs |
— | (543,813 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
500,000 |
346,842,156 |
||||||
|
|
|
|
|||||
Net Change in Cash |
2,249 |
330,219 |
||||||
Cash – Beginning of period |
89,920 | — | ||||||
|
|
|
|
|||||
Cash – End of period |
$ |
92,169 |
$ |
330,219 |
||||
|
|
|
|
|||||
Non-Cash investing and financing activities: |
||||||||
Deferred underwriting fee payable |
$ | — | $ | 12,075,000 | ||||
|
|
|
|
Gross proceeds |
$ | 345,000,000 | ||
Less: |
||||
Proceeds allocated to Public Warrants |
(23,460,000 | ) | ||
Class A ordinary shares issuance costs |
(18,292,143 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
41,752,143 | |||
Class A ordinary shares subject to possible redemption – December 31, 2021 |
$ |
345,000,000 |
||
Plus: |
||||
Accretion of carrying value to redemption value |
330,530 | |||
Class A ordinary shares subject to possible redemption – June 30, 2022 |
$ |
345,330,530 |
||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||||||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||||||||||||||||||
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
|||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Allocation of net income (loss) |
$ | 1,426,947 | $ | 356,737 | $ | (6,573,616 | ) | $ | (1,643,404 | ) | $ | 8,078,019 | $ | 2,019,505 | $ | 6,763,395 | $ | 1,937,480 | ||||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Basic weighted average shares outstanding |
34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | 29,544,199 | 8,463,398 | ||||||||||||||||||||||||
Basic net income (loss) per ordinary share |
$ | 0.04 | $ | 0.04 | $ | (0.19 | ) | $ | (0.19 | ) | $ | 0.23 | $ | 0.23 | $ | 0.23 | $ | 0.23 |
• | 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. |
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption to each warrant 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 warrant holders. |
• | in whole and not in part; |
• | at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants 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 equals or exceeds $10.00 per 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 to the warrant holders; and |
• | if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant 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. |
June 30, 2022 |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Investments held in Trust Account |
$ | 345,330,530 | $ | 345,330,530 | $ | — | $ | — | ||||||||
Liabilities: |
||||||||||||||||
Warrant Liabilities – Public Warrants |
$ | 1,380,000 | $ | 1,380,000 | $ | — | $ | — | ||||||||
Warrant Liabilities – Private Placement Warrants |
$ | 752,000 | $ | — | $ | 752,000 | $ | — | ||||||||
Convertible Note – Related Party |
$ | 296,200 | $ | — | $ | — | $ | 296,200 |
December 31, 2021 |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Investments held in Trust Account |
$ | 345,068,571 | $ | 345,068,571 | $ | — | $ | — | ||||||||
Liabilities: |
||||||||||||||||
Warrant Liabilities – Public Warrants |
$ | 9,311,550 | $ | 9,311,550 | $ | — | $ | — | ||||||||
Warrant Liabilities – Private Placement Warrants |
$ | 5,074,120 | $ | — | $ | 5,074,120 | $ | — |
Fair value as of January 1, 2022 |
$ | — | ||
Amount borrowed February 16, 2022 |
500,000 | |||
Change in fair value |
(129,900 | ) | ||
Fair value as of March 31, 2022 |
$ | 370,100 | ||
Change in fair value |
(73,900 | ) | ||
Fair value as of June 30, 2022 |
$ | 296,200 | ||
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ | — | $ | — | $ | — | ||||||
Initial measurement on January 26, 2021 |
13,348,000 | 23,460,000 | 36,808,000 | |||||||||
Change in valuation inputs or other assumptions |
(8,366,000 | ) | (14,317,500 | ) | (22,683,500 | ) | ||||||
Transfer to Level 1 |
— | (9,142,500 | ) | (9,142,500 | ) | |||||||
Fair value as of March 31, 2021 |
$ | 4,982,000 | $ | — | $ | 4,982,000 | ||||||
Change in valuation inputs or other assumptions |
2,644,941 | — | 2,644,941 | |||||||||
Fair value as of June 30, 2021 |
$ | 7,626,941 | $ | — | $ | 7,626,941 |
At June 30, 2022 |
||||
Stock price |
$ | 9.83 | ||
Strike price |
$ | 11.50 | ||
Term (in years) |
5.25 | |||
Volatility |
4.1 | % | ||
Risk-free rate |
2.99 | % |
• | restrictions on the nature of our investments, |
• | restrictions on the issuance of securities, and |
• | restrictions on the enforceability of agreements entered into by us, each of which may make it difficult for us to complete our Business Combination. |
• | registration as an investment company with the SEC (which may be impractical and would require significant changes in, among other things, our capital structure); |
• | adoption of a specific form of corporate structure; and |
• | reporting, record keeping, voting, proxy and disclosure requirements and compliance with other rules and regulations that we are currently not subject to. |
* | Filed herewith. |
** | Furnished herewith. |
JACK CREEK INVESTMENT CORP. | ||||
Date: August 15, 2022 | By: | /s/ Robert F. Savage | ||
Name: | Robert F. Savage | |||
Title: | Chief Executive Officer | |||
(Principal Executive Officer) |
Date: August 15, 2022 | By: | /s/ Lauren Ores | ||
Name: | Lauren Ores | |||
Title: | Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |
1 Year Jack Creek Investment Chart |
1 Month Jack Creek Investment Chart |
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