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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jiya Acquisition Corporation | NASDAQ:JYAC | 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% | 10.04 | 10.04 | 16.06 | 0 | 01:00:00 |
Delaware
|
85-2789517
|
|
(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
|
||
Shares of Class A common stock, par value $0.0001
|
JYAC
|
The Nasdaq Stock Market LLC
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐ | |
Non-accelerated filer
|
☒ |
Smaller reporting company
|
☒
|
|
Emerging growth company
|
☒
|
|
Page
|
||
1
|
|||
1
|
|||
1
|
|||
2
|
|||
3
|
|||
4
|
|||
5
|
|||
17
|
|||
21
|
|||
21
|
|||
22
|
|||
22
|
|||
22
|
|||
22
|
|||
22
|
|||
22
|
|||
22
|
|||
22
|
|||
23
|
September 30,
2021
|
December 31,
2020
|
|||||||
(unaudited)
|
(unaudited, restated)
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
1,007,438
|
$
|
1,889,565
|
||||
Prepaid expenses
|
332,417
|
521,067
|
||||||
Total Current Assets
|
1,339,855
|
2,410,632
|
||||||
Cash and Marketable securities held in Trust Account
|
103,535,018
|
103,522,529
|
||||||
TOTAL ASSETS
|
$
|
104,874,873
|
$
|
105,933,161
|
||||
LIABILITIES, AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accrued expenses
|
$
|
231,994
|
$
|
50,892
|
||||
Accrued offering costs
|
—
|
50,832
|
||||||
Due to Sponsor
|
174
|
2,305
|
||||||
Promissory note – related party
|
—
|
348
|
||||||
Total Current Liabilities
|
232,168
|
104,377
|
||||||
Deferred underwriting payable
|
3,623,214
|
3,623,214
|
||||||
Total Liabilities
|
3,855,382
|
3,727,591
|
||||||
Commitments
|
|
|
||||||
Class A common stock subject to possible redemption, 10,352,040 shares
at redemption value at September 30, 2021 and December 31, 2020.
|
103,520,402
|
103,520,402
|
||||||
Stockholders’ Deficit
|
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none
issued or outstanding
|
—
|
—
|
||||||
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 507,041
shares issued and outstanding at September 30, 2021 and December 31, 2020
|
51
|
51
|
||||||
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 2,588,010
shares issued and outstanding at September 30, 2021 and December 31, 2020
|
259
|
259
|
||||||
Additional paid-in capital
|
157,500
|
22,500
|
||||||
Accumulated deficit
|
(2,658,721
|
)
|
(1,337,642
|
)
|
||||
Total Stockholders’ Deficit
|
(2,500,911
|
)
|
(1,314,832
|
)
|
||||
TOTAL LIABILITIES, AND STOCKHOLDERS’ DEFICIT
|
$
|
104,874,873
|
$
|
105,933,161
|
For The Three
Months Ended September 30, |
Nine months
Ended
September 30,
|
For the Period
from August 27, 2020 (Inception)
through
September 30,
|
||||||||||
2021
|
2021 |
2020
|
||||||||||
General and administrative expenses
|
$ | 371,708 | $ | 1,198,568 |
$
|
1,431 | ||||||
Stock-based compensation expense
|
45,000 |
135,000
|
— | |||||||||
Loss from operations
|
(416,708 | ) |
(1,333,568
|
)
|
(1,431 | ) | ||||||
Other income:
|
||||||||||||
Interest earned on investments held in Trust Account
|
3,221 |
13,714
|
— | |||||||||
Unrealized gain (loss) on investments held in Trust Account
|
2,516 |
(1,225
|
)
|
— | ||||||||
Total other income, net
|
5,737 |
12,489
|
— | |||||||||
Loss before income taxes
|
(410,971 | ) |
(1,321,079
|
)
|
(1,431 | ) | ||||||
Benefit from (provision for) income taxes |
—
|
—
|
— | |||||||||
Net loss
|
$ | (410,971 | ) |
$
|
(1,321,079
|
)
|
$ | (1,431 | ) | |||
Basic and diluted weighted average shares outstanding, Class A common stock
|
10,859,081 |
10,859,081
|
— | |||||||||
Basic and diluted net loss per share, Class A common stock
|
$ | (0.03 | ) | $ | (0.10 | ) | $ | — | ||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
2,588,010 |
2,588,010
|
2,500,000 | |||||||||
Basic and diluted net loss per share, Class B common stock
|
$ | (0.03 | ) | $ | (0.10 | ) |
$
|
— |
Class A Common Stock
|
Class B Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity (Deficit)
|
||||||||||||||||||||||
Balance — January 1, 2021
(As Restated)
|
507,041
|
$
|
51
|
2,588,010
|
$
|
259
|
$
|
22,500
|
$
|
(1,337,642
|
)
|
$
|
(1,314,832
|
)
|
||||||||||||||
Stock-based compensation expense
|
—
|
—
|
—
|
—
|
45,000
|
—
|
45,000
|
|||||||||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
—
|
(458,783
|
)
|
(458,783
|
)
|
|||||||||||||||||||
Balance – March 31, 2021
(As Restated)
|
507,041
|
$
|
51
|
2,588,010
|
259
|
$
|
67,500
|
$
|
(1,796,425
|
)
|
$
|
(1,728,615
|
)
|
|||||||||||||||
Stock-based compensation expense | — | — | — | — | 45,000 | — | 45,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (451,325 | ) | (451,325 | ) | |||||||||||||||||||
Balance – June 30, 2021
(As Restated)
|
507,041 | $ | 51 |
2,588,010
|
259 | $ | 112,500 | $ | (2,247,750 | ) | $ | (2,134,940 | ) | |||||||||||||||
Stock-based compensation expense | — | — | — | — | 45,000 | — | 45,000 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (410,971 | ) | (410,971 | ) | |||||||||||||||||||
Balance — September 30, 2021 | 507,041 | $ | 51 | 2,588,010 | $ | 259 | $ | 157,500 | $ | (2,658,721 | ) | $ | (2,500,911 | ) |
Class A Common Stock
|
Class B Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity (Deficit)
|
||||||||||||||||||||||
Balance — August 27, 2020 (inception)
|
— | $ | — |
—
|
$ | — |
$
|
—
|
$
|
—
|
$ | — | ||||||||||||||||
Issuance of Class B common stock to Sponsor
|
—
|
— |
2,875,000
|
287
|
24,713
|
—
|
25,000 | |||||||||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
—
|
(1,431 | ) | (1,431 | ) | |||||||||||||||||||
Balance — September 30, 2020
|
—
|
$
|
—
|
2,875,000
|
287 | $ | 24,713 | $ | (1,431 | ) | $ | 23,569 |
Nine months
Ended
September 30,
|
For the
Period from
August 27,
2020 (Inception)
Through
September 30,
|
|||||||
|
2021
|
2020
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net loss
|
$ | (1,321,079 | ) | $ | (1,431 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Stock-based compensation expense
|
135,000
|
— | ||||||
Interest earned on investments held in Trust Account
|
(13,714
|
)
|
— | |||||
Unrealized loss on investment held in Trust Account
|
1,225
|
— | ||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
188,650
|
— | ||||||
Accounts payable and accrued expenses
|
181,102
|
1,431 | ||||||
Net cash used in operating activities
|
(828,816
|
)
|
— | |||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from issuance of Class B common stock to Sponsor
|
— | 25,000 | ||||||
Funds sent to SPAC instead of Sponsor | 174 | — | ||||||
Repayment of Funds to Sponsor | (2,305 | ) | — | |||||
Proceeds from promissory note – related party | — | 348 | ||||||
Repayment of promissory note – related party | (348 | ) | — | |||||
Payment of offering costs
|
(50,832
|
)
|
(13,241 | ) | ||||
Net cash (used in) provided by financing activities
|
(53,311
|
)
|
12,107 | |||||
Net Change in Cash
|
(882,127 | ) | 12,107 | |||||
Cash – Beginning of period
|
1,889,565
|
— | ||||||
Cash – End of period
|
$
|
1,007,438
|
$ | 12,107 | ||||
Non-Cash investing and financing activities:
|
||||||||
Offering costs included in accrued offering costs
|
$ | — | $ | 45,000 | ||||
Supplemental Disclosure:
|
||||||||
Taxes paid for Delaware Franchise Tax
|
$
|
24,366
|
$
|
—
|
As
Previously
Reported
|
Adjustment
|
As Restated
|
||||||||||
Balance Sheet as of November 23, 2020 (unaudited)
|
||||||||||||
Class A common stock subject to possible redemption
|
$
|
93,973,380
|
$
|
6,026,620
|
$
|
100,000,000
|
||||||
Class A common stock
|
$
|
110
|
$
|
(60
|
)
|
$
|
50
|
|||||
Additional paid-in capital
|
$
|
5,076,824
|
$
|
(5,076,824
|
)
|
$
|
—
|
|||||
Accumulated deficit
|
$
|
(77,212
|
)
|
$
|
(949,736
|
)
|
$
|
(1,026,948
|
)
|
|||
Total Stockholders’ Equity (Deficit)
|
$
|
5,000,009
|
$
|
(6,026,620
|
)
|
$
|
(1,026,611
|
)
|
||||
Number of Class A common stock subject to possible redemption
|
9,397,338
|
602,662
|
10,000,000
|
|||||||||
Balance Sheet as of December 31, 2020 (unaudited)
|
||||||||||||
Class A common stock subject to possible redemption
|
$
|
97,205,562
|
$
|
6,314,840
|
$
|
103,520,402
|
||||||
Class A common stock
|
$
|
114
|
$
|
(63
|
)
|
$
|
51
|
|||||
Additional paid-in capital
|
$
|
5,264,354
|
$
|
(5,241,854
|
)
|
$
|
22,500
|
|||||
Accumulated deficit
|
$
|
(264,719
|
)
|
$
|
(1,072,923
|
)
|
$
|
(1,337,642
|
)
|
|||
Total Stockholders’ Equity (Deficit)
|
$
|
5,000,008
|
$
|
(6,314,840
|
)
|
$
|
(1,314,832
|
)
|
||||
Number of Class A common stock subject to possible redemption
|
9,720,556
|
631,484
|
10,352,040
|
|||||||||
Balance Sheet as of March 31, 2021 (unaudited)
|
||||||||||||
Class A common stock subject to possible redemption
|
$
|
96,791,782
|
$
|
6,728,620
|
$
|
103,520,402
|
||||||
Class A common stock
|
$
|
118
|
$
|
(67
|
)
|
$
|
51
|
|||||
Additional paid-in capital
|
$
|
5,723,130
|
$
|
(5,655,630
|
)
|
$
|
67,500
|
|||||
Accumulated deficit
|
$
|
(723,502
|
)
|
$
|
(1,072,923
|
)
|
$
|
(1,796,425
|
)
|
|||
Total Stockholders’ Equity (Deficit)
|
$
|
5,000,005
|
$
|
(6,728,620
|
)
|
$
|
(1,728,615
|
)
|
||||
Number of Class A common stock subject to possible redemption
|
9,679,178
|
672,862
|
10,352,040
|
|||||||||
Balance Sheet as of June 30, 2021 (unaudited)
|
||||||||||||
Class A common stock subject to possible redemption
|
$
|
96,385,452
|
$
|
7,134,950
|
$
|
103,520,402
|
||||||
Class A common stock
|
$
|
122
|
$
|
(71
|
)
|
$
|
51
|
|||||
Additional paid-in capital
|
$
|
6,174,456
|
$
|
(6,061,956
|
)
|
$
|
112,500
|
|||||
Accumulated deficit
|
$
|
(1,174,827
|
)
|
$
|
(1,072,923
|
)
|
$
|
(2,247,750
|
)
|
|||
Total Stockholders’ Equity (Deficit)
|
$
|
5,000,010
|
$
|
(7,134,950
|
)
|
$
|
(2,134,940
|
)
|
||||
Number of Class A common stock subject to possible redemption
|
9,638,545
|
713,495
|
10,352,040
|
|||||||||
Statement of Operations for the Period From August 27, 2020 (inception) through December 31, 2020
(unaudited)
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
9,399,759
|
6,001,576
|
3,398,183
|
|||||||||
Basic and diluted net loss per share, Class A common stock
|
$
|
—
|
(0.04
|
)
|
$
|
(0.04
|
)
|
|||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
2,949,106
|
(264,930
|
)
|
2,684,176
|
||||||||
Basic and diluted net loss per share, Class B common stock
|
$
|
(0.09
|
)
|
$
|
0.05
|
$
|
(0.04
|
)
|
||||
Statement of Operations for the Three Months ended March 31, 2021 (unaudited)
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
9,720,556
|
631,484
|
10,352,040
|
|||||||||
Basic and diluted net loss per share, Class A common stock
|
$
|
—
|
(0.03
|
)
|
$
|
(0.03
|
)
|
|||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
3,726,535
|
(631,484
|
)
|
3,095,051
|
||||||||
Basic and diluted net loss per share, Class B common stock
|
$
|
(0.12
|
)
|
$
|
0.09
|
$
|
(0.03
|
)
|
||||
Statement of Operations for the Three Months ended June 30, 2021 (unaudited)
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
9,679,178
|
672,862
|
10,352,040
|
|||||||||
Basic and diluted net loss per share, Class A common stock
|
$
|
—
|
(0.03
|
)
|
$
|
(0.03
|
)
|
|||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
3,767,913
|
(672,862
|
)
|
3,095,051
|
||||||||
Basic and diluted net loss per share, Class B common stock
|
$
|
(0.12
|
)
|
$
|
0.09
|
$
|
(0.03
|
)
|
||||
Statement of Operations for the Six Months ended June 30, 2021 (unaudited)
|
||||||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
9,703,362
|
648,678
|
10,352,040
|
|||||||||
Basic and diluted net loss per share, Class A common stock
|
$
|
—
|
(0.07
|
)
|
$
|
(0.07
|
)
|
|||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
3,747,338
|
(652,287
|
)
|
3,095,051
|
||||||||
Basic and diluted net loss per share, Class B common stock
|
$
|
(0.24
|
)
|
$
|
0.17
|
$
|
(0.07
|
)
|
||||
Statement of Cash Flows for the Period From August 27, 2020 (inception) through December 31, 2020
(unaudited)
|
||||||||||||
Initial classification of common stock subject to possible redemption
|
$
|
97,325,187
|
$
|
6,195,215
|
$
|
103,520,402
|
||||||
Change in value of common stock subject to possible redemption
|
$
|
(119,625
|
)
|
$
|
119,625
|
$
|
—
|
|||||
Statement of Cash Flows for the three months ended March 31, 2021 (unaudited)
|
||||||||||||
Change in value of common stock subject to possible redemption
|
$
|
(413,780
|
)
|
$
|
413,780
|
$
|
—
|
|||||
Statement of Cash Flows for the six months ended June 30, 2021 (unaudited)
|
||||||||||||
Change in value of common stock subject to possible redemption
|
$
|
820,110
|
$
|
(820,110
|
)
|
$
|
—
|
|||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Period Ended December 31,
2020 (unaudited)
|
||||||||||||
Sale of 10,352,040
Units, net of underwriter discounts and offering expenses
|
$
|
97,352,379
|
$
|
(97,652,379
|
)
|
$
|
—
|
|||||
Class A Common Stock subject to possible redemption
|
$
|
(97,205,562
|
)
|
$
|
97,205,562
|
$
|
—
|
|||||
Accretion for Class A Common Stock to redemption amount
|
$
|
—
|
$
|
(6,168,023
|
)
|
$
|
(6,168,023
|
)
|
||||
Total Stockholders’ Equity (Deficit)
|
$
|
5,000,008
|
$
|
(6,314,840
|
)
|
$
|
(1,314,832
|
)
|
||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended March
31, 2021 (Unaudited)
|
||||||||||||
Class A Common Stock subject to possible redemption
|
$
|
413,780
|
$
|
(413,780
|
)
|
$
|
—
|
|||||
Total Stockholders’ Equity (Deficit)
|
$
|
5,000,005
|
$
|
(6,728,620
|
)
|
$
|
(1,728,615
|
)
|
||||
Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended June 30,
2021 (Unaudited)
|
||||||||||||
Class A Common Stock subject to possible redemption
|
$
|
406,330
|
$
|
(406,330
|
)
|
$
|
—
|
|||||
Total Stockholders’ Equity (Deficit)
|
$
|
5,000,010
|
$
|
(7,134,950
|
)
|
$
|
(2,134,940
|
)
|
Gross proceeds
|
$ |
103,520,402
|
||
Less:
|
||||
Class A common stock issuance costs
|
$ |
(6,168,023
|
)
|
|
Plus:
|
||||
Accretion of carrying value to redemption value
|
$ |
6,168,023
|
||
|
||||
Class A common stock subject to possible redemption
|
$ |
103,520,402
|
Three Months Ended
September 30, 2021
|
Nine Months Ended
September 30, 2021
|
For the period from August 24, 2020 (inception) Through
September 30, 2020
|
||||||||||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
Class A
|
Class B
|
|||||||||||||||||||
Basic and diluted net loss per common stock
|
||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||
Allocation of net loss, as adjusted
|
$
|
(331,876
|
)
|
$
|
(79,095
|
)
|
$
|
(1,066,826
|
)
|
$
|
(254,253
|
)
|
$
|
—
|
$
|
—
|
||||||||
Denominator:
|
||||||||||||||||||||||||
Basic and diluted weighted average common shares outstanding
|
10,859,081
|
2,588,010
|
10,859,081
|
2,588,010
|
—
|
2,500,000
|
||||||||||||||||||
Basic and diluted net loss per common stock
|
$
|
(0.03
|
)
|
$
|
(0.03
|
)
|
$
|
(0.10
|
)
|
$
|
(0.10
|
)
|
$
|
—
|
$
|
—
|
Number of
Shares
|
||||
Unvested Shares Outstanding at December 31, 2020
|
248,000
|
|||
Granted
|
—
|
|||
Forfeited
|
—
|
|||
Vested
|
—
|
|||
Unvested Outstanding at September 30, 2021
|
248,000
|
|
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.
|
Description
|
Level
|
September 30,
2021
|
December 31,
2020
|
|||||||||
Assets:
|
||||||||||||
Marketable securities held in Trust Account
|
1
|
$
|
103,535,018
|
$
|
103,522,529
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
*
|
Filed herewith.
|
JIYA ACQUISITION CORP.
|
||
Date: November 19, 2021
|
By:
|
/s/ Rekha Hemrajani
|
Name:
|
Rekha Hemrajani
|
|
Title:
|
Chief Executive Officer
|
1 Year Jiya Acquisition Chart |
1 Month Jiya Acquisition Chart |
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