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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
|
|||
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1
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||
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1
|
|
|
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2
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3
|
|
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4
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5
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|
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18
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||
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22
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||
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22
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23
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|||
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23
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23
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23
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23
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23
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23
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23
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24
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June 30,
2022
|
December 31,
2021
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
235,730
|
$
|
628,006
|
||||
Prepaid expenses
|
143,534
|
256,768
|
||||||
Total Current Assets
|
379,264
|
884,774
|
||||||
Marketable securities held in Trust Account
|
103,693,408
|
103,542,974
|
||||||
TOTAL ASSETS
|
$
|
104,072,672
|
$
|
104,427,748
|
||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accrued expenses
|
$
|
339,735
|
$
|
342,002
|
||||
Income taxes payable
|
2,057 | — | ||||||
Promissory note – related party
|
250,000 | — | ||||||
Total Current Liabilities
|
591,792
|
342,002
|
||||||
Deferred underwriting payable
|
3,623,214 |
3,623,214
|
||||||
Total Liabilities
|
4,215,006
|
3,965,216
|
||||||
Commitments
|
||||||||
Class A common stock subject to possible redemption, 10,352,040 shares
at redemption value of $10.00 at June 30, 2022 and December 31, 2021
|
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 June 30, 2022 and December 31, 2021
|
51
|
51
|
||||||
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 2,588,010
shares issued and outstanding at June 30, 2022 and December 31, 2021
|
259
|
259
|
||||||
Additional paid-in capital
|
292,500
|
202,500
|
||||||
Accumulated deficit
|
(3,955,546
|
)
|
(3,260,680
|
)
|
||||
Total Stockholders’ Deficit
|
(3,662,736
|
)
|
(3,057,870
|
)
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
$
|
104,072,672
|
$
|
104,427,748
|
For the Three Months Ended June 30, |
For the Six Months Ended
June 30, |
|||||||||||||||
2022 |
2021 | 2022 |
2021 | |||||||||||||
General and administrative expenses |
$ | 383,928 | $ | 405,188 | $ | 753,243 | $ | 826,860 | ||||||||
Stock-based compensation expenses
|
45,000 |
45,000
|
90,000 | 90,000 | ||||||||||||
Loss from operations
|
(428,928 | ) |
(450,188
|
)
|
(843,243 | ) | (916,860 | ) | ||||||||
Other income (expense):
|
||||||||||||||||
Interest earned on marketable securities held in Trust Account
|
149,348 |
3,148
|
150,434 | 10,493 | ||||||||||||
Unrealized loss on marketable securities held in Trust Account
|
— |
(4,285
|
)
|
— | (3,741 | ) | ||||||||||
Total Other income (expense), net
|
149,348 |
(1,137
|
)
|
150,434 | 6,752 | |||||||||||
Loss before provision for income taxes |
(279,580 | ) | (451,325 | ) | (692,809 | ) | (910,108 | ) | ||||||||
Provision for income taxes |
(2,057 | ) | — | (2,057 | ) |
—
|
||||||||||
Net loss
|
$ | (281,637 | ) |
$
|
(451,325
|
)
|
$ | (694,866 | ) | $ | (910,108 | ) | ||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
10,859,081 | 10,859,081 |
10,859,081 | 10,859,081 | ||||||||||||
Basic and diluted net loss per share, Class A common stock
|
$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.07 | ) | ||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
2,588,010 | 2,588,010 |
2,588,010 | 2,588,010 | ||||||||||||
Basic and diluted net loss per share, Class B common stock
|
$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.07 | ) |
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||||||||
Balance — January 1, 2022
|
507,041
|
$
|
51
|
2,588,010
|
$
|
259
|
$
|
202,500
|
$
|
(3,260,680
|
)
|
$
|
(3,057,870
|
)
|
||||||||||||||
Stock-based compensation expense
|
—
|
—
|
—
|
—
|
45,000
|
—
|
45,000
|
|||||||||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
—
|
(413,229
|
)
|
(413,229
|
)
|
|||||||||||||||||||
Balance – March 31, 2022
|
507,041
|
$
|
51
|
2,588,010
|
$
|
259
|
$
|
247,500
|
$
|
(3,673,909
|
)
|
$
|
(3,426,099
|
)
|
||||||||||||||
Stock-based compensation expense
|
— | — | — | — | 45,000 | — | 45,000 | |||||||||||||||||||||
Net loss
|
— | — | — | — | — | (281,637 | ) | (281,637 | ) | |||||||||||||||||||
Balance – June 30, 2022
|
507,041 | $ | 51 | 2,588,010 | $ | 259 | $ | 292,500 | $ | (3,955,546 | ) | $ | (3,662,736 | ) |
Class A Common Stock
|
Class B Common Stock
|
Additional
Paid-in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||||||||
Balance — January 1, 2021
|
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
|
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
|
507,041 | $ |
51 | 2,588,010 | $ |
259 | $ |
112,500 | $ |
(2,247,750 | ) | $ | (2,134,940 | ) |
For the Six Months Ended June 30,
|
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net loss
|
$ | (694,866 | ) | $ | (910,108 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Stock-based compensation expense
|
90,000
|
90,000 | ||||||
Interest earned on marketable securities held in Trust Account
|
(150,434
|
)
|
(10,493 | ) | ||||
Unrealized loss on marketable securities held in Trust Account
|
—
|
3,741 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
113,234
|
102,275 | ||||||
Accounts payable and accrued expenses
|
(2,267
|
)
|
84,443 | |||||
Income taxes payable
|
2,057 | — | ||||||
Net cash used in operating activities
|
(642,276
|
)
|
(640,142 | ) | ||||
Cash Flows from Financing Activities:
|
||||||||
Repayment of funds to sponsor | — | (2,305 | ) | |||||
Proceeds from promissory note – related party
|
250,000 | — | ||||||
Repayment of promissory note – related party | — | (348 | ) | |||||
Payment of offering costs
|
—
|
(50,832 | ) | |||||
Net cash provided by (used in) financing activities
|
250,000
|
(53,485 | ) | |||||
Net Change in Cash
|
(392,276 | ) | (693,627 | ) | ||||
Cash – Beginning of period
|
628,006
|
1,889,565 | ||||||
Cash – End of period
|
$
|
235,730
|
$ | 1,195,938 |
Statement of Operations for the Three and Six Months Ended June 30, 2021
|
As Previously
Reported
|
Adjustment
|
As Revised
|
|||||||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
$
|
10,352,040
|
$
|
507,041
|
$
|
10,859,081
|
||||||
Basic and diluted weighted average shares outstanding, Class B common stock
|
$
|
3,095,051
|
$
|
(507,041
|
)
|
$
|
2,588,010
|
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
|
|||
Common stock subject to possible redemption
|
$
|
103,520,402
|
Three Months Ended
June 30, 2022
|
Three Months Ended
June 30, 2021
|
Six Months Ended
June 30, 2022
|
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 loss per common stock
|
||||||||||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||||||||||
Allocation of
net loss, as adjusted
|
$ | (227,434 | ) | $ | (54,203 | ) | $ | (364,464 | ) | $ | (86,861 | ) |
$
|
(561,133
|
)
|
$
|
(133,733
|
)
|
$
|
(734,950
|
)
|
$
|
(175,158
|
)
|
||||||||
Denominator:
|
||||||||||||||||||||||||||||||||
Basic and
diluted weighted average common stock outstanding
|
10,859,081 | 2,588,010 | 10,859,081 | 2,588,010 |
10,859,081
|
2,588,010
|
10,859,081
|
2,588,010
|
||||||||||||||||||||||||
Basic and diluted net loss per common stock
|
$ | (0.02 | ) | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.03 | ) |
$
|
(0.05
|
)
|
$
|
(0.05
|
)
|
$
|
(0.07
|
)
|
$
|
(0.07
|
)
|
Number of
Shares
|
||||
Unvested Shares Outstanding at August 27, 2020 (inception)
|
—
|
|||
Granted
|
248,000
|
|||
Forfeited
|
—
|
|||
Vested
|
(95,000
|
)
|
||
Unvested Outstanding at June 30, 2022
|
153,000
|
|
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
|
June 30,
2022
|
December 31,
2021
|
|||||||||
Assets:
|
||||||||||||
Marketable securities held in Trust Account
|
1
|
$
|
103,693,408
|
$
|
103,542,974
|
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: August 31, 2022
|
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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