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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mudrick Capital Acquisition Corporation II | NASDAQ:MUDS | 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% | 10.165 | 10.16 | 10.18 | 0 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
T
RANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
85-2320197
|
|
(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 share of Class A Common Stock andone-halfof one Redeemable Warrant
|
MUDSU
|
The Nasdaq Stock Market LLC
|
||
Class A Common Stock, par value $0.0001 per share
|
MUDS
|
The Nasdaq Stock Market LLC
|
||
Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50
|
MUDSW
|
The Nasdaq Stock Market LLC
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
•
|
|
Part I – Item 1. Condensed Consolidated Financial Statements.
|
•
|
|
Part I – Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
|
Part I – Item 4. Controls and Procedures.
|
•
|
|
Part II – Item 1A. Risk Factors.
|
•
|
|
Part I1 – Item 6. Exhibits.
|
|
|
|
|
Page
|
|
|
|
||||||
Item 1.
|
|
|
||||
|
|
|
1
|
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||
|
|
|
2
|
|
||
|
|
|
3
|
|
||
|
|
|
4
|
|
||
|
|
|
5
|
|
||
Item 2.
|
|
|
|
19
|
|
|
Item 3.
|
|
|
|
22
|
|
|
Item 4.
|
|
|
|
22
|
|
|
|
||||||
Item 1.
|
|
|
|
24
|
|
|
Item 1A.
|
|
|
|
24
|
|
|
Item 2.
|
|
|
|
24
|
|
|
Item 3.
|
|
|
|
24
|
|
|
Item 4.
|
|
|
|
24
|
|
|
Item 5.
|
|
|
|
24
|
|
|
Item 6.
|
|
|
|
25
|
|
|
|
|
26
|
|
September 30,
2021
|
December 31,
2020
|
|||||||
(Unaudited)
|
(Revised)
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$ | 184,877 | $ | 1,117,679 | ||||
Prepaid expenses
|
125,401 | 167,708 | ||||||
|
|
|
|
|||||
Total Current Assets
|
310,278 | 1,285,387 | ||||||
Investments held in Trust Account
|
321,019,295 | 321,002,166 | ||||||
|
|
|
|
|||||
TOTAL ASSETS
|
$
|
321,329,573
|
|
$
|
322,287,553
|
|
||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued expenses
|
$ | 4,996,335 | $ | 102,348 | ||||
Advance from related party
|
480 | — | ||||||
|
|
|||||||
Total Current Liabilities
|
4,996,815 | 102,348 | ||||||
Warrant liabilities
|
18,050,193 | 24,560,101 | ||||||
Deferred underwriting fee payable
|
11,068,750 | 11,068,750 | ||||||
|
|
|||||||
TOTAL LIABILITIES
|
|
34,115,758
|
|
|
35,731,199
|
|
||
|
|
|
|
|||||
Commitments and Contingencies
|
||||||||
Class A common stock subject to possible redemption 31,625,000 shares at approximately $10.15 per share as of September 30, 2021 and December 31, 2020
|
320,993,750 | 320,993,750 | ||||||
Stockholders’ Deficit
|
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding
|
— | — | ||||||
Class A common stock, $0.0001 par value; 100,000,000 shares authorized
|
— | — | ||||||
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 7,906,250 shares issued and outstanding, as of September 30, 2021 and December 31, 2020, respectively
|
791 | 791 | ||||||
Additional
paid-in
capital
|
— | — | ||||||
Accumulated deficit
|
(33,780,726 | ) | (34,438,187 | ) | ||||
|
|
|||||||
Total Stockholders’ Deficit
|
|
(33,779,935
|
)
|
|
(34,437,396
|
)
|
||
|
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
$
|
321,329,573
|
|
$
|
322,287,553
|
|
||
|
|
|
|
|
|
Three Months
Ended
September 30,
2021
|
|
|
Nine Months
Ended
September 30,
2021
|
|
|
For the Period
from July 30,
2020 (inception)
through
September 30,
2020
|
|
|||
General and administrative expenses
|
$ | 2,108,263 | $ | 5,904,684 | $ | 1,251 | ||||||
|
|
|
|
|
|
|||||||
Loss from operations
|
|
(2,108,263
|
)
|
|
(5,904,684
|
)
|
|
(1,251
|
)
|
|||
|
|
|
|
|||||||||
Other income:
|
||||||||||||
Interest earned on investments held in Trust Account
|
17,658 | 52,237 | — | |||||||||
Change in fair value of warrant liabilities
|
114,371,811 | 6,509,908 | — | |||||||||
|
|
|
|
|
|
|||||||
Total other income
|
114,389,469 | 6,562,145 | — | |||||||||
|
|
|
|
|
|
|||||||
Net income (loss)
|
$
|
112,281,206
|
|
$
|
657,461
|
|
$
|
(1,251
|
)
|
|||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding, Class A common stock
|
31,625,000 | 31,625,000 | — | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income per share, Class A common stock
|
$
|
2.84
|
|
$
|
0.02
|
|
$
|
—
|
|
|||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding, Class B common stock
|
7,906,250 | 7,906,250 | 6,875,000 | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income (loss) per share, Class B common stock
|
$
|
2.84
|
|
|
0.02
|
|
$
|
(0.00
|
)
|
|||
|
|
|
|
|
|
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
|
|
—
|
|
$
|
—
|
|
|
7,906,250
|
|
$
|
791
|
|
$
|
—
|
|
$
|
(34,438,187
|
)
|
$
|
(34,437,396
|
)
|
|||||||
Net income
|
— | — | — | — | — | 4,272,514 | 4,272,514 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2021
|
|
—
|
|
$
|
—
|
|
|
7,906,250
|
|
$
|
791
|
|
$
|
—
|
|
$
|
(30,165,673
|
)
|
$
|
(30,164,882
|
)
|
|||||||
Net loss
|
— | — | — | — | — | (115,896,259 | ) | (115,896,259 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – June 30, 2021
|
|
—
|
|
$
|
—
|
|
|
7,906,250
|
|
$
|
791
|
|
$
|
—
|
|
$
|
(146,061,932
|
)
|
$
|
(146,061,141
|
)
|
|||||||
Net income
|
— | — | — | — | — | 112,281,206 | 112,281,206 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – September 30, 2021
|
|
—
|
|
$
|
—
|
|
|
7,906,250
|
|
$
|
791
|
|
$
|
—
|
|
$
|
(33,780,726
|
)
|
$
|
(33,779,935
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
Common Stock
|
|
|
Class B
Common Stock
|
|
|
Additional
Paid-in
|
|
|
Accumulated
|
|
|
Total
Stockholders’
|
|
|||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Equity
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Balance – July 30, 2020 (inception)
|
|
—
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|||||||
Issuance of Class B common stock to Sponsor
|
— | — | 7,906,250 | 791 | 24,209 | — | 25,000 | |||||||||||||||||||||
Net loss
|
— | — | — | — | — | (1,251 | ) | (1,251 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – September 30, 2020
|
|
—
|
|
$
|
—
|
|
|
7,906,250
|
|
$
|
791
|
|
$
|
24,209
|
|
$
|
(1,251
|
)
|
$
|
23,749
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
Ended
September 30,
2021
|
|
|
For the
Period from
July 30,
2020 (Inception)
Through
September 30,
2020
|
|
||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$ | 657,461 | $ | (1,251 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Payment of formation costs through promissory note – related party
|
1,251 | |||||||
Change in fair value of warrant liabilities
|
(6,509,908 | ) | — | |||||
Interest earned on investments held in Trust Account
|
(52,237 | ) | — | |||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
42,307 | — | ||||||
Accounts payable and accrued expenses
|
4,893,987 | — | ||||||
|
|
|
|
|||||
Net cash used in operating activities
|
|
(968,390
|
)
|
|
—
|
|
||
|
|
|
|
|||||
Cash Flows from Investing Activities:
|
||||||||
Cash withdrawn from Trust Account to pay franchise and income taxes
|
35,108 | — | ||||||
|
|
|
|
|||||
Net cash provided by investing activities
|
35,108
|
|
|
—
|
|
|||
|
|
|
|
|||||
Cash Flows from Financing Activities:
|
||||||||
Advances from related party
|
9,883 | — | ||||||
Repayment of advances from related party
|
(9,403 | ) | — | |||||
|
|
|
|
|||||
Net cash provided by financing activities
|
|
480
|
|
|
—
|
|
||
|
|
|
|
|||||
Net Change in Cash
|
|
(932,802
|
)
|
|
—
|
|
||
Cash – Beginning of period
|
1,117,679 | — | ||||||
|
|
|
|
|||||
Cash – End of period
|
$
|
184,877
|
|
$
|
—
|
|
||
|
|
|
|
|||||
Supplemental disclosure of
non-cash
investing and financing activities:
|
— | 2,000 | ||||||
|
|
|
|
|||||
Deferred offering costs included in accrued offering costs
|
— | 91,290 | ||||||
|
|
|
|
|||||
Deferred offering costs paid through promissory note – related party
|
— | 25,000 | ||||||
|
|
|
|
Balance Sheet as of March 31, 2021 (unaudited)
|
|
As Previously
Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Class A common stock subject to possible redemption
|
|
$
|
285,828,860
|
|
|
$
|
35,164,890
|
|
|
$
|
320,993,750
|
|
Class A common stock
|
|
$
|
346
|
|
|
$
|
(346
|
)
|
|
$
|
—
|
|
Additional
paid-in
capital
|
|
$
|
2,463,755
|
|
|
$
|
(2,463,755
|
)
|
|
$
|
—
|
|
Accumulated deficit
|
|
$
|
2,535,117
|
|
|
$
|
(32,700,789
|
)
|
|
$
|
(30,165,670
|
)
|
Total stockholders’ equity (deficit)
|
|
$
|
5,000,009
|
|
|
$
|
(35,164,890
|
)
|
|
$
|
(30,164,881
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares subject to redemption
|
|
|
28,160,166
|
|
|
|
3,464,834
|
|
|
|
31,625,000
|
|
Balance Sheet as of June 30, 2021 (unaudited)
|
|
As Previously
Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Class A common stock subject to possible redemption
|
|
$
|
169,932,602
|
|
|
$
|
151,061,148
|
|
|
$
|
320,993,750
|
|
Class A common stock
|
|
$
|
1,488
|
|
|
$
|
(1,488
|
)
|
|
$
|
—
|
|
Additional
paid-in
capital
|
|
$
|
118,358,871
|
|
|
$
|
(118,358,871
|
)
|
|
$
|
—
|
|
Accumulated deficit
|
|
$
|
(113,361,143
|
)
|
|
$
|
(32,700,789
|
)
|
|
$
|
(146,061,932
|
)
|
Total stockholders’ equity (deficit)
|
|
$
|
5,000,007
|
|
|
$
|
(151,061,148
|
)
|
|
$
|
(146,061,141
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares subject to redemption
|
|
|
16,741,717
|
|
|
|
14,883,283
|
|
|
|
31,625,000
|
|
Statement of Operations for the Three Months March 31, 2021 (unaudited)
|
|
As Previously
Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Weighted average shares outstanding, Class A common stock
|
|
|
31,625,000
|
|
|
|
—
|
|
|
|
31,625,000
|
|
Basic and diluted earnings per share, Class A common stock
|
|
$
|
—
|
|
|
$
|
0.11
|
|
|
$
|
0.11
|
|
Weighted average shares outstanding, Class B common stock
|
|
|
7,906,250
|
|
|
|
—
|
|
|
|
7,906,250
|
|
Basic and diluted earnings per share, Class B common stock
|
|
$
|
0.54
|
|
|
$
|
(0.43
|
)
|
|
$
|
0.11
|
|
Statement of Operations for the Three Months June 30, 2021 (unaudited)
|
|
As Previously
Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Weighted average shares outstanding, Class A common stock
|
|
|
31,625,000
|
|
|
|
—
|
|
|
|
31,625,000
|
|
Basic and diluted earnings per share, Class A common stock
|
|
$
|
—
|
|
|
$
|
(2.93
|
)
|
|
$
|
(2.93
|
)
|
Weighted average shares outstanding, Class B common stock
|
|
|
7,906,250
|
|
|
|
—
|
|
|
|
7,906,250
|
|
Basic and diluted earnings per share, Class B common stock
|
|
$
|
(14.66
|
)
|
|
$
|
11.73
|
|
|
$
|
(2.93
|
)
|
Statement of Operations for the Six Months June 30, 2021 (unaudited)
|
|
As Previously
Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Weighted average shares outstanding, Class A common stock
|
|
|
31,625,000
|
|
|
|
—
|
|
|
|
31,625,000
|
|
Basic and diluted earnings per share, Class A common stock
|
|
$
|
—
|
|
|
$
|
(2.82
|
)
|
|
$
|
(2.82
|
)
|
Weighted average shares outstanding, Class B common stock
|
|
|
7,906,250
|
|
|
|
—
|
|
|
|
7,906,250
|
|
Basic and diluted earnings per share, Class B common stock
|
|
$
|
(14.12
|
)
|
|
$
|
11.30
|
|
|
$
|
(2.82
|
)
|
Statement of Cash Flows for the Three Months March 31, 2021 (unaudited)
|
|
As Previously
Reported
|
|
|
Adjustment
|
|
|
As
Restated |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Non-Cash
investing and financing activities:
|
|
|
|
|||||||||
Change in value of Class A common stock subject to possible redemption
|
|
$
|
4,272,516
|
|
|
$
|
(4,272,516
|
)
|
|
$
|
—
|
|
Statement of Cash Flows for the Six Months June 30, 2021 (unaudited)
|
|
As Previously
Reported
|
|
|
Adjustment
|
|
|
As
Restated |
|
|||
Non-Cash
investing and financing activities:
|
|
|
|
|||||||||
Change in value of Class A common stock subject to possible redemption
|
|
$
|
(111,623,742
|
)
|
|
$
|
111,623,742
|
|
|
$
|
—
|
|
Gross proceeds
|
$ | 316,250,000 | ||
Less:
|
||||
Proceeds allocated to Public Warrants
|
$ | (12,036,716 | ) | |
Class A common stock issuance costs
|
(17,177,930 | ) | ||
Plus:
|
||||
Accretion of carrying value to redemption value
|
$ | 33,958,396 | ||
|
|
|||
Class A common stock subject to possible redemption
|
$ | 320,993,750 | ||
|
|
Three Months Ended
September 30, 2021
|
Nine Months Ended
September 30, 2021
|
For The Period From July 30,
2020 (inception) through September 30, 2020 |
||||||||||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
Class A
|
Class B
|
|||||||||||||||||||
Basic and diluted net income (loss) per common shares
|
||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||
Allocation of net income (loss), as adjusted
|
$ | 89,824,965 | $ | 22,456,241 | $ | 525,969 | $ | 131,492 | $ | — | $ | (1,251 | ) | |||||||||||
Denominator:
|
||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding
|
31,625,000 | 7,906,250 | 31,625,000 | 7,906,250 | — | 7,906,250 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Basic and diluted net income (loss) per common share
|
$ | 2.84 | $ | 2.84 | $ | 0.02 | $ | 0.02 | $ | — | $ | (0.00 | ) |
• |
in whole and not in part;
|
• |
at a price of $0.01 per Public Warrant;
|
• |
upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
|
• |
if, and only if, the reported 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
a30-tradingday
period ending three business days before the Company sends the notice of redemption to 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.
|
|
|
Description
|
|
Level
|
|
|
Amortized
Cost
|
|
|
Gross
Holding
Gain
|
|
|
Fair Value
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
September 30, 2021
|
|
Assets
|
|
|
|
|
||||||||||||
Held-to-Maturity
|
1 | $ | 321,018,310 | $ | 964 | $ | 321,019,274 | |||||||||||
Liabilities:
|
||||||||||||||||||
Warrant Liability – Public Warrants
|
1 | — | — | 9,329,375 | ||||||||||||||
Warrant Liability – Private Placement Warrants
|
3 | — | — | 8,720,818 |
Description
|
Level
|
Amortized
Cost
|
Gross
Holding
Loss
|
Fair Value
|
||||||||||||||
December 31, 2020
|
Assets
|
|||||||||||||||||
Held-to-Maturity
|
1 | $ | 321,001,741 | $ | (18,297 | ) | $ | 320,983,444 | ||||||||||
Liabilities:
|
||||||||||||||||||
Warrant Liability – Public Warrants
|
1 | — | — | 12,573,343 | ||||||||||||||
Warrant Liability – Private Placement Warrants
|
3 | — | — | 11,986,758 |
September 30,
2021
|
December 31,
2020
|
|||||||
Stock price
|
$ | 9.07 | $ | 6.87 | ||||
Strike price
|
$ | 11.50 | $ | 11.50 | ||||
Term (in years)
|
5.0 | 5.0 | ||||||
Volatility
|
10.0 | % | 40.0 | % | ||||
Risk-free rate
|
1.09 | % | 0.57 | % | ||||
Dividend yield
|
0.0 | % | 0.0 | % |
Private Placement
|
||||
Fair value as of December 31, 2020
|
$ | 11,986,758 | ||
Change in fair value
|
(3,265,940 | ) | ||
|
|
|||
Fair value as of September 30, 2021
|
$ | 8,720,818 | ||
|
|
* |
Filed herewith.
|
** |
Furnished.
|
MUDRICK CAPITAL ACQUISITION CORPORATION II
|
||||||
Date: December 17, 2021 | By: |
/s/ Jason Mudrick
|
||||
Name: | Jason Mudrick | |||||
Title: | Chief Executive Officer and Chairman | |||||
(Principal Executive Officer) | ||||||
Date: December 17, 2021 | By: |
/s/ Glenn Springer
|
||||
Name: | Glenn Springer | |||||
Title: | Chief Financial Officer | |||||
(Principal Accounting and Financial Officer) |
1 Year Mudrick Capital Acquisit... Chart |
1 Month Mudrick Capital Acquisit... Chart |
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