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Share Name | Share Symbol | Market | Type |
---|---|---|---|
RMG Acquisition Corporation III | NASDAQ:RMGC | 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% | 9.98 | 9.96 | 9.98 | 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 |
001-40013 |
98-1574120 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification Number) | ||
57 Ocean, Suite 403, 5775 Collins Avenue Miami Beach, Florida |
33140 | |||
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-fifth of one redeemable warrant |
RMGCU |
The Nasdaq Capital Market LLC | ||
Class A Ordinary Shares included as part of the units |
RMGC |
The Nasdaq Capital Market LLC | ||
warrants included as part of the |
RMGCW |
The Nasdaq Capital Market LLC | ||
units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page No. |
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Item 1. |
1 |
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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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Item 2. |
18 |
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Item 3. |
21 |
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Item 4. |
22 |
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Item 1. |
22 |
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Item 1A. |
22 |
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Item 2. |
24 |
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Item 3. |
24 |
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Item 4. |
24 |
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Item 5. |
24 |
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Item 6. |
25 |
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26 |
For the three months ended March 31, 2022 |
For the three months ended March 31, 2021 |
|||||||
General and administrative expenses |
$ | 689,613 | $ | 259,412 | ||||
|
|
|
|
|||||
Loss from operations |
(689,613 | ) | (259,412 | ) | ||||
Other income (expense) |
||||||||
Change in fair value of derivative liabilities |
6,418,128 | (1,221,950 | ) | |||||
Financing costs - warrant liabilities |
— | (734,320 | ) | |||||
Interest income |
— | 19 | ||||||
Interest expense |
(1,761 |
) |
— |
|||||
Unrealized gain on investments held in Trust Account |
48,436 | 16,726 | ||||||
|
|
|
|
|||||
Total other income (expense) |
6,464,803 | (1,939,525 | ) | |||||
|
|
|
|
|||||
Net income (loss) |
$ | 5,775,190 | $ | (2,198,937 | ) | |||
|
|
|
|
|||||
Weighted average Class A ordinary shares, basic and diluted |
48,300,000 | 27,370,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per ordinary share, Class A |
$ | 0.10 | $ | (0.06 | ) | |||
|
|
|
|
|||||
Weighted average Class B ordinary shares, basic and diluted |
12,075,000 | 11,392,500 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per ordinary share, Class B |
$ | 0.10 | $ | (0.06 | ) | |||
|
|
|
|
For The Three Months Ended March 31, 2022 |
||||||||||||||||||||||||||||
Ordinary Shares |
Additional |
Total |
||||||||||||||||||||||||||
Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - December 31, 2021 |
— |
$ |
— |
12,075,000 |
$ |
1,208 |
$ |
— |
$ |
(30,899,948 |
) |
$ |
(30,898,740 |
) | ||||||||||||||
Net incom e |
— | — | — | — | — | 5,775,190 | 5,775,190 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2022 (unaudited) |
— |
$ |
— |
12,075,000 |
$ |
1,208 |
$ |
— |
$ |
(25,124,758 |
) |
$ |
(25,123,550 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended March 31, 2021 |
||||||||||||||||||||||||||||
Ordinary Shares |
Additional |
Total |
||||||||||||||||||||||||||
Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - December 31, 2020 |
— |
$ |
— |
12,075,000 |
$ |
1,208 |
$ |
23,792 |
$ |
(14,779 |
) |
$ |
10,221 |
|||||||||||||||
Excess purchase price a b ove fair value of private placement warrants |
— | — | — | — | 1,383,265 | — | 1,383,265 | |||||||||||||||||||||
Accrection on Class A ordinary shares subject to possible redemption |
— | — | — | — | (1,407,057 | ) | (37,862,788 | ) | (39,269,845 | ) | ||||||||||||||||||
Net income |
— | — | — | — | — | (2,198,937 | ) | (2,198,937 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021 (unaudited) |
— |
$ |
— |
12,075,000 |
$ |
1,208 |
$ |
— |
$ |
(40,076,504 |
) |
$ |
(40,075,296 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2022 |
For the three months ended March 31, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | 5,775,190 | $ | (2,198,937 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Change in fair value of derivative liabilities |
(6,418,128 | ) | 1,221,950 | |||||
Financing costs - warrant liabilities |
— | 734,320 | ||||||
Interest expense |
|
|
1,761 |
|
|
|
— |
|
Unrealized gain on investments held in Trust Account |
(48,436 | ) | (16,726 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses and other assets |
72,999 | (1,047,537 | ) | |||||
Accounts payable |
52,103 | (62,086 | ) | |||||
Accrued expenses |
329,840 | 3,687 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(234,671 | ) | (1,365,329 | ) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Cash deposited in Trust Account |
— | (483,000,000 | ) | |||||
|
|
|
|
|||||
Net cash used in investing activities |
— | (483,000,000 | ) | |||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from note payable to related party |
— | 30,212 | ||||||
Repayment of note payable to related party |
— | (135,000 | ) | |||||
Proceeds from promissory note |
375,000 | — | ||||||
Proceeds received from initial public offering, gross |
— | 483,000,000 | ||||||
Proceeds received from private placement |
— | 12,324,495 | ||||||
Offering costs paid |
— | (9,710,907 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
375,000 | 485,508,800 | ||||||
|
|
|
|
|||||
Net increase in cash |
140,329 | 1,143,471 | ||||||
Cash - beginning of the period |
93,599 | — | ||||||
|
|
|
|
|||||
Cash - end of the period |
$ |
233,928 |
$ |
1,143,471 |
||||
|
|
|
|
|||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Offering costs included in accounts payable |
$ | — | $ | 84,340 | ||||
Offering costs included in accrued expenses |
$ | — | $ | 85,450 | ||||
Offering costs paid by related party under promissory note |
$ | — | $ | 104,788 | ||||
Deferred legal fees |
$ | — | $ | 250,000 | ||||
Deferred underwriting commissions |
$ | — | $ | 16,905,000 | ||||
Prepaid expenses paid by Sponsor in exchange for issuance of Class B ordinary shares |
$ | — | $ | 25,000 |
• | 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. |
For the Three Months Ended March 31, 2022 |
For the Three Months Ended March 31, 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income per common share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income (loss) |
$ | 4,620,152 | $ | 1,155,038 | $ | (1,552,658) | $ | (646,279) | ||||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average common shares outstanding |
48,300,000 | 12,075,000 | 27,370,000 | 11,392,500 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per common share |
$ | 0.10 | $ | 0.10 | $ | (0.06 | ) | $ | (0.06 | ) | ||||||
|
|
|
|
|
|
|
|
March 31, 2022 |
||||
Principal value of convertible working capital loan |
$ |
375,000 |
||
Fair value of Working Capital Loan Option |
180 |
|||
Debt discount |
(6,067 |
) | ||
|
|
|||
Carrying value of convertible working capital loan - related party |
$ |
369,113 |
||
|
|
Gross Proceeds |
$ | 483,000,000 | ||
Less: |
— | |||
Offering costs allocated to Class A shares subject to possible redemption |
(26,406,165 | ) | ||
Proceeds allocated to Public Warrants at issuance |
(12,863,680 | ) | ||
Plus: |
||||
Accrection on Class A ordinary shares subject to possible redemption amount |
39,269,845 | |||
Class A ordinary shares subject to possible redemption |
$ |
483,000,000 |
||
• | 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 to each warrant holder; and |
• | if, and only if, the last reported sale price (the “closing price”) of 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 on the third trading day prior to the date on which 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 by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; |
• | if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public 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. |
Description | Level 1 |
Level 2 |
Level 3 |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account - U.S. Treasury Securities |
$ | 483,060,748 | $ | — | $ | — | ||||||
Liabilities |
||||||||||||
Derivative liabilities - Public Warrants |
$ | 4,263,920 | $ | — | $ | — | ||||||
Derivative liabilities - Private Warrants |
— | — | 3,626,700 | |||||||||
Working capital loan option |
— | — | 180 |
Description | Level 1 |
Level 2 |
Level 3 |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account - U.S. Treasury Securities |
$ | 483,012,312 | $ | — | $ | — | ||||||
Liabilities |
||||||||||||
Derivative liabilities - Public Warrants |
$ | 7,728,000 | $ | — | $ | — | ||||||
Derivative liabilities - Private Warrants |
— | — | 6,573,100 |
March 31 , |
December 31, |
|||||||
2022 |
2021 |
|||||||
Share price |
$ | 9.80 | $ | 9.77 | ||||
Volatility |
6.8 | % | 15.3 | % | ||||
Expected life of the options to convert |
5.61 | 5.60 | ||||||
Risk-free rate |
2.41 | % | 1.32 | % | ||||
Dividend yield |
— | — |
January 20, |
March 31, |
|||||||
2022 |
2021 |
|||||||
Strike price of debt conversion |
$ |
1.50 |
$ |
1.50 |
||||
Volatility |
12.1 |
% |
6.8 |
% | ||||
Expected life of the options to convert |
5.82 |
5.63 |
||||||
Risk-free rate |
1.68 |
% |
2.41 |
% | ||||
Dividend yield |
— |
— |
Public Warrants |
Private Warrants |
Total |
||||||||||
Derivative warrant liabilities at December 31, 2020 |
$ | — | $ | — | $ | — | ||||||
Issuance of Public and Private Warrants |
12,863,680 | 10,941,230 | 23,804,910 | |||||||||
Transfer of Public Warrants to Level 1 |
(13,524,000 | ) | — | (13,524,000 | ) | |||||||
Change in fair value of derivative warrant liabilities |
660,320 | (4,368,130 | ) | (3,707,810 | ) | |||||||
Derivative warrant liabilities at December 31, 2021 |
— | 6,573,100 | 6,573,100 | |||||||||
Change in fair value of derivative warrant liabilities |
— | (2,946,400 | ) | (2,946,400 | ) | |||||||
Derivative warrant liabilities at March 31, 2022 |
$ |
— |
$ |
3,626,700 |
$ |
3,626,700 |
||||||
Fair value at December 31, 2021 |
$ |
— |
||
Initial fair value of Working Capital Loan Option |
7,828 |
|||
Change in fair value of Working capital loan option |
(7,648 |
) | ||
Fair value at March 31, 2022 |
$ |
180 |
||
* | 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. |
RMG ACQUISITION CORP. III | ||
By: | /s/ Robert S. Mancini | |
Name: | Robert S. Mancini | |
Title: | Chief Executive Officer |
1 Year RMG Acquisition Corporat... Chart |
1 Month RMG Acquisition Corporat... Chart |
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