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Name | Symbol | Market | Type |
---|---|---|---|
RXR Acquisition Corporation | NASDAQ:RXRAU | NASDAQ | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.05 | 4.02 | 10.05 | 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 |
Delaware |
001-40148 |
86-1258996 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(IRS Employer Identification No.) |
625 RXR Plaza Uniondale, |
11556 | |
(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 share of Class A common stock, $0.0001 par value, and one-fifth of one redeemable warrant |
RXRAU |
The Nasdaq Capital Market LLC | ||
Class A common stock included as part of the units |
RXRA |
The Nasdaq Capital Market LLC | ||
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share |
RXRAW |
The Nasdaq Capital Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
June 30, 2022 (Unaudited) |
December 31, 2021 |
|||||||
Assets: |
||||||||
Current assets: |
||||||||
Cash |
$ | 67,211 | $ | 195,671 | ||||
Prepaid expenses |
252,082 | 368,665 | ||||||
|
|
|
|
|||||
Total current assets |
319,293 | 564,336 | ||||||
Investments held in Trust Account |
345,427,990 | 345,021,006 | ||||||
|
|
|
|
|||||
Total Assets |
$ |
345,747,283 |
$ |
345,585,342 |
||||
|
|
|
|
|||||
Liabilities and Stockholders’ Deficit: |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued expenses |
$ | 107,599 | $ | 161,372 | ||||
Income tax payable |
51,259 | — | ||||||
Franchise tax payable |
33,210 | 200,000 | ||||||
Note payable - related party |
450,000 | — | ||||||
|
|
|
|
|||||
Total current liabilities |
642,068 | 361,372 | ||||||
Derivative warrant liabilities |
1,960,800 | 8,991,820 | ||||||
Deferred underwriting commissions |
12,075,000 | 12,075,000 | ||||||
|
|
|
|
|||||
Total Liabilities |
14,677,868 | 21,428,192 | ||||||
|
|
|
|
|||||
Commitments and Contingencies |
||||||||
Class A common stock, $0.0001 par value; 250,000,000 shares authorized; 34,500,000 shares issued and outstanding, subject to possible redemption at $10.0003 and $10.00 per share as of June 30, 2022 and December 31, 2021, respectively |
345,009,706 | 345,000,000 | ||||||
Stockholders’ Deficit: |
||||||||
Preferred stock, $0.0001 par value; 2,500,000 shares authorized; none issued and outstanding as of June 30, 2022 and December 31, 2021 |
— | — | ||||||
Class B common stock, $0.0001 par value; 25,000,000 shares authorized; 8,625,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 |
863 | 863 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(13,941,154 | ) | (20,843,713 | ) | ||||
|
|
|
|
|||||
Total stockholders’ deficit |
(13,940,291 | ) | (20,842,850 | ) | ||||
|
|
|
|
|||||
Total Liabilities and Stockholders’ Deficit |
$ |
345,747,283 |
$ |
345,585,342 |
||||
|
|
|
|
For The Three Months Ended June 30, 2022 |
For The Three Months Ended June 30, 2021 |
For The Six Months Ended June 30, 2022 |
For The Period From January 5, 2021 (Inception) Through June 30, 2021 |
|||||||||||||
General and administrative expenses |
$ | 98,703 | $ | 283,388 | $ | 347,454 | $ | 353,289 | ||||||||
General and administrative expenses - related party |
30,000 | 30,000 | 60,000 | 39,032 | ||||||||||||
Franchise tax expenses |
50,000 | 49,315 | 67,025 | 97,584 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(178,703 | ) | (362,703 | ) | (474,479 | ) | (489,905 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other income (expense) |
||||||||||||||||
Change in fair value of derivative warrant liabilities |
3,811,370 | (582,330 | ) | 7,031,020 | 444,340 | |||||||||||
Offering costs associated with derivative warrant liabilities |
— | — | — | (424,230 | ) | |||||||||||
Income from investments held in Trust Account |
386,162 | 6,181 | 406,983 | 7,275 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense), net |
4,197,532 | (576,149 | ) | 7,438,003 | 27,385 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) before income taxes |
4,018,829 | (938,852 | ) | 6,963,524 | (462,520 | ) | ||||||||||
Income tax expense |
(51,259 | ) | — | (51,259 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) allocable to common stockholders |
$ | 3,967,570 | $ | (938,852 | ) | $ | 6,912,265 | $ | (462,520 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding of Class A common stock |
34,500,000 | 34,500,000 | 34,500,000 | 34,186,957 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class A |
$ | 0.09 | $ | (0.69 | ) | $ | 0.16 | $ | (0.69 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding of Class B common stock |
8,625,000 | 8,625,000 | 8,625,000 | 8,191,810 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class B |
$ | 0.09 | $ | (0.69 | ) | $ | 0.16 | $ | (0.69 | ) | ||||||
|
|
|
|
|
|
|
|
Stockholders’ Deficit |
||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||
Class A Common Stock subject to possible redemption |
Class B Common Stock |
Additional Paid-In |
Accumulated |
Stockholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - December 31, 2021 |
34,500,000 |
$ |
345,000,000 |
8,625,000 |
$ |
863 |
$ |
— |
$ |
(20,843,713 |
) |
$ |
(20,842,850 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 2,944,695 | 2,944,695 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2022 |
34,500,000 |
345,000,000 |
8,625,000 |
863 |
— |
(17,899,018 |
) |
(17,898,155 |
) | |||||||||||||||||||
Deemed dividend - increase in redemption value of Class A common stock subject to possible redemption |
— | 9,706 |
— | — | — | (9,706 | ) | (9,706 | ) | |||||||||||||||||||
Net income |
— | — | — | — | — | 3,967,570 | 3,967,570 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - June 30, 2022 |
34,500,000 |
$ |
345,009,706 |
8,625,000 |
$ |
863 |
$ |
— |
$ |
(13,941,154 |
) |
$ |
(13,940,291 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity (Deficit) |
||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||
Class A Common Stock subject to possible redemption |
Class B Common Stock |
Additional Paid-In |
Accumulated |
Stockholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
||||||||||||||||||||||
Balance - January 5, 2021 (inception) |
— |
$ |
— |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | — | 8,625,000 | 863 | 24,137 | — | 25,000 | |||||||||||||||||||||
Sale of units in initial public offering, less allocation to derivative warrant liabilities, gross |
34,500,000 | 337,686,000 | — | — | — | — | — | |||||||||||||||||||||
Offering costs |
— | (19,106,790 | ) | — | — | — | — | — | ||||||||||||||||||||
Excess cash received over the fair value of private placement warrants |
— | — | — | — | 2,551,330 | — | 2,551,330 | |||||||||||||||||||||
Deemed dividend to Class A stockholders |
— | 26,420,790 | — | — | (2,575,467 | ) | (23,845,323 | ) | (26,420,790 | ) | ||||||||||||||||||
Net income |
— | — | — | — | — | 476,332 | 476,332 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021 |
34,500,000 |
345,000,000 |
8,625,000 |
863 |
— |
(23,368,991 |
) |
(23,368,128 |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | (938,852 | ) | (938,852 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - June 30, 2021 |
34,500,000 |
$ |
345,000,000 |
8,625,000 |
$ |
863 |
$ |
— |
$ |
(24,307,843 |
) |
$ |
(24,306,980 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Six Months Ended June 30, 2022 |
For The Period From January 5, 2021 (Inception) Through June 30, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | 6,912,265 | $ | (462,520 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Change in fair value of derivative warrant liabilities |
(7,031,020 | ) | (444,340 | ) | ||||
Offering costs associated with derivative warrant liabilities |
— | 424,230 | ||||||
Income from investments held in Trust Account |
(406,983 | ) | (7,275 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
116,582 | (538,873 | ) | |||||
Accounts payable and accrued expenses |
(53,773 | ) | 64,464 | |||||
Income tax payable |
51,259 | — | ||||||
Franchise tax payable |
(166,790 | ) | 97,585 | |||||
|
|
|
|
|||||
Net cash used in operating activities |
(578,460 | ) | (866,729 | ) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Cash deposited in Trust Account |
— | (345,000,000 | ) | |||||
|
|
|
|
|||||
Net cash used in investing activities |
— | (345,000,000 | ) | |||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from issuance of Class B common stock to Sponsor |
— | 25,000 | ||||||
Borrowings under note payable with related party |
450,000 | 150,000 | ||||||
Repayment of note payable to related party |
— | (150,000 | ) | |||||
Proceeds received from initial public offering, gross |
— | 345,000,000 | ||||||
Proceeds received from private placement |
— | 8,900,000 | ||||||
Offering costs paid |
— | (7,386,020 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
450,000 | 346,538,980 | ||||||
|
|
|
|
|||||
Net change in cash |
(128,460 | ) | 672,251 | |||||
Cash - beginning of the period |
195,671 | — | ||||||
|
|
|
|
|||||
Cash - end of the period |
$ |
67,211 |
$ |
672,251 |
||||
|
|
|
|
|||||
Supplemental disclosure of noncash activities: |
||||||||
Offering costs included in accrued expenses |
$ | — | $ | 70,000 | ||||
Deferred underwriting commissions |
$ | — | $ | 12,075,000 | ||||
Deemed dividend to Class A stockholders |
$ | 9,706 | $ | 26,420,790 |
• | 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 Six Months Ended June 30, 2022 |
For The Period From January 5, 2021 (Inception) Through June 30, 2021 |
|||||||||||||||
Basic and diluted net income per common share |
Class A |
Class B |
Class A |
Class B |
||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income |
$ |
5,522,047 |
$ |
1,380,512 |
$ |
(23,744,928 |
) |
$ |
(5,689,712 |
) | ||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average common shares outstanding |
34,500,000 |
8,625,000 |
34,186,957 |
8,191,810 |
||||||||||||
Basic and diluted net income, as adjusted, per common share |
$ |
0.16 |
$ |
0.16 |
$ |
(0.69 |
) |
$ |
(0.69 |
) |
For The Three Months Ended June 30, 2022 |
For The Three Months Ended June 30, 2021 |
|||||||||||||||
Basic and diluted net income per common share |
Class A |
Class B |
Class A |
Class B |
||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income, as adjusted |
$ |
3,166,291 |
$ |
791,573 |
$ |
(23,928,778 |
) |
$ |
(5,982,194 |
) | ||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average common shares outstanding |
34,500,000 |
8,625,000 |
34,500,000 |
8,625,000 |
||||||||||||
Basic and diluted net income, as adjusted, per common share |
$ |
0.09 |
$ |
0.09 |
$ |
(0.69 |
) |
$ |
(0.69 |
) |
For The Six Months Ended June 30, 2022 |
For The Period From January 5, 2021 (Inception) Through June 30, 2021 |
|||||||
Net income (loss) as reported |
$ | 6,912,265 | $ | (462,520 | ) | |||
Reconciliation Items: |
||||||||
Excess cash received over the fair value of private placement warrants |
— | (2,551,330 | ) | |||||
Deemed dividend to Class A stockholders |
(9,706 | ) | (26,420,790 | ) | ||||
|
|
|
|
|||||
Allocation of net income (loss), as adjusted |
$ | 6,902,559 | $ | (29,434,640 | ) | |||
|
|
|
|
For The Three Months Ended June 30, 2022 |
For The Three Months Ended June 30, 2021 |
|||||||
Net income (loss) as reported |
$ | 3,967,570 | $ | (938,852 | ) | |||
Reconciliation Items: |
||||||||
Excess cash received over the fair value of private placement warrants |
— | (2,551,330 | ) | |||||
Deemed dividend to Class A stockholders |
(9,706 | ) | (26,420,790 | ) | ||||
|
|
|
|
|||||
Allocation of net income (loss), as adjusted |
$ | 3,957,864 | $ | (29,910,972 | ) | |||
|
|
|
|
• | 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 last reported sale price of Class A common stock 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 (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted). |
• | 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” (as defined below) of Class A common stock; |
• | if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted); and |
• | if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. |
June 30, 2022 |
||||||||||||
Description |
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-Money market fund |
$ | 345,427,990 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-Public warrants |
$ | 1,057,020 | $ | — | $ | — | ||||||
Derivative warrant liabilities-Private placement warrants |
$ | — | $ | 903,780 | $ | — | ||||||
Note payable - related party |
$ |
— |
$ |
— |
$ |
450,000 |
December 31, 2021 |
||||||||||||
Description |
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-Money market fund |
$ | 345,021,006 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-Public warrants |
$ | 4,831,580 | $ | — | $ | — | ||||||
Derivative warrant liabilities-Private placement warrants |
$ | — | $ | 4,160,240 | $ | — |
Note payable - related party at January 1, 2022 |
$ |
— |
||
Borrowing from sponsor |
450,000 |
|||
|
|
|||
Note payable - related party at June 30, 2022 |
$ |
450,000 |
||
|
|
|
|
|
Derivative warrant liabilities at March 3, 2021 (inception) |
$ | — | ||
Issuance of Public and Private Warrants |
13,662,670 | |||
Change in fair value of derivative warrant liabilities |
(1,026,670 | ) | ||
|
|
|||
Derivative warrant liabilities at March 31, 2021 |
12,636,000 | |||
Transfer of Public Warrants to Level 1 |
(6,762,000 | ) | ||
Transfer of Private Placement Warrants to Level 2 |
(5,874,000 | ) | ||
|
|
|||
Derivative warrant liabilities at June 30, 2021 |
$ | — | ||
|
|
* | 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. |
Dated: August 12, 2022 | RXR ACQUISITION CORP. | |||||
By: | /s/ Scott Rechler | |||||
Name: | Scott Rechler | |||||
Title: | Chief Executive Officer and Chairman |
1 Year RXR Acquisition Chart |
1 Month RXR Acquisition Chart |
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