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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sustainable Development Acquisition I Corporation | NASDAQ:SDAC | 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% | 10.40 | 10.21 | 10.40 | 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
|
85-4353398
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
5701 Truxtun Avenue, Suite 201
Bakersfield, California
|
93309
|
|
(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-half of one redeemable warrant
|
SDACU
|
|
||
Shares of Class A common stock included as part of the units
|
SDAC
|
|
||
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
|
SDACW
|
|
Large accelerated filer
|
☐ |
Accelerated filer
|
☐ |
Non-accelerated filer
|
☒ |
Smaller reporting company
|
☒ |
Emerging growth company
|
☒ |
Page
|
||
1 | ||
1 | ||
1 | ||
2 | ||
3
|
||
4
|
||
5
|
||
16
|
||
19 |
||
19 |
||
21 | ||
21
|
||
21
|
||
22 | ||
22 | ||
22 | ||
22 | ||
22 | ||
23
|
ITEM 1. |
INTERIM FINANCIAL STATEMENTS
|
September 30,
2022
(Unaudited)
|
December 31,
2021
|
|||||||
Assets:
|
||||||||
Cash
|
$
|
55,423
|
$
|
1,013,843
|
||||
Prepaid Expenses
|
217,933
|
577,500
|
||||||
Due from related party
|
7,429 | - | ||||||
Total current assets
|
280,785
|
1,591,343
|
||||||
Prepaid expenses – non-current portion
|
- | 54,418 | ||||||
Marketable securities held in Trust Account
|
318,009,009
|
316,273,116
|
||||||
Total Assets
|
$
|
318,289,794
|
$
|
317,918,877
|
||||
Liabilities, Common Stock Subject to Redemption, and Stockholders’ Deficit
|
||||||||
Accrued offering costs and expenses
|
$
|
661,231
|
$
|
780,704
|
||||
Income Tax Payable
|
295,709 | - | ||||||
Total Current Liabilities
|
956,940
|
780,704
|
||||||
Deferred underwriting fee
|
10,631,250
|
10,631,250
|
||||||
Warrant liability
|
1,022,584
|
14,878,193
|
||||||
Total liabilities
|
12,610,774
|
26,290,147
|
||||||
Commitments and Contingencies
|
||||||||
Common stock subject to possible redemption, 0.0001
par value, 31,625,000 stock at redemption value of $10.04 and $10.00 per share at September 30, 2022
and December 31, 2021, respectively
|
317,359,797
|
316,250,000
|
||||||
Stockholders’ Deficit:
|
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none
issued and outstanding
|
-
|
-
|
||||||
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; none
issued and outstanding at September 30, 2022 and December 31, 2021
|
-
|
-
|
||||||
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 7,906,250
shares issued and outstanding at September 30, 2022 and December 31, 2021
|
791
|
791
|
||||||
Additional paid-in capital
|
-
|
-
|
||||||
Accumulated deficit
|
(11,681,568
|
)
|
(24,622,061
|
)
|
||||
Total Stockholders’ Deficit
|
(11,680,777
|
)
|
(24,621,270
|
)
|
||||
Total Liabilities, Common Stock Subject to Redemption, and Stockholders’ Deficit
|
$
|
318,289,794
|
$
|
317,918,877
|
|
For the Three Months Ended
September 30,
|
For the Nine
Months Ended
September 30,
|
||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
|
||||||||||||||||
Operating costs
|
$
|
451,445
|
$ | 201,925 |
$
|
1,245,503
|
$ | 747,127 | ||||||||
Loss from Operations
|
(451,445
|
)
|
(201,925 | ) |
(1,245,503
|
)
|
(747,127 | ) | ||||||||
|
||||||||||||||||
Other income (expenses):
|
||||||||||||||||
Interest earned on marketable securities held in Trust Account
|
1,390,879
|
6,499 |
1,735,893
|
15,256 | ||||||||||||
Offering costs allocated to warrants
|
-
|
- |
-
|
(1,027,907 | ) | |||||||||||
Excess of fair value over cash received for private placement
warrants
|
-
|
- |
-
|
(1,939,600 | ) | |||||||||||
Change in fair value of warrant liability
|
1,017,581
|
8,163,756 |
13,855,609
|
12,472,773 | ||||||||||||
Total other income, net
|
2,408,460
|
8,170,255 |
15,591,502
|
9,520,522 | ||||||||||||
|
||||||||||||||||
Income before provision for income taxes
|
1,957,015 | 7,968,330 | 14,345,999 | 8,773,395 | ||||||||||||
Provision for income taxes
|
(281,402 | ) | - | (295,709 | ) | - | ||||||||||
Net income
|
$
|
1,675,613
|
$ | 7,968,330 |
$
|
14,050,290
|
$ | 8,773,395 | ||||||||
Weighted average shares outstanding, Class A common stock
|
31,625,000
|
31,625,000 |
31,625,000
|
26,991,300 | ||||||||||||
Basic and diluted net income per share, Class A common
stock
|
$
|
0.04
|
$ | 0.20 |
$
|
0.36
|
$ | 0.25 | ||||||||
Weighted average shares outstanding, Class B common stock
|
7,906,250
|
7,906,250 |
7,906,250
|
7,755,151 | ||||||||||||
Basic and diluted net income per share, Class B common stock
|
$
|
0.04
|
$ | 0.20 |
$
|
0.36
|
$ | 0.25 |
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated |
Total
Stockholder’s
|
||||||||||||||||||||||||
Stock
|
Amount
|
Stock
|
Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||||||||
Balance as of
December 31, 2021
|
-
|
$
|
-
|
7,906,250
|
$
|
791
|
$
|
-
|
$
|
(24,622,061
|
)
|
$
|
(24,621,270
|
)
|
||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
6,991,287
|
6,991,287
|
|||||||||||||||||||||
Balance as of
March 31, 2022
|
-
|
$
|
-
|
7,906,250
|
$
|
791
|
$
|
-
|
$
|
(17,630,774
|
)
|
$
|
(17,629,983
|
)
|
||||||||||||||
Remeasurement of common stock subject to possible redemption
|
- | - | - | - | - | (53,823 | ) | (53,823 | ) | |||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
5,383,390
|
5,383,390
|
|||||||||||||||||||||
Balance as of June
30, 2022
|
-
|
$
|
-
|
7,906,250
|
$
|
791
|
$
|
-
|
$
|
(12,301,207
|
)
|
$
|
(12,300,416
|
)
|
||||||||||||||
Remeasurement of common stock subject to possible redemption
|
- | - | - | - | - | (1,055,974 | ) | (1,055,974 | ) | |||||||||||||||||||
Net income | - | - | - | - | - | 1,675,613 | 1,675,613 | |||||||||||||||||||||
Balance as of September 30, 2022
|
- | $ | - | 7,906,250 | $ |
791 | $ | - | $ | (11,681,568 | ) | $ | (11,680,777 | ) |
Class A
Common Stock
|
Class B
Common Stock
|
Additional
Paid-in
|
Accumulated |
Total
Stockholder’s
|
||||||||||||||||||||||||
Stock
|
Amount
|
Stock
|
Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||||||||
Balance as of
December 31, 2020
|
-
|
$
|
-
|
7,906,250
|
$
|
791
|
$
|
24,209
|
$
|
(2,412
|
)
|
$
|
22,588
|
|||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
9,306,785
|
9,306,785
|
|||||||||||||||||||||
Remeasurement of common stock subject to possible redemption
|
-
|
-
|
-
|
-
|
(24,209
|
)
|
(35,035,527
|
)
|
(35,059,736
|
)
|
||||||||||||||||||
Balance as of March 31, 2021
|
-
|
$
|
-
|
7,906,250
|
$
|
791
|
$
|
-
|
$
|
(25,731,154
|
)
|
$
|
(25,730,363
|
)
|
||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(8,501,720
|
)
|
(8,501,720
|
)
|
|||||||||||||||||||
Balance as of June 30, 2021
|
-
|
$
|
-
|
7,906,250
|
$
|
791
|
$
|
-
|
$
|
(34,232,874
|
)
|
$
|
(34,232,083
|
)
|
||||||||||||||
Net income | - | - | - | - | - | 7,968,330 | 7,968,330 | |||||||||||||||||||||
Balance as of September 30, 2021
|
- | $ |
- | 7,906,250 | $ |
791 | $ |
- | $ |
(26,264,544 | ) | $ |
(26,263,753 | ) |
|
For the Nine
Months Ended
September 30, 2022
|
For the Nine
Months Ended
September 30, 2021
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
14,050,290
|
$
|
8,773,395
|
||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Interest earned on marketable securities held in Trust Account
|
(1,735,893
|
)
|
(15,256
|
)
|
||||
Offering costs allocated to warrants
|
-
|
1,027,907
|
||||||
Excess of fair value over cash received for private placement warrants
|
-
|
1,939,600
|
||||||
Change in fair value of warrant liability
|
(13,855,609
|
)
|
(12,472,773
|
)
|
||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
413,985
|
(781,879
|
)
|
|||||
Due from related party
|
(7,429 | ) | - | |||||
Accrued expenses
|
(119,473
|
)
|
173,450
|
|||||
Income Tax Payable
|
295,709 | - | ||||||
Net cash used in operating activities
|
(958,420
|
)
|
(1,355,556
|
)
|
||||
|
||||||||
Cash Flows from Investing Activities:
|
||||||||
Investment of cash in Trust Account
|
-
|
(316,250,000
|
)
|
|||||
Net cash used in investing activities
|
-
|
(316,250,000
|
)
|
|||||
|
||||||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from sale of Units, net of underwriting discounts
|
-
|
310,175,000
|
||||||
Proceeds from sale of Private Warrants
|
-
|
9,325,000
|
||||||
Proceeds from issuance of promissory note to Sponsor
|
-
|
121,228
|
||||||
Payments on promissory issued to Sponsor
|
-
|
(136,678
|
)
|
|||||
Payment of deferred offering costs
|
-
|
(589,730
|
)
|
|||||
Net cash provided by financing activities
|
-
|
318,894,820
|
||||||
|
||||||||
Net change in cash
|
(958,420
|
)
|
1,289,264
|
|||||
Cash, beginning of period
|
1,013,843
|
-
|
||||||
Cash, end of the period
|
$
|
55,423
|
$
|
1,289,264
|
||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Accretion of Class A stock subject to redemption |
$ | 1,109,797 | $ | 35,059,736 | ||||
Deferred underwriters’ discount payable charged to additional paid-in capital
|
$
|
-
|
$
|
10,631,250
|
||||
Initial classification of warrant liability |
$ | - | $ | 30,018,225 |
Gross Proceeds
|
$
|
316,250,000
|
||
Less:
|
||||
Proceeds allocated to Public Warrants
|
(18,753,625
|
)
|
||
Class A common stock issuance costs
|
(16,306,111
|
)
|
||
Plus:
|
||||
Remeasurement of carrying value to redemption value
|
35,059,736
|
|||
Class A common stock subject to possible redemption at December 31, 2021
|
$
|
316,250,000
|
||
Plus: | ||||
Remeasurement of carrying value to redemption value |
1,109,797 | |||
Class A common stock subject to possible redemption at September 30, 2022 | $ |
317,359,797 |
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
|||||||||||||||
2022 | 2021 |
2022 | 2021 | |||||||||||||
Class A Common Stock
|
||||||||||||||||
Net income allocable to
Class A common stock
|
$
|
1,340,490
|
$ | 6,374,664 |
$
|
11,240,232
|
$ | 6,815,238 | ||||||||
Basic and diluted
weighted average shares outstanding
|
31,625,000
|
31,625,000 |
31,625,000
|
26,991,300 | ||||||||||||
Basic and diluted net
income per common share
|
$
|
0.04
|
$ | 0.20 |
$
|
0.36
|
$ | 0.25 | ||||||||
Class B Common Stock
|
||||||||||||||||
Net income allocable to
Class B common stock
|
$
|
335,123
|
$ | 1,593,666 |
$
|
2,810,058
|
$ | 1,958,157 | ||||||||
Basic and diluted
weighted average shares outstanding
|
7,906,250
|
7,906,250 |
7,906,250
|
7,755,151 | ||||||||||||
Basic and diluted net
income per common share
|
$
|
0.04
|
$ | 0.20 |
$
|
0.36
|
$ | 0.25 |
Level 1 -
|
Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block
discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.
|
Level 2 -
|
Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets,
(iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means.
|
Level 3 -
|
Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
|
● |
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 (the “30-day redemption period”) to each warrant holder; and
|
● |
if, and only if, the last reported sale price of the Class A common stock for any 20 trading days within a 30-trading day period ending (the “Reference Value”) trading days before the Company sends the
notice of redemption to the warrant holders equals or exceeds $18.00
per share (as adjusted for stock sub-divisions, stock capitalizations, reorganizations, recapitalizations and the like).
|
● |
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 the “fair market value” of the Class A common stock (as defined below in the immediately following
paragraph) except as otherwise described below;
|
● |
if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for stock sub-divisions, stock capitalizations, reorganizations, recapitalizations and the like); and
|
● |
if the Reference Value is less than $18.00 per share (as adjusted for stock sub-divisions, stock capitalizations, reorganizations, recapitalizations and the like), the private placement
warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.
|
September 30,
|
Quoted
Prices In
Active
Markets
|
Significant
Other
Observable
Inputs
|
Significant
Other
Unobservable
Inputs
|
|||||||||||||
2022
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
U.S. Money Market held in Trust Account
|
$
|
318,009,009
|
$
|
318,009,009
|
$
|
-
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Public Warrants Liability
|
$
|
621,431
|
$
|
621,431
|
$
|
-
|
$
|
-
|
||||||||
Private Placement Warrants Liability
|
401,153
|
-
|
-
|
401,153
|
||||||||||||
$
|
1,022,584
|
$
|
621,431
|
$
|
-
|
$
|
401,153
|
Fair Value at January 1, 2022
|
$
|
5,550,399
|
||
Change in fair value of public and private warrants
|
(2,722,959
|
)
|
||
Fair Value of private warrants at March 31, 2022
|
$
|
2,827,440
|
||
Change in fair value of public and private warrants
|
(2,052,275 | ) | ||
Fair Value of private warrants at June 30, 2022
|
$ | 775,165 | ||
Change in fair value of public and private warrants |
(374,012 | ) | ||
Fair Value of private warrants at September 30, 2022 |
$ | 401,153 |
Inputs
|
September 30,
2022
|
December 31,
2021
|
||||||
Risk-free interest rate
|
4.04
|
%
|
1.32
|
%
|
||||
Expected term remaining (years)
|
5.49
|
5.60
|
||||||
Expected volatility
|
1.3
|
%
|
10.7
|
%
|
||||
Stock price
|
$
|
9.84
|
$
|
9.74
|
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.
|
** |
Furnished.
|
Sustainable Development Acquisition I Corp.
|
||
Date: November 14, 2022
|
/s/ Nicole Neeman Brady
|
|
Name:
|
Nicole Neeman Brady
|
|
Title:
|
Chief Executive Officer and Director
|
|
(Principal Executive Officer)
|
||
Date: November 14, 2022
|
/s/ Eric Techel
|
|
Name:
|
Eric Techel
|
|
Title:
|
Chief Financial Officer
|
|
(Principal Financial and Principal Accounting Officer)
|
1 Year Sustainable Development ... Chart |
1 Month Sustainable Development ... Chart |
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