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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Spindletop Health Acquisition Corporation | NASDAQ:SHCA | 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% | 10.0551 | 8.83 | 11.11 | 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 |
86-2141947 | |
(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, $0.0001 par value, and one-half of one redeemable warrant |
SHCAU |
The Nasdaq Stock Market LLC | ||
Class A common stock, $0.0001 par value |
SHCA |
The Nasdaq Stock Market LLC | ||
Redeemable warrants |
SHCAW |
The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page |
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1 |
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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. |
17 |
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Item 3. |
21 |
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Item 4. |
22 |
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22 |
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Item 1. |
22 |
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Item 1A. |
22 |
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Item 2. |
23 |
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Item 6. |
24 |
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25 |
June 30, 2022 (Unaudited) |
December 31, 2021 |
|||||||
Assets |
||||||||
Cash |
$ | 857,057 | $ | 1,195,715 | ||||
Prepaid expense, current |
634,774 | 1,062,809 | ||||||
|
|
|
|
|||||
Total current assets |
1,491,831 | 2,258,524 | ||||||
Prepaid expenses, non-current |
— | 99,001 | ||||||
Investments in Trust Account |
234,936,916 | 234,603,651 | ||||||
|
|
|
|
|||||
Total Assets |
$ | 236,428,747 | $ | 236,961,176 | ||||
|
|
|
|
|||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit |
||||||||
Accounts payable and accrued expenses |
$ | 348,420 | $ | 223,236 | ||||
Taxes payable |
13,150 | — | ||||||
Due to related party |
20,000 | 20,000 | ||||||
|
|
|
|
|||||
Total current liabilities |
381,570 | 243,236 | ||||||
Warrant liability |
2,651,000 | 12,073,681 | ||||||
Deferred underwriting commissions |
8,050,000 | 8,050,000 | ||||||
|
|
|
|
|||||
Total liabilities |
11,082,570 | 20,366,917 | ||||||
|
|
|
|
|||||
Commitments and Contingencies (Note 6) |
||||||||
Class A common stock subject to possible redemption, 23,000,000 shares at redemption value |
234,649,469 | 234,600,000 | ||||||
Stockholders’ Deficit: |
||||||||
Preference shares, $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 (excluding 23,000,000 shares subject to possible redemption) |
— | — | ||||||
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding |
575 | 575 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(9,303,867 | ) | (18,006,316 | ) | ||||
|
|
|
|
|||||
Total stockholders’ deficit |
(9,303,292 | ) | (18,005,741 | ) | ||||
|
|
|
|
|||||
Total liabilities, Class A common stock subject to possible redemption and stockholders’ deficit |
$ | 236,428,747 | $ | 236,961,176 | ||||
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
For the Period from February 17, 2021 (Inception) through June 30, |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Formation and operating costs |
$ | 457,012 | $ | 2,191 | $ | 990,878 | $ | 2,668 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(457,012 |
) |
(2,191 |
) |
(990,878 |
) |
(2,668 |
) | ||||||||
Other income: |
||||||||||||||||
Earnings from investments held in trust account |
310,961 | — | 333,265 | — | ||||||||||||
Change in fair value of warrant liabilities |
2,763,560 | — | 9,422,681 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income |
3,074,521 | — | 9,755,946 | — | ||||||||||||
Income (loss) before provision for income taxes |
2,617,509 | (2,191 | ) | 8,765,068 | (2,668 | ) | ||||||||||
Provision for income taxes |
(13,150 | ) | — | (13,150 | ) | — | ||||||||||
Net income (loss) |
$ |
2,604,359 |
$ |
(2,191 |
) |
$ |
8,751,918 |
$ |
(2,668 |
) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted weighted average shares outstanding, Class A common stock subject to redemption |
23,000,000 | — | 23,000,000 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income per share of Class A common stock |
$ |
0.09 |
$ |
— |
$ |
0.30 |
$ |
— |
||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted weighted average shares outstanding, Class B common stock |
5,750,000 | 5,000,000 | 5,750,000 | 5,000,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class B common stock |
$ |
0.09 |
$ |
(0.00 |
) |
$ |
0.30 |
$ |
(0.00 |
) | ||||||
|
|
|
|
|
|
|
|
Class A Common Stock |
Class B Common Stock |
Additional |
Accumulated |
Stockholder’s |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Paid-in Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance as of December 31, 2021 |
— |
$ |
— |
5,750,000 |
$ |
575 |
$ |
— |
$ |
(18,006,316 |
) |
$ |
(18,005,741 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 6,147,559 | 6,147,559 | |||||||||||||||||||||
Balance as of March 31, 2022 (unaudited) |
— |
$ |
— |
5,750,000 |
$ |
575 |
$ |
— |
$ |
(11,858,757 |
) |
$ |
(11,858,182 |
) | ||||||||||||||
Accretion of Class A common stock subject to possible redemption |
(49,469 | ) | (49,469 | ) | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | 2,604,359 | 2,604,359 | |||||||||||||||||||||
Balance as of June 30, 2022 (unaudited) |
— |
$ |
— |
5,750,000 |
$ |
575 |
$ |
— |
$ |
(9,303,867 |
) |
$ |
(9,303,292 |
) | ||||||||||||||
Class A Common Stock |
Class B Common Stock |
Additional |
Accumulated |
Stockholder’s |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Paid-in Capital |
Deficit |
Equity |
||||||||||||||||||||||
Balance as of February 17, 2021 (Inception) |
— |
$ |
— |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||||||||||
Class B common stock issued to Sponsor |
— | — | 5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||||||||
Net loss |
— | — | — | — | — | (447 | ) | (447 | ) | |||||||||||||||||||
Balance as of March 31, 2021 (unaudited) |
— |
$ |
— |
5,750,000 |
$ |
575 |
$ |
24,425 |
$ |
(447 |
) |
$ |
24,553 |
|||||||||||||||
Net loss |
— | — | — | — | — | (2,221 | ) | (2,221 | ) | |||||||||||||||||||
Balance as of June 30, 2021 (unaudited) |
— |
$ |
— |
5,750,000 |
$ |
575 |
$ |
24,425 |
$ |
(2,668 |
) |
$ |
22,332 |
|||||||||||||||
For the six months ended June 30, 2022 |
For the period from February 17, 2021 (Inception) through June 30, 2021 |
|||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ | 8,751,918 | $ | (2,668 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Earnings from investments held in trust account |
(333,265 | ) | — | |||||
Change in fair value of warrant liabilities |
(9,422,681 | ) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Taxes payable |
13,150 | — | ||||||
Prepaid expenses |
527,036 | — | ||||||
Accounts payable and accrued expenses |
125,184 | 2,668 | ||||||
Net cash used in operating activities |
(338,658 | ) | — | |||||
Cash flows from financing activities: |
||||||||
Proceeds from initial stockholder |
— | 25,000 | ||||||
Payment of deferred offering costs |
— | (285,693 | ) | |||||
Proceeds from issuance of promissory note to related party |
— | 300,000 | ||||||
Net cash provided by financing activities |
— | 39,307 | ||||||
Net change in cash |
(338,658 | ) | 39,307 | |||||
Cash, beginning of the period |
1,195,715 | — | ||||||
Cash, end of the period |
$ | 857,057 | $ | 39,307 | ||||
Supplemental disclosure of cash flow information: |
||||||||
Deferred offering costs in accrued offering costs and expenses |
$ | — | $ | 177,118 | ||||
Accretion of Class A common stock subject to possible redemption |
49,469 | — | ||||||
Gross proceeds from Initial Public Offering |
$ | 230,000,000 | ||
Less: |
||||
Proceeds allocated to public warrants |
(9,441,500 | ) | ||
Class A common stock issuance cost |
(12,842,557 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
22,333,526 | |||
Proceeds from Private Placement deposited in Trust Account |
4,600,000 | |||
|
|
|||
Class A common stock subject to possible redemption |
$ |
234,649,469 |
||
|
|
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
For the Period from February 17, 2021 (Inception) through June 30, 2021 |
|||||||||||||||||||||||||||||
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
|||||||||||||||||||||||||
Basic and diluted net income (loss) per share |
||||||||||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Allocation of net income (loss) |
$ | 2,083,487 | $ | 520,872 | $ | — | (2,191 | ) | $ | 7,001,534 | $ | 1,750,384 | $ | — | $ | 2,668 | ||||||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Weighted-average shares outstanding including common stock subject to redemption |
23,000,000 | 5,750,000 | — | 5,000,000 | 23,000,000 | 5,750,000 | — | 5,000,000 | ||||||||||||||||||||||||
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|
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Basic and diluted net income (loss) per share |
$ | 0.09 | $ | 0.09 | $ | — | $ |
0.00 | $ | 0.30 | $ | 0.30 | $ | — | $ | 0.00 |
• | 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 (the “30-day redemption period”); 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 three trading days before the Company sends the notice of redemption to the warrant holders (which we refer to as the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “—Redeemable Warrants—Public Stockholders’ Warrants— Anti- Dilution Adjustments”). |
• | 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 table below, based on the redemption date and the “fair market value” of our 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 adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “—Redeemable Warrants—Public Stockholders’ Warrants—Anti-Dilution Adjustments”); and |
• | if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “—Redeemable Warrants—Public Stockholders’ Warrants—Anti- Dilution Adjustments”), 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 |
June 30, 2022 |
December 31, 2021 |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account – money market fund |
1 | $ | 234,936,916 | $ | 234,603,651 | |||||||
Liabilities: |
||||||||||||
Private Placement Warrants |
2 | $ | 1,386,000 | $ | 6,323,681 | |||||||
Public Warrants |
1 | $ | 1,265,000 | $ | 5,750,000 |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS* | Inline XBRL Instance Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
** | Furnished. |
SPINDLETOP HEALTH ACQUISITION CORP. | ||||||
Date: August 15, 2022 | By: | /s/ Evan S. Melrose | ||||
Name: | Evan S. Melrose | |||||
Title: | Chief Executive Officer and Chief Financial Officer | |||||
(Principal Executive Officer and Principal Financial and Accounting Officer) |
1 Year Spindletop Health Acquis... Chart |
1 Month Spindletop Health Acquis... Chart |
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