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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Athlon Acquisition Corporation | NASDAQ:SWET | 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% | 10.06 | 10.05 | 10.08 | 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 |
85-3331021 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbols |
Name of each exchange on which registered | ||
Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant |
SWETU |
The Nasdaq Stock Market LLC | ||
Class A common stock, par value $0.0001 per share |
SWET |
The Nasdaq Stock Market LLC | ||
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share |
SWETW |
The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page |
||||
Part I. Financial Information |
||||
1 | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
16 | ||||
19 | ||||
19 | ||||
Part II. Other Information |
||||
19 | ||||
19 | ||||
20 | ||||
20 | ||||
20 | ||||
20 | ||||
20 | ||||
21 |
March 31, 2022 (Unaudited) |
December 31, 2021 |
|||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash |
$ | 248,281 | $ | 666,122 | ||||
Prepaid expenses |
259,208 | 275,000 | ||||||
|
|
|
|
|||||
Total Current Assets |
507,489 | 941,122 | ||||||
Investments held in Trust Account |
276,053,421 | 276,039,258 | ||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ |
276,560,910 |
$ |
276,980,380 |
||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
||||||||
Current liabilities |
||||||||
Accrued expenses |
$ | 584,440 | $ | 726,537 | ||||
|
|
|
|
|||||
Total Current Liabilities |
584,440 | 726,537 | ||||||
Warrant liabilities |
5,330,000 | 12,789,868 | ||||||
Deferred underwriting fee payable |
9,660,000 | 9,660,000 | ||||||
|
|
|
|
|||||
Total Liabilities |
15,574,440 |
23,176,405 |
||||||
|
|
|
|
|||||
Commitments and Contingencies (Note 6) |
||||||||
Class A common stock subject to possible redemption, $0.0001 par value; 27,600,000 shares issued and outstanding at $10.00 per share redemption value as of March 31, 2022 and December 31, 2021 |
276,000,000 | 276,000,000 | ||||||
|
|
|
|
|||||
Stockholders’ Deficit |
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding |
— | — | ||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; none issued or outstanding |
||||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,900,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
690 | 690 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(15,014,220 | ) | (22,196,715 | ) | ||||
|
|
|
|
|||||
Total Stockholders’ Deficit |
(15,013,530 |
) |
(22,196,025 |
) | ||||
|
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
276,560,910 |
$ |
276,980,380 |
||||
|
|
|
|
For the Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Formation and operational costs |
$ | 291,536 | $ | 569,773 | ||||
Loss from operations |
(291,536 |
) |
(569,773 |
) | ||||
Other income: |
||||||||
Change in fair value of warrant liabilities |
7,459,868 | 4,828,400 | ||||||
Transaction costs incurred in connection with warrant liabilities |
— | (611,630 | ) | |||||
Interest earned on investments held in Trust Account |
14,163 | 17,126 | ||||||
Total other income, net |
7,474,031 | 4,233,896 | ||||||
Net income |
$ |
7,182,495 |
$ |
3,664,123 |
||||
Weighted average shares outstanding, Class A common stock |
27,600,000 | 23,568,539 | ||||||
Basic and diluted net income per share, Class A common stock |
$ |
0.21 |
$ |
0.12 |
||||
Basic weighted average shares outstanding, Class B common stock |
6,900,000 | 6,768,539 | ||||||
Basic net income per share, Class B common stock |
$ |
0.21 |
$ |
0.12 |
||||
Diluted weighted average shares outstanding, Class B common stock |
6,900,000 | 6,900,000 | ||||||
Diluted net income per share, Class B common stock |
$ |
0.21 |
$ |
0.12 |
||||
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance — January 1, 2022 |
— |
$ |
— |
6,900,000 |
$ |
690 |
$ |
— |
$ |
(22,196,715 |
) |
$ |
(22,196,025 |
) | ||||||||||||||
Net incom e |
— | — | — | — | — | 7,182,495 | 7,182,495 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2022 (unaudited) |
— |
$ |
— |
6,900,000 |
$ |
690 |
$ |
— |
$ |
(15,014,220 |
) |
$ |
(15,013,530 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance — January 1, 2021 |
— | $ |
— |
6,900,000 |
$ |
690 |
$ |
24,310 |
$ |
(2,241 |
) |
$ |
22,759 |
|||||||||||||||
Cash paid in excess of fair value for Private Placement Warrant s |
— | — | — | — | 1,729,600 | — | 1,729,600 | |||||||||||||||||||||
Accretion for Class A common stock subject to redemption amount |
— | — | — | — | (1,753,910 | ) | (23,910,222 | ) | (25,664,132 | ) | ||||||||||||||||||
Net income |
— | — | — | — | — | 3,664,123 | 3,664,123 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2021 (unaudited) |
— | $ |
— |
6,900,000 |
$ |
690 |
$ |
— |
$ |
(20,248,340 |
) |
$ |
(20,247,650 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 7,182,495 | $ | 3,664,123 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Interest earned on marketable securities held in Trust Account |
(14,163 | ) | (17,126 | ) | ||||
Change in fair value of warrant liabilities |
(7,459,868 | ) | (4,828,400 | ) | ||||
Transaction costs incurred in connection with warrant liabilities |
— | 611,630 | ||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
15,792 | (544,046 | ) | |||||
Accrued expenses |
(142,097 | ) | 410,725 | |||||
|
|
|
|
|||||
Net cash used in operating activities |
(417,841 |
) |
(703,094 |
) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Investment of cash in Trust Account |
— | (276,000,000 | ) | |||||
|
|
|
|
|||||
Net cash used in investing activities |
— | (276,000,000 |
) | |||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from sale of Units, net of underwriting discounts paid |
— | 270,480,000 | ||||||
Proceeds from sale of Private Placement Warrants |
— | 7,520,000 | ||||||
Proceeds from promissory notes – related party |
— | 20,000 | ||||||
Repayment of promissory notes – related party |
— | (80,000 | ) | |||||
Payment of offering costs |
— | (389,219 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
— | 277,550,781 |
||||||
|
|
|
|
|||||
Net Change in Cash |
(417,841 |
) |
847,687 |
|||||
Cash – Beginning |
666,122 | 4,457 | ||||||
|
|
|
|
|||||
Cash – Ending |
$ |
248,281 |
$ |
852,144 |
||||
|
|
|
|
|||||
Non-cash investing and financing activities: |
||||||||
Accretion for Class A common stock to redemption amount |
$ | — | $ | 25,664,132 | ||||
|
|
|
|
|||||
Deferred underwriting fee payable |
$ | — | $ | 9,660,000 | ||||
|
|
|
|
|||||
Initial value of warrant liability |
$ | — | $ | 16,416,400 | ||||
|
|
|
|
Gross proceeds |
$ | 276,000,000 | ||
Less: |
||||
Proceeds allocated to Public Warrants |
$ | (10,626,000 | ) | |
Class A common stock issuance costs |
(15,038,132 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
$ | 25,664,132 | ||
|
|
|||
Class A common stock subject to possible redemption |
$ | 276,000,000 | ||
|
|
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 net income per common share |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income, as adjusted |
$ | 5,745,996 | $ | 1,436,499 | $ | 2,846,616 | $ | 817,507 | ||||||||
Denominator: |
||||||||||||||||
Basic weighted average shares outstanding |
27,600,000 | 6,900,000 | 23,568,539 | 6,768,539 | ||||||||||||
Basic net income per common share |
$ | 0.21 | $ | 0.21 | $ | 0.12 | $ | 0.12 | ||||||||
Diluted net income per common share |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income, as adjusted |
$ | 5,745,996 | $ | 1,436,499 | $ | 2,834,334 | $ | 829,789 | ||||||||
Denominator: |
||||||||||||||||
Diluted weighted average shares outstanding |
27,600,000 | 6,900,000 | 23,568,539 | 6,900,000 | ||||||||||||
Diluted net income per common share |
$ | 0.21 | $ | 0.21 | $ | 0.12 | $ | 0.12 |
• | in whole and not in part; |
• | at a price of $0.01 per Public Warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and |
• | if, and only if, the closing price of the Class A common stock equals or exceeds $18.00 per share 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. |
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 |
March 31, 2022 |
December 31, 2021 |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund |
1 | $ | 276,053,421 | $ | 276,039,258 | |||||||
Liabilities: |
||||||||||||
Warrant Liability – Public Warrants |
1 | $ | 3,450,000 | $ | 8,278,620 | |||||||
Warrant Liability – Private Placement Warrants |
2 | $ | 1,880,000 | $ | 4,511,248 |
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ | — | $ | — | $ | — | ||||||
Initial measurement on January 14, 2021 |
5,790,400 | 10,626,000 | 16,416,400 | |||||||||
Change in fair value |
(1,654,400 | ) | (3,174,000 | ) | (4,828,400 | ) | ||||||
Transfer to level 1 |
— | (7,452,000 | ) | (7,452,000 | ) | |||||||
Fair value as of March 31, 2021 |
$ | 4,136,000 | — | $ | 4,136,000 | |||||||
101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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.INS) |
(1) | Previously filed as an exhibit to our Current Report on Form 8-K filed on January 15, 2021 and incorporated by reference herein. |
(2) | Previously filed as an exhibit to our Form S-1 filed on December 22, 2020 and incorporated by reference herein. |
* | Filed herewith. |
** | Furnished. |
ATHLON ACQUISITION CORP. | ||||||
Date: May 3, 2022 | By: | /s/ Chris Hickey | ||||
Name: | Chris Hickey | |||||
Title: | Chief Executive Officer and Director | |||||
(Principal Executive Officer) | ||||||
By: | /s/ David Poltack | |||||
Name: | David Poltack | |||||
Title: | Chief Financial Officer (Principal Accounting and Financial Officer) |
1 Year Athlon Acquisition Chart |
1 Month Athlon Acquisition Chart |
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