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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Priveterra Acquisition Corporation II | NASDAQ:TMKR | 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% | 10.78 | 10.75 | 10.99 | 0 | 01:00:00 |
☒ |
QUARTERLY REPORT UNDER 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
|
85-2478126
|
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS 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 and
one-half
of one Redeemable Warrant
|
TMKRU
|
The Nasdaq Stock Market LLC
|
||
Class A Common Stock, par value $0.0001 per share
|
TMKR
|
The Nasdaq Stock Market LLC
|
||
Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share
|
TMKRW
|
The Nasdaq Stock Market LLC
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page
|
||||||
PART 1—FINANCIAL INFORMATION
|
||||||
Item 1.
|
FINANCIAL STATEMENTS (UNAUDITED) | |||||
Condensed Balance Sheets | 1 | |||||
Condensed Statements of Operations | 2 | |||||
Condensed Statements of Changes in Stockholders’ Equity | 3 | |||||
Condensed Statement of Cash Flows | 4 | |||||
Notes to Condensed Financial Statements | 5 | |||||
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 24 | ||||
Item 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 28 | ||||
Item 4.
|
CONTROLS AND PROCEDURES | 28 | ||||
PART II—OTHER INFORMATION
|
||||||
Item 1.
|
LEGAL PROCEEDINGS | 29 | ||||
Item 1A.
|
RISK FACTORS | 29 | ||||
Item 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 29 | ||||
Item 3.
|
DEFAULTS UPON SENIOR SECURITIES | 30 | ||||
Item 4.
|
MINE SAFETY DISCLOSURES | 30 | ||||
Item 5.
|
OTHER INFORMATION | 30 | ||||
Item 6.
|
EXHIBITS | 30 | ||||
30 |
June 30, 2021
|
December 31,
2020 |
|||||||
Assets:
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 488,507 | $ | 18,716 | ||||
Prepaid expenses
|
395,791 | — | ||||||
|
|
|
|
|||||
Total current assets
|
|
884,298
|
|
18,716
|
||||
Deferred offering costs
|
— | 172,970 | ||||||
Investments held in Trust Account
|
278,806,032 | — | ||||||
|
|
|
|
|||||
Total Assets
|
$
|
279,690,330
|
$
|
191,686
|
||||
|
|
|
|
|||||
Liabilities and Stockholders’ Equity:
|
||||||||
Current liabilities:
|
||||||||
Franchise tax payable
|
$ | 67,008 | $ | 78,356 | ||||
Accrued expenses - related party
|
48,000 | — | ||||||
Promissory note - related party
|
— | 195,000 | ||||||
|
|
|
|
|||||
Total current liabilities
|
115,008 | 273,356 | ||||||
Deferred underwriting fee payable
|
10,350,000 | — | ||||||
Warrant liabilities
|
16,737,000 | — | ||||||
|
|
|
|
|||||
Total liabilities
|
|
27,202,008
|
|
273,356
|
||||
|
|
|
|
|||||
Commitments and Contingencies (Note 6)
|
||||||||
Class A common stock, $0.0001 par value, subject to possible redemption; 24,503,794 and no shares at redemption value at June 30, 2021 and December 31, 2020, respectively
|
247,488,321 | — | ||||||
Stockholders’ Equity:
|
||||||||
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; 27,600,000 and no shares issued at June 30, 2021 and December 31, 2020, respectively; 3,096,206 and no shares outstanding (excluding 24,503,794 and no shares subject to possible redemption) at June 30, 2021 and December 31, 2020, respectively
|
310 | — | ||||||
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 6,900,000 shares issued and outstanding
|
690 | 690 | ||||||
Additional
paid-in
capital
|
3,950,899 | 24,310 | ||||||
Accumulated earnings (deficit)
|
1,048,102 | (106,670 | ) | |||||
|
|
|
|
|||||
Total stockholders’ equity (deficit)
|
|
5,000,001
|
|
(81,670
|
)
|
|||
|
|
|
|
|||||
Total Liabilities and Stockholders’ Equity
|
$
|
279,690,330
|
$
|
191,686
|
||||
|
|
|
|
Three Months
Ended June 30,
2021
|
Six Months
Ended June 30,
2021
|
|||||||
Operating and formation costs
|
$ | 202,684 | $ | 282,704 | ||||
Expensed offering costs
|
— | 736,627 | ||||||
Franchise tax expense
|
49,727 | 98,907 | ||||||
|
|
|
|
|||||
Loss from operations
|
(252,411 | ) | (1,118,238 | ) | ||||
Unrealized gain on investments held in Trust Account
|
6,458 | 46,032 | ||||||
Change in fair value of warrant liabilities
|
(3,687,000 | ) | 4,863,006 | |||||
Interest in
c
ome
|
13 | 17 | ||||||
|
|
|
|
|||||
Net (loss) income
|
$
|
(3,932,940
|
)
|
$
|
3,790,817
|
|||
|
|
|
|
|||||
Basic and diluted weighted average shares outstanding, Redeemable Class A Common Stock
|
|
24,894,976
|
|
25,502,799
|
||||
|
|
|
|
|||||
Basic and diluted net earnings per share, Redeemable Class A Common Stock
|
$
|
0.00
|
$
|
0.00
|
||||
|
|
|
|
|||||
Basic weighted average shares outstanding,
Non-Redeemable
Class A and Class B Common Stock
|
|
9,605,024
|
|
8,814,039
|
||||
|
|
|
|
|||||
Basic net (loss) income per share,
Non-Redeemable
Class A and Class B Common Stock
|
$
|
(0.41
|
)
|
$
|
0.43
|
|||
|
|
|
|
|||||
Diluted weighted average shares outstanding,
Non-Redeemable
Class A and Class B Common Stock
|
|
9,605,024
|
|
8,814,039
|
||||
|
|
|
|
|||||
Diluted net loss per share,
Non-Redeemable
Class A and Class B Common Stock
|
$
|
(0.41
|
)
|
$
|
(0.12
|
)
|
||
|
|
|
|
Common Stock
|
Additional
|
Accumulated
|
Total
|
|||||||||||||||||||||||||
Class A
|
Class B
|
Paid-in
|
Earnings
|
Stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
(Deficit)
|
Equity
|
||||||||||||||||||||||
Balance - January 1, 2021
|
|
—
|
|
$ | — |
|
6,900,000
|
$ | 690 | $ | 24,310 | $ | (106,670 | ) | $ | (81,670 | ) | |||||||||||
Sale of 27,600,000 units in Initial Public Offering, less fair value of public warrants, net of offering expenses
|
27,600,000 | 2,760 | — | — | 248,428,414 | — | 248,431,174 | |||||||||||||||||||||
Excess of cash received over fair value of private placement warrants
|
— | — | — | — | 348,000 | — | 348,000 | |||||||||||||||||||||
Class A common stock subject to possible redemption
|
(24,893,194 | ) | (2,489 | ) | — | — | (248,782,725 | ) | (2,636,045 | ) | (251,421,259 | ) | ||||||||||||||||
Net income
|
— | — | — | — | — | 7,723,757 | 7,723,757 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021
|
|
2,706,806
|
|
271
|
|
6,900,000
|
|
690
|
|
17,999
|
|
4,981,042
|
|
5,000,002
|
||||||||||||||
Measurement adjustment on redeemable common stock
|
389,400 | 39 | — | — | 3,932,900 | — | 3,932,939 | |||||||||||||||||||||
Net loss
|
— | — | — | — | — | (3,932,940 | ) | (3,932,940 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - June 30, 2021
|
|
3,096,206
|
$
|
310
|
|
6,900,000
|
$
|
690
|
$
|
3,950,899
|
$
|
1,048,102
|
$
|
5,000,001
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities:
|
||||
Net income
|
$ | 3,790,817 | ||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||
Expensed offering costs on issuance of Public Warrants
|
736,627 | |||
Unrealized gain on investments held in Trust Account
|
(46,032 | ) | ||
Change in fair value of warrant liabilities
|
(4,863,006 | ) | ||
Changes in operating assets and liabilities:
|
||||
Franchise tax payable
|
(11,348 | ) | ||
Accrued expenses - related party
|
48,000 | |||
Prepaid expenses
|
(395,791 | ) | ||
|
|
|||
Net cash used in operating activities
|
|
(740,733
|
)
|
|
|
|
|||
Cash Flows from Investing Activities:
|
||||
Cash deposited in Trust Account
|
(278,760,000 | ) | ||
|
|
|||
Net cash used in investing activities
|
|
(278,760,000
|
)
|
|
|
|
|||
Cash Flows from Financing Activities:
|
||||
Repayment of promissory note
|
(195,000 | ) | ||
Proceeds from initial public offering, net of underwriter’s discount paid
|
270,480,000 | |||
Proceeds from sale of private placement warrants
|
8,700,000 | |||
Offering costs paid
|
(366,876 | ) | ||
Reimbursed offering costs
|
1,352,400 | |||
|
|
|||
Net cash provided by financing activities
|
|
279,970,524
|
||
|
|
|||
Net change in cash
|
|
469,791
|
||
Cash - beginning of period
|
|
18,716
|
||
|
|
|||
Cash - end of period
|
$
|
488,507
|
||
|
|
|||
Supplemental disclosure of noncash investing and financing activities:
|
||||
Class A common stock subject to possible redemption at IPO date
|
$ | 264,740,446 | ||
|
|
|||
Adjustments to Class A common stock subject to possible redemption
|
$ | (17,252,125 | ) | |
|
|
|||
Initial classification of warrant liabilities
|
$ | 21,600,006 | ||
|
|
|||
Deferred underwriting fee payable
|
$ | 10,350,000 | ||
|
|
|||
Reclassification of deferred offering costs to equity upon completion of the initial public offering
|
$ | 172,970 | ||
|
|
Three Months
Ended June 30, 2021 |
Six Months Ended
June 30, 2021 |
|||||||
Redeemable Class A Common Stock
|
||||||||
Numerator: Earnings allocable to Redeemable Class A Common Stock
|
||||||||
Unrealized gain on investments held in Trust Account
|
$ | 5,825 | $ | 42,534 | ||||
Franchise tax expense
|
(5,825 | ) | (42,534 | ) | ||||
|
|
|
|
|||||
Net earnings
|
$ | — | $ | — | ||||
|
|
|
|
|||||
Denominator: Weighted average Redeemable Class A Common Stock
|
||||||||
Basic and diluted weighted average shares outstanding, Redeemable Class A Common Stock
|
24,894,976 | 25,502,799 | ||||||
|
|
|
|
|||||
Basic and diluted net earnings per share, Redeemable Class A Common Stock
|
$ | 0.00 | $ | 0.00 | ||||
Non-Redeemable
Class A and Class B Common Stock
|
||||||||
Numerator: Net (loss) income minus net earnings—Basic
|
||||||||
Net (loss) income
|
$ | (3,932,940 | ) | $ | 3,790,817 | |||
Less: Net earnings attributable to Class A Common Stock subject to possible redemption
|
— | — | ||||||
|
|
|
|
|||||
Non-redeemable
net (loss) income—Basic
|
$ | (3,932,940 | ) | $ | 3,790,817 | |||
|
|
|
|
|||||
Denominator: Weighted average
Non-Redeemable
Class A and Class B Common Stock
|
||||||||
Basic weighted average shares outstanding,
Non-Redeemable
Class A and Class B Common Stock
|
9,605,024 | 8,814,039 | ||||||
|
|
|
|
|||||
Basic net (loss) income per share,
Non-Redeemable
Class A and Class B Common Stock
|
$ | (0.41 | ) | $ | 0.43 | |||
Numerator: Net income minus net earnings and change in fair value of warrant liabilities- Diluted
|
||||||||
Net income
|
$ | (3,932,940 | ) | $ | 3,790,817 | |||
Less: Net earnings attributable to Class A Common Stock subject to possible redemption
|
— | — | ||||||
Less: Change in fair value of warrant liabilities
|
— | (4,863,006 | ) | |||||
|
|
|
|
|||||
Non-redeemable
net loss—Diluted
|
$ | (3,932,940 | ) | $ | (1,072,189 | ) | ||
|
|
|
|
|||||
Denominator: Weighted average
Non-Redeemable
Class A and Class B Common Stock
|
||||||||
Diluted weighted average shares outstanding,
Non-Redeemable
Class A and Class B Common Stock
|
9,605,024 | 8,814,039 | ||||||
|
|
|
|
|||||
Diluted net loss per share,
Non-Redeemable
Class A and Class B Common Stock
|
$ | (0.41 | ) | $ | (0.12 | ) |
• |
in whole and not in part;
|
• |
at a price of $0.01 per Public Warrant;
|
• |
upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
|
• |
if, and only if, the closing price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a
30-trading
day period commencing after the warrants become exercisable and ending three business days before 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 value (as defined below) of the Company’s Class A common stock except as otherwise described below;
|
• |
if, and only if, the closing price of the Company’s Class A common stock equals or exceeds $10.00 per Public Share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) 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 Company’s Class A common stock for any
20
trading days within a
30
-trading
|
Description
|
Amount at Fair
Value |
Level 1
|
Level 2
|
Level 3
|
||||||||||||
June 30, 2021
|
||||||||||||||||
Assets
|
||||||||||||||||
Investments held in Trust Account:
|
||||||||||||||||
Money Market investments
|
$ | 278,806,032 | $ | 278,806,032 | $ | — | $ | — | ||||||||
Liabilities
|
||||||||||||||||
Warrant liability – Public Warrants
|
$ | 10,212,000 | $ | 10,212,000 | $ | — | $ | — | ||||||||
Warrant liability – Private Placement Warrants
|
$ | 6,525,000 | $ | — | $ | — | $ | 6,525,000 |
At January 12, 2021
(Initial Measurement) |
||||
Stock price
|
$ | 10.00 | ||
Strike price
|
$ | 11.50 | ||
Probability of completing a Business Combination
|
90.0 | % | ||
Expected life of the option to convert (in years)
|
6.6 | |||
Volatility
|
4.0% pre-merger
/
30.0% post-merger
|
|
||
Risk-free rate
|
0.8 | % | ||
Fair value of warrants
|
$ | 0.96 |
At January 12,
2021 (Initial Measurement) |
As of June 30,
2021 |
|||||||
Stock price
|
$ | 10.00 | $ | 9.72 | ||||
Strike price
|
$ | 11.50 | $ | 11.50 | ||||
Probability of completing a Business Combination
|
90.0 | % | 100.0 | % | ||||
Dividend yield
|
— | % | — | % | ||||
Remaining term (in years)
|
6.6 | 6.1 | ||||||
Volatility
|
14.0 | % | 12.0 | % | ||||
Risk-free rate
|
0.8 | % | 1.1 | % | ||||
Fair value of warrants
|
$ | 0.96 | $ | 0.75 |
Private
Placement |
Public
|
Warrant
Liabilities |
||||||||||
Fair value as of December 31, 2020
|
$ | — | $ | — | $ | — | ||||||
Initial measurement at January 12, 2021
|
8,352,000 | 13,248,006 | 21,600,006 | |||||||||
Change in valuation inputs or other assumptions
|
(1,827,000 | ) | (3,036,006 | ) | (4,863,006 | ) | ||||||
|
|
|
|
|
|
|||||||
Fair value as of June 30, 2021
|
$ | 6,525,000 | $ | 10,212,000 | $ | 16,737,000 | ||||||
|
|
|
|
|
|
* |
Filed herewith.
|
** |
Furnished herewith.
|
Tastemaker Acquisition Corp.
|
||||||
Date: August 12, 2021 | By: |
/s/ David Pace
|
||||
Name: David Pace | ||||||
Title: Chief Executive Officer | ||||||
Date: August 12, 2021 | By: |
/s/ Chris Bradley
|
||||
Name: Chris Bradley | ||||||
Title: Chief Financial Officer and Director |
1 Year Priveterra Acquisition C... Chart |
1 Month Priveterra Acquisition C... Chart |
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