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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ascendant Digital Acquisition Corp III | NYSE:ACDI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.38 | 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 |
Cayman Islands |
||
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Em ployerIdentification Number) | |
667 Madison Avenue, 5th Floor New York, |
10065 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbols |
Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant |
ACDI.U |
The New York Stock Exchange | ||
Class A ordinary shares, par value $0.0001 per share |
ACDI |
The New York Stock Exchange | ||
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share |
ACDI WS |
The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page |
||||||
PART 1 – FINANCIAL INFORMATION |
||||||
Item 1. |
1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. |
19 | |||||
Item 3. |
22 | |||||
Item 4. |
22 | |||||
PART II – OTHER INFORMATION |
||||||
Item 1. |
23 | |||||
Item 1A. |
23 | |||||
Item 2. |
23 | |||||
Item 3. |
24 | |||||
Item 4. |
24 | |||||
Item 5. |
24 | |||||
Item 6. |
24 | |||||
25 |
Item 1. |
Interim Financial Statements (unaudited) |
June 30, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash |
$ | 516,095 | $ | 831,432 | ||||
Prepaid expenses |
746,106 | 970,696 | ||||||
Total current assets |
1,262,201 | 1,802,128 | ||||||
Investments held in Trust Account |
306,566,918 | 306,016,692 | ||||||
Total Assets |
$ |
307,829,119 |
$ |
307,818,820 |
||||
Liabilities, Redeemable Class A Ordinary Shares and Shareholders’ Deficit: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 195,612 | $ | 27,416 | ||||
Accounts payable - related party |
— | 18,898 | ||||||
Accrued expenses |
2,586 | 119,732 | ||||||
Total current liabilities |
198,198 | 166,046 | ||||||
Derivative warrant liabilities |
3,445,000 | 18,285,000 | ||||||
Deferred underwriting commissions |
10,500,000 | 10,500,000 | ||||||
Total liabilities |
14,143,198 | 28,951,046 | ||||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value, 30,000,000 shares at redemption value of approximately $10.22 and $10.20 per share as of June 30, 2022 and December 31, 2021, respectively |
306,466,918 | 306,000,000 | ||||||
Shareholders’ Deficit: |
||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding |
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no non-redeemable shares issued and outstanding |
— | — | ||||||
Class B ordinary shares; $0.0001 par value; 50,000,000 shares authorized; 7,500,000 shares issued and outstanding |
750 | 750 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(12,781,747 | ) | (27,132,976 | ) | ||||
Total shareholders’ deficit |
(12,780,997 | ) | (27,132,226 | ) | ||||
Total Liabilities, Redeemable Class A Ordinary Shares and Shareholders’ Deficit |
$ |
307,829,119 |
$ |
307,818,820 |
||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, 2022 |
For the Period From February 19, 2021 (Inception) Through June 30, 2021 |
||||||||||||||
2022 |
2021 |
|||||||||||||||
General and administrative expenses |
$ | 240,825 | $ | 10,243 | $ | 512,116 | $ | 10,243 | ||||||||
Administrative expenses - related party |
30,000 | — | 60,000 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(270,825 | ) | (10,243 | ) | (572,116 | ) | (10,243 | ) | ||||||||
Other income: |
||||||||||||||||
Change in fair value of derivative warrant liabilities |
7,155,000 | — | 14,840,000 | — | ||||||||||||
Interest income from operating account |
16 | — | 37 | — | ||||||||||||
Income from investments held in Trust Account |
342,480 | — | 550,226 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income |
7,497,496 | — | 15,390,263 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
7,226,671 |
$ |
(10,243 |
) |
$ |
14,818,147 |
$ |
(10,243 |
) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted weighted average shares outstanding of Class A ordinary shares |
30,000,000 | — | 30,000,000 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income per ordinary share, Class A ordinary shares |
$ | 0.19 | $ | — | $ | 0.40 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted weighted average shares outstanding of Class B ordinary shares |
7,500,000 | 6,525,000 | 7,500,000 | 6,277,841 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per ordinary share, Class B ordinary shares |
$ | 0.19 | $ | (0.00 | ) | $ | 0.40 | $ | (0.00 | ) | ||||||
|
|
|
|
|
|
|
|
For the Three and Six Months Ended June 30, 2022 |
||||||||||||||||||||
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance - December 31, 2021 |
7,500,000 |
$ |
750 |
$ |
— |
$ |
(27,132,976 |
) |
$ |
(27,132,226 |
) | |||||||||
Net income |
— | — | — | 7,591,476 | 7,591,476 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance - March 31, 2022 (unaudited) |
7,500,000 |
$ |
750 |
$ |
— |
$ |
(19,541,500 |
) |
$ |
(19,540,750 |
) | |||||||||
Accretion of Class A ordinary shares subject to possible redemption amount |
— | — | — | (466,918 | ) | (466,918 | ) | |||||||||||||
Net income |
— | — | — | 7,226,671 | 7,226,671 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance - June 30, 2022 (unaudited) |
7,500,000 |
$ |
750 |
$ |
— |
$ |
(12,781,747 |
) |
$ |
(12,780,997 |
) | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
For the Period From February 19, 2021 (Inception) Through June 30, 2021 |
|||||||||||||||||||
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance - February 19, 2021 (inception) |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
|||||||||||
Issuance of Class B ordinary shares to Sponsor |
7,503,750 | 750 | 24,250 | — | 25,000 | |||||||||||||||
Net loss |
— | — | — | (10,243 | ) | (10,243 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance - March 31, 2021 (unaudited) |
7,503,750 |
$ |
750 |
$ |
24,250 |
$ |
(10,243 |
) |
$ |
14,757 |
||||||||||
Net loss |
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance - June 30, 2021 (unaudited) |
7,503,750 |
$ |
750 |
$ |
24,250 |
$ |
(10,243 |
) |
$ |
14,757 |
||||||||||
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2022 |
For the Period From February 19, 2021 (Inception) Through June 30, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | 14,818,147 | $ | (10,243 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares |
— | 10,243 | ||||||
Income from investments held in Trust Account |
(550,226 | ) | — | |||||
Change in fair value of derivative warrant liabilities |
(14,840,000 | ) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
224,590 | — | ||||||
Accounts payable |
168,196 | — | ||||||
Accounts payable - related party |
(18,898 | ) | — | |||||
Accrued expenses |
(117,146 | ) | — | |||||
Net cash used in operating activities |
(315,337 | ) | — | |||||
Net change in cash |
(315,337 | ) | — | |||||
Cash - beginning of the period |
831,432 | |||||||
Cash - end of the period |
$ |
516,095 |
$ |
— |
||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Payment of deferred offering costs by note payable - related party |
$ | — | $ | 103,546 | ||||
Deferred offering costs included in accrued expenses |
$ | — | $ | 130,420 | ||||
Payment of deferred offering costs by the Sponsor in exchange for the issuance of Class B ordinary shares |
$ | — | $ | 14,757 |
• | 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. |
Gross proceeds from Initial Public Offering |
$ |
300,000,000 |
||
Less: |
||||
Fair value of Public Warrants at issuance |
(9,180,180 |
) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemption |
(13,723,591 |
) | ||
Plus: |
||||
Accretion on Class A ordinary shares subject to possible redemption amount |
28,903,771 |
|||
|
|
|||
Class A ordinary share subject to possible redemption - December 31, 2021 |
306,000,000 |
|||
Plus: |
||||
Increase in redemption value of Class A ordinary shares subject to redemption |
466,918 |
|||
|
|
|||
Class A ordinary shares subject to possible redemption - June 30, 2022 |
$ |
306,466,918 |
||
|
|
For the Three Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2022 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income per ordinary share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income |
$ | 5,781,337 | $ | 1,445,334 | $ | 11,854,518 | $ | 2,963,629 | ||||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
30,000,000 | 7,500,000 | 30,000,000 | 7,500,000 | ||||||||||||
Basic and diluted net income per ordinary share |
$ | 0.19 | $ | 0.19 | $ | 0.40 | $ | 0.40 | ||||||||
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net loss per ordinary share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net loss |
$ | — | $ | (10,243 | ) | $ | — | $ | (10,243 | ) | ||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
— | 6,525,000 | — | 6,277,841 | ||||||||||||
Basic and diluted net loss per ordinary share |
$ | — | $ | (0.00 | ) | $ | — | $ | (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, which the Company refers to as the “30-day redemption period”; and |
• | if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares 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 “Description of Securities—Warrants— Public Shareholders’ Warrants—Anti-Dilution Adjustments”) 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. |
• | 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 set forth under “Description of Securities— Warrants—Public Shareholders’ Warrants” based on the redemption date and the “fair market value” of Class A ordinary shares (as defined below) except as otherwise described in “Description of Securities—Warrants—Public Shareholders’ Warrants”; |
• | if, and only if, the closing price of Class A ordinary shares 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 “Description of Securities—Warrants—Public Shareholders’ Warrants—Anti-dilution Adjustments”) 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 Class A ordinary shares 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 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 “Description of Securities—Warrants—Public Shareholders’ 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 |
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 |
$ | 306,566,918 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities - Public Warrant |
$ | 1,950,000 | $ | — | $ | — | ||||||
Derivative warrant liabilities - Private Placement Warrant |
$ | — | $ | — | $ | 1,495,000 |
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 |
$ | 306,016,692 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities—Public warrant |
$ | — | $ | — | $ | 10,350,000 | ||||||
Derivative warrant liabilities—Private warrant |
$ | — | $ | — | $ | 7,935,000 |
(1) | Includes $1,577 and $933 in cash as of June 30, 2022 and December 31, 2021, respectively. |
June 30, 2022 |
December 31, 2021 |
|||||||
Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Volatility |
12.80 | % | 10.80 | % | ||||
Stock price |
$ | 10.01 | $ | 9.81 | ||||
Expected term (years) |
5.51 | 5.86 | ||||||
Risk-free rate |
2.97 | % | 1.33 | % | ||||
Dividend yield |
0.00 | % | 0.00 | % | ||||
Probability of business combination |
10.00 | % | 90.00 | % |
Derivative warrant liabilities at December 31, 2021 - Level 3 |
$ | 18,285,000 | ||
Transfer of Public Warrants from Level 3 to level 1 |
(10,350,000 | ) | ||
Change in fair value of derivative warrant liabilities |
(3,335,000 | ) | ||
|
|
|||
Derivative warrant liabilities at March 31, 2022 - Level 3 |
$ | 4,600,000 | ||
Change in fair value of derivative warrant liabilities |
(3,105,000 | ) | ||
|
|
|||
Derivative warrant liabilities at June 30, 2022 - Level 3 |
$ | 1,495,000 | ||
|
|
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. |
** | 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. |
ASCENDANT DIGITAL ACQUISITION CORP. III | ||
By: | /s/ Mark Gerhard | |
Name: Mark Gerhard | ||
Title: Chief Executive Officer and Director (Principal Executive Officer) |
By: | /s/ Riaan Hodgson | |
Name: Riaan Hodgson | ||
Title: Chief Operating Officer and Director (Principal Financial and Accounting Officer) |
1 Year Ascendant Digital Acquis... Chart |
1 Month Ascendant Digital Acquis... Chart |
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