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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Advanced Merger Partners Inc | NYSE:AMPI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.07 | 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 |
85-3929296 | |
(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 and one-sixth of one redeemable Warrant |
AMPI.U |
The New York Stock Exchange | ||
Class A Common Stock, par value $0.0001 per share |
AMPI |
The New York Stock Exchange | ||
Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 |
AMPI WS |
The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Item 1. |
Financial Information |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Formation and operational costs |
$ | 370,984 | $ | 239,262 | $ | 737,638 | $ | 657,350 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(370,984 |
) |
(239,262 |
) |
(737,638 |
) |
(657,350 |
) | ||||||||
Other income (expense): |
||||||||||||||||
Change in fair value of warrant liability |
3,425,977 | (2,203,779 | ) | 5,116,557 | (589,029 | ) | ||||||||||
Interest income – cash equivalents |
— | 53 | — | 53 | ||||||||||||
Interest earned on investments held in Trust Account |
388,257 | 10,277 | 417,210 | 15,644 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other income (expense), net |
3,814,234 | (2,193,449 | ) | 5,533,767 | (573,332 | ) | ||||||||||
Income (Loss) before provision for income taxes |
3,443,250 | (2,432,711 | ) | 4,796,129 | (1,230,682 | ) | ||||||||||
Provision for income taxes |
(41,590 | ) | — | (41,590 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
3,401,660 |
$ |
(2,432,711 |
) |
$ |
4,754,539 |
$ |
(1,230,682 |
) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding, Class A common stock |
28,750,000 | 28,750,000 | 28,750,000 | 18,901,934, | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted earnings (loss) per share, Class A common stock |
$ |
0.09 |
$ |
(0.07 |
) |
$ |
0.13 |
$ |
(0.05 |
) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding of Class B common stock |
7,187,500 | 7,187,500 | 7,187,500 | 6,866,367 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted earnings (loss) per share, Class B common stock |
$ |
0.09 |
$ |
(0.07 |
) |
$ |
0.13 |
$ |
(0.05 |
) | ||||||
|
|
|
|
|
|
|
|
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 |
— |
$ |
— |
7,187,500 |
$ |
719 |
$ |
— |
$ |
(16,155,436 |
) |
$ |
(16,154,717 |
) | ||||||||||||||
Net income |
— |
— |
— |
— |
— |
1,352,879 |
1,352,879 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2022 |
— |
— |
7,187,500 |
719 |
— |
(14,802,557 |
) |
(14,801,838 |
) | |||||||||||||||||||
Accretion for Class A Common Stock Subject to Redemption |
(117,930 |
) |
(117,930 |
) | ||||||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
3,401,660 |
3,401,660 |
|||||||||||||||||||||
Balance – June 30, 2022 |
— |
$ |
— |
7,187,500 |
$ |
719 |
$ |
— |
$ |
(11,518,827 |
) |
$ |
(11,518,108 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance – January 1, 2021 |
— |
$ |
— |
7,187,500 |
$ |
719 |
$ |
24,281 |
$ |
(946 |
) |
$ |
24,054 |
|||||||||||||||
Accretion of Class A common stock to redemption amount |
— |
— |
— |
— |
(1,928,281 |
) |
(18,504,063 |
) |
(20,432,344 |
) | ||||||||||||||||||
Cash paid in excess of fair value for Private Placement Warrants |
— |
— |
— |
— |
1,904,000 |
— |
1,904,000 |
|||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
1,202,029 |
1,202,029 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2021 |
— |
— |
7,187,500 |
719 |
— |
(17,302,980 |
) |
(17,302,261 |
) | |||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
(2,432,711 |
) |
(2,432,711 |
) | |||||||||||||||||||
Balance – June 30, 2021 |
— |
$ |
— |
7,187,500 |
$ |
719 |
$ |
— |
$ |
(19,735,691 |
) |
$ |
(19,734,972 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||
2022 |
2021 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net income (loss) |
$ | 4,754,539 | $ | (1,230,682 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Change in fair value of warrant liability |
(5,116,557 | ) | 589,029 | |||||
Transaction costs related to warrant liability |
— | 302,772 | ||||||
Interest earned on investment held in Trust Account |
(417,210 | ) | (15,644 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
(245,393 | ) | (335,036 | ) | ||||
Accrued expenses |
(94,717 | ) | 107,854 | |||||
Income taxes payable |
41,590 | |||||||
Net cash flows used in operating activities |
(1,077,748 |
) |
(581,707 |
) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Investment of cash in Trust Account |
— | (287,500,000 | ) | |||||
Net cash flows used in financing activities |
— |
(287,500,000 |
) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Proceeds from sale of Units, net of underwriting discounts paid |
— | 282,150,000 | ||||||
Proceeds from sale of Private Placement Warrants |
— | 8,400,000 | ||||||
Repayment of promissory note – related party |
— | (79,992 | ) | |||||
Payment of offering costs |
— | (432,206 | ) | |||||
Net cash flows provided by financing activities |
— |
290,037,802 |
||||||
Net Change in Cash |
(1,077,748 |
) |
1,956,095 |
|||||
Cash – Beginning of period |
1,850,187 | 25,000 | ||||||
Cash – End of period |
$ |
772,439 |
$ |
1,981,095 |
||||
Non-Cash investing and financing activities: |
||||||||
Offering costs paid through promissory note |
$ | — | $ | 79,992 | ||||
Deferred underwriting fee payable |
$ | — | $ | 9,362,500 | ||||
Gross proceeds |
$ | 287,500,000 | ||
Less: |
||||
Proceeds allocated to Public Warrants |
(5,510,417 | ) | ||
Class A common stock issuance costs |
(14,921,927 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
20,432,344 | |||
|
|
|||
Class A common stock subject to possible redemption, December 31, 2021 |
287,500,000 | |||
Plus: |
||||
Accretion of carrying value to redemption value |
117,930 | |||
Class A common stock subject to possible redemption, June 30, 2022 |
$ | 287,617,930 | ||
|
|
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
Six Months Ended 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 common share |
||||||||||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Allocation of net income (loss), as adjusted |
$ | 2,721,328 | $ | 680,332 | $ | (1,946,169 | ) | $ |
(486,542 | ) | $ | 3,803,631 | $ | 950,908 | $ | (902,748 | ) | $ | (327,934 | ) | ||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding |
28,750,000 | 7,187,500 | 28,750,000 | 7,187,500 | 28,750,000 | 7,187,500 | 18,901,934 | 6,866,367 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Basic and diluted net income (loss) per common share |
$ | 0.09 | $ | 0.09 | $ | (0.07 | ) | $ |
(0.07 | ) | $ | 0.13 | $ | 0.13 | $ | (0.05 | ) | $ | (0.05 | ) |
• | 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; and |
• | if, and only if, the closing price of the Class A common stock for any 10 trading days within a 20-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 (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like). |
• | in whole and not in part; |
• | at a price of $0.10 per warrant provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock based on the redemption date and the fair market value of the Class A common stock; |
• | upon a minimum of 30 days’ prior written notice of redemption; |
• | if, and only if, the Reference Value (as defined above) equals or exceeds $10.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like); and |
• | if the Reference Value is less than $18.00 per share (as adjusted for stock splits, 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. |
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 |
June 30, 2022 |
Level |
December 31, 2021 |
||||||||||||
Assets: |
||||||||||||||||
Investments held in Trust Account |
1 | $ | 287,942,628 | |
1 |
|
|
$ | 287,525,418 | |||||||
Liabilities: |
|
|
|
|
||||||||||||
Warrant Liability - Public Warrants |
2 |
$ | 1,341,667 | |
1 |
|
|
$ | 3,689,584 | |||||||
Warrant Liability - Private Placement Warrants |
3 | $ | 1,586,480 | |
3 |
|
|
$ | 4,355,120 |
Input: |
June 30, 2022 |
December 31, 2021 |
||||||
Private Warrants |
Private Warrants |
|||||||
IPO Price (per unit) |
$ | 10.00 | $ | 10.00 | ||||
Underlying Asset Price (per share) |
$ | 9.78 | $ | 9.72 | ||||
Strike Price |
$ | 11.50 | $ | 11.50 | ||||
Time to Maturity (in years) |
5.68 | 6.17 | ||||||
Risk Free Interest Rate |
3.02 | % | 1.37 | % | ||||
Concluded Volatility for Black-Scholes-Merton Model |
2.6 | % | 11.5 | % |
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ | — | $ | — | $ | — | ||||||
Initial measurement on March 4, 2021 |
6,496,000 | 5,510,417 | 12,006,417 | |||||||||
Change in fair value |
(2,140,880 | ) | (718,750 | ) | (2,859,630 | ) | ||||||
Transfers to Level 1 on April 23, 2021 |
— | (4,791,667 | ) | (4,791,667 | ) | |||||||
Fair value as of December 31, 2021 |
4,355,120 |
— |
4,355,120 |
|||||||||
Change in fair value |
(2,768,640 | ) | — | (2,768,640 | ) | |||||||
Fair value as of June 30, 2022 |
$ |
1,586,480 |
$ |
— |
$ |
1,586,480 |
||||||
|
|
|
|
|
|
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 herewith. |
ADVANCED MERGER PARTNERS, INC. | ||||||
Date: August 15, 2022 | By: | /s/ Roy J. Katzovicz | ||||
Name: | Roy J. Katzovicz | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: August 15, 2022 | By: | /s/ Stephen Katchur | ||||
Name: | Stephen Katchur | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |
1 Year Advanced Merger Partners Chart |
1 Month Advanced Merger Partners Chart |
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