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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Berenson Acquisition Corp I | NYSE:BACA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.15 | 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 |
87-1070217 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
667 Madison Avenue, 18 th FloorNew York, New York |
10065 | |
(Address of principal executive offices) |
(Zip Code) |
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, par value $0.0001 per share and one-half of one Warrant |
BACA.U |
The New York Stock Exchange | ||
Class A Common Stock, par value $0.0001 per share |
BACA |
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 |
BACA WS |
The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ | |||
Emerging growth company |
☒ |
Page |
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21 | ||||
21 |
March 31, 2022 (Unaudited) |
December 31, 2021 |
|||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash |
$ | 466,375 | $ | 670,762 | ||||
Prepaid expenses and other assets |
532,004 | 413,338 | ||||||
Total current assets |
998,379 | 1,084,100 | ||||||
Prepaid expenses and other assets, net of current portion |
— | 250,786 | ||||||
Cash held in Trust Account |
275,127,580 | 275,105,128 | ||||||
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|
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|
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TOTAL ASSETS |
$ | 276,125,959 | $ | 276,440,014 | ||||
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
||||||||
Accounts payable |
$ | 12,177 | $ | 35,194 | ||||
Accrued expenses |
241,299 | 56,600 | ||||||
Franchise tax payable |
50,000 | 117,310 | ||||||
|
|
|
|
|||||
Total current liabilities |
303,476 | 209,104 | ||||||
Derivative warrant liabilities |
5,739,390 | 10,278,380 | ||||||
Deferred underwriting fee payable |
9,628,500 | 9,628,500 | ||||||
|
|
|
|
|||||
TOTAL LIABILITIES |
15,671,366 | 20,115,984 | ||||||
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Commitments and Contingencies |
||||||||
Class A common stock, $0.0001 par value; 200,000,000 shares authorized; 27,510,000 shares issued and outstanding, subject to possible redemption at $10.00 per share |
275,100,000 | 275,100,000 | ||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
— | — | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,877,500 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
688 | 688 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(14,646,095 | ) | (18,776,658 | ) | ||||
|
|
|
|
|||||
Total stockholders’ deficit |
(14,645,407 | ) | (18,775,970 | ) | ||||
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|
|||||
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ DEFICIT |
$ | 276,125,959 | $ | 276,440,014 | ||||
|
|
|
|
For the Three Months Ended March 31, 2022 |
||||
General and administrative expenses |
$ | 380,879 | ||
Franchise tax expenses |
50,000 | |||
|
|
|||
Loss from operations |
430,879 | |||
Other income |
||||
Interest income |
22,452 | |||
Change in fair value of derivative warrant liabilities |
4,538,990 | |||
|
|
|||
Total other income |
4,561,442 | |||
|
|
|||
Net income allocable to common stockholders |
$ |
4,130,563 |
||
|
|
|||
Weighted average shares outstanding, redeemable Class A common stock |
27,510,000 |
|||
|
|
|||
Basic and diluted net income per share, redeemable Class A common stock |
$ |
0.12 |
||
|
|
|||
Weighted average shares outstanding, non-redeemable common stock |
6,877,500 |
|||
|
|
|||
Basic and diluted net income per share, non-redeemable common stock |
$ |
0.12 |
||
|
|
Stockholders’ Equity (Deficit) |
||||||||||||||||||||||||||||
Class A Common Stock subject to possible redemption |
Class B Common Stock |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Equity (Deficit) |
||||||||||||||||||||||
Balance - January 1, 2022 |
27,510,000 | $ | 275,100,000 | 6,877,500 | $ | 688 | $ | — | $ | (18,776,658 | ) | $ | (18,775,970 | ) | ||||||||||||||
Net income |
— | — | — | — | — | 4,130,563 | 4,130,563 | |||||||||||||||||||||
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Balance - March 31, 2022 |
27,510,000 |
$ |
275,100,000 |
6,877,500 |
$ |
688 |
$ |
— |
$ |
(14,646,095 |
) |
$ |
(14,645,407 |
) | ||||||||||||||
|
|
|
|
|
|
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|
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||
Net income |
$ | 4,130,563 | ||
Adjustments to reconcile net income to net cash used in operating activities: |
||||
Interest income |
(22,452 | ) | ||
Change in fair value of derivative warrant liabilities |
(4,538,990 | ) | ||
Changes in operating assets and liabilities: |
||||
Prepaid expenses and other assets |
132,120 | |||
Accounts payable |
(23,017 | ) | ||
Accrued expense |
184,699 | |||
Franchise tax payable |
(67,310 | ) | ||
|
|
|||
Net cash used in operating activities |
(204,387 | ) | ||
|
|
|||
NET DECREASE IN CASH |
(204,387 | ) | ||
CASH BEGINNING OF PERIOD |
670,762 | |||
|
|
|||
CASH END OF PERIOD |
$ | 466,375 | ||
|
|
Level 1— |
Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. | |
Level 2— |
Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
Level 3— |
Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation. |
Three Months Ended March 31, 2022 |
||||
Class A Common Stock |
||||
Numerator: Earnings allocable to Redeemable Class A Common Stock |
||||
Net income allocable to Class A Common Stock subject to possible redemption |
$ | 3,304,450 | ||
Denominator: Weighted Average Class A Common Stock |
||||
Basic and diluted weighted average shares outstanding |
27,510,000 | |||
|
|
|||
Basic and diluted net income per share |
$ | 0.12 | ||
|
|
|||
Class B Common Stock |
||||
Numerator: Net income minus Net Earnings |
||||
Net income allocable to Class B Common Stock |
$ | 826,113 | ||
Denominator: Weighted Average Class B Common Stock |
||||
Basic and diluted weighted average shares outstanding |
6,877,500 | |||
|
|
|||
Basic and diluted net income per share |
$ | 0.12 | ||
|
|
As of March 31, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
U.S. Treasury Securities held in Trust Account |
$ | 275,127,580 | $ | — | $ | — | $ | 275,127,580 | ||||||||
$ | 275,127,580 | $ | — | $ | — | $ | 275,127,580 | |||||||||
As of December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
U.S. Treasury Securities held in Trust Account |
$ | 275,105,128 | $ | — | $ | — | $ | 275,105,128 | ||||||||
$ | 275,105,128 | $ | — | $ | — | $ | 275,105,128 | |||||||||
As of March 31, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities: |
||||||||||||||||
Public Warrants |
$ | 3,713,850 | $ | — | $ | — | $ | 3,713,850 | ||||||||
Private Placement Warrants |
— | 2,025,540 | — | 2,025,540 | ||||||||||||
Total |
$ |
3,173,850 |
$ |
2,025,540 |
$ |
— |
$ |
5,739,390 |
||||||||
As of December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities: |
||||||||||||||||
Public Warrants |
$ | 6,602,400 | $ | — | $ | — | $ | 6,602,400 | ||||||||
Private Placement Warrants |
— | — | 3,675,980 | 3,675,980 | ||||||||||||
Total |
$ |
6,602,400 |
$ |
— |
$ |
3,675,980 |
$ |
10,278,380 |
||||||||
Private Placement Warrant liabilities at January 1, 2022 |
$ | 3,675,980 | ||
Change in fair value of Private Placement Warrant liabilities |
(1,650,440 | ) | ||
Transfer of Private Placement Warrants from Level 3 to Level 2 |
(2,025,540 | ) | ||
Private Placement Warrant liabilities at March 31, 2022 |
$ | — | ||
* | Filed herewith. |
** | Furnished herewith. |
(1) | Previously filed as an exhibit to the Registrant’s Current Report on Form 8-K filed with the SEC on October 1, 2021 and incorporated by reference herein. |
(2) | Previously filed as an exhibit to the Registrant’s Registration Statement on Form S-1 filed with the SEC on September 10, 2021 and incorporated by reference herein. |
BERENSON ACQUISITION CORP. I | ||||||
Date: May 12, 2022 | By: | /s/ Mohammed Ansari | ||||
Name: | Mohammed Ansari | |||||
Title: | Chief Executive Officer | |||||
Date: May 12, 2022 | By: | /s/ Amir Hegazy | ||||
Name: | Amir Hegazy | |||||
Title: | Chief Financial Officer |
1 Year Berenson Acquisition Cor... Chart |
1 Month Berenson Acquisition Cor... Chart |
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