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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 Floor New 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 | ||
per share |
BACA |
The New York Stock Exchange | ||
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 | ☒ |
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19 |
Item 1. |
Condensed Financial Statements. |
Three Months Ended September 30, 2022 |
Three Months Ended September 30, 2021 |
Nine Months Ended September 30, 2022 |
For the period June 1, 2021 (inception) through September 30, 2021 |
|||||||||||||
General and administrative expenses |
$ | 215,009 | $ | 1,530 | $ | 1,017,019 | $ | 4,230 | ||||||||
Franchise tax expenses |
50,000 | 150,000 | 150,000 | 150,000 | ||||||||||||
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Loss from operations |
265,009 | 151,530 | 1,167,019 | 154,230 | ||||||||||||
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Other income (expense) |
||||||||||||||||
Interest income |
459 | — | 618 | — | ||||||||||||
Change in fair value of derivative warrant liabilities |
1,913,130 | — | 9,215,530 | — | ||||||||||||
Interest income on trust |
1,152,365 | — | 1,550,032 | — | ||||||||||||
Offering costs associated with derivative warrant liabilities |
— | (1,713,531 | ) | — | (1,713,531 | ) | ||||||||||
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|
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|
|||||||||
Total other income (expense) |
3,065,954 | (1,713,531 | ) | 10,766,180 | (1,713,531 | ) | ||||||||||
Net income (loss) before income taxes |
|
|
2,800,945 |
|
|
|
(1,865,061 |
) |
|
|
9,599,161 |
|
|
|
(1,867,761 |
) |
Income tax expense |
|
|
(270,578 |
) |
|
|
— | |
|
|
(270,578 |
) |
|
|
— | |
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|
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|
|
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Net income (loss) allocable to common stockholders |
$ | 2,530,367 | $ | (1,865,061 | ) | $ | 9,328,583 | $ | (1,867,761 | ) | ||||||
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Weighted average shares outstanding, redeemable Class A common stock |
27,510,000 | 277,778 | 27,510,000 | 204,918 | ||||||||||||
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Basic and diluted net income (loss) per share, redeemable Class A common stock |
$ | 0.07 | $ | (0.25 | ) |
$ | 0.27 | $ | (0.32 | ) | ||||||
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Weighted average shares outstanding, non-redeemable common stock |
6,877,500 | 7,817,500 | 6,877,500 | 5,714,652 | ||||||||||||
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|
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Basic and diluted net income (loss) per share, non-redeemable common stock |
$ | 0.07 | $ | (0.25 | ) |
$ | 0.27 | $ | (0.32 | ) | ||||||
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FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 |
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Stockholders’ (Deficit) Equity |
||||||||||||||||||||||||||||
Class A Common Stock subject to possible redemption |
Class B Common Stock |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Additional Paid- In Capital |
Accumulated Deficit |
Total Stockholders’ (Deficit) Equity |
||||||||||||||||||||||
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 | ) | |||||||||||||||||||
Net income |
— | — | — | — | — | 2,667,653 | 2,667,653 | |||||||||||||||||||||
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Balance - June 30, 2022 |
27,510,000 | $ | 275,100,000 | 6,877,500 | $ | 688 | $ | — | $ | (11,978,442 | ) | $ | (11,977,754 | ) | ||||||||||||||
Net income |
— | — | — | — | — | 2,530,367 | 2,530,367 | |||||||||||||||||||||
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Balance - September 30, 2022 |
27,510,000 |
$ |
275,100,000 |
6,877,500 |
$ |
688 |
$ |
— |
$ |
(9,448,075 |
) |
$ |
(9,447,387 |
) | ||||||||||||||
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FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND FOR THE PERIOD JUNE 1, 2021 (INCEPTION) THROUGH SEPTEMBER 30, 2021 |
||||||||||||||||||||||||||||
Stockholders’ (Deficit) Equity |
||||||||||||||||||||||||||||
Class A Common Stock subject to possible redemption |
Class B Common Stock |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Additional Paid- In Capital |
Accumulated Deficit |
Total Stockholders’ (Deficit) Equity |
||||||||||||||||||||||
Balance - June 1, 2021 (inception) |
— | $ | — | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Issuance of Class B common stock to Sponsor (1) |
— | — | 7,187,500 | 719 | 24,281 | — | 25,000 | |||||||||||||||||||||
Net loss |
— | — | — | — | — | (2,700 | ) | (2,700 | ) | |||||||||||||||||||
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Balance - June 30, 2021 |
— |
— |
7,187,500 |
719 |
24,281 |
(2,700 |
) |
22,300 |
||||||||||||||||||||
Sale of units in initial public offering, less allocation to derivative warrant liabilities, gross |
25,000,000 | 237,875,000 | — | — | — | — | — | |||||||||||||||||||||
Offering costs |
— | (13,552,045 | ) | — | — | — | — | — | ||||||||||||||||||||
Excess cash received over the fair value of private placement warrants |
— | — | — | — | 70,000 | — | 70,000 | |||||||||||||||||||||
Excess fair value of founder shares attributable to the anchor investors |
— | — | — | — | 1,009,105 | — | 1,009,105 | |||||||||||||||||||||
Deemed dividend to class A stockholders |
— | 25,677,045 | — | — | (1,103,386 | ) | (24,573,659 | ) | (25,677,045 | ) | ||||||||||||||||||
Net loss |
— | — | — | — | — | (1,865,061 | ) | (1,865,061 | ) | |||||||||||||||||||
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Balance - September 30, 2021 |
25,000,000 |
$ |
250,000,000 |
7,187,500 |
$ |
719 |
$ |
— |
$ |
(26,441,420 |
) |
$ |
(26,440,701 |
) | ||||||||||||||
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(1) | This number included an aggregate of up to 937,500 shares of Class B common stock subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriter. On November 12, 2021 the Sponsor forfeited 310,000 shares of Class B common stock. |
For the Nine Months Ended September 30, 2022 |
For the period June 1, 2021 (inception) through September 30, 2021 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net income (loss) |
$ | 9,328,583 | $ | (1,867,761 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Interest and dividend income from trust account |
(1,550,032 | ) | — | |||||
Change in fair value of derivative warrant liabilities |
(9,215,530 | ) | — | |||||
Offering costs associated with derivative warrant liabilities |
— | 1,713,531 | ||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses and other assets |
384,138 | (796,658 | ) | |||||
Accounts payable |
(15,816 | ) | 1,530 | |||||
Accrued expenses |
313,213 | — | ||||||
Income tax payable |
|
|
270,578 |
|
|
|
— |
|
Franchise tax payable |
(38,420 | ) | 150,000 | |||||
|
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|
|
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Net cash used in operating activities |
(523,286 | ) | (799,358 | ) | ||||
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CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Cash deposited in Trust Account |
— | (250,000,000 | ) | |||||
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|
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Net cash used in financing activities |
— | (250,000,000 | ) | |||||
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CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Proceeds from issuance of Class B common stock to Sponsor |
— | 25,000 | ||||||
Proceeds from note payable to related party |
— | 176,000 | ||||||
Repayment of note payable to related party |
— | (176,000 | ) | |||||
Proceeds received from initial public offering, gross |
— | 250,000,000 | ||||||
Proceeds received from private placement warrants |
— | 7,000,000 | ||||||
Offering costs paid |
— | (5,506,471 | ) | |||||
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|
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Net cash provided by financing activities |
— | 251,518,529 | ||||||
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NET (DECREASE) INCREASE IN CASH |
(523,286 | ) | 719,171 | |||||
CASH BEGINNING OF PERIOD |
670,762 | — | ||||||
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CASH END OF PERIOD |
$ | 147,476 | $ | 719,171 | ||||
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SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: |
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Deferred underwriting commissions |
$ | — | $ | 8,750,000 | ||||
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Deemed dividend to Class A stockholders |
$ | — | $ | 25,677,045 | ||||
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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 |
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Three Months |
Ended |
|||||||
Ended September |
September 30, |
|||||||
30, 2022 |
2021 |
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Class A Common Stock |
||||||||
Numerator: Earnings allocable to Redeemable Class A Common Stock |
||||||||
Net income (loss) allocable to Class A Common Stock subject to possible redemption |
$ | 2,024,294 | $ | (69,398 | ) | |||
Denominator: Weighted Average Class A Common Stock |
||||||||
Basic and diluted weighted average shares outstanding |
27,510,000 | 277,778 | ||||||
Basic and diluted net income (loss) per share |
$ | 0.07 | $ | (0.25 | ) | |||
Class B Common Stock |
||||||||
Numerator: Net income (loss) minus Net Earnings |
||||||||
Net income (loss) allocable to Class B Common Stock |
$ | 506,073 | $ | (1,795,664 | ) | |||
Denominator: Weighted Average Class B Common Stock |
||||||||
Basic and diluted weighted average shares outstanding |
6,877,500 | 7,187,500 | ||||||
Basic and diluted net income (loss) per share |
0.07 | $ | (0.25 | ) | ||||
For the period |
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June 1, 2021 |
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(inception) |
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Nine Months |
through |
|||||||
Ended September |
September 30, |
|||||||
30, 2022 |
2021 |
|||||||
Class A Common Stock |
||||||||
Numerator: Earnings allocable to Redeemable Class A Common Stock |
||||||||
Net income (loss) allocable to Class A Common Stock subject to possible redemption |
$ | 7,462,866 | $ | (64,656 | ) | |||
Denominator: Weighted Average Class A Common Stock |
||||||||
Basic and diluted weighted average shares outstanding |
27,510,000 | 204,918 | ||||||
Basic and diluted net income per share |
$ | 0.27 | $ | (0.32 | ) | |||
Class B Common Stock |
||||||||
Numerator: Net income (loss) minus Net Earnings |
||||||||
Net income (loss) allocable to Class B Common Stock |
$ | 1,865,717 | $ | (1,803,105 | ) | |||
Denominator: Weighted Average Class B Common Stock |
||||||||
Basic and diluted weighted average shares outstanding |
6,877,500 | 5,714,652 | ||||||
Basic and diluted net income (loss) per share |
$ | 0.27 | $ | (0.32 | ) | |||
As of September 30, 2022 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets: |
||||||||||||||||
U.S. Treasury Securities held in Trust Account |
$ | 276,655,160 | $ | — | $ | — | $ | 276,655,160 | ||||||||
$ | 276,655,160 | $ | — | $ | — | $ | 276,655,160 | |||||||||
As of December 31, 2021 |
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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 September 30, 2022 |
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Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities: |
||||||||||||||||
Public Warrants |
$ | 687,750 | $ | — | $ | — | $ | 687,750 | ||||||||
Private Placement Warrants |
— | 375,100 | — | 375,100 | ||||||||||||
Total |
$ | 687,750 | $ | 375,100 | $ | — | $ | 1,062,850 | ||||||||
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 | ||||||||
Warrant liabilities at January 1, 2022 |
$ | 3,675,980 | ||
Transfer of Private Placement Warrants From Level 3 to Level 2 |
(2,025,540 | ) | ||
Change in fair value of Private Placement Warrant liabilities |
(1,650,440 | ) | ||
Private Placement Warrant liabilities |
$ | — | ||
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. |
(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: November 10, 2022 | By: | /s/ Mohammed Ansari | ||||
Name: | Mohammed Ansari | |||||
Title: | Chief Executive Officer | |||||
Date: November 10, 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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