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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Churchill Capital Corp V | NYSE:CCV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.395 | 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 |
85-1023777 | |
(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, $0.0001 par value, and one-fourth of one warrant |
CCV.U | The New York Stock Exchange | ||
Shares of Class A common stock | CCV | The New York Stock Exchange | ||
Warrants included as part of the units | CCV 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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1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
18 | ||||
21 | ||||
21 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
22 | ||||
23 | ||||
24 | ||||
25 |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Formation and operating costs |
$ | 615,869 | $ | 602,453 | $ | 1,497,609 | $ | 920,450 | ||||||||
Loss from operations |
(615,869 |
) |
(602,453 |
) |
(1,497,609 |
) |
(920,450 |
) | ||||||||
Other income (expense): |
||||||||||||||||
Change in fair value of warrant liabilities |
6,580,000 | (17,325,000 | ) | 15,385,000 | (22,800,000 | ) | ||||||||||
Interest earned on marketable securities held in Trust Account |
720,560 | 3,975 | 868,369 | 98,435 | ||||||||||||
Unrealized loss on marketable securities held in Trust Account |
(104,469 | ) | (22,921 | ) | (111,426 | ) | (26,882 | ) | ||||||||
Change in fair value of conversion option liability |
6,700 | — | 145,441 | — | ||||||||||||
Interest expense - debt discount |
(51,951 | ) | — | (103,902 | ) | — | ||||||||||
Total other income (expense), net |
7,150,840 | (17,343,946 | ) | 16,183,482 | (22,728,447 | ) | ||||||||||
Income (Loss) before provision for income taxes |
6,534,971 | (17,946,399 | ) | 14,685,873 | (23,648,897 | ) | ||||||||||
Provision for income taxes |
(96,307 | ) | — | (96,307 | ) | — | ||||||||||
Net income (loss) |
$ |
6,438,664 |
$ |
(17,946,399 |
) |
$ |
14,589,566 |
$ |
(23,648,897 |
) | ||||||
Basic and diluted weighted average shares outstanding of Class A common stock |
50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class A common stock |
$ |
0.10 |
$ |
(0.29 |
) |
$ |
0.23 |
$ |
(0.38 |
) | ||||||
Basic and diluted weighted average shares outstanding of Class B common stock |
12,500,000 | 12,500,000 | 12,500,000 | 12,500,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class B common stock |
$ |
0.10 |
$ |
(0.29 |
) |
$ |
0.23 |
$ |
(0.38 |
) | ||||||
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 |
— |
$ |
— |
12,500,000 |
$ |
1,250 |
$ |
— |
$ |
(41,387,771 |
) |
$ |
(41,386,521 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 8,150,902 | 8,150,902 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance — March 31, 2022 |
— |
$ |
— |
12,500,000 |
$ |
1,250 |
$ |
— |
$ |
(33,236,869 |
) |
$ |
(33,235,619 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 6,438,664 | 6,438,664 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance — June 30, 2022 |
— |
$ |
— |
12,500,000 |
$ |
1,250 |
$ |
— |
$ |
(26,798,205 |
) |
$ |
(26,796,955 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance — January 1, 2021 |
— |
$ |
— |
12,500,000 |
$ |
1,250 |
$ |
— |
$ |
(43,506,825 |
) |
$ |
(43,505,575 |
) | ||||||||||||||
Remeasurement adjustment on redeemable common stock |
— | — | — | — | — | (16,948 | ) | (16,948 | ) | |||||||||||||||||||
Net loss |
— | — | — | — | — | (5,702,498 | ) | (5,702,498 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance — March 31, 2021 |
— |
$ |
— |
12,500,000 |
$ |
1,250 |
$ |
— |
$ |
(49,226,271 |
) |
$ |
(49,225,021 |
) | ||||||||||||||
Net loss |
— | — | — | — | — | (17,946,399 | ) | (17,946,399 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance — June 30, 2021 |
— |
$ |
— |
12,500,000 |
$ |
1,250 |
$ |
— |
$ |
(67,172,670 |
) |
$ |
(67,171,420 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||
2022 |
2021 |
|||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ | 14,589,566 | $ | (23,648,897 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Change in fair value of warrant liabilities |
(15,385,000 | ) | 22,800,000 | |||||
Amortization of debt discount |
103,902 | — | ||||||
Interest earned on marketable securities held in Trust Account |
(868,369 | ) | (98,435 | ) | ||||
Unrealized loss on marketable securities held in Trust Account |
111,426 | 26,882 | ||||||
Change in value of conversion option liability |
(145,441 | ) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
137,625 | (528,434 | ) | |||||
Accrued expenses |
742,187 | 184,582 | ||||||
Income taxes payable |
96,307 | — | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(617,797 |
) |
(1,264,302 |
) | ||||
|
|
|
|
|||||
Cash Flows from Investing Activities: |
||||||||
Cash withdrawn from Trust Account for working capital purposes |
573,500 | — | ||||||
|
|
|
|
|||||
Net cash provided by investing activities |
573,500 |
— | ||||||
Net change in cash |
(44,297 |
) |
(1,264,302 |
) | ||||
Cash – Beginning of period |
206,841 | 1,505,116 | ||||||
|
|
|
|
|||||
Cash – End of period |
$ |
162,544 |
$ |
240,814 |
||||
|
|
|
|
|||||
Supplementary cash flow information: |
||||||||
Cash paid for income taxes |
$ | 2,691 | $ | — | ||||
|
|
|
|
Gross proceeds |
$ | 500,000,000 | ||
Less: |
||||
Proceeds allocated to Public Warrants |
$ | (12,375,000 | ) | |
Class A common stock issuance costs |
$ | (26,303,933 | ) | |
Plus: |
||||
Remeasurement of carrying value to redemption value |
$ | 38,661,985 | ||
Class A common stock subject to possible redemption, December 31, 2020 |
$ | 499,983,052 | ||
Plus: |
||||
Remeasurement of carrying value to redemption value |
$ | 16,948 | ||
Class A common stock subject to possible redemption, December 31, 2021 |
$ | 500,000,000 | ||
Plus: |
||||
Remeasurement of carrying value to redemption value |
$ | — | ||
Class A common stock subject to possible redemption, June 30, 2022 |
$ | 500,000,000 |
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) |
$ | 5,150,931 | $ | 1,287,733 | $ | (14,357,119 | ) | (3,589,280 | ) | $ | 11,671,653 | $ | 2,917,913 | $ | (18,919,118 | ) | $ | (4,729,779 | ) | |||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding |
50,000,000 | 12,500,000 | 50,000,000 | 12,500,000 | 50,000,000 | 12,500,000 | 50,000,000 | 12,500,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Basic and diluted net income (loss) per common share |
$ | 0.10 | $ | 0.10 | $ | (0.29 | ) | $ | (0.29 | ) | $ | 0.23 | $ | 0.23 | $ | (0.38 | ) | $ | (0.38 | ) |
June 30, 2022 |
December 31, 2021 |
October 22, 2021 Borrowing (Initial Measurement) |
August 30, 2021 Borrowing (Initial Measurement) |
|||||||||||||
Underlying warrant value |
$ | 0.0000 | $ | 0.1454 | $ | 0.1607 | $ | 0.2228 | ||||||||
Exercise price |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Holding period |
0.29 | .29 | 0.25 | 0.25 | ||||||||||||
Risk-free rate % |
2.99 | % | 1.34 | % | 1.33 | % | 0.91 | % | ||||||||
Volatility % |
3.5 | % | 14.7 | % | 15.5 | % | 17.7 | % | ||||||||
Dividend yield % |
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % |
Fair value as of January 1, 2022 |
$ | 145,441 | ||
Change in fair value |
(138,741 | ) | ||
Fair value as of March 31, 2022 |
$ | 6,700 | ||
Change in fair value |
(6,700 | ) | ||
Fair value as of June 30, 2022 |
$ | — |
• | in whole and not in part; |
• | at a price of $0.01 per Public Warrant; |
• | upon not less than thirty (30) days’ prior written notice of redemption; |
• | if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $18.00 per share for any twenty (20)-trading days within a thirty (30)-trading day period ending on the business day prior to the notice of redemption to the Public Warrant holders; and |
• | if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the Warrants. |
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 |
December 31, 2021 |
|||||||||
Assets: |
||||||||||||
Marketable securities held in Trust Account |
1 | $ | 500,214,183 | $ | 500,030,740 | |||||||
Liabilities: |
||||||||||||
Warrant liabilities – Public Warrants |
1 | 4,125,000 | 12,250,000 | |||||||||
Warrant liabilities – Private Placement Warrants |
3 | 3,630,000 | 10,890,000 | |||||||||
Convertible Option Liability |
3 | — | 145,441 |
Private Warrants As of June 30, 2022 |
Private Warrants As of December 31, 2021 |
|||||||
Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Stock price |
$ | 9.85 | $ | 9.85 | ||||
Volatility |
3.5 | % | 14.7 | % | ||||
Probability of completing a Business Combination |
— | % | — | % | ||||
Term |
5.29 | 5.29 | ||||||
Risk-free rate |
2.99 | % | 1.34 | % | ||||
Dividend yield |
0.0 | % | 0.0 | % |
Private Placement |
Public |
Warrant Liabilities |
||||||||||
Fair value as of December 31, 2021 |
$ | 10,890,000 | $ | 12,250,000 | $ | 23,140,000 | ||||||
Change in valuation inputs or other assumptions |
(4,180,000 | ) | (4,625,000 | ) | (8,805,000 | ) | ||||||
Fair value as of March 31, 2022 |
6,710,000 | 7,625,000 | 14,335,000 | |||||||||
Change in valuation inputs or other assumptions |
(3,080,000 | ) | (3,500,000 | ) | (6,580,000 | ) | ||||||
Fair value as of June 30, 2022 |
$ | 3,630,000 | $ | 4,125,000 | $ | 7,755,000 |
Private Placement |
||||
Value of level 3 liabilities as of December 31, 2021 |
$ | 10,890,000 | ||
Change in valuation inputs or other assumptions |
(4,180,000 | ) | ||
Value of level 3 liabilities as of March 31, 2022 |
$ | 6,710,000 | ||
Change in valuation inputs or other assumptions |
(3,080,000 | ) | ||
Fair value as of June 30, 2022 |
$ | 3,630,000 |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2** | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
Exhibit 104 | Cover Page Interactive Data File — The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
* | Filed herewith. |
** | Furnished herewith. |
CHURCHILL CAPITAL CORP V | ||||||
Date: August 12, 2022 | By: | /s/ Michael Klein | ||||
Name: | Michael Klein | |||||
Title: | Chief Executive Officer and President | |||||
(Principal Executive Officer) | ||||||
Date: August 12, 2022 | By: | /s/ Jay Taragin | ||||
Name: | Jay Taragin | |||||
Title: | Chief Financial Officer | |||||
(Principal Accounting and Financial Officer) |
1 Year Churchill Capital Corp V Chart |
1 Month Churchill Capital Corp V Chart |
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