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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Executive Network Partnering Corporation | NYSE:ENPC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.25 | 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 |
001-39521 |
85-1669324 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
137 Newbury Street, 7th Floor Boston, |
02116 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
CAPS ™ , each consisting of one share of Class A common stock and one-fourth of one redeemable warrant |
ENPC.U |
The New York Stock Exchange | ||
Class A common stock, par value $0.0001 per share |
ENPC |
The New York Stock Exchange | ||
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share |
ENPC WS |
The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
March 31, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
Assets: |
||||||||
Current assets: |
||||||||
Cash |
$ | 153,469 | $ | 93,862 | ||||
Prepaid expenses |
117,605 | 206,980 | ||||||
|
|
|
|
|||||
Total current assets |
271,074 | 300,842 | ||||||
Investments held in Trust Account |
414,079,578 | 414,052,978 | ||||||
|
|
|
|
|||||
Total Assets |
$ |
414,350,652 |
$ |
414,353,820 |
||||
|
|
|
|
|||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 94,482 | $ | 68,735 | ||||
Accounts payable—related party |
40,000 | — | ||||||
Accrued expenses |
1,226,050 | 953,135 | ||||||
Franchise tax payable |
49,315 | 174,603 | ||||||
Convertible note—related party |
770,000 | — | ||||||
|
|
|
|
|||||
Total current liabilities |
2,179,847 | 1,196,473 | ||||||
Convertible note—related party |
— | 430,000 | ||||||
Derivative warrant liabilities |
3,256,085 | 7,135,560 | ||||||
|
|
|
|
|||||
Total Liabilities |
5,435,932 | 8,762,033 | ||||||
Commitments and Contingencies |
||||||||
Class A common stock subject to possible redemption; $0.0001 par value; 41,400,000 shares issued and outstanding at $10.00 per share redemption value as of March 31, 2022 and December 31, 2021 |
414,000,000 | 414,000,000 | ||||||
Stockholders’ Deficit: |
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding as of March 31, 2022 and December 31, 2021 |
— | — | ||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 614,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
61 | 61 | ||||||
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 300,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
30 | 30 | ||||||
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
83 | 83 | ||||||
Accumulated deficit |
(5,085,454 | ) | (8,408,387 | ) | ||||
|
|
|
|
|||||
Total stockholders’ deficit |
(5,085,280 | ) | (8,408,213 | ) | ||||
|
|
|
|
|||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit |
$ |
414,350,652 |
$ |
414,353,820 |
||||
|
|
|
|
For the Three Months Ended |
||||||||
March 31, 2022 |
March 31, 2021 |
|||||||
Operating expenses |
||||||||
General and administrative expenses |
$ | 498,056 | $ | 276,551 | ||||
Administrative fee—related party |
60,000 | 60,000 | ||||||
Franchise tax expense |
25,086 | 49,315 | ||||||
|
|
|
|
|||||
Loss from operations |
(583,142 | ) | (385,866 | ) | ||||
Change in fair value of derivative warrant liabilities |
3,879,475 | 1,997,200 | ||||||
Income from investments held in Trust Account |
26,600 | 10,209 | ||||||
|
|
|
|
|||||
Net income |
$ | 3,322,933 | $ | 1,621,543 | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class A common stock, basic and diluted |
42,014,000 | 42,014,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share of Class A common stock |
$ | 0.08 | $ | 0.04 | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class B common stock, basic and diluted |
300,000 | 300,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share of Class B common stock |
$ | 0.08 | $ | 0.04 | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class F common stock, basic and diluted |
828,000 | 828,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share of Class F common stock |
$ | 0.08 | $ | 0.04 | ||||
|
|
|
|
Common Stock |
Total |
|||||||||||||||||||||||||||||||||||
Class A |
Class B |
Class F |
Additional Paid - in Capital |
Accumulated Deficit |
Stockholders’ Deficit |
|||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||
Balance—December 31, 2021 |
614,000 |
$ |
61 |
300,000 |
$ |
30 |
828,000 |
$ |
83 |
$ |
— |
$ |
(8,408,387 |
) |
$ |
(8,408,213 |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | — | — | 3,322,933 | 3,322,933 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance—March 31, 2022 (unaudited) |
614,000 |
$ |
61 |
300,000 |
$ |
30 |
828,000 |
$ |
83 |
$ |
— |
$ |
(5,085,454 |
) |
$ |
(5,085,280 |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
Total |
|||||||||||||||||||||||||||||||||||
Class A |
Class B |
Class F |
Additional Paid- in Capital |
Accumulated Deficit |
Stockholders’ Deficit |
|||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||||||||
Balance—December 31, 2020 |
614,000 |
$ |
61 |
300,000 |
$ |
30 |
828,000 |
$ |
83 |
$ |
— |
$ |
(9,880,718 |
) |
$ |
(9,880,544 |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | — | — | 1,621,543 | 1,621,543 | |||||||||||||||||||||||||||
Balance—March 31, 2021 (unaudited) |
614,000 |
$ |
61 |
300,000 |
$ |
30 |
828,000 |
$ |
83 |
$ |
— |
$ |
(8,259,175 |
) |
$ |
(8,259,001 |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
For the Three Months Ended |
||||||||
March 31, 2022 |
March 31, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 3,322,933 | $ | 1,621,543 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Change in fair value of derivative warrant liabilities |
(3,879,475 | ) | (1,997,200 | ) | ||||
Interest income from investments held in Trust Account |
(26,600 | ) | (10,209 | ) | ||||
Changes in assets and liabilities: |
||||||||
Prepaid expenses |
89,375 | 73,734 | ||||||
Accounts payable |
25,747 | 104,375 | ||||||
Accounts payable—related party |
40,000 | — | ||||||
Accrued expenses |
272,915 | 14,500 | ||||||
Franchise tax payable |
(125,288 | ) | (13,915 | ) | ||||
|
|
|
|
|||||
Net cash used in operating activities |
(280,393 | ) | (207,172 | ) | ||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from convertible note—related party |
340,000 | — | ||||||
|
|
|
|
|||||
Net cash provided by financing activities |
340,000 | — | ||||||
|
|
|
|
|||||
Net change in cash |
59,607 | (207,172 | ) | |||||
Cash—beginning of the period |
93,862 | 888,097 | ||||||
|
|
|
|
|||||
Cash—end of the period |
$ |
153,469 |
$ |
680,925 |
||||
|
|
|
|
• | Level 1, defined as observable inputs such as quoted prices 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. |
For the Three Months Ended March 31, 2022 |
For the Three Months Ended March 31, 2021 |
|||||||||||||||||||||||
Class A |
Class B |
Class F |
Class A |
Class B |
Class F |
|||||||||||||||||||
Basic net income per common stock: |
||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||
Allocation of net income |
$ | 3,236,051 | $ | 23,107 | $ | 63,775 | $ | 1,579,146 | $ | 11,276 | $ | 31,121 | ||||||||||||
Denominator: |
||||||||||||||||||||||||
Weighted average common stock outstanding, basic and diluted |
42,014,000 | 300,000 | 828,000 | 42,014,000 | 300,000 | 828,000 | ||||||||||||||||||
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|
|
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|
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|
|||||||||||||
Basic and diluted net income per share of common stock |
$ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.04 | $ | 0.04 | $ | 0.04 | ||||||||||||
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• | at any time while the warrants are exercisable, |
• | upon a minimum of 30 days’ prior written notice of redemption, |
• | if, and only if, the last sales price of shares of the Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30 trading day period (the “30-day trading period”) ending three business days before the Company sends the notice of redemption, and |
• | if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. |
Gross proceeds from Initial Public Offering |
$ | 414,000,000 | ||
Less: |
||||
Fair value of Public Warrants at issuance |
(13,558,500 | ) | ||
Offering costs allocated to Class A common stock subject to possible redemption |
(4,588,064 | ) | ||
Plus: |
||||
Accretion on Class A common stock subject to possible redemption value |
18,146,564 | |||
|
|
|||
Class A common stock subject to possible redemption |
$ | 414,000,000 | ||
|
|
Fair Value Measured as of March 31, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
Investments held in Trust Account—U.S. Treasury Securities |
$ | 414,079,578 | $ | — | $ | — | $ | 414,079,578 | ||||||||
Liabilities: |
||||||||||||||||
Warrant liabilities—Public Warrants |
$ | 3,208,500 | $ | — | $ | — | $ | 3,208,500 | ||||||||
Warrant liabilities—Private Placement Warrants |
$ | — | $ | — | $ | 47,585 | $ | 47,585 | ||||||||
Fair Value Measured as of December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
Investments held in Trust Account—U.S. Treasury Securities |
$ | 414,052,978 | $ | — | $ | — | $ | 414,052,978 | ||||||||
Liabilities: |
||||||||||||||||
Warrant liabilities—Public Warrants |
$ | 7,027,650 | $ | — | $ | — | $ | 7,027,650 | ||||||||
Warrant liabilities—Private Placement Warrants |
$ | — | $ | — | $ | 107,910 | $ | 107,910 |
March 31, 2022 |
December 31, 2021 |
|||||||
Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Stock Price |
$ | 9.85 | $ | 9.81 | ||||
Term (in years) |
5.00 | 5.00 | ||||||
Volatility |
6.00 | % | 14.20 | % | ||||
Risk-free interest rate |
2.47 | % | 1.34 | % | ||||
Dividend yield |
0.00 | % | 0.00 | % | ||||
Probability of success |
80.00 | % | 80.00 | % |
Level 3 warrant liabilities as of December 31, 2021 |
$ | 107,910 | ||
Change in fair value of warrant liabilities |
(60,325 | ) | ||
|
|
|||
Level 3 warrant liabilities as of March 31, 2022 |
$ | 47,585 | ||
|
|
|||
Level 3 warrant liabilities as of December 31, 2020 |
$ | 165,780 | ||
Change in fair value of warrant liabilities |
(30,700 | ) | ||
|
|
|||
Level 3 warrant liabilities as of March 31, 2021 |
$ | 135,080 | ||
|
|
* | 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. |
EXECUTIVE NETWORK PARTNERING CORPORATION | ||
By: | /s/ Alex Dunn | |
Name: | Alex Dunn | |
Title: | (Principal Executive Officer & Principal Financial and Accounting Officer) |
1 Year Executive Network Partne... Chart |
1 Month Executive Network Partne... Chart |
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