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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Live Oak Crestview Climate Acquisition Corp | NYSE:LOCC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.43 | 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 -40832 |
86-2044161 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
40 S. Main Street, #2550 Memphis, |
38103 | |||
(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, $0.0001 par value, and one-third of one redeemable warrant |
LOCC.U |
NYSE | ||
Class A common stock included as part of the units |
LOCC |
NYSE | ||
Redeemable warrants included as part of the units |
LOCC WS |
NYSE |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Page |
||||||
Item 1. | 1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. | 18 | |||||
Item 3. | 22 | |||||
Item 4. | 22 | |||||
Item 1. | 22 | |||||
Item 1A. | 22 | |||||
Item 2. | 23 | |||||
Item 3. | 23 | |||||
Item 4. | 23 | |||||
Item 5. | 23 | |||||
Item 6. | 24 | |||||
Signatures | 25 |
Item 1. |
Condensed Financial Statements |
June 30, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
Assets: |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 744,964 | $ | 1,861,218 | ||||
Prepaid expenses |
618,996 | 874,815 | ||||||
|
|
|
|
|||||
Total current assets |
1,363,960 | 2,736,033 | ||||||
Investments held in Trust Account |
200,294,523 | 200,004,310 | ||||||
|
|
|
|
|||||
Total Assets |
$ |
201,658,483 |
$ |
202,740,343 |
||||
|
|
|
|
|||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 144,936 | $ | 116,923 | ||||
Accrued expenses |
— | 610,748 | ||||||
Income tax payable |
40,152 | — | ||||||
Franchise tax payable |
100,000 | 55,636 | ||||||
|
|
|
|
|||||
Total current liabilities |
285,088 | 783,307 | ||||||
Deferred legal fees |
1,534,724 | 150,000 | ||||||
Deferred underwriting commissions |
6,300,000 | 6,300,000 | ||||||
|
|
|
|
|||||
Total liabilities |
8,119,812 | 7,233,307 | ||||||
Commitments and Contingencies |
||||||||
Class A common stock subject to possible redemption, $0.0001 par value; 20,000,000 shares at $10.003 and $10.000 per share as of June 30, 2022 and December 31, 2021, respectively |
200,052,698 | 200,000,000 | ||||||
Stockholders’ Deficit: |
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding |
— | — | ||||||
Class A common stock, $0.0001 par value; 250,000,000 shares authorized; no non-redeemable shares issued and outstanding as of June 30, 2022 and December 31, 2021 |
— | — | ||||||
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 5,000,000 shares issued or outstanding as of June 30, 2022 and December 31, 2021 |
500 | 500 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(6,514,527 | ) | (4,493,464 | ) | ||||
|
|
|
|
|||||
Total stockholders’ deficit |
(6,514,027 | ) | (4,492,964 | ) | ||||
|
|
|
|
|||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit |
$ |
201,658,483 |
$ |
202,740,343 |
||||
|
|
|
|
For The Three Months Ended June 30, |
For The Six Months Ended June 30, 2022 |
For The Period From February 12, 2021 (Inception) Through June 30, 2021 |
||||||||||||||
2022 |
2021 |
|||||||||||||||
General and administrative expenses |
$ | 298,626 | $ | 459 | $ | 2,029,415 | $ | 2,421 | ||||||||
General and administrative expenses - related party |
45,000 | — | 90,000 | — | ||||||||||||
Franchise tax expenses |
50,000 | 50,000 | 101,672 | 75,803 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(393,626 | ) | (50,459 | ) | (2,221,087 | ) | (78,224 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other income: |
||||||||||||||||
Interest income from investments held in Trust Account |
270,073 | — | 290,213 | — | ||||||||||||
Interest income from operating account |
1,113 | — | 2,661 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss before income taxes |
(122,440 | ) | (50,459 | ) | (1,928,213 | ) | (78,224 | ) | ||||||||
Income tax expense |
(40,152 | ) | — | (40,152 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ | (162,592 | ) | $ | (50,459 | ) | $ | (1,968,365 | ) | $ | (78,224 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding of Class A common stock, basic and diluted |
20,000,000 | — | 20,000,000 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss per share, Class A common stock |
$ | (0.01 | ) | $ | — | $ | (0.08 | ) | $ | — | ||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding of Class B common stock, basic and diluted |
5,000,000 | 5,000,000 | 5,000,000 | 4,820,144 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss per share, Class B common stock |
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.02 | ) | ||||
|
|
|
|
|
|
|
|
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
|||||||||||||||||||||||||
Class A |
Class B |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance - December 31, 2021 |
— |
$ |
— |
5,000,000 |
$ |
500 |
$ |
— |
$ |
(4,493,464 |
) |
$ |
(4,492,964 |
) | ||||||||||||||
Net loss |
— | — | — | — | — | (1,805,773 | ) | (1,805,773 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2022 (unaudited) |
— |
— |
5,000,000 |
500 |
— |
(6,299,237 |
) |
(6,298,737 |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | (162,592 | ) | (162,592 | ) | |||||||||||||||||||
Increase in redemption value of Class A common stock subject to possible redemption |
— | — | — | — | — | (52,698 | ) | (52,698 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - June 30, 2022 (unaudited) |
— |
$ |
— |
5,000,000 |
$ |
500 |
$ |
— |
$ |
(6,514,527 |
) |
$ |
(6,514,027 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
Additional Paid-In Capital |
Total Stockholder’s Deficit |
||||||||||||||||||||||||||
Class A |
Class B |
Accumulated Deficit |
||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance - February 12, 2021 (inception) |
— |
$ |
— |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||||||||||
Issuance of Class B common stock to Sponsor (1 )(2 ) |
— | — | 5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||||||||
Net loss |
— | — | — | — | — | (27,767 | ) | (27,767 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021 (unaudited) |
— |
— |
5,750,000 |
575 |
24,425 |
(27,767 |
) |
(2,767 |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | (50,459 | ) | (50,459 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - June 30, 2021 (unaudited) |
— |
$ |
— |
5,750,000 |
$ |
575 |
$ |
24,425 |
$ |
(78,224 |
) |
$ |
(53,224 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
This number includes up to 750,000 shares of Class B common stock that were subject to forfeiture if the over-allotment option for the Company’s initial public offering was not exercised in full or in part by the underwriters (see Note 4). On November 8, 2021, the over-allotment option expired, resulting in 750,000 shares of Class B common stock that were subject to forfeiture being forfeited. |
(2) |
In June 2021, the Sponsor returned to the Company at no cost an aggregate of 1,437,500 shares of Class B common stock, which the Company cancelled, resulting in an aggregate of 5,750,000 shares of Class B common stock outstanding. All shares and associated amounts have been retroactively restated to reflect the share surrender (see Note 4). |
For The Six Months Ended June 30, 2022 |
For The Period From February 12, 2021 (Inception) Through June 30, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net loss |
$ | (1,968,365 | ) | $ | (78,224 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Interest income from investments held in Trust Account |
(290,213 | ) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
255,819 | — | ||||||
Accrued expenses |
(610,748 | ) | — | |||||
Deferred legal fees |
1,384,724 | — | ||||||
Accounts payable |
28,013 | — | ||||||
Income tax payable |
40,152 | — | ||||||
Franchise tax payable |
44,364 | 75,803 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(1,116,254 | ) | (2,421 | ) | ||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from issuance of Class B common stock to Sponsor |
— | 25,000 | ||||||
Proceeds from note payable to related party |
— | 90,500 | ||||||
Offering costs paid |
— | (110,516 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
— | 4,984 | ||||||
|
|
|
|
|||||
Net change in cash |
(1,116,254 | ) | 2,563 | |||||
Cash - beginning of the period |
1,861,218 | — | ||||||
|
|
|
|
|||||
Cash - end of the period |
$ |
744,964 |
$ |
2,563 |
||||
|
|
|
|
|||||
Supplemental disclosure of noncash activities: |
||||||||
Offering costs included in accounts payable |
$ | — | $ | 5,500 | ||||
Offering costs included in accrued expenses |
$ | — | $ | 346,246 |
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) 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 June 30, |
||||||||||||
2022 |
2021 |
|||||||||||
Class A |
Class B |
Class B |
||||||||||
Basic and diluted net loss per common stock: |
||||||||||||
Numerator: |
||||||||||||
Allocation of net loss |
$ | (130,074 | ) | $ | (32,518 | ) | $ | (50,457 | ) | |||
Denominator: |
||||||||||||
Basic and diluted weighted average common stock outstanding |
20,000,000 | 5,000,000 | 5,000,000 | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net loss per common stock |
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||
|
|
|
|
|
|
For The Six Months Ended June 30, 2022 |
For The Period From February 12, 2021 (Inception) Through June 30, 2021 |
|||||||||||
Class A |
Class B |
Class B |
||||||||||
Basic and diluted net loss per common stock: |
||||||||||||
Numerator: |
||||||||||||
Allocation of net loss |
$ | (1,574,692 | ) | $ | (393,673 | ) | $ | (78,224 | ) | |||
Denominator: |
||||||||||||
Basic and diluted weighted average common stock outstanding |
20,000,000 | 5,000,000 | 4,820,144 | |||||||||
Basic and diluted net loss per common stock |
$ | (0.08 | ) | $ | (0.08 | ) | $ | (0.02 | ) | |||
Gross proceeds from Initial Public Offering |
$ | 200,000,000 | ||
Less: |
||||
Fair value of Public Warrants at issuance |
(6,933,330 | ) | ||
Offering costs allocated to Class A common stock |
(16,752,660 | ) | ||
Plus: |
||||
Accretion on Class A common stock subject to possible redemption amount |
23,685,990 | |||
Class A common stock subject to possible redemption as of March 31, 2022 |
200,000,000 | |||
Increase in redemption value of Class A common stock subject to possible redemption |
92,851 | |||
Class A common stock subject to possible redemption as of June 30, 2022 |
$ |
200,092,851 |
||
• | 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 (the “30-day redemption period”) to each warrant-holder; and |
• |
if, and only if, the last reported sale price of the Class A common stock has been at least $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on each of 20 trading days within the 30-trading day period ending on the third trading day before the Company sends the notice of redemption to the warrant-holders. |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account - Money Market Fund |
$ | 200,294,523 | $ | — | $ | — |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account - Money Market Fund |
$ | 200,004,310 | $ | — | $ | — |
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. |
** |
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. |
Dated: August 10, 2022 | LIVE OAK CRESTVIEW CLIMATE ACQUISITION CORP. | |||||
By: | /s/ Gary K. Wunderlich, Jr. | |||||
Name: | Gary K. Wunderlich, Jr. | |||||
Title: | President, Chief Financial Officer and Director (Principal Financial and Accounting Officer) |
1 Year Live Oak Crestview Clima... Chart |
1 Month Live Oak Crestview Clima... Chart |
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