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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Periphas Capital Partnering Corporation | NYSE:PCPC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.09 | 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
|
001-39784
|
85-3046972
|
||
(State or other jurisdiction of
incorporation or organization)
|
(Commission
Number)
File |
(I.R.S. Employer
Number)
Identification |
667 Madison Avenue, 15th Floor
New York,
New York
|
10065 |
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of Each Class:
|
Trading
Symbol:
|
Name of Each Exchange
on Which Registered:
|
||
CAPS
TM
, each consisting of one share of Class A common stock and
one-fourth
of one redeemable warrant
|
PCPC.U
|
The New York Stock Exchange
|
||
Class A common stock, par value $0.0001 per share
|
PCPC
|
The New York Stock Exchange
|
||
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $28.75 per share
|
PCPC WS
|
The New York Stock Exchange
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
|
|
|
|
Page
|
|
|
PART I. FINANCIAL INFORMATION
|
|
|||||
Item 1.
|
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1
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1
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2
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3
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4
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5
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Item 2.
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20
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Item 3.
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23
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Item 4.
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23
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PART II. OTHER INFORMATION
|
|
|||||
Item 1.
|
|
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25
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Item 1A.
|
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25
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Item 2.
|
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25
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Item 3.
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25
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Item 4.
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25
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Item 5.
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25
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Item 6.
|
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25
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26
|
|
September 30,
2021 |
December 31,
2020 |
|||||||
(unaudited)
|
||||||||
Assets:
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 561,945 | $ | 1,336,674 | ||||
Prepaid expenses
|
260,089 | 412,626 | ||||||
|
|
|
|
|||||
Total current assets
|
822,034 | 1,749,300 | ||||||
Investments held in Trust Account
|
414,029,696 | 414,001,166 | ||||||
|
|
|
|
|||||
Total Assets
|
$
|
414,851,730
|
|
$
|
415,750,466
|
|
||
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Deficit:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 1,837 | $ | 76,800 | ||||
Accrued expenses
|
55,000 | 186,500 | ||||||
Franchise tax payable
|
141,050 | 11,625 | ||||||
|
|
|
|
|||||
Total current liabilities
|
197,887 | 274,925 | ||||||
Derivative warrant liabilities
|
6,366,660 | 16,481,150 | ||||||
|
|
|
|
|||||
Total Liabilities
|
6,564,547 | 16,756,075 | ||||||
Commitments and Contingencies
|
||||||||
Class A common stock subject to possible redemption, $0.0001 par value; 16,560,000 shares at $25.00 per share as of September 30, 2021 and December 31, 2020
|
414,000,000 | 414,000,000 | ||||||
Stockholders’ Deficit:
|
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
— | — | ||||||
Class A common stock, $0.0001 par value; 380,000,000 shares authorized; 245,600 shares issued and outstanding as of September 30, 2021 and December 31, 2020
|
25 | 25 | ||||||
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 120,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020
|
12 | 12 | ||||||
Class F common stock, $0.0001 par value; 50,000,000 shares authorized; 828,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020
|
83 | 83 | ||||||
Additional
paid-in
capital
|
— | — | ||||||
Accumulated deficit
|
(5,712,937 | ) | (15,005,729 | ) | ||||
|
|
|
|
|||||
Total stockholders’ deficit
|
(5,712,817 | ) | (15,005,609 | ) | ||||
|
|
|
|
|||||
Total Liabilities and Stockholders’ Deficit
|
$
|
414,851,730
|
|
$
|
415,750,466
|
|
||
|
|
|
|
For the Three
Months Ended September 30, 2021 |
For the Nine
Months Ended September 30, 2021 |
For the
Period from September 11, 2020 (Inception) Through September 30, 2020 |
||||||||||
General and administrative expenses
|
$ | 140,054 | $ | 519,203 |
|
$ | 5,000 |
|
||||
General and administrative expenses - related party
|
60,000 | 183,030 |
|
|
— |
|
||||||
Franchise tax expense
|
49,863 | 147,995 |
|
|
— |
|
||||||
|
|
|
|
|
|
|||||||
Total operating expenses
|
(249,917 | ) | (850,228 | ) |
|
|
(5,000 | ) | ||||
Other income
|
|
|
|
|
||||||||
Change in fair value of derivative warrant liabilities
|
2,668,190 | 10,114,490 |
|
|
— |
|
||||||
Gain on investments held in Trust Account
|
16,016 | 28,530 |
|
|
— |
|
||||||
|
|
|
|
|
|
|||||||
Net income (loss)
|
$ | 2,434,289 | $ | 9,292,792 |
|
$ | (5,000 | ) | ||||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class A common stock, basic and diluted
|
16,805,600 | 16,805,600 |
|
|
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per share, Class A common stock
|
$ | 0.14 | $ | 0.52 |
|
$ | — |
|
||||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class B common stock, basic and diluted
|
120,000 | 120,000 |
|
|
120,000 |
|
||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income (loss) per share, Class B common stock
|
$ | 0.14 | $ | 0.52 |
|
$ | (0.01 | ) | ||||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class F common stock, basic and diluted
|
828,000 | 828,000 |
|
|
828,000 |
|
||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income (loss) per share, Class F common stock
|
$ | 0.14 | $ | 0.52 |
|
$ | (0.01 | ) | ||||
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Class A
|
|
|
Class B
|
|
|
Class F
|
|
|
|
|
|
|
|
|
Total
Stockholders’
Deficit
|
|
||||||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Additional Paid-
In Capital |
|
|
Accumulated
Deficit |
|
||||||||||||
Balance - December 31, 2020
|
|
245,600
|
|
$
|
25
|
|
|
120,000
|
|
$
|
12
|
|
|
828,000
|
|
$
|
83
|
|
$
|
—
|
|
$
|
(15,005,729
|
)
|
$
|
(15,005,609
|
)
|
|||||||||
Net incom
e
|
— | — | — | — | — | — | — | 7,167,069 | 7,167,069 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|||||||||||||||||||
Balance - March 31, 2021
(Unaudited),
as restated, see Note 1 |
|
245,600
|
|
|
25
|
|
|
120,000
|
|
|
12
|
|
|
828,000
|
|
|
83
|
|
|
—
|
|
|
(7,838,660
|
)
|
|
(7,838,540
|
)
|
|||||||||
Net loss
|
— | — | — | — | — | — | — | (308,566 | ) | (308,566 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance - June 30, 2021
(Unaudited),
as restated, see Note 1 |
|
245,600
|
|
|
25
|
|
|
120,000
|
|
|
12
|
|
|
828,000
|
|
|
83
|
|
|
—
|
|
|
(8,147,226
|
)
|
|
(8,147,106
|
)
|
|||||||||
Net income
|
— | — | — | — | — | — | — | 2,434,289 | 2,434,289 | |||||||||||||||||||||||||||
Balance - September 30, 2021 (Unaudited)
|
|
245,600
|
|
$
|
25
|
|
|
120,000
|
|
$
|
12
|
|
|
828,000
|
|
$
|
83
|
|
$
|
—
|
|
$
|
(5,712,937
|
)
|
$
|
(5,712,817
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Period From September 11, 2020 (Inception) Through September 30, 2020
|
|
|||||||||||||||||||||||||||||||||
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
Class A
|
|
|
Class B
|
|
|
Class F
|
|
|
|
|
|
|
|
|
Total
Stockholders’
Deficit |
|
||||||||||||||||||
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Additional Paid-
In Capital |
|
|
Accumulated
Deficit |
|
||||||||||||
Balance - September 11, 2020 (inception)
|
|
—
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|||||||||
Issuance of Class B common stock to
Sponsor |
— | — | 120,000 | 12 | — | — | 18,738 | — | 18,750 | |||||||||||||||||||||||||||
Issuance of Class F common stock to
Sponsor |
— | — | — | — | 690,000 | 69 | 6,181 | — | 6,250 | |||||||||||||||||||||||||||
Net income
|
— | — | — | — | — | — | — | (5,000 | ) | (5,000 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance - September 30, 2020 (unaudited)
|
|
—
|
|
$
|
—
|
|
|
120,000
|
|
$
|
12
|
|
|
690,000
|
|
$
|
69
|
|
$
|
24,919
|
|
$
|
(5,000
|
)
|
$
|
20,000
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
September 30,
2021 |
For the
Period From
September 11, 2020
(Inception) Through
September 30, 2020 |
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$ | 9,292,792 | $ | (5,000 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Change in fair value of derivative warrant liabilities
|
(10,114,490 | ) | ||||||
Gain on investments held in Trust Account
|
(28,530 | ) | ||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
152,537 | |||||||
Accounts payable
|
(74,963 | ) | ||||||
Accrued expenses
|
(131,500 | ) |
|
|||||
Franchise tax payable
|
129,425 | |||||||
|
|
|
|
|||||
Net cash used in operating activities
|
(774,729 | ) | — | |||||
|
|
|
|
|||||
Net change in cash
|
(774,729 | ) | — | |||||
Cash - beginning of the period
|
1,336,674 | — | ||||||
|
|
|
|
|||||
Cash - end of the period
|
$
|
561,945
|
|
$
|
—
|
|
||
|
|
|
|
|||||
Supplemental disclosure of noncash activities:
|
||||||||
Def
ffering costs paid in exchange for issuance of Class B common stock to Sponsor
erred o
|
$ | — | $ | 18,750 | ||||
Deferred o
ffering costs paid in exchange for issuance of Class F common stock to Sponsor
|
$ | — | $ | 6,250 | ||||
Deferred o
ffering costs included in accrued expenses
|
$ | — | $ | 5,000 |
As of March 31, 2021 (unaudited)
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|||
Total assets
|
|
$
|
415,447,939
|
|
|
$
|
—
|
|
|
$
|
415,447,939
|
|
Total liabilities
|
|
$
|
9,286,479
|
|
|
$
|
—
|
|
|
$
|
9,286,479
|
|
Class A common stock subject to possible redemption
|
|
|
401,161,450
|
|
|
|
12,838,550
|
|
|
|
414,000,000
|
|
Preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Class A common stock
|
|
|
76
|
|
|
|
(51
|
) |
|
|
25
|
|
Class B common stock
|
|
|
12
|
|
|
|
—
|
|
|
|
12
|
|
Class F common stock
|
|
|
83
|
|
|
|
—
|
|
|
|
83
|
|
Additional
paid-in
capital
|
|
|
2,996,739
|
|
|
|
(2,996,739
|
)
|
|
|
—
|
|
Retained earnings (accumulated deficit)
|
|
|
2,003,100
|
|
|
|
(9,841,760
|
) |
|
|
(7,838,660
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity (deficit)
|
|
$
|
5,000,010
|
|
|
$
|
(12,838,550
|
)
|
|
$
|
(7,838,540
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)
|
|
$
|
415,447,939
|
|
|
$
|
—
|
|
|
$
|
415,447,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2021
(unaudited)
|
|
|||||||||||
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|||
Supplemental Disclosure of Noncash Financing Activities:
|
|
|
|
|||||||||
Change in value of Class A common stock subject to possible redemption
|
|
$
|
(7,167,075
|
)
|
|
$
|
7,167,075
|
|
|
$
|
—
|
|
As of June 30, 2021 (unaudited)
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|||
Total assets
|
|
$
|
415,085,146
|
|
|
$
|
—
|
|
|
$
|
415,085,146
|
|
Total liabilities
|
|
$
|
9,232,252
|
|
|
$
|
—
|
|
|
$
|
9,232,252
|
|
Class A common stock subject to possible redemption
|
|
|
400,852,875
|
|
|
|
13,147,125
|
|
|
|
414,000,000
|
|
Preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Class A common stock
|
|
|
77
|
|
|
|
(52
|
) |
|
|
25
|
|
Class B common stock
|
|
|
12
|
|
|
|
—
|
|
|
|
12
|
|
Class F common stock
|
|
|
83
|
|
|
|
—
|
|
|
|
83
|
|
Additional
paid-in
capital
|
|
|
3,305,313
|
|
|
|
(3,305,313
|
)
|
|
|
—
|
|
Retained earnings (accumulated deficit)
|
|
|
1,694,534
|
|
|
|
(9,841,760
|
) |
|
|
(8,147,226
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity (deficit)
|
|
$
|
5,000,019
|
|
|
$
|
(13,147,125
|
)
|
|
$
|
(8,147,106
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Equity (Deficit)
|
|
$
|
415,085,146
|
|
|
$
|
—
|
|
|
$
|
415,085,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2021
(unaudited)
|
|
|||||||||||
|
|
As Previously Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
|||
Supplemental Disclosure of Noncash Financing Activities:
|
|
|
|
|||||||||
Change in value of Class A common stock subject to possible redemption
|
|
$
|
(6,858,500
|
)
|
|
$
|
6,858,500
|
|
|
$
|
—
|
|
|
|
Earnings Per Share
|
|
|||||||||
|
|
As Reported
(1)
|
|
|
Adjustment
|
|
|
As
Restated
|
|
|||
For the three months ended March 31, 2021 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
7,167,069
|
|
|
$
|
—
|
|
|
$
|
7,167,069
|
|
Class A common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
—
|
|
|
|
16,805,600
|
|
|
|
16,805,600
|
|
Basic and diluted income per share
|
|
$
|
—
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
Class
B
common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
—
|
|
|
|
120,000
|
|
|
|
120,000
|
|
Basic and diluted income per share
|
|
$
|
—
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
Class
F
common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
—
|
|
|
|
828,000
|
|
|
|
828,000
|
|
Basic and diluted income per share
|
|
$
|
—
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
Class
A
redeemable
common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
16,560,000
|
|
|
|
(16,560,000
|
)
|
|
|
—
|
|
Basic and diluted income per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Class A
non-redeemable,
Class B, and Class F common stock
|
|
|
|
|||||||||
Weighted average shares outstanding
|
|
|
1,193,600
|
|
|
|
(1,193,600
|
)
|
|
|
—
|
|
Basic and diluted income per share
|
|
$
|
6.00
|
|
|
$
|
(6.00
|
)
|
|
$
|
—
|
|
|
|
Earnings Per Share
|
|
|||||||||
|
|
As Reported
(1)
|
|
|
Adjustment
|
|
|
As
Restated
|
|
|||
For the three months ended June 30, 2021
(
unaudite
)
d
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(308,566
|
)
|
|
$
|
—
|
|
|
$
|
(308,566
|
)
|
Class A common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
—
|
|
|
|
16,805,600
|
|
|
|
16,805,600
|
|
Basic and diluted
los
s per share
|
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
Class
B
common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
—
|
|
|
|
120,000
|
|
|
|
120,000
|
|
Basic and diluted
los
s per share
|
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
Class
F
common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
—
|
|
|
|
828,000
|
|
|
|
828,000
|
|
Basic and diluted
l
os
s per share
|
|
$
|
—
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
Class
A
redeemable
common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
16,560,000
|
|
|
|
(16,560,000
|
)
|
|
|
—
|
|
Basic and diluted
los
s per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Class A
non-redeemable,
Class B, and Class F common stock
|
|
|
|
|||||||||
Weighted average shares outstanding
|
|
|
1,193,600
|
|
|
|
(1,193,600
|
)
|
|
|
—
|
|
Basic and diluted
los
s per share
|
|
$
|
(0.26
|
)
|
|
$
|
0.26
|
|
|
$
|
—
|
|
|
|
Earnings Per Share
|
|
|||||||||
|
|
As Reported
(1)
|
|
|
Adjustment
|
|
|
As
Restated
|
|
|||
For the six months ended June 30, 2021
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
6,858,503
|
|
|
$
|
—
|
|
|
$
|
6,858,503
|
|
Class A common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
—
|
|
|
|
16,805,600
|
|
|
|
16,805,600
|
|
Basic and diluted
income
per share
|
|
$
|
—
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
Class
B
common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
—
|
|
|
|
120,000
|
|
|
|
120,000
|
|
Basic and diluted
income
per share
|
|
$
|
—
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
Class
F
common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
—
|
|
|
|
828,000
|
|
|
|
828,000
|
|
Basic and diluted
income
per share
|
|
$
|
—
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
Class
A
redeemable
common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
16,560,000
|
|
|
|
(16,560,000
|
)
|
|
|
—
|
|
Basic and diluted
income
per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Class A
non-redeemable,
Class B, and Class F common stock
|
|
|
|
|||||||||
Weighted average shares outstanding
|
|
|
1,193,600
|
|
|
|
(1,193,600
|
)
|
|
|
—
|
|
Basic and diluted
income
per share
|
|
$
|
5.75
|
|
|
$
|
(5.75
|
)
|
|
$
|
—
|
|
(
1
)
|
In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company revised its earnings per share calculation to allocate income and losses shared pro rata between all classes of shares. This presentation differs from the previously presented method of earnings per share, which was similar to the
two-class
method.
|
|
•
|
|
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
September 30, 2021 |
For the Nine Months Ended
September 30, 2021 |
|||||||||||||||||||||||
Class A
|
Class B
|
Class F
|
Class A
|
Class B
|
Class F
|
|||||||||||||||||||
Basic and diluted net income per common share:
|
||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||
Allocation of net income
|
$ | 2,304,304 | $ | 16,454 | $ | 113,531 | $ | 8,796,579 | $ | 62,812 | $ | 433,401 | ||||||||||||
Denominator:
|
||||||||||||||||||||||||
Basic and diluted weighted average
common
shares outstanding
|
16,805,600 | 120,000 | 828,000 | 16,805,600 | 120,000 | 828,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Basic and diluted net income per
common
share
|
$ | 0.14 | $ | 0.14 | $ | 0.14 | $ | 0.52 | $ | 0.52 | $ | 0.52 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
• |
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 $45.00 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
|
$ | 414,000,000 | ||
Less:
|
||||
Fair value of Public Warrants at issuance
|
(11,509,200 | ) | ||
Offering costs allocated to Class A common stock subject to possible redemption
|
(4,323,061 | ) | ||
Plus:
|
||||
Accretion on Class A common stock subject to possible redemption amount
|
15,832,261 | |||
|
|
|||
Class A common stock subject to possible redemption
|
$ | 414,000,000 | ||
|
|
• |
If the price per share of Class A common stock has not exceeded $27.50 for 20 out of 30 consecutive trading days at any time following completion of the Partnering Transaction, the number of conversion shares for any fiscal year will be 1,000 shares of Class A common stock.
|
• |
If the price per share of Class A common stock exceeded $27.50 for 20 out of any 30 consecutive trading days at any time following completion of the Partnering Transaction, then the number of conversion shares for any fiscal year will be the greater of:
|
• |
20% of the increase in the price of one Class A share, year-over-year but in respect of the increase above the relevant “price threshold” (as defined below),
multiplied by
divided by
|
• |
1,000 shares of Class A common stock.
|
• |
The increase in the price of the Company’s Class A common stock will be based on the annual VWAP for the relevant fiscal year.
|
Description
|
Quoted
Active Markets
(Level 1)
|
Significant Other
Observable (Level 2) |
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||
Assets:
|
||||||||||||
Investments held in Trust Account
|
$ | 414,029,696 | $ | — | $ | — | ||||||
Liabilities:
|
||||||||||||
Derivative warrant liabilities - Public warrants
|
$ | 6,272,100 | $ | — | $ | — | ||||||
Derivative warrant liabilities - Private placement warrants
|
$ | — | $ | — | $ | 94,560 |
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
|
$ | 414,001,166 | $ | — | $ | — | ||||||
Liabilities:
|
||||||||||||
Derivative warrant liabilities - Public warrants
|
$ | — | $ | — | $ | 16,228,800 | ||||||
Derivative warrant liabilities - Private placement warrants
|
$ | — | $ | — | $ | 252,350 |
As of
September 30, 2021 |
||||
Exercise price
|
$ | 28.75 | ||
Unit price
|
$ | 24.35 | ||
Volatility
|
12.16 | % | ||
Expected life of the options to convert
|
5.00 | |||
Risk-free rate
|
0.98 | % | ||
Dividend yield
|
0.00 | % |
Derivative warrant liabilities at December 31, 2020
|
$ | 16,481,150 | ||
Transfer of Public Warrants to Level 1
|
(8,942,400 | ) | ||
Change in fair value of derivative warrant liabilities
|
(7,404,280 | ) | ||
|
|
|||
Derivative warrant liabilities at March 31, 2021
|
134,470 | |||
Change in fair value of derivative warrant liabilities
|
(620 | ) | ||
|
|
|||
Derivative warrant liabilities at June 30, 2021
|
133,850 | |||
Change in fair value of derivative warrant liabilities
|
(39,290 | ) | ||
|
|
|||
Derivative warrant liabilities at September 30, 2021
|
$ | 94,560 | ||
|
|
* |
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.
|
PERIPHAS CAPITAL PARTNERING CORPORATION
|
||||
By: |
/s/ Sanjeev Mehra
|
|||
Name: | Sanjeev Mehra | |||
Title: | Chief Executive Officer | |||
(Principal Executive Officer) |
By: |
/s/ John Bowman
|
|||
Name: | John Bowman | |||
Title: | Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |
1 Year Periphas Capital Partner... Chart |
1 Month Periphas Capital Partner... Chart |
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