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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 File Number) |
(I.R.S. Employer Identification Number) |
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 | ☒ |
March 31, 2022 |
December 31, 2021 |
|||||||
(unaudited) |
||||||||
Assets: |
||||||||
Current assets: |
||||||||
Cash |
$ | 228,611 | $ | 470,895 | ||||
Prepaid expenses |
209,423 | 198,172 | ||||||
|
|
|
|
|||||
Total current assets |
438,034 | 669,067 | ||||||
Investments held in Trust Account |
414,165,850 | 414,091,576 | ||||||
|
|
|
|
|||||
Total Assets |
$ |
414,603,884 |
$ |
414,760,643 |
||||
|
|
|
|
|||||
Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit: |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 136,818 | $ | 25,210 | ||||
Accrued expenses |
142,875 | 74,510 | ||||||
Franchise tax payable |
49,365 | 190,790 | ||||||
|
|
|
|
|||||
Total current liabilities |
329,058 | 290,510 | ||||||
Derivative warrant liabilities |
3,109,040 | 6,848,900 | ||||||
|
|
|
|
|||||
Total Liabilities |
3,438,098 | 7,139,410 | ||||||
Commitments and Contingencies |
||||||||
Class A common stock subject to possible redemption, $0.0001 par value; 16,560,000 shares at redemption value of $25.00 per share 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; no shares 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; 245,600 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
25 | 25 | ||||||
Class B common stock, $0.0001 par value; 1,000,000 shares authorized; 120,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
12 | 12 | ||||||
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 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(2,834,334 | ) | (6,378,887 | ) | ||||
|
|
|
|
|||||
Total stockholders’ deficit |
(2,834,214 | ) | (6,378,767 | ) | ||||
|
|
|
|
|||||
Total Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit |
$ |
414,603,884 |
$ |
414,760,643 |
||||
|
|
|
|
For the Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
General and administrative expenses |
$ | 160,216 | $ | 131,587 | ||||
General and administrative expenses - related party |
60,000 | 63,030 | ||||||
Franchise tax expense |
49,365 | 48,817 | ||||||
|
|
|
|
|||||
Total operating expenses |
(269,581 | ) | (243,434 | ) | ||||
Other income: |
||||||||
Change in fair value of derivative warrant liabilities |
3,739,860 | 7,404,280 | ||||||
Gain on investments held in Trust Account |
74,274 | 6,223 | ||||||
|
|
|
|
|||||
Net income |
$ |
3,544,553 | $ |
7,167,069 | ||||
|
|
|
|
|||||
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 |
$ |
0.20 | $ |
0.40 | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class B common stock, basic and diluted |
120,000 | 120,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class B common stock |
$ |
0.20 | $ |
0.40 | ||||
|
|
|
|
|||||
Weighted average shares outstanding of Class F common stock, basic and diluted |
828,000 | 828,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class F common stock |
$ |
0.20 | $ |
0.40 | ||||
|
|
|
|
For the Three Months Ended March 31, 2022 |
||||||||||||||||||||||||||||||||||||
Common Stock |
Total Stockholders’ Deficit |
|||||||||||||||||||||||||||||||||||
Class A |
Class B |
Class F |
Additional |
Accumulated Deficit |
||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Paid- i n Capital |
||||||||||||||||||||||||||||||
Balance - December 31, 2021 |
245,600 |
$ |
25 |
120,000 |
$ |
12 |
828,000 |
$ |
83 |
$ |
— |
$ |
(6,378,887 |
) |
$ |
(6,378,767 |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | — | — | 3,544,553 | 3,544,553 | |||||||||||||||||||||||||||
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|||||||||||||||||||
Balance - March 31, 2022 (unaudited) |
245,600 |
$ |
25 |
120,000 |
$ |
12 |
828,000 |
$ |
83 |
$ |
— |
$ |
(2,834,334 |
) |
$ |
(2,834,214 |
) | |||||||||||||||||||
|
|
|
|
|
|
|
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|
|
|
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|
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|
For the Three Months Ended March 31, 2021 |
||||||||||||||||||||||||||||||||||||
Common Stock |
Total Stockholders’ Deficit |
|||||||||||||||||||||||||||||||||||
Class A |
Class B |
Class F |
Additional |
Accumulated Deficit |
||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Paid- i n Capital |
||||||||||||||||||||||||||||||
Balance - December 31, 2020 |
245,600 |
$ |
25 |
120,000 |
$ |
12 |
828,000 |
$ |
83 |
$ |
— |
$ |
(15,005,729 |
) |
$ |
(15,005,609 |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | — | — | 7,167,069 | 7,167,069 | |||||||||||||||||||||||||||
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Balance - March 31, 2021 (unaudited) |
245,600 |
$ |
25 |
120,000 |
$ |
12 |
828,000 |
$ |
83 |
$ |
— |
$ |
(7,838,660 |
) |
$ |
(7,838,540 |
) | |||||||||||||||||||
|
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For the Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 3,544,553 | $ | 7,167,069 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Change in fair value of derivative warrant liabilities |
(3,739,860 | ) | (7,404,280 | ) | ||||
Gain on investments held in Trust Account |
(74,274 | ) | (6,223 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
(11,251 | ) | 60,323 | |||||
Accounts payable |
111,608 | (29,565 | ) | |||||
Accrued expenses |
68,365 | (72,943 | ) | |||||
Franchise tax payable |
(141,425 | ) | 37,192 | |||||
|
|
|
|
|||||
Net cash used in operating activities |
(242,284 | ) | (248,427 | ) | ||||
|
|
|
|
|||||
Net change in cash |
(242,284 | ) | (248,427 | ) | ||||
Cash - beginning of the period |
470,895 | 1,336,674 | ||||||
|
|
|
|
|||||
Cash - end of the period |
$ |
228,611 |
$ |
1,088,247 |
||||
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|
|
|
• | 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, |
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2022 |
2021 |
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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 |
$ | 3,355,282 | $ | 23,958 | $ | 165,312 | $ | 6,784,365 | $ | 48,444 | $ | 334,261 | ||||||||||||
Denominator: |
||||||||||||||||||||||||
Basic and diluted weighted average common shares outstanding |
16,805,600 | 120,000 | 828,000 | 16,805,600 | 120,000 | 828,000 | ||||||||||||||||||
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Basic and diluted net income per common share |
$ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 0.40 | $ | 0.40 | ||||||||||||
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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 $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 the number of shares of Class A common stock outstanding at the close of the Partnering Transaction, excluding those shares of Class A common stock received by the Sponsor through the Class F common stock, divided by the annual volume weighted average price of shares of Class A common stock for such fiscal year (the “annual VWAP”); and |
• | 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 Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Assets: |
||||||||||||
Investments held in Trust Account |
$ | 414,165,850 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities - Public warrants |
$ | 3,063,600 | $ | — | $ | — | ||||||
Derivative warrant liabilities - Private placement warrants |
$ | — | $ | — | $ | 45,440 |
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 |
$ | 414,029,696 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities - Public warrants |
$ | 6,748,200 | $ | — | $ | — | ||||||
Derivative warrant liabilities - Private placement warrants |
$ | — | $ | — | $ | 100,700 |
As of March 31, 2022 |
As of December 31, 2021 |
|||||||
Exercise price |
$ | 28.75 | $ | 28.75 | ||||
Unit price |
$ | 24.53 | $ | 24.37 | ||||
Volatility |
5.16 | % | 12.10 | % | ||||
Expected life of the options to convert |
5.00 | 5.00 | ||||||
Risk-free rate |
2.42 | % | 1.26 | % | ||||
Dividend yield |
0.00 | % | 0.00 | % |
2022 |
2021 |
|||||||
Derivative warrant liabilities as of January 1, |
$ | 100,700 | $ | 16,481,150 | ||||
Transfer of Public Warrants to Level 1 |
— | (8,942,400 | ) | |||||
Change in fair value of derivative warrant liabilities |
(55,260 | ) | (7,404,280 | ) | ||||
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|||||
Derivative warrant liabilities as of March 31, |
$ | 45,440 | $ | 134,470 | ||||
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* | 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 Exchange Act, nor shall they be deemed incorporated by reference in any filing under the Securities Act, 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/ Todd Nice | |
Name: | Todd Nice | |
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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