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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Prime Impact Acquisition I | NYSE:PIAI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.82 | 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 |
Cayman Islands |
98-1554335 | |
(State or other jurisdiction of incorporation) |
(IRS Employer Identification No.) | |
123 E San Carlos Street, Suite 12 San Jose, |
95112 | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class Symbol(s) |
Trading |
Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share and one-third of a Warrant to acquire one Class A ordinary share |
PIAI.U |
The New York Stock Exchange | ||
Class A ordinary shares, par value $0.0001 per share |
PIAI |
The New York Stock Exchange | ||
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
PIAI.W |
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 |
$ | 626,428 | $ | 665,940 | ||||
Prepaid expenses |
73,750 | 110,626 | ||||||
|
|
|
|
|||||
Total current assets |
700,178 | 776,566 | ||||||
Investments held in Trust Account |
324,242,004 | 324,211,180 | ||||||
|
|
|
|
|||||
Total Assets |
$ |
324,942,182 |
$ |
324,987,746 |
||||
|
|
|
|
|||||
Liabilities, Class A Ordinary Shares Subject to Redemption and Shareholders’ Deficit |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 488,099 | $ | 327,477 | ||||
Accrued expenses |
215,936 | 159,535 | ||||||
|
|
|
|
|||||
Total current liabilities |
704,035 | 487,012 | ||||||
Derivative warrant liabilities |
3,965,742 | 8,922,920 | ||||||
Deferred underwriting commissions |
11,342,945 | 11,342,945 | ||||||
|
|
|
|
|||||
Total Liabilities |
16,012,722 | 20,752,877 | ||||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 32,408,414 shares issued and outstanding at $10.00 per share at redemption as of March 31, 2022 and December 31, 2021 |
324,142,004 | 324,084,140 | ||||||
Shareholders’ Deficit: |
||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding |
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; no non-redeemable shares issued or outstanding |
— | — | ||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,102,103 shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
810 | 810 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(15,213,354 | ) | (19,850,081 | ) | ||||
|
|
|
|
|||||
Total Shareholders’ Deficit |
(15,212,544 | ) | (19,849,271 | ) | ||||
|
|
|
|
|||||
Total Liabilities, Class A Ordinary Shares Subject to Redemption and Shareholders’ Deficit |
$ |
324,942,182 |
$ |
324,987,746 |
||||
|
|
|
|
For the Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
General and administrative expenses |
$ | 263,428 | $ | 491,586 | ||||
Administrative expenses - related party |
30,000 | 30,000 | ||||||
|
|
|
|
|||||
Loss from operations |
(293,428 | ) | (521,586 | ) | ||||
Other income (expense) |
||||||||
Change in fair value of derivative warrant liabilities |
4,957,178 | 12,018,044 | ||||||
Interest income |
17 | 46 | ||||||
Income from investments held in Trust Account |
30,824 | 17,733 | ||||||
|
|
|
|
|||||
Net income |
$ |
4,694,591 |
$ |
11,514,237 |
||||
Deemed dividend - increase in redemption value of Class A ordinary shares subject to redemption |
(57,864 | ) | — | |||||
|
|
|
|
|||||
Net income available to ordinary shareholders |
$ |
4,636,727 |
$ |
11,514,237 |
||||
|
|
|
|
|||||
Weighted average Class A ordinary shares outstanding, basic and diluted |
32,408,414 | 32,408,414 | ||||||
|
|
|
|
|||||
Basic and diluted net income per Class A ordinary share |
$ | 0.11 | $ | 0.28 | ||||
|
|
|
|
|||||
Weighted average Class B ordinary shares outstanding, basic and diluted |
8,102,103 | 8,102,103 | ||||||
|
|
|
|
|||||
Basic and diluted net income per Class B ordinary share |
$ | 0.11 | $ | 0.28 | ||||
|
|
|
|
Ordinary Shares |
Additional |
Total |
||||||||||||||||||||||||||
Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - December 31, 2021 |
— |
$ |
— |
8,102,103 |
$ |
810 |
$ |
— |
$ |
(19,850,081 |
) |
$ |
(19,849,271 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 4,694,591 | 4,694,591 | |||||||||||||||||||||
Deemed dividend - increase in redemption value of Class A ordinary shares subject to redemption |
— | — | — | — | — | (57,864 | ) | (57,864 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2022 |
— |
$ |
— |
8,102,103 |
$ |
810 |
$ |
— |
$ |
(15,213,354 |
) |
$ |
(15,212,544 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Shares |
Additional |
Total |
||||||||||||||||||||||||||
Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||||||||
Balance - December 31, 2020 |
— |
$ |
— |
8,102,103 |
$ |
810 |
$ |
— |
$ |
(35,618,082 |
) |
$ |
(35,617,272 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 11,514,237 | 11,514,237 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021 |
— |
$ |
— |
8,102,103 |
$ |
810 |
$ |
— |
$ |
(24,103,845 |
) |
$ |
(24,103,035 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | 4,694,591 | $ | 11,514,237 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Change in fair value of derivative warrant liabilities |
(4,957,178 | ) | (12,018,044 | ) | ||||
Income from investments held in Trust Account |
(30,824 | ) | (17,733 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
36,876 | 73,098 | ||||||
Accounts payable |
160,622 | 369,533 | ||||||
Accrued expenses |
56,401 | 30,000 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
(39,512 | ) | (48,909 | ) | ||||
|
|
|
|
|||||
Net change in cash |
(39,512 | ) | (48,909 | ) | ||||
Cash - beginning of the period |
665,940 | 1,600,255 | ||||||
|
|
|
|
|||||
Cash - end of the period |
$ |
626,428 |
$ |
1,551,346 |
||||
|
|
|
|
|||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Remeasurement on Class A ordinary shares subject to possible redemption |
$ | (57,864 | ) | $ | — |
• | 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 March 31, |
||||||||||||||||
2022 |
2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income per ordinary share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income available to ordinary shareholders |
$ | 3,709,382 | $ | 927,345 | $ | 9,211,390 | $ | 2,302,847 | ||||||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
32,408,414 | 8,102,103 | 32,408,414 | 8,102,103 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income per common share |
$ | 0.11 | $ | 0.11 | $ | 0.28 | $ | 0.28 | ||||||||
|
|
|
|
|
|
|
|
• | 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 to each warrant holder; and |
• | if, and only if, the last reported sales price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”). |
• | in whole and not in part; |
• | at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of the Class A ordinary shares; |
• | if, and only if, the Reference Value equals or exceeds $10.00 per Public Share (as adjusted per share sub-divisions, share dividends, reorganizations, recapitalizations and the like); and |
• | if the Reference Value is less than $18.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, sub-divisions, reorganizations, recapitalizations and the like), then the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants as described above. |
March 31, 2022 |
December 31, 2021 |
|||||||
Gross proceeds |
$ | 324,084,140 | $ | 324,084,140 | ||||
Less: |
||||||||
Amount allocated to Public Warrants |
(12,955,337 | ) | (12,955,337 | ) | ||||
Class A ordinary shares issuance costs |
(17,680,825 | ) | (17,680,825 | ) | ||||
Plus: |
||||||||
Accretion of carrying value to redemption value |
30,694,026 | 30,636,162 | ||||||
Class A ordinary shares subject to possible redemption |
$ | 324,142,004 | $ | 324,084,140 | ||||
As of March 31, 2022 |
||||||||||||
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 |
$ | 324,242,004 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-Public warrants |
$ | 2,592,673 | $ | — | $ | — | ||||||
Derivative warrant liabilities-Private placement warrants |
$ | — | $ | — | $ | 1,373,069 |
As of December 31, 2021 |
||||||||||||
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 |
$ | 324,211,180 | $ | — | $ | — | ||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities-Public warrants |
$ | 5,833,514 | $ | — | $ | — | ||||||
Derivative warrant liabilities-Private placement warrants |
$ | — | $ | — | $ | 3,089,406 |
March 31, 2022 |
December 31, 2021 |
|||||||
Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Stock price |
$ | 9.89 | $ | 9.84 | ||||
Volatility |
3.6 | % | 9.3 | % | ||||
Term |
5.46 | 5.58 | ||||||
Risk-free rate |
2.39 | % | 1.30 | % | ||||
Dividend yield |
0.0 | % | 0.0 | % |
2022 |
2021 |
|||||||
Level 3 derivative warrant liabilities at January 1, |
$ | 3,089,406 | $ | 9,096,584 | ||||
Change in fair value of derivative warrant liabilities |
(1,716,337 | ) | (4,348,053 | ) | ||||
Level 3 derivative warrant liabilities at March 31, |
$ | 1,373,069 | $ | 4,748,531 | ||||
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 from Registered Securities |
Item 3. |
Defaults Upon Senior Securities |
Item 4. |
Mine Safety Disclosures |
Item 5. |
Other Information |
Item 6. |
Exhibits |
* | 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: May 16, 2022 | PRIME IMPACT ACQUISITION I | |||
By: | /s/ Michael Cordano | |||
Name: | Michael Cordano | |||
Title: | Co-Chief Executive Officer | |||
(Principal Executive Officer) | ||||
By: | /s/ Mark Long | |||
Name: | Mark Long | |||
Title: | Co-Chief Executive Officer and Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |
1 Year Prime Impact Acquisition I Chart |
1 Month Prime Impact Acquisition I Chart |
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