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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sandbridge X2 Corp | NYSE:SBII | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.10 | 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 |
86-1544667 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
725 5th Ave, 23rd Floor New York, |
10022 | |
(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 |
SBII.U |
New York Stock Exchange LLC | ||
Shares of Class A common stock included as part of the units |
SBII |
New York Stock Exchange LLC | ||
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 |
SBII WS |
New York Stock Exchange LLC | ||
Class A common stock underlying redeemable warrants |
New York Stock Exchange LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
June 30, 2022 |
December 31, |
|||||||
(Unaudited) |
2021 |
|||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash |
$ | 303,105 | $ | 587,754 | ||||
Prepaid expenses and other current assets |
405,800 | 412,294 | ||||||
|
|
|
|
|||||
Total Current Assets |
708,905 | 1,000,048 | ||||||
Investments held in Trust account |
238,534,138 | 238,188,617 | ||||||
|
|
|
|
|||||
Total Assets |
$ |
239,243,043 |
$ |
239,188,665 |
||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
||||||||
Current Liabilities |
||||||||
Accrued expenses |
$ | 1,624,956 | $ | 1,706,863 | ||||
Promissory Note, Sponsor |
500,000 | — | ||||||
Accrued offering costs |
2,211 | 2,211 | ||||||
|
|
|
|
|||||
Total Current Liabilities |
2,127,167 | 1,709,074 | ||||||
Warrant liability |
746,896 | 6,971,026 | ||||||
Deferred underwriting fee payable |
8,336,195 | 8,336,195 | ||||||
|
|
|
|
|||||
Total Liabilities |
11,210,258 |
17,016,295 |
||||||
Commitments and Contingencies |
||||||||
Class A common stock, $0.0001 par value; subject to possible redemption, 23,817,701 shares at $10.00 per share of redemption value as of June 30, 2022 and December 31, 202 1 |
238,177,010 | 238,177,010 | ||||||
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; 100,000,000 shares authorized (excluding 23,817,701 shares subject to possible redemption) as of June 30, 2022 and December 31, 2021 |
— | — | ||||||
Class B common stock, $0.0001 par value; 10,000,000 shares authorized 5,954,425 shares issued and outstanding as of June 30, 2022 and December 31, 2021 |
595 | 595 | ||||||
Additional paid in capital |
— | — | ||||||
Accumulated deficit |
(10,144,820 | ) | (16,005,235 | ) | ||||
|
|
|
|
|||||
Total Stockholders’ Deficit |
(10,144,225 |
) |
(16,004,640 |
) | ||||
|
|
|
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
239,243,043 |
$ |
239,188,665 |
||||
|
|
|
|
For the three months ended June 30, 2022 |
For the three months ended June 30, 2021 |
For the six months ended June 30, 2021 |
For the period from January 15, 2021 (inception) to June 30, 2021 |
|||||||||||||
General and administrative expenses |
$ | 484,924 | $ | 342,307 | $ | 709,236 | $ | 424,979 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(484,924 |
) |
(342,307 |
) |
(709,236 |
) |
(424,979 |
) | ||||||||
Other income (expense): |
||||||||||||||||
Dividend earned on investments held in Trust Account |
343,555 | 467 | 345,521 | 467 | ||||||||||||
Transaction costs related to issuance of warrants |
— | — | — | (380,000 | ) | |||||||||||
Change in fair value of warrants liability |
4,979,304 | (4,730,339 | ) | 6,224,130 | (2,489,652 | ) | ||||||||||
Interest earned on marketable securities held in Trust Account |
— | 2,580 | — | 3,043 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other income (expense), net |
5,322,859 | (4,727,292 | ) | 6,569,651 | (2,866,142 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before provision for income taxes |
4,837,935 |
(5,069,599 |
) |
5,860,415 |
(3,291,121 |
) | ||||||||||
Provision for income taxes |
— | — | — | — | ||||||||||||
Net income (loss) |
$ |
4,837,935 |
$ |
(5,069,599 |
) |
$ |
5,860,415 |
$ |
(3,291,121 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding of Class A common stock |
23,817,701 | 23,817,701 | 23,817,701 | 15,878,467 | ||||||||||||
Basic and diluted net income ( per common share, Class A common stockl oss) |
$ |
0.16 |
$ |
(0.17 |
) |
$ |
0.20 |
$ |
(0.15 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding of Class B common stock |
5,954,425 | 5,954,425 | 5,954,425 | 5,472,537 | ||||||||||||
Basic and diluted net income ( per common share, Class B common stockl o ss) |
$ |
0.16 |
$ |
(0.17 |
) |
$ |
0.20 |
$ |
(0.15 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Stockholders’ Deficit |
||||||||||||||||||||||||||||
Class A Common Stock |
Class B Common Stock |
Additional paid-in capital |
Accumulated deficit |
Total Stockholders’ deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance, January 1, 2022 |
— |
$ |
— |
5,954,425 |
$ |
595 |
$ |
— |
$ |
(16,005,235 |
) |
$ |
(16,004,640 |
) | ||||||||||||||
Net income |
— | — | — | — | 1,022,480 | 1,022,480 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, March 31, 2022 (unaudited) |
— |
— |
5,954,425 |
595 |
$ |
— |
(14,982,755 |
) |
(14,982,160 |
) | ||||||||||||||||||
Net income |
— | — | — | — | 4,837,935 | 4,837,935 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, June 30, 2022 (unaudited) |
— |
$ |
— |
5,954,425 |
$ |
595 |
$ |
— |
$ |
(10,144,820 |
) |
$ |
(10,144,225 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Stockholders’ Deficit |
||||||||||||||||||||||||||||
Class A Common Stock |
Class B Common Stock |
Additional paid-in capital |
Accumulated deficit |
Total Stockholders’ deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance — January 15, 2021 (inception) |
— |
$ |
— |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||||||||||
Issuance of Class B common stock to Sponsor |
— | — | 6,325,000 | 633 | 24,367 | — | 25,000 | |||||||||||||||||||||
Excess consideration received for purchase of Private Placement warrants by Sponsor |
— | — | — | — | 2,930,868 | — | 2,930,868 | |||||||||||||||||||||
Forfeiture of Founder Shares |
— | — | (370,575 | ) | (38 | ) | 38 | — | — | |||||||||||||||||||
Accretion of Class A common stock to redemption amount |
— | — | — | — | (2,955,273 | ) | (16,789,942 | ) | (19,745,215 | ) | ||||||||||||||||||
Net income |
— | — | — | — | — | 1,778,478 | 1,778,478 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, March 31, 2021 (unaudited) |
— |
— |
5,954,425 |
595 |
— |
(15,011,464 |
) |
(15,010,869 |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | (5,069,599 | ) | (5,069,599 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, June 30, 2021 (unaudited) |
— |
$ |
— |
5,954,425 |
$ |
595 |
$ |
— |
$ |
(20,081,063 |
) |
$ |
(20,080,468 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2022 |
For the Period from January 15, 2021 (Inception) to June 30, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | 5,860,415 | $ | (3,291,121 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Interest earned on investments held in Trust Account |
— | (3,043 | ) | |||||
Dividend earned on investments held in Trust Account |
(345,521 | ) | (467 | ) | ||||
Transaction costs related to issuance of warrants |
— | 380,000 | ||||||
Change in fair value of warrant liability |
(6,224,130 | ) | 2,489,652 | |||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses and other current assets |
6,494 | (586,699 | ) | |||||
Accrued expenses |
(81,907 | ) | 92,223 | |||||
|
|
|
|
|||||
Net cash used in operating activities |
(784,649 |
) |
(919,455 |
) | ||||
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities: |
||||||||
Investment of cash into Trust Account |
— | (238,177,010 | ) | |||||
|
|
|
|
|||||
Net cash used in investing activities |
— |
(238,177,010 |
) | |||||
|
|
|
|
|||||
Cash Flows from Financing Activities: |
||||||||
Proceeds from issuance of Class B common stock to Sponsor |
— | 25,000 | ||||||
Proceeds from sale of Units, net of underwriting discounts paid |
— | 238,177,010 | ||||||
Proceeds from sale of Private Placements Warrants |
— | 6,763,540 | ||||||
Proceeds from promissory note - related party |
500,000 | 250,000 | ||||||
Repayment of promissory note - related party |
— | (250,000 | ) | |||||
Payment of offering costs |
— | (5,038,459 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
500,000 |
239,927,091 |
||||||
Net Change in Cash |
(284,649 |
) |
830,626 |
|||||
Cash - Beginning of period |
587,754 | — | ||||||
|
|
|
|
|||||
Cash - End of period |
$ |
303,105 |
$ |
830,626 |
||||
|
|
|
|
|||||
Non-Cash investing and financing activities: |
||||||||
Initial classification of Class A common stock subject to possible redemption |
$ | — | $ | 218,166,133 | ||||
|
|
|||||||
Change in value of Class A common stock subject to possible redemption |
$ | — | $ | 5,069,595 | ||||
|
|
|||||||
Deferred underwriting fees |
$ | — | $ | 8,336,195 | ||||
|
|
|
|
|||||
Offering costs included in accrued expenses |
$ | — | $ | 2,211 | ||||
|
|
|
|
Gross proceeds |
$ | 238,177,010 | ||
Less: |
||||
Allocation to Public Warrants |
(6,748,349 | ) | ||
Class A common stock issuance costs |
(12,961,816 | ) | ||
Add: |
||||
Accretion of carrying value to redemption value |
19,710,165 | |||
|
|
|||
Class A common stock subject to possible redemption |
$ | 238,177,010 | ||
|
|
For the three months ended June 30, 2022 |
For the three months ended June 30, 2021 |
For the six months ended June 30, 2022 |
For the period January 15, 2021 (inception) through June 30, 2021 |
|||||||||||||||||||||||||||||
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
|||||||||||||||||||||||||
Basic and diluted net income (loss) per share of common stock |
||||||||||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Allocation of net income (loss) |
$ |
3,870,348 |
$ |
967,587 |
$ |
(4,055,679 |
) |
$ |
(1,013,920 |
) |
$ |
4,688,332 |
$ |
1,172,083 |
$ |
(2,447,564 |
) |
$ |
(843,557 |
) | ||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding |
|
23,817,701 |
|
5,954,425 |
|
23,817,701 |
|
5,954,425 |
23,817,701 |
5,954,425 |
15,878,467 |
5,472,537 |
||||||||||||||||||||
Basic and diluted net income (loss) per share of common stock |
$ |
0.16 |
$ |
0.16 |
$ |
(0.17 |
) |
$ |
(0.17 |
) |
$ |
0.20 |
|
$ |
0.20 |
$ |
(0.15 |
) |
$ |
(0.15 |
) |
• | 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 sale price of the Class A common stock for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted). |
• | 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 based on the redemption date and the fair market value of the Class A common stock; |
• | if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted); and |
• | if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. |
Level 3: | Unobservable inputs based on an assessment of the assumptions that market participants would use in pricing the asset or liability. Transfers between fair value levels are recorded at the end of each reporting period. |
Description |
Level |
June 30, 2022 |
Level |
December 31, 2021 |
||||||||||||
Assets: |
||||||||||||||||
Investments held in Trust Account—Money Market Funds |
1 | $ | 238,534,138 | 1 | $ | 238,188,617 | ||||||||||
Liabilities: |
||||||||||||||||
Warrant liability—Public W arrants |
3 |
$ | 476,354 | 1 | $ | 4,445,971 | ||||||||||
Warrant liability—Private Placement Warrants |
3 |
$ | 270,542 | 2 | $ | 2,525,055 |
At June 30, 2022 |
||||
Unit price |
$ |
9.75 |
||
Strike price |
$ |
11.50 |
||
Term (in years) |
0.50 |
|||
Volatility |
0.7 |
% | ||
Risk-free rate |
2.99 |
% | ||
Dividend yield |
0.0 |
% | ||
Fair value of warrants |
$ |
0.06 |
Private Placement Warrants |
Public Warrants |
Warrant Liabilities |
||||||||||
Fair value as of December 31, 2021 |
$ |
— |
$ |
— |
$ |
— |
||||||
Change in fair value of warrant liability |
(2,254,513 |
) |
(3,969,617 |
) |
(6,224,130 |
) | ||||||
Transfer to Level 3 |
2,525,055 |
4,445,971 |
6,971,026 |
|||||||||
|
|
|
|
|
|
|||||||
Fair value as of June 30, 2022 |
$ |
270,542 |
$ |
476,354 |
$ |
746,896 |
Private Placement Warrants |
Public Warrants |
Warrant Liability |
||||||||||
Fair value as of January 15, 2021 |
$ | — | $ | — | $ | — | ||||||
Initial measurement on March 12, 2021 |
3,832,673 | 6,748,349 | 10,581,022 | |||||||||
Change in fair value of warrant liability |
901,805 | 1,587,847 | 2,489,652 | |||||||||
|
|
|
|
|
|
|||||||
Fair value as of June 30, 2021 |
$ | 4,734,478 | $ | 8,336,196 | $ | 13,070,674 | ||||||
|
|
|
|
|
|
No. |
Description of Exhibit | |
31.1 * | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 * | Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 ** | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 | |
32.2 ** | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 | |
101.INS* | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
** | Furnished herewith. |
SANDBRIDGE X2 CORP | ||||||
Date: August 10, 2022 | By: | /s/ Ken Suslow | ||||
Name: | Ken Suslow | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: August 10, 2022 | By: | /s/ Richard Henry | ||||
Name: | Richard Henry | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |
1 Year Sandbridge X2 Chart |
1 Month Sandbridge X2 Chart |
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