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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tristar Acquisition I Corp | NYSE:TRIS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.09% | 11.11 | 11.12 | 11.11 | 11.12 | 625 | 21:00:02 |
☒ | 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 |
001-40905 |
98-1587643 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
2870 Peachtree Road, NW Suite 509 Atlanta, Georgia |
30305 | |||
(Address Of Principal Executive Offices) |
(Zip Code) |
Title of Each Class: |
Trading Symbol: |
Name of Each Exchange on Which Registered: | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant |
TRIS.U |
The New York Stock Exchange | ||
Class A ordinary shares included as part of the units |
TRIS |
The New York Stock Exchange | ||
Redeemable warrants included as part of the units |
TRIS.WS |
The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
For the period from March 5, 2021 (inception) through June 30, 2021 |
|||||||||||||
General and administrative expenses |
$ | (191,634) | $ | (109,762 | ) | $ | (449,371 | ) | $ | (121,066 | ) | |||||
Loss from operations |
(191,634) | (109,762 | ) | (449,371 | ) | $ | (121,066 | ) | ||||||||
Other income |
||||||||||||||||
Interest income |
153,796 | — | 159,650 | — | ||||||||||||
Change in fair value of warrant liability |
5,276,600 | — | 7,423,000 | — | ||||||||||||
Total other income |
5,430,396 | — | 7,582,650 | — | ||||||||||||
Net income (loss) |
$ | 5,238,762 | $ |
(109,762 | ) | $ | 7,133,279 | $ | (121,066 | ) | ||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to redemption |
23,000,000 | — | 23,000,000 | — | ||||||||||||
Basic and diluted net income (loss) per share, Class A ordinary shares subject to redemption |
$ | 0.18 | $ | — | $ | 0.25 | $ | — | ||||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares (1) |
5,750,000 | 5,000,000 | 5,750,000 | 5,000,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares |
$ | 0.18 | $ | (0.02 | ) |
$ | 0.25 | $ | (0.02 | ) | ||||||
(1) |
This number excludes an aggregate of up to 750,000 Class B ordinary shares that were subject to forfeiture if the over-allotment was not exercised in full or in part by the underwriters. On November 3, 2021, the underwriters exercised the full over-allotment. |
SIX MONTHS ENDED JUNE 30, 2022 |
||||||||||||||||||||||||||||
Ordinary Shares |
Additional Paid-in Capital |
Total Shareholders’ Deficit |
||||||||||||||||||||||||||
Class A |
Class B |
Accumulated Deficit |
||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance - January 1, 2022 |
— |
$ |
— |
5,750,000 |
$ |
575 |
$ |
— |
$ |
(18,492,975 |
) |
$ |
(18,492,400 |
) | ||||||||||||||
Net income |
— |
— |
— |
— |
— |
1,894,517 |
1,894,517 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2022 |
— |
— |
5,750,000 |
575 |
— |
(16,598,458 |
) |
(16,597,883 |
) | |||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of June 30, 2022 |
— |
— |
— |
— |
— |
(159,286) | (159,286) |
|||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
5,238,762 |
5,238,762 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - June 30, 2022 |
— |
$ |
— |
5,750,000 |
$ |
575 |
$ |
— |
$ |
(11,518,982 |
) | $ |
(11,518,407 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR THE PERIOD FROM MARCH 5, 2021 (INCEPTION) THROUGH JUNE 30, 2021 |
||||||||||||||||||||||||||||
Ordinary Shares |
Additional Paid-in Capital |
Total Shareholders’ Deficit |
||||||||||||||||||||||||||
Class A |
Class B |
Accumulated Deficit |
||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance - March 5, 2021 (inception) |
— |
$ |
— |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||||||||||
Issuance of Class B ordinary shares(1) |
— |
— |
5,000,000 |
500 |
24,500 |
— |
25,000 |
|||||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
(11,304 |
) |
(11,304 |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021 |
— |
— |
5,000,000 |
500 |
24,500 |
(11,304 |
) |
13,696 |
||||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
(109,762 |
) |
(109,762 |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - June 30, 2021 |
— |
$ |
— |
5,000,000 |
$ |
500 |
$ |
24,500 |
$ |
(121,066 |
) |
$ |
(96,066 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
This number excludes an aggregate of up to 750,000 Class B ordinary shares that were subject to forfeiture if the over-allotment was not exercised in full or in part by the underwriters. On November 3, 2021, the underwriters exercised the full over-allotment. |
June 30, 2022 |
For the period from March 5, 2021 (inception) through June 30, 2021 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net income (loss) |
$ | 7,133,279 | $ | (121,066 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Change in derivative warrant liabilities |
(7,423,000 | ) | — | |||||
Interest income earned on investment held in Trust Account |
(159,286 | ) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
128,578 | (40,150 | ) | |||||
Deferred offering costs |
— | (516,908 | ) | |||||
Accounts payable |
(107,018 | ) | — | |||||
Accrued expenses |
(43,359 | ) | 410,316 | |||||
|
|
|
|
|||||
Net cash used in operating activities |
(470,806 | ) | (267,808 | ) | ||||
|
|
|
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Proceeds from promissory note—related party |
— | 246,149 | ||||||
Proceeds from issuance of Class B ordinary shares to Sponsor |
— | 25,000 | ||||||
|
|
|
|
|||||
Net cash provided by financing activities |
— | 271,149 | ||||||
|
|
|
|
|||||
NET (DECREASE) INCREASE IN CASH |
(470,806 | ) | 3,341 | |||||
CASH BEGINNING OF PERIOD |
1,231,992 | — | ||||||
|
|
|
|
|||||
CASH END OF PERIOD |
$ | 761,186 | $ | 3,341 | ||||
|
|
|
|
|||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: |
||||||||
Deferred offering costs included in accounts payable and accrued expenses |
$ | — | $ | 431,000 | ||||
|
|
|
|
|
|
|
|
|
Remeasurement of Class A ordinary shares to redemption amount as of June 30, 2022 |
$ | 159,286 | $ | — | ||||
|
|
|
|
Balance Sheet |
As Previously Reported |
Restatement Adjustment |
As Restated |
|||||||||||||
Assets |
||||||||||||||||
Prepaid expenses - current portion |
$ |
317,957 |
$ |
63,750 |
(1 |
) |
$ |
381,707 |
||||||||
Total Assets |
233,679,318 |
63,750 |
233,743,068 |
|||||||||||||
Total Liabilities |
18,040,951 |
— |
18,040,951 |
|||||||||||||
Class A ordinary shares 23,000,000 shares, subject to possible redemption at $10.10 per share |
232,300,000 |
— |
232,300,000 |
|||||||||||||
Shareholder’s equity |
||||||||||||||||
Preferred shared, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
— |
— |
- |
|||||||||||||
Class A ordinary shares, $0.0001 par value; 90,000,000 shares authorized; 0.00 issued or outstanding (excluding 20,000,000 shares subject to possible redemption) |
— |
— |
- |
|||||||||||||
Class B ordinary shares, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 shares issued and outstanding |
575 |
— |
575 |
|||||||||||||
Additional paid-in-captial |
— |
— |
- |
|||||||||||||
Accumulates deficit |
(16,662,208 |
) |
63,750 |
(1 |
) |
(16,598,458 |
) | |||||||||
|
|
|
|
|
|
|||||||||||
Total shareholder’s equity |
(16,661,633 |
) |
63,750 |
(16,597,883 |
) | |||||||||||
|
|
|
|
|
|
|||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
233,679,318 |
— |
$ |
233,743,068 |
|||||||||||
|
|
|
|
|
|
Statement of Operations |
As Previously Reported |
Restatement Adjustment |
As Restated |
|||||||||||||
General and administrative expenses |
$ |
(424,846 |
) |
$ |
167,109 |
(1 |
) |
$ |
(257,737 |
) | ||||||
Total other income |
2,152,254 |
— |
$ |
2,152,254 |
||||||||||||
|
|
|
|
|
|
|||||||||||
Net income |
1,727,408 |
167,109 |
1,894,517 |
|||||||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to redemption |
23,000,000 | — | 23,000,000 | |||||||||||||
Basic and diluted net income per share, outstanding, Class A ordinary shares subject to redemption |
$ |
0.06 | $ |
0.01 | $ |
0.07 | ||||||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares |
5,750,000 | — | 5,750,000 | |||||||||||||
Basic and diluted net income per share, Class B ordinary shares |
$ |
0.06 | $ |
0.01 | $ |
0.07 |
(1) |
To reduce NYSE listing fee expense totaling $188,359 ($103,359 recorded December 31, 2021 and $85,000 reclassed to prepaid expenses as of March 31, 2022 net amortization amount for Q1 of $21,250) |
Statement of Changes in Shareholder’s Deficit |
As Previously Reported |
Restatement Adjustment |
As Restated |
|||||||||||||
Balance—January 1, 2022—Accumulated deficit |
$ |
(18,389,616 |
) |
$ |
(103,359 |
) |
(1 |
) |
$ |
(18,492,975 |
) | |||||
Balance—January 1, 2022—Accumulated deficit |
(18,389,041 |
) |
(103,359 |
) |
(1 |
) |
(18,492,400 |
) | ||||||||
Net income |
1,727,408 |
167,109 |
(3 |
) |
1,894,517 |
|||||||||||
Total accumulated deficit—March 31, 2022 |
(16,662,208 |
) |
63,750 |
(2 |
) |
(16,598,458 |
) | |||||||||
Total accumulated deficit—March 31, 2022 |
(16,661,633 |
) |
63,750 |
(2 |
) |
(16,597,883 |
) |
(1) |
To record 2021 NYSE listing fee as of December 31, 2021 totaling $103,359 |
(2) |
To reclass $85,000 2022 NYSE listing fee expense to prepaid, net of amortization amount for Q1 ($ 21,250) |
(3) |
To reduce NYSE listing fee expense totaling $188,359 ($103,359 recorded December 31, 2021 and $85,000 reclassed to prepaid expenses as of March 31, 2022 net amortization amount for Q1 of $21,250) |
Statement of Cash Flows |
As Previously Reported |
Restatement Adjustment |
As Restated |
|||||||||||||
Net income |
$ |
1,727,408 |
$ |
167,109 |
(1 |
) |
$ |
1,894,517 |
||||||||
Prepaid expenses |
$ |
93,200 |
($ |
63,750 |
) |
(2 |
) |
$ |
29,450 |
|||||||
Accounts Payable and accrued expenses |
$ |
(3,106 |
) |
$ |
(103,359 |
) |
(3 |
) |
$ |
(106,465 |
) |
(1) |
To reduce NYSE listing fee expense totaling $188,359 ($103,359 recorded December 31, 2021 and $85,000 reclassed to prepaid expenses as of March 31, 2022 net amortization amount for Q1 of $21,250) |
(2) |
To reclass $85,000 2022 NYSE listing fee expense to prepaid, net of amortization amount for Q1 of ($ 21,250) |
(3) |
To record 2021 NYSE listing fee as of December 31, 2021 totaling $103,359 |
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
|||||||
Ordinary shares subject to possible redemption |
||||||||
Numerator: Earnings allocable to Redeemable Class A ordinary shares |
||||||||
Net income allocable to Class A ordinary shares subject to possible redemption |
$ | 4,191,010 | $ | — | ||||
Denominator: Redeemable Class A ordinary shares, |
||||||||
Basic and diluted weighted average shares outstanding |
,00 | — |
||||||
|
|
|
|
|||||
Basic and diluted net income per share, Redeemable Class A ordinary share |
$ | 0.18 | $ | — | ||||
|
|
|
|
|||||
Non-redeemable ordinary shares |
||||||||
Numerator: Net income allocable to Class B ordinary shares not subject to redemption |
||||||||
Net income (loss) allocable to Class B ordinary shares not subject to redemption |
$ | 1,047,752 | $ | (109,762 | ) | |||
Denominator: Weighted Average non-redeemable Class B ordinary shares |
||||||||
Basic and diluted weighted average shares outstanding |
5,750,000 | 5,000,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per share |
$ | 0.18 | $ | (0.02 | ) | |||
|
|
|
|
Six Months Ended June 30, 2022 |
For the period from March 5, 2021 (inception) to June 30, 2021 |
|||||||
Ordinary shares subject to possible redemption |
||||||||
Numerator: Earnings allocable to Redeemable Class A ordinary shares |
||||||||
Net income allocable to Class A ordinary shares subject to possible redemption |
$ | 5,706,623 | $ | — | ||||
Denominator: Redeemable Class A ordinary shares, |
||||||||
Basic and diluted weighted average shares outstanding |
,00 | — | ||||||
Basic and diluted net income per share, Redeemable Class A ordinary share |
$ | 0.25 | $ | — | ||||
Non-redeemable ordinary shares |
||||||||
Numerator: Net income allocable to Class B ordinary shares not subject to redemption |
||||||||
Net income (loss) allocable to Class B ordinary shares not subject to redemption |
$ | 1,426,656 | $ | (121,066 | ) | |||
Denominator: Weighted Average non-redeemable Class B ordinary shares |
||||||||
Basic and diluted weighted average shares outstanding |
5,750,000 | 5,000,000 | ||||||
Basic and diluted net income (loss) per share |
$ | 0.25 | $ | (0.02 | ) | |||
• | 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; and |
• | if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for split-up of ordinary shares, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within the 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
As of June 30, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
Marketable securities held in Trust Account |
$ |
232,461,777 | $ | — | $ | — | $ | 232,461,777 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
232,461,777 |
$ |
— |
$ |
— |
$ |
232,461,777 |
||||||||
|
|
|
|
|
|
|
|
As of December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets: |
||||||||||||||||
Marketable securities held in Trust Account |
$ |
232,302,491 | $ | — | $ | — | $ | 232,302,491 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
232,302,491 |
$ |
— |
$ |
— |
$ |
232,302,491 |
||||||||
|
|
|
|
|
|
|
|
As of June 30, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities: |
||||||||||||||||
Warrant liability – Public Warrants |
$ |
1,380,000 |
$ |
— |
$ |
— |
$ |
1,380,000 |
||||||||
Warrant liability—Private Placement Warrants |
— |
— |
881,400 |
881,400 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
1,380,000 |
$ |
— |
$ |
881,400 |
$ |
2,261,400 |
||||||||
|
|
|
|
|
|
|
|
As of December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Liabilities: |
||||||||||||||||
Warrant liability – Public Warrants |
$ |
5,865,000 |
$ |
— |
$ |
— |
$ |
5,865,000 |
||||||||
Warrant liability—Private Placement Warrants |
— |
— |
3,819,400 |
3,819,400 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
5,865,000 |
$ |
— |
$ |
3,819,400 |
$ |
9,684,400 |
||||||||
|
|
|
|
|
|
|
|
June 30, 2022 |
December 31, 2021 |
|||||||
Stock price |
$ | 9.85 | $ | 9.76 | ||||
Exercise price |
$ | 11.50 | $ | 11.50 | ||||
Dividend yield |
— | % | — | % | ||||
Expected term (in years) |
5 | 5 | ||||||
Volatility |
2.3 | % | 12 | % | ||||
Risk-free rate |
3.01 | % | 1.26 | % | ||||
Fair value |
$ | 0.12 | $ | 0.52 |
Private Placement |
Public |
Warrant Liabilities |
||||||||||
Fair value at December 31, 2021 |
$ | 3,819,400 | $ | — | $ | 3,819,400 | ||||||
Change in fair value of Private Warrants |
(2,938,000 | ) | (2,938,000 | ) | ||||||||
|
|
|
|
|
|
|||||||
Fair value at June 30, 2022 |
$ | 881,400 | $ | — | $ | 881,400 | ||||||
|
|
|
|
|
|
• | may significantly dilute the equity interest of investors; |
• | may subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to those afforded our Class A ordinary shares; |
• | could cause a change in control if a substantial number of our Class A ordinary shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; |
• | may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us; |
• | may adversely affect prevailing market prices for our Units, Class A ordinary shares and/or warrants; and |
• | may not result in adjustment to the exercise price of our warrants. Similarly, if we issue debt or otherwise incur significant debt, it could result in: |
• | default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations; |
• | acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
• | our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand; |
• | our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding; |
• | our inability to pay dividends on our Class A ordinary shares; |
• | using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes; |
• | limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and |
• | limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt. |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* |
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 19, 2022 | TRISTAR ACQUISITION I CORP. | |||||
By: | /s/ William M. Mounger II | |||||
Name: | William M. Mounger II | |||||
Title: | Chief Executive Officer and Chairman of the Board |
1 Year Tristar Acquisition I Chart |
1 Month Tristar Acquisition I Chart |
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