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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/15/22 E.Merge Technology Acq Corp. 10-Q 6/30/22 51:4.1M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 790K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 21K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 21K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 17K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 17K 11: R1 Cover Page HTML 80K 12: R2 Balance Sheets HTML 110K 13: R3 Balance Sheets (Parentheticals) HTML 51K 14: R4 Statements of Operations HTML 80K 15: R5 Statements of Changes in Stockholders' Deficit HTML 52K 16: R6 Statements of Cash Flows HTML 88K 17: R7 Description of Organization and Business HTML 39K Operations 18: R8 Summary of Significant Accounting Policies HTML 72K 19: R9 Initial Public Offering HTML 18K 20: R10 Private Placement HTML 18K 21: R11 Related Party Transactions HTML 32K 22: R12 Commitments and Contingencies HTML 25K 23: R13 Stockholders' Deficit HTML 29K 24: R14 Warrants HTML 29K 25: R15 Fair Value Measurements HTML 64K 26: R16 Subsequent Events HTML 22K 27: R17 Summary of Significant Accounting Policies HTML 103K (Policies) 28: R18 Summary of Significant Accounting Policies HTML 51K (Tables) 29: R19 Fair Value Measurements (Tables) HTML 68K 30: R20 Description of Organization and Business HTML 129K Operations (Details) 31: R21 Summary of Significant Accounting Policies HTML 51K (Details) 32: R22 Summary of Significant Accounting Policies - HTML 28K Summary Of Temporary Equity (Detail) 33: R23 Summary of Significant Accounting Policies HTML 56K (Details) - Schedule of reflects the calculation of basic and diluted net income (loss) per common share 34: R24 Initial Public Offering (Details) HTML 26K 35: R25 Private Placement (Details) HTML 23K 36: R26 Related Party Transactions (Details) HTML 104K 37: R27 Commitments and Contingencies (Details) HTML 19K 38: R28 Stockholders' Deficit (Details) HTML 56K 39: R29 Warrants (Details) HTML 31K 40: R30 Fair Value Measurements (Details) HTML 46K 41: R31 Fair Value Measurements (Details) - Schedule of HTML 33K assets and liabilities that are measured at fair value 42: R32 Fair Value Measurements (Details) - Schedule of HTML 27K information regarding Level 3 fair value measurements 43: R33 Fair Value Measurements (Details) - Schedule of HTML 22K changes in the fair value of Level 3 warrant liabilities 44: R34 Fair Value Measurements (Details) - Schedule of HTML 29K quantitative information regarding the convertible extension note and convertible promissory note 45: R35 Fair Value Measurements (Details) - Schedule of HTML 26K fair value of convertible extension note and convertible promissory note 46: R36 Subsequent Events (Details) HTML 47K 49: XML IDEA XML File -- Filing Summary XML 87K 47: XML XBRL Instance -- d370334d10q_htm XML 816K 48: EXCEL IDEA Workbook of Financial Reports XLSX 113K 7: EX-101.CAL XBRL Calculations -- etac-20220630_cal XML 72K 8: EX-101.DEF XBRL Definitions -- etac-20220630_def XML 477K 9: EX-101.LAB XBRL Labels -- etac-20220630_lab XML 768K 10: EX-101.PRE XBRL Presentations -- etac-20220630_pre XML 625K 6: EX-101.SCH XBRL Schema -- etac-20220630 XSD 129K 50: JSON XBRL Instance as JSON Data -- MetaLinks 248± 369K 51: ZIP XBRL Zipped Folder -- 0001193125-22-221313-xbrl Zip 180K
Form 10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware |
i 85-1177400 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
i Units, each consisting of one share of Class A Common Stock and one-third of one Redeemable Warrant |
i ETACU |
i The Nasdaq Stock Market LLC | ||
i Class A Common Stock, par value $0.0001 per share |
i ETAC |
i The Nasdaq Stock Market LLC | ||
i Warrants, each exercisable for one share Class A Common Stock for $11.50 per share |
i ETACW |
i The Nasdaq Stock Market LLC |
Large, accelerated filer | ☐ | Accelerated filer | ☐ | |||
i Non-accelerated filer | ☒ | Smaller reporting company | i ☒ | |||
Emerging growth company | i ☒ |
(Unaudited) |
(Audited) |
|||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | i 1,291,030 | $ | i 228,036 | ||||
Prepaid expenses |
i 82,249 | i 84,887 | ||||||
|
|
|
|
|||||
Total Current Assets |
i 1,373,279 | i 312,923 | ||||||
Cash and investments held in Trust Account |
i 600,786,365 | i 600,134,437 | ||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ |
i 602,159,644 |
$ |
i 600,447,360 |
||||
|
|
|
|
|||||
LIABILITIES, CLASS A COMMON STOCK SUBJECT TO REDEMPTION AND STOCKHOLDERS’ DEFICIT |
||||||||
Current liabilities |
||||||||
Accounts payable and accrued expenses |
$ | i 711,508 | $ | i 656,021 | ||||
Income taxes payable |
i 162,963 | i — | ||||||
Advance from related parties |
i 8,714 | i — | ||||||
|
|
|
|
|||||
Total Current Liabilities |
i 883,185 | i 656,021 | ||||||
Warrant liabilities |
i 2,652,000 | i 11,424,000 | ||||||
Mandatorily redeemable Class A common stock liability |
i 272,521,093 | i — | ||||||
Convertible note - extension note |
i 688,800 | i — | ||||||
Convertible note - related party |
i 301,000 | i — | ||||||
Deferred underwriting fee payable |
i 22,560,000 | i 22,560,000 | ||||||
|
|
|
|
|||||
Total Liabilities |
i 299,606,078 |
i 34,640,021 |
||||||
|
|
|
|
|||||
Commitments and Contingencies |
i | i | ||||||
Class A common stock subject to possible redemption, $ i i 0.0001 / par
value; i i 32,777,980 /
and i i 60,000,000 /
shares issued and outstanding at approximately $ i 10.04 and $ i 10.00 per
share redemption value as of June 30, 2022 and December 31, 2021, respectively. |
i 329,201,052 | i 600,000,000 | ||||||
Stockholders’ Deficit |
||||||||
Preferred Stock, $ i i 0.0001 /
par value; i i 1,000,000 / shares authorized; i i i i
no / / / ne issued and outstanding |
i — | i — | ||||||
Class A common stock, $ i i 0.0001 /
par value; i i 200,000,000 /
shares authorized; i i i i 1,200,000 / / /
shares issued and outstanding (excluding i 27,222,020 and i 0 mandatorily redeemable
shares and i 32,777,980 and i 60,000,000 |
i 120 | i 120 | ||||||
Class B common stock, $ i i 0.0001 /
par value; i i 20,000,000 /
shares authorized; i i i i 15,000,000 / / /
shares issued and outstanding as of June 30, 2022 and December 31, 2021 |
i 1,500 | i 1,500 | ||||||
Additional paid-in capital |
i — | i — | ||||||
Accumulated deficit |
( i 26,649,106 | ) | ( i 34,194,281 | ) | ||||
|
|
|
|
|||||
Total Stockholders’ Deficit |
( i 26,647,486 |
) |
( i 34,192,661 |
) | ||||
|
|
|
|
|||||
TOTAL LIABILITIES, CLASS A COMMON STOCK SUBJECT TO REDEMPTION AND STOCKHOLDERS’ DEFICIT |
$ |
i 602,159,644 |
$ |
i 600,447,360 |
||||
|
|
|
|
Three Months Ended June 30, |
||||||||||||||||
2021 |
2022 |
2021 |
||||||||||||||
General and administrative expenses |
$ | i 562,530 | $ | i 238,089 | $ | i 881,041 | $ | i 434,301 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
( i 562,530 |
) |
( i 238,089 |
) |
( i 881,041 |
) |
( i 434,301 |
) | ||||||||
Other income (expense): |
||||||||||||||||
Interest earned on investments held in Trust Account |
i 830,043 | i 25,585 | i 881,895 | i 77,428 | ||||||||||||
Change in fair value of warrant liabilities |
i 816,000 | ( i 408,000 | ) | i 8,772,000 | i 11,028,000 | |||||||||||
Change in fair value of Convertible note - related party |
i 199,000 | — | i 199,000 | — | ||||||||||||
Change in fair value of Convertible note - extension note |
i 458,430 | — | i 458,430 | — | ||||||||||||
Interest on mandatorily redeemable Class A common stock liability |
i 573,114 | — | i 573,114 | — | ||||||||||||
— | — | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income (expense), net |
i 2,876,587 | ( i 382,415 | ) | i 10,884,439 | i 11,105,428 | |||||||||||
Income (Loss) before provision for income taxes |
i 2,314,057 | ( i 620,504 | ) | i 10,003,398 | i 10,671,127 | |||||||||||
Provision for income taxes |
( i 162,963 | ) | i — | ( i 162,963 | ) | ( i 387 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
i 2,151,094 |
$ |
( i 620,504 |
) |
$ |
i 9,840,435 |
$ |
i 10,670,740 |
|||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding, Class A common stock |
i i 59,937,484 / | i i 61,200,000 / | i i 60,557,533 / | i i 61,200,000 / | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class A common stock |
$ |
i i 0.03 / |
$ |
( i i 0.01 / |
) |
$ |
i i 0.13 / |
$ |
i i 0.14 / |
|||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding, Class B common stock |
i i 15,000,000 / | i i 15,000,000 / | i i 15,000,000 / | i i 15,000,000 / | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share, Class B common stock |
$ |
i i 0.03 / |
$ |
( i i 0.01 / |
) |
$ |
i i 0.13 / |
$ |
i i 0.14 / |
|||||||
|
|
|
|
|
|
|
|
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 |
i 1,200,000 |
$ |
i 120 |
i 15,000,000 |
$ |
i 1,500 |
$ |
i — |
$ |
( i 34,194,281 |
) |
$ |
( i 34,192,661 |
) | ||||||||||||||
Net income |
— | — | — | — | — | i 7,689,341 | i 7,689,341 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2022 (unaudited) |
i 1,200,000 |
i 120 |
i 15,000,000 |
i 1,500 |
i — |
( i 26,504,940 |
) |
( i 26,503,320 |
) | |||||||||||||||||||
Mandatorily redeemable Class A common stock liability |
— | — | — | — | — | ( i 573,114 | ) | ( i 573,114 | ) | |||||||||||||||||||
Change in value of Class A common stock subject to redemption |
— | — | — | — | — | ( i 1,722,146 | ) | ( i 1,722,146 | ) | |||||||||||||||||||
Net income |
— | — | — | — | — | i 2,151,094 | i 2,151,094 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – June 30, 2022 (unaudited) |
i 1,200,000 |
$ |
i 120 |
i 15,000,000 |
$ |
i 1,500 |
$ |
i — |
$ |
( i 26,649,106 |
) |
$ |
( i 26,647,486 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance – January 1, 2021 |
i 1,200,000 |
$ |
i 120 |
i 15,000,000 |
$ |
i 1,500 |
$ |
i — |
$ |
( i 52,311,947 |
) |
$ |
( i 52,310,327 |
) | ||||||||||||||
Net income |
— | — | — | — | — | i 11,291,244 | i 11,291,244 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – March 31, 2021 (unaudited) |
i 1,200,000 |
i 120 |
i 15,000,000 |
i 1,500 |
i — |
( i 41,020,703 |
) |
( i 41,019,083 |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( i 620,504 | ) | ( i 620,504 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance – June 30, 2021 (unaudited) |
i 1,200,000 |
$ |
i 120 |
i 15,000,000 |
$ |
i 1,500 |
$ |
i — |
$ |
( i 41,641,207 |
) |
$ |
( i 41,639,587 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months Ended June 30, |
||||||||
2021 |
||||||||
Cash Flows from Operating Activities: |
||||||||
Net income |
$ | i 9,840,435 | $ | i 10,670,740 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
||||||||
Change in fair value of warrant liabilities |
( i 8,772,000 | ) | ( i 11,028,000 | ) | ||||
Change in fair value of Convertible note - related party |
( i 199,000 | ) | — | |||||
Change in fair value of Convertible note - extension note |
( i 458,430 | ) | — | |||||
Interest expense on mandatorily redeemable Class A common stock liability |
( i 573,114 | ) | — | |||||
Interest earned on investments held in Trust Account |
( i 881,895 | ) | ( i 77,420 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
i 2,638 | i 33,823 | ||||||
Accounts payable and accrued expenses |
i 55,486 | ( i 6,942 | ) | |||||
Income tax payable |
i 162,963 | i 387 | ||||||
Net cash used in operating activities |
( i 822,916 |
) |
( i 407,412 |
) | ||||
Cash Flows from Investing Activities: |
||||||||
Cash withdrawn from Trust Account to pay franchise and income taxes |
i 229,967 | i 118,808 | ||||||
Net cash (used in) provided by investing activities |
i 229,967 |
i 118,808 |
||||||
Cash Flows from Financing Activities: |
||||||||
Advances from related party |
i 18,671 | i — | ||||||
Repayment of advances from related party |
( i 9,957 | ) | — | |||||
Proceeds from Convertible note - extension note |
i 1,147,229 | — | ||||||
Proceeds from Convertible note - related party |
i 500,000 | — | ||||||
Net cash provided by Financing Activities |
i 1,655,943 |
i — |
||||||
Net Change in Cash |
i 1,062,994 |
( i 288,604 |
) | |||||
Cash – Beginning of period |
i 228,036 | i 949,852 | ||||||
Cash – End of period |
$ |
i 1,291,030 |
$ |
i 661,248 |
||||
Supplementary cash flow information: |
||||||||
Cash paid for income taxes |
$ | ( i 229,967 | ) | $ | — | |||
Non-cash investing and financing activities: |
||||||||
Mandatorily redeemable Class A common stock liability |
$ | i 272,521,093 | $ | — | ||||
Gross proceeds |
$ | i 600,000,000 | ||
Less: |
||||
Proceeds allocated to Public Warrants |
( i 23,600,000 | ) | ||
Class A common stock issuance costs |
( i 31,739,984 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
i 55,339,984 | |||
|
|
|||
Class A common stock subject to possible redemption, December 31, 2021 |
i 600,000,000 |
|||
Plus: |
||||
Accretion of carrying value to redemption value |
i 1,722,146 | |||
Less: |
||||
Redemption |
( i 272,521,094 | ) | ||
|
|
|||
Class A common stock subject to possible redemption, June 30, 2022 |
$ |
i 329,201,052 |
||
|
|
Three Months Ended June 30, 2022 |
Three Months Ended |
Six Months Ended June 30, 2022 |
Six Months Ended 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 common stock |
||||||||||||||||||||||||||||||||
Numerator: |
||||||||||||||||||||||||||||||||
Allocation of net income (loss) |
$ | i 1,720,515 | $ | i 430,578 | $ | ( i 498,358 | ) | ( i 122,146 | ) | $ | i 7,886,870 | $ | i 1,953,564 | $ | i 8,570,201 | $ | i 2,100,539 | |||||||||||||||
Denominator: |
||||||||||||||||||||||||||||||||
Basic and diluted weighted average stock outstanding |
i i 59,937,484 / | i i 15,000,000 / | i i 61,200,000 / | i i 15,000,000 / | i i 60,557,533 / | i i 15,000,000 / | i i 61,200,000 / | i i 15,000,000 / | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Basic and diluted net income (loss) per common stock |
$ | i i 0.03 / | $ | i i 0.03 / | $ | ( i i 0.01 / | ) | ( i i 0.01 / | ) | $ | i i 0.13 / | $ | i i 0.13 / | $ | i i 0.14 / | $ | i i 0.14 / |
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable; and |
• | if, and only if, the reported last sale price of the Company’s Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending three business days before the Company sends the notice of redemption to the warrant holders. |
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. |
Description |
Level |
|||||||||||
Assets: |
||||||||||||
Investments – U.S. Treasury Securities Money Market Fund |
1 | $ | i 464,505,709 | $ | i 600,133,781 | |||||||
Liabilities: |
||||||||||||
Warrant Liability – Public Warrants |
1 | i 2,600,000 |
i 11,200,000 | |||||||||
Warrant Liability – Placement Warrants |
3 | i 52,000 | i 224,000 | |||||||||
Convertible Promissory Note |
3 | i 688,800 | i — | |||||||||
Convertible Extension Note |
3 | i 301,000 | i — |
Risk-free interest rate |
i 2.97 | % | i 1.16 | % | ||||
Expected term (years) |
i 5.5 | i 5.5 | ||||||
Expected volatility |
i 4.0 | % | i 11.8 | % | ||||
Exercise price |
$ | i 11.50 | $ | i 11.50 | ||||
Stock price |
$ | i 9.99 | $ | i 9.84 |
Private Placement |
||||
Fair value as of January 1, 2022 |
$ | i 224,000 | ||
Change in fair value |
( i 156,000 | ) | ||
Fair value as of March 31, 2022 |
i 68,000 | |||
Change in fair value |
( i 16,000 | ) | ||
Fair value as of June 30, 2022 |
$ | i 52,000 | ||
Private Placement |
||||
Fair value as of January 1, 2021 |
$ | i 620,000 | ||
Change in fair value |
( i 236,000 | ) | ||
Fair value as of March 31, 2021 |
i 384,000 | |||
Change in fair value |
i 8,000 | |||
Fair value as of June 30, 2021 |
$ | i 392,000 | ||
Discount Rate |
i 5.3 | % | ||
Time to De-Spac |
i 0.3 | |||
Probability of Transaction |
i 60.00 | % | ||
Exercise price |
$ | i 10.00 | ||
Stock price |
$ | i 9.99 |
Private Placement |
||||
Proceeds received through Convertible note—extension note |
$ | i 1,147,229 | ||
Change in fair value |
( i 458,429 | ) | ||
Fair value as of June 30, 2022 |
$ | i 688,800 | ||
Private Placement |
||||
Proceeds received through Convertible note—related party |
$ | i 500,000 | ||
Change in fair value |
( i 199,000 | ) | ||
Fair value as of June 30, 2022 |
$ | i 301,000 | ||
* |
** | Furnished herewith. |
E.MERGE TECHNOLOGY ACQUISITION CORP. | ||||||
Date: August 15, 2022 | /s/ Jeff Clarke | |||||
Name: | Jeff Clarke | |||||
Title: | Co-Chief Executive Officer and Chief Financial Officer | |||||
( Principal Executive Officer and Principal Financial and Accounting Officer | ||||||
Date: August 15, 2022 | /s/ Guy Gecht | |||||
Name: | Guy Gecht | |||||
Title: | Co-Chief Executive Officer | |||||
(Principal Executive Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/22 | ||||
11/4/22 | ||||
9/4/22 | ||||
Filed on: | 8/15/22 | |||
8/11/22 | ||||
8/4/22 | ||||
7/5/22 | 8-K | |||
7/1/22 | ||||
For Period end: | 6/30/22 | |||
6/28/22 | 8-K, DEF 14A | |||
6/26/22 | 3, 8-K | |||
5/25/22 | ||||
5/13/22 | 10-Q | |||
4/1/22 | 8-K | |||
3/31/22 | 10-K, 10-Q | |||
3/30/22 | ||||
1/18/22 | 10-K/A, 10-Q/A | |||
1/1/22 | ||||
12/31/21 | 10-K | |||
9/30/21 | 10-Q, 10-Q/A | |||
8/20/21 | ||||
7/2/21 | 10-K/A | |||
6/30/21 | 10-Q | |||
3/31/21 | 10-K, 10-Q, NT 10-Q | |||
1/1/21 | ||||
12/31/20 | 10-K, 10-K/A | |||
9/4/20 | 4, 8-K | |||
8/4/20 | 4, 8-K | |||
8/3/20 | 424B4 | |||
7/30/20 | 3, 8-K, 8-K/A, CERT, EFFECT, S-1MEF | |||
6/8/20 | ||||
5/22/20 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/05/22 E.Merge Technology Acq Corp. 8-K:1,2,5,9 6/28/22 13:260K Donnelley … Solutions/FA 6/29/22 E.Merge Technology Acq Corp. 8-K:1,5,8,9 6/26/22 17:343K Donnelley … Solutions/FA |