SEC Form 10-Q filed by Austerlitz Acquisition Corporation II
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 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) | |
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(Address of principal executive offices) |
(Zip Code) |
Title of Each Class |
Trading Symbols |
Name of Each Exchange on Which Registered | ||
one-fourth of one Warrant |
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Large Accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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Item 1. |
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5 |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 1A. |
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Item 6. |
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23 |
Item 1. |
Financial Statements |
June 30, 2022 (Unaudited) |
December 31, 2021 |
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ASSETS |
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Cash |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Cash held in Trust Account |
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Forward purchase asset |
— | |||||||
Other non-current assets |
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Total Assets |
$ |
$ |
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LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Due to related party |
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Accrued expenses |
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Total current liabilities |
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Deferred underwriting fees payable |
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Derivative warrant liabilities |
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Forward purchase liability |
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Total liabilities |
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Commitments and Contingencies (Note 6) |
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Class A ordinary shares subject to possible redemption, |
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Shareholders’ deficit |
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Preference shares, $ |
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Class A ordinary shares, $ |
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Class B ordinary shares, $ |
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Class C ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
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Total shareholders’ deficit |
( |
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Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit |
$ |
$ |
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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 From January 5, 2021 (Inception) Through June 30, 2021 |
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Formation costs |
$ | $ | $ | $ | ||||||||||||
General and administrative expenses |
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Loss from operations |
( |
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Change in fair value of derivative warrant and forward purchase asset or liability |
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Transaction costs allocation to derivative warrant liabilities |
( |
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Net income |
$ | $ | $ | $ | ||||||||||||
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Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted |
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Basic and diluted net income per share, Class A subject to possible redemption |
$ |
$ |
$ |
$ |
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Weighted average shares outstanding of Class B ordinary shares, basic and diluted |
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Basic and diluted net income per share, Class B ordinary shares |
$ |
$ |
$ |
$ |
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Weighted average shares outstanding of Class C ordinary shares, basic and diluted |
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Basic and diluted net income per share, Class C ordinary shares |
$ |
$ |
$ |
$ |
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Ordinary Shares |
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Class B |
Class C |
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Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Balance as of January 1, 2022 |
$ |
$ |
$ |
$ |
( |
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$ |
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Net income |
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Balance as of March 31, 2022 |
$ |
$ |
$ |
$ |
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$ |
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Net income |
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Balance as of June 30, 2022 |
$ |
$ |
$ |
$ |
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Ordinary Shares |
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Class B |
Class C |
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Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Balance as of January 5, 2021 (Inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of ordinary shares to Sponsor |
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Adjustment of Class A ordinary shares to redemption value |
— | — | — | — | ( |
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Net loss |
— | — | — | — | — | ( |
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Balance as of March 31, 2021 |
$ |
$ |
$ |
$ |
( |
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$ |
( |
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
Balance as of June 30, 2021 |
$ |
$ |
$ |
$ |
( |
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$ |
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For The Six Months Ended June 30, 2022 |
For The Period From January 5, 2021 (Inception) Through June 30, 2021 |
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Cash Flows from Operating Activities |
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Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash used in operating activities: |
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Transaction costs allocated to derivative warrant liabilities |
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Change in fair value of derivative warrant liability |
( |
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Loss on change in fair value of forward purchase asset or liability |
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Formation and operating expenses paid through issuance of Class B and C ordinary shares |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
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Other assets |
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Accounts payable |
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Accrued expense s |
( |
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Due to related party |
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Net cash used in operating activities |
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Cash Flows from Investing Activities |
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Investment of cash into Trust Account |
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Net cash used in investing activities |
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Cash Flows from Financing Activities |
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Repayment of promissory note-related party |
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Proceeds from sale of Units, net of deferred underwriting discounts paid |
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Proceeds from sale of Private Placement Warrants |
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Payment of other offering costs |
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Net cash provided by financing activities |
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Net (decrease) increase in cash |
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Cash—beginning of period |
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Cash—end of period |
$ | $ | ||||||
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Supplemental disclosure of noncash investing and financing activities: |
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Issuance of Founder Shares to Sponsor in settlement of due to related party |
$ | $ | ||||||
Deferred underwriting fees payable |
Gross proceeds from sale of Class A ordinary shares |
$ | |||
Less: |
( |
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Less: |
( |
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Adjustment of Class A ordinary shares to redemption value |
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Class A ordinary shares subject to possible redemption |
$ |
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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 June 30, 2022 |
For The Three Months Ended June 30, 2021 |
For The Six Months Ended June 30, 2022 |
For The Period From January 5, 2021 (Inception) Through June 30, 2021 |
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Class A Ordinary Shares Subject to Possible Redemption |
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Net earnings allocable to Class A ordinary shares subject to possible redemption |
$ | $ | $ | $ | ||||||||||||
Basic and diluted weighted average shares outstanding, Redeemable Class A |
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Basic and diluted net earnings per share, Class A ordinary shares subject to possible redemption |
$ | $ | $ | $ | ||||||||||||
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Class B Ordinary Shares |
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Net earnings allocable to Class B ordinary shares |
$ | $ | $ | $ | ||||||||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares |
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Basic and diluted net earnings per share, Class B non-redeemable ordinary shares |
$ | $ | $ | $ | ||||||||||||
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Class C Ordinary Shares |
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Net earnings allocable to Class C Ordinary Shares |
$ | $ | $ | $ | ||||||||||||
Basic and diluted weighted average shares outstanding, Class C ordinary shares |
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Basic and diluted net earnings per share, Class C non-redeemable ordinary shares |
$ | $ | $ | $ | ||||||||||||
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• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price of the Class A ordinary shares for any sub-divisions, share capitalizations, reorganizations, recapitalizations and the like). |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the Reference Value equals or exceeds $ sub-divisions, share dividends, reorganizations, recapitalizations and the like); and |
• | if the Reference Value is less than $ sub-divisions, share dividends, reorganization, recapitalizations and the like) 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 |
Level 2 |
Level 3 |
Total |
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Assets: |
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Forward Purchase Asset |
$ | — | $ | — | $ | $ | ||||||||||
Total assets |
$ | — | $ | — | $ | $ | ||||||||||
Liabilities: |
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Public Warrants |
$ | $ | — | $ | — | $ | ||||||||||
Private Placement Warrants |
— | — | ||||||||||||||
Total liabilities |
$ | $ | — | $ | ||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
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Liabilities: |
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Public Warrants |
$ | $ | — | $ | — | $ | ||||||||||
Private Placement Warrants |
— | — | ||||||||||||||
Forward Purchase Liability |
— | — | ||||||||||||||
Total liabilities |
$ | $ | $ | $ | ||||||||||||
FPA |
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Fair value, January 1, 2022 |
$ | ( |
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Change in fair value |
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Fair value, March 31, 2022 |
( |
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Change in fair value |
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Fair value, June 30, 2022 |
$ | |||
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FPA |
Public Warrant |
Private Warrant |
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Fair value, March 2, 2021 |
$ | — | $ | — | $ | — | ||||||
Issuance of warrants |
— | ( |
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Change in fair value |
( |
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Transfer to level 1 |
— | — | ||||||||||
Transfer to level 2 |
— | — | ||||||||||
Fair value, December 31, 2021 |
$ | ( |
) | $ | — | $ | — | |||||
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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 1A. |
RISK FACTORS. |
ITEM 6. |
EXHIBITS. |
* | Filed herewith. |
** | Furnished. |
AUSTERLITZ ACQUISITION CORPORATION II | ||||||
Date: August 10, 2022 | /s/ David W. Ducommun | |||||
Name: | David W. Ducommun | |||||
Title: | President | |||||
( Principal Executive Officer | ||||||
Date: August 10, 2022 | /s/ Bryan Coy | |||||
Name: | Bryan Coy | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |