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 No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half of one share of Common Stock, par value $0.0001 |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
ITEM 1. |
CONDENSED FINANCIAL STATEMENTS |
June 30, 2021 |
December 31, 2020 |
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(Unaudited) |
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Assets: |
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Current assets: |
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Cash |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Investments held in Trust Account |
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Total assets |
$ |
$ |
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Liabilities and Stockholders’ Equity: |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued expenses |
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Accrued expenses - related party |
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Franchise tax payable |
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Total current liabilities |
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Deferred underwriting commissions |
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Warrant liabilities |
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Total liabilities |
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Commitments and Contingencies (Note 5) |
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Common stock, $ June 30 , 2021 and December 31, 2020, respectively |
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Stockholders’ Equity: |
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Preferred stock, $ |
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Common stock, $ June 30 , 2021 and December 31, 2020, respectively |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
$ |
$ |
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For the Three Months Ended |
For the Six Months Ended |
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June 30, 2021 |
June 30, 2020 |
June 30, 2021 |
June 30, 2020 |
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Operating expenses |
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General and administrative expenses |
$ | $ | $ | $ | ||||||||||||
Administrative fees - related party |
— | — | ||||||||||||||
Franchise tax expense |
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Loss from operations |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Net gain from investments held in Trust Account |
— | — | ||||||||||||||
Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Weighted average shares outstanding of common stock subject to possible redemption , basic and diluted |
— | — | ||||||||||||||
Basic and diluted net income per share, common stock subject to possible redemption |
$ | $ | $ | $ | ||||||||||||
Weighted average shares outstanding of non-redeemable common stock, basic and diluted |
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Basic and diluted net loss per share, non-redeemable common stock |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
For the Three and Six Months Ended June 30, 2021 |
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Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
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Shares |
Amount |
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Balance - December 31, 2020 |
$ |
$ |
$ |
( |
) |
$ |
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Change in value of common stock subject to possible redemption |
— | |||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
Balance - March 31, 202 1 (unaudited) |
( |
) |
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Change in value of common stock subject to possible redemption |
— | |||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
Balance - June 30, 202 1 (unaudited) |
$ |
$ |
$ |
( |
) |
$ |
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For the Three and Six Months Ended June 30, 2020 |
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Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
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Shares |
Amount |
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Balance - December 31, 2019 |
$ |
$ |
$ |
( |
) |
$ |
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Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
Balance - March 31, 2020 (unaudited) |
( |
) |
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Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
Balance - June 30, 2020 (unaudited) |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
For the Six Months Ended |
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June 30, 2021 |
June 30, 2020 |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Net gain from investments held in Trust Account |
( |
) | — | |||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
— | |||||||
Accounts payable |
( |
) | ||||||
Accrued expenses |
— | |||||||
Accrued expenses - related party |
— | |||||||
Franchise tax payable |
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Net cash used in operating activities |
( |
) | ( |
) | ||||
Cash Flows from Financing Activities: |
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Offering costs paid |
— | ( |
) | |||||
Net cash used in financing activities |
— | ( |
) | |||||
Net change in cash |
( |
) | ( |
) | ||||
Cash - beginning of the period |
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Cash - end of the period |
$ | $ | ||||||
Supplemental disclosure of noncash activities: |
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Offering costs included in accounts payable |
$ | — | $ | |||||
Offering costs included in accrued expenses |
$ | — | $ | |||||
Change in value of common stock subject to possible redemption |
$ | $ | — | |||||
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; and |
• | 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 |
For the Six Months Ended |
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June 30, 2021 |
June 30, 2020 |
June 30, 2021 |
June 30, 2020 |
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Common stock subject to possible redemption |
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Numerator: |
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Net gain from investments held in Trust Account |
$ | $ | $ | $ | ||||||||||||
Less: Company’s portion available to be withdrawn to pay taxes |
( |
) | ( |
) | ||||||||||||
Net income attributable to common stock subject to possible redemption |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Weighted average shares outstanding of common stock subject to possible redemption, basic and diluted |
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Basic and diluted net income per share, common stock subject to possible redemption |
$ | $ | $ | $ | ||||||||||||
Non-Redeemable Common Stock |
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Numerator: |
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Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Less: Net income attributable to common stock subject to possible redemption |
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Net loss attributable to non-redeemable common stock |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
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Weighted average shares outstanding of non-redeemable common stock, basic and diluted |
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Basic and diluted net loss per share, non-redeemable common stock |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of 30 days’ prior written notice of redemption; and |
• | if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. |
Fair Value Measured as of June 30, 2021 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets: |
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Investments held in Trust Account - U.S. Treasury Securities |
$ | $ | — | $ | — | $ | ||||||||||
Liabilities: |
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Warrant liabilities - private warrants |
$ | — | $ | — | $ | $ | ||||||||||
Fair Value Measured as of December 31, 2020 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets: |
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Investments held in Trust Account - U.S. Treasury Securities |
$ | $ | — | $ | — | $ | ||||||||||
Liabilities: |
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Warrant liabilities - private warrants |
$ | — | $ | — | $ | $ |
June 30, 2021 |
December 31, 2020 |
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Exercise price |
$ | $ | ||||||
Stock Price |
$ | $ | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free interest rate |
% | % | ||||||
Dividend yield |
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. |
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES. |
ITEM 4. |
MINE SAFETY DISCLOSURES. |
ITEM 5. |
OTHER INFORMATION. |
ITEM 6. |
EXHIBITS. |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-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) and 15(d)-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 | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | Inline XBRL Taxonomy Extension Schema 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 in Inline XBRL and included in Exhibit 101) |
* | Filed herewith. |
** | Furnished. |
PTK ACQUISITION CORP. | ||||||
Date: August 20, 2021 | /s/ Peter Kuo | |||||
Name: | Peter Kuo | |||||
Title: | Chief Executive Officer |