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.) | |
(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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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. |
18 |
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Item 1. |
20 |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
20 |
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Item 6. |
20 |
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22 |
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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Cash and 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 and accrued expenses |
$ | $ | ||||||
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Total current liabilities |
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Warrant liabilities |
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Deferred underwriting compensation |
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Total Liabilities |
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Commitments and Contingencies |
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Class A common stock subject to possible redemption; |
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Stockholders’ Equity: |
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Preferred stock, $ |
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Class A common stock, $ |
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Class B common stock, $ |
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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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Three months ended June 30, 2021 |
Six months ended June 30, 2021 |
For the period from June 5, 2020 (inception) through June 30, 2020 |
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2021 |
2021 |
2020 |
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(Unaudited) |
(Unaudited) |
(Unaudited) |
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General and administrative expenses |
$ | $ | |
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$ |
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Franchise tax expenses |
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— | |||||||||
Loss from operations |
( |
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( |
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Other income: |
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Interest earned on Trust Account |
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— |
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Change in fair value of warrant liabilities |
( |
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— |
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Income (loss) before provision for income taxes |
( |
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( |
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Provision for income taxes |
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— |
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Net income (loss) |
$ | ( |
) | $ | |
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$ |
( |
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Two Class Method: |
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Weighted average number of Class A common stock outstanding |
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— |
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Net income per share, Class A common stock—basic and diluted |
$ | $ | |
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$ |
— |
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Weighted average number of Class B common stock outstanding |
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Net income (loss) per share, Class B common stock—basic and diluted |
$ | ( |
) | $ | |
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$ |
— |
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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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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance, December 31, 2020 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||
Change in value of Class A common stock subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance, March 31, 2021 (unaudited) |
( |
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Change in value of Class A common stock subject to possible redemption |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
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Balance, June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
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For the period from June 5, 2020 (inception) through June 30, 2020 |
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Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholder’s Equity |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance, June 19, 2020 (inception) |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of common stock to initial stockholder at approximately $ (1) |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance, June 30, 2020 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
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(1) |
This number included an aggregate of |
Six months ended June 30, 2021 |
For the period from June 5, 2020 (inception) to June 30, 2020 |
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Cash flows from operating activities: |
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Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Change in fair value of warrant liability |
( |
) | — | |||||
Interest income reinvested in Trust Account |
( |
) | — | |||||
Changes in operating assets and liabilities: |
— |
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Prepaid expenses |
— | |||||||
Accounts payable and accrued expenses |
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Net cash used in operating activities |
( |
) | — | |||||
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Cash flows from investing activities: |
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Cash withdrawn from Trust account for tax obligations |
— | |||||||
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Net cash provided by investing activities |
— | |||||||
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Decrease in cash during period |
( |
) | — | |||||
Cash at beginning of period |
— | |||||||
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Cash at end of period |
$ | $ | — | |||||
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Supplemental disclosure of non-cash financing activities: |
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Changes in value of Class A common stock subject to possible redemption |
$ | $ | — | |||||
Offering costs paid by sponsor in exchange for founder shares |
$ | — | $ | |||||
Deferred offering costs included in accrued expenses |
$ | — | $ |
Level |
June 30, 2021 |
December 31, 2020 |
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Liabilities: |
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Warrant liabilities—Public |
1 | $ | $ | |||||||
Warrant liabilities—Private |
3 | $ | $ |
Carrying Value |
Gross Unrealized Holding (Loss) |
Quoted Prices in Active Markets (Level 1) |
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US Government Treasury Securities as of December 31, 2020 (1) |
$ |
$ |
$ |
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Money market funds as of June 30, 2021 |
$ |
— |
$ |
(1) |
Maturity date |
As of June 30, 2021 |
As of December 31, 2020 |
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Exercise price |
$ | $ | ||||||
Stock price |
$ | $ | ||||||
Volatility for private warrants |
% | % | ||||||
Term |
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Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Level 3 warrant liabilities at December 31, 2020 |
$ | |||
Change in fair value of warrant liabilities |
( |
) | ||
Level 3 warrant liabilities at June 30, 2021 |
$ | |||
• | 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 closing price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) 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. |
Exhibit No. |
Description | |
32.2** |
Certification of Chief 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 Label Linkbase Document | |
101.PRE* |
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 |
The cover page for the Company’s Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101 |
* | Filed herewith |
** | Furnished herewith |
SHARECARE, INC. | ||||||
Date: August 11, 2021 | By: | /s/ Jeffrey Arnold | ||||
Name: Jeffrey Arnold | ||||||
Title: Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
By: | /s/ Justin Ferrero | |||||
Name: Justin Ferrero | ||||||
Title: President and Chief Financial Officer | ||||||
(Principal Financial Officer) |