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 redeemable public warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
PART I - FINANCIAL INFORMATION |
1 |
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Item 1. Interim Financial Statements. |
1 |
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1 |
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2 |
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3 |
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4 |
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5 |
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16 |
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18 |
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18 |
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19 |
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19 |
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19 |
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19 |
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20 |
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20 |
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20 |
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20 |
March 31, |
December 31, |
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2022 |
2021 |
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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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Other current assets |
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Total Current Assets |
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Other assets |
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Deferred offering costs |
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Investments held in the Trust Account |
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Total Assets |
$ | $ | ||||||
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LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDER’S DEFICIT |
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Current Liabilities: |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Advances from related party |
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Note payable - Sponsor |
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Total Current Liabilities |
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Other long-term liabilities |
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Deferred underwriting commission |
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Total Liabilities |
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COMMITMENTS AND CONTINGENCIES (Note 6) |
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Class A common stock subject to possible redemption; |
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Stockholders’ deficit: |
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Preferred shares, $ |
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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’ Deficit |
( |
) | ( |
) | ||||
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Total Liabilities, Common Stock subject to Possible Redemption and Stockholders’ Deficit |
$ | $ | ||||||
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For the Three Months |
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Ended |
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March 31, |
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2022 |
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(unaudited) |
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EXPENSES |
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Administrative fee - related party |
$ | |||
General and administrative |
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TOTAL EXPENSES |
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OTHER INCOME |
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Investment income from the Trust Account |
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TOTAL OTHER INCOME |
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LOSS BEFORE INCOME TAX PROVISION |
( |
) | ||
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Income tax provision |
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Net loss |
$ | ( |
) | |
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Basic and diluted weighted average shares outstanding, Class A Common Stock |
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Basic and diluted net loss per share of Class A Common Stock |
$ | ( |
) | |
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Weighted average number of shares of Class B Common Stock outstanding, basic and diluted |
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Basic and diluted net loss per share of Class B Common Stock |
$ | ( |
) | |
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Class B |
Additional |
Total |
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Common Stock |
Paid-in |
Accumulated |
Stockholder’s |
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Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance, January 1, 2022 |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
Profit rights interest compensation |
— | — | — | |||||||||||||||||
Proceeds from Public Warrants |
— | — | — | |||||||||||||||||
Proceeds from Private Warrants |
— | — | — | |||||||||||||||||
Value of transaction costs allocated to the fair value of equity instruments |
— | — | ( |
) | — | ( |
) | |||||||||||||
Remeasurement adjustment of Class A common stock to redemption value |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
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Balance, March 31, 2022 |
$ | $ | — | $ | ( |
) | $ | ( |
) | |||||||||||
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For the Three |
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Months Ended |
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March 31, |
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2022 |
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Cash Flows From Operating Activities: |
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Net loss |
$ | ( |
) | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Income from investments held in the Trust Account |
( |
) | ||
Profit interest compensation |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Other current assets |
( |
) | ||
Other assets |
( |
) | ||
Accounts payable and accrued expenses |
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Other liabilities |
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Net Cash Used In Operating Activities |
( |
) | ||
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Cash Flows From Investing Activities: |
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Cash deposited 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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Sale of Units in the Initial Public Offering, net of underwriting discount |
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Sale of Private Placement Warrants to the Sponsor |
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Repayment of the Sponsor promissory note |
( |
) | ||
Proceeds from related party advances |
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Repayment of related party advances |
( |
) | ||
Payment of offering costs, net of reimbursements |
( |
) | ||
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Net Cash Provided By Financing Activities |
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Net change in cash |
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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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Deferred underwriters’ compensation charged to temporary equity in connection with the Public Offering |
$ | |||
Class A Common Stock measurement adjustment |
$ | |||
Operating costs paid by related party on behalf of the Company |
$ |
Gross proceeds |
$ | |||
Less: |
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Offering costs allocated to Class A common stock |
( |
) | ||
Proceeds allocated to Public Warrants |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A common stock subject to possible redemption |
$ | |||
Three months ended |
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March 31, |
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2022 |
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Class A Common Stock |
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Numerator: Loss allocable to Class A Common Stock |
$ | ( |
) | |
Denominator: Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per share, Class A Common Stock |
$ | ( |
) | |
Class B Common Stock |
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Numerator: Loss allocable to Class B Common Stock |
$ | ( |
) | |
Denominator: Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per share, Class B Common Stock |
$ | ( |
) | |
• | 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. |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of 30-day redemption period to each Public Warrant holder; and |
• | if, and only if, the last reported sale price of the Class A common stock has been at least $ |
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended, 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, except as shall be expressly set forth by specific reference in such filing. |
KNIGHTSWAN ACQUISITION CORPORATION | ||||||
Date: May 16, 2022 | By: | /s/ Brandee Daly | ||||
Name: | Brandee Daly | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: May 16, 2022 | By: | /s/ Matthew McElroy | ||||
Name: | Matthew McElroy | |||||
Title: | Chief Financial Officer (Principal Financial Officer) |