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 warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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Item 1. |
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3 |
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4 |
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5 |
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Item 2. |
18 |
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Item 3. |
22 |
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Item 4. |
23 |
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23 |
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Item 1. |
23 |
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Item 1A. |
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Item 2. |
24 |
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Item 6. |
25 |
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26 |
March 31, 2022 (Unaudited) |
December 31, 2021 (Audited) |
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Assets |
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Cash |
$ | $ | ||||||
Prepaid expense |
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Total current assets |
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Prepaid expenses, non-current |
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Investments in Trust Account |
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Total Assets |
$ | $ | ||||||
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Liabilities, Class A Common Stock Subject to Possible Redemption and Stockholders’ Deficit |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Due to related party |
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Total current liabilities |
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Warrant liability |
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Deferred underwriting commissions |
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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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Stockholder’s Deficit: |
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Preference 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, Class A common stock subject to possible redemption and stockholders’ deficit |
$ | $ | ||||||
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For the three months ended March 31, 2022 |
For the period from February 17, 2021 (Inception) through March 31, 2021 |
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Formation and operating costs |
$ | $ | ||||||
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Loss from operations |
( |
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Other income: |
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Earnings from investments held in trust account |
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Change in fair value of warrant liabilities |
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Total other income |
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Net income ( loss ) |
$ | $ | ( |
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Basic and diluted weighted average shares outstanding, Class A common stock subject to redemption |
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Basic and diluted net income per share of Class A common stock |
$ | $ | ||||||
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Basic and diluted weighted average shares outstanding, Class B common stock |
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Basic and diluted net income ( loss ) per share of Class B common stock |
$ | $ | ||||||
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Class A Common Stock |
Class B Common Stock |
Additional |
Accumulated |
Stockholder’s |
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Shares |
Amount |
Shares |
Amount |
Paid-in Capital |
Deficit |
Deficit |
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Balance as of December 31, 2021 (audited) |
$ |
$ |
$ |
$ |
( |
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$ |
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Net in come |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
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Class A Common Stock |
Class B Common Stock |
Additional |
Accumulated |
Stockholder’s |
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Shares |
Amount |
Shares |
Amount |
Paid-in Capital |
Deficit |
Equity |
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Balance as of February 17, 2021 (Inception) |
$ |
$ |
$ |
$ |
$ |
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Class B common stock issued to Sponsor |
— |
— |
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Net loss |
— |
— |
— |
— |
— |
( |
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( |
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Balance as of March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
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For the three months ended March 31, 2022 |
For the period from February 17, 2021 (Inception) through March 31, 2021 |
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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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Earnings from investments held in trust account |
( |
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Formation costs paid by Sponsor in exchange for issuance of Class B common stock |
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Change in fair value of warrant liabilities |
( |
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Changes in operating assets and liabilities: |
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Prepaid e xpenses |
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Accounts payable and accrued expenses |
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Net cash used in operating activities |
( |
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Cash flows from financing activities: |
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Proceeds from initial stockholder |
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Proceeds from issuance of promissory note to related party |
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Net cash provided by financing activities |
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Net change in cash |
( |
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Cash, beginning of the period |
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Cash, end of the period |
$ | $ | ||||||
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Supplemental disclosure of cash flow information: |
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Deferred offering costs in accrued offering costs and expenses |
$ | $ | ||||||
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Gross proceeds from Initial Public Offering |
$ | |||
Less: |
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Proceeds allocated to public warrants |
( |
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Class A common stock issuance cost |
( |
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Plus: |
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Accretion of carrying value to redemption value |
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Proceeds from Private Placement deposited in Trust Account |
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Class A common stock subject to possible redemption |
$ |
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Three Months Ended March 31, 2022 |
For the Period from February 17, 2021 (Inception) Through March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per share |
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Numerator: |
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Allocation of net income (loss) |
$ | $ | $ | $ | ( |
) | ||||||||||
Denominator: |
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Weighted-average shares outstanding including common stock subject to redemption |
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Basic and diluted net income (loss) per share |
$ | $ | $ | $ | ( |
) | ||||||||||
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• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of (the“30-day redemption period”); and |
• | if, and only if, the last reported sale price of the Class A common stock for any |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the Reference Value equals or exceeds $ |
• | if the Reference Value is less than $ |
Description |
Level |
March 31, 2022 |
December 31, 2021 |
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Assets: |
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Investments held in Trust Account – money market fund |
1 | $ | $ | |||||||||
Liabilities: |
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Private Placement Warrants |
2 | $ | $ | |||||||||
Public Warrants |
1 | $ | $ |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1** | Certification of Principal Executive Officer and 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.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 Labels Linkbase Document | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. | |
** | Furnished. |
SPINDLETOP HEALTH ACQUISITION CORP. | ||||||
Date: May 23, 2022 | By: | /s/ Evan S. Melrose | ||||
Name: | Evan S. Melrose | |||||
Title: | Chief Executive Officer and Chief Financial Officer | |||||
(Principal Executive Officer and Principal Financial and Accounting Officer) |