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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Class A Common Stock, par value $0.0001 per share |
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Warrants, each exercisable for one share Class A Common Stock for $11.50 per share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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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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18 |
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20 |
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20 |
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21 |
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21 |
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21 |
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21 |
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22 |
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22 |
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22 |
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23 |
March 31, 2022 |
December 31, 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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Total Current Assets |
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Prepaid expenses, non-current |
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Cash and Marketable securities held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current Liabilities |
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Accrued expenses |
$ | $ | ||||||
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Total Current Liabilities |
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Promissory note - related party |
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Deferred underwriting fee payable |
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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 |
— | |||||||
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’ Deficit |
( |
) |
( |
) | ||||
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TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ |
$ |
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|
Three Months Ended March 31, 2022 |
For the Period from January 5, 2021 (Inception) Through March 31, 2021 |
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Operating and formation costs |
$ | $ | ||||||
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|
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Loss from operations |
( |
) |
( |
) | ||||
Other income: |
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Interest earned on marketable securities held in Trust Account |
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Total other income |
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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, Class A |
$ |
( |
) |
$ | ||||
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Basic and diluted weighted average shares outstanding, Class B common stock |
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Basic and diluted net loss per share, Class B |
$ |
( |
) |
$ |
( |
) | ||
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|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance – January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||||
Balance – March 31, 2022 |
$ | $ |
$ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Class A Common Stock |
Class B Common Stock |
Additional Paid-in |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance – January 5, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B common stock to Sponsor |
— | — | ||||||||||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||||||||||
Balance – March 31, 2021 |
$ | $ |
$ |
$ |
( |
) |
$ |
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Three Months Ended March 31, 2022 |
For the Period from January 5, 2021 (Inception) through March 31, 2021 |
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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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Interest earned on marketable securities held in Trust Account |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
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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 issuance of Class B common stock to Sponsor |
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Proceeds from promissory note – related party |
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Payment of offering costs |
( |
) | ||||||
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Net cash provided by financing activities |
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Net Change in Cash |
( |
) |
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Cash – Beginning |
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Cash – Ending |
$ |
$ |
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Non-Cash Investing and Financing Activities: |
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Offering costs included in accrued offering costs |
$ | $ | ||||||
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Gross proceeds |
$ | |
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Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A common stock issuance costs |
( |
) | ||
Add: |
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Adjustment of carrying value to initial redemption value |
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Class A common stock subject to possible redemption |
$ | |||
Three Months Ended March 31, 2022 |
For the Period from January 5, 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 loss per common share |
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Numerator: |
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Allocation of net loss, as adjusted |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per ordinary share |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description |
Level |
March 31, 2022 |
December 31, 2021 |
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Assets: |
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Marketable securities held in Trust Account |
1 | $ | $ |
* | Filed herewith. |
** Furnished. |
(1) Incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on February 14, 2022. |
SOFTWARE ACQUISITION GROUP INC. III | ||||||
Date: May 16, 2022 |
By: | /s/ Jonathan S. Huberman | ||||
Name: | Jonathan S. Huberman | |||||
Title: | Chief Executive Officer and Chief Financial Officer | |||||
(Principal Executive and Financial Officer) |