Cayman Islands
|
98-1581691
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
Empire State Building, Suite 4215
New York, NY 10001
|
10001
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which
registered
|
||
Class A ordinary shares included as part of the Units, par value $0.0001 per share
|
APTM
|
The Nasdaq Stock Market LLC
|
||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
|
APTMW
|
The Nasdaq Stock Market LLC
|
||
Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant to acquire one Class A ordinary share
|
APTMU
|
The Nasdaq Stock Market LLC
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☒
|
Smaller reporting company ☒
|
Emerging growth company ☒
|
Page
|
||
PART 1 - FINANCIAL INFORMATION
|
||
Item 1.
|
CONDENSED FINANCIAL STATEMENTS
|
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
Item 2.
|
23
|
|
Item 3.
|
29
|
|
Item 4.
|
29
|
|
PART II - OTHER INFORMATION
|
||
Item 1.
|
30
|
|
Item 1A.
|
30
|
|
Item 2.
|
30
|
|
Item 3.
|
30
|
|
Item 4.
|
30
|
|
Item 5.
|
30
|
|
Item 6.
|
30
|
|
31
|
June 30, 2023
|
December 31, 2022
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash
|
$
|
304,513
|
$
|
726,869
|
||||
Prepaid expenses
|
60,198
|
193,947
|
||||||
Total current assets
|
364,711
|
920,816
|
||||||
Investments held in Trust Account
|
293,076,995
|
286,583,051
|
||||||
Total Assets
|
$
|
293,441,706
|
$
|
287,503,867
|
||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
54,892
|
$
|
38,866
|
||||
Accounts payable - related party
|
24,442
|
15,377
|
||||||
Accrued expenses and other current liabilities
|
1,062,220
|
1,214,321
|
||||||
Total current liabilities
|
1,141,554
|
1,268,564
|
||||||
Warrant liabilities
|
482,367
|
482,367
|
||||||
Deferred underwriting fee payable
|
9,887,500
|
9,887,500
|
||||||
Total Liabilities
|
11,511,421
|
11,638,431
|
||||||
Commitments (Note 6)
|
||||||||
Class A ordinary shares subject to possible redemption, 28,250,000
shares at redemption value
|
293,076,995
|
286,583,051
|
||||||
Shareholders’ Deficit
|
||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none
issued and outstanding
|
—
|
—
|
||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 865,000
shares issued and outstanding (excluding 28,250,000 shares subject to possible redemption)
|
87
|
87
|
||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 7,062,500
shares issued and outstanding
|
706
|
706
|
||||||
Additional paid-in capital
|
—
|
—
|
||||||
Accumulated deficit
|
(11,147,503
|
)
|
(10,718,408
|
)
|
||||
Total Shareholders’ Deficit
|
(11,146,710
|
)
|
(10,717,615
|
)
|
||||
Total Liabilities and Shareholders’ Deficit
|
$
|
293,441,706
|
$
|
287,503,867
|
Three Months
Ended June 30,
2023
|
Three Months
Ended June 30,
2022
|
Six Months
Ended June 30,
2023
|
Six Months
Ended June 30,
2022
|
|||||||||||||
Operating and formation costs
|
$
|
353,926
|
$
|
575,990
|
$
|
804,694
|
$
|
1,200,530
|
||||||||
Loss from operations
|
(353,926
|
)
|
(575,990
|
)
|
(804,694
|
)
|
(1,200,530
|
)
|
||||||||
Other income:
|
||||||||||||||||
Interest income on bank account
|
617
|
—
|
624
|
—
|
||||||||||||
Interest and dividend income on investments held in Trust Account
|
3,453,154
|
381,481
|
6,493,944
|
409,811
|
||||||||||||
Gain related to potential business combination
|
—
|
—
|
374,975
|
—
|
||||||||||||
Gain on change in fair value of warrant liabilities
|
844,141
|
3,203,124
|
—
|
7,017,383
|
||||||||||||
Net income
|
$
|
3,943,986
|
$
|
3,008,615
|
$
|
6,064,849
|
$
|
6,226,664
|
||||||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares
|
29,115,000
|
29,115,000
|
29,115,000
|
29,115,000
|
||||||||||||
Basic and diluted net income per share, Class A ordinary shares
|
$
|
0.11
|
$
|
0.08
|
$
|
0.17
|
$
|
0.17
|
||||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares
|
7,062,500
|
7,062,500
|
7,062,500
|
7,062,500
|
||||||||||||
Basic and diluted net income per share, Class B ordinary shares
|
$
|
0.11
|
$
|
0.08
|
$
|
0.17
|
$
|
0.17
|
Class A Ordinary Shares
|
Class B Ordinary Shares
|
Additional
Paid-in
Capital
|
Accumulated
Deficit
|
Total
Shareholders’
Deficit
|
||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||||||||
Balance as of January 1, 2023
|
865,000
|
$
|
87
|
7,062,500
|
$
|
706
|
$
|
—
|
$
|
(10,718,408
|
)
|
$
|
(10,717,615
|
)
|
||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of March 31, 2023
|
—
|
—
|
—
|
—
|
—
|
(3,040,790
|
)
|
(3,040,790
|
)
|
|||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
2,120,863
|
2,120,863
|
|||||||||||||||||||||
Balance as of March 31, 2023
|
865,000
|
87
|
7,062,500
|
706
|
$
|
—
|
(11,638,335
|
)
|
(11,637,542
|
)
|
||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of June 30, 2023
|
—
|
—
|
—
|
—
|
—
|
(3,453,154
|
)
|
(3,453,154
|
)
|
|||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
3,943,986
|
3,943,986
|
|||||||||||||||||||||
Balance as of June 30, 2023
|
865,000
|
$
|
87
|
7,062,500
|
$
|
706
|
$
|
-
|
$
|
(11,147,503
|
)
|
$
|
(11,146,710
|
)
|
Class A Ordinary Shares
|
Class B Ordinary Shares
|
Additional
Paid-in Capital
|
Accumulated Deficit
|
Total
Shareholders’
Deficit
|
||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||||||||
Balance as of January 1, 2022
|
865,000
|
$
|
87
|
7,062,500
|
$
|
706
|
$
|
—
|
$
|
(15,699,275
|
)
|
$
|
(15,698,482
|
)
|
||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of March 31, 2022
|
—
|
—
|
—
|
—
|
—
|
(28,330
|
)
|
(28,330
|
)
|
|||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
3,218,049
|
3,218,049
|
|||||||||||||||||||||
Balance as of March 31, 2022
|
865,000
|
87
|
7,062,500
|
706
|
—
|
(12,509,556
|
)
|
(12,508,763
|
)
|
|||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption amount as of June 30, 2022
|
—
|
—
|
—
|
—
|
—
|
(381,481
|
)
|
(381,481
|
)
|
|||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
3,008,615
|
3,008,615
|
|||||||||||||||||||||
Balance as of June 30, 2022
|
865,000
|
$
|
87
|
7,062,500
|
$
|
706
|
$
|
—
|
$
|
(9,882,422
|
)
|
$
|
(9,881,629
|
)
|
Six Months
Ended June 30,
2023
|
Six Months
Ended June 30,
2022
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
6,064,849
|
$
|
6,226,664
|
||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Interest and dividend income on investments held in Trust Account
|
(6,493,944
|
)
|
(409,811
|
)
|
||||
Gain on change in fair value of warrant liability
|
—
|
(7,017,383
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
133,749
|
141,790
|
||||||
Accounts payable
|
16,026
|
(39,363
|
)
|
|||||
Accounts payable - related party
|
9,065
|
(26,115
|
)
|
|||||
Accrued expenses and other current liabilities
|
(152,101
|
)
|
392,940
|
|||||
Net cash used in operating activities
|
(422,356
|
)
|
(731,278
|
)
|
||||
Net Change in Cash
|
(422,356
|
)
|
(731,278
|
)
|
||||
Cash - Beginning of period
|
726,869
|
2,124,185
|
||||||
Cash - End of period
|
$
|
304,513
|
$
|
1,392,907
|
||||
Non-cash investing and financing activities
|
||||||||
Remeasurement of Class A ordinary shares subject to redemption to redemption value
|
$
|
6,493,944
|
$
|
409,811
|
|
|
|
|
|
Class A ordinary shares subject to possible redemption as of December 31, 2022
|
$
|
286,583,051
|
||
Remeasurement of carrying value to redemption value as of March 31, 2023
|
3,040,790
|
|||
Class A ordinary shares subject to possible redemption as of March 31, 2023
|
289,623,841
|
|||
Remeasurement of carrying value to redemption value as of June 30, 2023
|
3,453,154
|
|||
Class A ordinary shares subject to possible redemption as of June 30, 2023
|
$
|
293,076,995
|
|
|
Three Months Ended
June 30, 2023
|
Three Months
Ended June 30, 2022
|
Six Months Ended
June 30, 2023
|
Six Months Ended
June 30, 2022
|
|||||||||||||||||||||||||||||
Class A
|
Class B
|
Class A
|
Class B
|
Class A
|
Class B
|
Class A
|
Class B
|
|||||||||||||||||||||||||
Basic and diluted net income per share:
|
||||||||||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||||||||||
Net income
|
$
|
3,174,049
|
$
|
769,937
|
$
|
2,421,279
|
$
|
587,336
|
$
|
4,880,881
|
$
|
1,183,968
|
$
|
5,011,107
|
$
|
1,215,557
|
||||||||||||||||
Denominator:
|
||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding
|
29,115,000
|
7,062,500
|
29,115,000
|
7,062,500
|
29,115,000
|
7,062,500
|
29,115,000
|
7,062,500
|
||||||||||||||||||||||||
Basic and diluted net income per share
|
$
|
0.11
|
$
|
0.11
|
$
|
0.08
|
$
|
0.08
|
$
|
0.17
|
$
|
0.17
|
$
|
0.17
|
$
|
0.17
|
|
|
|
|
|
• |
in whole and not in part;
|
|
• |
at a price of $0.01 per warrant;
|
|
• |
upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
|
|
• |
if, and only if, the last reported closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which notice of the redemption is given to the warrant holders (the
“Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations,
reorganizations, recapitalizations and the like and certain issuances of Class A ordinary shares and equity linked securities).
|
|
• |
in whole and not in part;
|
|
• |
at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that during such 30
day period holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the “fair market value” of the Class A ordinary shares (as defined
below) except as otherwise described below; provided, further, that if the warrants are not exercised on a cashless basis or otherwise during such 30 day period, the Company shall redeem such warrants for $0.10 per
share; and
|
|
• |
if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share subdivisions, share
dividends, reorganizations, recapitalizations and the like and certain issuances of Class A ordinary shares and equity linked securities) on the trading day before the Company sends the notice of redemption to the warrant holders.
|
|
|
|
Description
|
Amount at
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
June 30, 2023
|
||||||||||||||||
Assets
|
||||||||||||||||
Investments held in Trust Account:
|
||||||||||||||||
Money Market investments
|
$
|
293,076,995
|
$
|
293,076,995
|
$
|
—
|
$
|
—
|
||||||||
Liabilities
|
||||||||||||||||
Warrant liability – Founder Warrants
|
$
|
94,167
|
$
|
—
|
$
|
94,167
|
$
|
—
|
||||||||
Warrant liability – Private Placement Warrants
|
$
|
11,533
|
$
|
—
|
$
|
11,533
|
$
|
—
|
||||||||
Warrant liability – Public Warrants
|
$
|
376,667
|
$
|
376,667
|
$
|
—
|
$
|
—
|
||||||||
December 31, 2022
|
||||||||||||||||
Assets
|
||||||||||||||||
Investments held in Trust Account:
|
||||||||||||||||
Money Market investments
|
$
|
286,583,051
|
$
|
286,583,051
|
$
|
—
|
$
|
—
|
||||||||
Liabilities
|
||||||||||||||||
Warrant liability – Founder Warrants
|
$
|
94,167
|
$
|
—
|
$
|
94,167
|
$
|
—
|
||||||||
Warrant liability – Private Placement
|
11,533
|
—
|
11,533
|
—
|
||||||||||||
Warrant liability – Public Warrants
|
376,667
|
376,667
|
—
|
—
|
|
Fair value as of December 31, 2021
|
$
|
2,061,150
|
||
Change in fair value of Private Placement Warrants and Founder Warrants
|
(1,083,425
|
)
|
||
Fair value as of March 31, 2022
|
977,725
|
|||
Change in fair value of Private Placement Warrants and Founder Warrants
|
(660,625
|
)
|
||
Fair value as of June 30, 2022
|
317,100
|
|||
Change in fair value of Private Placement Warrants and Founder Warrants
|
(26,425
|
)
|
||
Fair value as of September 30, 2022
|
290,675
|
|||
Change in fair value of Private Placement Warrants and Founder Warrants
|
(184,975
|
)
|
||
Transfer of Private Warrants, and Founder Warrants to Level 2 measurement
|
(105,700
|
)
|
||
Fair value as of December 31, 2022
|
$
|
—
|
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
|
Exhibit No.
|
Description
|
|
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
|
||
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
|
||
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
|
||
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*
|
XBRL Instance Document
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
104*
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
* |
Filed herewith.
|
** |
Furnished.
|
Alpha Partners Technology Merger Corp.
|
||
Date: August 21, 2023
|
By:
|
/s/ Matthew R. Krna
|
Matthew R. Krna
|
||
Chief Executive Officer
|
Alpha Partners Technology Merger Corp.
|
||
Date: August 21, 2023
|
By:
|
/s/ Sean O’Brien
|
Sean O’Brien
|
||
Chief Financial Officer
|
Date: August 21, 2023
|
||
By:
|
/s/ Matthew R. Krna
|
|
Matthew R. Krna
|
||
Chief Executive Officer
|
||
(Principal Executive Officer)
|
Date: August 21, 2023
|
||
By:
|
/s/ Sean O’Brien
|
|
Sean O’Brien
|
||
Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
|
Date: August 21, 2023
|
||
By:
|
/s/ Matthew R. Krna
|
|
Matthew R. Krna
|
||
Chief Executive Officer
|
||
(Principal Executive Officer)
|
Date: August 21, 2023
|
||
By:
|
/s/ Sean O’Brien
|
|
Sean O’Brien
|
||
Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
|