Registration of securities issued in business combination transactions

Quarterly Financial Information (Unaudited)

v3.21.1
Quarterly Financial Information (Unaudited)
6 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
Note 11—Quarterly Financial Information (Unaudited)
The following tables contain unaudited quarterly financial information for the quarterly period ended September 30, 2020 that has been updated to reflect the restatement and revision of the Company’s financial statements as described in Note 2—Restatement of Previously Issued Financial Statements. The restatement and revision had no impact net loss, net cash flows from operating, investing or financing activities. The Company has not amended its previously filed Quarterly Report on Form 10-Q for the Affected Period. The financial information that has been previously filed or otherwise reported for the Affected Period is superseded by the information in this Annual Report, and the financial statements and related financial information for the Affected Period contained in such previously filed report should no longer be relied upon.
 
    
As of September 30, 2020
 
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
 
Unaudited Condensed Balance Sheet
        
Total assets
   $ 693,957,206      $ —        $ 693,957,206  
  
 
 
    
 
 
    
 
 
 
Liabilities and shareholders’ equity
        
Total current liabilities
   $ 1,052,132      $ —        $ 1,052,132  
Deferred legal fees
     239,161        
Deferred underwriting commissions
     24,150,000        —          24,150,000  
Derivative warrant liabilities
     —          56,334,070        56,334,070  
  
 
 
    
 
 
    
 
 
 
Total liabilities
     25,441,293        56,334,070        81,536,202  
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption
     663,276,660        (56,334,070      606,942,590  
Shareholders’ equity
        
Preference shares - $0.0001 par value
     —          —          —    
Class A ordinary shares - $0.0001 par value
     267        564        831  
Class B ordinary shares - $0.0001 par value
     1,725        —          1,725  
Additional paid-in-capital
     5,204,860        19,364,816        24,569,676  
Accumulated deficit
     (206,850      (19,365,380      (19,572,230
  
 
 
    
 
 
    
 
 
 
Total shareholders’ equity
     5,000,002        —          5,000,002  
  
 
 
    
 
 
    
 
 
 
Total liabilities and shareholders’ equity
   $ 693,717,955      $ —        $ 693,478,794  
  
 
 
    
 
 
    
 
 
 
 
    
Period From July 3, 2020 (Inception)

Through September 30, 2020
 
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
 
Unaudited Condensed Statement of Operations
        
Loss from operations
   $ (164,056    $ —        $ (164,056
Other (expense) income:
        
Change in fair value of warrant liabilities
     —          (18,076,180      (18,076,180
Financing cost
     —          (1,289,200      (1,289,200
Unrealized loss on investments held in Trust Account
     (42,794      —          (42,794
  
 
 
    
 
 
    
 
 
 
Total other (expense) income
     (42,794      (19,365,380      (19,408,174
  
 
 
    
 
 
    
 
 
 
Net loss
   $ (206,850    $ (19,365,380    $ (19,572,230
  
 
 
    
 
 
    
 
 
 
Basic and Diluted weighted-average Class A common shares outstanding
     69,000,000        —          69,000,000  
  
 
 
    
 
 
    
 
 
 
Basic and Diluted net loss per Class A share
   $ (0.00      —        $ (0.00
  
 
 
    
 
 
    
 
 
 
Basic and Diluted weighted-average Class B common shares outstanding
     17,250,000        —          17,250,000  
  
 
 
    
 
 
    
 
 
 
Basic and Diluted net loss per Class B share
   $ —          —        $ (1.13
  
 
 
    
 
 
    
 
 
 
 
    
Period From July 3, 2020 (Inception)

Through September 30, 2020
 
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
 
Unaudited Condensed Statement of Cash Flows
        
Net loss
   $ (206,850    $ (19,365,380    $ (19,572,230
Adjustment to reconcile net loss to net cash used in operating activities
     67,794        19,365,380        19,433,174  
Net cash used in operating activities
     (515,550      —          (515,550
Net cash used in investing activities
     (690,000,000      —          (690,000,000
Net cash provided by financing activities
     693,295,138        —          693,295,138  
  
 
 
    
 
 
    
 
 
 
Net change in cash
   $ 2,779,588      $ —        $ 2,779,588  
  
 
 
    
 
 
    
 
 
 
Prior to the Closing, subject to the approval of the Company’s shareholders, and in accordance with the DGCL, Cayman Islands Companies Act (as revised) (the “CICA”) and the Company’s amended and restated memorandum and articles of association, the Company will effect a deregistration under the CICA and a domestication under Section 388 of the DGCL (by means of filing a certificate of domestication with the Secretary of State of Delaware), pursuant to which the Company’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware (the “Domestication”).
In connection with the Domestication, (i) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of the Company, will convert automatically, on a
one-for-one
basis, into a share of common stock, par value $0.0001, of the Company (after its Domestication) (the “RTP Common Stock”), (ii) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company, will convert automatically, on a
one-for-one
basis, into a share of RTP Common Stock, (iii) each then issued and outstanding warrant of the Company will convert automatically into a warrant to acquire one share of RTP Common Stock (“Domesticated RTP Warrant”), and (iv) each then issued and outstanding unit of the Company (the “Cayman RTP Units”) will convert automatically into a share of RTP Common Stock, on a
one-for-one
basis, and
one-fourth
of one Domesticated RTP Warrant.
On February 23, 2021, concurrently with the execution of the Merger Agreement, the Company entered into subscription agreements with certain investors (collectively, the “PIPE Investors”), pursuant to, and on the terms and subject to the conditions of which, the PIPE Investors have collectively subscribed for 83.5 million shares of RTP Common Stock for an aggregate purchase price equal to $835 million (the “PIPE Investment”), $115 million of which is expected to be funded in the aggregate by Reinvent Technology SPV I LLC and Reinvent Capital Fund LP. The PIPE Investment will be consummated substantially concurrently with the Closing.
The consummation of the proposed Joby Business Combination is subject to certain conditions as further described in the Merger Agreement.