Holley (HLLY) - 2021 Q2 - Quarterly Report

Financial Performance - As of June 30, 2021, the company reported a net loss of $12,859,424 for the three months ended, which included formation and operating costs of $1,655,583 and a change in fair value of warrant liability of $9,706,666 [122]. - For the six months ended June 30, 2021, the company had a net loss of $15,876,912, with formation and operating costs totaling $4,592,939 and a change in fair value of warrant liability of $10,143,333 [123]. - The company reported cash used in operating activities of $376,620 for the six months ended June 30, 2021 [125]. Initial Public Offering - The company completed its Initial Public Offering on October 9, 2020, raising gross proceeds of $250,000,000 from the sale of 25,000,000 units at $10.00 per unit [124]. - The company incurred deferred underwriting costs of $8,750,000 in connection with the Initial Public Offering, payable only upon completion of the initial business combination [129]. Cash and Securities - As of June 30, 2021, the company had cash and marketable securities held in the trust account amounting to $250,112,265 [126]. - The company had cash of $704,009 held outside of the trust account as of June 30, 2021, sufficient to fund operations through the Business Combination date [127]. Business Combination - The company entered into Subscription Agreements with PIPE Investors to purchase 24 million shares of Common Stock at $10.00 per share for a total of $240,000,000 concurrent with the Business Combination [130]. Equity Classification - The company’s Class A ordinary shares subject to possible redemption are classified as temporary equity, reflecting certain redemption rights [135]. Financing Arrangements - The company has no off-balance sheet financing arrangements as of June 30, 2021 [128].