$AEON
AEON Biopharma, Inc.

2021 Q2 Form 10-Q Financial Statement

#000110465921105386 Filed on August 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q4
Revenue $0.00 $2.518M
YoY Change -100.0%
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $0.00 $2.518M
YoY Change -100.0%
Gross Profit Margin 100.0%
Selling, General & Admin $4.552M $11.59M
YoY Change -16.84%
% of Gross Profit 460.17%
Research & Development $10.20M $7.319M
YoY Change 554.88%
% of Gross Profit 290.67%
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit 0.0%
Operating Expenses $14.75M $18.91M
YoY Change 109.83%
Operating Profit -$398.4K -$3.588K
YoY Change -92.94%
Interest Expense $0.00 -$155.0K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$3.627M -$5.129M
YoY Change -447.39%
Pretax Income -$4.025M -$32.91M
YoY Change -74.78%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.025M -$3.588K
YoY Change -74.78%
Net Earnings / Revenue -0.14%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.66 -$1.50
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.61M
YoY Change
Cash & Equivalents $988.9K
Short-Term Investments $0.00
Other Short-Term Assets $1.407M
YoY Change
Inventory
Prepaid Expenses $391.5K
Receivables $0.00
Other Receivables $5.443M
Total Short-Term Assets $1.380M $81.00K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $1.341M
YoY Change
Total Long-Term Assets $276.2M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.380M $81.00K
Total Long-Term Assets $276.2M $0.00
Total Assets $277.6M $81.00K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.323M
YoY Change
Accrued Expenses $1.057M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $206.4K $59.59K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $79.34M
YoY Change
Other Long-Term Liabilities $324.0K
YoY Change
Total Long-Term Liabilities $79.67M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $206.4K $59.59K
Total Long-Term Liabilities $79.67M
Total Liabilities $24.45M $59.59K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $2.290M -$3.588K
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$22.84M $21.41K
YoY Change
Total Liabilities & Shareholders Equity $277.6M $81.00K
YoY Change

Cashflow Statement

Concept 2021 Q2 2020 Q4
OPERATING ACTIVITIES
Net Income -$4.025M -$3.588K
YoY Change -74.78%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities -$14.43M -$5.525M
YoY Change 266.67%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.265M
YoY Change
Cash From Investing Activities $0.00 -$1.265M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.869M 24.65M
YoY Change -6037.8%
NET CHANGE
Cash From Operating Activities -14.43M -5.525M
Cash From Investing Activities 0.000 -1.265M
Cash From Financing Activities 4.869M 24.65M
Net Change In Cash -9.563M 17.86M
YoY Change 138.0%
FREE CASH FLOW
Cash From Operating Activities -$14.43M -$5.525M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$14.43M -$5.525M
YoY Change 266.67%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
dei Entity Central Index Key
EntityCentralIndexKey
0001837607
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Amendment Flag
AmendmentFlag
false
CY2021Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2021-06-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity Registrant Name
EntityRegistrantName
Priveterra Acquisition Corp.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity File Number
EntityFileNumber
001-39945
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
85-3940478
dei Entity Address Address Line1
EntityAddressAddressLine1
300 SE 2nd Street, Suite 600
dei Entity Address City Or Town
EntityAddressCityOrTown
Fort Lauderdale
dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
dei City Area Code
CityAreaCode
754
dei Local Phone Number
LocalPhoneNumber
220-9229
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Shell Company
EntityShellCompany
true
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
988855
CY2020Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
81000
CY2021Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
391533
CY2021Q2 us-gaap Assets Current
AssetsCurrent
1380388
CY2020Q4 us-gaap Assets Current
AssetsCurrent
81000
CY2021Q2 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
276037035
us-gaap Operating Income Loss
OperatingIncomeLoss
-599306
CY2021Q2 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
197951
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
5000009
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
21412
CY2021Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
277615374
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
81000
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
599306
CY2021Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
398443
CY2021Q2 us-gaap Assets
Assets
277615374
CY2020Q4 us-gaap Assets
Assets
81000
CY2021Q2 pmgmu Accrued Offering Costs
AccruedOfferingCosts
102950
CY2020Q4 pmgmu Accrued Offering Costs
AccruedOfferingCosts
21000
CY2021Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
100000
CY2021Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
3495
CY2020Q4 pmgmu Promissory Note Related Party
PromissoryNoteRelatedParty
38588
CY2021Q2 us-gaap Liabilities Current
LiabilitiesCurrent
206445
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
59588
CY2021Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
14585600
CY2021Q2 pmgmu Deferred Underwriting Discount Noncurrent
DeferredUnderwritingDiscountNoncurrent
9660000
CY2021Q2 us-gaap Liabilities
Liabilities
24452045
CY2020Q4 us-gaap Liabilities
Liabilities
59588
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2021Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
2708613
CY2020Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
24310
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2290428
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3588
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-398443
pmgmu Unrealized Gain On Change In Fair Value Of Warrants
UnrealizedGainOnChangeInFairValueOfWarrants
3511333
CY2021Q2 pmgmu Unrealized Gain On Change In Fair Value Of Warrants
UnrealizedGainOnChangeInFairValueOfWarrants
-3655467
pmgmu Transaction Costs Other
TransactionCostsOther
655046
us-gaap Investment Income Interest
InvestmentIncomeInterest
37035
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
28716
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2893322
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3626751
us-gaap Net Income Loss
NetIncomeLoss
2294016
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-4025194
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
21412
CY2021Q1 pmgmu Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
27600000
CY2021Q1 pmgmu Units Issued During Period Value New Issues
UnitsIssuedDuringPeriodValueNewIssues
264592000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1199067
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
14975166
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
6319210
CY2021Q1 pmgmu Maximum Number Of Redeemable Shares Value
MaximumNumberOfRedeemableSharesValue
252156522
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
5000001
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-4025194
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
32000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
73780
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
7920000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
35192
CY2021Q2 pmgmu Change In Maximum Number Of Redeemable Shares Value
ChangeInMaximumNumberOfRedeemableSharesValue
3993202
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
5000009
us-gaap Profit Loss
ProfitLoss
2294016
pmgmu Interest Earned On Cash Held In Trust Account
InterestEarnedOnCashHeldInTrustAccount
37035
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3511333
pmgmu Transaction Costs Other
TransactionCostsOther
655046
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
589484
pmgmu Increase Decrease Franchise Tax Payable
IncreaseDecreaseFranchiseTaxPayable
100000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
81950
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1006840
us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
276000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-276000000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3495
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
270480000
pmgmu Net Proceeds From Initial Public Offering
NetProceedsFromInitialPublicOffering
-369212
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
277995695
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
988855
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
988855
pmgmu Initial Classification Of Common Stock Subject To Possible Redemption
InitialClassificationOfCommonStockSubjectToPossibleRedemption
245211820
pmgmu Change In Value Of Common Stock Subject To Possible Redemption
ChangeInValueOfCommonStockSubjectToPossibleRedemption
2951500
pmgmu Deferred Underwriters Discount Payable Charged To Additional Paid In Capital
DeferredUnderwritersDiscountPayableChargedToAdditionalPaidInCapital
9660000
pmgmu Conversion Of Working Capital Loans To Private Placement Warrants
ConversionOfWorkingCapitalLoansToPrivatePlacementWarrants
100000
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 — Organization and Business Operation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Organization and General</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Priveterra Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on November 17, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (“Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As of June 30, 2021, the Company had not commenced any operations. All activity for the period from November 17, 2020, the Company’s inception, through June 30, 2021, relates to the Company’s formation and the initial public offering (“IPO”) described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the IPO and unrealized gains and losses on the change in fair value of it warrants. The Company has selected December 31 as its fiscal year end.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s sponsor is Priveterra Sponsor, LLC, a Delaware limited liability company (the “Sponsor”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Financing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The registration statement for the Company’s IPO was declared effective on February 8, 2021 (the “Effective Date”). On February 11, 2021, the Company consummated an IPO of 27,600,000 units at $10.00 per unit (the “Units”), which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 3,600,000 Units, at $10.00 per Unit, generating gross proceeds of $276,000,000, which is discussed in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the IPO, the Company consummated the sale of 5,213,333 warrants (the “Private Placement Warrants”), at a price of $1.50 per warrant, which is discussed in Note 5. Each warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, generating gross proceeds of $7,820,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Transaction costs of the IPO amounted to $15,630,212 consisting of $5,520,000 of underwriting fees, $9,660,000 of deferred underwriting fees, and $450,212 of other offering costs. Of the transaction costs, $655,046 is included in offering costs on the condensed statements of operations and $14,975,166 is included in equity.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Trust Account</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Following the closing of the IPO on February 11, 2021, $276,000,000 (approximately $10.00 per Unit) from the net offering proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), located in the United States with Continental Stock Transfer &amp; Trust Company acting as trustee and will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations, if any, the proceeds from the Company’s IPO and the sale of the Private Placement Warrants will not be released from the Trust Account until the earliest of (i) the completion of initial Business Combination, (ii) the redemption of the Company’s public shares if the Company does not complete an initial Business Combination within 24 months from the closing of the IPO, subject to applicable law, or (iii) the redemption of the Company’s public shares properly submitted in connection with a stockholder vote to amend its amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company has not consummated an initial business combination within 24 months from the closing of the IPO or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Initial Business Combination</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company will provide its public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The shares of common stock subject to redemption are recorded at a redemption value and classified as temporary equity upon the IPO, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their founder shares and public shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares if the Company fails to complete the initial Business Combination within the Combination Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Liquidation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company will have 24 months from the closing of the IPO to complete the initial Business Combination (the “Combination Period”). However, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, liquidate and dissolve, subject , in each case, to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Company’s IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Liquidity and Capital Resources</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s liquidity needs up to February 11, 2021, the date of the IPO, had been satisfied through a capital contribution from the Sponsor of $25,000 (see Note 6) for the founder shares and the loans under an unsecured promissory note from the Sponsor of $73,295 (see Note 6). In order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 6).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s IPO was on February 11, 2021. As of June 30, 2021, the Company had approximately $1.0 million in its operating bank account, and working capital of approximately $1.2 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using the working capital for identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.</p>
pmgmu Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2021Q2 pmgmu Transaction Costs
TransactionCosts
15630212
CY2021Q2 pmgmu Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
5520000
CY2021Q2 pmgmu Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9660000
CY2021Q2 pmgmu Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
450212
CY2021Q2 pmgmu Transaction Costs Included In Operation Statement
TransactionCostsIncludedInOperationStatement
655046
CY2021Q2 pmgmu Transaction Costs Included In Equity Statement
TransactionCostsIncludedInEquityStatement
14975166
pmgmu Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
P185D
pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination After Extension
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombinationAfterExtension
P24M
pmgmu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination After Extension
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombinationAfterExtension
P24M
pmgmu Condition For Future Business Combination Use Of Proceeds Percentage
ConditionForFutureBusinessCombinationUseOfProceedsPercentage
10.00
pmgmu Redemption Limit Percentage Without Prior Consent
RedemptionLimitPercentageWithoutPriorConsent
100000
CY2021Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2021Q2 pmgmu Cash At Operating Bank Account
CashAtOperatingBankAccount
1000000.0
CY2021Q2 pmgmu Working Capital
WorkingCapital
1200000
pmgmu Correction Previously Issued Financial Statements
CorrectionPreviouslyIssuedFinancialStatements
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note 2 — Correction of previously issued financial statement </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">In preparation of the Company's Form 10-Q for June 30, 2021, the Company concluded it should correct the amounts previously recorded on the unaudited condensed Statement of Changes in Shareholders’ Equity. The previously filed statements inadvertently omitted parenthetic for reductions in the balances for offering costs and the maximum number of redeemable shares. Additionally, Additional Paid-in Capital on the condensed unaudited balance sheet as of March 31, 2021 was not updated for the information presented in the Statement of Changes in Shareholders’ Equity, increasing Additional Paid-in Capital by $1,304,287 for a balance of $0.</p>
pmgmu Increasing Additional Paid In Capital
IncreasingAdditionalPaidInCapital
1304287
pmgmu Balance Additional Paid In Capital
BalanceAdditionalPaidInCapital
0
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these condensed financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.</p>
CY2021Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
1000000.0
CY2020Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
pmgmu Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
P185D
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
pmgmu Amount Of Federal Depository Insurance Coverage
AmountOfFederalDepositoryInsuranceCoverage
250000
CY2021Q2 pmgmu Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2021Q2 pmgmu Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9660000
CY2021Q2 pmgmu Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
us-gaap Net Income Loss
NetIncomeLoss
2294016
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-4025194
pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination After Extension
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombinationAfterExtension
P24M
CY2021Q2 pmgmu Maximum Borrowing Capacity Of Related Party Promissory Note
MaximumBorrowingCapacityOfRelatedPartyPromissoryNote
116964
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
pmgmu Advance Notice Prior To Applicable Deadline Affiliates Or Designees Must Deposit Into Trust Account
AdvanceNoticePriorToApplicableDeadlineAffiliatesOrDesigneesMustDepositIntoTrustAccount
P30D
pmgmu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombination
P18M
pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination After Extension
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombinationAfterExtension
P24M
pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombination
P18M
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q2 pmgmu Initial Business Combination Shares Issuable As Percent Of Outstanding Share
InitialBusinessCombinationSharesIssuableAsPercentOfOutstandingShare
0.01
CY2021Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
14585600

Files In Submission

Name View Source Status
0001104659-21-105386-index-headers.html Edgar Link pending
0001104659-21-105386-index.html Edgar Link pending
0001104659-21-105386.txt Edgar Link pending
0001104659-21-105386-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
pmgmu-20210630.xsd Edgar Link pending
pmgmu-20210630x10q.htm Edgar Link pending
pmgmu-20210630x10q_htm.xml Edgar Link completed
pmgmu-20210630xex31d1.htm Edgar Link pending
pmgmu-20210630xex31d2.htm Edgar Link pending
pmgmu-20210630xex32d1.htm Edgar Link pending
pmgmu-20210630xex32d2.htm Edgar Link pending
pmgmu-20210630_cal.xml Edgar Link unprocessable
pmgmu-20210630_def.xml Edgar Link unprocessable
pmgmu-20210630_lab.xml Edgar Link unprocessable
pmgmu-20210630_pre.xml Edgar Link unprocessable
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending