UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended September 30, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-39939

FORTISTAR SUSTAINABLE SOLUTIONS CORP.

(Exact Name of Registrant as Specified in Its Charter)

Delaware		85-2693583
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

One North Lexington Avenue

White Plains, NY 10601

(Address of principal executive offices)

(914) 421-4900

(Issuer’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols	Name of each exchange on which registered
Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant	FSSIU	The Nasdaq Stock Market LLC

Class A common stock, par value $0.0001 per share	FSSI	The Nasdaq Stock Market LLC

Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share	FSSIW	The Nasdaq Stock Market LLC

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of November 16, 2021, there were 25,875,000 shares of Class A common stock, $0.0001 par value and 6,468,750 shares of Class B common stock, $0.0001 par value, issued and outstanding.

FORTISTAR SUSTAINABLE SOLUTIONS CORP.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2021

TABLE OF CONTENTS

			Page
Part I. Financial Information
	Item 1. Financial Statements		1
		Condensed Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020	1
		Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2021 (Unaudited) and for the period from August 25, 2020 (inception) through September 30, 2020	2
		Condensed Statements of Changes in Stockholders’ (Deficit) Equity for the Three and Nine Months Ended September 30, 2021 (Unaudited) and for the period from August 25, 2020 (inception) through September 30, 2020	3
		Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2021 (Unaudited) and for the period from August 25, 2020 (inception) through September 30, 2020	4
		Notes to Condensed Financial Statements	5
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		18
	Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk		20
	Item 4. Controls and Procedures		20
Part II. Other Information
	Item 1. Legal Proceedings		20
	Item 1A. Risk Factors		20
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		21
	Item 3. Defaults Upon Senior Securities		22
	Item 4. Mine Safety Disclosures		22
	Item 5. Other Information		22
	Item 6. Exhibits		22
Part III. Signatures			23

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1.

Interim Financial Statements.

FORTISTAR SUSTAINABLE SOLUTIONS CORP.

CONDENSED BALANCE SHEETS

	September 30, 2021			December 31, 2020
	(Unaudited)
ASSETS
Current assets
Cash	$	736,821		$	107,601
Prepaid expenses		419,230			—
Total Current Assets		1,156,051			107,601

Deferred offering costs		—			289,437
Marketable securities held in Trust Account		258,773,105			—
TOTAL ASSETS	$	259,929,156		$	397,038

LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current liabilities
Accrued expenses	$	284,452		$	3,952
Accrued offering costs		5,000			222,038
Promissory note – related party		—			150,000
Total Current Liabilities		289,452			375,990

Warrant liabilities		15,084,375			—
Deferred underwriting fee payable		9,056,250			—
Total Liabilities		24,430,077			375,990

Commitments (Note 7)

Class A common stock subject to possible redemption; 25,875,000 and no shares at redemption value at September 30, 2021 and December 31, 2020, respectively		258,750,000			—

Stockholders’ (Deficit) Equity
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding		—			—
Class A common stock, $0.0001 par value, 300,000,000 shares authorized; no shares issued and outstanding (excluding 25,875,000 and no shares subject to possible redemption) at September 30, 2021 and December 31, 2020		—			—
Class B common stock, $0.0001 par value; 30,000,000 shares authorized; 6,468,750 shares issued and outstanding at September 30, 2021 and December 31, 2020 ⁽¹⁾		647			647
Additional paid-in capital		—			24,353
Accumulated deficit		(23,251,568	)		(3,952	)
Total Stockholders’ (Deficit) Equity		(23,250,921	)		21,048
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY	$	259,929,156		$	397,038

(1)	At December 31, 2020, included up to 843,750 shares subject to forfeiture if the over-allotment option were not exercised in full or in part by the underwriters (see Note 6).

The accompanying notes are an integral part of the unaudited condensed financial statements.

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FORTISTAR SUSTAINABLE SOLUTIONS CORP.

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended September 30,			Nine Months Ended September 30,			For the Period from August 25, 2020 (Inception) through September 30,
	2021			2021			2020

Operating and formation costs	$	249,741		$	718,226		$	659
Loss from operations		(249,741	)		(718,226	)		(659	)

Other income (expenses):
Change in fair value of warrant liabilities		7,441,625			(603,375	)		—
Transaction cost – warrants		—			(536,079	)		—
Interest earned on marketable securities held in Trust Account		3,330			23,105			—
Total other income (expenses), net		7,444,955			(1,116,349	)		—

Net income (loss)	$	7,195,214		$	(1,834,575	)	$	(659	)

Weighted-average shares outstanding, Class A common stock		25,875,000			23,126,374			—
Basic and diluted earnings (loss) per share, Class A common stock	$	0.22		$	(0.06	)	$	—

Weighted-average shares outstanding, Class B common stock		6,468,750			6,379,121			5,625,000
Basic and diluted income (loss) per share, Class B common stock	$	0.22		$	(0.06	)	$	—

The accompanying notes are an integral part of the unaudited condensed financial statements.

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FORTISTAR SUSTAINABLE SOLUTIONS CORP.

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY

(UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021

	Class A Common Stock				Class B Common Stock				Additional Paid-in			Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Capital			Deficit			Equity (Deficit)
Balance — January 1, 2021		—	$	—		6,468,750	$	647	$	24,353		$	(3,952	)	$	21,048

Accretion for Class A common stock subject to redemption amount		—		—		—		—		(2,033,353	)		(21,413,041	)		(23,446,394	)

Net loss		—		—		—		—		—			(312,767	)		(312,767	)

Balance – March 31, 2021 (Restated)		—		—		6,468,750		647		—			(21,729,760	)		(21,729,113	)

Net Loss		—		—		—		—		—			(8,717,022	)		(8,717,022	)

Balance – June 30, 2021 (Restated)		—		—		6,468,750		647		—			(30,446,782	)		(30,446,135	)

Net Income		—		—		—		—		—			7,195,214			7,195,214

Balance – September 30, 2021		—	$	—		6,468,750	$	647	$	—		$	(23,251,568	)	$	(23,250,921	)

FOR THE PERIOD FROM AUGUST 25, 2020 (INCEPTION) THROUGH SEPTEMBER 30, 2020

	Class B Common Stock					Additional Paid-in			Accumulated				Total Stockholders’
	Shares		Amount			Capital			Deficit				Equity

Balance – August 25, 2020 (inception)		—		$	—		$	—		$	—			$	—

Issuance of Class B common stock to Sponsor		6,468,750			647			24,353			—				25,000

Net loss		—			—			—			(659	)			(659	)
Balance – September 30, 2020		6,468,750		$	647		$	24,353		$	(659	)		$	24,341

The accompanying notes are an integral part of the unaudited condensed financial statements.

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FORTISTAR SUSTAINABLE SOLUTIONS CORP.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended September 30,			For The Period From August 25, 2020 (Inception) Through September 30,
	2021			2020
Cash Flows from Operating Activities:
Net loss	$	(1,834,575	)	$	(659	)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account		(23,105	)		—
Change in fair value of warrant liabilities		603,375			—
Transaction costs incurred in connection with IPO		536,079			—
Changes in operating assets and liabilities:
Prepaid expenses		(419,230	)		—
Accrued expenses		280,501			659
Net cash used in operating activities		(856,955	)		—

Cash Flows from Investing Activities:
Investment of cash in Trust Account		(258,750,000	)		—
Net cash used in investing activities		(258,750,000	)		—

Cash Flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discounts paid		253,575,000			25,000
Proceeds from sale of Private Placement Warrants		7,175,000			—
Proceeds from promissory note - related party		—			150,000
Repayment of promissory note – related party		(150,000	)		—
Payment of offering costs		(363,825	)		(67,000	)
Net cash provided by financing activities		260,236,175			108,000

Net Change in Cash		629,220			108,000
Cash – Beginning of period		107,601			—
Cash – End of period	$	736,821		$	108,000

Non-Cash Investing and Financing Activities:
Offering costs included in accrued offering costs	$	5,000		$	162,392
Initial classification of Class A common stock subject to possible redemption	$	258,750,000		$	—
Deferred underwriting fee payable	$	9,056,250		$	—

The accompanying notes are an integral part of the unaudited condensed financial statements.

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FORTISTAR SUSTAINABLE SOLUTIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

(Unaudited)

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Fortistar Sustainable Solutions Corp. (the “Company”) was incorporated in Delaware on August 25, 2020. The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”).

The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. 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.

As of September 30, 2021, the Company had not commenced any operations. All activity through September 30, 2021 relates to the Company’s formation, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.

The registration statements for the Company’s Initial Public Offering were declared effective on January 26, 2021. On January 29, 2021, the Company consummated the Initial Public Offering of 25,875,000 units (the “Units” and, with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), which includes the full exercise by the underwriter of its over-allotment option in the amount of 3,375,000 Units, at $10.00 per Unit, generating gross proceeds of $258,750,000, which is described in Note 4.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 7,175,000 warrants (each, a “Private Placement Warrant” and, collectively, the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant in a private placement to FSSC Sponsor LLC (the “Sponsor”), generating gross proceeds of $7,175,000, which is described in Note 5.

Transaction costs amounted to $14,667,474, consisting of $5,175,000 of underwriting fees, $9,056,250 of deferred underwriting fees and $436,224 of other offering costs.

Following the closing of the Initial Public Offering on January 29, 2021, an amount of $258,750,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), located in the United States and invested only 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 selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the funds held in the Trust Account, as described below.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination. The Company must complete a Business Combination with one or more target businesses that together have an aggregate fair market value of at least 80% of the value of the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into an initial Business Combination. The Company will only complete a Business Combination if the post Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully complete a Business Combination.

The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per Public 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). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants.

The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 6) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against the proposed Business Combination.

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FORTISTAR SUSTAINABLE SOLUTIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

(Unaudited)

Notwithstanding the above, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. The Sponsor has agreed (a) to waive its redemption rights with respect to its Founder Shares and Public Shares held by it in connection with the completion of a Business Combination, (b) to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination by January 29, 2023 and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period.

The Company will have until January 29, 2023 to complete a Business Combination (the “Combination Period”). If the Company is unable to complete a 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 tax obligations (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 liquidating distributions, if any), 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, dissolve and liquidate, 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. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.

The Sponsor has agreed to waive its liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to 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 discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay our taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

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FORTISTAR SUSTAINABLE SOLUTIONS CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2021

(Unaudited)

Liquidity and Capital Resources

As of September 30, 2021, the Company had cash of $736,821 not held in the Trust Account and available for working capital purposes and working capital of $1,016,599. The Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to a Business Combination. Moreover, the Company may need to obtain additional financing or draw on the Working Capital Loans (as defined below) either to complete a Business Combination or because it becomes obligated to redeem a significant number of the Public Shares upon consummation of a Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, the Company would only complete such financing simultaneously with the completion of our Business Combination. If the Company is unable to complete the Business Combination because it does not have sufficient funds available, the Company will be forced to cease operations and liquidate the Trust Account. In addition, following the Business combination, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet its obligations.

NOTE 2. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In connection with the preparation of the Company’s financial statements as of September 30, 2021, management identified errors made in its historical financial statements where, at the closing of the Company’s Initial Public Offering, the Company improperly valued its Class A common stock subject to possible redemption. The Company previously determined the Class A common stock subject to possible redemption to be equal to the redemption value of $10.00 per share of Class A common stock while also taking into consideration a redemption cannot result in net tangible assets being less than $5,000,001. Management determined that the Class A common stock issued during the Initial Public Offering can be redeemed or become redeemable subject to the occurrence of future events considered outside the Company’s control. Therefore, management concluded that the redemption value should include all of Class A common stock subject to possible redemption, resulting in the Class A common stock subject to possible redemption being equal to their redemption value. As a result, management has noted a reclassification error related to temporary equity and permanent equity. This resulted in an adjustment to the initial carrying value of the Class A common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A common stock.

The impact of the restatement on the Company’s financial statements is reflected in the following table.

Balance Sheet as of January 29, 2021 (audited)	As Previously Reported			Adjustment			As Restated
Class A common stock subject to possible redemption	$	231,797,570		$	26,952,430		$	258,750,000
Class A common stock	$	270		$	(270	)	$	—
Additional paid-in capital	$	5,539,119		$	(5,539,119	)	$	—
Accumulated deficit	$	(540,031	)	$	(21,413,041	)	$	(21,953,072	)
Total Stockholders’ Equity (Deficit)	$	5,000,005		$	(26,952,430	)	$	(21,952,425	)

Balance Sheet as of March 31, 2021 (unaudited)
Class A common stock subject to possible redemption	$	232,020,878		$	26,729,122		$	258,750,000
Class A common stock	$	267		$	(267	)	$	—
Additional paid-in capital	$	5,315,813		$	(5,315,813	)	$	—
Accumulated deficit	$	(316,719	)	$	(21,413,041	)	$	(21,729,760	)
Total Stockholders’ Equity (Deficit)	$	5,000,008		$	(26,729,121	)	$	(21,729,113	)

Balance Sheet as of June 30, 2021 (unaudited)
Class A common stock subject to possible redemption	$	223,303,860		$	35,446,140		$	258,750,000
Class A common stock	$	354		$	(354	)	$	—
Additional paid-in capital	$	14,032,744		$	(14,032,744	)	$	—
Accumulated deficit	$	(9,033,741	)	$	(21,413,041	)	$	(30,446,782	)
Total Stockholders’ Equity (Deficit)	$	5,000,004		$	(35,446,139	)	$	(30,446,135	)


Condensed Statement of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended March 31, 2021 (Unaudited)
Sale of 25,875,000 Units, net of underwriter discounts and offering expenses	$	235,303,605	$	(235,303,605	)	$	—
Cash paid in excess of fair value for private warrants	$	2,009,000	$	(2,009,000	)	$	—
Initial value of common stock subject to redemption	$	(

SEC Form 10-Q filed by Fortistar Sustainable Solutions Corp.