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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on
which registered
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
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PART 1 – FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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Condensed Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020 (Revised) |
1
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Unaudited Condensed Statements of Operations for the Three and Nine months Ended September 30, 2021 and for the period
from July 27, 2020 (inception) through September 30, 2020 |
2
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3
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Unaudited Condensed Statement of Cash Flows for the Nine months Ended September 30, 2021 and for the period from July 27, 2020
(inception) through September 30, 2020 |
4
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Notes to Unaudited Condensed Financial Statements |
5
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Item 2.
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18
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Item 3.
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21
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Item 4.
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21 | |
PART II – OTHER INFORMATION
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Item 1.
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22 | |
Item 1A.
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22
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Item 2.
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22
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Item 3.
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22
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Item 4.
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22
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Item 5.
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22
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Item 6.
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23 | |
24 |
September 30,
2021 |
December 31,
2020 |
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(Unaudited)
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(Revised) | |||||||
ASSETS
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||||||||
Current Assets
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||||||||
Cash
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$
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$
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||||
Prepaid expenses
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|
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||||||
Total Current Assets
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||||||
Investments held in Trust Account
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Total Assets
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$
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$
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LIABILITIES AND SHAREHOLDERS’ DEFICIT
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||||||||
Current Liabilities:
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||||||||
Accrued expenses
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$
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$
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||||
Accrued offering costs
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||||||
Total Current Liabilities
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||||||
Forward Purchase Agreement liability
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Warrant liability
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Deferred underwriting fee payable
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Total Liabilities
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||||||
Commitments and Contingencies
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||||||||
Class A ordinary shares subject to possible redemption,
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||||||
Shareholders’ Deficit
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||||||||
Preference shares, $
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||||||
Class A ordinary shares, $
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||||||
Class B ordinary shares, $
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||||||
Additional paid-in capital
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||||||
Accumulated deficit
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(
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)
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(
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)
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||||
Total Shareholders’ Deficit
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(
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)
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(
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)
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||||
Total Liabilities and Shareholders’ Deficit
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$
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$
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For The Three
Months Ended
September 30,
2021
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Nine months
Ended September 30,
2021
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For the Period
from July 27,
2020
(Inception)
through
September 30,
2020
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||||||||||
Operating costs
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$
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$ | $ | ||||||||
Loss from operations
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(
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)
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( |
) | ( |
) | ||||||
Other income:
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||||||||||||
Interest earned on investments held in Trust Account
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|||||||||||
Change in fair value of warrant liabilities
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FV of private placement warrant in excess of purchase price
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Change in fair value of forward purchase agreement liabilities
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Total other income, net
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Net income (loss)
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$
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$ | $ | ( |
) | ||||||
Weighted average shares outstanding of Class A ordinary shares
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|||||||||||
Basic and diluted net income per share, Class A ordinary shares
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$
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$ | $ | ||||||||
Weighted average shares outstanding of Class B ordinary shares
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|||||||||||
Basic and diluted net income per share, Class B ordinary
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$
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$ | $ |
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Class B Ordinary
Shares
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Additional
Paid-in
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Accumulated
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Total
Shareholders’
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||||||||||||||||
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Shares
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Amount
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Capital
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Deficit
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Deficit
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|||||||||||||||
Balance – January 1, 2021
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|
$
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$
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$
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(
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)
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$
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(
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)
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|||||||||
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||||||||||||||||||||
Net income
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—
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Balance – March 31, 2021
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(
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)
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(
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)
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|||||||||||||
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||||||||||||||||||||
Accretion for Class A ordinary shares to redemption amount
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—
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—
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(
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)
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(
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)
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Net income
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—
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Balance – June 30, 2021
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(
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)
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(
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)
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||||||||||||
Net income
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—
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|||||||||||||||
Balance – September 30, 2021
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$
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$
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$
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(
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)
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$
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(
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)
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Class B Ordinary Shares
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Additional
Paid-in
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Accumulated
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Total
Shareholders’
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||||||||||||||||
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Shares
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Amount
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Capital
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Deficit
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Equity
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|||||||||||||||
Balance – July 27, 2020 (inception)
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$
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$
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$
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$
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|||||||||||
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||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsors
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|||||||||||||||
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||||||||||||||||||||
Net loss
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—
|
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(
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)
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(
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)
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|||||||||||||
Balance – September 30, 2020
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$
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$
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$
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(
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)
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$
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|
Nine months
Ended
September 30,
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For the
Period from
July 27,
2020 (Inception)
Through
September 30,
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||||||
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2021
|
2020
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||||||
Cash Flows from Operating Activities:
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||||||||
Net income (loss)
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$
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$
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(
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)
|
|||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
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||||||||
Change in fair value of warrant liabilities
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(
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)
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|||||
Change in fair value of forward purchase agreement liabilities
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(
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)
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|||||
Compensation expense on Private Placement warrants
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(
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)
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||||||
Interest earned on investments held in Trust Account
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(
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)
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Formation cost paid by Sponsor in exchange for issuance of founder shares
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||||||
Changes in operating assets and liabilities:
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||||||||
Prepaid expenses
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||||||
Accrued expenses
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||||||
Net cash used in operating activities
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(
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)
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(
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|||||
Cash Flows from Investing Activities:
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||||||||
Investment of cash into trust Account
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(
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)
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|||||
Net cash used in investing activities
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(
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)
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|||||
Cash Flows from Financing Activities:
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||||||||
Advances from related party
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||||||
Proceeds from promissory note – related party
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||||||
Payment of offering costs
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—
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(
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)
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|||||
Proceeds from sale of Private Placements Warrants
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||||||
Payment of offering costs
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(
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)
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—
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|||||
Net cash provided by financing activities
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|
|
||||||
Net Change in Cash
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(
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)
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|||||
Cash – Beginning of period
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||||||
Cash – End of period
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$
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$
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||||
Non-Cash investing and financing activities:
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||||||||
Offering costs included in accrued offering costs
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$
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$
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||||
Change in value of Class A ordinary shares subject to possible redemption
|
$
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$
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||||
Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares
|
$
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Balance Sheet as of December 31, 2020 (audited)
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As Previously
Reported
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Adjustment
|
As Revised
|
|||||||||
Class A ordinary shares subject to possible redemption
|
$
|
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$
|
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$
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|
||||||
Class A ordinary shares
|
$
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$
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(
|
)
|
$
|
|
|||||
Additional paid-in capital
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$
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$
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(
|
)
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$
|
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|||||
Accumulated deficit
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$
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(
|
)
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$
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(
|
)
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$
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(
|
)
|
|||
Total Shareholders’ Equity (Deficit)
|
$
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$
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(
|
)
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$
|
(
|
)
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September 30,
2021
|
December 31,
2020
|
|||||||
Gross proceeds
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$
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$
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||||
Private Placement Proceeds
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||||||||
Less:
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||||||||
Proceeds allocated to Public Warrants
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$
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(
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)
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$
|
(
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)
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Class A ordinary shares issuance costs
|
$
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(
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)
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$
|
(
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)
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||
Plus:
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||||||||
Accretion of carrying value to redemption value
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$
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$
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||||
Class A ordinary shares subject to possible redemption
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$
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$
|
|
Three Months Ended
September 30, 2021
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Nine Months Ended
September 30, 2021
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For the Period from July 27,
2020 (Inception) Through
September 30, 2020
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||||||||||||||||||||||
Class A |
Class B | Class A | Class B |
Class A |
Class B |
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Basic and diluted net income per ordinary share
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|
|||||||||||||||||||||||
Numerator:
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|||||||||||||||||||||||
Allocation of net income (loss), as adjusted
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$ | $ | $ | $ | $ | $ | ( |
) | ||||||||||||||||
Denominator:
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|||||||||||||||||||||||
Basic and diluted weighted average shares outstanding
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|||||||||||||||||||||||
Basic and diluted net income per ordinary share
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$ | $ | $ | $ |
$
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$ |
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•
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Level 1, defined as observable inputs such as
quoted prices (unadjusted) for identical instruments in active markets;
|
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•
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Level 2, defined as inputs other than quoted
prices in active markets that are directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
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•
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Level 3, defined as unobservable inputs in
which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are
unobservable.
|
●
|
in whole and not in part;
|
●
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at a price of $
|
●
|
upon not less than
|
●
|
if, and only if, the last reported sale price of
the Class A ordinary shares for any
|
●
|
in whole and not in part;
|
●
|
at $
|
●
|
if, and only if, the Reference Value equals or exceeds $
|
●
|
if the Reference Value is less than $
|
Level 1: |
Quoted prices in active markets for identical assets or
liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
|
Level 2: |
Observable inputs other than Level 1 inputs. Examples
of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
|
Level 3: |
Unobservable inputs based on our assessment of the
assumptions that market participants would use in pricing the asset or liability.
|
|
Held-To-Maturity | Level |
Amortized
Cost
|
Gross
Holding
Gain/(Loss)
|
Fair
Value (i)
|
||||||||||||
September 30, 2021
|
U.S. Treasury Securities
(Mature on
|
1
|
$
|
|
$
|
|
$
|
|
|||||||||
December 31, 2020
|
U.S. Treasury Securities
(Mature on
|
1
|
$
|
|
$
|
(
|
)
|
$
|
|
|
(i)
|
|
Level
|
September 30,
2021
|
Level
|
December 31,
2020
|
|||||||||||||
Assets:
|
||||||||||||||||
Cash and Investments held in Trust Account
|
1
|
$
|
|
1
|
$
|
|
||||||||||
Liabilities:
|
||||||||||||||||
Warrant liability – public warrants
|
1
|
$
|
|
3
|
$
|
|
||||||||||
Warrant liability – private placement warrants
|
3
|
$ |
|
3
|
$ |
|
||||||||||
FPA liability – committed
|
3
|
$ |
|
3
|
$ |
|
||||||||||
FPA liability – optional
|
3
|
$ |
|
3
|
$ |
|
As of
September 30, 2021
|
As of
December 31, 2020
|
|||||||
Warrants- private placement
|
||||||||
Common stock price
|
$
|
|
$
|
|
||||
Volatility
|
|
%
|
|
%
|
||||
Expected life of the options to convert
|
|
|
||||||
Risk free rate
|
|
%
|
|
%
|
||||
Dividend yield
|
|
%
|
|
%
|
||||
FPA-committed
|
||||||||
Common stock price
|
$
|
|
$
|
|
||||
Time to maturity
|
|
|
||||||
Risk Free rate
|
|
%
|
|
%
|
||||
FPA-optional
|
||||||||
Common stock price
|
$
|
|
$
|
|
||||
Volatility
|
|
%
|
|
%
|
||||
Time to maturity
|
|
|
||||||
Risk Free rate
|
|
%
|
|
%
|
Public
Warrants
|
Private
Placement
Warrants
|
Total
Warrant
Liability
|
Committed
FPA
|
Optional
FPA
|
Total FPA
Liability
|
|||||||||||||||||||
Fair value as of December 31, 2020
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Additional Private Placement Warrants May 27, 2021 |
||||||||||||||||||||||||
Fair Value of Private Placement Warrants in excess of purchase price
|
( |
) | ( |
) | ||||||||||||||||||||
Change in fair value
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
(
|
)
|
(
|
)
|
|||||||||||||
Fair value as of September 30, 2021
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
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
|
No.
|
Description of Exhibit
|
|
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
|
*
|
Filed herewith.
|
**
|
Furnished.
|
TIGA ACQUISITION CORP.
|
||
Date: November 10, 2021
|
/s/ George Raymond Zage III
|
|
Name:
|
George Raymond Zage III
|
|
Title:
|
Chief Executive Office and Chairman
|
|
(Principal Executive Officer)
|
||
Date: November 10, 2021
|
/s/ Diana Luo
|
|
Name:
|
Diana Luo
|
|
Title:
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|