|
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
||
|
|
|
||
|
|
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐ | |
|
☒ |
Smaller reporting company
|
||
Emerging growth company
|
Page
|
||
Part I. Financial Information
|
||
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
16
|
||
19
|
||
19
|
||
Part II. Other Information
|
||
20 | ||
20 | ||
20
|
||
20
|
||
20
|
||
20
|
||
21
|
||
22
|
Item 1. |
Interim Financial Statements.
|
September 30,
2021
|
December 31,
2020
|
|||||||
(Unaudited)
|
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
|
$
|
|
||||
Prepaid expenses
|
|
|
||||||
Total Current Assets
|
|
|
||||||
Deferred offering costs
|
|
|
||||||
Investments held in Trust Account
|
|
|
||||||
TOTAL ASSETS
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued expenses
|
$
|
|
$
|
|
||||
Accrued offering costs
|
|
|
||||||
Promissory note – related party
|
|
|
||||||
Total Current Liabilities
|
|
|
||||||
Warrant Liabilities
|
|
|
||||||
Deferred underwriting fee payable
|
|
|
||||||
Total Liabilities
|
|
|
||||||
Commitments and Contingencies
|
||||||||
Class A ordinary shares subject to possible redemption
|
|
|
||||||
Shareholders’ Equity
|
||||||||
Preference shares, $
|
|
|
||||||
Class A ordinary shares, $
|
|
|
||||||
Class B ordinary shares, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total Shareholders’ Equity (Deficit)
|
(
|
)
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
$ |
|
$
|
|
(1)
|
|
|
Three Months
Ended
September 30,
|
Nine Months
Ended
September 30,
|
For the
Period from
January 24, 2020
(Inception)
Through
September 30,
|
|||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Operating and formation costs
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Loss from operations
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Other income (expense):
|
||||||||||||||||
Change in fair value of warrants
|
|
|
|
|
||||||||||||
Transaction costs allocated to warrants
|
|
|
(
|
)
|
|
|||||||||||
Interest earned on investments held in Trust Account
|
|
|
|
|
||||||||||||
Other income, net
|
|
|
|
|
||||||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||||
Weighted average shares outstanding, Class A ordinary shares
|
|
|
|
|
||||||||||||
Basic and diluted net income per share, Class A ordinary shares
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average shares outstanding, Class B ordinary shares
|
|
|
|
|
||||||||||||
Basic and diluted net income per share, Class B ordinary shares
|
$
|
|
$ |
$
|
|
$
|
|
|
Ordinary Shares
|
Additional
Paid-in
|
Accumulated
|
Total
Shareholders’
|
||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity (Deficit)
|
|||||||||||||||
Balance — January 1, 2021
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
|
||||||||||||||||||||
Forfeiture of Founder Shares
|
(
|
)
|
(
|
)
|
|
|
|
|||||||||||||
|
||||||||||||||||||||
Accretion for Class A ordinary shares to redemption amount
|
—
|
—
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||
|
||||||||||||||||||||
Net loss
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
||||||||||||||||||||
Balance – March 31, 2021 (unaudited)
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
|
||||||||||||||||||||
Net income
|
—
|
|
|
|
|
|||||||||||||||
Balance – June 30, 2021 (unaudited)
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
|
||||||||||||||||||||
Net income
|
—
|
|
|
|
|
|||||||||||||||
Balance – September 30, 2021 (unaudited)
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
Class B Ordinary Shares
|
Additional
Paid
|
(Accumulated
Deficit) /
Retained
|
Total
Shareholders’
|
|||||||||||||||||
Shares
|
Amount
|
in Capital
|
Earnings
|
Equity
|
||||||||||||||||
Balance – January 24, 2020 (inception)
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||
Issuance of Class B ordinary shares to Sponsor
|
|
|
|
|
|
|||||||||||||||
Net loss
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance – March 31, 2020 (unaudited)
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Net loss
|
—
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance – June 30, 2020 (unaudited)
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
Net loss |
— | ( |
) | ( |
) | |||||||||||||||
Balance – September 30, 2020 (unaudited) |
$ | $ | $ | ( |
) |
Nine Months
Ended
September 30,
|
For the
Period from
January 24, 2020
(Inception)
Through
September 30,
|
|||||||
2021
|
2020
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Formation cost paid by Sponsor in exchange for issuance of founder shares
|
||||||||
Interest earned on marketable securities held in Trust Account
|
(
|
)
|
|
|||||
Change in fair value of warrants
|
(
|
)
|
|
|||||
Transaction costs allocated to warrants
|
|
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses and other current assets
|
(
|
)
|
|
|||||
Accounts payable and accrued expenses
|
|
|
||||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
Cash Flows from Investing Activities:
|
||||||||
Investment of cash in Trust Account
|
(
|
)
|
|
|||||
Net cash used in investing activities
|
(
|
)
|
|
|||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from issuance of Class B ordinary shares to Sponsor
|
|
|
||||||
Proceeds from sale of Private Placements Warrants
|
|
|
||||||
Proceeds from promissory note – related party
|
||||||||
Repayment of promissory note – related party
|
(
|
)
|
|
|||||
Payment of offering costs
|
(
|
)
|
(
|
)
|
||||
Net cash provided by financing activities
|
|
|
||||||
Net Change in Cash
|
|
|
||||||
Cash – Beginning of period
|
|
|
||||||
Cash – End of period
|
$
|
|
$
|
|
||||
Non-Cash investing and financing activities:
|
||||||||
Offering costs included in accrued offering costs
|
$
|
|
$
|
|
||||
Offering costs paid through promissory note
|
$
|
|
$
|
|
||||
Initial classification of Class A ordinary shares subject to possible redemption
|
$
|
|
$
|
|
||||
Deferred underwriting fee payable
|
$
|
|
$
|
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
Balance Sheet as of February 17, 2021 (audited)
|
As Previously
Reported |
Adjustment
|
As Restated
|
|||||||||
Class A ordinary shares subject to possible redemption
|
$
|
|
$
|
|
$
|
|
||||||
Class A ordinary shares
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Additional paid-in capital
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||
Accumulated deficit
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Total Shareholders’ Equity (Deficit)
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
Gross proceeds
|
$
|
|
||
Less:
|
||||
Proceeds allocated to Public Warrants
|
$
|
(
|
)
|
|
Class A ordinary shares issuance costs
|
$
|
(
|
)
|
|
Plus:
|
||||
Accretion of carrying value to redemption value
|
$
|
|
||
Class A ordinary shares subject to possible redemption
|
$
|
|
|
Three Months Ended
September 30, 2021
|
Nine Months Ended
September 30, 2021
|
||||||||||||||
|
Class A
|
Class B
|
Class A |
Class B |
||||||||||||
Basic and diluted net income per ordinary share
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Allocation of net income, as adjusted
|
$
|
|
$
|
|
$ | $ | ||||||||||
Denominator:
|
||||||||||||||||
Basic and diluted weighted average shares outstanding
|
|
|
||||||||||||||
Basic and diluted net income per ordinary share
|
$
|
|
$
|
|
$ | $ |
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
• |
in whole but not in part;
|
• |
to each warrant holder; and
|
• |
if, and only if, the last reported sale price of the Class A ordinary
shares for any
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
• |
in whole but not in part;
|
• |
at $
|
• |
if, and only if, the Reference Value (as defined in the above adjacent to
“Redemption of warrants when the price per Class A ordinary share equals or exceeds $
|
• |
if the Reference Value is less than $
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
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.
|
Description
|
Level
|
September 30,
2021
|
||||||
Assets:
|
||||||||
U.S. Treasury Securities
|
1
|
$
|
|
|||||
Liabilities:
|
||||||||
Warrant Liability – Public Warrants
|
1
|
$
|
|
|||||
Warrant Liability – Private Placement Warrants
|
2
|
$
|
|
|
TUATARA CAPITAL ACQUISITION CORPORATION
UNAUDITED NOTES TO CONDENSED FINANCIAL STATEMENTS
|
At
February 17,
2021
(Initial
Measurement)
|
||||
Stock price
|
$
|
|
||
Strike price
|
$
|
|
||
Term (in years)
|
|
|||
Volatility
|
|
%
|
||
Risk-free rate
|
|
%
|
||
Dividend yield
|
|
%
|
|
Private
Placement
|
Public
|
Warrant
Liabilities
|
|||||||||
Fair value as of January 1, 2021
|
$
|
|
$
|
|
$
|
|
||||||
Initial measurement on February 17, 2021
|
|
|
|
|||||||||
Change in fair value
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Fair value as of June 30, 2021 |
$
|
|
$
|
|
$
|
|
||||||
Transfers to Level 1 |
||||||||||||
Transfers to Level 2 |
||||||||||||
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 1. |
Legal Proceedings
|
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), 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), 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.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase 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.
|
TUATARA CAPITAL ACQUISITION CORPORATION
|
||
Date: November 12, 2021
|
By:
|
/s/ Albert Foreman
|
Name:
|
Albert Foreman
|
|
Title:
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
||
Date: November 12, 2021
|
By:
|
/s/ Sergey Sherman
|
Name:
|
Sergey Sherman
|
|
Title:
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|