QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbols |
Name of each exchange on which registered | ||
one-third of one redeemable warrant |
The | |||
The | ||||
The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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22 |
Item 1. |
Condensed Financial Statements. |
June 30, 2022 |
December 31, 2021 |
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(unaudited) |
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ASSETS |
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Current assets |
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Cash |
$ | $ | ||||||
Prepaid expenses and other current assets |
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Total Current Assets |
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Deferred offering costs |
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Investments held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
Advance from related parties |
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Promissory note – related party |
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Total Current Liabilities |
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Deferred underwriting fee payable |
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Warrant liabilities |
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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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Total Shareholders’ Deficit |
( |
) |
( |
) | ||||
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TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT |
$ |
$ |
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For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
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2022 |
2021 |
2022 |
2021 |
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General and administrative expenses |
$ | $ | $ | $ | ||||||||||||
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Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
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Other income (expense): |
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Income earned on investments held in Trust Account |
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Interest expense |
— | ( |
) | — | ( |
) | ||||||||||
Transaction costs allocated to warrant liabilities |
— | — | — | ( |
) | |||||||||||
Change in fair value of warrant liabilities |
( |
) | ||||||||||||||
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Total other income (expense), net |
( |
) | ||||||||||||||
Net income (loss) |
$ |
$ |
( |
) |
$ |
$ |
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Weighted average shares outstanding, Class A ordinary shares |
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Basic net income (loss) per share, Class A ordinary shares |
$ |
$ |
( |
) |
$ |
$ |
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Basic weighted average shares outstanding, Class B ordinary shares |
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Basic net income (loss) per share, Class B ordinary shares |
$ |
$ |
( |
) |
$ |
$ |
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance — January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
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Balance – March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Change in value of Class A ordinary shares subject to redemption |
( |
) | ( |
) | ||||||||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
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Balance – June 30, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance — January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Cash paid in excess of fair value of Private Placement warrants |
— |
— |
— |
— |
— |
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Accretion for Class A ordinary shares to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— |
— |
— |
— |
— |
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Balance – March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||
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Balance – June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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For the Six Months Ended June 30, |
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2022 |
2021 |
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Cash Flows from Operating Activities: |
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Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash used in operating activities: |
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Income earned on investments held in Trust Account |
( |
) | ( |
) | ||||
Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Transaction costs allocated to warrant liabilities |
— | |||||||
Changes in operating assets and liabilities: |
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Prepaid expenses and other current assets |
( |
) | ||||||
Accrued expenses |
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Net cash used in operating activities |
( |
) |
( |
) | ||||
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Cash Flows from Investing Activities: |
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Investment of cash into Trust Account |
— | ( |
) | |||||
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Net cash used in investing activities |
— |
( |
) | |||||
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Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discounts paid |
— | |||||||
Proceeds from sale of Private Placement Warrants |
— | |||||||
Proceeds from advances from related party |
— | |||||||
Proceeds from promissory note – related party |
— | |||||||
Repayment of promissory note – related party |
— | ( |
) | |||||
Payment of offering costs |
— | ( |
) | |||||
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Net cash provided by financing activities |
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Net Change in Cash |
( |
) |
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Cash – Beginning |
— | |||||||
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Cash – Ending |
$ |
$ |
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Non-cash investing and financing activities: |
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Deferred underwriting fee payable |
$ | — | $ | |||||
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Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
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Class A ordinary shares issuance costs |
( |
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Plus: |
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Accretion of carrying value to redemption value |
( |
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|
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Class A ordinary shares subject to possible redemption, December 31, 2021 |
$ | |||
Plus: |
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Accretion of carrying value to redemption value |
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|
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Class A ordinary shares subject to possible redemption, June 30, 2022 |
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
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2022 |
2021 |
2022 |
2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per ordinary share |
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Numerator: |
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Allocation of net income (loss), adjusted for |
$ | $ | $ | ( |
$ | ( |
$ | $ | $ | $ | ||||||||||||||||||||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per ordinary share |
$ | $ | $ | ( |
$ | ( |
$ | $ | $ | $ |
• |
in whole and not in part; |
• |
at a price of $0.01 per warrant; |
• |
upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and |
• |
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a30-tradingday period ending three trading days before the Company sends the notice of redemption to the warrant holders. |
• |
in whole and not in part; |
• |
at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; |
• |
if, and only if, the closing price of the Class A ordinary shares equal or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the30-tradingday period ending three trading days before the Company sends the notice of redemption of the warrant holders; and |
• |
if the closing price of the Class A ordinary shares for any 20 trading days within a30-tradingday period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above. |
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 assessment of the assumptions that market participants would use in pricing the asset or liability. |
June 30, 2022 |
Level |
Fair Value |
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Assets: |
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Investment held in Trust Account –Money Market Fund |
1 | $ | ||||||
Liabilities: |
||||||||
Warrant Liability – Public Warrants |
1 | |||||||
Warrant Liability – Private Placement Warrants |
2 | |||||||
December 31, 2021 |
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Assets: |
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Investment held in Trust Account –Money Market Fund |
1 | $ | ||||||
Liabilities: |
||||||||
Warrant Liability – Public Warrants |
1 | |||||||
Warrant Liability – Private Placement Warrants |
2 |
No. |
Description of Exhibit | |
31.1* | 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 | |
31.2* | 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 | |
32.1* | 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 | |
32.2* | 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 | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File—the cover page XBRL tags are embedded within the Inline XBRL document contained in Exhibit 101 |
* | Filed herewith. |
TZP STRATEGIES ACQUISITION CORP. | ||||||
Date: August 9, 2022 | By: | /s/ Samuel Katz | ||||
Name: | Samuel Katz | |||||
Title: | Chief Executive Officer and Director (Principal Executive Officer) | |||||
Date: August 9, 2022 | By: | /s/ Heather Fraser | ||||
Name: | Heather Fraser | |||||
Title: | (Principal Financial Officer and Principal Accounting Officer) |