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 |
A | ||||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half of one Warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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Item 1. |
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2 |
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3 |
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4 |
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5 |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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25 |
Item 1. |
Condensed Financial Statements |
March 31, 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 |
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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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Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit: |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued expenses |
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Note payable—related party |
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Due to related party |
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Total current liabilities |
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Derivative warrant liabilities |
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Deferred underwriting commissions |
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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, $ non-redeemable shares issued or outstanding |
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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 March 31, |
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2022 |
2021 |
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General and administrative expenses |
$ | $ | ||||||
Administrative fee—related party |
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Loss from operations |
( |
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Other income: |
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Change in fair value of derivative warrant liabilities |
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Income earned on investments in Trust Account |
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Total other income |
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Net income |
$ | $ | |
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Weighted average Class A ordinary shares outstanding, basic and diluted |
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Basic and diluted net income per ordinary share, Class A ordinary shares |
$ | $ | ||||||
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Weighted average Class B ordinary shares outstanding, basic and diluted |
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Basic and diluted net income per ordinary share, Class B ordinary shares |
$ | $ | ||||||
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For the Three Months Ended March 31, 2022 |
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Additional |
Total |
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Class B Ordinary Shares |
Paid-in |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance - December 31, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
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Net income |
— |
— |
— |
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Balance - March 31, 2022 (unaudited) |
$ |
$ |
$ |
( |
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$ |
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For the Three Months Ended March 31, 2021 |
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Additional |
Total |
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Class B Ordinary Shares |
Paid-in |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance - December 31, 2020 |
$ |
$ |
$ |
( |
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$ |
( |
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Net income |
— | — | — | |||||||||||||||||
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Balance - March 31, 2021 (unaudited) |
$ |
$ |
$ |
( |
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$ |
( |
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For the Three Months Ended March 31, |
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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 cash used in operating activities: |
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Income earned on investments held in Trust Account |
( |
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Change in fair value of warrant derivative liabilities |
( |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accounts payable |
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Due to related party |
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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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Due from related party |
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Net cash provided by investing activities |
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Cash Flows from Financing Activities: |
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Proceeds from note payable to related party |
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Net cash provided by financing activities |
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Net change in cash |
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Cash—beginning of the period |
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Cash—end of the period |
$ |
$ |
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• | Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either 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 |
• | 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. |
For the Three Months Ended March 31, 2022 |
For the Three Months Ended March 31, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Numerator: |
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Allocation of net income |
$ | $ | |
$ | $ | |
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Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
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Basic and diluted net income per ordinary share |
$ | $ | $ | $ | ( |
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Gross proceeds |
$ | |||
Less: |
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Fair value of Public Warrants at issuance |
( |
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Offering costs allocated to Class A ordinary shares subject to possible redemption |
( |
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Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption |
$ |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any a day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”). |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the Reference Value equals or exceeds $ share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); and |
• | if the Reference Value is less than $ share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Fair Value Measured as of March 31, 2022 |
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Level 1 |
Level 2 |
Level 3 |
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Assets: |
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Investments held in Trust Account |
$ | |
$ | — | $ | — | ||||||
Liabilities: |
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Derivative warrant liabilities - Public warrants |
$ | $ | — | $ | — | |||||||
Derivative warrant liabilities - Private warrants |
$ | — | $ | — | $ | |
Fair Value Measured as of December 31, 2021 |
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Level 1 |
Level 2 |
Level 3 |
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Assets: |
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Investments held in Trust Account |
$ | |
$ | — | $ | — | ||||||
Liabilities: |
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Derivative warrant liabilities - Public warrants |
$ | $ | — | $ | — | |||||||
Derivative warrant liabilities - Private warrants |
$ | — | $ | — | $ | |
As of March 31, 2022 |
As of December 31, 2021 |
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Stock Price |
$ | $ | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free interest rate |
% | % | ||||||
Dividend yield |
% | % |
For the Three Months Ended March 31, 2022 |
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Derivative warrant liabilities as of as of January 1, 2022 |
$ | |||
Change in fair value of derivative warrant liabilities |
( |
) | ||
Derivative warrant liabilities as of March 31, 2022 |
$ | |||
For the Three Months Ended March 31, 2021 |
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Derivative warrant liabilities as of January 1, 2021 |
$ | |||
Transfer of Public Warrants from Level 3 to level 1 |
( |
) | ||
Change in fair value of derivative warrant liabilities |
( |
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Derivative warrant liabilities as of March 31, 2021 |
$ | |||
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. |
Controls and Procedures (As Restated). |
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. |
* | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. |
Dated: May 13, 2022 | TREPONT ACQUISITION CORP I | |||||
By: | /s/ Ori Sasson | |||||
Name: | Ori Sasson | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Dated: May 13, 2022 | ||||||
By: | /s/ Ori Sasson | |||||
Name: | Ori Sasson | |||||
Title: | Chief Financial Officer (Principal Financial Officer) |