|
|
|
(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
|
|||
Item 1. Financial Statements
|
|||
1
|
|||
2
|
|||
3
|
|||
4
|
|||
5
|
|||
15
|
|||
17
|
|||
17
|
|||
Part II. Other Information
|
|||
17
|
|||
17
|
|||
18
|
|||
18
|
|||
18
|
|||
18
|
|||
19
|
|||
20
|
Item 1.
|
Interim Financial Statements.
|
June 30,
2021
|
December 31,
2020
|
|||||||
(Unaudited)
|
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash
|
$
|
|
$
|
|
||||
Prepaid expenses
|
|
|
||||||
Total Current Assets
|
|
|
||||||
Investment securities held in Trust Account
|
|
|
||||||
TOTAL ASSETS
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued expenses
|
$
|
|
$
|
|
||||
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
|
|
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
|
$
|
|
(1) |
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||
2021
|
2021
|
|||||||
General and administrative expenses
|
$
|
|
$
|
|
||||
Loss from operations
|
(
|
)
|
(
|
)
|
||||
Other income:
|
||||||||
Change in fair value of warrant liability
|
|
|
||||||
Interest earned on marketable securities held in Trust Account
|
|
|
||||||
Total other income
|
|
|
||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Weighted average shares outstanding of Class A redeemable ordinary shares
|
|
|
||||||
Basic and diluted income (loss) per share, Class A redeemable ordinary shares
|
$
|
|
$
|
|
||||
Weighted average shares outstanding of Class A and B non-redeemable ordinary shares
|
|
|
||||||
Basic and diluted net loss (loss) per share, Class A and B non-redeemable ordinary shares
|
$
|
|
$
|
(
|
)
|
Class A
Ordinary Shares
|
Class B
Ordinary Shares
|
Additional
Paid-in
|
Accumulated
|
Total
Shareholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
||||||||||||||||||||||
Balance — January 1, 2021
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||||||||
Forfeiture of Founder Shares
|
—
|
—
|
(
|
)
|
(
|
)
|
|
—
|
|
|||||||||||||||||||
Change in value of Class A ordinary shares subject to redemption
|
|
|
—
|
—
|
|
—
|
|
|||||||||||||||||||||
Net loss
|
—
|
—
|
—
|
—
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance – March 31, 2021
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||||||||
Change in value of Class A ordinary shares subject to redemption
|
(
|
)
|
(
|
)
|
—
|
—
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
|
|
|
|||||||||||||||||||||
Balance – June 30, 2021
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Cash Flows from Operating Activities:
|
||||
Net loss
|
$
|
(
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||
Change in fair value of warrant liabilities
|
(
|
)
|
||
Interest earned on marketable securities held in Trust Account
|
(
|
)
|
||
Changes in operating assets and liabilities:
|
||||
Prepaid expenses
|
|
|||
Accounts payable and accrued expenses
|
|
|||
Net cash used in operating activities
|
(
|
)
|
||
Net Change in Cash
|
(
|
)
|
||
Cash – Beginning of period
|
|
|||
Cash – End of period
|
$
|
|
||
Non-Cash investing and financing activities:
|
||||
Initial classification Class A ordinary shares subject to possible redemption
|
$ | |||
Change in value of Class A ordinary shares subject to possible redemption
|
(
|
)
|
||
Forfeiture of Founder Shares
|
( |
) |
Three Months
Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||
2021
|
2021 |
|||||||
Redeemable Class A Ordinary Shares
|
||||||||
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares
|
||||||||
Interest Income
|
$
|
|
$ | |||||
Redeemable Net Earnings
|
$
|
|
$ | |||||
Denominator: Weighted Average Redeemable Class A Ordinary Shares
|
||||||||
Redeemable Class A Ordinary Shares, Basic and Diluted
|
|
|||||||
Earnings/Basic and Diluted Redeemable Class A Ordinary Shares
|
$
|
|
$ | |||||
Non-Redeemable Class A and B Ordinary Shares
|
||||||||
Numerator: Net Income (Loss) minus Redeemable Net Earnings
|
||||||||
Net Income (Loss)
|
$
|
|
$ | ( |
) | |||
Less: Redeemable Net Earnings
|
(
|
)
|
( |
) | ||||
Non-Redeemable Net Income (Loss)
|
$
|
|
$ | ( |
) | |||
Denominator: Weighted Average Non-Redeemable Class A and B Ordinary Shares
|
||||||||
Non-Redeemable Class A and B Ordinary Shares, Basic and Diluted (1)
|
|
|||||||
Earnings (Loss)/Basic and Diluted Non-Redeemable Class A and B Ordinary Shares
|
$
|
|
$ | ( |
) |
• |
in whole and not in part;
|
• |
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 equal 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
|
Amortized
Cost
|
Gross
Holding
Loss
|
Fair Value
|
||||||||||
December 31, 2020
|
U.S. Treasury Securities (Matured on
|
$
|
|
$
|
(
|
)
|
$
|
|
Description
|
Level
|
June 30, 2021
|
December 31, 2020
|
|||||||||
Assets:
|
||||||||||||
Marketable securities held in Trust Account
|
1
|
$
|
|
$
|
|
|||||||
Liabilities:
|
||||||||||||
Warrant Liability – Public Warrants
|
1
|
$
|
|
$
|
|
|||||||
Warrant Liability – Private Placement Warrants
|
3
|
$
|
|
$
|
|
June 30,
2021
|
December 31, 2020
|
|||||||
Stock Price
|
$
|
|
$
|
|
||||
Exercise price
|
$
|
|
$
|
|
||||
Risk-free interest rate
|
|
%
|
|
%
|
||||
Expected volatility
|
|
%
|
|
%
|
||||
Probability of Business Combination
|
|
%
|
|
%
|
Private Placement
|
Public
|
Warrant Liabilities
|
||||||||||
Fair value as of January 1, 2021
|
$
|
|
$
|
|
$
|
|
||||||
Transfers to Level 1
|
|
(
|
)
|
(
|
)
|
|||||||
Change in fair value
|
|
|
|
|||||||||
Fair value as of March 31, 2021
|
$
|
|
$
|
|
$
|
|
||||||
Change in fair value
|
( |
) | ( |
) | ||||||||
Fair value as of June 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.
|
HIGHLAND TRANSCEND PARTNERS I CORP.
|
||
Date: August 11, 2021
|
By:
|
/s/ Ian Friedman
|
Name:
|
Ian Friedman
|
|
Title:
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
||
Date: August 11, 2021
|
By:
|
/s/ Paul Maeder
|
Name:
|
Paul Maeder
|
|
Title:
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|