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) |
(Commission File Number) |
(IRS Employer Identification No.) |
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(Address Of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-fifth of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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PART I. FINANCIAL INFORMATION |
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Item 1. |
1 |
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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. |
22 |
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Item 3. |
26 |
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Item 4. |
26 |
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PART II. OTHER INFORMATION |
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Item 1. |
27 |
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Item 1A. |
27 |
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Item 2. |
28 |
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Item 3. |
28 |
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Item 4. |
28 |
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Item 5. |
28 |
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Item 6. |
28 |
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29 |
Item 1. |
Condensed Financial Statements |
September 30, 2021 |
December 31, 2020 |
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Assets: |
(Unaudited) |
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Current assets: |
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Cash |
$ | $ | — | |||||
Prepaid expenses |
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Total current assets |
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Deferred offering costs associated with initial public offering |
— | |||||||
Investments held in Trust Account |
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Total Assets |
$ |
$ |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable |
$ | $ | — | |||||
Accrued expenses |
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Total current liabilities |
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Derivative warrant liabilities |
— | |||||||
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, $ - |
— | |||||||
Shareholders’ Equity (Deficit): |
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Preference shares, $ |
— | |||||||
Class A ordinary shares, $ |
— | |||||||
Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
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Total shareholders’ equity (deficit) |
( |
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Total Liabilities and Shareholders’ Equity |
$ |
$ |
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For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
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(Unaudited) |
(Unaudited) |
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General and administrative expenses |
$ | $ | ||||||
General and administrative expenses - related party |
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Loss from operations |
( |
) | ( |
) | ||||
Other income (expense) |
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Change in fair value of derivative warrant liabilities |
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Offering costs associated with derivative warrant liabilities |
( |
) | ||||||
Income from investments held in Trust Account |
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Net income |
$ | $ | ||||||
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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Basic weighted average shares outstanding of Class B ordinary shares |
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Basic net income per share, Class B ordinary shares |
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Diluted weighted average shares outstanding of Class B ordinary shares |
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Diluted net income per share, Class B ordinary shares |
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Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity (Deficit) |
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Balance - December 31, 2020 |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
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Excess cash received over the fair value of the private warrants |
— | — | — | — | — | |||||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - March 31, 2021 (unaudited) (as restated, see Note 2) |
( |
) |
( |
) | ||||||||||||||||||||||||
Excess cash received over the fair value of the private warrants, over-allotment |
— | — | — | — | — | |||||||||||||||||||||||
Forfeiture of Class B ordinary shares |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Accretion of Class A ordi n ary shares subject to possible redemption amount, over-allotment |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance - June 30, 2021 (unaudited) (as restate d, see Note 2) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net inc o me |
— | — | — | — | ||||||||||||||||||||||||
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Balance - September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
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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 from investments held in Trust Account |
( |
) | ||
Change in fair value of derivative warrant liabilities |
( |
) | ||
Offering costs associated with derivative warrant liabilities |
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General and administrative expenses paid by related party under promissory note |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Accounts payable |
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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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Cash deposited in 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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Repayment of note payable to related party |
( |
) | ||
Proceeds received from initial public offering |
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Proceeds received from private placement |
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Offering costs paid |
( |
) | ||
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Net cash provided by financing activities |
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Net increase in cash |
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Cash - beginning of the period |
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Cash - end of the period |
$ |
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Supplemental disclosure of noncash financing activities: |
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Offering costs included in accrued expenses |
$ | |||
Offering costs paid by related party under promissory note |
$ | |||
Deferred underwriting commissions |
$ |
As of March 31, 2021 |
As Reported |
Adjustment |
As Restated |
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Total assets |
$ |
$ |
— |
$ |
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Total liabilities |
$ |
$ |
— |
$ |
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Class A ordinary shares subject to possible redemption |
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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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Retained earnings (accumulated deficit) |
( |
) |
( |
) | ||||||||
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Total shareholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
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Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
— |
$ |
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For the three months ended March 31, 2021 |
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As Reported |
Adjustment |
As Restated |
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Supplemental Disclosure of Noncash Financing Activities: |
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Initial value of Class A ordinary shares subject to possible redemption as revised |
$ | $ | ( |
) | $ | |||||||
Change in value of Class A ordinary shares subject to possible redemption |
$ | $ | ( |
) | $ |
As of June 30, 2021 |
As Reported |
Adjustment |
As Restated |
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Total assets |
$ |
$ |
— |
$ |
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Total liabilities |
$ |
$ |
— |
$ |
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Class A ordinary shares subject to possible redemption |
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Preference shares |
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Class A ordinary shares |
( |
) | — | |||||||||
Class B ordinary shares |
— | |||||||||||
Additional paid-in capital |
( |
) | — | |||||||||
Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||
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Total shareholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
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Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
— |
$ |
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For the six months ended June 30, 2021 |
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As Reported |
Adjustment |
As Restated |
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Supplemental Disclosure of Noncash Financing Activities: |
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Initial value of Class A ordinary shares subject to possible redemption as revised |
$ | $ | ( |
) | $ | |||||||
Change in value of Class A ordinary shares subject to possible redemption |
$ | $ | ( |
) | $ |
Earnings Per Share for Class A ordinary shares |
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As Reported |
Adjustment |
As Adjusted |
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For the three months ended March 31, 2021 |
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Net income |
$ | $ | $ | |||||||||
Weighted average shares outstanding |
( |
) | ||||||||||
Basic and diluted earnings per share |
$ | $ | $ | |||||||||
For the three months ended June 30, 2021 |
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Net loss |
$ | ( |
) | $ | $ | ( |
) | |||||
Weighted average shares outstanding |
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Basic and diluted earnings per share |
$ | $ | ( |
) | $ | ( |
) | |||||
For the six months ended June 30, 2021 |
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Net loss |
$ | ( |
) | $ | $ | ( |
) | |||||
Weighted average shares outstanding |
( |
) | ||||||||||
Basic and diluted earnings per share |
$ | $ | ( |
) | $ | ( |
) | |||||
Earnings Per Share for Class B ordinary shares |
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As Reported |
Adjustment |
As Adjusted |
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For the three months ended March 31, 2021 |
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Net income |
$ | $ | $ | |||||||||
Weighted average shares outstanding |
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Basic and diluted earnings per share |
$ | $ | ( |
) | $ | |||||||
For the three months ended June 30, 2021 |
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Net loss |
$ | ( |
) | $ | $ | ( |
) | |||||
Weighted average shares outstanding |
( |
) | ||||||||||
Basic and diluted earnings per share |
$ | ( |
) | $ | $ | ( |
) | |||||
For the six months ended June 30, 2021 |
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Net loss |
$ | ( |
) | $ | $ | ( |
) | |||||
Weighted average shares outstanding |
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Basic and diluted earnings per share |
$ | ( |
) | $ | $ | ( |
) |
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) 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 September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic net income per ordinary share: |
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Numerator |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator |
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Basic weighted average ordinary shares outstanding |
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Basic net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
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For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Diluted net income per ordinary share: |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Diluted weighted average ordinary shares outstanding |
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Diluted net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
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Gross proceeds from Initial Public Offering |
$ | |||
Less: |
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Fair value of Public Warrants at issuance |
( |
) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemption |
( |
) | ||
Plus: |
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Accretion on Class A ordinary shares subject to possible redemption amount |
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Class A ordinary shares subject to possible redemption |
$ | |||
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• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $ |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the Reference Value equals or exceeds $ |
• | if the Reference Value is less than $ |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Investments held in Trust Account—money market funds |
$ | $ | — | $ | — | |||||||
Liabilities: |
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Derivative warrant liabilities—Public warrants |
$ | — | $ | — | $ | |||||||
Derivative warrant liabilities—Private placement warrants |
$ | — | $ | — | $ |
March 9, 2021 |
March 31, 2021 |
June 30, 2021 |
September 30, 2021 |
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Exercise price |
$ | $ | $ | $ | ||||||||||||
Unit price |
$ | $ | $ | $ | ||||||||||||
Volatility |
% | % | % | % | ||||||||||||
Term (years) |
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Risk-free rate |
% | % | % | % |
Derivative warrant liabilities at January 1, 2021 |
$ | |||
Issuance of Public and Private Warrants |
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Change in fair value of derivative warrant liabilities |
( |
) | ||
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Derivative warrant liabilities at March 31, 2021 |
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Issuance of Public and Private Warrants—over-allotment |
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Change in fair value of derivative warrant liabilities |
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Derivative warrant liabilities at June 30, 2021 |
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Change in fair value of derivative warrant liabilities |
( |
) | ||
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Derivative warrant liabilities at September 30, 2021 |
$ | |||
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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. |
* | Filed herewith |
+ | 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: January 18, 2022 | WARBURG PINCUS CAPITAL CORPORATION I-A | |||||
By: | /s/ Christopher H. Turner | |||||
Name: | Christopher H. Turner | |||||
Title: | Chief Executive Officer and Chairman of the Board of Directors |