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.) |
|
||
(Address Of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
||||||
PART I. FINANCIAL INFORMATION |
||||||
Item 1. |
1 |
|||||
1 |
||||||
2 |
||||||
3 |
||||||
4 |
||||||
5 |
||||||
Item 2. |
15 |
|||||
Item 3. |
19 |
|||||
Item 4. |
20 |
|||||
PART II. OTHER INFORMATION |
||||||
Item 1. |
20 |
|||||
Item 1A. |
20 |
|||||
Item 2. |
20 |
|||||
Item 3. |
21 |
|||||
Item 4. |
21 |
|||||
Item 5. |
21 |
|||||
Item 6. |
21 |
Item 1. |
Condensed Financial Statements |
June 30, 2021 |
December 31, 2020 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash |
$ | $ | ||||||
Prepaid expenses |
||||||||
Total current assets |
||||||||
Investments held in Trust Account |
— | |||||||
Deferred offering costs associated with the initial public offering |
— | |||||||
Total Assets |
$ |
$ |
||||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses |
||||||||
Due to related party |
— | |||||||
Note payable - related party |
— | |||||||
Total current liabilities |
||||||||
Deferred underwriting commissions |
— | |||||||
Total liabilities |
||||||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption, $shares issued and outstanding at $ |
||||||||
Shareholders’ Equity (Deficit) |
||||||||
Preference shares, $ |
||||||||
Class A ordinary shares, $ shares issued and outstanding (excluding |
— | |||||||
Class B ordinary shares, $ |
||||||||
Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total shareholders’ equity (deficit) |
( |
) | ||||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
||||||
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2021 |
|||||||
General and administrative expenses |
$ | $ | ||||||
General and administrative expenses - related party |
$ |
|||||||
Loss from operations |
( |
) | ( |
) | ||||
Other income |
||||||||
Income from investments held in Trust Account |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Basic and diluted weighted average shares outstanding of Class A ordinary shares subject to possible redemption |
||||||||
Basic and diluted net loss per ordinary share, Class A ordinary shares subject to possible redemption |
$ | ( |
) | $ | ( |
) | ||
Basic and diluted weighted average shares outstanding of non-redeemable ordinary shares |
||||||||
Basic and diluted net loss per ordinary share, non-redeemable ordinary shares |
$ | ( |
) | $ | ( |
) | ||
Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
|||||||||||||||||||||||||
Class A |
Class B |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance - December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||
Sale of private placement shares to Sponsor in private placement, net of offering costs |
— | — | — | |||||||||||||||||||||||||
Accretion of Class A ordinary shares subject to redemption |
( |
) | (5, 0 |
) |
( |
) | ||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - June 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities: |
||||
Net loss |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
||||
Income from investments held in Trust Account |
( |
) | ||
General and administrative expenses paid by related party under note payable |
||||
Changes in operating assets and liabilities: |
||||
Prepaid expenses |
( |
) | ||
Accounts payable |
||||
Accrued expenses |
||||
Due to related party |
||||
|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
|||
Cash Flows from Investing Activities: |
||||
Cash deposited in Trust Account |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
Cash Flows from Financing Activities: |
||||
Repayment of note payable to related party |
( |
) | ||
Proceeds received from initial public offering, gross |
||||
Proceeds received from private placement |
||||
Offering costs paid |
( |
) | ||
|
|
|||
Net cash provided by financing activities |
||||
|
|
|||
Net increase in cash |
||||
Cash - beginning of the period |
||||
|
|
|||
Cash - end of the period |
$ |
|||
|
|
|||
Supplemental disclosure of noncash investing and financing activities: |
||||
Offering costs included in accounts payable |
$ | |||
Offering costs included in accrued expenses |
$ | |||
Offering costs paid by related party under note payable |
$ | |||
Offering costs included in due to related party |
$ | |||
Reversal of offering costs included in accrued expenses in prior year |
$ | |||
Prepaid expenses paid by related party through note payable |
$ | |||
Outstanding accounts payable balance paid by related party under note payable |
$ | |||
Deferred underwriting commissions |
$ |
• | 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 de v elop 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 June 30, 2021 |
For the Six Months Ended June 30, 2021 |
|||||||||||||||
Class A ordinary shares subject to possible redemption |
Non-redeemable ordinary shares |
Class A ordinary shares subject to possible redemption |
Non-redeemable ordinary shares |
|||||||||||||
Basic and diluted net loss per ordinary share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
Denominator: |
||||||||||||||||
Basic and diluted weighted average ordinary share outstanding |
||||||||||||||||
Basic and diluted net loss per ordinary share |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||
Gross proceeds |
$ |
|||
Less: |
||||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
||||
Class A ordinary shares subject to possible redemption |
$ |
|||
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Investments held in Trust Account |
$ |
Statement of Shareholders’ Equity (Deficit) as of June 30, 2021 (unaudited) |
As Previously Reported |
Adjustment |
As Restated |
|||||||||
Accretion of Class A ordinary shares subject to redemption |
$ |
( |
) |
$ |
$ |
EPS for Class A ordinary shares |
||||||||||||
As Previously Reported |
Adjustment |
As Restated |
||||||||||
Form 10-Q (June 30, 2021) - three months ended June 30, 2021 |
||||||||||||
Weighted average shares outstanding |
||||||||||||
Basic and diluted earnings per ordinary share |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Form 10-Q (June 30, 2021) - six months ended June 30, 2021 |
||||||||||||
Weighted average shares outstanding |
( |
) |
||||||||||
Basic and diluted earnings per ordinary share |
$ |
$ |
( |
) |
$ |
( |
) |
EPS for non-redeemable ordinary shares |
||||||||||||
As Previously Reported |
Adjustment |
As Restated |
||||||||||
Form 10-Q (June 30, 2021) - three months ended June 30, 2021 |
||||||||||||
Weighted average shares outstanding |
||||||||||||
Basic and diluted earnings per ordinary share |
$ |
( |
) |
$ |
$ |
( |
) | |||||
Form 10-Q (June 30, 2021) - six months ended June 30, 2021 |
||||||||||||
Weighted average shares outstanding |
||||||||||||
Basic and diluted earnings per ordinary shar e |
$ |
( |
) |
$ |
$ |
( |
) |
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. |
* |
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: February 10, 2022 | SVF INVESTMENT CORP. 2 | |||||
By: | /s/ Munish Varma | |||||
Name: | Munish Varma | |||||
Title: | Chief Executive Officer |