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 Symbol(s) |
Name of each exchange on which registered | ||
one-third of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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Part I. Financial Information |
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2 |
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3 |
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4 |
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5 |
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18 |
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22 |
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22 |
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Part II. Other Information |
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22 |
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23 |
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23 |
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24 |
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24 |
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24 |
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26 |
March 31, |
December 31, |
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2022 |
2021 |
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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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Investment 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 and accrued expenses |
$ | $ | ||||||
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Total Current Liabilities |
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Warrant liabilities |
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Deferred underwriting fee payable |
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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, $ or outstanding |
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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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( |
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TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
$ |
$ |
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Three Months Ended March 31, |
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2022 |
2021 |
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Operating and formation cos t s |
$ | $ | ||||||
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Loss from operations |
( |
) |
( |
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Other income (loss): |
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Change in fair value of warrant liabilities |
( |
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Transaction costs allocable to warrant liabilities |
( |
) | ||||||
Interest earned on investments held in the Trust Account |
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Total other income (loss), net |
( |
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Net income (loss) |
$ |
$ |
( |
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Weighted average shares outstanding of Class A ordinary shares |
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Basic and diluted net income (loss) per share, Class A ordinary shares |
$ |
$ |
( |
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Weighted average shares outstanding of Class B ordinary shares |
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Basic and diluted net income (loss) per share, Class B ordinary shares |
$ |
$ |
( |
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Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Shares |
Amount |
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Balance — January 1, 2022 |
$ |
$ |
$ |
( |
) |
$ |
( |
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Net income |
— | — | — | |||||||||||||||||
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Balance – March 31, 2022 (unaudited) |
$ |
$ |
$ |
( |
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$ |
( |
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Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
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Shares |
Amount |
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Balance — January 1, 2021 |
$ |
$ |
$ |
( |
) |
$ |
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Cash p aid in excess of fair value for private warrants |
— | — | — | |||||||||||||||||
Forfeiture of Founder Shares |
( |
) | ( |
) | — | — | ||||||||||||||
Accretion for Class A ordinary shares to redemption amount |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||
Net loss |
— | — | — | ( |
) | ( |
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Balance – March 31, 2021 (unaudited) |
$ |
$ |
$ |
( |
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$ |
( |
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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 (loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Interest earned on investments held in Trust Account |
( |
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Change in fair value of warrant liabilities |
( |
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Transaction costs allocated to warrant liabilities |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
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Accounts payable and 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 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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Proceeds from sale of Units, net of underwriting discounts paid |
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Proceeds from sale of Private Placement Warrants |
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Repayment of promissory note – related party |
( |
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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 of period |
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Cash – End of period |
$ |
$ |
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Non- investing and financing activities:c ash |
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Offering costs included in accrued offering costs |
$ | $ | ||||||
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Offering costs paid through promissory note |
$ | $ | ||||||
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Payment of prepaid expenses through promissory note |
$ | $ | ||||||
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Deferred underwriting fee payable |
$ | $ | ||||||
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Forfeiture of Founder Shares |
$ | $ | ( |
) | ||||
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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 |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption |
$ | |||
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Three Months Ended March 31, 2022 Class A |
Three Months Ended March 31, 2021 Class A |
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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), as adjusted |
$ | $ | ( |
) | ||||
Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
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Basic and diluted net income (loss) per ordinary share |
$ | $ | ( |
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Three Months Ended March 31, 2022 Class B |
Three Months Ended March 31, 2021 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), as adjusted |
$ | $ | ( |
) | ||||
Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
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Basic and diluted net income (loss) per ordinary share |
$ | $ | ( |
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• | 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 $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any |
• | in whole and not in part; |
• | at $ provided |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any |
• | if the closing price of the Class A ordinary shares for any the Company send the notice of redemption to the warrant holders is less than $s |
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 an assessment of the assumptions that market participants would use in pricing the asset or liability. |
March 31, 2022 | December 31, 2021 | |||||||||||||||
Level | Amount | Level | Amount | |||||||||||||
Liabilities: |
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Warrant Liabilities – Public Warrants |
1 | $ | 1 | $ | ||||||||||||
Warrant Liabilities – Private Placement Warrants |
2 | $ | 2 | $ |
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* | 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 | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
DHC ACQUISITION CORP. | ||||||
Date: May 13, 2022 | By: | /s/ Christopher Gaertner | ||||
Name: | Christopher Gaertner | |||||
Title: | Co-Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: May 13, 2022 | By: | /s/ Christopher Gaertner | ||||
Name: | Christopher Gaertner | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |