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.) | |
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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-third 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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26 |
March 31, 2022 (Unaudited) |
December 31, 2021 (Audited) |
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Assets |
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Cash |
$ | $ | ||||||
Prepaid Expenses |
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Total Current Assets |
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Cash and marketable securities held in Trust Account |
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Total Assets |
$ | $ | |
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Liabilities, Redeemable Ordinary Shares and Shareholders’ Deficit |
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Accounts payable and accrued expenses |
$ | $ | ||||||
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Total Current Liabilities |
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Deferred underwriting fee |
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Warrant liabilities |
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Total Liabilities |
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Commitments and Contingencies (Note 6) |
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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, $ |
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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, Redeemable Ordinary Shares and Shareholders’ Deficit |
$ | $ | ||||||
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For the Three Months Ended March 31, 2022 |
For the Three Months Ended March 31, 2021 |
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Operating costs |
$ | $ | ||||||
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Loss from operations |
( |
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Other income (expense) |
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Interest earned on cash and marketable securities held in Trust Account |
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Offering costs allocated to warrants |
( |
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Excess of Private Warrants fair value over purchase price |
( |
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Change in fair value of warrant liability |
( |
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Unrealized gain – treasury bills |
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Total other income (expense) |
( |
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Net income (loss) |
$ | $ | ( |
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Basic and diluted weighted average shares outstanding; Class A ordinary shares |
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Basic and diluted net income (loss) per share, Class A ordinary shares |
$ | $ | ( |
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Basic and diluted weighted average shares outstanding, 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 as of December 31, 2021 |
$ |
$ |
$ |
( |
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$ |
( |
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Remeasurement of Class A ordinary shares subject to possible redemption |
— |
— |
— |
( |
) |
( |
) | |||||||||||||
Net income |
— |
— |
— |
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Balance as of March 31, 2022 |
$ |
$ |
$ |
( |
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$ |
( |
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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 as of December 31, 2020 |
$ |
$ |
$ |
( |
) |
$ |
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Class B ordinary shares issued to Sponsor |
— |
— |
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Remeasurement of Class A ordinary shares subject to possible redemption |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||
Net loss |
— |
— |
— |
( |
) |
( |
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Balance as of March 31, 2021 |
$ |
$ |
$ |
( |
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$ |
( |
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For the Three Months Ended March 31, 2022 |
For the Three Months Ended March 31, 2021 |
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Cash flows from operating activities: |
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Net income (loss) |
$ | $ | ( |
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Adjustments to reconcile net income (loss) to net cash used in operating activities: |
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Interest earned on cash and marketable securities held in Trust Account |
( |
) | ( |
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Offering costs allocated to warrants |
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Excess of Private Warrants fair value over purchase price |
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Change in fair value of warrant liability |
( |
) | ||||||
Unrealized gain – treasury bills |
( |
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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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Due to related party |
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Net cash used in operating activities |
( |
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( |
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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 commissions |
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Proceeds from sale of Private Warrants |
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Proceeds from issuance of promissory note to Sponsor |
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Payment on promissory issued to Sponsor |
( |
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Payment of deferred 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 the period |
$ | $ | ||||||
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Supplemental disclosure of cash flow information: |
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Initial classification of Class A ordinary shares subject to possible redemption |
$ | $ | ||||||
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Initial classification of warrant liability |
$ | $ | ||||||
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Deferred underwriters’ discount payable charged to additional paid-in capital |
$ | $ | ||||||
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Remeasurement of Class A ordinary shares subject to possible redemption |
$ |
$ |
March 31, 2022 |
December 31, 2021 |
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Gross Proceeds |
$ | |
$ |
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Less: |
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Proceeds allocated to public warrants |
( |
) | |
( |
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Class A ordinary shares issuance costs |
( |
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( |
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Plus: |
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Remeasurement of carrying value to redemption value |
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Interest earned on Trust |
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Class A ordinary shares subject to possible redemption |
$ |
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$ |
For the Three Months Ended March 31, 2022 |
For the Three Months Ended March 31, 2021 |
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Class A Ordinary Shares |
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Numerator: Net income (loss) allocable to Class A ordinary shares |
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Net loss |
$ | $ | ( |
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Less: Allocation of income (loss) to Class B ordinary shares |
( |
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Proportionate share of net income (loss) |
$ | $ | ( |
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Denominator: Weighted Average Class A ordinary shares |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per share |
$ | $ | ( |
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Class B Ordinary Shares |
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Numerator: Net income (loss) allocable to Class B ordinary shares |
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Net loss |
$ | $ | ( |
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Less: Allocation of net income (loss) to Class A ordinary shares |
( |
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Proportionate share of net income (loss) |
$ | $ | ( |
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Denominator: Weighted Average Class B ordinary shares |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per share |
$ | $ | ( |
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Level 1 – | Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. | |
Level 2 – | Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. | |
Level 3 – | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
• | in whole and not in part; |
• | at a price of $0.01 per Warrant; |
• | upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; |
• | if, and only if, the last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations. and recapitalizations), for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and |
• | if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying the Warrants. |
March 31, 2022 |
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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U.S. Money Market held in Trust Account |
$ | $ | $ | $ | ||||||||||||
Liabilities: |
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Public Warrants Liability |
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Private Warrants Liability |
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$ | $ | $ | $ | |||||||||||||
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December 31, 2021 |
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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U.S. Money Market held in Trust Account |
$ | $ | $ | $ | ||||||||||||
Liabilities: |
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Public Warrants Liability |
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Private Warrants Liability |
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$ | $ | $ | $ | |||||||||||||
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Fair Value at January 1, 2021 |
$ | |||
Initial fair value of public and private warrants |
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Transfer of public warrants to Level 1 |
( |
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Change in fair value |
( |
) | ||
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Fair Value at December 31, 2021 |
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Change in fair value |
( |
) | ||
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Fair Value at March 31, 2022 |
$ | |||
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March 31, 2022 |
December 31, 2021 |
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Risk-free interest rate |
% | % | ||||||
Expected term remaining (years) |
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Expected volatility |
% | % | ||||||
Stock price |
$ | $ |
i. |
all representations and warranties of us and the PIPE Investor contained in the relevant PIPE Subscription Agreement will be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined in the PIPE Subscription Agreements), which representations and warranties will be true in all respects) at, and as of, the PIPE Closing; |
ii. |
all conditions precedent to the Closing will have been satisfied or waived; and |
iii. |
without the consent of the PIPE Investor, the Business Combination Agreement cannot be amended, modified or waived in a manner that reasonably would be expected to materially and adversely affect the economic benefits the PIPE Investor reasonably would expect to receive under the PIPE Subscription Agreement. |
Exhibit No. |
Description of Exhibit | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. |
** | Furnished. |
CARTESIAN GROWTH CORPORATION | ||||||
Date: May 13, 2022 | By: | /s/ Peter Yu | ||||
Name: | Peter Yu | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: May 13, 2022 | By: | /s/ Gregory Armstrong | ||||
Name: | Gregory Armstrong | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |