QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices)
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Zip Code
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Title of Each Class |
Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
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1
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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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22
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27
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27
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29
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29
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29
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29
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29
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29
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29
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30
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Item 1. |
Financial Statements
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September 30,
2022 |
December 31,
2021 |
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(Unaudited) |
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Assets
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Current assets:
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Cash
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$
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$
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Prepaid expenses
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Total current assets
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Prepaid expenses – non-current
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Marketable securities held in trust account
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Total assets
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$
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$
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Liabilities, redeemable ordinary shares and shareholders’ deficit
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Current liabilities:
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Accounts payable and accrued expenses
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$
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$
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Due to related party |
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Promissory note – related party |
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Total current liabilities
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Warrant liabilities
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Deferred underwriting discount
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Total liabilities
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Commitments and contingencies (See 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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(
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)
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(
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)
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Total shareholders’ deficit
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(
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)
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(
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)
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Total liabilities, redeemable ordinary shares and shareholders’ deficit
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$
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$
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For the three months ended
September 30,
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For the nine months ended
September 30,
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2022
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2021
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2022
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2021
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Formation and operating costs
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$ |
$
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$ |
$
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Loss from operations
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(
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)
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(
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)
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(
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)
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(
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)
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Other income:
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Dividend earned on trust account
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Change in fair value of warrant liabilities
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Offering expenses related to warrant issuance
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(
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)
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Total other income, net
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Net income
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$ |
$
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$ |
$
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Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption
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Basic and diluted net income per share, Class A ordinary shares subject to possible redemption
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$ |
$
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$ |
$
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Basic and diluted weighted average shares outstanding, Class B ordinary shares
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Basic and diluted net income per share, Class B ordinary shares
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$ |
$
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$ |
$
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Ordinary Shares
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Class A
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Class B
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Additional |
Accumulated
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Total
Shareholders’
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Shares
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Amount
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Shares
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Amount
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Paid-In Capital
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Deficit
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Deficit
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Balance as of December 31, 2021 (Audited)
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$
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$
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$
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$
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(
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)
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$
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(
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)
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Net income
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—
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—
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Balance as of March 31, 2022
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(
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)
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(
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)
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Measurement of adjusted value of Class A Ordinary Shares to redemption value
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— |
— | ( |
) | ( |
) | ||||||||||||||||||||||
Net income | — | — | ||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||
Measurement of adjusted value of Class A Ordinary Shares to redemption value
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— | — | ( |
) | ( |
) | ||||||||||||||||||||||
Net income | — | — | ||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ |
$ | $
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( |
) | $
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( |
) |
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Ordinary Shares
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Class A
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Class B
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Additional |
Accumulated
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Total
Shareholders’
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Shares
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Amount
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Shares
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Amount
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Paid-In Capital
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Deficit
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Deficit
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Balance as of December 31, 2020 (Audited)
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$
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$
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$
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$
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(
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)
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$
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Private placement warrants | — | — | ||||||||||||||||||||||||||
Measurement of adjusted value of Class A Ordinary Shares to redemption value
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—
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— |
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(
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)
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(
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)
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(
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)
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Net loss
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—
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—
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(
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)
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(
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)
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Balance as of March 31, 2021 | ( |
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Forfeiture of founder shares pursuant to expiration of over-allotment option
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( |
) | ( |
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Initial value of over-allotment private warrant liabilities
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— |
— |
( |
) | ( |
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Measurement of adjusted value of Class A Ordinary Shares to redemption value
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— | — | ( |
) | ( |
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Net income | — | — | ||||||||||||||||||||||||||
Balance as of June 30, 2021
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$
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$
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$
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$
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(
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)
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$
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(
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)
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Net income | — | — | ||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ |
$ |
$ |
$ |
( |
) | $ |
( |
) |
For the nine months ended
September 30,
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2022 |
2021
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Cash Flows from Operating Activities:
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Net income
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$ | $ | ||||||
Adjustments to reconcile net income to net cash used in operating activities:
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Dividend earned on trust account | ( |
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Change in fair value of warrant liability
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( |
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(
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Offering costs allocated to warrants
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Changes in current assets and current liabilities:
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Prepaid expenses
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(
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)
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Accounts payable and accrued expenses
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Net cash used in operating activities
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( |
) |
(
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)
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Cash Flows from Investing Activities:
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Investment of cash into trust account
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(
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)
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Net cash used in investing activities
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(
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)
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Cash Flows from Financing Activities:
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Proceeds from initial public offering, net of underwriters’ discount
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Proceeds of sale of option units to underwriters | ||||||||
Proceeds from issuance of private placement warrants
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Proceeds from advance from related party |
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Proceeds from issuance of promissory note |
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Repayment of debt to related party | ( |
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Payments of offering costs
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(
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Net cash provided by financing activities
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Net Change in Cash
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( |
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Cash - Beginning
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Cash - Ending
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$ | $ | ||||||
Supplemental disclosure of non-cash financing activities:
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Initial value of Class A Ordinary Shares subject to possible redemption
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$ | $ | ||||||
Measurement of adjusted value of Class A Ordinary Shares to redemption value |
$ | $ | ||||||
Initial value of warrant liabilities | $ | $ | ||||||
Deferred underwriters’ discount payable charged to additional paid-in capital
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$ | $ |
For the three months ended
September 30, 2022
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For the nine months ended
September 30, 2022
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Class A
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Class B
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Class A
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Class B
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Basic and diluted net income per share:
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Numerator:
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Allocation of net income
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$
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$
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$
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$
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Denominator:
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Weighted-average shares outstanding
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Basic and diluted net income per share
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$
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$
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$ |
$
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For the three months ended
September 30, 2021
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For the nine months ended
September 30, 2021
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Class A
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Class B
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Class A
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Class B
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Basic and diluted net income per share:
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Numerator:
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Allocation of net income
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$
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$
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$
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$
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Denominator:
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Weighted-average shares outstanding
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Basic and diluted net income per share
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$
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$
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$ |
$
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Gross proceeds from IPO
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$
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Less:
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Proceeds allocated to Public Warrants
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(
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)
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Ordinary shares issuance costs
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(
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Plus:
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Measurement of carrying value to redemption value
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Contingently redeemable ordinary shares at December 31, 2021 | $ | |||
Plus: | ||||
Re-measurement of carrying value to redemption value | ||||
Contingently redeemable ordinary shares at September 30, 2022
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$
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• |
in whole and not in part;
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• |
at a price of $
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• |
upon not less than
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if, and only if, the reported closing price of the ordinary shares equals or exceeds $
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in whole and not in part;
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at a price of $
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upon not less than
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if, and only if, the Reference Value (as defined above under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $
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• |
if the Reference Value is less than $
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• |
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
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• |
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
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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.
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September 30,
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Quoted
Prices In
Active
Markets |
Significant
Other
Observable
Inputs |
Significant
Other
Unobservable
Inputs |
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2022
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(Level 1)
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(Level 2)
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(Level 3) |
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Description
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Assets:
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Cash held in trust account
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$
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$
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$
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$ | |||||||||
Total |
$ | $ | $ | $ | ||||||||||||
Liabilities:
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Public Warrants
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Private Warrants |
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Total |
$ | $ | $ | $ |
December 31,
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Quoted
Prices In
Active
Markets
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Significant
Other
Observable
Inputs
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Significant
Other
Unobservable
Inputs
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2021
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(Level 1)
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(Level 2)
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(Level 3) |
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Description
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Assets:
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Cash held in trust account
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$
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$
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$
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$ | |||||||||
Total |
$ | $ | $ | $ | ||||||||||||
Liabilities:
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Public Warrants
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Private Warrants
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Total
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$
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$
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$
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$ |
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December 31, 2021
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Share price
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$
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Strike price
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$
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Term (in years)
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Volatility
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%
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Risk-free rate
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%
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Dividend yield
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% |
Public
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Private
Placement
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Redeemable
(over-
allotment)
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Private Placement
(over-allotment)
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Warrant Liabilities
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Fair value as of December 31, 2021
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$
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$
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$
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$
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$
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Change in valuation inputs or other assumptions
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(
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)
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(
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)
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(
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(
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(
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Fair value as of March 31, 2022
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Change in valuation inputs or other assumptions | ( |
) | ( |
) | ( |
) | ( |
) | ( |
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Fair value as of June 30, 2022 | ||||||||||||||||||||
Change in valuation inputs or other assumptions | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Fair value as of September 30, 2022 | $ | $ | $ | $ | $ |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
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Item 4. |
Controls and Procedures
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Item 1. |
Legal Proceedings
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Item 1A. |
Risk Factors
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3. |
Defaults Upon Senior Securities
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Item 4. |
Mine Safety Disclosures
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Item 5. |
Other Information
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Item 6. |
Exhibits
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Exhibit Number
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Description
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Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
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Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
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101.INS
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XBRL Instance Document.
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101.SCH
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XBRL Taxonomy Extension Schema Document.
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document.
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document.
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document.
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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*
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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.
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By:
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/s/ Phillip C. Caputo
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Name:
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Phillip C. Caputo
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Title:
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Chief Financial Officer
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Dated: November 14, 2022
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