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 Number) |
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 | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
June 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 |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Investments 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 |
$ | $ | ||||||
Accrued expenses |
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Total current liabilities |
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Derivative warrant liabilities |
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Deferred legal fees |
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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, $ |
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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, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ |
$ |
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|
|
|
For The Three Months Ended June 30, |
For The Six Months Ended June 30, 2022 |
For The Period From January 8, 2021 (Inception) Through June 30, 2021 |
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2022 |
2021 |
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General and administrative expenses |
$ | $ | $ | $ | ||||||||||||
General and administrative expenses - related party |
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Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other income (expenses): |
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Change in fair value of derivative warrant liabilities |
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Income from investments held in Trust Account |
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Offering costs associated with derivative warrant liabilities |
( |
) | ( |
) | ||||||||||||
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Net income |
$ | $ | $ | $ | ||||||||||||
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Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted |
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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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Weighted average shares outstanding of non-redeemable Class A ordinary shares and Class B ordinary shares, basic |
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Basic net income per share, non-redeemable Class A ordinary shares and Class B ordinary shares |
$ | $ | $ | $ | ||||||||||||
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|
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Weighted average shares outstanding of non-redeemable Class A ordinary shares and Class B ordinary shares, diluted |
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Diluted net income per share, non-redeemable Class A ordinary shares and 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 |
Deficit |
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Balance - December 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - March 31, 2022 |
( |
) |
( |
) | ||||||||||||||||||||||||
Subsequent remeasurement of Class A ordinary shares subject to possible redemption amount |
— |
— |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - June 30, 2022 |
$ |
$ |
$ |
— |
$ |
( |
) | $ |
( |
) | ||||||||||||||||||
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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 |
Deficit |
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Balance - January 8, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B ordinary shares to Sponsor |
— | — | ||||||||||||||||||||||||||
Sale of units in private placement, less allocation to derivative warrant liabilities |
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Remeasurement of Class A ordinary shares subject to possible redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - March 31, 2021 |
( |
) |
( |
) | ||||||||||||||||||||||||
Forfeiture of Class B ordinary shares |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Sale of units in private placement, less allocation to derivative warrant liabilities, gross (over-allotment) |
— | — | — | |||||||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption amount (over-allotment) |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance - June 30, 2021 |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||
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For The Six Months Ended June 30, 2022 |
For The Period From January 8, 2021 (Inception) Through June 30, 2021 |
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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: |
||||||||
Offering costs associated with derivative warrant liabilities |
— | |||||||
Change in fair value of derivative warrant liabilities |
( |
) | ( |
) | ||||
Income from investments held in the Trust Account |
( |
) | ( |
) | ||||
General and administrative expenses paid by Sponsor in exchange for issuance of Class B ordinary shares |
— | |||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
( |
) | ( |
) | ||||
Accounts payable |
||||||||
Accrued expenses |
( |
) | ||||||
Deferred legal fees |
— | |||||||
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|
|
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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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Proceeds received from initial public offering, gross |
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Proceeds received from private placement, gross |
— | |||||||
Repayment of note payable to related parties |
— | ( |
) | |||||
Offering costs paid |
— | ( |
) | |||||
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Net cash provided by financing activities |
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Net increase (decrease) in cash |
( |
) | ||||||
Cash - beginning of the period |
— | |||||||
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|
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Cash - end of the period |
$ |
$ |
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Supplemental disclosure of noncash activities: |
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Offering costs included in accrued expenses |
$ | — | $ | |||||
Offering costs included in accounts payable |
$ | — | $ | |||||
Offering costs paid by Sponsor under promissory note |
$ | — | $ | |||||
Deferred underwriting commissions |
$ | — | $ | |||||
Loan proceeds deposited in Trust Account |
$ | — | $ | |||||
Remeasurement of Class A ordinary shares subject to possible redemption |
$ | $ | ( |
) |
• | Level 1, defined as observable inputs such as quoted prices 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 June 30, |
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2022 |
2021 |
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Class A |
Class A non- redeemable and Class B |
Class A |
Class A non- redeemable and Class B |
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Basic and diluted net income per ordinary share: |
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Numerator: |
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Allocation of net income, basic |
$ | $ | $ | $ | ||||||||||||
Allocation of net income, diluted |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Basic weighted average ordinary shares outstanding |
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Diluted weighted average ordinary shares outstanding |
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Basic net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
Diluted net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
For The Six Months Ended June 30, 2022 |
For The Period From January 8, 2021 (Inception) Through June 30, 2021 |
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Class A |
Class A non- redeemable and Class B |
Class A |
Class A non-redeemable and Class B |
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Basic and diluted net income per ordinary share: |
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Numerator: |
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Allocation of net income, basic |
$ | $ | $ | $ | ||||||||||||
Allocation of net income, diluted |
$ | $ | $ | $ | ||||||||||||
Denominator: |
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Basic weighted average ordinary shares outstanding |
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Diluted weighted average ordinary shares outstanding |
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Basic net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
Diluted net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
Gross proceeds from Initial Public Offering |
$ |
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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: |
||||
Remeasurement of Class A ordinary shares subject to possible redemption amount |
||||
|
|
|||
Class A ordinary shares subject to possible redemption, December 31, 2021 |
||||
Subsequent remeasurement of Class A ordinary shares subject to possible redemption amount |
||||
|
|
|||
Class A ordinary shares subject to possible redemption, June 30, 2022 |
$ |
|||
|
|
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sales price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any |
• | in whole and not in part; |
• | at $ provided |
• | if, and only if, the closing price of Class A ordinary shares equals or exceeds $10.00 per Public Share (as adjusted) for any |
• | if the closing price of the Class A ordinary shares for any |
June 30, 2022 |
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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: |
||||||||||||
Derivative warrant liabilities - Public warrants |
$ | $ | $ | |||||||||
Derivative warrant liabilities - Private placement warrants |
$ | $ | $ |
December 31, 2021 |
||||||||||||
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: |
||||||||||||
Investments held in Trust Account - Money Market Funds |
$ | $ | $ | |||||||||
Liabilities: |
||||||||||||
Derivative warrant liabilities - Public warrants |
$ | $ | $ | |||||||||
Derivative warrant liabilities - Private placement warrants |
$ | $ | $ |
March 18, 2021 |
May 3, 2021 |
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Exercise price |
$ | $ | ||||||
Stock price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Term |
||||||||
Risk-free rate |
% | % |
Derivative warrant liabilities at January 8, 2021 (inception) |
$ | |||
Issuance of Public and Private Warrants |
||||
Change in fair value of derivative warrant liabilities |
( |
) | ||
|
|
|||
Derivative warrant liabilities at March 31, 2021 |
||||
Issuance of Public Warrants - over-allotment |
||||
Issuance of Private Placement Warrants - over-allotment |
||||
Transfer of Public Warrants to Level 1 |
( |
) | ||
Transfer of Private Placement Warrants to Level 2 |
( |
) | ||
Derivative warrant liabilities at June 30, 2021 |
$ |
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. |
EUROPEAN BIOTECH ACQUISITION CORP. | ||
By: | /s/ Eduardo Bravo Fernandez de Araoz | |
Name: | Eduardo Bravo Fernandez de Araoz | |
Title: | Chief Executive Officer (Principal Executive Officer) |