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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
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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
No.
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1
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Item 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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Item 2.
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19
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Item 3.
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23
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Item 4.
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23
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24
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Item 1.
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24
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Item 1A.
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24
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Item 2.
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24
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Item 3.
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25
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Item 4.
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25
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Item 5.
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25
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Item 6.
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26
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27
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September 30, 2022
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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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Investments held in Trust Account
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Total Assets
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$
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$
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Liabilities, Class A Ordinary Shares Subject to Redemption, and Shareholders’ Deficit
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Current liabilities:
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Accounts payable
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$
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$
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Accrued expenses
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Convertible working capital loan - related party
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Total current liabilities
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Deferred underwriting commissions
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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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(
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(
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Total shareholders’ deficit
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(
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(
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Liabilities, Class A Ordinary Shares Subject to Redemption, and Shareholders’ Deficit
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$
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$
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For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
For the Period from February 11, 2021 (inception) through September 30, |
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2022
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2021 |
2022 |
2021 | |||||||||||||
General and administrative expenses
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$
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$
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$ | $ | ||||||||||
General and administrative expenses - related party
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Loss from operations:
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(
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(
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( |
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Other income:
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Gain from investments held in Trust Account
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Net income (loss)
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$
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$
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(
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$ | $ | ( |
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Weighted average number of Class A ordinary shares outstanding, basic and diluted
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Basic and diluted net income (loss) per share, Class A ordinary shares
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$
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$
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$ | $ | ||||||||||
Weighted average number of shares outstanding of Class B ordinary shares outstanding, basic and diluted
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(1)
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(1) | ||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares
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$
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$
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(
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) | $ | $ | ( |
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(1) |
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Ordinary Shares
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Additional
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Total
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Class A
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Class B
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Paid-in
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Accumulated
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Shareholders’
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Shares
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Amount
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Shares(1)
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Amount
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Capital
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Deficit
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Deficit
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Balance - January 1, 2022
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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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Balance - March 31, 2022
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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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Balance - June 30, 2022 |
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Net income |
- | - | ||||||||||||||||||||||||||
Remeasurement on Class A common stock subject to possible redemption
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- | - | ( |
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Balance - September 30, 2022
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$ |
$ |
$ |
$ |
( |
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( |
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Ordinary Shares
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Additional
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Total
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Class A
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Class B
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Paid-in
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Accumulated
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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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Capital
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Deficit
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Deficit
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Balance - February 11, 2021 (inception)
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$
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$
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$
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$
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$
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Issuance of Class B ordinary shares to Sponsor (1)
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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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Balance - March, 2021
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(
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(
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Net loss | - | - |
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Balance - June 30, 2021 |
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Net loss |
- | - | ( |
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Balance - September 30, 2021
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$ |
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$ |
$ |
$ |
( |
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( |
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(1) |
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For the Nine Months
Ended September 30,
2022
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For the Period from
February 11, 2021
(inception) through
September 30, 2021
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Cash Flows from Operating Activities:
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Net income (loss)
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$
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$
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(
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Adjustments to reconcile net income (loss) to net cash used in operating activities:
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General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares
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General and administrative expenses paid by related party under promissory note
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Gain from investments held in the Trust Account
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(
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Changes in operating assets and liabilities:
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Prepaid expenses
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Accounts payable
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Accrued expenses
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Net cash used in operating activities
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(
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Cash Flows from Financing Activities: |
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Proceeds from convertible working capital loan |
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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 of the period
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Cash - end of the period
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$
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$
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Supplemental disclosure of non-cash investing and financing activities:
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Offering costs included in accounts payable
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$
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$
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Offering costs included in accrued expenses
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$
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$
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Offering costs paid by related party under promissory note
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$
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$
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Remeasurement on Class A common stock subject to possible redemption |
$ | $ |
• |
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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For the Three Months Ended
September 30, 2022
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For the Three 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 (loss) per ordinary share:
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Numerator:
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Allocation of net income (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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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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For the Nine Months Ended
September 30, 2022
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For the Period from
February 11, 2021 (inception)
through 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 (loss) per ordinary share:
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Numerator:
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Allocation of net income (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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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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$
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$
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$
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$
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(
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Gross proceeds
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$
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Less:
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Proceeds allocated to Public Warrants and Rights
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(
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Class A ordinary shares issuance costs
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(
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Plus:
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Adjust carrying value to initial redemption value
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Class A ordinary shares subject to possible redemption, December 31, 2021 |
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Remeasurement on Class A common stock subject to possible redemption
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Class A ordinary shares subject to possible redemption, September 30, 2022
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$
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• |
in whole and not in part; at
a price of $
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• |
upon a minimum of
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• |
and if, and only if, the
last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $
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Description
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Level 1
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Level 2
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Level 3
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Assets at September 30, 2022:
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Investments held in Trust Account
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$
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$
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$
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Assets at December 31, 2021:
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Investments held in Trust Account
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$
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$
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$
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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
No.
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Description of Exhibit
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Amended and Restated Memorandum and Articles of Association
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Convertible Promissory Note, dated April 1, 2022, between the Company and bleuacacia sponsor LLC
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Certification of Jide Zeitlin, Co-Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Lew Frankfort, Co-Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Thomas Northover, Executive Director of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Jide Zeitlin, Co-Chief Executive Officer of the Company 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 Lew Frankfort, Co-Chief Executive Officer of the Company 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 Thomas Northover, Executive Director of the Company 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 - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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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Exhibit 104
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Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
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*
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Filed herewith.
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**
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Furnished herewith.
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(1)
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Incorporated by reference to the Company’s Current Report on Form 8-K filed on November 22, 2021.
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(2)
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Incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 1, 2022.
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Date: November 10, 2022
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/s/ Jide Zeitlin
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Name:
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Jide Zeitlin
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Title:
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Co-Chief Executive Officer
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(Principal Executive Officer)
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Date: November 10, 2022
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/s/ Lew Frankfort
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Name:
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Lew Frankfort
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Title:
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Co-Chief Executive Officer
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(Principal Executive Officer)
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Date: November 10, 2022
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/s/ Thomas Northover
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Name:
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Thomas Northover
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Title:
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Executive Director
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(Principal Financial and Accounting Officer)
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