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 |
N/A | ||||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
1-1102 | ||
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third ofone redeemable warrant to acquire one Class A ordinary share |
||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
||||||
1 | ||||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
23 | ||||||
24 | ||||||
24 | ||||||
26 | ||||||
26 | ||||||
26 | ||||||
26 | ||||||
26 | ||||||
27 | ||||||
27 |
Item 1. |
Financial Statements (Unaudited) |
September 30, 2021 |
||||
Assets |
||||
Current assets: |
||||
Cash |
$ | |||
Prepaid expenses |
||||
|
|
|||
Total current assets |
||||
Cash held in Trust account |
||||
Prepaid expenses, non-current |
||||
|
|
|||
Total assets |
$ | |||
|
|
|||
Liabilities and Shareholders’ Deficit |
||||
Current liabilities: |
||||
Accounts payable and accrued expenses |
$ | |||
Due to related party |
||||
|
|
|||
Total current liabilities |
||||
Warrant liabilities |
||||
|
|
|||
Total liabilities |
||||
|
|
|||
Commitments and Contingencies |
||||
Class A ordinary shares subject to possible redemption, |
||||
Shareholders’ Deficit: |
||||
Preference shares, $ |
||||
Class A ordinary shares, $ |
||||
Class B ordinary shares, $ |
||||
Additional paid-in capital |
||||
Accumulated deficit |
( |
) | ||
|
|
|||
Total shareholders’ deficit |
( |
) | ||
|
|
|||
Total Liabilities and Shareholders’ Deficit |
$ | |||
|
|
Three Months Ended September 30, 2021 |
January 27, 2021 (Inception) Through September 30, 2021 |
|||||||
Formation and operating costs |
$ | $ | ||||||
|
|
|
|
|||||
Loss from operations |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Other Income (Expense) |
||||||||
Interest income |
||||||||
Offering expenses related to warrant issuance |
( |
) | ||||||
Change in fair value of warrant liabilities |
||||||||
|
|
|
|
|||||
Total other income |
||||||||
|
|
|
|
|||||
Net income |
$ | $ | ||||||
|
|
|
|
|||||
Weighted average shares outstanding of Class A ordinary share |
||||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class A ordinary share |
$ | $ | ||||||
|
|
|
|
|||||
Weighted average shares outstanding of Class B ordinary share |
||||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class B ordinary share |
$ | $ | ||||||
|
|
|
|
Ordinary Shares |
Additional Paid-In Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
|||||||||||||||||||||||||
Class A |
Class B |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance as of January 27, 2021 (Inception) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||
Issuance of Founder Shares |
— | — | — | |||||||||||||||||||||||||
Excess Sponsor paid over Fair value of Private Placement Warrants |
— | — | — | — | — | |||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Accretion of Class A ordinary shares to redemption value |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2021, as restated |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Forfeiture of Founder Shares |
— | — | ( |
) | ( |
) | — | |||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2021, as restated |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of September 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities: |
||||
Net income |
$ | |||
Adjustments to reconcile net income to net cash used in operating activities: |
||||
Interest earned on Trust Account |
( |
) | ||
Change in fair value of warrant liabilities |
( |
) | ||
Offering costs allocated to Warrants |
||||
Changes in current assets and current liabilities: |
||||
Prepaid assets |
( |
) | ||
Accounts payable and accrued expenses |
||||
Due to related party |
||||
|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
|||
Cash Flows from Investing Activities: |
||||
Investment of cash into Trust Account |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
Cash Flows from Financing Activities: |
||||
Proceeds from Initial Public Offering, net of underwriter’s discount |
||||
Proceeds from purchase of Private Placement Warrants by related party |
||||
Proceeds from issuance of Founder Shares |
||||
Proceeds from issuance of Promissory note—related party |
||||
Payment of Promissory note—related party |
( |
) | ||
Payments of offering costs |
( |
) | ||
|
|
|||
Net cash provided by financing activities |
||||
|
|
|||
Net Change in Cash |
||||
Cash—Beginning |
||||
|
|
|||
Cash—Ending |
$ |
|||
|
|
|||
Supplemental Disclosure of Non-Cash Financing Activities: |
||||
Initial value of Class A ordinary shares subject to possible redemption |
$ | |||
|
|
|||
Initial value of warrant liabilities |
$ | |||
|
|
As Reported |
Adjustment |
As Restated |
||||||||||
Balance Sheet as of March 25, 2021 (as revised in footnote 2B per form 10-Q filed on August 24, 2021) |
||||||||||||
Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Class A ordinary shares |
( |
) | ||||||||||
Class B ordinary shares |
||||||||||||
Additional paid-in capital |
( |
) | ||||||||||
Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total shareholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|||||||
Number of shares subject to redemption |
||||||||||||
|
|
|
|
|
|
As Reported |
Adjustment |
As Restated |
||||||||||
Balance Sheet as of March 31, 2021 (as revised in footnote 2B per form 10-Q filed on August 24, 2021) |
||||||||||||
Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Class A ordinary shares |
( |
) | ||||||||||
Class B ordinary shares |
||||||||||||
Additional paid-in capital |
( |
) | ||||||||||
Retained earnings (accumulated deficit) |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Total shareholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|||||||
Number of shares subject to redemption |
||||||||||||
|
|
|
|
|
|
|||||||
Balance Sheet as of June 30, 2021 (per form 10-Q filed on August 23, 2021) |
||||||||||||
Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Class A ordinary shares |
( |
) | ||||||||||
Class B ordinary shares |
||||||||||||
Additional paid-in capital |
( |
) | ||||||||||
Retained earnings (accumulated deficit) |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Total shareholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|||||||
Number of shares subject to redemption |
||||||||||||
|
|
|
|
|
|
|||||||
Statement of Operations for the period from January 27, 2021 (inception) through March 31, 2021 (as revised in footnote 2B per form 10-Q filed on August 24, 2021) |
||||||||||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
( |
) | ||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
Weighted average shares outstanding, Class B ordinary shares subject to possible redemption |
( |
) | ||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ | $ | ( |
) | $ | |||||||
|
|
|
|
|
|
As Reported |
Adjustment |
As Restated |
||||||||||
Statement of Operations for the three months ended June 30, 2021 (per form 10-Q filed on August 24, 2021) |
||||||||||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
||||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
Weighted average shares outstanding, Class B ordinary shares subject to possible redemption |
( |
) | ||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ | $ | ( |
) | $ | |||||||
|
|
|
|
|
|
|||||||
Statement of Operations for the period from January 27, 2021 (inception) through June 30, 2021 (per form 10-Q filed on August 24, 2021) |
||||||||||||
Weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
( |
) | ||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
Weighted average shares outstanding, Class B ordinary shares subject to possible redemption |
( |
) | ||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ | $ | ( |
) | $ | |||||||
|
|
|
|
|
|
|||||||
Statement of Changes in Shareholders’ Equity for the period from January 27, 2021 (inception) through June 30, 2021 (per form 10-Q filed on August 24, 2021) |
||||||||||||
Sale of Units in Initial Public Offering, net of underwriter’s fees, other offering costs and fair value of Public Warrants |
$ | $ | ( |
) | $ | |||||||
Class A ordinary shares subject to possible redemption (As of March 31, 2021) |
( |
) | ||||||||||
Class A ordinary shares subject to possible redemption (As of June 30, 2021) |
( |
) | ||||||||||
Accretion of Class A ordinary shares subject to possible redemption |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
As Reported |
Adjustment |
As Restated |
||||||||||
Statement of Cash Flows for the period from January 27, 2021 (inception) through March 31, 2021 (as revised in footnote 2B per form 10-Q filed on August 24, 2021) |
||||||||||||
Initial Value of Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
Change in Class A ordinary shares subject to possible redemption |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Statement of Cash Flows for the period from January 27, 2021 (inception) through June 30, 2021 (per form 10-Q filed on August 24, 2021) |
||||||||||||
Initial Value of Class A ordinary shares subject to possible redemption |
$ | $ | $ | |||||||||
Change in Class A ordinary shares subject to possible redemption |
( |
) |
For the three months ended September 30, 2021 |
For the period from January 27, 2021 (inception) through September 30, 2021 |
|||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net income per share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator: |
||||||||||||||||
Weighted-average shares outstanding |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income per share |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
Gross proceeds from IPO |
$ | |||
Less: |
||||
Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary share issuance costs |
( |
) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
||||
Class A ordinary shares subject to possible redemption |
$ | |||
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ 30 -trading day period ending three trading days before the Company sends the notice of redemption to the Warrant holders. |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ 30 -trading day period ending three trading days before the Company sends the notice of redemption to the Warrant holders. |
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) 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. |
September 30, 2021 |
Quoted Prices In Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||||||
Description |
||||||||||||||||
U.S. government securities in Trust Account |
$ | $ | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
||||||||||||||||
Warrant liabilities—Public |
||||||||||||||||
Warrant liabilities—Private |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | $ | |||||||||||||
|
|
|
|
|
|
|
|
At March 25, 2021 (Initial Measurement) |
At September 30, 2021 |
|||||||
Share price |
$ | $ | ||||||
Strike price |
$ | $ | ||||||
Term (in years) |
||||||||
Volatility |
% | % | ||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Warrant Liabilities |
||||
Fair value as of January 27, 2021 |
$ | |||
Initial measurement on March 25, 2021 |
||||
Change in fair value |
( |
) | ||
|
|
|||
Fair value as of March 31, 2021 |
||||
Change in fair value |
( |
) | ||
Transfer of public warrant liabilities to Level 1 |
( |
) | ||
|
|
|||
Fair value as of June 30, 2021 |
||||
Change in fair value |
( |
) | ||
|
|
|||
Fair value as of September 30, 2021 |
$ | |||
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
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. |
TB SA ACQUISITION CORP |
/s/ Andrew Rolfe |
Name: Andrew Rolfe |
Title: Chief Executive Officer |
(Principal Executive Officer) |
/s/ James Crawley |
Name: James Crawley |
Title: Chief Financial Officer |
(Principal Financial and |
Accounting Officer) |