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) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-fourth of a redeemable warrant to acquire one Class A ordinary share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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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18 |
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22 |
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22 |
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22 |
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22 |
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22 |
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23 |
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23 |
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23 |
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23 |
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23 |
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25 |
September 30, 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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|
|
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Total Current Assets |
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Cash and marketable securities held in Trust Account |
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Prepaid Expenses |
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|
|
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Total assets |
$ |
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|
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Liabilities and Shareholders’ Deficit |
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Current liabilities: |
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Accrued offering costs and expenses |
$ | |||
Due to related party |
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|
|
|||
Total current liabilities |
||||
Warrant Liability |
||||
Deferred underwriting fee |
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|
|
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Total liabilities |
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|
|
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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, $ |
||||
Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ||
|
|
|||
Total shareholders’ deficit |
( |
) | ||
|
|
|||
Total Liabilities and Shareholders’ deficit |
$ |
|||
|
|
For the Three Months ended September 30, 2021 |
For the period from February 1, 2021 (Inception) to September 30, 2021 |
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Formation and operating costs |
$ | $ | ||||||
Loss from operations |
( |
) | ( |
) | ||||
Other income (expense) |
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Interest income on marketable securities held in Trust Account |
||||||||
Interest earned on cash held in bank |
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Offering costs allocated to warrants |
( |
) |
( |
) | ||||
Fair value in excess of proceeds from sale of private warrants |
( |
) | ( |
) | ||||
Change in fair value of warrant liabilities |
||||||||
Total other income |
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Net income |
$ | $ | ||||||
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 ordinary shares |
||||||||
Basic and diluted net income per share, Class B ordinary shares |
$ | $ | ||||||
Class A Ordinary Share |
Class B Ordinary Share |
Additional |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Paid-in Capital |
Deficit |
Equity (Deficit) |
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Balance as of February 1, 2021 |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Class B Ordinary Shares Issued to Sponsor |
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Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance as of March 31, 2021 |
( |
) |
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of June 30, 2021 |
( |
) |
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Sale of |
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Class A ordinary shares subject to redemption |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of September 30, 202 1 |
$ | $ |
$ | $ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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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: |
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Formation costs paid by Sponsor |
||||
Interest earned on cash and marketable securities held in Trust Account |
( |
) | ||
Offering costs allocated to warrants |
||||
Fair value in excess of proceed from sale of private warrants |
||||
Change in fair value of warrant liability |
( |
) | ||
Changes in operating assets and liabilities: |
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Prepaid assets |
( |
) | ||
Other assets |
( |
) | ||
Accrued expenses |
||||
Due to related party |
||||
|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
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Cash Flows from Investing Activities: |
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Investment of cash in Trust Account |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
Cash Flows from Financing Activities: |
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Proceeds from sale of Units, net of underwriting discount |
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Proceeds from sale of Private Placement Warrants |
||||
Payment of promissory note |
( |
) | ||
Payment of offering costs |
( |
) | ||
|
|
|||
Net cash provided by financing activities |
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|
|
|||
Net change in cash |
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Cash, beginning of period |
||||
|
|
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Cash, end of the period |
$ | |||
|
|
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Supplemental disclosure of cash flow information: |
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Initial classification of ordinary shares subject to possible redemption |
$ | |||
|
|
|||
Offering costs in accrued offering costs and expenses |
$ | |||
|
|
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Deferred underwriters’ discount payable charged to additional paid-in capital |
$ | |||
|
|
As Previously Reported |
Adjustment |
A s Restate d |
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Balance Sheet as of July 1, 202 1 (as per form 8-K filed on July 8, 2021) |
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Ordinary shares subject to possible redemption at redemption value |
$ | $ | $ | |||||||||
Ordinary share Class A, $0.0001 par value |
( |
) | ||||||||||
Ordinary share Class B, $0.0001 par value |
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Additional Paid in Capital |
( |
) | ||||||||||
Accumulated Deficit |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total Stockholders’ Equity (Deficit) |
$ | $ | ( |
) | $ | ( |
) | |||||
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|
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Number of shares subject to redemption |
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Gross Proceeds |
$ | |||
Less: |
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Proceeds allocated to public warrants |
( |
) | ||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
||||
|
|
|||
Class A ordinary shares subject to possible redemption |
$ | |||
|
|
Three Months Ended September 30, 2021 |
For the period from February 1, 2021 (Inception) to September 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
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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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Level 1 | Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. | |
Level 2 | Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. | |
Level 3 | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than (the “30-day redemption period”) to each warrant holder; and |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any within a ending on the third trading day prior to the date on which 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 our Class A ordinary shares equals or exceeds $ |
September 30, 2021 |
Quoted Prices In Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Liabilities: |
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Public Warrants Liability |
$ | $ | $ | |||||||||||||
Private Placement Warrants Liability |
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|
|
|
|
|
|
|
|
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$ |
$ |
$ |
$ |
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Inputs |
July 1, 2021 (Initial Measurement) |
September 30, 2021 |
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Risk-free interest rate |
% | % | ||||||
Expected term remaining (years) |
||||||||
Expected volatility |
% | % | ||||||
Implied Stock price |
$ | $ | ||||||
Exercise price |
$ | $ |
Warrant Liabilities |
||||
Fair Value as of February 1, 2021 (inception) |
$ | |||
Initial measurement on July 1, 2021 |
||||
Change in fair value of Warrants |
( |
) | ||
Transfer of Public Warrants to Level 1 |
( |
) | ||
|
|
|||
Fair Value as of September 30, 2021 |
$ | |||
|
|
Fair Value as of September 30, 2021 |
||||
U.S. Treasury Securities |
||||
|
||||
$ |
||||
|
* | 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. |
By: | /s/ Steven Barg | |||
Name: Steven Barg | ||||
Title: Chief Financial Officer |