(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
437 Madison Avenue, 27th Floor , | ||
(Address of principal executive offices) | (Zip Code) |
( ) |
(Registrant’s telephone number, including area code) |
(Former name, former address and former fiscal year, if changed since last report) |
Title of Each Class: | Trading Symbol(s) | Name of Each Exchange on Which Registered: | ||
The NASDAQ Stock Market LLC | ||||
The NASDAQ Stock Market LLC | ||||
The NASDAQ Stock Market LLC |
Large accelerated filer | ¨ | Accelerated filer | ¨ |
þ | Smaller reporting company | ||
Emerging growth company |
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i |
2 |
September 30, 2022 | December 31, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | $ | ||||||
Prepaid expenses | ||||||||
Total current assets | ||||||||
Investments held in Trust Account | ||||||||
Total Assets | $ | $ | ||||||
Liabilities, Temporary Equity, and Stockholders’ Deficit | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | $ | ||||||
Promissory notes - related parties | ||||||||
Franchise tax payable | ||||||||
Total current liabilities | ||||||||
Deferred underwriters' marketing fees | ||||||||
Total Liabilities | ||||||||
Commitments and Contingencies | ||||||||
Common stock subject to possible redemption, | ||||||||
Stockholders’ Deficit: | ||||||||
Preferred stock, $ | ||||||||
Common stock, $ | ||||||||
Additional paid-in capital | ||||||||
Accumulated deficit | ( | ) | ( | ) | ||||
Total Stockholders' Deficit | ( | ) | ( | ) | ||||
Total Liabilities, Temporary Equity, and Stockholders' Deficit | $ | $ |
3 |
For the Period | ||||||||||||||||
For the | For the | For the | from January 6, 2021 | |||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | (inception) through | |||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||
Formation and operating costs | $ | $ | $ | $ | ||||||||||||
Franchise tax expenses | ||||||||||||||||
Loss from Operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other income: | ||||||||||||||||
Dividend earned on investment held in Trust Account | ||||||||||||||||
Loss before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Income taxes provision | ||||||||||||||||
Net Loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Basic and diluted weighted average shares outstanding, common stock subject to possible redemption | ||||||||||||||||
Basic and diluted net loss (income) per share, common stock subject to possible redemption | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Basic and diluted weighted average shares outstanding, common stock attributable to TradeUP Acquisition Corp. | ||||||||||||||||
Basic and diluted net loss per share, common stock attributable to TradeUP Acquisition Corp. | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
4 |
For the Nine Months Ended September 30, 2022 |
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Additional |
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Total |
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Preferred stock |
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Common stock |
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Paid-in |
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Accumulated |
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Stockholders' |
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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 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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$ |
( |
) |
Net loss |
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- |
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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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( |
) |
Net loss |
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- |
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- |
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( |
) |
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( |
) |
Balance as of June 30, 2022 |
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( |
) |
|
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( |
) |
Accretion of carrying value to redemption value |
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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 as of September 30, 2022 |
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$ |
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$ |
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$ |
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$ |
( |
) |
|
$ |
( |
) |
For the Period from January 6, 2021 (inception) through September 30, 2021 |
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|||||||||||||||||||||||||||
Additional |
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Total |
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Preferred stock |
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Common stock |
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Paid-in |
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Accumulated |
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Stockholders' |
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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 as of January 6, 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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Founders shares issued to the Sponsor |
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Forfeiture of Founders shares issued to the Sponsor |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
Founders shares issued to initial stockholders |
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Net loss |
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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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|
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( |
) |
|
|
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|
Net loss |
|
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- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
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( |
) |
|
|
( |
) |
Balance as of June 30, 2021 |
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( |
) |
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Sale of public units through public offering |
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Sale of private placement shares |
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Underwriters' discount |
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- |
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- |
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|
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( |
) |
|
|
|
|
|
|
( |
) |
Underwriters' marketing fees |
|
|
- |
|
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|
|
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|
|
- |
|
|
|
|
|
|
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( |
) |
|
|
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( |
) |
Other offering expenses |
|
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- |
|
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|
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|
|
- |
|
|
|
|
|
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( |
) |
|
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|
|
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( |
) |
Forfeiture of common stock by initial stockholders |
|
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|
|
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|
|
( |
) |
|
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( |
) |
|
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|
Reclassification of common stock subject to redemption |
|
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|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
( |
) |
Allocation of offering costs to common stock subject to redemption |
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Accretion of carrying value to redemption value |
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Net loss |
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
Balance as of September 30, 2021 |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
( |
) |
|
$ |
( |
) |
5 |
For the Period | ||||||||
For the | From January 6, 2021 | |||||||
Nine Months Ended | (inception) through | |||||||
September 30, 2022 | September 30, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | ( | ) | $ | ( | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Dividend earned on investment held in Trust Account | ( | ) | ( | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | ( | ) | ||||||
Accounts payable and accrued expenses | ||||||||
Franchise tax payable | ( | ) | ||||||
Net cash used in operating activities | ( | ) | ( | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Purchase of investment held in trust account | ( | ) | ||||||
Net cash used in investing activities | ( | ) | ||||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from issuance of shares of Common Stock to the Sponsor | ||||||||
Return of proceeds from issuance of Common Stock to the Sponsor | ( | ) | ||||||
Proceeds from issuance of shares of Common Stock to initial stockholders | ||||||||
Proceeds from sale of public units through public offering | ||||||||
Proceeds from sale of private placement shares | ||||||||
Payment of underwriters' discount | ( | ) | ||||||
Payment of offering costs | ( | ) | ||||||
Proceeds from issuance of promissory notes to related parties | ||||||||
Repayment on promissory note to related party | ( | ) | ||||||
Net cash provided by financing activities | ||||||||
Net Change in Cash | ( | ) | ||||||
Cash at beginning of period | ||||||||
Cash at end of period | $ | $ | ||||||
Supplemental Disclosure of Non-cash Financing Activities | ||||||||
Offering costs included in accounts payable and accrued expenses | $ | $ | ||||||
Deferred underwriters' marketing fees | $ | $ | ||||||
Reclassification of common stock subject to redemption | $ | $ | ||||||
Allocation of offering costs to common stock subject to redemption | $ | $ | ||||||
Accretion of carrying value to redemption value | $ | $ |
6 |
7 |
8 |
9 |
10 |
11 |
· | Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active market. |
12 |
· | Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
· | Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value. |
13 |
For the | For the | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||||
Non- | Non- | |||||||||||||||
Redeemable | Redeemable | Redeemable | Redeemable | |||||||||||||
Common | Common | Common | Common | |||||||||||||
Stock | Stock | Stock | Stock | |||||||||||||
Basic and diluted net income/(loss) per share: | ||||||||||||||||
Numerators: | ||||||||||||||||
Allocation of net loss including carrying value to redemption value | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Accretion of carrying value to redemption value | ||||||||||||||||
Allocation of net income/(loss) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
Denominators: | ||||||||||||||||
Weighted-average shares outstanding | ||||||||||||||||
Basic and diluted net income/(loss) per share | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
For the Period From | ||||||||||||||||
For the | January 6, 2021 | |||||||||||||||
Nine Months Ended | (inception) through | |||||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||||
Non- | Non- | |||||||||||||||
Redeemable | Redeemable | Redeemable | Redeemable | |||||||||||||
Common | Common | Common | Common | |||||||||||||
Stock | Stock | Stock | Stock | |||||||||||||
Basic and diluted net income/(loss) per share: | ||||||||||||||||
Numerators: | ||||||||||||||||
Allocation of net loss including carrying value to redemption valu e | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Accretion of carrying value to redemption value | ||||||||||||||||
Allocation of net income/(loss) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
Denominators: | ||||||||||||||||
Weighted-average shares outstanding | ||||||||||||||||
Basic and diluted net income/(loss) per share | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
Description | Level | September 30, 2022 | December 31, 2021 | |||||||||
Assets: | ||||||||||||
Trust Account - U.S. Treasury Securities Money Market Fund | 1 | $ | $ |
14 |
As of | As of | |||||||
September 30, | December 31, | |||||||
2022 | 2021 | |||||||
Gross proceeds | $ | $ | ||||||
Less: | ||||||||
Proceeds allocated to public warrants | ( | ) | ( | ) | ||||
Offering costs of public shares | ( | ) | ( | ) | ||||
Plus: | ||||||||
Accretion of carrying value to redemption value | ||||||||
Common stock subject to possible redemption | $ | $ |
15 |
16 |
17 |
18 |
· |
in whole and not in part; |
· |
at a price of $ |
· |
upon not less than |
· |
if, and only if, the reported last sale price of the Common Stock equals or exceeds $ |
For the Period from |
||||||||||||||||
For the |
For the |
For the |
January 6, 2021 |
|||||||||||||
Three Months Ended |
Three Months Ended |
Nine Months Ended |
(inception) through |
|||||||||||||
September 30, 2022 |
September 30, 2021 |
September 30, 2022 |
September 30, 2021 |
|||||||||||||
Current |
||||||||||||||||
Federal |
$ |
$ |
$ |
$ |
||||||||||||
State |
||||||||||||||||
Deferred |
||||||||||||||||
Federal |
||||||||||||||||
State |
||||||||||||||||
Valuation allowance |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Income tax provision |
$ |
$ |
$ |
$ |
September 30, 2022 |
December 31, 2021 |
|||||||
Deferred tax assets: |
||||||||
Net operating loss carryover |
$ |
$ |
||||||
Total deferred tax assets |
||||||||
Valuation allowance |
( |
) |
( |
) |
||||
Deferred tax asset, net of allowance |
$ |
$ |
19 |
20 |
21 |
22 |
23 |
24 |
· |
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
· |
Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
· |
Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value. |
25 |
26 |
27 |
No. |
|
Description of Exhibit |
101.INS* |
|
XBRL Instance Document |
101.CAL* |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
101.SCH* |
|
XBRL Taxonomy Extension Schema Document |
101.DEF* |
|
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* |
|
XBRL Taxonomy Extension Labels Linkbase Document |
101.PRE* |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
104* |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
28 |
|
Trade UP Acquisition Corp. |
|
|
|
|
Date: November 14, 2022 |
By: |
/s/ Weiguang Yang |
|
Weiguang Yang |
|
|
|
Co-Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
|
|
|
By: |
/s/ Luqi “Lulu” Wen |
|
|
Luqi “Lulu” Wen |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
29 |