QUARTERLY REPORT UNDER 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) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half of one redeemable warrant |
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the units |
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the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page No. |
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Item 1. |
1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. |
20 | |||||
Item 3. |
24 | |||||
Item 4. |
24 | |||||
Item 1. |
26 | |||||
Item 1A. |
26 | |||||
Item 2. |
26 | |||||
Item 3. |
27 | |||||
Item 4. |
27 | |||||
Item 5. |
27 | |||||
Item 6. |
27 | |||||
28 |
• | our ability to select an appropriate target business or businesses; |
• | our ability to complete our initial business combination; |
• | our expectations around the performance of the prospective target business or businesses; |
• | our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; |
• | our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination; |
• | our potential ability to obtain additional financing to complete our initial business combination; |
• | our pool of prospective target businesses; |
• | our ability to consummate an initial business combination due to the uncertainty resulting from the COVID-19 pandemic and other events (such as an outbreak or escalation of armed hostilities or acts of war, terrorist attacks, natural disasters or other significant outbreaks of infectious diseases); |
• | the ability of our officers and directors to generate a number of potential business combination opportunities; |
• | our public securities’ potential liquidity and trading; |
• | the lack of a market for our securities; |
• | the use of proceeds not held in the trust account or available to us from interest income on the trust account balance; |
• | the trust account not being subject to claims of third parties; or |
• | our financial performance following our initial public offering. |
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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Prepaid insurance - noncurrent |
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Investments held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND SHAREHOLDERS’ DEFICIT |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued offering costs |
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Due to Sponsor |
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Accrued expenses |
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Accrued expenses - related party |
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Total current liabilities |
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Deferred underwriting fee payable |
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Total liabilities |
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Commitments and Contingencies (Note 6) |
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Temporary Equity: 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, $ (1) |
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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 AND SHAREHOLDERS’ DEFICIT |
$ |
$ |
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(1) |
Includes up to 18, 2022 , in connection with the partial exercise of the underwriter’s Over-Allotment Option, the Sponsor irrevocably surrendered to the Company for cancellation and for no consideration |
Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months ended June 30, 2022 |
For the Period From February 3, 2021 (Inception) Through June 30, 2021 |
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Formation and operating costs |
$ | $ | — | $ | $ | |||||||||||
Loss from operations |
( |
) |
— |
( |
) |
( |
) | |||||||||
Loss on sale of Private Placement Warrants |
— | — | ( |
) | — | |||||||||||
Gain on investments held in Trust Account |
— | — | ||||||||||||||
Net loss |
$ |
( |
) |
$ |
— |
$ |
( |
) |
$ |
( |
) | |||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares |
— | — | ||||||||||||||
Basic and diluted net loss per share, Class A ordinary shares |
$ | ( |
) | $ | — | $ | ( |
) | $ | — | ||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares |
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Basic and diluted net loss per share, Class B ordinary shares |
$ | ( |
) | $ | $ | ( |
) | $ | ( |
) | ||||||
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Shares |
Amount |
Shares |
Amount |
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Balance at January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Proceeds from Initial Public Offering allocated to Public Warrants, net of offering costs |
— | — | — | — | — | |||||||||||||||||||||||
Issuance of Private Placement Warrants |
— | — | — | — | — | |||||||||||||||||||||||
Forfeiture of Class B Shares by Sponsor |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Accretion of Class A ordinary shares to redemption amount |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance at March 31, 2022 |
( |
) | ( |
) | ||||||||||||||||||||||||
Accretion of Class A ordinary shares to redemption amount |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance at June 30, 2022 |
— |
$ |
— |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholder’s Equity |
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Shares |
Amount |
Shares |
Amount |
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Balance at February 3, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B ordinary shares to Sponsor (1) |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance at March 31, 2021 |
( |
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Net loss |
— | — | — | — | — | — | — | |||||||||||||||||||||
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Balance at June 30, 2021 |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
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(1) |
Includes up to |
Six Months Ended June 30, 2022 |
For the period from February 3, 2021 (inception) through June 30, 2021 |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Payment of formation and operating costs through due to related party |
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Payment of formation and operating costs through promissory note - related party |
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Loss on sale of Private Placement Warrants |
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Gain on investments held in Trust Account |
( |
) | ||||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accounts payable |
( |
) | ||||||
Accrued expenses |
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Accrued offering costs |
( |
) | — | |||||
Accrued expenses - related party |
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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 from Initial Public Offering, net of underwriting discount paid |
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Proceeds from sale of Private Placement Warrants |
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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 period |
$ |
$ |
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Non-cash investing and financing activities: |
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Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares |
$ | $ | ||||||
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Deferred offering costs included in accrued offering costs |
$ | $ | ||||||
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Deferred offering costs included in due to related party |
$ | $ | ||||||
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Accretion of Class A ordinary shares subject to redemption to redemption value |
$ | $ | ||||||
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Deferred underwriting fee payable |
$ | $ | ||||||
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Forfeiture of Class B ordinary shares by Sponsor |
$ | $ | ||||||
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Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Issuance costs allocated to Class A ordinary shares |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption at December 31, 2021 |
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Plus: |
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Proceeds from over-allotment warrants |
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Proceeds from over-allotment units less cash underwriting discount |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption at June 30, 2022 |
$ |
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Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
For the Period From February 3, 2021 (Inception) Through June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net loss per share: |
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Numerator: |
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Net loss |
$ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||
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Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net income per ordinary share |
$ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) |
• | at any time after the warrants become exercisable; |
• | upon a minimum of |
• | if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $ |
• | if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying such warrants. |
Description |
Amount at Fair Value |
Level 1 |
Level 2 |
Level 3 |
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June 30, 2022 |
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Assets |
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Investments held in Trust Account: |
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U.S. Treasury Securities Money Market Funds |
$ | $ | $ | $ | ||||||||||||
December 31, 2021 |
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Assets |
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Investments held in Trust Account: |
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U.S. Treasury Securities Money Market Funds |
$ | $ | $ | $ |
Exhibit Number |
Description | |
101.SCH* | Inline XBRL Taxonomy Extension Schema. | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase. | |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase. | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase. | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase. | |
104* | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
* | Filed herewith. |
** | Furnished herewith. |
(1) | Incorporated by reference to the registrant’s Current Report on Form 8-K, filed with the SEC on December 20, 2021. |
(2) | Incorporated by reference to the registrant’s Annual Report on Form 10-K, filed with the SEC on April 8, 2022. |
SWIFTMERGE ACQUISITION CORP. | ||||||||
Date: August 22, 2022 | By: | /s/ John Bremner | ||||||
Name: | John Bremner | |||||||
Title: | Chief Executive Officer |
SWIFTMERGE ACQUISITION CORP. | ||||||||
Date: August 22, 2022 | By: | /s/ Christopher J. Munyan | ||||||
Name: | Christopher J. Munyan | |||||||
Title: | Chief Financial Officer |