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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The
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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
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Part I. Financial Information
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Item 1. Condensed Financial Statements
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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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14
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16
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16
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Part II. Other Information
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17
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17
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17
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18
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18
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18
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18
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19
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Assets
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Current assets:
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Cash and cash equivalents
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$ | |||
Prepaid expenses
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Total current
assets
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Marketable
securities held in Trust Account
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Total Assets
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$
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Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders'
Equity
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Current liabilities:
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Accounts payable
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$
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Accrued
professional fees
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Accrued offering costs
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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) | ||||
Class A ordinary shares subject to possible redemption, $ |
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Shareholders' Equity:
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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' equity
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Total Liabilities, Ordinary Shares Subject to Possible Redemption, and
Shareholders' Equity
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$
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Three months Ended
September 30, 2021
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Inception-to-Date
September 30, 2021
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General and administrative expenses
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$
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$
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Loss from operations
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(
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)
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(
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)
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Other income:
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Dividend and interest income
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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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(
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)
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Weighted average shares outstanding of Class A common stock subject to possible redemption |
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Basic and diluted net loss per share, Class A subject to possible redemption (See Note 2) |
$ | ( |
) | $ | ( |
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Weighted average shares outstanding of Class A common stock
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Basic and diluted net loss per share, Class A (See Note 2)
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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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Weighted average shares outstanding of Class B common stock
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Basic and diluted net loss per share, Class B (See Note 2)
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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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Ordinary Shares Subject
to Possible Redemption
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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 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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Shares
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Amount
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Capital
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Deficit
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Equity
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Balance - January 27, 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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$
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Issuance of Class B ordinary shares to Sponsor
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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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)
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Balance - March 31, 2021
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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 A ordinary shares, net of $
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Accretion of Class A ordinary shares to redemption value
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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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)
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(
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Balance - June 30, 2021 |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||||||||||
Accretion of Class A ordinary shares to redemption value | - |
- |
- |
- |
( |
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( |
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Net loss
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- |
- | - |
( |
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Balance - September 30, 2021
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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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$
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Cash Flows from Operating Activities:
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Net loss
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$
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(
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)
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Dividends and interest earned in Trust Account | ( |
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Adjustments to reconcile net loss to net cash used in operating activities:
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Prepaid expenses
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(
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Accounts payable
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Accrued professional fees
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Net cash used in operating activities:
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(
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)
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Cash Flows from Investing Activities: | ||||
Investment of cash into Trust Account | ( |
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Cash Flows from Financing Activities:
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Proceeds from note payable - related party
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Payment of note payable - related party | ( |
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Proceeds from initial public offering | ||||
Payment of offering costs | ( |
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Proceeds from issuance
of Class B shares
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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 - ending of the period
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$
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Supplemental disclosure of noncash investing and financing activities:
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Accrued offering costs
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$
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Deferred underwriting commissions
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$
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• |
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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Inception-to-Date
September 30, 2021
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Class A subject to
possible redemption
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Class A
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Class B
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Allocation of undistributable losses
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(
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(
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(
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Net income/(loss) to ordinary shares
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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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Weighted average shares outstanding, basic and diluted
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Basic and diluted net loss per 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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(
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Three months Ended
September 30, 2021
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Class A subject to
possible redemption
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Class A
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Class B
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Allocation of undistributable losses
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(
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(
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(
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Net income/(loss) to ordinary shares
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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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Weighted average shares outstanding, basic and diluted
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Basic and diluted net loss per 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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)
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$
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(
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)
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ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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ITEM 4. |
CONTROLS AND PROCEDURES
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ITEM 1. |
LEGAL PROCEEDINGS.
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ITEM 1A. |
RISK FACTORS.
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ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
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ITEM 6. |
EXHIBITS.
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No.
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Description of Exhibit
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3.1
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4.1
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10.1
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10.2
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10.3
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10.4
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10.5
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10.6
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10.7
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31.1*
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31.2*
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31.3*
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32.1*
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32.2*
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32.3*
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101.INS*
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XBRL Instance Document
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101.CAL*
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.SCH*
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XBRL Taxonomy Extension Schema 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 Labels Linkbase Document
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101.PRE*
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XBRL Taxonomy Extension Presentation Linkbase Document
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* |
Filed herewith.
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(1) |
Previously filed as an exhibit to our Current Report on Form 8-K filed on April 19, 2021 (File No. 001-40327) and incorporated by reference herein.
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TCV ACQUISITION CORP.
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Date: November 15, 2021
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/s/ Jon Reynolds, Jr. | |
Name:
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Jon Reynolds, Jr.
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Title:
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Co-Chief Executive Office
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(Principal Executive Officer)
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Date: November 15, 2021
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/s/ Christopher Marshall | |
Name:
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Christopher Marshall
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Title:
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Co-Chief Executive Office
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(Principal Executive Officer)
|
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Date: November 15, 2021
|
/s/ Erez Elisha | |
Name:
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Erez Elisha
|
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Title:
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Chief Financial Officer
|
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(Principal Financial and Principal Accounting Officer)
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