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 or organization) |
(I.R.S. Employer Identification No.) |
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 of one redeemable public warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
1 |
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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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17 |
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20 |
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20 |
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21 |
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21 |
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21 |
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21 |
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22 |
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22 |
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22 |
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23 |
September 30, 2021 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | |||
Prepaid expenses |
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|
|
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Total current assets |
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Investments held in the Trust Account |
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|
|
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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 and accrued expenses |
$ | |||
|
|
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Total current liabilities |
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Deferred underwriting compensation |
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|
|
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Total liabilities |
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Commitments and contingencies (Note 7): |
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Class A ordinary shares subject to possible redemption; |
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Shareholders’ deficit: |
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Preferred shares, $ |
— | |||
Class A ordinary shares, $ |
— | |||
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 |
$ | |||
|
|
(1) | Includes an aggregate of up to |
For the Three Months Ended September 30, 2021 |
For the Period from March 1, 2021 (Inception) through September 30, 2021 |
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EXPENSES |
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Administration fee - related party |
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General and administrative |
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TOTAL EXPENSES |
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OTHER INCOME (EXPENSES) |
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Investment income from the Trust Account |
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TOTAL OTHER INCOME |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Basic and diluted weighted average shares outstanding, Class A Ordinary Shares |
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Basic and diluted net loss per share of 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 of Class B Ordinary Shares |
$ | ( |
) | $ | ( |
) | ||
Class A Ordinary Shares |
Class B Ordinary Shares (1) |
Additional Paid-In Capital |
Accumulated |
Stockholders’ |
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Shares |
Amount |
Shares |
Amount |
Deficit |
Deficit |
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Balance as of March 1, 2021 (inception) |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance as of March 31, 2021 |
( |
) | ||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance as of June 30, 2021 |
( |
) | ||||||||||||||||||||||||||
Sale of Units in Public Offering, net of offering costs |
— | — | — | |||||||||||||||||||||||||
Proceeds from Private Placement Warrants |
— | — | — | — | — | |||||||||||||||||||||||
Accretion of Class A ordinary shares to redemption value |
( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance as of September 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
(1) | Includes an aggregate of up to |
Cash Flows From Operating Activities: |
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Net loss |
$ | ( |
) | |
Adjustments to reconcile net income to net cash used in operating activities: |
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Investment income earned on treasury securities held in the Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Accounts payable and accrued expenses |
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Net Cash Used In Operating Activities |
( |
) | ||
Cash Flows From Investing Activities: |
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Cash deposited into the Trust Account |
( |
) | ||
Net Cash Used In Investing Activities |
( |
) | ||
Cash Flows From Financing Activities: |
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Sale of Units in the Initial Public Offering, net of underwriting discount |
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Sale of Private Placement Warrants to the Sponsor |
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Proceeds from the Sponsor promissory note |
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Repayment of the Sponsor promissory note |
( |
) | ||
Repayment of the related party advances |
( |
) | ||
Payment of offering costs |
( |
) | ||
Net Cash Provided By Financing Activities |
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Net change in cash and cash equivalents |
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Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
$ |
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Supplemental disclosure of non-cash financing activities: |
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Deferred underwriting compensation charged to additional paid-in capital in connection with the Initial Public Offering |
$ | |||
Deferred offering costs in exchange for Class B ordinary shares to Sponsor |
$ | |||
Expenses paid by related parties on behalf of the Company |
$ | |||
As previously reported |
Adjustments |
As restated |
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August 24, 2021 balance sheet (Form 8-K) |
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Temporary equity |
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Shareholders’ equity |
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Class A ordinary shares |
( |
) | ||||||||||
Class B ordinary shares |
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Additional paid in capital |
( |
) | ||||||||||
Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||
Total shareholders’ deficit |
( |
) | ( |
) | ||||||||
Shares subject to possible redemption |
Three Months Ended September 30, 2021 |
For the Period from March 1, 2021 (inception) September 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net loss per ordinary share |
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Numerator: |
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Allocation of net loss, as adjusted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per ordinary share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price of the Class A ordinary shares has been at least $ rd ) trading day prior to the date on which notice of such redemption is given to the public warrant holders. |
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended, 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, except as shall be expressly set forth by specific reference in such filing. |
*** | Previously filed. |
WAVERLEY CAPITAL ACQUISITION CORP. 1 | ||||||
Date: November 15, 2021 | By: | /s/ Daniel Leff | ||||
Name: | Daniel Leff | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: November 15, 2021 | By: | /s/ Alan Henricks | ||||
Name: | Alan Henricks | |||||
Title: | Chief Financial Officer (Principal Financial Officer) |