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.) |
F13-16 |
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(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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Part I – Item 1. Financial Statements. |
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Part I – Item 4. Controls and Procedures. |
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Part II – Item 6. Exhibits. |
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PART 1 – FINANCIAL INFORMATION |
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Item 1. |
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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Item 2. |
19 |
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Item 3. |
24 |
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Item 4. |
24 |
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PART II – OTHER INFORMATION |
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Item 1. |
25 |
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Item 1A. |
25 |
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Item 2. |
25 |
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Item 3. |
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Item 4. |
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Item 5. |
25 |
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Item 6. |
25 |
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26 |
March 31, 2022 |
December 31, 2021 |
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(Unaudited) |
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ASSETS |
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Cash |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Marketable securities held in Trust Account |
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Other assets |
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Total Assets |
$ |
$ |
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LIABILITIES, TEMPORARY EQUITY, AND SHAREHOLDERS’ DEFICIT |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Promissory note – related party |
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Accrued expenses |
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Total current liabilities |
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Deferred underwriting fees payable |
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Derivative warrant liabilities |
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Deferred legal fees |
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Total liabilities |
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Commitments and Contingencies (Note 6 ) |
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Temporary Equity |
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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, $ |
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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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Total shareholders’ deficit |
( |
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Total Liabilities, Temporary Equity, and Shareholders’ Deficit |
$ |
$ |
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For the Three Months Ended March 31, 2022 |
For the Period from March 5, 2021 (Inception) through March 31, 2021 |
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General and administrative expenses |
$ | $ | ||||||
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Loss from operations |
( |
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Other Income (Expenses) |
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Change in fair value of derivative warrant liabilities |
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Gain on marketable securities (net), dividends and interest, held in Trust Account |
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Net income (loss) |
$ | $ | ( |
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Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted |
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Basic and diluted per share, Class A subject to possible redemption |
$ |
$ |
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Weighted average shares outstanding of Class B non- redeemable ordinary shares, basic and diluted |
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Basic and diluted per share, Class B non-redeemable ordinary shares |
$ |
$ | ||||||
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Temporary Equity |
Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-In |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance as of January 1, 2022 |
$ |
$ |
$ |
$ |
( |
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$ |
( |
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
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$ |
( |
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Temporary Equity |
Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-In |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance as of March 5, 2021 (inception) |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of ordinary shares to Sponsor (1)(2) |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
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Balance as of March 31, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
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$ |
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For the Three Months Ended March 31, 2022 |
For the period From March 5, 2021 (Inception) through March 31, 2021 |
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Cash Flows from Operating Activities |
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Net income (loss) |
$ | $ | ( |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Gain on marketable securities, dividends and interest, held in Trust Account |
( |
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Formation costs funded by note payable through Sponsor |
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Change in fair value of derivative warrant liabilities |
( |
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Formation costs paid for issuance of ordinary shares |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other assets |
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Accrued expenses |
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Net cash used in operating activities |
( |
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Cash Flows from Financing Activities |
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Proceeds from promissory note payable – related party |
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Repayment of promissory note payable – related party |
( |
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Offering costs paid |
( |
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Net cash (used) provided in financing activities |
( |
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Net increase in cash |
( |
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Cash—beginning of period |
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Cash—end of period |
$ | $ | ||||||
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Supplemental disclosure of noncash investing and financing activities: |
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Offering costs included in accrued expenses |
$ | $ | ||||||
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As of March 31, 2022 |
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Condensed Balance Sheet |
As Previously Reported |
Adjustment |
As Restated |
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Accrued expenses |
$ |
$ |
( |
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$ |
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Total current liabilities |
( |
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Total liabilities |
$ |
$ |
( |
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$ |
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Accumulated deficit |
( |
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( |
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Total shareholders’ deficit |
$ |
( |
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$ |
$ |
( |
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For the three months ended March 31, 2022 |
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Condensed Statement of Changes in Temporary Equity and Shareholders’ Deficit |
As Previously Reported |
Adjustment |
As Restated |
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Accumulated deficit |
( |
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( |
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Total shareholders’ deficit as of March 31, 2022 |
$ |
( |
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$ |
$ |
( |
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Gross proceeds |
$ | |||
Less: |
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Class A ordinary shares issuance costs |
( |
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Fair value of Public Warrants at issuance |
( |
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Plus: |
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Remeasurement of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption |
$ |
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For the Three Months Ended March 31, 2022 |
For the Period from March 5, 2021 (Inception) Through March 31, 2021 |
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Redeemable Class A Ordinary Shares |
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Numerator: Net income allocable to Redeemable Class A Ordinary Shares |
$ | $ | ||||||
Denominator: Weighted Average Share Outstanding, Redeemable Class A Ordinary Shares |
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Basic and diluted earnings per share, Redeemable Class A |
$ |
$ | ||||||
Non-Redeemable Class B Ordinary Shares |
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Numerator: Net income (loss) allocable to non-redeemable Class B Ordinary Shares |
$ | $ | ( |
) | ||||
Denominator: Weighted Average Non-Redeemable Class B Ordinary Shares |
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Basic and diluted earnings per share, Non-Redeemable Class B |
$ |
$ |
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• | |
• | |
• | In whole and not in part; |
• | At a price of $ |
• | Upon a minimum of 30-day redemption period; and |
• | if, and only if, the last sale price of our Class A ordinary shares equals or exceeds $ |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of 30 days’ prior written notice of redemption; and |
• | if, and only if, the last sale price of the Company’s Class A ordinary shares equals or exceeds $ |
Description |
Level |
Fair Value |
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March 31, 2022 |
Marketable securities | 1 | $ | |||||||||
December 31, 2021 |
Marketable securities | 1 | $ |
March 31, 2022 |
Level 1 |
Level 2 |
Level 3 |
Total |
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Derivative liabilities: |
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Public Warrants |
$ | $ | $ | $ | ||||||||||||
Private Placement Warrants |
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Total liabilities |
$ | $ | $ | $ | ||||||||||||
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December 31, 2021 |
Level 1 |
Level 2 |
Level 3 |
Total |
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Derivative liabilities: |
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Public Warrants |
$ | $ | $ | $ | ||||||||||||
Private Placement Warrants |
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Total liabilities |
$ | $ | $ | $ | ||||||||||||
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Public Warrant Liability |
Private Warrant Liability |
Total |
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Fair value on January 1, 2022 |
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Change in fair value (gain) |
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Fair value as of March 31, 2022 |
$ | $ | $ | |||||||||
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• | may significantly dilute the equity interest of investors in our IPO, which dilution would increase if the anti-dilution provisions in the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one |
• | may subordinate the rights of holders of ordinary shares if preference shares are issued with rights senior to those afforded our ordinary shares; |
• | could cause a change of control if a substantial number of our ordinary shares is issued, which result in the resignation or removal of our present directors and officers; |
• | may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us; |
• | may adversely affect prevailing market prices for our units, ordinary shares and/or warrants; and |
• | may not result in adjustment to the exercise price of our warrants. |
• | default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations; |
• | acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
• | our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand; |
• | our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding; |
• | our inability to pay dividends on our ordinary shares; |
• | using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our ordinary shares, expenses, capital expenditures, acquisitions and other general corporate purposes; |
• | limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
• | increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and |
• | limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt. |
• | staffing for financial, accounting and external reporting areas, including segregation of duties; |
• | reconciliation of accounts; |
• | proper recording of expenses and liabilities in the period to which they relate; |
• | evidence of internal review and approval of accounting transactions; |
• | documentation of processes, assumptions and conclusions underlying significant estimates; and |
• | documentation of accounting policies and procedures. |
No. |
Description of Exhibit | |
31.1 | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 | Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | Inline XBRL Instance Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
WORLDWIDE WEBB ACQUISITION CORP. | ||||||
Date: August 24, 2022 | /s/ Daniel S. Webb | |||||
Name: | Daniel S. Webb | |||||
Title: | Chief Executive Officer and Chief Financial Officer |