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 | ||
one-half of one Class A Ordinary Shares, and one Right to acquire one-tenth of one Class A Ordinary Share |
||||
one-tenth of one Class A Ordinary Share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
||||
1 | ||||
1 | ||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
20 | ||||
24 | ||||
24 | ||||
25 | ||||
25 | ||||
25 | ||||
25 | ||||
25 | ||||
25 | ||||
25 | ||||
26 | ||||
27 |
March 31, 2022 |
December 31, 2021 |
|||||||
(unaudited) |
||||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash |
$ | $ | ||||||
Prepaid expenses – current |
||||||||
Total Current Assets |
||||||||
Non-current assets |
||||||||
Cash and marketable securities held in Trust Account |
||||||||
Prepaid expenses – non-current |
||||||||
Deferred offering costs |
||||||||
Total Non-current Assets |
||||||||
Total Assets |
$ |
$ |
||||||
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY |
||||||||
Current liabilities |
||||||||
Accounts payable and accrued expenses |
$ | $ | ||||||
Accrued offering costs |
||||||||
Promissory note – related party |
||||||||
Total Current Liabilities |
||||||||
Non-Current liabilities |
||||||||
Warrant Liability |
||||||||
Deferred underwriter fee payable |
||||||||
Total Non-current Liabilities |
||||||||
Total Liabilities |
||||||||
Commitments and Contingencies (Note 8) |
||||||||
Class A ordinary shares subject to possible redemption; $ and of $per share at March 31, 2022 and December 31, 2021, respectively |
||||||||
Shareholders’ (Deficit) Equity |
||||||||
Preference shares, $ |
||||||||
Class A ordinary shares, $ and and |
||||||||
Class B ordinary shares, $ and shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total Shareholders’ (Deficit) Equity |
( |
) |
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY |
$ |
$ |
||||||
Formation and operating costs |
$ | |||
Loss from operations |
( |
) | ||
Other income : |
||||
Change in fair value of warrant liability |
||||
Gain on extinguishment of over-allotment liability |
||||
Other income , net |
||||
Net income |
$ |
|||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ |
|||
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares |
||||
Basic and diluted net income per share, non-redeemable ordinary shares |
$ |
|||
Class A Ordinary Shares Subject to Possible Redemption |
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||||||||||
Balance – January 1, 2022 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||||||
Issuance of Class A ordinary shares |
— | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption value |
— | — | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Forfeiture of Class B shares issued to Sponsor |
— | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||
Issuance of Representative Shares |
— | — | — | — | — | ||||||||||||||||||||||||||||||||
Rights underlying the Units |
— | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net income |
— |
— |
— | — | — |
— |
— |
||||||||||||||||||||||||||||||
Balance – March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||||||||||||
Cash Flows from Operating Activities: |
||||
Net income |
$ | |||
Adjustments to reconcile net income to net cash used in operating activities: |
||||
Allocation of deferred offering costs for warrant liability |
||||
Change in fair value of warrant liability |
( |
) | ||
Gain on extinguishment of OA liability |
( |
) | ||
Changes in operating assets and liabilities: |
||||
Prepaid expenses |
( |
) | ||
Accounts payable and accrued expenses |
||||
Net cash used in operating activities |
( |
) | ||
Cash Flows from Investing Activities: |
||||
Investment of cash in Trust Account |
( |
) | ||
Net cash used in investing activities |
( |
) | ||
Cash Flows from Financing Activities: |
||||
Proceeds from issuance of Class A ordinary shares to Sponsor |
||||
Payment of underwriting fee |
( |
) | ||
Payment of Promissory Note |
( |
) | ||
Payment of deferred offering costs |
( |
) | ||
Proceeds from sale of Private Warrants |
||||
Net cash provided by financing activities |
||||
Net Change in Cash |
||||
Cash – Beginning |
||||
Cash – Ending |
$ |
|||
Non-Cash Investing and Financing Activities: |
||||
Initial measurement of Class A ordinary shares subject to possible redemption |
$ | |||
Initial measurement of public warrants and private placement warrants |
$ | |||
Deferred underwriting fee payable |
$ | |||
Remeasurement of Class A ordinary shares subject to possible redemption |
$ |
|||
Forfeiture of Founder Shares |
$ | ( |
) | |
Issuance of Representative Shares |
$ | |||
Deferred offering costs included in accrued offering costs |
$ |
Gross proceeds from initial public offering |
$ |
|||
Less: |
||||
Proceeds allocated to public warrants |
( |
) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemptio n |
( |
) | ||
Fair value allocated to rights |
( |
) | ||
Plus: |
||||
Proceeds allocated to private warrants |
||||
Re-measurement of Class A ordinary shares subject to possible redemption |
||||
Class A ordinary shares subject to possible redemption, March 31, 2022 |
$ |
|||
Three Months Ended March 31, 2022 |
||||
Class A ordinary shares subject to possible redemption |
||||
Numerator: Income attributable to Class A ordinary shares subject to possible redemption |
||||
Net income |
$ | |||
Net income attributable to Class A ordinary shares subject to possible redemption |
$ | |||
Denominator: Weighted average Class A ordinary shares subject to possible redemption |
||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption |
$ | |||
Non-Redeemable ordinary shares |
||||
Numerator: Net income |
||||
Net income |
$ | |||
Net income attributable to non-redeemable Class A and Class B ordinary shares |
$ | |||
Denominator: Weighted average non-redeemable ordinary shares |
||||
Basic and diluted weighted average shares outstanding, non-redeemable ordinary shares |
||||
Basic and diluted net income per share, non-redeemable ordinary shares |
$ | |||
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the last sale price of our ordinary shares equals or exceeds $ sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any |
Public Warrants |
Private Placement Warrants |
Warrant Liability |
||||||||||
Derivative warrant liabilities at December 31, 2021 |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Initial fair value at issuance of public and private placement warrants |
||||||||||||
|
|
|
|
|
|
|||||||
Change in fair value |
( |
) | ( |
) | ( |
) | ||||||
Transfer of public warrants to Level 1 measurement |
( |
) | ( |
) | ||||||||
Level 3 derivative warrant liabilities as of March 31, 2022 |
$ | $ | $ | |||||||||
|
|
|
|
|
|
(Level 1) |
(Level 2) |
(Level 3) |
||||||||||
Assets |
||||||||||||
Cash and marketable securities held in trust account |
$ |
$ |
$ |
|||||||||
Liabilities |
||||||||||||
Public Warrants |
$ |
$ |
$ |
|||||||||
Private Placement Warrants |
$ |
$ |
$ |
Public Warrants |
Private Placement Warrants |
Total Derivative Warrant Liability |
||||||||||
Fair value at August 6, 2021 (inception) |
||||||||||||
|
|
|
|
|
|
|||||||
Derivative warrant liabilities as of December 31, 2021 |
$ | $ | $ | |||||||||
Initial fair value at issuance |
||||||||||||
Change in fair value |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Derivative warrant liabilities as of March 31, 2022 |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Private Placement Warrants |
||||
March 31, |
||||
Input |
2022 |
|||
Ordinary share price |
$ | |||
Exercise price |
$ | |||
Risk-free rate of interest |
% | |||
Volatility |
% | |||
Term |
||||
Warrant to buy one share (unadjusted for the probability of dissolution) |
$ | |||
Dividend yield |
% |
No. |
Description of Exhibit | |
31.1* | ||
31.2* | ||
32.1* | Certification of Principal Executive Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2* | Certification of 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.SCH* | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase 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) |
* | Filed herewith. |
AURORA TECHNOLOGY ACQUISITION CORP. | ||||||
Date: May 24, 2022 | By: | /s/ Zachary Wang | ||||
Name: | Zachary Wang | |||||
Title: | Chief Executive Officer | |||||
Date: May 24, 2022 | By: | /s/ Yida Gao | ||||
Name: | Yida Gao | |||||
Title: | Chief Financial Officer |