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) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
U nits, each consisting of one Class A ordinary |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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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Investments held in Trust Account |
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Total Assets |
$ |
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Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
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Current liabilities: |
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Accounts payable |
$ | |||
Accrued expenses |
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Total current liabilities |
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Working Capital Loan - related party |
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Deferred underwriting commissions in connection with the initial public offering |
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Derivative warrant liabilities |
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Total Liabilities |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption, per share redemption value |
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Shareholders’ Deficit |
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Preference shares, $ |
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Class A ordinary shares, $ shares authorized; |
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Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ||
Total shareholders’ deficit |
( |
) | ||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ |
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Three Months Ended September 30, 2021 |
For The Period From March 19, 2021 (Inception) through September 30, 2021 |
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General and administrative expenses |
$ | $ | ||||||
Administrative expenses - related party |
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Loss from operations |
( |
) | ( |
) | ||||
Other income (expenses): |
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Change in fair value of derivative warrant liabilities |
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Offering costs associated with derivative warrant liabilities |
( |
) | ( |
) | ||||
Income from investments held in Trust Account |
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Total other income |
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Net loss |
$ |
( |
) |
$ |
( |
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Weighted average shares outstanding of Class A ordinary share, basic and diluted |
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Basic and diluted net loss per share, Class A ordinary share |
$ | ( |
) | $ | ( |
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Weighted average shares outstanding of Class B ordinary share, basic and diluted |
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Basic and diluted net loss per share, Class B ordinary share |
$ | ( |
) | $ | ( |
) | ||
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Ordinary Shares |
Total Shareholders’ |
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Class A |
Class B |
Additional Paid- |
Accumulated |
Equity |
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Shares |
Amount |
Shares |
Amount |
in Capital |
Deficit |
(Deficit) |
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Balance - March 19, 2021 (inception) |
$ |
$ |
$ |
$ |
$ |
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Issuance of Class B ordinary shares to Sponsor |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance - March 31, 2021 (unaudited) |
— |
— |
( |
) |
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Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance - June 30, 2021 (unaudited) |
— |
— |
( |
) |
( |
) | ||||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance - September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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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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Change in fair value of derivative warrant liabilities |
( |
) | ||
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares |
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Income from investments held in Trust Account |
( |
) | ||
Offering costs associated with derivative warrant liabilities |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Accounts payable |
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Accrued expenses |
( |
) | ||
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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 Working Capital Loan - related party |
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Proceeds received from initial public offering, gross |
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Proceeds received from private placement |
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Offering costs paid |
( |
) | ||
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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 the period |
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Cash - end of the period |
$ |
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Supplemental disclosure of non-cash financing activities: |
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Offering costs included in accrued expenses |
$ | |||
Deferred underwriting commissions in connection with the initial public offering |
$ |
As of August 17, 2021 |
As Reported |
Adjustment |
As Restated |
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Total assets |
$ |
$ |
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Total liabilities |
$ |
$ |
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Class A ordinary shares subject to possible redemption |
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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 |
( |
) |
( |
) |
( |
) | ||||||
Total shareholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Equity (Deficit) |
$ |
$ |
$ |
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• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | 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 |
• | 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. |
For the Three Months Ended September 30, 2021 |
For The Period From March 19, 2021 (Inception) through 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 |
( |
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) | ( |
) | ( |
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Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
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Basic and diluted net loss per ordinary share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
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Gross proceeds |
$ | |||
Less: |
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Fair value of Public Warrants at issuance |
( |
) | ||
Offering costs allocated to Class A ordinary shares subject to possible redemption |
( |
) | ||
Plus: |
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Accretion on Class A ordinary shares subject to possible redemption amount |
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Class A ordinary shares subject to possible redemption |
$ | |||
• | 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 equals or exceeds $ sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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Investments held in Trust Account - U.S. Treasury Securities (1) |
$ | $ | — | $ | — | |||||||
Liabilities: |
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Derivative warrant liabilities - Public Warrants |
$ | — | $ | — | $ | |||||||
Derivative warrant liabilities - Private Warrants |
$ | — | $ | — | $ | |||||||
Working Capital Loan - related party |
$ | — | $ | — | $ |
(1) |
Excludes $ |
At initial issuance |
As of September 30, 2021 |
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Exercise price |
$ | $ | ||||||
Stock price |
$ | $ | ||||||
Volatility |
% | % | ||||||
Term (years) |
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Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Derivative warrant liabilities at March 19, 2021 (inception) |
$ | |||
Issuance of Public and Private Warrants |
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Change in fair value of derivative warrant liabilities |
( |
) | ||
|
|
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Derivative warrant liabilities at September 30, 2021 (unaudited) |
$ | |||
|
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Fair value of Working Capital Loan - related party at March 19, 2021 |
$ | |||
Initial fair value of Working Capital Loan - related party |
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Change in fair value of Working Capital Loan - related party |
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|
|
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Working Capital Loan - related party at September 30, 2021 (unaudited) |
$ | |||
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101.INS* | XBRL Instance Document. | |
101.SCH* | XBRL Taxonomy Extension Schema Document. | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document. | |
104. | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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 of 1933, except as shall be expressly set forth by specific reference in such filing. |
KENSINGTON CAPITAL ACQUISITION CORP. V | ||||||
Date: November 15, 2021 | By: | /s/ Justin Mirro | ||||
Name: | Justin Mirro | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) |