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 |
/A | ||
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification Number) | |
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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 | ||
and one-third of one redeemable warrant |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
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1 |
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Item 1. |
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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Item 2. |
20 |
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Item 3. |
26 |
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Item 4. |
26 |
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28 |
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Item 1. |
28 |
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Item 1A. |
28 |
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Item 2. |
28 |
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Item 3. |
29 |
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Item 4. |
29 |
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Item 5. |
30 |
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Item 6. |
30 |
June 30, 2022 |
December 31, 2021 |
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(unaudited) |
(audited) |
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Assets: |
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Current assets: |
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Cash |
$ | $ | ||||||
Prepaid expense |
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Total current assets |
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Prepaid expenses – non-current portion |
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Cash and securities held in trust account |
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Total assets |
$ |
$ |
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Liabilities, Shares Subject to Redemption and Shareholders’ Deficit: |
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Current liabilities: |
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Accrued offering costs and expenses |
$ | $ | ||||||
Due to related party |
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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) |
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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 |
( |
) | ( |
) | ||||
Total shareholders’ deficit |
$ | ( |
) | $ | ( |
) | ||
Total Liabilities, Shares Subject to Redemption and Shareholders’ Deficit |
$ |
$ |
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For the three months ended June 30, 2022 |
For the six months ended June 30, 2022 |
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Operating costs |
$ | $ | ||||||
Loss from operations |
$ | ( |
) | $ | ( |
) | ||
Other income |
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Interest earned from Trust Account |
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Bank interest income |
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Total other income |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
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Basic and diluted net loss per share, Class A ordinary shares subject to possible redemption |
$ | ( |
) | $ | ( |
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Basic and diluted, weighted average shares outstanding – Class B ordinary shares |
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Basic and diluted net loss per share, Class B ordinary shares |
$ | ( |
) | $ | ( |
) | ||
Class A Ordinary Share |
Class B Ordinary Share |
Additional Paid-In |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance as December 31, 2021 (audited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Re-measurement of Class A ordinary shares subject to possible redemption to redemption amount |
— |
— |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||
Net loss |
— |
— |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||
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Balance as of March 31, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Re-measurement of Class A ordinary shares subject to possible redemption to redemption amount |
— |
— |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance as of June 30, 2022 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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For the six months ended June 30, 2022 |
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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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Interest earned on cash and marketable securities held in Trust Account |
( |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accrued offering costs and expenses |
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Due to related party |
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Net cash used in operating 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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Level 1 — | Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. | |
Level 2 — | Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. | |
Level 3 — | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
Carrying Value as of June 30, 2022 |
Quoted Prices in Active Markets (Level 1) |
Gross Unrealized Gains |
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U.S. Treasury Securities |
$ | $ | $ | |||||||||
Cash |
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$ | $ | $ | ||||||||||
Carrying Value as of December 31, 2021 |
Quoted Prices in Active Markets (Level 1) |
Gross Unrealized Losses |
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U.S. Treasury Securities |
$ | $ | $ | ( |
) | |||||||
Cash |
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$ | $ | $ | ( |
) | ||||||||
Gross Proceeds from IPO |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
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Remeasurement of carrying value to redemption value |
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Interest income |
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Class A ordinary shares subject to possible redemption |
$ | |||
For the three months ended June 30, 2022 |
For the six months ended June 30, 2022 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net loss per share: |
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Numerator: |
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Allocation of net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
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Weighted-average shares outstanding including ordinary shares subject to redemption |
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Basic and diluted net loss per share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of the “30-day redemption period”; and |
• | if, and only if, the last reported sale price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities—Warrants—Public Shareholders’ Warrants—Redemption Procedures—Anti-dilution Adjustments”) for any 20 trading days within a day period ending on the third trading day prior to the date on which the Company send the notice of redemption to the warrant holders. |
* | 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. |
FORBION EUROPEAN ACQUISITION CORP. | ||||||
Date: August 11, 2022 | By: | /s/ Wouter Joustra | ||||
Name: | Wouter Joustra | |||||
Title: | Director |