|
|
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(Commission File Number)
|
(I.R.S. Employer
Identification Number)
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of Each Class
|
Trading Symbols
|
Name of Each Exchange on Which Registered
|
|
|
|
|
|
|
|
|
|
|
Large accelerated filer ☐ | Accelerated filer ☐ |
|
Smaller reporting company |
|
|
|
Emerging growth company |
Page
|
||
ITEM 8.
|
2
|
|
ITEM 15.
|
3
|
|
ITEM 16.
|
5
|
ITEM 8. |
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
ITEM 15. |
EXHIBITS, FINANCIAL STATEMENTS SCHEDULES
|
(a)
|
The following documents are filed as part of this Amendment No. 1 to the Annual Report on Form 10-K:
|
(1)
|
Financial Statements:
|
(2)
|
Financial Statement Schedules
|
(3)
|
Exhibits
|
Exhibit
No.
|
Description
|
|
3.1
|
||
4.1
|
||
4.2
|
||
10.1
|
||
10.2
|
||
10.3
|
||
10.4
|
||
10.5
|
||
10.6
|
31.1*
|
||
31.2*
|
||
32.1**
|
||
32.2**
|
||
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 Label 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.
|
** |
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.
|
ITEM 16. |
FORM 10-K SUMMARY
|
April 14, 2023
|
|||
CORSAIR PARTNERING CORPORATION
|
|||
By:
|
/s/ D.T. Ignacio Jayanti | ||
Name:
|
D.T. Ignacio Jayanti
|
||
Title:
|
Chief Executive Officer
|
Page
|
|
F-2
|
|
F-3 |
|
F-3
|
|
F-4
|
|
F-5
|
|
F-6
|
|
F-7
|
December 31, | ||||||||
2022 | 2021 | |||||||
Assets:
|
||||||||
Current assets:
|
||||||||
Cash
|
$
|
|
$ |
|||||
Prepaid expenses
|
|
|||||||
Total current assets
|
|
|||||||
Investments held in Trust Account
|
|
|||||||
Total Assets
|
$
|
|
$ |
|||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
|
$ |
|||||
Accrued expenses
|
|
|||||||
Due to related party
|
|
|||||||
Total current liabilities
|
|
|||||||
Derivative warrant liabilities
|
|
|||||||
Deferred underwriting commissions in connection with the initial public offering
|
|
|||||||
Total liabilities
|
|
|||||||
Commitments and Contingencies
|
||||||||
Class A ordinary shares subject to possible redemption; $
|
|
|||||||
Shareholders’ Deficit:
|
||||||||
Preference shares, $
|
|
|||||||
Class A ordinary shares, $
|
|
|||||||
Class B ordinary shares, $
|
|
|||||||
Class F ordinary shares, $
|
|
|||||||
Additional paid-in capital
|
|
|||||||
Accumulated deficit
|
(
|
)
|
( |
) | ||||
Total shareholders’ deficit
|
(
|
)
|
( |
) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
$
|
|
$ |
For the Year Ended
December 31, 2022
|
For the Period from
January 1, 2021
(Commencement of Operations)
through December 31, 2021
|
|||||||
General and administrative expenses
|
$
|
|
$ |
|||||
Loss from operations
|
(
|
)
|
( |
) | ||||
Other income (expenses):
|
||||||||
Change in fair value of derivative warrant liabilities
|
|
( |
) | |||||
Offering costs associated with derivative warrant liabilities
|
|
( |
) | |||||
Income from investments held in Trust Account
|
|
|||||||
Net income (loss)
|
$
|
|
$ |
( |
) | |||
Weighted average number of shares outstanding of Class A ordinary shares, basic and diluted
|
|
|||||||
Basic and diluted net income (loss) per share, Class A ordinary shares
|
$
|
|
$ |
( |
) | |||
Weighted average number of shares outstanding of Class B ordinary shares, basic and diluted
|
|
|||||||
Basic and diluted net income (loss) per share, Class B ordinary shares
|
$
|
|
$ |
( |
) | |||
Weighted average number of shares outstanding of Class F ordinary shares, basic and diluted
|
|
|||||||
Basic and diluted net income (loss) per share, Class F ordinary shares
|
$
|
|
$ |
( |
) |
Ordinary shares
|
Additional
|
Total
|
||||||||||||||||||||||||||||||||||
Class A
|
Class B
|
Class F
|
Paid-In
|
Accumulated
|
Shareholders’
|
|||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
||||||||||||||||||||||||||||
Balance - January 1, 2021
|
|
$
|
|
|
$
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor
|
-
|
-
|
|
|
-
|
-
|
|
|
|
|||||||||||||||||||||||||||
Issuance of Class F ordinary shares to Sponsor
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|||||||||||||||||||||||||||
Excess of cash received over fair value of private placement warrants
|
-
|
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||||||||
Forfeiture of Class F ordinary shares
|
-
|
-
|
-
|
-
|
(
|
)
|
(
|
)
|
|
|
|
|||||||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount
|
-
|
|
-
|
-
|
-
|
-
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||
Net loss
|
-
|
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
Balance - December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||
Increase in redemption value of Class A ordinary shares subject to possible redemption
|
-
|
|
-
|
-
|
-
|
-
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
Net income
|
-
|
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||||||||
Balance - December 31, 2022
|
|
$
|
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
For the Year Ended
December 31, 2022
|
For the Period from
January 1, 2021
(Commencement of
Operations) through
December 31, 2021
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$
|
|
$ |
( |
) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
General and administrative expenses paid by related party in exchange for issuance of Class B and Class F ordinary shares
|
|
|||||||
Offering costs associated with derivative warrant liabilities
|
|
|||||||
Income on investments from Trust Account
|
( |
) | ( |
) | ||||
Due to related party
|
|
|||||||
Change in fair value of derivative warrant liabilities
|
(
|
)
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
|
( |
) | |||||
Accounts payable
|
(
|
)
|
||||||
Accrued expenses
|
|
|||||||
Net cash used in operating activities
|
(
|
)
|
( |
) | ||||
Cash Flows from Investing Activities:
|
||||||||
Cash deposited in Trust Account
|
|
( |
) | |||||
Net cash used in investing activities
|
|
( |
) | |||||
Cash Flows from Financing Activities:
|
||||||||
Loan proceeds received from related party
|
|
|||||||
Repayment of loan to related party
|
|
( |
) | |||||
Proceeds received from initial public offering, gross
|
|
|||||||
Proceeds received from private placement
|
|
|||||||
Offering costs paid
|
(
|
)
|
( |
) | ||||
Net cash provided by (used in) financing activities
|
(
|
)
|
||||||
Net change in cash
|
(
|
)
|
||||||
Cash - beginning of the year
|
|
|||||||
Cash - end of the year
|
$
|
|
$ | |||||
Supplemental disclosure of noncash financing activities:
|
||||||||
Offering costs included in accrued expenses
|
$
|
|
$ |
|||||
Offering cost paid by related party under promissory note
|
$
|
|
$ |
•
|
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 Year Ended December 31, 2022
|
For the Period from January 1, 2021
(Commencement of Operations) through
December 31, 2021 |
|||||||||||||||||||||||
Class A
|
Class B
|
Class F
|
Class A
|
Class B
|
Class F
|
|||||||||||||||||||
Basic and diluted net income (loss) per ordinary share:
|
||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||
Allocation of net income (loss)
|
$
|
|
$
|
|
$
|
|
$ |
( |
) | $ | ( |
) | $ | ( |
) | |||||||||
Denominator:
|
||||||||||||||||||||||||
Basic and diluted weighted average ordinary shares outstanding
|
|
|
|
|||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share
|
$
|
|
$
|
|
$
|
|
$ | ( |
) | $ | ( |
) | $ | ( |
) |
Gross proceeds
|
$
|
|
||
Less:
|
||||
Fair value of Public Warrants at issuance
|
(
|
)
|
||
Offering costs allocated to Class A ordinary shares subject to possible redemption
|
(
|
)
|
||
Plus:
|
||||
Accretion on Class A ordinary shares subject to possible redemption amount
|
|
|||
Class A ordinary shares subject to possible redemption at December 31, 2021
|
|
|||
Increase in redemption value of Class A ordinary shares subject to possible redemption |
||||
Class A ordinary shares subject to possible redemption at December 31, 2022 |
$ |
•
|
If the price per share of Class A ordinary shares has not exceeded $
|
•
|
If the price per share of Class A ordinary shares exceeded $
|
o
|
|
o
|
|
•
|
The increase in the price of Class A ordinary shares will be based on the annual VWAP for the relevant fiscal year, it being understood that with respect to the 10th fiscal year
following the Partnering Transaction the conversion calculation for the remaining
|
•
|
at any time while the warrants are exercisable,
|
•
|
upon a minimum of
|
•
|
if, and only if, the last sales price of the Class A ordinary shares equals or exceeds $
|
•
|
if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying such warrants commencing
business days prior to the |
Description
|
Quoted Prices
in Active
Markets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant Other
Unobservable
Inputs
(Level 3)
|
|||||||||
Assets:
|
||||||||||||
Investments held in Trust Account - U.S. Treasury Securities(1)
|
$
|
|
$
|
|
$
|
|
||||||
Liabilities:
|
||||||||||||
Derivative warrant liabilities - Public warrants
|
$
|
|
$
|
|
$
|
|
||||||
Derivative warrant liabilities - Private placement warrants
|
$
|
|
$
|
|
$
|
|
Description
|
Quoted Prices
in Active
Markets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant Other
Unobservable
Inputs
(Level 3)
|
|||||||||
Assets:
|
||||||||||||
Investments held in Trust Account - U.S. Treasury Securities(2)
|
$ |
$
|
|
$
|
|
|||||||
Liabilities:
|
||||||||||||
Derivative warrant liabilities - Public warrants
|
$
|
|
$
|
|
$
|
|
||||||
Derivative warrant liabilities - Private placement warrants
|
$
|
|
$
|
|
$
|
|
December 31, 2021
|
||||
Exercise price
|
$
|
|
||
Stock price
|
$
|
|
||
Volatility
|
|
%
|
||
Term (years)
|
|
|||
Risk-free rate
|
|
%
|
||
Dividend yield
|
|
%
|
Derivative warrant liabilities at December 31, 2021
|
$ |
|
||
Change in fair value of derivative warrant liabilities
|
(
|
)
|
||
Transfer of Private Placement Warrants to Level 2
|
(
|
)
|
||
Derivative warrant liabilities at December 31, 2022
|
$
|
|
Derivative warrant liabilities at January 1, 2021
|
$
|
|
||
Issuance of Public and Private Warrants
|
|
|||
Transfer of Public Warrants to Level 1
|
(
|
)
|
||
Change in fair value of derivative warrant liabilities
|
|
|||
Derivative warrant liabilities at December 31, 2021
|
$
|
|