|
t
Applicable |
|
(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:
|
||
|
|
|
||
|
|
|
||
|
|
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|
☒
|
Smaller reporting company
|
|
Emerging growth company
|
|
1
|
|
1
|
|
18
|
|
23
|
|
23
|
|
24
|
|
24
|
|
24
|
|
24
|
|
24
|
|
24
|
|
24
|
|
25
|
ITEM 1.
|
FINANCIAL STATEMENTS.
|
|
June 30, 2023
(Unaudited)
|
December 31, 2022
|
|||||||
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
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Deferred underwriting fees payable
|
|
|
||||||
|
|
|
||||||
Total liabilities
|
|
|
||||||
|
||||||||
Commitments and Contingencies (Note 6)
|
||||||||
|
||||||||
Class A ordinary shares subject to possible redemption,
|
|
|
||||||
|
||||||||
Shareholders’ Deficit
|
||||||||
Preference shares, $
|
|
|
||||||
Class A ordinary shares, $
|
|
|
||||||
Class B 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 Three
Months Ended
June 30,
2023
|
For The Three
Months Ended
June 30,
2022
|
For The Six
Months Ended
June 30, 2023
|
For The Six
Months Ended
June 30,
2022
|
|||||||||||||
General and administrative expenses
|
$
|
|
$
|
|
$ | $ | ||||||||||
Loss from operations
|
(
|
)
|
(
|
)
|
( |
) | ( |
) | ||||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account
|
||||||||||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
$ | $ | ( |
) | |||||||
Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic
and diluted
|
|
|
||||||||||||||
Basic and diluted net income (loss) per share, Class A ordinary shares subject to possible
redemption
|
$
|
|
$
|
|
$ | $ | ||||||||||
Weighted average shares outstanding of Class B non-redeemable ordinary shares, basic and diluted
|
|
|
||||||||||||||
Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares
|
$
|
|
$
|
|
$ | $ |
Ordinary Shares
|
Ordinary Shares
|
|||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Accumulated
Deficit
|
Total Shareholders'
Deficit
|
||||||||||||||||||||||
Balance as of January 1, 2023
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Remeasurement of Class A ordinary shares to redemption value
|
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Net income |
- | - | ||||||||||||||||||||||||||
Balance as of March 31, 2023 (unaudited)
|
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
Redemption of Class A ordinary shares
|
||||||||||||||||||||||||||||
Capital contribution made by Sponsor for non-redemption agreements
|
- | - | - | - | - | |||||||||||||||||||||||
Cost of raising capital related to shareholder non-redemption agreements
|
- | - | - | - | ( |
) | - | ( |
) | |||||||||||||||||||
Remeasurement of Class A
ordinary shares to redemption value
|
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Net income | - | - | ||||||||||||||||||||||||||
Balance as of June 30, 2023 (unaudited)
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
Ordinary Shares
|
Ordinary Shares
|
|||||||||||||||||||||||||||
Class A | Class B | |||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Additional
Paid-In
Capital
|
Accumulated
Deficit
|
Total Shareholders'
Deficit
|
||||||||||||||||||||||
Balance as of January 1, 2022
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Net loss | - | - | ( |
) | ( |
) | ||||||||||||||||||||||
Balance as of March 31, 2022 (unaudited)
|
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||||||||
Remeasurement of Class
A ordinary shares to redemption value
|
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Net loss |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Balance as of June 30,
2022 (unaudited)
|
$ |
$ | $ | $ | ( |
) | $ | ( |
) |
|
FOR THE SIX
MONTHS ENDED
JUNE 30, 2023
|
FOR THE SIX MONTHS
ENDED JUNE 30, 2022
|
||||||
Cash Flows from Operating Activities
|
||||||||
Net income (loss)
|
$
|
|
$ | ( |
) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Gain on marketable securities (net), dividends and interest, held in Trust Account | ( |
) | ( |
) | ||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
||||||||
Accounts payable
|
|
( |
) | |||||
Accrued expenses
|
|
|||||||
Net cash used in operating activities
|
(
|
)
|
( |
) | ||||
Cash Flows from Investing Activities
|
||||||||
Trust Account Withdrawal - redemption | ||||||||
Net cash provided by investing activities |
||||||||
Cash Flows from Financing Activities | ||||||||
Redemption of Class A shares | ( |
) | ||||||
Net cash used in financing activities | ( |
) | ||||||
Net decrease in cash
|
(
|
)
|
( |
) | ||||
Cash - beginning of period
|
|
|||||||
Cash - end of period
|
$
|
|
$ | |||||
Supplemental disclosure of noncash investing and financing activities:
|
||||||||
Remeasurement of Class A shares to redemption value |
$ | $ | ||||||
Capital contribution from Sponsor
|
$ | $ | ||||||
Offering cost associated with non-redemption agreement
|
$ | ( |
) | $ |
Level 1:
|
Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide
pricing information on an ongoing basis.
|
Level 2:
|
Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
|
Level 3:
|
Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.
|
For The Three Months
Ended
June 30, 2023
|
For The Three Months
Ended
June 30, 2022
|
For The Six Months
Ended
June 30, 2023
|
For The Six Months
Ended
June 30, 2022
|
|||||||||||||||||||||||||||||
Class A
|
Class B
|
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Allocation of net income (loss)
|
$
|
|
$
|
|
$ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||||
Basic and diluted weighted average shares outstanding
|
|
|
||||||||||||||||||||||||||||||
Basic and diluted net income (loss) per share
|
|
Number of
Shares
|
Amount |
|||||||
Gross proceeds
|
$
|
|
||||||
Less:
|
||||||||
Class A ordinary shares issuance costs
|
- |
(
|
)
|
|||||
Fair value of Public Warrants at issuance
|
- |
(
|
)
|
|||||
|
||||||||
Plus:
|
||||||||
Accretion of carrying value to redemption value
|
- |
|
||||||
Class A ordinary shares subject to possible redemption at December 31, 2021
|
|
|||||||
Remeasurement of redemption value of Class A ordinary shares subject to possible redemption |
- |
|||||||
Class A ordinary shares subject to possible redemption at December 31, 2022 | $ | |||||||
Remeasurement of redemption value of Class A ordinary shares subject to possible redemption | - |
|||||||
Class A ordinary shares subject to possible redemption at March 31, 2023 | $ | |||||||
Remeasurement of redemption value of Class A ordinary shares subject to possible redemption | - | |||||||
Redemption of Class A ordinary shares
|
( |
) | ( |
) | ||||
Class A ordinary shares subject to possible redemption at June 30, 2023 | $ |
● |
in whole and not in part;
|
● |
at a price of $
|
● |
upon a minimum of
|
● |
if, and only if the last reported sale price of Class A ordinary shares for any
|
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
|
$
|
|
$
|
|
$
|
|
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
|
$
|
|
$
|
|
$
|
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
ITEM 4. |
CONTROLS AND PROCEDURES.
|
ITEM 1. |
LEGAL PROCEEDINGS.
|
ITEM 1A. |
RISK FACTORS
|
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES.
|
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES.
|
ITEM 4. |
MINE SAFETY DISCLOSURES.
|
ITEM 5. |
OTHER INFORMATION.
|
a)
|
None.
|
b)
|
None.
|
c)
|
Not applicable.
|
ITEM 6. |
EXHIBITS.
|
No.
|
Description of Exhibit
|
|
Second Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 filed with the Company’s Current Report on Form 8-K filed with the SEC on May 15, 2023 (File No.
001-41041))
|
||
10.1 |
Form of Non-Redemption Agreement (incorporated by reference to Exhibit 10.1 filed with the Company’s Current Report on Form 8-K filed with the SEC
on May 5, 2023 (File No. 001-41041))
|
|
Certification of Principal Executive 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
|
||
Certification of Principal Financial and Accounting 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
|
||
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
Certification of Principal Financial and Accounting 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
|
DP CAP ACQUISITION CORP I
|
||
Date: August 14, 2023
|
By:
|
/s/ Scott Savitz
|
Name:
|
Scott Savitz
|
|
Title:
|
Chief Executive Officer and Chairman
|
|
By:
|
/s/ Bruce Revzin
|
|
Date: August 14, 2023
|
Name:
|
Bruce Revzin
|
Title:
|
Chief Financial Officer
|
|
(Principal Accounting and Financial Officer)
|