QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 .
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Large accelerated filer ☐
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Accelerated filer ☐
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Smaller reporting company
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Emerging growth company
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Page
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1
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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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18
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22
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24
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24
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24
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24
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24
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24
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25
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25
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Item 1. |
Financial Statements (Unaudited)
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June 30,
2021 |
December 31,
2020 |
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Assets
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Current assets:
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Cash
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$
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$
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Prepaid expenses
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Deferred offering costs associated with Initial Public Offering
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Total current assets
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Prepaid expenses - non-current |
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Cash Held in Trust account
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Total assets
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$
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$
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Liabilities and Shareholders’ Equity
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Current liabilities:
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Accounts payable and accrued expenses
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$
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$
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Total current liabilities
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Warrant Liabilities
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Deferred underwriters’ discount
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Total liabilities
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Commitments
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Ordinary shares subject to possible redemption,
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Shareholders’ equity:
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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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Retained earnings (Accumulated deficit)
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(
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)
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Total shareholders’ equity
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Total liabilities and shareholders’ equity
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$
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$
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Three Months Ended |
Six Months Ended |
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June 30, 2021 | June 30, 2021 | |||||||
Formation and operating costs
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$
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$ | |||||
Loss from operations
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(
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)
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(
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)
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Other income (expense):
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Dividend earned on Trust account | ||||||||
Change in fair value of warrant liabilities
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Offering expenses related to warrant issuance
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(
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)
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Total other income (expense) |
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Net income
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$
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$
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Weighted average shares outstanding, Class A Ordinary Shares subject to possible redemption
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Basic and diluted net income per share, Class A Ordinary Shares subject to possible redemption
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$
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$ | |||||
Weighted average shares outstanding, Non-redeemable ordinary shares
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Basic and diluted net income per share, Non-redeemable
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$
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$
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Ordinary Shares
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Class A
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Class B
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Additional
Paid-In
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Retained
Earnings
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Total
Shareholders’
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Shares
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Amount
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Shares
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Amount
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Capital
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(Accumulated
Deficit)
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Equity
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Balance as of December 31, 2020
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$
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$
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$
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$
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(
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)
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$
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Sale of Units in Initial Public Offering
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—
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—
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Private placement warrants
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—
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—
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Underwriters’ discount
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—
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—
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(
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)
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(
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)
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Deferred underwriting discount
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—
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—
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(
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)
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(
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)
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Initial value of public warrant liabilities
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—
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—
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(
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)
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(
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)
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Initial value of private warrant liabilities
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—
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—
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(
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)
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(
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Allocation of offering cost to warrant liability
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—
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—
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Other offering costs
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—
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—
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(
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)
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(
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Initial maximum number of redeemable shares
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(
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(
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(
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(
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Change in maximum number of redeemable shares
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(
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(
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(
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(
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Net loss
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—
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—
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(
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(
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Balance as of
March 31, 2021 |
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$
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$
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$
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$
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(
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$
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Sale of Option Units to underwriters | — | |||||||||||||||||||||||||||
Forfeiture of Founder Shares pursuant to Over-allotment | — | ( |
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Deferred underwriting discount | — | — | ( |
) | ( |
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Initial value of Over-allotment Public warrant liabilities | — | — | ( |
) | ( |
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Initial value of Over-allotment Private warrant liabilities | — | — | ( |
) | ( |
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Change in maximum number of redeemable shares | ( |
) | ( |
) | ( |
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Net income | — | — | ||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | $ | $ | $ |
Cash Flows from Operating Activities:
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Net income
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$
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Adjustments to reconcile net loss to net cash used in operating activities:
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Dividend earned on Trust account | ( |
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Change in fair value of warrant liability
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(
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Offering costs allocated to warrants
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Changes in current assets and current liabilities:
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Prepaid assets
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(
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Accounts payable
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Net cash used in operating activities
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(
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Cash Flows from Investing Activities:
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Investment of cash into trust account
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(
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Net cash used in investing activities
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(
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Cash Flows from Financing Activities:
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Proceeds from Initial Public Offering, net of underwriters’ discount
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Proceeds from sale of Option Units to underwriters | ||||
Proceeds from issuance of Private Placement Warrants
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Payments of offering costs
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(
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Net cash provided by financing activities
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Net Change in Cash
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Cash - Beginning
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Cash - Ending
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$
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Supplemental Disclosure of Non-cash Financing Activities:
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Initial value of Class A Ordinary Shares subject to possible redemption
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$
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Change in value of Class A Ordinary Shares subject to possible redemption
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$
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Initial value of warrant liabilities |
$
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Deferred underwriters’ discount payable charged to additional paid-in capital
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$
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As of March 26, 2021
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As Reported
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Adjustment
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As Adjusted
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Balance Sheet
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Warrant Liabilities
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$
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$
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$
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Total Liabilities
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Shares Subject to Redemption
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(
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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)
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(
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(
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(
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Total Shareholders’ Equity
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$
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$
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(
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$
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in whole and not in part;
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at a price of $
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upon not less than
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if, and only if, the reported closing price of the ordinary shares equals or exceeds $
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in whole and not in part;
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at a price of $
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upon not less than
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if, and only if, the Reference Value (as defined above under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $
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if the Reference Value is less than $
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● |
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
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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
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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.
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June 30,
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Quoted
Prices In
Active
Markets |
Significant
Other
Observable
Inputs |
Significant
Other
Unobservable
Inputs |
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2021
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(Level 1)
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(Level 2)
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(Level 3)
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Description
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Assets:
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Cash held in Trust Account
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$
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$
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$
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$
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Liabilities:
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Warrant liabilities
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June 30,
2021 |
March 26, 2021
(Initial
Measurement) |
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Share price
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$
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$
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Strike price
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$
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$
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Term (in years)
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Volatility
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%
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%
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Risk-free rate
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%
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%
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Dividend yield
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%
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%
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Public
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Private
Placement
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Redeemable
(over-allotment)
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Private Placement
(over-allotment)
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Warrant Liabilities
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Fair value as of January 1, 2021
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$
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$
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$
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$
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$
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Fair value as of March 26, 2021 - Initial measurement
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Change in valuation inputs or other assumptions
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(
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(
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(
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(
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(
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Fair value as of June 30, 2021
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$
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$
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$
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$
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$
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 4. |
Controls and Procedures
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Item 1. |
Legal Proceedings
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Item 1A. |
Risk Factors
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities
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Item 3. |
Defaults Upon Senior Securities
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Item 4. |
Mine Safety Disclosures
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Item 5. |
Other Information
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Item 6. |
Exhibits
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Exhibit
Number
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Description
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Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
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Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002
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Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Certification of Chief Financial Officer (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
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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* |
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.
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By:
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/s/ Phillip C. Caputo
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Name:
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Phillip C. Caputo
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Title:
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Chief Financial Officer
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