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 No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half of one redeemable warrant |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Part I. Financial Information |
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Item 1. Condensed Financial Statements |
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1 |
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2 |
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3 |
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5 |
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6 |
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22 |
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27 |
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27 |
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Part II. Other Information |
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28 |
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28 |
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29 |
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29 |
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29 |
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29 |
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29 |
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30 |
June 30, 2022 |
December 31, 2021 |
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(unaudited) |
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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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Forward Purchase Agreement (FPA) asset |
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Investment held in Trust Account |
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TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND SHAREHOLDERS’ DEFICIT |
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Current liabilities |
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Accrued expenses |
$ | $ | ||||||
Due to related party |
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Promissory note—related party |
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Convertible promissory note |
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Total Current Liabilities |
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Warrant liabilities |
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Deferred underwriting fee payable |
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Total Liabilities |
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Commitments and Contingencies (Note 6) |
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Class A redeemable ordinary shares subject to possible redemption, $ and $ December 31, 2021, respectively |
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Shareholders’ Deficit |
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Preference shares, $ |
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Class B non-redeemable ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Total Shareholders’ Deficit |
( |
) |
( |
) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT |
$ |
$ |
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For the Three Months Ended June 30, 2022 |
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2021 |
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General and administrative expenses |
$ | $ | ( |
) | $ | $ | ||||||||||
|
|
|
|
|
|
|
|
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Income (loss) from operations |
( |
) | ( |
) | ( |
) | ||||||||||
Other income (expense) |
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Change in fair value of FPA |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in fair value of warrant liabilities |
( |
) | ||||||||||||||
Transaction costs allocable to warrant liabilities |
( |
) | ||||||||||||||
Change in fair value of convertible promissory note |
( |
) | ( |
) | ||||||||||||
Interest earned on investment held in Trust Account |
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Total other income (expense), net |
$ | $ | ( |
) | $ | $ | ||||||||||
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|
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|
|
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Net income (loss) |
$ |
$ |
( |
) |
$ |
$ |
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|
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Weighted average shares outstanding, Class A redeemable ordinary shares |
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|
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Basic and diluted net income (loss) per share, Class A redeemable ordinary shares |
$ |
$ |
( |
) |
$ |
$ |
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|
|
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|
|
|
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Weighted average shares outstanding, Class B non-redeemable ordinary shares |
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|
|
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Basic and diluted net income (loss) per share, Class B non-redeemable ordinary shares |
$ |
$ |
( |
) |
$ |
$ |
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|
|
|
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|
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional |
Accumulated |
Total Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Paid-In Capital |
Deficit |
Deficit |
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Balance as of January 1, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
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|
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Balance as of March 31, 2022 |
( |
) |
( |
) | ||||||||||||||||||||||||
Accretion of Class A ordinary shares to redemption amount |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
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|
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Balance as of June 30, 2022 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-In Capital |
Accumulated Deficit |
Total Shareholders’ Equity (Deficit) |
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Shares |
Amount |
Shares |
Amount |
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Balance as of January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Accretion of Class A ordinary shares to redemption amount |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Net income |
— | — | ||||||||||||||||||||||||||
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Balance as of March 31, 2021 |
( |
) |
( |
) | ||||||||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
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Balance as of June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
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For the Six Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2021 |
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Cash Flows from Operating Activities: |
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Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash used in operating activities: |
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Payment of formation costs through issuance of Class B ordinary shares |
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Interest earned on investment held in Trust Account |
( |
) | ( |
) | ||||
Change in fair value of FPA |
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Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Change in fair value of convertible promissory note |
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Transaction costs allocable to warrant liabilities |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ( |
) | ||||
Accrued expenses |
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Accrued offering costs |
( |
) | ||||||
Due to related party |
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Net cash used in operating activities |
( |
) |
( |
) | ||||
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Cash Flows from Investing Activities: |
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Investment of cash held 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 sale of Units, net of underwriting discounts paid |
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Proceeds from sale of Private Placement Warrants |
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Proceeds from the convertible promissory note - related party |
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Repayment of Sponsor loan |
( |
) | ||||||
Payment of offering costs |
( |
) | ||||||
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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 period |
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Cash – End of period |
$ |
$ |
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Non-Cash investing and financing activities: |
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Offering costs paid through promissory note |
$ | $ | ||||||
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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 classification of Class A ordinary shares subject to possible redemption |
$ | $ | ||||||
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|
|
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Deferred underwriting commissions charged to additional paid-in capital |
$ | $ | ||||||
|
|
|
|
Gross proceeds |
$ | |||
Less: Proceeds allocated to Public Warrants |
( |
) | ||
Less: Class A ordinary shares issuance costs |
( |
) | ||
Add: Accretion of carrying value to redemption value |
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Add: Remeasurement on Class A ordinary shares subject to possible redemption |
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Class A ordinary shares subject to possible redemption |
$ | |||
For the Three Months Ended June 30, 2022 |
For the Three Months Ended June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per share |
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Numerator: |
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Allocation of net income (loss) |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||
Denominator |
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Weighted -average shares outstanding |
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Basic and diluted net income (loss) per share |
$ | $ | $ | ( |
) | $ | ( |
) |
For the Six Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income per share |
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Numerator: |
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Allocation of net income |
$ | $ | $ | $ | ||||||||||||
Denominator |
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Weighted -average shares outstanding |
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Basic and diluted net income per share |
$ | $ | $ | $ |
• | in whole and not in part; |
• | at a price of $ |
• | upon not less than |
• | if, and only if, the last reported sale price of the Class A ordinary shares for any sub-divisions, share dividends, reorganizations, recapitalizations and the like). |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the Reference Value equals or exceeds $ sub-divisions, share dividends, reorganizations, recapitalizations and the like); and |
• | if the Reference Value is less than $ sub-divisions, share dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
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 the assessment of the assumptions that market participants would use in pricing the asset or liability. |
Level |
June 30, 2022 |
December 31, 2021 |
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Assets: |
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Investments held in Trust Account – U.S. Treasury Securities Money Market Funds |
1 | $ | $ | |||||||||
FPA Asset |
3 | $ | $ | |||||||||
Liabilities: |
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Warrant Liability – Public Warrants |
1 | $ | $ | |||||||||
Warrant Liability – Private Placement Warrants |
3 | $ | $ | |||||||||
Convertible promissory note – related party |
3 | $ | $ | |
January 26, 2021 (Initial measurement) |
December 31, 2021 |
June 30, 2022 |
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Unit price |
$ | $ | $ | |||||||||
Term to initial Business Combination (in years) |
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Volatility |
% | % | % | |||||||||
Risk-free rate |
% | % | % | |||||||||
Dividend yield |
% | % | % |
Private Placement |
Public |
Total Warrant Liabilities |
||||||||||
Fair value as of January 1, 2022 |
$ | $ | — | $ | ||||||||
Change in fair value-Private Warrants |
( |
) | — | ( |
) | |||||||
Fair value as of June 30, 2022 |
$ |
$ |
— |
$ |
||||||||
Private Placement |
Public |
Total Warrant Liabilities |
||||||||||
Fair value as of January 1, 2021 |
$ |
— |
$ |
— |
$ |
— |
||||||
Initial measurement on January 26, 2021 |
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Transfer to Level 1 |
— | ( |
) | ( |
) | |||||||
Change in fair value-Private Warrants |
( |
) | — | ( |
) | |||||||
Fair value as of June 30, 2021 |
$ |
$ |
— |
$ |
||||||||
Forward Purchase Units |
||||
Fair value as of January 1, 2022 |
$ | ( |
) | |
Change in fair value |
||||
Fair value as of March 31, 2022 |
( |
) | ||
Change in fair value |
||||
Fair value as of June 30, 2022 |
$ | ( |
) |
Forward Purchase Units |
||||
Fair value as of January 1, 2021 |
$ |
|||
Initial measurement on January 26, 2021 |
||||
Change in fair value |
( |
) | ||
Fair value as of March 31, 2021 |
||||
Change in fair value |
||||
Fair value as of June 30, 2021 |
$ |
June 30, 2022 |
February 14, 2022 |
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Stock price |
$ | $ | ||||||
Weighted time to conversion (in years) |
||||||||
Volatility |
% | % | ||||||
Risk-free rate |
% | % |
Convertible Promissory Note |
||||
Fair value as of January 1, 2022 |
$ |
|||
Proceeds received through Convertible Promissory Note on February 14, 2022 |
||||
Change in fair value |
||||
Fair value as of June 30, 2022 |
$ |
No. |
Description of Exhibit | |
31.1* | Certification of Principal Executive Officer and Principal Financial and Accounting Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2** | Certification of Principal Executive Officer and 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—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 Labels 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. |
** | Furnished herewith. |
PRIMAVERA CAPITAL ACQUISITION CORPORATION | ||||||
Date: August 12, 2022 | By: | /s/ Tong Chen | ||||
Name: | Tong Chen | |||||
Title: | Chief Executive Officer and Chief Financial Officer | |||||
(Principal Executive Officer and Principal Financial and Accounting Officer) |