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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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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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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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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
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PART 1 – FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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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.
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16
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Item 3.
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19
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Item 4.
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19
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PART II – OTHER INFORMATION
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Item 1.
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20
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Item 1A.
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20
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Item 2.
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20
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Item 3.
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20
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Item 4.
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20
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Item 5.
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20
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Item 6.
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21
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22
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June 30,
2021 |
December 31,
2020 |
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(Unaudited)
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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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Total Current Assets
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Investments 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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Accrued expenses
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$
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$
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Accrued offering costs
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Total Current Liabilities
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Forward Purchase Agreement liability
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Warrant liability
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Deferred underwriting fee payable
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Total Liabilities
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Commitments and Contingencies
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Class A 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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Accumulated deficit
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(
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)
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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
June 30,
2021
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Six Months
Ended June 30,
2021
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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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Other income:
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Interest earned on marketable securities held in Trust Account
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Change in fair value of warrant liability
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Change in fair value of Forward Purchase Agreement liability
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Fair value of private placement warrant in excess of purchase price
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Other income, net
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Net income
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$
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$ | |||||
Weighted average shares outstanding of Class A ordinary shares
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Basic and diluted net income per share, Class A
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$
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$ | |||||
Weighted average shares outstanding of Class B ordinary shares
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Basic and diluted net income per share, Class B
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$
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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
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Accumulated
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Total
Shareholders’
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|||||||||||||||||||||||
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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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Deficit
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Equity
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Balance – 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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)
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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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)
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(
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)
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(
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(
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)
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Net income
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—
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—
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Balance – March 31, 2021
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(
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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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)
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(
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(
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(
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Net income
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—
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—
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Balance – 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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)
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$
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Cash Flows from Operating Activities:
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Net income
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$
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Adjustments to reconcile net income to net cash used in operating activities:
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Change in fair value of warrants liability
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(
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)
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Change in fair value of Forward Purchase Agreement liability
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(
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Interest earned on marketable securities held in Trust Account
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(
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)
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Fair value of private placement warrant in excess of purchase price | ( |
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Changes in operating assets and liabilities:
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Prepaid expenses
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Accrued expenses
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Net cash provided by (used in) operating activities
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(
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)
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Cash Flows from Investing Activities: | ||||
Investment of cash into Trust Account |
( |
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Net cash provided by (used in) investing activities
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( |
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Cash Flows from Financing Activities:
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Proceeds from the sale of Private Placement Warrants |
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Payments of offering costs
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(
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)
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Net cash provided by (used
in) financing activities
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Net Change in Cash
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(
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)
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Cash – Beginning
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Cash – Ending
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$
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Non-Cash Investing and Financing Activities:
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Change in value of ordinary shares subject to possible redemption
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$
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Three Months
Ended
June 30,
2021
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Six Months
Ended
June 30,
2021
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Class A Ordinary Shares
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Numerator: Earnings allocable to Class A Ordinary Shares
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Interest Income
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$ | |||||||
Net Earnings
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$
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Denominator: Weighted Average Class A Ordinary Shares
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Class A Ordinary Shares, Basic and Diluted
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Earnings/Basic and Diluted Class A Ordinary Shares
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$
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$ | |||||
Class B Ordinary Shares
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Numerator: Net Income (Loss) minus Net Earnings
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Net Income (Loss)
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$
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$ | |||||
Net Earnings allocable to Class A Ordinary Shares | ( |
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Net Income (Loss)
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$
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$ | |||||
Denominator: Weighted Average Class B Ordinary Shares
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Class B Ordinary Shares, Basic and Diluted
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Income/Basic and Diluted Class B Ordinary Shares
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$
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$ |
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•
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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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•
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Level 2, defined as inputs other than quoted
proces in active markets that are 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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•
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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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●
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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 last reported sale price of the Class A ordinary
shares for any
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in whole and not in part;
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at $
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if, and only if, the Reference Value equals or exceeds $
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if the Reference Value is less than $
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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.
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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.
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Level 3: |
Unobservable inputs based on our assessment of the
assumptions that market participants would use in pricing the asset or liability.
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Held-To-Maturity | Level |
Amortized
Cost
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Gross
Holding
Gain/(Loss)
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Fair
Value (i)
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June 30, 2021
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U.S. Treasury Securities
(Mature on
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1
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$
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$
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$
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December 31, 2020
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U.S. Treasury Securities
(Mature on
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1
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$
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$
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(
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)
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$
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Level
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June 30,
2021
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Level
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December 31,
2020
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Assets:
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Cash and marketable securities held in Trust Account
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1
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$
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1
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$
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Liabilities:
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Warrant liability – public warrants
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1
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$
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3
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$
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Warrant liability – private placement warrants
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3
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3
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FPA liability – committed
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3
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3
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FPA liability – optional
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3
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3
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As of
June 30, 2021
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As of
December 31, 2020
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Warrants- private placement
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Common stock price
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$
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$
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Volatility
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%
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%
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Expected life of the options to convert
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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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FPA-committed
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Common stock price
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$
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$
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Time to maturity
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Risk Free rate
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%
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%
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FPA-optional
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Common stock price
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$
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$
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Volatility
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%
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%
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Time to maturity
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Risk Free rate
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%
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%
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Public
Warrants
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Private
Placement
Warrants
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Total
Warrant
Liability
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Committed
FPA
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Optional
FPA
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Total FPA
Liability
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Fair value 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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Additional Private Placement Warrants May 27, 2021 |
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Fair Value of Private Placement Warrants in excess of purchase price
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( |
) | ( |
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Change in fair value
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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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)
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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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$
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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 6. |
EXHIBITS
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No.
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Description of Exhibit
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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
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Certification of Principal Financial 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
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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
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Certification of Principal Financial 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.CAL*
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.SCH*
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XBRL Taxonomy Extension Schema 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 Labels Linkbase Document
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101.PRE*
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XBRL Taxonomy Extension Presentation Linkbase Document
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* |
Filed herewith.
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** |
Furnished.
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TIGA ACQUISITION CORP.
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Date: August 13, 2021
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/s/ George Raymond Zage III
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Name:
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George Raymond Zage III
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Title:
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Chief Executive Office and Chairman
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(Principal Executive Officer)
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Date: August 13, 2021
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/s/ Diana Luo
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Name:
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Diana Luo
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Title:
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Chief Financial Officer
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(Principal Financial and Accounting Officer)
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