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 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
The | ||||
The | ||||
The |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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Item 1. |
3 |
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3 |
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4 |
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5 |
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6 |
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7 |
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Item 2. |
21 |
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Item 3. |
24 |
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Item 4. |
25 |
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Item 1. |
26 |
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Item 1A. |
26 |
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Item 2. |
26 |
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Item 3. |
26 |
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Item 4. |
26 |
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Item 5. |
26 |
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Item 6. |
27 |
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28 |
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 |
$ | $ | ||||||
Due from related party |
— | |||||||
Prepaid expenses |
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Total current assets |
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Marketable securities held in Trust Account |
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Total Assets |
$ |
$ |
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Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ Deficit |
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Current liabilities: |
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Accounts payable and accrued expenses |
$ | $ | ||||||
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Total current liabilities |
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Warrant liabilities |
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Deferred underwriter discount payable |
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Total liabilities |
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Commitments and contingencies (Note 6) |
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Class A ordinary shares, $ and $ per share, 2021, respectively |
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Shareholders’ Deficit: |
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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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Total Shareholders’ Deficit |
( |
) | ( |
) | ||||
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Total Liabilities, Class A ordinary shares subject to possible redemption and Shareholders’ Deficit |
$ |
$ |
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For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
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2022 |
2021 |
2022 |
2021 |
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Formation and operating costs |
$ | $ | $ | $ | ||||||||||||
Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Other income |
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Interest income on marketable securities held in Trust Account |
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Change in fair value of warrant liabilities |
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Total other income |
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Net income |
$ |
$ |
$ |
$ |
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Weighted average shares outstanding of Class A ordinary shares subject to possible redemption |
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Basic and diluted net income per Class A ordinary share subject to possible redemption |
$ |
$ |
$ |
$ |
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Weighted average shares outstanding of Class B ordinary shares |
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Basic and diluted net income per Class B ordinary share |
$ |
$ |
$ |
$ |
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Ordinary |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance as of December 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of March 31, 2022 (unaudited) |
( |
) |
( |
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Accretion of carrying value to redemption value |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of June 30, 2022 (unaudited) |
$ |
$ |
$ |
— |
$ |
( |
) | $ |
( |
) | ||||||||||||||||||
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Ordinary |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance as of December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net income |
— | — |
— | — | — | |||||||||||||||||||||||
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Balance as of March 31, 2021 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of June 30, 2021 (unaudited) |
— |
$ |
— |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||
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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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Interest income on marketable securities held in Trust Account |
( |
) | ( |
) | ||||
Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
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Due from related party |
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Accounts payable and accrued expenses |
( |
) | ||||||
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Net cash used in operating 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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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 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 |
$ |
$ |
$ |
$ |
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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 |
$ |
$ |
$ |
$ |
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Gross Proceeds |
$ | |||
Less: Proceeds allocated to Public Warrants |
( |
) | ||
Less: Issuance costs related to Class A ordinary shares |
( |
) | ||
Plus: Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption as of December 31, 2021 |
$ |
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Plus: Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption as of June 30, 2022 |
$ |
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• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sales price (the “closing price”) of the Class A ordinary shares equals or exceeds $ days within a ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
• | 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. |
June 30, 2022 |
Quoted Prices In Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Description |
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Assets: |
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Marketable Securities held in Trust Account |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities: |
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Warrant Liability – Public Warrants |
$ | $ | — | $ | $ | — | ||||||||||
Warrant Liability – Private Warrants |
$ | $ | — | $ | — | $ |
December 31, 2021 |
Quoted Prices In Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Description |
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Assets: |
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Marketable Securities held in Trust Account |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities: |
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Warrant Liability – Public Warrants |
$ | $ | $ | — | $ | — | ||||||||||
Warrant Liability – Private Warrants |
$ | $ | — | $ | — | $ |
As of June 30, 2022 |
As of December 31, 2021 |
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Share price |
$ | |
$ | |
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Strike price |
$ | $ | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % |
Fair Value at December 31, 2021 |
$ | |||
Change in fair value |
( |
) | ||
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Fair Value at March 31, 2022 |
$ | |||
Change in fair value |
( |
) | ||
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Fair Value at June 30, 2022 |
$ |
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Fair Value at December 31, 2020 |
$ | |||
Change in fair value |
( |
) | ||
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Fair Value at March 31, 2021 |
$ | |||
Change in fair value |
( |
) | ||
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Fair Value at June 30, 2021 |
$ |
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• | We have implemented procedures intended to ensure that we identify and apply the applicable accounting guidance to all complex transactions. |
• | We are establishing additional monitoring and oversight controls designed to ensure the accuracy and completeness of our consolidated financial statements and disclosures. |
* | 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. |
Dated: August 12, 2022 | SARISSA CAPITAL ACQUISITION CORP. | |||||
By: | /s/ Alexander Denner | |||||
Name: | Alexander Denner | |||||
Title: | Chairman of the Board of Directors and Chief Executive Officer (Principal Executive Officer) | |||||
Dated: August 12, 2022 | SARISSA CAPITAL ACQUISITION CORP. | |||||
By: | /s/ Patrice Bonfiglio | |||||
Name: | Patrice Bonfiglio | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |