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 or organization) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
(Address Of Principal Executive Offices) |
(Zip Code) |
Title of Each Class: |
Trading Symbol: |
Name of Each Exchange on Which Registered: | ||
one-fifth of one redeemable warrant |
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Large accelerated filer |
☐ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☒ |
Smaller reporting company |
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Emerging growth company |
Page |
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Item 1. |
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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5 |
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Item 2. |
20 |
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Item 3. |
25 |
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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 |
September 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 |
$ | $ | — | |||||
Due from related party |
— | |||||||
Prepaid expenses |
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Total current assets |
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Investments held in Trust Account |
— | |||||||
Deferred offering costs associated with the initial public offering |
— | |||||||
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 |
$ | $ | ||||||
Accrued expenses |
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Due to related party |
— | |||||||
Working capital loan—related party |
— | |||||||
Note payable—related party |
— | |||||||
Total current liabilities |
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Deferred underwriting commissions |
— | |||||||
Derivative liabilities |
— | |||||||
Total liabilities |
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Commitments and Contingencies |
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Class A ordinary shares subject to possible redemption, $ - |
— | |||||||
Shareholders’ Deficit: |
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Preference shares, $ |
— | |||||||
Class A ordinary shares, $ (excluding |
— |
— |
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Class B ordinary shares, $ |
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Additional paid-in capital |
— | |||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Total shareholders’ deficit |
( |
) | ( |
) | ||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ |
$ |
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For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
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General and administrative expenses |
$ | $ | ||||||
General and administrative expenses—related party |
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|
|
|
|
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Loss from operations |
( |
) | ( |
) | ||||
Other income (expense) |
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Offering costs associated with derivative warrant liabilities |
— | ( |
) | |||||
Loss on the forward purchase agreement |
— | ( |
) | |||||
Loss on working capital loan |
( |
) | ||||||
Change in fair value of derivative liabilities |
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Change in fair value of working capital loan |
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Income from investments held in Trust Account |
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|
|
|
|
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Net income |
$ |
$ | ||||||
|
|
|
|
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Basic and diluted weighted average shares outstanding of Class A ordinary shares |
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|
|
|
|
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Basic and diluted net income per ordinary share, Class A ordinary shares |
$ |
$ | ||||||
|
|
|
|
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Basic and diluted weighted average shares outstanding of Class B ordinary shares |
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|
|
|
|
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Basic and diluted net income per ordinary share, Class B ordinary shares |
$ |
$ | ||||||
|
|
|
|
Ordinary Shares |
Additional |
Total |
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Class A |
Class B |
Paid-in |
Accumulated |
Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance—December 31, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Accretion of Class A ordinary shares subject to redemption amount |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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|
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Balance— March 31, 2021 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance— June 30, 2021 (unaudited) |
( |
) |
( |
) | ||||||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance— September 30, 2021 (unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
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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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General and administrative expenses paid by related party under promissory note |
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Non-cash compensation to Sponsor |
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Offering costs associated with derivative warrant liabilities |
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Loss on the forward purchase agreement |
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Loss on working capital loan |
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Change in fair value of derivative liabilities |
( |
) | ||
Change in fair value of working capital loan |
( |
) | ||
Income from investments held in Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
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Due from related party |
( |
) | ||
Prepaid expenses |
( |
) | ||
Accounts payable |
( |
) | ||
Accrued expenses |
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Due to related party |
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|
|
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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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Cash deposited 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 received from working capital loan to related party |
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Repayment of note payable to related party |
( |
) | ||
Proceeds received from initial public offering, gross |
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Proceeds received from private placement |
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Offering costs paid |
( |
) | ||
|
|
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Net cash provided by financing activities |
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|
|
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Net increase in cash |
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Cash—beginning of the period |
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|
|
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Cash—end of the period |
$ |
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|
|
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Supplemental disclosure of noncash investing and financing activities: |
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Offering costs included in accounts payable |
$ | |||
Offering costs included in accrued expenses |
$ | |||
Offering costs paid by related party under promissory note |
$ | |||
Reversal of accrued expenses |
$ | ( |
) | |
Deferred underwriting commissions |
$ |
• |
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. |
For the Three Months Ended September 30, 2021 |
For the Nine Months Ended September 30, 2021 |
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Class A ordinary shares |
Class B ordinary shares |
Class A ordinary shares |
Class B ordinary shares |
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Basic and diluted net income per ordinary share: |
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Numerator: |
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Allocation of net income |
$ |
$ | $ |
$ | ||||||||||||
Denominator: |
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Basic and diluted weighted average ordinary share outstanding |
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Basic and diluted net income per ordinary share |
$ | $ | $ | $ | ||||||||||||
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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 sale price (the “closing price”) of Class A ordinary shares equals or exceeds $ |
• | |
in whole and not in part; |
• | |
at $ |
• | |
if, and only if, the closing price of Class A ordinary shares equals or exceeds $ |
• | |
if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
As of September 30, 2021 |
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Gross proceeds |
$ |
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Less: |
|
|
|
|
Proceeds allocated to public warrants |
|
|
( |
) |
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
||||
|
|
|||
Class A ordinary shares subject to possible redemption |
$ | |||
|
|
Fair Value Measured as of September 30, 2021 |
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Level 1 |
Level 2 |
Level 3 |
Total |
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Assets: |
||||||||||||||||
Investments held in Trust Account |
$ | $ | $ | $ | ||||||||||||
Liabilities: |
||||||||||||||||
Working capital loan—related party |
$ | — | $ | — | $ | $ | ||||||||||
Derivative liabilities—public warrants |
$ | $ | — | $ | — | $ | ||||||||||
Derivative liabilities—private warrants |
$ | — | $ | — | $ | $ | ||||||||||
Derivative liabilities—forward purchase warrants |
$ | — | $ | — | $ | $ |
As of January 12, 2021 |
As of September 30, 2021 |
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Option term (in years) |
||||||||
Volatility |
% | % | ||||||
Risk-free interest rate |
% | % | ||||||
Expected dividends |
% | % |
Derivative liabilities beginning of the period |
$ | |||
Issuance of derivative liabilities |
||||
Transfer of Public Warrants to a Level 1 measurement |
( |
) | ||
Change in fair value of derivative liabilities—Level 3 measurement (1) |
( |
) | ||
|
|
|||
Derivative liabilities at March 31, 2021—Level 3 measurement |
||||
Change in fair value of derivative liabilities—Level 3 measurement (2) |
( |
) | ||
|
|
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Derivative liabilities at June 30, 2021—Level 3 measurement |
||||
Change in fair value of derivative liabilities—Level 3 measurement (3) |
( |
) | ||
|
|
|||
Derivative liabilities at September 30, 2021—Level 3 measurement |
$ | |||
|
|
(1) | includes a $ |
(2) | includes a $ |
(3) | includes a $ |
Fair Value at January 1, 2021 |
$ | |||
Initial fair value of working capital loan — related party |
||||
Change in fair value of working capital loan — related party |
( |
) | ||
|
|
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Fair value of working capital loan — related party, June 30, 2021 |
||||
Change in fair value of working capital loan — related party |
( |
) | ||
|
|
|||
Fair value of working capital loan — related party, September 30, 2021 |
$ | |||
|
|
* |
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: November 9, 2021 | SVF INVESTMENT CORP. | |||||
By: | /s/ Rajeev Misra | |||||
Name: | Rajeev Misra | |||||
Title: | Chief Executive Officer |