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) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-third of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page |
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2 |
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3 |
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4 |
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5 |
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16 |
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18 |
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18 |
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18 |
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19 |
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19 |
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20 |
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20 |
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20 |
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20 |
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22 |
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 |
$ | — | ||||||
Prepaid expenses |
— | |||||||
Total Current Assets |
— | |||||||
Deferred offering costs |
— | |||||||
Cash held in Trust Account |
— | |||||||
TOTAL ASSETS |
$ |
$ |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities |
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Accrued e xpenses |
$ | $ | — | |||||
Accrued offering expenses |
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Advance from related party |
— | |||||||
Promissory note – related party |
— | |||||||
Total Current Liabilities |
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Warrant l iabilities |
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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; |
— | |||||||
Shareholders’ Equity |
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Preference shares, $ |
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Class A ordinary shares, $ |
— | |||||||
Class B ordinary shares, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Total Shareholders’ Equity |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
$ |
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(1) | At December 31, 2020, included up to capitalization (see Note 6). |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2021 |
2021 |
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General and administrative expenses |
$ | $ | ||||||
Loss from operations |
( |
) |
( |
) | ||||
Other income (expense): |
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Change in fair value of warrant liabilities |
( |
) | ||||||
Transaction costs alloc warrant liabilitiesated to |
( |
) | ||||||
Total other income (expense), net |
( |
) | ||||||
Net loss |
$ |
( |
) |
$ |
( |
) | ||
Basic and diluted 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 |
$ |
$ |
||||||
Basic and diluted weighted average shares outstanding, n on-redeemable Class B ordinary shares (1) |
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Basic and diluted net loss per share, no n-redeemable C ordinary shareslass B |
$ |
( |
) |
$ |
( |
) | ||
(1) | At December 31, 2020, excluded up to capitalization (see Note 6). |
Class A Ordinary Shares |
Class B (1) Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance — January 1, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Sale of |
— | — | — | |||||||||||||||||||||||||
Cash Paid in excess of fair value for private warrants |
— | — | — | — | — | |||||||||||||||||||||||
Class A Ordinary shares subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance – March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Founder Shares subject for Forfeiture |
— |
— |
( |
) |
( |
) |
— |
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Change in Class A ordinary shares subject to possible redemption |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance – June 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||
(1) | At December 31, 2020, included up to 2021 , the Founder Shares include an aggregate of up to capitalization (see Note 6). |
Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Change in fair value of warrant liabilities |
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Transaction costs allocated to warrant liabilities |
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Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||
Accrued expenses |
||||
Net cash used in operating activities |
( |
) | ||
Cash Flows from Investing Activities: |
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Investment of cash in Trust Account |
( |
) | ||
Net cash used in investing activities |
( |
) | ||
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 advance from related party |
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Repayment of promissory note – related party |
( |
) | ||
Payment of offering costs |
( |
) | ||
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 included in accrued offering costs |
$ | |||
Offering costs paid through promissory note |
$ | |||
Payment of prepaid expenses through promissory note |
$ | |||
Initial classification of Class A ordinary shares subject to possible redemption |
$ |
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Change in value of Class A ordinary shares subject to redemption |
$ | |||
Deferred underwriting fee payable |
$ | |||
Forfeiture of Founder Shares |
$ | ( |
) | |
For the Three Months ended June 30, 2021 |
For the Six Months ended June 30, 2021 |
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Class A ordinary Shares subject to possible redemption |
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Numerator: Earnings allocable to Class A ordinary shares subject to possible redemption |
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Interest earned on marketable securities held in Trust Account |
$ | $ | ||||||
|
|
|
|
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Net income (loss) attributable to Class A ordinary shares subject to possible redemption |
$ | $ | ||||||
|
|
|
|
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Denominator: Weighted Average Class A ordinary shares subject to possible redemption |
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Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption |
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|
|
|
|
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Basic and diluted net income (loss) per share, Class A ordinary shares subject to possible redemption |
$ | $ | ||||||
|
|
|
|
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Non-Redeemable Ordinary shares |
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Numerator: Net loss minus Net Earnings—Basic |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Less: Net income allocable to Class A ordinary shares subject to possible redemption |
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|
|
|
|
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Non-Redeemable Net loss—Basic |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
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Denominator: Weighted Average n on- ordinary sharesr edeemable Class B |
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Basic and diluted weighted average shares outstanding, n on-redeemable Class B |
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|
|
|
|
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Basic net loss per share, n on-redeemable ordinary shares Class B |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any |
• | in whole and not in part; |
• | at $ provided |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 30 -trading day period ending three trading days before the Company send the notice of redemption to the warrant holders; and |
• | if the closing price of the Class A ordinary shares for any |
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 our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description |
Level |
June 30, 2021 |
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Liabilities: |
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Warrant Liability – Public Warrants |
1 | $ | ||||||
Warrant Liability – Private Placement Warrants |
3 | $ |
Input |
June 30, 2021 |
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Risk-free interest rate |
% | |||
Expected Term (Years) |
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Expected volatility |
% | |||
Exercise price |
$ | |||
Unit Price |
$ |
Private Placement | Public | Warrant Liabilities | ||||||||||
Fair value as of January 1, 2021 |
$ | $ | $ | |||||||||
Initial measurement on March 4, 2021 (IPO) |
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Initial measurement on March 5, 2021 (Over allotment) |
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Change in fair value |
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Fair value as of March 31, 2021 |
$ | $ | $ | |||||||||
Change in fair value |
— | ( |
) | ( |
) | |||||||
Transfer to Level 1 |
— | ( |
) | ( |
) | |||||||
Fair v alue as of June 30, 2021 |
$ | $ |
— | $ | ||||||||
32.2* | 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 | |
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
DHC ACQUISITION CORP. | ||||||
Date: August 16, 2021 | By: | /s/ Christopher Gaertner | ||||
Name: | Christopher Gaertner | |||||
Title: | Co-Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: August 16, 2021 | By: | /s/ Christopher Gaertner | ||||
Name: | Christopher Gaertner | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |