|
|
|
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number) |
(I.R.S. Employer Identification Number)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
|
|
|
||
|
|
|
||
|
|
|
Large accelerated filer
|
☐ |
Accelerated filer
|
☐ |
|
☒ |
Smaller reporting company
|
|
Emerging growth company
|
|
Page
|
||
PART I. FINANCIAL INFORMATION
|
||
Item 1.
|
1
|
|
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
Item 2.
|
21
|
|
Item 3.
|
27
|
|
Item 4.
|
27
|
|
PART II. OTHER INFORMATION
|
||
Item 1.
|
27
|
|
Item 1A.
|
27
|
|
Item 2.
|
28
|
|
Item 3.
|
28
|
|
Item 4.
|
28
|
|
Item 5.
|
28
|
|
Item 6.
|
28
|
|
Signatures |
29 |
Assets:
|
||||
Current assets:
|
||||
Cash
|
$
|
|
||
Prepaid expenses
|
|
|||
Total current assets
|
|
|||
Investments held in Trust Account
|
|
|||
Total Assets
|
$
|
|
||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
|
||||
Current liabilities:
|
||||
Accounts payable
|
$
|
|
||
Accrued expenses
|
|
|||
Total current liabilities
|
|
|||
Derivative warrant liabilities
|
|
|||
Deferred underwriting commissions in connection with the initial public offering
|
|
|||
Total liabilities
|
|
|||
Commitments and Contingencies
|
||||
Class A ordinary shares subject to possible redemption; $
|
|
|||
Shareholders’ Deficit:
|
||||
Preference shares, $
|
|
|||
Class A ordinary shares, $
|
|
|||
Class B ordinary shares, $
|
|
|||
Class F ordinary shares, $
|
|
|||
Additional paid-in capital
|
|
|||
Accumulated deficit
|
(
|
)
|
||
Total shareholders’ deficit
|
(
|
)
|
||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
$
|
|
For the Three Months
Ended September 30, 2021
|
From January 1, 2021
(Commencement of Operations)
Through September 30, 2021
|
|||||||
General and administrative expenses
|
$
|
|
$
|
|
||||
Loss from operations
|
(
|
)
|
(
|
)
|
||||
Other income (expenses):
|
||||||||
Change in fair value of derivative warrant liabilities
|
|
|
||||||
Offering costs associated with derivative warrant liabilities
|
(
|
)
|
(
|
)
|
||||
Income from investments held in Trust Account
|
|
|
||||||
Net income
|
$
|
|
$
|
|
||||
Weighted average number of shares outstanding of Class A ordinary shares, basic and diluted
|
|
|
||||||
Basic net income per share, Class A ordinary shares
|
$ | $ | ||||||
Diluted net income per share, Class A ordinary shares | ||||||||
Weighted average number of shares outstanding of Class B ordinary shares, basic and diluted
|
|
|||||||
Basic net income per share, Class B ordinary shares
|
$
|
$
|
||||||
Diluted net income per share, Class B ordinary shares | ||||||||
Weighted average number of shares outstanding of Class F ordinary shares, basic
|
|
|
||||||
Basic net income per share, Class F ordinary shares
|
$
|
|
$
|
|
||||
Weighted average number of shares outstanding of Class F ordinary shares, diluted
|
|
|
||||||
Diluted net income per share, Class F ordinary shares
|
$
|
|
$
|
|
|
Ordinary shares
|
Total
|
||||||||||||||||||||||||||||||||||
|
Class A
|
Class B
|
Class F
|
Additional Paid-In
|
Accumulated
|
Shareholders’
|
||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
|||||||||||||||||||||||||||
Balance - January 1, 2021
|
|
$
|
|
|
$
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor
|
-
|
-
|
|
|
-
|
-
|
|
|
|
|||||||||||||||||||||||||||
Issuance of Class F ordinary shares to Sponsor
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net loss
|
-
|
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
Balance - March 31, 2021 (unaudited)
|
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
Net loss
|
-
|
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
Balance - June 30, 2021 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||
Excess of cash received over fair value of private placement warrants
|
- | - | - | |||||||||||||||||||||||||||||||||
Forfeiture of Class F ordinary shares
|
- | - | - | - | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Accretion of Class A ordinary shares subject to possible redemption amount
|
- | - | - | - | - | - | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Net income | - | - | - | |||||||||||||||||||||||||||||||||
Balance - September 30, 2021 (unaudited)
|
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) |
Cash Flows from Operating Activities:
|
||||
Net income
|
$
|
|
||
Adjustments to reconcile net income to net cash from operating activities:
|
||||
General and administrative expenses paid by related party in exchange for issuance of Class B and Class F ordinary shares
|
|
|||
Offering costs associated with derivative warrant liabilities
|
|
|||
Change in fair value of derivative warrant liabilities
|
(
|
)
|
||
Income from investments held in Trust Account
|
(
|
)
|
||
Changes in operating assets and liabilities:
|
||||
Prepaid expenses
|
(
|
)
|
||
Accounts payable
|
|
|||
Accrued expenses
|
|
|||
Net cash used in operating activities
|
(
|
)
|
||
Cash Flows from Investing Activities
|
||||
Cash deposited in Trust Account
|
(
|
)
|
||
Net cash used in investing activities
|
(
|
)
|
||
Cash Flows from Financing Activities:
|
||||
Loan proceeds received from related party
|
|
|||
Repayment of loan to related party
|
(
|
)
|
||
Proceeds received from initial public offering, gross
|
|
|||
Proceeds received from private placement
|
|
|||
Offering costs paid
|
(
|
)
|
||
Net cash provided by financing activities
|
|
|||
Net change in cash
|
|
|||
Cash - beginning of the period
|
|
|||
Cash - end of the period
|
$
|
|
||
Supplemental disclosure of noncash financing activities:
|
||||
Offering costs included in accounts payable
|
$
|
|
||
Offering costs included in accrued expenses
|
$
|
|
||
Deferred underwriting commissions in connection with the initial public offering
|
$
|
|
• |
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 Period From January 1, 2021 (Commencement of Operations) through
September 30, 2021
|
|||||||||||||||||||||||
Class A
|
Class B
|
Class F
|
Class A
|
Class B
|
Class F
|
|||||||||||||||||||
Basic net income per common share:
|
||||||||||||||||||||||||
Numerator:
|
||||||||||||||||||||||||
Allocation of net income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Denominator:
|
||||||||||||||||||||||||
Basic weighted average ordinary shares outstanding
|
|
|
|
|
|
|
||||||||||||||||||
Basic net income per ordinary share
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
For the Three Months Ended
September 30, 2021 |
|
|
For The Period From January 1, 2021
(Commencement of Operations) through
September 30, 2021
|
|
||||||||||||||||||
|
|
Class A
|
|
|
Class B
|
|
|
Class F
|
|
|
Class A
|
|
|
Class B
|
|
|
Class F
|
|
||||||
Diluted net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allocation of net income
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per ordinary share
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
Gross proceeds
|
$
|
|
||
Less:
|
||||
Fair value of Public Warrants at issuance
|
(
|
)
|
||
Offering costs allocated to Class A ordinary shares subject to possible redemption
|
(
|
)
|
||
Plus:
|
||||
Accretion on Class A ordinary shares subject to possible redemption amount
|
|
|||
Class A ordinary shares subject to possible redemption
|
$
|
|
• |
If the price per share of Class A ordinary shares
has not exceeded $
|
• |
If the price per share of Class A ordinary shares
exceeded $
|
o |
|
o |
|
• |
The increase in the price of Class A ordinary shares
will be based on the annual VWAP for the relevant fiscal year, it being understood that with respect to the 10th fiscal year following the Partnering Transaction the conversion calculation [for the remaining
|
• |
at any time while the warrants are exercisable,
|
• |
upon a minimum of
|
• |
if, and only if, the last sales price of the Class A
ordinary shares equals or exceeds $
|
• |
if, and only if, there is a current registration
statement in effect with respect to the Class A ordinary shares underlying such warrants commencing
business days prior
to the |
Description |
Quoted Prices in Active
Markets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant Other
Unobservable Inputs
(Level 3)
|
|||||||||
Assets:
|
||||||||||||
Investments held in Trust Account - U.S. Treasury Securities
|
$ |
$ |
$ |
|||||||||
Liabilities:
|
||||||||||||
Derivative warrant liabilities - Public warrants |
$ |
$ |
$ |
|||||||||
Derivative warrant liabilities - Private placement warrants
|
$ |
$ |
$ |
At initial issuance |
As of September 30, 2021 |
|||||||
Exercise price
|
$ | $ | ||||||
Stock price
|
$ | $ | ||||||
Volatility |
|
%
|
|
%
|
||||
Term (years) |
||||||||
Risk-free rate
|
% | % | ||||||
Dividend yield |
|
%
|
|
%
|
Derivative warrant liabilities at January 1, 2021 |
$ |
|||
Issuance of Public and Private Warrants
|
||||
Transfer of Public Warrants to Level 1
|
(
|
)
|
||
Change in fair value of derivative warrant liabilities
|
( |
) | ||
Derivative warrant liabilities at September 30, 2021 (unaudited) |
$ |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities
|
Item 3. |
Defaults upon Senior Securities
|
Item 4. |
Mine Safety Disclosures.
|
Item 5. |
Other Information.
|
Item 6. |
Exhibits.
|
Exhibit
Number
|
Description
|
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
Certification of Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002.
|
|
Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of Chief Financial Officer (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*
|
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 Label Linkbase Document
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
* |
Filed herewith.
|
**
|
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 12, 2021
|
CORSAIR PARTNERING CORPORATION
|
|
By:
|
/s/ D.T Ignacio Jayanti
|
|
Name:
|
D.T Ignacio Jayanti
|
|
Title:
|
Chief Executive Officer
(Principal Executive Officer)
|
|
Dated: November 12, 2021
|
||
By:
|
/s/ Paul Cabral
|
|
Name:
|
Paul Cabral
|
|
Title:
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|