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) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-third of one redeemable warrant to acquire one Class A ordinary share |
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Large accelerated filer |
☐ |
Accelerated filer |
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Non-accelerated filer |
☒ |
Smaller reporting company |
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Emerging growth company |
Page |
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PART I. FINANCIAL INFORMATION |
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26 |
June 30, 2021 |
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Assets |
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Current assets: |
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Cash |
$ | |||
Prepaid expenses |
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Total current assets |
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Cash Held in Trust account |
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Other assets |
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Total assets |
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Liabilities and Shareholders’ Deficit |
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Current liabilities: |
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Accounts payable and accrued expenses |
$ | |||
Due to related party |
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Total current liabilities |
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Warrant Liabilities |
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Total liabilities |
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Commitments |
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Class A ordinary shares subject to possible redemption, |
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Shareholders’ deficit: |
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Preference shares, $ |
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Class A ordinary shares, $ s hares issued and outstanding (excluding at June 30, 2021 |
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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 and shareholders’ deficit |
$ | |||
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Three Months Ended June 30, 2021 |
January 27, 2021 (Inception) Through June 30, 2021 |
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Formation and operating costs |
$ | $ | ||||||
Stock compensation expense |
— | |||||||
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Loss from operations |
( |
) | ( |
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Other Income (Expense) |
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Interest income |
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Offering expenses related to warrant issuance |
( |
) | ||||||
Change in over-allotment liability |
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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 |
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Basic and diluted net income per share, Class A ordinary shares |
$ | $ | ||||||
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Weighted average shares outstanding sharesof ordinaryClass B |
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Basic and diluted net income per share, ordinary sharesClass B |
$ | $ | ||||||
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Ordinary Shares |
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 January 27, 2021 (Inception) |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of Founder Shares |
— |
— |
— |
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Excess Sponsor paid over Fair value of Private Placement Warrants |
— | — | — | — | — | |||||||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption value |
— | — | — | — | ( |
) | ( |
) |
( |
) | ||||||||||||||||||
Fair value of Founder Shares transferred to Directors |
— | — | — | — | — | |||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Balance as of March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Forfeiture of Founder Shares |
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||
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Remeasurement of Class A ordinary shares to redemption value |
— | — | ( |
) | ( |
) |
( |
) | ||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of 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 earned on Trust Account |
( |
) | ||
Stock compensation expense |
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Change in fair value of over-allotment liability |
( |
) | ||
Change in fair value of warrant liabilities |
( |
) | ||
Offering costs allocated to Warrants |
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Changes in current assets and current liabilities: |
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Prepaid assets |
( |
) | ||
Accounts payable |
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Due to related party |
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Net cash used in operating activities |
( |
) | ||
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Cash Flows from Investing Activities: |
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Investment of cash into 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 from Initial Public Offering, net of underwriter’s discount |
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Proceeds from purchase of Private Placement Warrants by related party |
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Proceeds from issuance of Founder Shares |
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Proceeds from issuance of Promissory note — related party |
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Payment of Promissory note — related party |
( |
) | ||
Payments of offering costs |
( |
) | ||
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Net cash provided by financing activities |
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Net Change in Cash |
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Cash — Beginning |
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Cash — Ending |
$ | |||
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Supplemental Disclosure of Non-Cash Financing Activities: |
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Remeasurement of Class A ordinary shares subject to possible redemption |
$ | |||
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Balance Sheet as of June 30, 2021 (unaudited) |
As Reported |
Adjustment |
As Restated |
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Accrued Expenses |
$ |
$ |
$ |
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Total Liabilities |
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Class A ordinary shares subject to possible redemption |
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Class A ordinary shares |
( |
) | ||||||||||
Additional Paid-In Capital |
( |
) | ||||||||||
(Accumulated Deficit) Retained Earnings |
( |
) |
( |
) | ||||||||
Total Shareholders’ (Deficit) Equity |
( |
) | ( |
) |
Statement of Operations for the period from January 27, 2021 (Inception) through June 30, 2021 (unaudited) |
As Reported |
Adjustment |
As Restated |
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Formation and operating costs |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Stock Compensation Expense |
( |
) |
( |
) | ||||||||
Offering expenses related to warrant issuance |
( |
) |
( |
) |
( |
) | ||||||
Change in fair value over-allotment liability |
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Net Income |
$ |
$ |
( |
) |
$ |
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Weighted average shares outstanding, Class A ordinary shares |
( |
) |
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Basic and diluted net income per share, Class A ordinary shares |
$ |
$ |
$ |
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Weighted average shares outstanding, Class B ordinary shares |
( |
) |
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Basic and diluted net income per share, Class B ordinary shares |
$ |
$ |
( |
) |
$ |
Statement of Operations for three months ended June 30, 2021 (unaudited) |
As Reported |
Adjustment |
As Restated |
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Formation and operating costs |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Change in fair value over-allotment liability |
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Net Income |
$ |
$ |
( |
) |
$ |
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Weighted average shares outstanding, Class A ordinary shares |
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Basic and diluted net income per share, Class A ordinary shares |
$ |
$ |
$ |
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Weighted average shares outstanding, Class B ordinary shares |
( |
) |
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Basic and diluted net income per share, Class B ordinary shares |
$ |
$ |
( |
) |
$ |
Statement of Cash Flows for the period from January 27, 2021 (Inception) through June 30, 2021 (unaudited) |
As Reported |
Adjustment |
As Restated |
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Net Income |
$ |
$ |
( |
) |
$ |
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Stock Compensation Expense |
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Offering expenses related to warrant issuance |
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Change in fair value over-allotment liability |
( |
) |
( |
) | ||||||||
Accounts Payable and Accrued Expenses |
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Payment of offering costs |
( |
) |
( |
) |
( |
) |
Statement of Shareholders’ Deficit for the period from January 27, 2021 (Inception) through June 30, 2021 (unaudited) |
As Reported |
Adjustment |
As Restated |
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Fair value of Founder Shares transferred to Directors |
$ |
$ |
$ |
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Remeasurement of Class A ordinary shares for the period from January 27, 2021 (Inception) through March 31, 2021 |
( |
) |
( |
) | ||||||||
Remeasurement of Class A ordinary shares, for the three months ended June 30, 2021 |
( |
) |
( |
) | ||||||||
Class A ordinary shares subject to possible redemption |
( |
) |
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Sale of Units in Initial Public Offering, net of underwriter’s fees, other offering costs and fair value of Public Warrants |
( |
) |
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Net Income (Loss) for the period from January 27, 2021 (Inception) through March 31, 2021 |
( |
) |
( |
) | ||||||||
Net Income for the three months ended June 30, 2021 |
( |
) |
For the three months ended June 30, 2021 |
For the period from January 27, 2021 (inception) through 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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Net income |
$ | $ | |
$ |
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$ |
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Denominator: |
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Weighted-average shares outstanding |
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Basic and diluted net income per share |
$ | $ | |
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$ |
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$ |
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Gross proceeds from IPO |
$ |
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Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Proceeds allocated to Derivative Liability |
( |
) | ||
Class A ordinary share issuance costs |
( |
) | ||
Plus: |
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Accretion of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption |
$ |
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• | 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 $ Securities — Warrants — Public Shareholders’ Warrants—Anti-Dilution Adjustments”) for any a period ending three trading days before the Company sends the notice of redemption to the Warrant holders. |
• | in whole and not in part; |
• | at $ Warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table sets forth ender “Description of Securities — Warrants — Public Shareholders’ Warrants” based on the redemption date and the “fair market value” of the Class A ordinary shares (as defined above) except as otherwise described below; and |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ the number of shares issuable upon exercise or the exercise price of a Warrant as described under the heading “Description of Securities Shareholders’ — Warrants — Public Warrants — Anti-Dilution Adjustments”) for any the period ending three trading days before the Company sends the notice of redemption to the Warrant holders. |
Number of Shares |
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Granted on March 12, 2021 |
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Forfeited |
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Vested |
( |
) | ||
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Unvested Outstanding at June 30, 2021 |
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Amount Vested |
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Amount vested on March 25, 2021, the Company’s IPO date (represents |
$ |
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Amount vesting on March 25, 2022, one year from the Company’s IPO date |
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(represents |
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Amount vesting upon the Company’s consummation of a successful business combination (represents |
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Total vesting amount |
$ |
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• | 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, 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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U.S. government securities in Trust Account |
$ | $ | ||||||||||||||
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Liabilities: |
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Warrant liabilities — Public |
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Warrant liabilities — Private |
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Total |
$ | $ | $ | $ | ||||||||||||
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At March 25, 2021 (Initial Measurement) |
At June 30, 2021 |
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Private Warrant Liability |
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Share price |
$ | $ | ||||||
Strike pric e |
$ | $ | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % | ||||||
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Over-Allotment Liability |
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Unit price |
$ |
$ |
— |
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Exercise price |
$ |
$ |
— |
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Term (in years) |
— |
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Volatility |
% |
— |
% | |||||
Risk-free rate |
% |
— |
% | |||||
Dividend yield |
% |
— |
% |
Warrant Liabilities |
Over-Allotment Liability |
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Fair value as of January 27, 2021 |
$ | |
$ |
|
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Initial measurement on March 25, 2021 |
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Change in fair value |
( |
) | |
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Fair value as of March 31, 2021 |
$ |
|
$ |
|
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Change in fair value |
( |
) | |
|
( |
) | ||
Transfer of public warrant liabilities to Level 1 |
( |
) | |
|
— |
| ||
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Fair value as of June 30, 2021 |
$ |
|
$ |
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* | 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. |
TB SA ACQUISITION CORP | ||
/s/ Andrew Rolfe | ||
Name: |
Andrew Rolfe | |
Title: |
Chief Executive Officer | |
(Principal Executive Officer) | ||
/s/ James Crawley | ||
Name: |
James Crawley | |
Title: |
Chief Financial Officer | |
(Principal Financial and | ||
Accounting Officer) |