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 |
(Commission |
(IRS Employer | ||
of Incorporation) |
File Number) |
Identification No.) |
Trading |
Name of each exchange | |||
Title of each class |
Symbol(s) |
on which registered | ||
one-third of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Page |
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Item 1. |
1 | |||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2. |
19 | |||||
Item 3. |
23 | |||||
Item 4. |
23 | |||||
Item 1. |
24 | |||||
Item 1A. |
24 | |||||
Item 2. |
24 | |||||
Item 3. |
25 | |||||
Item 4. |
25 | |||||
Item 5. |
25 | |||||
Item 6. |
26 |
Item 1. |
FINANCIAL STATEMENTS |
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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Prepaid expenses - non-current |
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Investments 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 |
$ | |||
Due to related party |
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Total current liabilities |
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Warrant liabilities |
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Deferred Underwriters’ discount |
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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, |
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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 September 30, 2021 |
For the period from February 8, 2021 (inception) through September 30, 2021 |
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Formation and operating costs |
$ | $ | ||||||
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Loss from operations |
( |
) | ( |
) | ||||
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Other income (expense) |
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Income on marketable securities held in trust |
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Change in fair value of warrant liabilities |
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Offering cost allocated to warrants |
— | ( |
) | |||||
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Total other income |
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Net income |
$ | $ | ||||||
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Weighted average Class A ordinary shares subject to possible redemption outstanding, basic and diluted |
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Basic and diluted net income per ordinary share subject to possible redemption |
$ | $ | ||||||
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Weighted average non-redeemable Class A and Class B ordinary shares outstanding |
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Basic and diluted net income per non-redeemable ordinary share |
$ | $ | ||||||
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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 as of February 8, 2021 (Inception) |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of Founder shares on February 10, 2021 |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance as of March 31, 202 1 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Excess cash received on sale of Private Placement Warrants on April 12, 2021 |
— | — | — | — | — | |||||||||||||||||||||||
Class A ordinary shares subject to possible redemption |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of June 30, 2021 |
— |
$ |
— |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||
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Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance as of September 30, 202 1 |
— |
$ |
— |
$ |
$ |
— |
$ |
( |
) |
$ |
( |
) | ||||||||||||||||
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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 cash and Investments held in Trust Account |
( |
) | ||
Offering costs allocated to warrants |
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Change in fair value of warrant liabilities |
( |
) | ||
Changes in operating assets and liabilities: |
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Prepaid assets |
( |
) | ||
Accounts payable and accrued expenses |
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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 held in Trust Account |
( |
) | ||
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Net cash used in investing activities |
( |
) | ||
Cash flows from financing activities: |
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Proceeds from initial public offering, net of underwriters’ discount |
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Proceeds from issuance of Private Placement Warrants |
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Proceeds from related party |
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Repayment 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 of the period |
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Cash, end of the period |
$ | |||
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Supplemental disclosure of noncash investing and financing activities |
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Initial classification of warrant liabilities |
$ | |||
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Initial classification of Class A ordinary shares subject to possible redemption |
$ | |||
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Accretion of Class A ordinary shares to redemption value |
$ | |||
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Deferred underwriting commissions charged to additional paid in capital |
$ | |||
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As Reported |
Adjustment |
As Restated |
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Balance Sheet as of April 12, 2021 |
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Ordinary shares subject to possible redemption ($) |
$ |
$ |
$ |
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Class A ordinary shares , $ par value |
( |
) |
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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 stockholders’ equity (deficit) |
$ |
$ |
( |
) |
$ |
( |
) | |||||
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Number of shares subject to redemption |
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As Reported |
Restatement Adjustment |
As Restated |
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Statement of Changes in Shareholders’ Equity as of June 30, 2021 (per Form 10-Q filed on October 25, 2021) |
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Sale of |
$ |
$ |
( |
) |
$ |
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Sale of |
( |
) |
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Underwriters’ discount for IPO and over-allotment |
( |
) |
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Deferred underwriters’ discount for IPO and over-allotment |
( |
) |
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Other Offering costs |
( |
) |
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Allocation of warrant costs charged to expense |
( |
) |
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Maximum number of redeemable shares |
( |
) |
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Class A ordinary shares subject to possible redemption |
$ |
$ |
( |
) |
$ |
( |
) | |||||
Statement of Cash Flows |
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Supplemental disclosure of cash flow information: |
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Initial classification of Class A ordinary shares subject to possible redemption |
( |
) | ||||||||||
Class A ordinary shares subject to redemption accretion to redemption value |
( |
) | ( |
) |
• |
The Grant can will take place upon the consummation of the Company’s Business Combination |
• |
The Grant can only take place if the Subscriber holds a |
• |
If the Company liquidates or dissolves, the Anchor Investor Agreement terminates |
For the Three Months ended September 30, 2021 |
For the Period from February 8, 2021 (inception) to September 30, 2021 |
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Class A ordinary shares subject to possible redemption |
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Numerator: |
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Net income allocable to Class A ordinary shares subject to possible redemption |
$ | $ | ||||||
Denominator: |
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Weighted Average Redeemable Class A ordinary shares, Basic and Diluted |
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Basic and Diluted net income per share, Redeemable Class A Ordinary shares |
$ | $ | ||||||
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Class A and Class B non-redeemable ordinary shares |
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Numerator: |
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Net income allocable to Class B ordinary shares not subject to redemption |
$ | $ | ||||||
Denominator: |
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Weighted Average Non-Redeemable Ordinary shares, Basic and Diluted |
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|
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Basic and diluted net income per share, ordinary shares |
$ | $ | ||||||
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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 the Class A ordinary shares equals or exceeds $ |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ |
• | if the closing price of the Class A ordinary shares for any |
Level 1 — | Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. |
Level 2 — | Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. |
Level 3 — | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
September 30, 2021 |
Quoted Priced in Active Markets (Level 1) |
Significant Other Observable Inputs Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
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Assets: |
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U.S. Treasury Securities held in Trust Account |
$ | $ | $ |
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Liabilities: |
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Public warrant liabilities, including over-allotment |
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Private warrant liabilities |
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● | |
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Warrant liabilities |
$ | $ |
$ | |||||||||||||
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Warrant Liability |
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Fair value at December 31, 2020 |
$ |
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|
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Initial value of public and private warrant liabilities |
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Public warrants reclassified to Level 1 |
( |
) | ||
Change in fair value |
( |
) | ||
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|
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Fair Value at June 30, 2021 |
$ |
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Change in fair value |
( |
) | ||
|
|
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Fair Value at September 30, 2021 |
$ |
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|
|
April 12, 2021 |
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September 30, |
(Initial |
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2021 |
Measurement) |
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Share price |
$ | $ | ||||||
Strike price |
$ | $ | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free rate |
% | % |
Private |
Warrant |
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Public |
Placement |
Liabilities |
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Fair value as of February 8, 2021 (inception) |
$ | $ | $ | |||||||||
Fair value as of April 12, 2021 - initial measurement |
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Change in valuation inputs or other assumptions |
( |
) | ( |
) | ( |
) | ||||||
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Fair value as of June 30, 2021 |
|
$ |
|
|
|
$ |
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|
$ |
|
|
Change in valuation inputs or o ther assumptions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Fair value as of September 30, 2021 |
$ | $ | $ | |||||||||
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
• | The Grant can will take place upon the consummation of the Company’s Business Combination |
• | The Grant can only take place if the Subscriber holds a contractually specified number of IPO shares on the date of the consummation of the Business Combination |
• | If the Company liquidates or dissolves, the Anchor Agreement terminates |
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. |
ITEM 3. |
Defaults Upon Senior Securities. |
ITEM 4. |
Mine Safety Disclosures. |
ITEM 5. |
Other Information. |
Item 6. |
Exhibits. |
* |
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 22, 2021 | TIO TECH A | |||||
By: | /s/ Roman Kirsch | |||||
Name: | Roman Kirsch | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) |