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 |
/A | ||||
(State or Other Jurisdiction of Incorporation or organization) |
(Commission File Number) |
(IRS Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant |
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Class A ordinary shares, par value $0.0001 par value |
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Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share |
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. |
20 | |||||
Item 3. |
24 | |||||
Item 4. |
24 | |||||
Item 1. |
26 | |||||
Item 1A. |
26 | |||||
Item 2. |
27 | |||||
Item 3. |
27 | |||||
Item 4. |
27 | |||||
Item 5. |
27 | |||||
Item 6. |
28 |
June 30, 2022 |
December 31, 2021 |
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(Unaudited) |
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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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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 June 30, |
For the six months ended June 30, 2022 |
For the period from February 8, 2021 (inception) through June 30, 2021 |
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2022 |
2021 |
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Formation and operating costs |
$ | $ | $ | $ | ||||||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other income (expense): |
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Income on marketable securities held in trust |
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Offering cost allocated to warrants |
( |
) | ( |
) | ||||||||||||
Change in fair value of warrant liabilities |
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Bank interest income |
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Total other income (expense), net |
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Net income |
$ | $ | $ | $ | ||||||||||||
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 |
$ | $ | $ | $ | ||||||||||||
Ordinary Shares |
Additional Paid-In Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Class B |
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Shares |
Amount |
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Balance as of December 31, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
Net incom e |
— | — | — | |||||||||||||||||
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Balance as of March 31, 2022 |
— |
( |
) |
( |
) | |||||||||||||||
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Remeasurement of Class A shares to redemption value |
— | — | — | ( |
) | ( |
) | |||||||||||||
Net income |
— | — | — | |||||||||||||||||
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Balance as of June 30, 2022 |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
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Ordinary Shares |
Additional Paid-In Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Class B |
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Shares |
Amount |
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Balance as of February 8, 2021 (Inception) |
$ | $ | $ | $ | ||||||||||||||||
Issuance of Founder shares on February 10, 2021 |
— |
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Net los s |
— | — | — | ( |
) | ( |
) | |||||||||||||
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Balance as of March 31, 2021 |
( |
) |
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Excess cash received on sale of |
— | — | — | |||||||||||||||||
Remeasurement of Class A shares to redemption value |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||
Net income |
— | — | — | |||||||||||||||||
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Balance as of June 30, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||||||
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For the six months ended June 30, 2022 |
For the period from February 8, 2021 (inception) through 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 marketable securities held in trust |
( |
) | ( |
) | ||||
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 expenses |
( |
) | ||||||
Accounts payable and accrued expenses |
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Due to related party |
( |
) | ||||||
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Net cash used in operating activities |
( |
) |
( |
) | ||||
Cash flows from investing activities: |
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Investment of cash 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 Underwriter’s discount |
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Proceeds from issuance of Private Placement Warrants |
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Repayment of promissory note – related party |
( |
) | ||||||
Payment 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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Remeasurement of Class A shares to redemption value |
$ | $ | ||||||
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Initial classification of warrant liabilities |
$ | $ | ||||||
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Deferred underwriting commissions charged to additional paid in capital |
$ | $ | ||||||
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As Previously Reported |
Adjustment |
As Adjusted |
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Condensed Unaudited Statement of Operation |
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For the three months ended June 30, 2021 |
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Weighted average number of Class A ordinary shares subject to possible redemption |
( |
) | ||||||||||
Weighted average number of Class B Shares |
( |
) | ||||||||||
Basic and diluted net income per share attributable to Class A ordinary shares subject to possible redemption |
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Basic and diluted net income per share attributable to Class B Shares |
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For the period from February 8, 2021 (inception) through June 30, 2021 |
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Weighted average number of Class A ordinary shares subject to possible redemption |
( |
) | ||||||||||
Weighted average number of Class B Shares |
( |
) | ||||||||||
Basic and diluted net income per share attributable to Class A Shares |
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Basic and diluted net income per share attributable to Class B Shares |
Gross Proceeds |
$ | |||
Less: |
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Proceeds allocated to public warrants |
( |
) | ||
Issuance costs related to Class A ordinary shares |
( |
) | ||
Plus: |
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Remeasurement of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption, December 31, 2021 |
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Plus: |
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Remeasurement of carrying value to redemption value |
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Class A ordinary shares subject to possible redemption, June 30, 2022 |
$ |
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For the Three Months ended June 30, 2022 |
For the Six Months ended June 30, 2022 |
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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 |
$ | $ | ||||||
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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Basic and diluted net income per share, ordinary shares |
$ | $ |
For the Three Months ended June 30, 2021 |
For the period from February 8, 2021 (inception) to June 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 |
$ | $ | ||||||
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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Basic and diluted net income per share, ordinary shares |
$ | $ |
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. |
• | 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 $ within a ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ within the ending three trading days before the Company sends the notice of redemption to the warrant holders; and |
• | if the closing price of the Class A ordinary shares for any within a 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 $ |
June 30, 2022 |
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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Warrant liabilities |
$ | $ | $ | $ | ||||||||||||
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December 31, 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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Warrant liabilities |
$ | $ | $ | $ | ||||||||||||
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June 30, 2022 |
December 31, 2021 |
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Share price |
$ | $ | ||||||
Strike price |
$ | $ | ||||||
Term (in years) |
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Volatility |
% | % | ||||||
Risk-free rate |
% | % |
Warrant Liability |
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Fair Value at December 31, 2021 |
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Change in fair value |
( |
) | ||
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|
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Fair Value at March 31, 2022 |
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Change in fair value |
( |
) | ||
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|
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|
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Fair Value at June 30, 2022 |
$ | |||
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|
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Warrant Liability |
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Fair value as of February 8, 2021 (inception) |
$ | |||
Initial value of public and private warrant liabilities at April 12, 2021 |
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Public warrants reclassified to Level 1 at June 3, 2021 |
( |
) | ||
Change in fair value |
( |
) | ||
Fair Value at June 30, 2021 |
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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 |
TIO TECH A | ||||||
Date: August 12, 2022 | By: | /s/ Roman Kirsch | ||||
Roman Kirsch | ||||||
Chief Executive Officer (Principal Executive Officer) |