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 |
||||
Large accelerated filer |
☐ |
Accelerated filer |
☐ | |||
☒ |
Smaller reporting company |
|||||
Emerging growth company |
Page |
||||||
Item 1. |
||||||
1 |
||||||
2 |
||||||
3 |
||||||
4 |
||||||
5 |
||||||
Item 2. |
14 |
|||||
Item 3. |
17 |
|||||
Item 4. |
17 |
|||||
Item 1. |
17 |
|||||
Item 1A. |
17 |
|||||
Item 2. |
18 |
|||||
Item 3. |
18 |
|||||
Item 4. |
18 |
|||||
Item 5. |
18 |
|||||
Item 6. |
19 |
|||||
20 |
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: |
||||
Accrued offering costs |
$ | |||
|
|
|||
Total current liabilities |
||||
Deferred underwriting commissions |
||||
|
|
|||
Total liabilities |
||||
Commitments and Contingencies (Note 7 ) |
||||
Class A ordinary shares subject to possible redemption, value of $ |
||||
Shareholders’ Deficit |
||||
Preference shares, $ |
||||
Class A ordinary shares, $ non-redeemable shares issued and outstanding (excluding 20,000,000 shares subject to possible redemption) |
||||
Class B ordinary shares, $ |
||||
Additional paid-in capital |
||||
Accumulated deficit |
( |
) | ||
|
|
|||
Total shareholders’ deficit |
( |
) | ||
|
|
|||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ | |||
|
|
(1) | Includes up to |
For the Three Months ended September 30, 2021 |
For the period from February 10, 2021 (Inception) through September 30, 2021 |
|||||||
Formation and operating costs |
$ | $ | ||||||
|
|
|
|
|||||
Loss from operations |
( |
) | ( |
) | ||||
Other income |
||||||||
Interest earned on investments held in Trust Account |
||||||||
|
|
|
|
|||||
Total other income |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
|||||
Basic and diluted weighted average Class A ordinary shares outstanding (1) |
||||||||
|
|
|
|
|||||
Basic and diluted net loss per share |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
|||||
Basic and diluted weighted average Class B ordinary shares outstanding (1) |
||||||||
|
|
|
|
|||||
Basic and diluted net loss per share |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
(1) | Excludes an aggregate of up to |
Class A Ordinary Share |
Class B Ordinary Share |
Additional Paid-in Capital |
Accumulated Deficit |
Shareholders’ Equity (Deficit) |
||||||||||||||||||||||||
Shares |
Amount |
Shares (1) |
Amount |
|||||||||||||||||||||||||
Balance as of February 10, 2021 (Inception) |
— | $ |
— | — | $ |
— | $ |
— | $ |
— | $ |
|||||||||||||||||
Class B ordinary share issued to Sponsor |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2021 |
— | $ | — | $ | $ | $ | ( |
) | $ | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2021 |
— | $ | — | $ | $ | $ | ( |
) | $ | |||||||||||||||||||
Sale of |
— |
— | — | |||||||||||||||||||||||||
Accretion of Class A ordinary shares to redemption value |
— | — | — |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of September 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes up to |
Cash flows from operating activities: |
||||
Net loss |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
||||
Formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares |
||||
Operating costs paid by Sponsor loan |
||||
Interest earned on investments held in Trust Account |
( |
) | ||
Changes in operating assets and liabilities: |
||||
Prepaid expenses |
( |
) | ||
Accrued expenses |
||||
|
|
|||
Net cash used in operating activities |
( |
) | ||
|
|
|||
Cash flows from investing activities: |
||||
Principal deposited in Trust Account |
( |
) | ||
|
|
|||
Net cash used in investing activities |
( |
) | ||
|
|
|||
Cash flows from financing activities: |
||||
Proceeds from initial public offering, net of costs |
||||
Proceeds from private placement |
||||
Repayment of promissory note |
|
|
( |
) |
Payment of deferred offering costs |
( |
) | ||
|
|
|||
Net cash provided b y financing activities |
||||
|
|
|||
Net change in cash |
||||
Cash, beginning of the period |
||||
|
|
|||
Cash, end of the period |
$ | |||
|
|
|||
Supplemental disclosure of cash flow information: |
||||
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordi na ry shares |
$ | |||
|
|
|||
Deferred offering costs paid by Sponsor under the promissory note |
$ | |||
|
|
|||
Deferred underwriter fee |
$ | |||
|
|
Audited Balance Sheet as at August 13, 2021 |
As Previously Reported |
Adjustments |
As Revised |
|||||||||
Class A ordinary share subject to possible redemption |
$ | $ | $ | |||||||||
Class A ordinary share |
( |
) | ||||||||||
Class B ordinary share |
||||||||||||
Additional paid-in capital |
( |
) | ||||||||||
Accumulated deficit |
( |
) | ( |
) | ( |
) | ||||||
Total shareholders’ deficit |
$ | $ | ( |
) | $ | ( |
) | |||||
Number of shares subject to redemption |
For the Three Months Ended September 30, 2021 |
For the period from February 10, 2021 (inception) through September 30, 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net loss per share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
|||||||||
Denominator: |
||||||||||||||||
Weighted Average Shares Outstanding |
||||||||||||||||
Basic and diluted net loss per share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
Gross proceeds from IPO |
$ | |||
Less: |
||||
Ordinary share issuance costs |
( |
) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
||||
|
|
|||
Contingently redeemable ordinary share |
$ | |||
|
|
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | (the “30-day redemption |
• | period”); and |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like and for certain issuances of Class A ordinary shares and equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination) for any 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. |
Description |
Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Funds that invest in U.S. Treasury Securities |
$ |
$ |
$ |
* | Filed herewith. |
** | Furnished. |
10X CAPITAL VENTURE ACQUISITION CORP. II | ||||
Date: November 15, 2021 | By: | /s/ Hans Thomas | ||
Name: | Hans Thomas | |||
Title: | Chief Executive Officer (Principal Executive Officer) | |||
Date: November 15, 2021 | By: | /s/ Guhan Kandasamy | ||
Name: | Guhan Kandasamy | |||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer and Duly Authorized Officer) |