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 public warrant |
||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
1 |
||||
1 | ||||
1 |
||||
2 |
||||
3 |
||||
4 |
||||
5 |
||||
16 |
||||
19 |
||||
19 |
||||
20 |
||||
20 |
||||
20 |
||||
20 |
||||
20 |
||||
20 |
||||
20 |
||||
21 |
March 31, |
December 31, |
|||||||
2022 |
2021 |
|||||||
(unaudited) |
||||||||
ASSETS |
||||||||
Current Assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Prepaid expenses |
||||||||
|
|
|
|
|||||
Total Current Assets |
||||||||
Investments held in the Trust Account |
||||||||
Other assets |
||||||||
|
|
|
|
|||||
Total Assets |
$ | $ | ||||||
|
|
|
|
|||||
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
||||||||
Current Liabilities: |
||||||||
Accounts payable and accrued expenses |
$ | $ | ||||||
Due to related party |
||||||||
|
|
|
|
|||||
Total Current Liabilities |
||||||||
Deferred underwriting compensation |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
COMMITMENTS AND CONTINGENCIES (NOTE 6) |
||||||||
Class A ordinary shares subject to possible redemption; |
||||||||
Shareholders’ deficit: |
||||||||
Preferred stock, $ |
— | — | ||||||
Class A ordinary shares, $ |
— | — | ||||||
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 |
$ | $ | ||||||
|
|
|
|
For the |
||||||||
Period |
||||||||
From |
||||||||
March 3, 2021 |
||||||||
For the Three Months |
(Inception) |
|||||||
Ended |
Through |
|||||||
March 31, |
March 31, |
|||||||
2022 |
2021 |
|||||||
EXPENSES |
||||||||
Administration fee - related party |
$ | $ | — | |||||
General and administrative |
||||||||
TOTAL EXPENSES |
||||||||
OTHER INCOME |
||||||||
Income earned on investments held in Trust Account |
— | |||||||
TOTAL OTHER INCOME |
— | |||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Basic and diluted weighted average shares outstanding, Class A Ordinary Shares |
— |
|||||||
Basic and diluted net loss per share of Class A Ordinary Shares |
$ | ( |
) | $ |
— |
|||
Basic and diluted weighted average shares outstanding, Class B Ordinary Shares (1) |
||||||||
Basic and diluted net loss per share of Class B Ordinary Shares |
$ | ( |
) | $ | ( |
) | ||
(1) | Weighted average Class B shares as of March 31, 2021 excludes an aggregate of up to |
Class B |
Additional |
|||||||||||||||||||
Ordinary Shares |
Paid-In |
Accumulated |
Shareholders’ |
|||||||||||||||||
Shares |
Amount |
Capital |
Deficit |
Deficit |
||||||||||||||||
Balance as of January 1, 2022 |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of March 31, 2022 |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
Class B |
Additional |
|||||||||||||||||||
Ordinary Shares (1) |
Paid-In |
Accumulated |
Shareholders’ |
|||||||||||||||||
Shares |
Amount |
Capital |
Deficit |
Equity |
||||||||||||||||
Balance as of March 1, 2021 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor (1) |
— | |||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as of March 31, 2021 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Weighted average Class B shares as of March 31, 2021 includes an aggregate of up to |
For the |
||||||||
Period |
||||||||
From |
||||||||
March 1, 2021 |
||||||||
For the Three Months |
(Inception) |
|||||||
Ended |
Through |
|||||||
March 31, |
March 31, |
|||||||
2022 |
2021 |
|||||||
Cash Flows From Operating Activities: |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Investment income earned on investments held in the Trust Account |
( |
) | — | |||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
— | |||||||
Accounts payable and accrued expenses |
||||||||
Due to related party |
||||||||
Net Cash Used In Operating Activities |
( |
) | ||||||
Cash Flows From Financing Activities: |
||||||||
Proceeds from Sponsor note |
— | |||||||
Cash Flows Provided by Financing Activities |
— | |||||||
Net change in cash |
( |
) | ||||||
Cash at beginning of period |
||||||||
Cash at end of period |
$ | $ | ||||||
Supplemental disclosure of non-cash financing activities: |
||||||||
Deferred offering costs included in accrued offering costs |
$ | — | $ | |||||
Deferred offering costs in exchange for Class B ordinary shares |
$ | — | $ | |||||
Gross Proceeds |
$ | |
||
Less: |
||||
Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary shares issuance costs |
( |
) | ||
Plus: |
||||
Remeasurement of carrying value to initial redemption value |
||||
|
|
|||
Class A ordinary shares subject to possible redemption |
$ | |||
|
|
Three months |
For the Period From |
|||||||
ended |
March 1, 2021 (inception) |
|||||||
March 31, |
Through March 31, |
|||||||
2022 |
2021 |
|||||||
Class A Ordinary shares |
||||||||
Numerator: Loss |
$ | ( |
) | $ |
— |
|||
Denominator: Basic and diluted weighted average shares outstanding |
— |
|||||||
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per share, Class A Common Stock |
$ | ( |
) | $ |
— |
|||
|
|
|
|
|
|
|
|
|
Class B Ordinary shares |
||||||||
Numerator: Loss allocable to Class B ordinary shares |
$ | ( |
) | ( |
) | |||
Denominator: Basic and diluted weighted average shares outstanding |
||||||||
|
|
|
|
|||||
Basic and diluted net loss per share, Class B Common Stock |
$ | ( |
) | ( |
) | |||
|
|
|
|
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last reported sale price of the Class A ordinary shares has been at least $ rd ) trading day prior to the date on which notice of such redemption is given to the public warrant holders. |
* | Filed herewith. |
** | These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended, 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, except as shall be expressly set forth by specific reference in such filing. |
WAVERLEY CAPITAL ACQUISITION CORP. 1 | ||||||
Date: May 16, 2022 | By: | /s/ Daniel Leff | ||||
Name: | Daniel Leff | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
Date: May 16, 2022 | By: | /s/ Alan Henricks | ||||
Name: | Alan Henricks | |||||
Title: | Chief Financial Officer (Principal Financial Officer) |