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-half of one Redeemable Warrant |
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Warrants, each exercisable for one share Class A Ordinary Share for $11.50 per share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
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21 |
June 30, |
December 31, |
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2022 |
2021 |
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(Unaudited) |
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ASSETS |
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Current assets |
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Cash |
$ | $ | ||||||
Current portion of prepaid expenses |
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Total Current Assets |
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Prepaid expenses |
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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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Accrued expenses |
$ | $ | ||||||
Accrued offering costs |
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Total Current Liabilities |
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Sponsor Loan |
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Deferred underwriting fee payable |
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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; $ at approximately $ $, |
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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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( |
) | ||||
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TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT |
$ |
$ |
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Three Months Ended June 30, |
Six Months Ended June 30, |
For the Period from February 11, 2021 (Inception) through June 30, |
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2022 |
2021 |
2022 |
2021 |
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Formation and operating costs |
$ | $ | $ | $ | ||||||||||||
Loss from operations |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Other income: |
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Interest earned on investments held in Trust Account |
— | — | ||||||||||||||
Net income (loss) |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||||
Weighted average shares outstanding of Class A ordinary shares |
— | — | ||||||||||||||
Basic and diluted net income (loss) per share, Class A ordinary shares |
$ |
$ |
— |
$ |
( |
) |
$ |
— |
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Weighted average shares outstanding of Class B ordinary shares |
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Basic and diluted net income (loss) per share, Class B ordinary shares |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||||
Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholders’ |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Deficit |
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Balance — January 1, 2022 |
$ |
$ |
$ |
$ |
( |
$ |
( |
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Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance — March 31, 2022 |
$ |
$ |
$ |
$ |
( |
$ |
( |
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Accretion of ordinary share subject to possible redemption |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
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Balance — June 30, 2022 |
$ |
$ |
$ |
$ |
( |
$ |
( |
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Class A Ordinary Shares |
Class B Ordinary Shares |
Additional Paid-in |
Accumulated |
Total Shareholder’s |
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Shares |
Amount |
Shares |
Amount |
Capital |
Deficit |
Equity |
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Balance — February 11, 2021 (inception) |
$ | $ | $ | $ | $ | |||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— | |||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance — March 31, 2021 |
$ | $ |
$ |
$ |
( |
) |
$ |
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Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance — June 30, 2021 |
$ | $ |
$ |
$ |
( |
) |
$ |
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For the Six Months Ended June 30, |
For the Period from February 11, 2021 (Inception) Through June 30, |
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2022 |
2021 |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Interest earned on investments held in Trust Account |
( |
) | — | |||||
Changes in operating assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Accrued expenses |
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Net cash used in operating activities |
( |
) |
( |
) | ||||
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Cash Flows from Financing Activities: |
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Proceeds from Issuance of Class B ordinary shares to Sponsor |
— | |||||||
Advances from related party |
— | |||||||
Repayment of advances from related party |
( |
) | — | |||||
Payments of offering costs |
( |
) | ( |
) | ||||
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Net cash (used in) 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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Non-cash investing and financing activities: |
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Deferred offering costs included in accrued offering costs |
$ | — | $ | |||||
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Gross proceeds |
$ | |||
Less: |
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Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary shares 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, December 31, 2021 |
$ |
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Plus: |
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Accretion 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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Three Months Ended June 30, 2022 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2022 |
For the Period from February 11, 2021 (Inception) through June 30, 2021 |
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Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
Class A |
Class B |
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Basic and diluted net income (loss) per ordinary share |
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Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss) | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | |
$ | ( |
) | ||||||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding |
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Basic and diluted net income (loss) per ordinary share |
$ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $ sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any a period commencing once the warrants become exercisable and ending three business days before the Company sends the notice of redemption to the warrant holders. |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
Held-To-Maturity |
Level |
Amortized Cost |
Gross Holding Gain (loss) |
Fair Value |
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June 30, 2022 |
U.S. Treasury Securities (Mature on |
1 | $ | $ | ( |
) | $ | |||||||||||
June 30, 2022 |
Money market funds which are invested primarily in U.S. Treasury Securities |
1 | $ | $ | — | $ |
Held-To-Maturity |
Level |
Amortized Cost |
Gross Holding Gain (loss) |
Fair Value |
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December 31, 2021 |
U.S. Treasury Securities (Mature on |
1 | $ | $ | $ | |||||||||||||
December 31, 2021 |
Money market funds which are invested primarily in U.S. Treasury Securities |
1 | $ | $ | — | $ |
* | Filed herewith. |
** | Furnished. |
Date: August 10, 2022 | BioPlus Acquisition Corp. | |||||
/s/ Ross Haghighat | ||||||
Name: | Ross Haghighat | |||||
Title: | Chief Executive Officer and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer) |