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(State or other jurisdiction of
incorporation or organization)
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(Commission File Number)
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(IRS Employer
Identification No.)
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(Address Of Principal Executive Offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered |
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Large accelerated filer
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☐
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Accelerated filer
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☐
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☒
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Smaller reporting company
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Emerging growth company
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Page
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1
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Item 1.
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1
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1
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2
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3
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4
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5
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Item 2.
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18
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Item 3.
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24
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Item 4.
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24
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25
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Item 1.
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25
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Item 1A.
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25
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Item 2.
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25
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Item 3.
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26
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Item 4.
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26
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Item 5.
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26
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Item 6.
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26
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Item 1. |
Condensed Financial Statements
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September 30, 2022
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December 31, 2021
|
|||||||
(Unaudited)
|
||||||||
Assets:
|
||||||||
Current assets:
|
||||||||
Cash
|
$
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|
$
|
|
||||
Prepaid expenses
|
|
|
||||||
Total current assets
|
|
|
||||||
Prepaid expenses - long term
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|
||||||
Investments held in Trust Account
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|
|
||||||
Total Assets
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$
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|
$
|
|
||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
|
$
|
|
||||
Accounts payable - related party
|
|
|
||||||
Accrued expenses
|
|
|
||||||
Note payable - related party
|
||||||||
Total current liabilities
|
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|
||||||
Deferred underwriting commissions
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and Contingencies
|
||||||||
Class A ordinary shares subject to possible redemption, $
|
|
|
||||||
Shareholders’ Deficit:
|
||||||||
Preference shares, $
|
|
|
||||||
Class A ordinary shares, $
|
|
|
||||||
Class B ordinary shares, $
|
|
|
||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ deficit
|
(
|
)
|
(
|
)
|
||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
$
|
|
$
|
|
For the Period from
|
||||||||||||||||
|
For the Three Months Ended
|
For the Nine Months Ended
|
March 29, 2021 (Inception)
|
|||||||||||||
|
September 30, 2022
|
September 30, 2021
|
September 30, 2022
|
through September 30, 2021
|
||||||||||||
Operating expenses
|
||||||||||||||||
General and administrative expenses
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
General and administrative expenses - related party
|
|
|
|
|
||||||||||||
Loss from Operations
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Income from investments held in Trust Account
|
|
|
|
|
||||||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
||||||
|
||||||||||||||||
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
|
|
|
|
|
||||||||||||
|
||||||||||||||||
Basic and diluted net income (loss) per Class A ordinary share
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
|
||||||||||||||||
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
|
|
|
|
|
||||||||||||
|
||||||||||||||||
Basic and diluted net income (loss) per Class B ordinary share
|
$
|
|
$
|
(
|
)
|
$
|
|
$
|
(
|
)
|
|
Ordinary shares
|
Total
|
||||||||||||||||||||||||||
|
Class A
|
Class B
|
Additional Paid-In
|
Accumulated
|
Shareholders’
|
|||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
|||||||||||||||||||||
Balance - December 31, 2021
|
|
$
|
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||||||
Net loss
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance - March 31, 2022 (unaudited)
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Remeasurement of Class A ordinary shares to redemption value
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Net loss
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance - June 30, 2022 (unaudited)
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||
Remeasurement of Class A ordinary shares to redemption value
|
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Net income
|
- | - | ||||||||||||||||||||||||||
Balance - September 30, 2022 (unaudited)
|
$ |
$ |
$ | $ |
( |
) | $ |
( |
) |
|
Ordinary shares
|
Total
|
||||||||||||||||||||||||||
|
Class A
|
Class B
|
Additional Paid-In
|
Accumulated
|
Shareholders’
|
|||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Deficit
|
|||||||||||||||||||||
Balance - March 29, 2021 (inception) and March 31, 2021
(unaudited)
|
|
$
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||
Issuance of Class B ordinary shares to Sponsor
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net loss
|
-
|
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
Balance - June 30, 2021 (unaudited)
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|||||||||||||||
Net loss
|
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Balance - September 30, 2021
(unaudited)
|
$ |
$ |
$ |
$ |
( |
) | $ |
( |
) |
For the Period from
|
||||||||
For the Nine Months Ended
|
March 29, 2021 (Inception)
|
|||||||
|
September 30, 2022
|
through September 30, 2021
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$
|
|
$
|
(
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Income from investments held in Trust Account
|
(
|
)
|
|
|||||
General and administrative expenses paid by sponsor under promissory note
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses
|
|
|
||||||
Accounts payable
|
|
|
||||||
Accounts payable - related party
|
|
|
||||||
Accrued expenses
|
|
|
||||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
|
||||||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from note payable to related party
|
|
|
||||||
Offering costs paid
|
(
|
)
|
(
|
)
|
||||
Net cash provided by financing activities
|
|
|
||||||
|
||||||||
Net change in cash
|
(
|
)
|
|
|||||
|
||||||||
Cash - beginning of the period
|
|
|
||||||
Cash - end of the period
|
$
|
|
$
|
|
||||
|
||||||||
Supplemental disclosure of noncash activities:
|
||||||||
Remeasurement of Class A ordinary shares to redemption value
|
$
|
|
$
|
|
||||
Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares
|
$
|
|
$
|
|
||||
Offering costs included in accrued expenses
|
$
|
|
$
|
|
||||
Prepaid expenses paid by Sponsor under promissory note
|
$ | $ |
• |
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
|
• |
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for
identical or similar instruments in markets that are not active; and
|
• |
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which
one or more significant inputs or significant value drivers are unobservable.
|
For the Three Months Ended
|
For the Three Months Ended
|
|||||||||||||||
|
September 30, 2022
|
September 30, 2021
|
||||||||||||||
|
Class A
|
Class B
|
Class A
|
Class B
|
||||||||||||
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Allocation of net income (loss)
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
|||||||
|
||||||||||||||||
Denominator:
|
||||||||||||||||
Weighted average ordinary shares outstanding, basic and diluted
|
|
|
|
|
||||||||||||
|
||||||||||||||||
Basic and diluted net income (loss) per ordinary share
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
For the Nine Months Ended
|
For the Period from March 29, 2021 (Inception)
|
|||||||||||||||
|
September 30, 2022
|
through September 30, 2021
|
||||||||||||||
|
Class A
|
Class B
|
Class A
|
Class B
|
||||||||||||
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Allocation of net income (loss)
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
|||||||
|
||||||||||||||||
Denominator:
|
||||||||||||||||
Weighted average ordinary shares outstanding,
basic and diluted
|
|
|
|
|
||||||||||||
|
||||||||||||||||
Basic and diluted net income (loss) per ordinary share
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
Gross proceeds received from Initial Public Offering
|
$
|
|
||
Less:
|
||||
Proceeds allocated to Public Warrants
|
(
|
)
|
||
Offering costs allocated to Class A ordinary shares
|
(
|
)
|
||
Plus:
|
||||
Remeasurement of Class A ordinary shares to redemption value
|
|
|||
Class A ordinary shares subject to possible redemption as of December 31, 2021
|
|
|||
Increase in redemption value of Class A ordinary shares subject to redemption
|
||||
Class A ordinary shares subject to possible redemption as of June 30, 2022 | ||||
Increase in redemption value of Class A ordinary shares subject to redemption
|
||||
Class A ordinary shares subject to possible redemption as of September 30, 2022 | $ |
Fair Value Measured as of September 30, 2022
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Investments held in Trust Account - U.S. Treasury Securities
|
$
|
|
$
|
|
$
|
|
Fair Value Measured as of December 31, 2021
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Investments held in Trust Account - U.S. Treasury Securities
|
$
|
|
$
|
|
$
|
|
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.
|
Item 3. |
Defaults upon Senior Securities
|
Item 4. |
Mine Safety Disclosures.
|
Item 5. |
Other Information.
|
Item 6. |
Exhibits.
|
Exhibit
Number
|
Description
|
|
Amended and Restated Memorandum and Articles of Association (1)
|
||
Warrant Agreement between Continental Stock Transfer & Trust Company and the Company (1)
|
||
Specimen Unit Certificate (2)
|
||
Specimen Class A Ordinary Share Certificate (2)
|
||
Specimen Warrant Certificate (2)
|
||
Private Placement Warrants Purchase Agreement between the Company and the Sponsor (1)
|
||
Investment Management Trust Account Agreement between Continental Stock Transfer & Trust Company and the Company (1)
|
||
Registration and Shareholder Rights Agreement among the Company, the Sponsor and certain other equityholders named therein (1)
|
||
Letter Agreement among the Company, the Sponsor and the Company’s officers and directors (1)
|
||
Administrative Services Agreement between the Company and the Sponsor (1)
|
||
Engagement Letter between the Registrant and LionTree Advisors LLC (3)
|
||
Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of
the Sarbanes Oxley Act of 2002.
|
||
Certification of the Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to
Section 302 of the Sarbanes Oxley Act of 2002.
|
||
Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
|
||
Certification of the Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
|
Dated: November 7, 2022
|
INFINITE ACQUISITION CORP.
|
||
By:
|
/s/ David Farber
|
||
Name:
|
David Farber
|
||
Title:
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|