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) |
(IRS 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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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page No. |
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1 |
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Item 1. |
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. |
16 |
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Item 3. |
19 |
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Item 4. |
19 |
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20 |
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Item 1. |
20 |
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Item 1A. |
20 |
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Item 2. |
20 |
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Item 3. |
20 |
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Item 4. |
20 |
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Item 5. |
20 |
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Item 6. |
21 |
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22 |
Item 1. |
Financial Statements. |
March 31, 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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Due from Sponsor |
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Total current assets |
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Prepaid expenses |
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Investments held in Trust |
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Total Assets |
$ |
$ |
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LIABILITIES, REDEEMABLE SHARES AND SHAREHOLDERS’ DEFICIT |
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Current Liabilities: |
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Accrued offering costs |
$ | $ | ||||||
Accrued expenses |
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Total Current Liabilities |
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Deferred underwriting fee |
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Total Liabilities |
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Commitments and Contingencies (Note 6) |
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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, Redeemable Shares and Shareholders’ Deficit |
$ |
$ |
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For the Three Months Ended March 31, 2022 |
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General and administrative expenses |
$ | |||
Administration fee – related party |
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Total expenses |
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Other Income |
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Unrealized gains on investments held in Trust Account |
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Total other income |
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Net loss |
$ | ( |
) | |
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Class A ordinary shares - weighted average shares outstanding, basic and diluted |
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Class A ordinary shares - Basic and diluted net loss per share |
$ | ( |
) | |
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Class B ordinary shares - weighted average shares outstanding, basic and diluted |
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Class B ordinary shares - Basic and diluted net loss per share |
$ | ( |
) | |
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Class B |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
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Shares |
Amount |
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Balance, January 1, 2022 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
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Balance, March 31, 2022 |
$ |
$ |
$ |
( |
) | $ |
( |
) | ||||||||||||
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For the Three Months Ended March 31, 2022 |
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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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Unrealized gains on investments held in the Trust |
( |
) | ||
Changes in operating assets and liabilities: |
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Prepaid expenses |
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Accrued offering costs |
( |
) | ||
Accrued expenses |
( |
) | ||
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Net cash used in operating activities |
( |
) | ||
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Net change in cash |
( |
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Cash at beginning of period |
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Cash at end of period |
$ | |||
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For the Three Months Ended March 31, 2022 |
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Class A | Class B | |||||||
ordinary | ordinary | |||||||
shares | shares not | |||||||
subject to | subject to | |||||||
possible | possible | |||||||
redemption | redemption | |||||||
Basic and diluted net loss per ordinary share |
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Numerator: |
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Allocation of net loss |
$ | ( |
) | $ | ( |
) | ||
Denominator: |
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Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per ordinary share |
$ | ( |
) | $ | ( |
) | ||
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• | 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. |
• | at a price of $ |
• | upon not less than “30-day redemption period”) to each warrant holder; and |
• | if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $ |
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. |
* | Filed herewith. |
** | Furnished. |
VAHANNA TECH EDGE ACQUISITION I CORP. | ||||
By: | /s/ Karan Puri | |||
Name: | Karan Puri | |||
Title: | Chief Executive Officer |