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 |
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(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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share |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Page No. |
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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. |
15 |
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Item 3. |
18 |
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Item 4. |
18 |
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19 |
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Item 1. |
19 |
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Item 1A. |
19 |
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Item 2. |
19 |
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Item 3. |
19 |
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Item 4. |
19 |
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Item 5. |
19 |
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Item 6. |
20 |
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21 |
June 30, 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 |
$ | $ | ||||||
Convertible Note – related party |
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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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( |
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Total Liabilities, Redeemable Shares and Shareholders’ Deficit |
$ |
$ |
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For the Three Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2022 |
For the Period April 22, 2021 (Inception) through June 30, 2021 |
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Administrative fee - related party |
$ | $ | $ | |||||||||
General and administrative expenses |
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Total expenses |
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Other Income |
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Unrealized gains on investments held in the Trust Account |
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Total other income |
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Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
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 shares |
$ | $ | ( |
) | $ | ( |
) | |||||
Class B ordinary shares - weighted average shares outstanding, basic and diluted (1) |
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Class B ordinary shares - Basic and diluted net loss per shares |
$ | $ | ( |
) | $ | ( |
) | |||||
(1) |
For the period from April 22, 2021 (inception) through June 30, 2021, Class B ordinary shares excluded |
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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Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
Remeasurement of Class A ordinary shares to redemption valu e |
— | — | — | ( |
) | ( |
) | |||||||||||||
Balance, June 30, 2022 |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
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Class B Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholder’s Equity |
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Shares |
Amount |
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Balance – April 22, 2021 |
$ | |
$ | $ | $ | |||||||||||||||
Issuance of ordinary shares to Sponsor (1) |
— | |||||||||||||||||||
Net loss |
— | — | — | ( |
) | ( |
) | |||||||||||||
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Balance – June 30, 2021 (1) |
$ | $ | $ | ( |
) | $ | ||||||||||||||
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(1) | Includes an aggregate of up to Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. The over-allotment option was exercised in full and as such the shares are no longer subject to forfeiture. |
For the Six Months Ended June 30, 2022 |
For the period April 22, 2021 (Inception) Through June 30, 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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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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Cash flows from financing activities: |
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Deferred offering costs |
( |
) | ||||||
Proceeds from convertible note – related party |
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Net cash provided by financing 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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Non-cash financing activities: |
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Deferred offering costs included in accrued offering costs |
$ | |||||||
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Deferred offering costs paid in exchange for ordinary shares |
$ | |||||||
Remeasurement of Class A ordinary shares to redemption valu e |
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$ |
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$ |
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For the Three Months Ended June 30, 2022 Class A |
For the Three Months Ended June 30, 2022 Class B |
For the Six Months Ended June 30, 2022 Class A |
For the Six Months Ended June 30, 2022 Class B |
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Basic and diluted net loss per share |
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Numerator: |
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Allocation of net loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Denominator: |
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Basic and diluted weighted average ordinary shares outstanding |
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Basic and diluted net loss per 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 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. |
* | Filed herewith. |
** | Furnished. |
VAHANNA TECH EDGE ACQUISITION I CORP. | ||
By: | /s/ Karan Puri | |
Name: Karan Puri | ||
Title: Chief Executive Officer |